Effects of China's Structural Change on the Exports of East Asian Economies

The Chinese economy is slowing down and is in the midst of a structural transformation from export‐led and investment‐led growth to domestic demand‐led and consumption‐led growth. While there are widespread concerns among China's trading partners about the effect of the slowdown in China's growth on their exports, China's structural changes are also likely to have a significant impact: for example, China will import fewer machines and more cosmetics. The central objective of the present paper is to empirically examine the effect of China's structural transformation on the exports of East Asian economies, which have close trade linkages with China. We find that economies that have failed to increase the share of consumption goods in their exports to China have suffered larger declines in their quantities of exports to China. In addition, economies that have suffered losses in their shares of China's parts and components imports have faced reductions in their shares in China's total imports.     

政府科技资助对企业研发投入的直接和空间溢出效应研究

基于中国30个省域2011—2019年规模以上工业企业面板数据,采用空间计量模型分析政府科技资助对企业研发投入的直接和空间溢出效应,并进一步探讨企业异质因素的调节作用。结果表明：政府科技资助除了对企业研发投入具有直接正向激励效应外,而且具有空间溢出效应;企业规模、技术水平和盈利能力对企业研发投入具有正向影响,而产权性质对企业研发投入具有负向影响;企业规模与技术水平在政府科技资助与企业研发投入间的关系具有正向调节作用,而产权性质在两者间关系不具有显著的调节作用。     

双重环境规制能否促进工业研发努力？——基于价值链视角

选用2008—2018年中国工业省级面板数据，基于价值链视角，分析正式环境规制和非正式环境规制对工业研发努力的影响。研究结果显示：正式环境规制对研发投入、新产品开发的影响呈显著倒“U”形，对专利产出的影响不显著；非正式环境规制仅对研发投入的影响呈显著“U”形，对专利产出及新产品开发的影响均不显著。经进一步研究发现，正式环境规制与非正式环境规制在影响研发投入的过程中还存在着显著互补效应，意味着在双重环境规制管制下，中国更易于实现科技、经济与环境的共同进步。     

Norway's Interwar Tanker Expansion – A Reappraisal

Abstract

This paper studies the ownership structure in the Finnish print media business in the 20^th century. It pays particular attention to the extent of family ownership in this branch, to the strategies of the owning families in order to keep control of their firms and to how the owners managed professionalisation. Finally, it asks whether media companies have had other goals (e.g. political, cultural, public service) beside pure economic ones and whether such goals have been connected to family ownership. This study shows that family ownership has been a persistent feature also in the largest Finnish media companies, although the ownership structure has undergone some transformations. For example, cultural foundations have become important owners in this branch. The owning families have also been active in top management until today. Family ownership and the cultural foundations appear to have been significant for preserving cultural goals, but, on the other hand, have to some extent restricted expansion, internationalisation and diversification. One important factor influencing the Finnish media business has been the bilingualism of the country, which is dealt with in detail.     

珠三角中小企业如何进一步发展

珠三角中小企业有改革开放20多年的积累,有鲜明的特点和优势,目前,珠三角中小企业正面临新的发展机遇。应在以下5个方面采取对策:①第二次解放思想;②实施"专、精、特、新"的发展战略;③完善法人治理结构;④加快管理信息化建设;⑤争取上市。     

Espen Moe,Governance, Growth and Global Leadership: The Role of the State in Technological Progress, 1750–2000

Abstract

The concept of the ‘dissolution of estate society’ (standssamfunnets opplesning) has not been much used in Norwegian historical research. The great process of social change which took place in the 19th century, the main features of which have their counterparts in the social development of the other Scandinavian countries, has been discussed within other conceptual contexts. Norwegian historians have often stressed the contrast between an urban society and an agricultural society based on self-sufficiency, or between the people and their administrators. In economic history the changes which came with industrialization, and the shift from an agricultural economy based on self-sufficiency to an agricultural economy based on buying and selling, have been the subject of much research. In social and political history the subjects which have aroused the greatest interest have been the struggles of the farmers as well against the bureaucracy as against the commercial capitalism of the towns, and the role of the farmers in the movement towards political democracy.     

Factor substitution and factor intensities in models with more factors than goods

This paper considers the commodity prices–factor prices relation in models with more factors than consumption goods. Under some simple factor substitutability assumptions, many results in the   n  ×  n   cases have counterparts in the   l  ×  n   cases. The proportional price changes of the "middle factors" will be trapped between those of the "extreme factors". A weak and a strong Stolper–Samuelson theorem can also be proven. If the numbers of goods and perfectly complementary factors are equal and the production functions have the nested constant elasticity of substitution form, two of the complementary factors would have the most extreme relative price changes, regardless of the factor intensities.     

The Environmental Kuznets Curve Hypothesis and Air Pollution in Finland

Abstract

The historiography of mercantilism has been described as a series of disconnected still pictures which reflect the shifting viewpoints of economic thought.¹ However, historians have favoured different concepts of mercantilism not only in response to the shifts of economic science but also because they have held, explicitly or implicitly, different opinions on the problem of how economic ideas are formed and of the role they have played in historical development. The following reexamination of some of those ‘stills’ concentrate on such differences.²     

China's War on Poverty: Assessing Targeting and the Growth Impacts of Poverty Programs

In this paper, we attempt to assess the effectiveness of China's Poverty Alleviation Programs in contributing to economic growth in poor areas. To meet this overall goal, we briefly describe China's poor area policy and examine how its leaders have implemented one of the developing world's largest poverty alleviation programs. Second, we examine whether or not the poverty programs have been implemented in the parts of China that are truly poor. Finally, we attempt to assess if the poverty programs have affected growth. The major findings are that China's poverty programs do get implemented in areas of the nation that are poor, but there are many poor areas that have been left out of the government's various programs. We also find that poverty programs contribute to economic growth and that economic growth promotes poverty reduction.     

The Challenge of Globalization for Large Chinese Firms

As China joins the World Trade Organization, the authors question whether China’s large firms will be able to compete on the global level playing field. Over the past two decades, Chinese large enterprises have undertaken extensive evolutionary change but, at the same time, the world’s leading firms have undergone a revolutionary transformation. Based on analysis of firms with the aerospace, oil and petrochemical industry, the authors conclude that China’s leading firms face critical challenges, even in sectors in which China’s policy-makers have scored significant successes.     

不同行业领域企业研发机构创新效率评价核心指标的选择——以大中型工业企业为例的DEA分析

以创新效率评价作为切入点,着重分析不同行业领域企业研发机构创新效率评价核心指标的选择问题。研究发现：效率评价指标体系的设定对于不同行业领域企业研发机构最终的评价结果会产生直接的影响,其中,高学历人员等人力资源类指标对劳动密集型行业效率影响较大;经费支出等财力物资类指标对资本密集型行业效率影响较大;有效发明专利等创新成果类指标对技术密集型行业效率影响较大;而新产品产值等经济效益类指标对于三大类行业效率均有明显影响。     

Macroeconomic history in Sweden

Abstract

The term macrohistory can have reference to the overall history of large units, e.g. world development during the last two hundred years, or European history in the Middle Ages. Another example is the rise and fall of the Roman Empire. Yet another is the macrohistorical problem posed by Jones in a recently-published book. He pursues the thesis that tendencies to economic growth have been present in most societies but that for various reasons they have been prevented from becoming more than just tendencies: “Why Europe rather than China?”¹     

Educational Attainment,Citizenship, and Black American Women in Elected and Appointed National Leadership Positions

This article examines the issue of American citizenship and how it is related to Black Americans, especially from the perspectives of educational attainment and national political leadership positions (focusing on the U.S. Senate, office of governor, and the U.S. Supreme Court). The article presents seven interrelated conceptual or theoretical perspectives of American citizenship (Three Citizenships; Gender; Equality; Race; Belonging; Military Service; and Protestant Christianity), and where Black Americans (especially Black women) fit in them. The article claims that while Black American women have made substantial progress in college degree attainment, they have done so at a very high financial cost. The article claims that compared with other groups in the society, the gains in educational attainment made by Black American women have not resulted in them being elected or selected to these national leadership positions. Among the factors presented for this exclusion of Black women are: lack of strong support from Black American male leaders and institutional support; ambition; first occupy public office within the states of the Union; they must become moderate politicians; perception that Black women have more privileges in the society than Black men and other groups; and negative media portrayal of Black female candidates. The article claims that despite being one of the oldest and most native groups in the United States, with over nine out of every 10 of them being native-born citizens, Black American women in particular tend to have the characteristics of non-citizens.     

Social development and macroeconomic policy

We have a clear idea of what it is that South Africa needs and deserves, both now and in the future. We also all agree that in order to create the conditions which will address those needs, we will have to go without some things in the short term. Until now, we, in this House, have not agreed on what it is that we should part with for the common good ...²     

Prestige project developments: Economic renaissance or economic myth? A case study of Birmingham

This article examines the City of Birmingham's attempt to generate economic activity through the construction of “prestige projects” and the refurbishment of its Central Business District in the 1980s. Birmingham City Council's claims to have generated thousands of jobs and £2 billion of private sector investment from its prestige developments are examined and the distributional impacts of the “claimed” job creation totals are also detailed. The article concludes that the global investment and employment figures claimed have been exaggerated and many of the jobs directly generated have contributed to the growth of the secondary labour market in Birmingham.     

Implications of revenue sharing for black political and economic goals

Conclusions Thus far urban development has been subject to the “regulation” of forces generated by the market economy. Such planning as has existed has been overwhelmed by the dynamics of market forces, perverted priorities, political fragmentation and economic differentiation. The joint goals of removing the “crisis” elements of urban growth and of expanding black political potential have provided the framework in which we have analyzed revenue sharing. We have analyzed the specific Nixon and Mills proposals as well as the general idea of revenue sharing, and compared revenue sharing proposals to present Federal aid to state and local governments.     

A study of commercial relations in eighteenth century Finland

Abstract

There has been a noticeable trend in recent research towards the use of private archives in the study of the commercial behaviour of and relations between individual businesses. Previously only public records have tended to be used, and attention has been focused on one aspect of an economy as a whole, or of a region, or a single important town. Even if, for example, the names of importers or exporters have been entered in customs records, official sources cannot provide an answer to anything like all the important questions. Many business histories have been published which have not contributed very much because they have generally not advanced beyond the narrative level, leaving untapped the incomparable material contained in accounts and ledgers. A pre-requisite for the study of private business firms is, of course, that documentary series should have been preserved unbroken for a fairly long period. Farmers did not keep account books, and only through the accounts of the merchants with whom they traded may we examine their businesses. Only a small proportion of merchants’ accounts in North Ostrobothnia from the eighteenth and nineteenth centuries have been preserved; but entries may by even a single merchant in respect of goods bought from or sold to farmers add up over several decades to such an enormous material that some form of sampling is called for limiting him to the classification employed in the official statistics.     

Are China's energy markets cointegrated?

The paper investigates energy price co-movement over the period 01/1999–12/2005 for China as a whole, and over sub-periods and for seven regions, using panel unit root and panel cointegration tests developed by Pedroni (1999, 2004). The results suggest that not all energy sources are spatially homogenous in prices and the processes of energy price cointegration are different over sub-periods; over groups of fuels; and over regions. Coal and electricity prices have co-moved since 2003 while gasoline and diesel prices have co-moved since 1997. The results show that there are clearly variations in the emergence of energy price co-movement over regions, implying that regional fuel markets have emerged in China. Important lessons that can be learnt from the results are that an energy market has, to some extent, already emerged in China and, as a result, energy prices are substantially less distorted than before. If correct, these findings have significant global implications both in terms of future emission reductions, emission trading and trade negotiations where China should be treated as a ‘market driven economy’.     

International Financial Aggregation and Index Number Theory: A Chronological Half-century Empirical Overview

This paper comprises a survey of a half century of research on international monetary aggregate data. We argue that since monetary assets began yielding interest, the simple sum monetary aggregates have had no foundations in economic theory and have sequentially produced one source of misunderstanding after another. The bad data produced by simple sum aggregation have contaminated research in monetary economics, have resulted in needless “paradoxes,” and have produced decades of misunderstandings in international monetary economics research and policy. While better data, based correctly on index number theory and aggregation theory, now exist, the official central bank data most commonly used have not improved in most parts of the world. While aggregation theoretic monetary aggregates exist for internal use at the European Central Bank, the Bank of Japan, and many other central banks throughout the world, the only central banks that currently make aggregation theoretic monetary aggregates available to the public are the Bank of England and the St. Louis Federal Reserve Bank. No other area of economics has been so seriously damaged by data unrelated to valid index number and aggregation theory. In this paper we chronologically review the past research in this area and connect the data errors with the resulting policy and inference errors. Future research on monetary aggregation and policy can most advantageously focus on extensions to exchange rate risk and its implications for multilateral aggregation over monetary asset portfolios containing assets denominated in more than one currency. The relevant theory for multilateral aggregation with exchange rate risk has been derived by Barnett (J Econom 136(2):457–482, 2007) and Barnett and Wu (Ann Finance 1:35–50, 2005).

Economic models of speculative attacks and the drachma crisis of May 1994

Speculative attacks on fixed or ‘fixed but adjustable’ exchange rate regimes seem to have become a standard feature of the landscape of foreign exchange markets. The supposed excesses of seemingly untethered financial markets have been documented for some time, but only recently have the concerted attacks by speculators on exchange-rate regimes begun to occupy the popular imagination.Economic models of this phenomenon, however, have been around for some time, and are useful in characterizing the real-world speculative attacks that have occurred in the last 10–15 years in a number of countries. In this paper, we provide a brief overview of one such model. We also sketch some implications of that model for the speculative attack on the Greek drachma in May 1994.