资本流入对国内福利的影响

本文分析了在不完全竞争的产品市场中,在东道国的进口竞争性部门为资本密集型的情况下,外资流入对福利的效应问题。如果市场结构是外生的,那么资本流入会提高东道国的福利;然而,如果市场结构是内生的,由于资本流入导致新企业进入市场,从而提高了企业的平均成本,这样,资本流入反而会有贫困化效应。此外,本文还提出了一些新的观点,即研究了在考虑贸易中的一些限制性条件的情况下,资本流入对福利的效应。     

Tariffs,foreign capital and immiserizing growth

For a small tariff-imposing country, within the standard two-commodity two-factor model of international trade, this paper reconsiders the implications of an inflow of capital from abroad. When the host country continues to import the capital-intensive good while remaining incompletely specialized, the analysis shows that the capital inflow must reduce host-country welfare, assuming that the foreign capital receives the full (untaxed) value of its marginal product. Under other circumstances considered, however, the inflow may have different consequences for welfare.     

CAPITAL INFLOW UNDER VOLUNTARY EXPORT RESTRAINT

This paper investigates the welfare consequence of exogenous capital inflow for the host country when the source country implements ‘voluntary export restraint’. In an imperfectly competitive market with an increasing returns to scale (IRS) sector, we show the possibility of welfare immiserization. Two channels are identified leading to immiserization. First, and this is direct, resource reallocation following capital inflow can squeeze the underproduced sector and reduce welfare. Second, contraction of the IRS sector can raise the return to capital, even when the price of the capital‐intensive importable falls unambiguously. Thus, even with an improvement in commodity terms of trade, the factor terms of trade can worsen and reduce welfare.     

Capital Inflows and the Real Exchange Rate: A Comparative Study of Asia and Latin America

The nexus of real exchange rate (RER) and capital inflows is examined through a comparative analysis of the experiences of emerging market economies in Asian and Latin America during the period 1985‐2000. It is found that the degree of appreciation in RER associated with capital inflow is uniformly much higher in Latin American countries compared to their Asian counterparts, despite the fact that the latter experienced far greater foreign capital inflows relative to the size of the economy. The econometric evidence suggests that both the composition of capital flows and differences in the degree of response of RER to capital flows matter in explaining these contrasting experiences. While RER appreciation is a phenomenon predominantly associated with other (non‐FDI) forms of capital inflows (OCFW), a given level of OCFW brings about a far greater degree of appreciation of the real exchange rate in Latin America where the importance of these flows in total capital inflow is also far greater. On the policy front, Asian countries seem to have used fiscal contraction and nominal exchange rate adjustment more effectively to cushion the RER against the appreciation pressure of capital inflows. There is, however, no evidence to suggest that sterilised intervention can generate a lasting impact on the real exchange rate.     

Temporary controls on capital inflows

During the past decade a number of countries imposed capital controls that had two distinguishing features: they were asymmetric, in that they were designed principally to discourage capital inflows, and they were temporary. This paper studies formally the consequences of these policies, calibrates their potential effectiveness, and assesses their welfare implications in an environment in which the level of capital inflows can be sub-optimal. In addition, motivated by the fact that these types of controls have often been left in place after the dissipation of the shock that lead to the controls being implemented, the paper evaluates the welfare cost of procrastination in removing these types of controls.     

How and how far to liberalize a developing economy with informal sector and factor market distortions

Whether a liberalizing developing economy should implement the entire WTO-prescribed package, and to what extent this is expedient, are two important questions, especially because the available empirical evidence suggests that developing countries have been facing substantial adjustment costs in their endeavour to implement trade and investment reform. The present paper makes a humble effort to provide answers to the above questions in terms of a three-sector general equilibrium model with informal sectors. Welfare implications of three liberalization policies: inflow of foreign capital, tariff reduction and labour market reform, have first been analysed in a full-employment framework. Later, the paper has been extended into a Harris?–?Todaro framework with an urban informal sector and capital market distortion. We have shown that welfare consequences of a tariff reform and/or a policy of deregulating the labour market crucially depend on the presence and magnitude of foreign capital in the economy. It is argued here that unless a proper choice among different prescribed policies, compatible with the internal institutional, technological and trade-related characteristics, is made, drastic implementation of reform measures may produce counterproductive results for the welfare of the relevant country.     

Designing Markets for Developing Countries

This paper highlights what we know from market microstructure and how this should guide the design of equity markets in developing counties. I first consider the basic economic functions of capital markets and of exchanges. I develop more fully the importance of price discovery and liquidity, and how these are affected by the market environment and by characteristics of firms themselves. I then consider the particular implications of this for capital markets in emerging countries. Research has suggested various links between market designs and performance, and I review the implications of these for exchange structure. I conclude with some thoughts on how best to structure markets for newly listing companies.     

Scale economies,entry, and welfare

This study shows how scale economies, initial size differences among firms, potential competition, and adjustment costs may influence the entry of firms into a dynamic oligopoly. It also examines the effects of these factors on the final size distribution of firms in an industry, and on the welfare levels of consumers and producers. We find that low to moderate scale economies are insufficient for Cournot-Nash competition to drive small firms from the market. Only when scale economies are quite high will the distribution of firm sizes become degenerate. Potential competition and the size of incumbent firms' capital stocks are additional barriers to entry. The welfare conclusion is that there may be a government role to preserve potential competition, but also to dissuade small firms from entering certain markets where there are economies of scale.     

中国“国际热钱”的现状及对策研究

在我国对外来投机资本实施严格限制的情况下,“热钱”的流入采取了多样化、隐蔽的方式进行。如何有效遏止国际热钱流入和流动性过剩,需要从解决我国经济发展中的自身结构问题、调整人民币升值预期、完善国内经济体制政策和建立健全风险防范机制几个方面着手。     

我国中小企业融资问题研究

改革开放以来,我国的中小企业得到迅猛的发展,已成为数量颇为庞大的企业群体,在我国国民经济和社会发展中具有举足轻重的地位和作用。但是,我国中小企业在发展过程中获得的资金支持,与其社会贡献程度不成正比,中小企业贸易融资难正日益限制着中小企业的发展。近年来,中国外贸发展很快,进出口贸易额大幅增长,其中出口量的印％来自于中小企业。但是,这些中小企业在参与国际贸易的过程中,都面临着市场开拓难、融资成瓶颈、收汇风险多等难题。这些难题严重困扰着中小企业的发展,影响中小企业经营规模的扩大,甚至威胁到企业的生存,同时也影响了中国对外贸易的发展。     

资本市场与国际收支:来自工业化国家的经验数据

本文从理论和经验上论证了资本市场与国际收支的关系。通过分析18个工业化国家的经验数据得出:一国如果拥有一个发达的资本市场,往往吸引较多的国外资金通过证券投资大量流入,引起资本账户顺差,与之同时往往伴随着经常账户逆差。这一结论的政策含义是:发达的资本市场是一国合理利用外资的一个重要前提;与之同时,发达的资本市场可能是一国国际收支平衡过程中实现自我调节的缓冲器。我国多年来一直保持资本账户巨额顺差,但主要是通过FDI实现的,这种格局的形成也与我国资本市场的缺陷有关。对我国而言,建设一个发达的资本市场对我国国际收支管理有着多方面的积极意义。     

资本流入新兴市场国家:共同的难题、不同的风险

近年来,包括中国在内的亚洲和欧洲新兴市场国家和地区成为了国际资本流入的热点.资本流入带来好处的同时,也给这些国家带来了不同程度的经济风险.对比分析亚洲和欧洲新兴市场国家的资本流入情况表明,亚洲国家和欧洲国家经济特点上的差异使二者之间面临的风险有所不同,采取的对策和受到的制约也不尽相同.     

Economic Transition,Heterogeneous Social Capital,and Corporate Performance: Empirical Evidence from China

A theoretical framework based on information and embeddedness is constructed to analyze the micro structure of the impact of heterogeneous social capital on corporate performance. It is empirically tested based on data collected from a sample of 155 Chinese firms. Results indicate that hierarchical social capital has a positive association with corporate market power but little impact on corporate operational efficiency. Furthermore, social capital can promote operational efficiency but contribute little to corporate market power. There is a complementary structure between the two types of heterogeneous social capital. The embedded inertia of social capital into institutional environment is negatively related with corporate performance. From the perspective of economic transition, firms in developed regions rely far more on hierarchical social capital to acquire market power than firms in developing areas.     

Efficiency wages,unemployment and international factor movements

"This paper examines the implications of unemployment resulting from efficiency wages for international factor movements in a standard Heckscher-Ohlin model where the relative size of the endowments of skilled and unskilled workers and the efficiency wage induced unemployment level in the unskilled labour market are simultaneously determined given the population, supply of capital and its distribution in the economy.... It is shown that the optimum labour inflow in the market with domestic distortion and the optimum capital inflow are always positive because they reduce the severity of distortion by raising employment and income for the residents. The income and employment of foreigners also increase. Under this situation the optimum labour or capital outflow on the other hand is always zero. These conclusions directly contradict the result obtained for international factor movements in the presence of exogenously determined unemployment."     

Efficiency wages,unemployment and international factor movements

This paper examines the implications of unemployment resulting from efficiency wages for international factor movements in a standard Heckscher-Ohlin model where the relative size of the endowments of skilled and unskilled workers and the efficiency wage induced unemployment level in the unskilled labour market are simultaneously determined given the population, supply of capital and its distribution in the economy. Capital in the economy is used only to train individuals for the skilled labour market, where workers are fully employed. It is shown that the optimum labour inflow in the market with domestic distortion and the optimum capital inflow are always positive because they reduce the severity of distortion by raising employment and income for the residents. The income and employment of foreigners also increase. Under this situation the optimum labour or capital outflow on the other hand is always zero. These conclusions directly contradict the result obtained for international factor movements in the presence of exogenously determined unemployment.     

Free samples, profits, and welfare: The effect of market structures and behavioral modes

This paper addresses an important and underresearched issue in the economics and marketing literatures: what are the managerial and social consequences when firms use business models that are based on the dissemination of free samples? We develop an analytical model of free samples for both digital and physical goods that addresses three fundamental managerial and social questions. First, what is the effect of different market structures (i.e., monopoly and oligopoly) and cost structures on optimal marketing policy and prices? Second, what is the effect of different behavioral modes on prices and free samples? Third, how do different market structures and behavioral modes affect social welfare?The main conclusion is that a number of standard results do not hold when firms have the option of selling products and of distributing free samples. For example, the optimal strategy for oligopolists who produce homogeneous goods and coordinate their marketing policies is to increase - not decrease - the quantity of sold output. Similarly, under well-defined cost and demand conditions, monopoly can lead to a socially inferior outcome to competition. From a policy viewpoint, the managerial and social welfare implications of free samples depend on the type of market structure (monopoly or oligopoly) and the behavioral modes chosen by the firms in an industry (e.g., whether to coordinate their free sample policies or to behave non-cooperatively).     

An exploratory examination of the social capital and FDI linkage and the moderating role of regulatory quality: A cross‐country study

Despite the urge for broader macro‐level examinations of the distinct social constructions within which economic activities take place, numerous national‐level studies of the determinants of foreign‐invested firms have paid little attention to the roles played by social capital and its contingent value in affecting foreign direct investment (FDI) inflows. Drawing on the logic of social capital and institutional theory, this article seeks to offer a complementary, rather than a substitutional, explanation of FDI by examining empirically the national‐level impacts of social capital (trust and associative activity) on FDI and the moderating role of regulatory quality in this relationship. Based on the data of 165 country series from the World Value Survey and the World Bank, our analytical results supported the hypotheses that the rich endowments of social capital positively contributed to the attraction of FDI and such effects are also contingent on the regulatory quality that further strengthened such relationships. These findings also suggest strong implications for managers implementing an FDI and market entry strategy. © 2011 Wiley Periodicals, Inc.     

An examination of the investments in U.S. biotechnology firms by foreign and domestic corporate partners

This study examines the characteristics that make start-up biotechnology firms attractive alliance partners. We distinguish between firm specific and location-specific characteristics as well as between foreign and domestic corporate partners. We present and test a longitudinal model of alliance development based on data from 64 public biotechnology firms. The results provide evidence that foreign and domestic alliance capital inflows are driven by different factors. Firm-specific factors explain minimal variance in capital inflows from foreign alliance partners; rather, location-specific factors seem to matter more. The reverse is true for domestic alliance partners. Further, our results suggest that firm size moderates the relationship between location-specific factors and capital inflows from foreign alliance partners such that larger firms benefit more when located in technologically munificent environments.     

Export subsidies and foreign capital inflows

The welfare effect of a foreign capital inflow in an economy which practises an export-oriented trade policy is examined. The latter takes the form of optimally designed export subsidies, minimizing the welfare costs of existing import tariffs. Under the practice of this policy, an inflow of foreign capital is shown to have anambiguous welfare effect. An empirically relevant condition for welfare improvement is derived and discussed.     

FISCAL POLICY AND ECONOMIC GROWTH IN THE IMPERFECT LABOR MARKET

Using a simple overlapping generations model with the growth engine of public capital by incorporating the union wage setting, we examine the effects of fiscal policies on unemployment, economic growth and welfare in the imperfect labor market. We demonstrate that the growth‐maximizing tax in the imperfect labor market is larger than that of the perfect labor market. However, as the allocation ratio of public capital increases, the growth‐maximizing tax in the imperfect labor market approaches that of the perfect labor market, thus reducing the unemployment rate. The policy implications of the intergenerational welfare aspects are also mentioned.