中印制成品产业内贸易分析

本文通过对中印制成品产业内贸易的分析发现，首先，从静态的产业内贸易水平的考察来看，中印制成品主要是以产业间贸易的模式为主。其次，从动态产业内贸易水平的考察来看，中印的贸易增长主要是以产业间贸易为主要特征的。另外值得一提的是，对于边际产业内贸易指数不能纠正贸易不平衡性的问题也需要进一步的研究，以便找到更能真实反映边际产业内贸易的指标体系。     

淮海经济区投资创业软环境综合评价

在城市投资创业硬环境大致相当的基础上，投资创业软环境的好坏已经成为决定投资创业取向的关键所在。因此，有必要建立一套科学、系统地测度城市投资创业软环境的综合评价指标体系。文章以淮海经济区八个地级市为样本，通过向投资创业者发放调查问卷的方式取得投资创业软环境满意度的资料，采用因子分析的方法对八个城市的软环境进行综合评价并排序，以期为改善淮海经济区投资创业软环境提供一些建议。     

中国金融服务业贸易模式和影响因素——基于1999～2009年数据的实证研究

本文以静态G—L指数和动态MIIT指数测算了金融服务业产业内贸易水平,然后基于1999~2009年数据,建立计量模型,对影响因素进行了实证分析,包括人均收入水平、金融市场规模、对外直接投资和货物贸易。结果表明人均收入和市场规模与金融服务产业内贸易水平正相关,而FDI和货物贸易的影响与理论预期不一致,对此文中给出了解释分析。本文克服了以往研究在模型设定、因素选取和度量中存在的几点不足,最后给出了几点建议。     

The Role of Capital Accumulation,Adjustment and Structural Change for Economic Take-Off: Empirical Evidence from African Growth Episodes

In this article, we analyze extended periods of growth in Africa based on panel estimations from 27 African countries during 1960–96. Our main conclusion is that sustainable growth needs to be based on a balanced mix of capital accumulation, macroeconomic adjustment and structural change. In addition to more commonly used determinants of total factor productivity (TFP), we construct a measure for the effect of labor reallocation as well as an index of economic diversification and estimate the impact of the latter on long-term growth. Further we propose a framework for the analysis of extended growth periods, in view of assessing their sustainability.     

Quality-Adjusted Laspeyres Price Caps: A Graphical Analysis

The strong incentive to reduce costs under price cap regulation may create incentives for a regulated firm to reduce delivered service quality levels. Corrective measures, such as service quality standards or a service quality adjustment factor in the price cap formula may mitigate against this tendency. In this paper, we explore the properties of a regulatory scheme in which a Laspeyres index of prices and qualities is employed by the regulator.     

The measurement of intra-industry trade between unequal partners

Summary This note argues that the inadequacy of the GL index to correctly reflect the level of intra-industry trade in presence of trade imbalances may partly be due to measuring intra-industry trade between countries with large differences in economic size. Several adjustment procedures have been suggested in the literature but it is demonstrated that none of the alternative measures seem capable of eliminating the problem. A new measure of intra-industry trade is proposed in which the bilateral level of intra-industry trade is divided by the total number of products traded between two countries to yield an average level of intra-industry trade per product. This measure may also be applied at industry level, and in contrast to the GL index, it is highly correlated with the actual level of intra-industry trade. In studies of intra-industry trade, one should cautiously interpret the GL index since it may give a false picture of the extent and the volume of intra-industry trade. If the standard GL index is used, it is suggested that also alternative measures of intra-industry trade are employed to complement the GL index in order to correctly observe the true extent of intra-industry trade.     

基于未确知测度的企业并购风险分析与评价研究

在系统分析企业并购风险因素基础之上,建立了一套较全面的企业并购风险多层次评价指标体系,并利用未确知理论给出了一种适合企业并购特点的未确知测度风险评价模型。该模型结构严谨、精细,最后通过实例验证了该模型的科学有效性。     

What to Aim for? The Choice of an Inflation Objective when Openness Matters

Inflation targeting countries generally define the inflation objective in terms of the consumer price index. Studies in the academic literature, however, reach conflicting conclusions concerning which measure of inflation a central bank should target in a small open economy. This paper examines the properties of domestic, CPI, and real-exchange-rate-adjusted (REX) inflation targeting. In one class of open economy New Keynesian models there is an isomorphism between optimal policy in an open versus closed economy. In the type of model we consider, where the real exchange rate appears in the Phillips curve, this isomorphism breaks down; openness matters. REX inflation targeting restores the isomorphism but this may not be desirable. Instead, under domestic and CPI inflation targeting the exchange rate channel can be exploited to enhance the effects of monetary policy. Our results indicate that CPI inflation targeting delivers price stability across the three inflation objectives and will be desirable to a central bank with a high aversion to inflation instability. CPI inflation targeting also does a better job of stabilizing the real exchange rate and interest rate which is an advantage from the standpoint of financial stability. REX inflation targeting does well in achieving output stability and has an advantage if demand shocks are predominant. In general, the choice of the inflation objective affects the trade-offs between policy goals and thus policy choices and outcomes.     

Integrating Alternative Data (Also Known as ESG Data) in Investment Decision Making

ABSTRACT

What is environmental, social, and governance (ESG) data and how do we evaluate its quality and effectiveness? This form of evaluation is important, as it is a precondition for investors trying to integrate ESG in investment decisions. Previous literature describes intrinsic properties of ESG data (e.g. multifaceted-ness and context dependence) and highlights a trade-off between the validity and reliability of ESG data, which is often tied to the lack of theoretical foundations and scarcity of high-quality ESG data. Encouragingly, new data technologies have improved the accessibility, availability, and transparency of ESG data, but an agreed theoretical framework to evaluate ESG data quality is still lacking. This paper seeks to fill that theoretical gap by proposing a ‘user-oriented’ approach to evaluate ESG data. In this framework, we consider ESG data to be a ‘continuous concept with limitless boundaries’ and characterise it in terms of its width and depth. The bearing of width and depth on ESG data quality is ultimately a function of the investment decisions in which such data is used: the approach we endorse is therefore user-centric. This study then shows how ESG data, when it is of high quality, maps onto the investment decision-making processes.     

我国农业产业结构调整效果测度指标体系研究

文章从我国农业产业结构调整的目标、要素市场、农产品市场三个角度出发,构建了农业产业结构调整效果测度指标体系。就构建原则、指标分析等相关问题作了重点研究,试图为我国农业产业结构调整效果的测度与评价提供一种思路与工具。     

我国新经济增长点理论研究综述

新经济增长点是经济学中普遍使用的一个重要概念,不同的学者从不同的视角针对该概念进行了讨论。本文对新经济增长点的内涵、特点、选择标准、培育的现实途径进行综述,供大家做进一步研究的参考。     

企业集群网络中的主体决策行为及影响指数分析

企业集群是一个复杂社会网络;企业集群社会网络中主体之间的相互作用对主体的决策行为产生强有力的影响,如何衡量群体对主体的决策行为所产生影响的程度成为一个非常值得探讨的问题。本文首先在阐述企业集群复杂社会网络的结构特点的基础上,分析了主体的决策行为模式;然后,引入正面权重影响指数和负面权重影响指数,分别用这两种指数来衡量群体对其它主体的影响程度;其次,描述和分析了群体对个体的影响函数并给出了三个重要的结论;最后,提出了在群体影响下主体行为调整的结构模型。     

Tests for factor homogeneity and industry classification

Conclusions As we saw at the outset, the issue of whether statistical classifications of industries map on to groups of activities that can be aggregated together in an economically meaningful way is an important one. It is especially important in the context of IIT analysis, not only for its implications for measuring IIT but also from the standpoint of assessing its adjustment implications.     

Efficiency and Risk in Commercial Banks – Hybrid DEA Estimation

Abstract

The hybrid DEA model can solve the difference between radial inputs and non-radial inputs and evaluate efficiency. This is a pioneering study that uses the hybrid DEA model, evaluating the proportionate inputs with a radial measure and the non-proportionate inputs with a non-radial measure, in order to examine the impact of non-performing loans (NPLs) on the efficiency of Taiwan's banking sector from 2006 to 2010. In summary, this research demonstrates the following: (1) Only nine banks remained in the top efficiency list during these years: China Development Industrial Bank, Mega International Commercial Bank, Chinatrust Commercial Bank, Cathay United Bank, Bank of Kaohsiung, Industrial Bank of Taiwan, Taiwan Cooperative Bank, Land Bank, and Bank of Taiwan. (2) Risk is an important factor that should be taken into consideration when evaluating banking efficiency. (3) From the hybrid DEA model, we find that most of the inefficient banks have an inefficiency factor caused primarily by too many NPLs (risk). (4) The efficiency of Taiwan's large-scale banks is significantly better than the small-scale bank. By looking at the inefficiency index, the large-scale bank's inefficiency is caused by NPLs. For the small-scale bank, both radial variables and non-radial variables have equal importance in improving its efficiency.     

An All-around Analysis of EVA： An Evaluating Indicator of Operating Performance

It is the basic step to choose an evaluating indicator of operating performance when designing an incentive system. Whether the index is proper or not will have a direct effect on the effectiveness of the incentive system. EVA is a good evaluating indicator that is adopted by many big multinational corporations and that has led the trend of the development in this area. So it will also become our choice in the future. But before introducing EVA into China, we must have an all-round cognition of it. This article carefully analyses the advantages and disadvantages of this evaluating indicator from a unique angle in order to find some enlightenment for our state-owned enterprises.     

昌九工业走廊工业化指数空间分布研究

利用统计软件，通过主成分分析获得昌九工业走廊26个县域的工业化指数，作为衡量地区工业化水平的标准。并通过空间分析软件研究2016年各县域工业化指数的空间关联性。研究结果表示，各地区的工业化水平在空间单元呈现正相关的特性，同时展示出了地理空间的集聚效应。结合工业化指数及其空间特征，研究地区经济发展的机理，给予产业调整建议：昌九工业走廊应因地制宜地进行产业结构调整，工业化程度较低且第一产业比重大的地区应适当发展特色加工业和特色旅游业，而工业化水平领先的地区应进行工业改造与技术升级，发展低能耗少污染高产值的新型产业。     

我国船舶工业竞争力衡量指标体系构建分析

中国乃至全世界的船舶工业正在以信息技术为基础实现跨越式的发展,但是从我国船舶工业当前的整体发展水平看,还存在大而不强,国际综合竞争能力不高的问题。文章认为,要解决这些问题,就有必要对我国船舶工业的竞争力进行衡量,构建相应的竞争力衡量指标体系。     

Portfolio optimization under asset pricing anomalies

Fama and French (1993) find that the SMB and the HML factors explain much of the cross-section stock returns that are unexplained by the CAPM, whereas Daniel and Titman (1997) show that it is the characteristics of the stocks that are responsible rather than the factors. But both arguments are largely based only on expected return comparisons, and little is known about how important each of the two explanations matters to an investor's investment decisions in general and portfolio optimization in particular. In this paper, we show that a mean-variance maximizing investor who exploits the asset pricing anomaly of the CAPM can achieve substantial economic gain than simply holding the market index. Indeed, using monthly Japanese data on the first 50 largest stocks over the period 1980–1997, we find the optimized portfolio constructed from characteristics-based model is the best performing one and has monthly returns more than 0.81 percent (10.16 percent annualized) over the Nikkei 225 index with no greater risk.     

区域旅游产业发展潜力评价指标体系构建研究

在旅游产业发展研究中,区域旅游产业发展潜力与旅游资源、社会经济、环境容量的之间的关系越来越引起各国学者的关注,并成为一个重要的研究领域。文章从区域旅游产业发展潜力的相关理论出发,探讨如何构建区域旅游产业发展潜力评价的指标体系,旨在对区域旅游产业的进一步发展提供参考性建议。     

Decomposing wage differentials between migrant workers and urban workers in urban China's labor markets

This paper looks at wage discrimination faced by China's rural–urban migrants. Using data from the China Urban Labour Survey, it uses standard wage decomposition techniques to measure the extent wage gaps between migrants and locals are attributable to migration. Because the survey covers five cities, the results allow for an investigation regarding how much variation in discrimination there is. Unlike previous studies of wage discrimination in China, this research includes a more full measure of remuneration by including non-financial benefits as well as bonuses earned. The results suggest that migrants still face a significant amount of discrimination, but that this varies a lot between cities.