沿海欠发达地区产业结构高度化综合评价——以江苏省沿海地区为例

近年来,江苏省沿海地区工业化进程速度加快,正处于工业化中期阶段。但从产业结构上看,江苏沿海地区产业结构演变总体处于数量型调整阶段,产业素质提高明显滞后,三产劳动生产率相对较低。第二产业及第三产业的发展是决定江苏沿海地区总体产业结构高度的关键力量,其中第二产业是目前江苏沿海地区提升总体产业结构高度的主要力量。     

中国省域金融集聚的空间非均衡与动态演进

从金融业三大支柱行业角度构建金融集聚评价指标体系,利用2006—2019年我国30个省份的面板数据,借助熵权法测算出省域金融集聚水平,并结合Dagum基尼系数、Kernel密度估计对中国金融集聚的区域差异及分布动态进行实证研究,得出如下结论。(1)中国金融集聚水平整体偏低,尤其是证券业集聚水平,存在较大提升空间;中国金融集聚的空间分布存在显著的非均衡特征,具体表现为内陆和沿边地区水平低而沿海地区水平高的梯度分布态势。(2)Dagum基尼系数及分解结果表明,全国总体差距在样本考察期内呈“上升—下降—波动上升—波动下降”的演变趋势;内陆地区区域内差距最大、沿海地区区域内差距次之、沿边地区区域内差距最小,沿边和内陆地区区域内差距逐步缩小,沿海地区因证券业集聚导致区域差距大幅提升而呈扩大趋势;无论是整个金融业还是三大支柱行业,沿边、内陆与沿海地区区域间差距较大,证券业和银行业问题尤为突出,区域间差距是造成我国金融集聚空间非均衡的首要原因。(3)Kernel密度估计表明,全国层面金融集聚水平呈上升趋势,但极化问题加剧;区域层面,各区域金融集聚水平均逐步提升,但区域内绝对差距呈扩大趋势,沿海和内陆地区多极分化问题均有所缓解,而沿边地区多极分化问题严重,沿海、内陆与沿边地区金融集聚水平分别集中在中高、中等和低水平。     

外汇管理支持江苏沿海地区发展的对策研究

随着江苏沿海地区发展规划上升为国家战略，面对沿海地区经济规模不断扩大、经济外向度逐步提高以及跨境资金流动快速增长的现实背景，加强外汇管理在沿海开发过程中的现状及对策研究，具有较强的现实意义。本文从江苏沿海地区经济发展和外汇管理现状出发，全面分析了沿海开发对外汇管理的实际需求，深入剖析了外汇管理在沿海开发过程中面临的制约因素，提出了外汇管理支持沿海地区发展的总体思路及对策建议。     

河北沿海城市发展研究——对比天津地区

作为我国东部沿海地区之一,河北沿海地区的区位优势突出、战略性资源丰富,但由于存在港口功能单一、产业结构与港城结构不合理、资源开发盲目无序等问题,其发展模式急需转变。立足于"京津冀世界级城市群"的建设目标,河北沿海地区规划提出了转型发展的要求。本文通过对环渤海三省一市产业和港口发展现状的对比,提出如何通过差异化发展实现河北沿海经济的振兴。     

蓝领产业集体西进

蓝领产业即劳动密集型产业在上世纪80年代在中国沿海地区盛行,当时是由于一些发达国家和地区企业因本国土地及劳动力价格等因素,纷纷把产业转移到了中国沿海地区。如今这一产业却转移到了中国大陆地区之间。有关专家预测,自今年沿海劳动密集型产业向大陆中西部地区大规模性转移的序幕开始拉开,预计未来五年内这种转移将达到高潮。驱动产业西进的直接原因是沿海地区生产成本的上升,这与上世纪80年代世界制造业移人我国沿海地区的本质是一致的。近年来沿海地区土地、劳动力、能源等基本要素供给趋紧,价格不断攀升,劳动力密集型制造业失去了在本地再发展的优势。劳动力资源、土地费用、电、水等能源在中部也比较充裕而且更便宜。中西部庞大的潜在内需市场对于沿海企业来说才是最重要的原因。在中西部投资,可以更方便地接近日益增强的消费群体,以获取利润。而当地企业的产     

聚焦2009年金融支持服务江苏沿海地区发展高层论坛——宋辅良：发挥金融杠杆撬动作用推进江苏沿海跨越发展

党中央、国务院从全局和战略高度对新一轮沿海地区发展作出了重大部署,江苏省沿海地区发展上升为国家规划。为研究和探讨如何充分发挥金融的服务与支撑作用,为沿海地区发展注入活力、提供动力,支持建设东部地区重要的经济增长极,并实现金融部门自身的跨越发展,2009年12月3日,江苏省金融学会联合金融时报社成功举办“金融支持服务江苏沿海地区发展高层论坛”。     

政策要揽

国务院批准实施《河北沿海地区发展规划》 前不久，国务院批准实施《河北沿海地区发展规划》，推动河北沿海地区又好又快发展，有利于增强环渤海地区综合实力、完善中国沿海地区生产力布局。依据《规划》，河北沿海地区的战略定位是：环渤海地区新兴增长区域、京津城市功能拓展和产业转移的重要承接地、中国重要的新型工业化基地、中国开放合作的...     

我国沿海地区经济发展战略若干认识

中国沿海地区经济发展战略的实施将对中国经济乃至世界经济产生难以估量的影响。其成败关系中国经济改革的命运和中国经济能否起飞。一、沿海经济发展战略的内涵和外延沿海地区经济发展战略的内容是:充分利用国际上产业结构调整及日元、新台币和南朝鲜元升值所造成的宝贵机遇,利用中国沿海地区劳动力资源丰富、素质好、价格低,科技力量雄厚,基础设施较好等多种优势,在中国沿海地区(仅限于沿海地区)发展外向型经济,更加广泛和深入地参与国际交换、国际分工和国际竞争,借助国外的资源、资金和技术,利用国际市场,实行“两头在外”(即原料在外,市场在外)和“大进大出”,以出口为龙头,根据国际市场供求结构调整产业结构,优化生产要素组合,提高企业质素和技术、管     

沿海外贸加工产业转型升级的思考

全球化背景下,我国与各国的贸易往来越来越频繁.沿海地区因为便利的条件成为我国外贸最集中的区域.目前,世界经济发展缓慢,给沿海地区外贸加工产业带来了很大的挑战,外贸加工产业转型迫在眉睫.本文主要从沿海外贸加工产业转型升级的必要性入手,分析沿海外贸加工产业转型升级面临的问题,并在此基础上深入探讨沿海外贸加工产业转型升级的策略.     

货币政策缘何在内陆中小城市传导不畅

内陆地区的经济、金融的发展远不如沿海地区和一些大中省会城市,在货币政策的传导上,可运用的货币政策工具相对较少,于是,窗口指导就成了央行主要的货币政策指导方式。然而在实践中,窗口指导的作用又受诸多因素的影响,难以达到预期效果。     

The National Flood Insurance Program: Is It Financially Sound?

This article uses data provided by the Federal Emergency Management Agency, which implements the NFIP, to estimate the difference between annual premiums and expected costs associated for the program as a whole and for inland and coastal regions. In addition, we examine the role of discounts, cross‐subsidies, and FEMA's method of setting what it considers to be full‐risk rates in explaining the outcomes that we observe.     

Emerging Stars and Developed Neighbors: The Effects of Development Imbalance and Political Shocks on Mutual Fund Investments in China

This paper examines the influence of regional economic development on mutual funds investment decisions. Using fund holdings from 2003 to 2008, we find that Chinese mutual funds that collectively reside in the developed coastal region have the ability to select “star” firms from neighboring inland areas and overweight them in their portfolios. However, they present a clear local bias within the coastal region. Such investment behavior is robust to political interventions. In particular, changes in political climate make mutual funds seek fundamentals like growth prospects and diversification benefits. Overall, economic and political factors significantly influence mutual funds investment decisions in emerging China.     

Sovereign CDS Spreads,Volatility, and Liquidity: Evidence from 2010 German Short Sale Ban

The paper examines global impact of 2010 German short sale ban on sovereign credit default swap (CDS) spreads, volatility, and liquidity across 54 countries. We find that CDS spreads continue rising after the ban in the debt crisis region, which suggests that the short selling ban is incapable of suppressing soaring borrowing costs in these countries. However, we find that the ban helps stabilize the CDS market by reducing CDS volatility. The reduction in CDS volatility is greater in the eurozone than that in the non‐eurozone. Furthermore, we find that the CDS market liquidity has been impaired during the ban for the PIIGS (Portugal, Ireland, Italy, Greece, and Spain) countries. In contrast, there are no dramatic changes in the market liquidity for non‐PIIGS eurozone and non‐eurozone samples. The findings suggest that the short sale ban is ineffective to reduce sovereign borrowing costs in the debt crisis region if the underlying economy has not been significantly improved.     

Term Structure Multiplicity and Clientele in Markets with Transactions Costs and Taxes

The authors investigate term structure with realistic transactions costs and taxes. Its properties are derived from a certain no-arbitrage condition via duality theory in convex programming. Transactions costs imply an infinite multiplicity of term structures. A simple example with realistic transactions costs shows that this multiplicity can induce a valuation range of over 277 basis points. Transactions costs also allow equilibrium without short sale restrictions. The authors find the minimum transactions costs that prevent arbitrage. In addition, the exact conditions for weak clientele, in which investors will not buy some bonds and may not sell any that they already hold, are established.     

中国区域金融结构的趋同与分化

区域金融作为金融结构与运行在空间上的分布状况,通过聚合区域经济发展的各种因素而影响区域经济成长及其差异演变.中国各省、区、市金融结构趋同与分化现象并存,区域金融发展呈非均衡格局,但这一格局不同于传统的沿海与内地或东、中、西部之区划,区域金融成长与区域经济发展之间并不是平行一致的.相当多省、区、市的金融结构主要体现为银行、保险业的主导地位,资本市场不发达;同时,金融开放在省区市的差异总体较小.因此,推进资本市场发展,统筹金融开放,充分发挥金融发展在统筹区域发展、统筹城乡发展中的支撑作用,构成了今后我国区域金融发展的重点.     

产业转移趋势下我国劳动力区域性短缺问题研究——基于东西部地区的实证

近年来,"用工荒""缺工潮"问题在东部地区已是屡见不鲜的现象,其产生的常态性反映了我国劳动力短缺问题的严重性.本文从我国劳动力市场的发展情况和特点入手分析,指出我国劳动力短缺问题并不是由于我国人口红利消失、刘易斯拐点到来等因素造成,而是由于我国区域经济动态平衡发展过程中,东西部地区之间产业转移所引起的区域间劳动供给不平衡.在此基础上,本文对东西部地区的劳动力情况进行了理论与实证分析,指出加强产业转移升级与劳动力结构调整的有效互动是解决区域性劳动力短缺问题的一条有效途径.     

基于均衡分析的我国房地产泡沫度分析

基于均衡分析得到一个检测房地产价格合理性的理论参照,通过将计算出的房地产泡沫度在时间上做纵向对比以及在不同地区间做横向对比,考察现阶段我国房地产泡沫的严重程度。结果表明,现阶段我国大陆总体上的房地产泡沫度与房地产过热阶段的1993年相差不大,与楼市高峰时的香港有不小的差距;我国内地省市的房地产泡沫度一般较低,部分沿海地区接近或超过了楼市高峰时的香港。     

Foreclosure,REO, and Market Sales in Residential Real Estate

Assessment of lender and third-party bidder acquired properties at foreclosure auction is provided. Properties acquired at foreclosure auction by third-party bidders transact at a discount to lender dispositions of real estate owned (REO) properties. The discount reflects a reduction in costs associated with lender owned (REO) dispositions and uncertainty faced by third-party bidders. Moreover, there is a ranking in transaction prices among initial purchases by third-party bidders at foreclosure auction, REO sales, non-distressed property sales and the subsequent sales of third-party bidder acquired properties. Third-party bidder auction prices are below REO sale prices, which are below non-distressed property sale prices, which are below the subsequent sale prices of third-party bidder acquired properties. The price spacing by cohort is logical, intuitive and economically justified in a market with rational participants. Implications are also apparent for the measurement of price changes, net sale proceeds and returns to residential real estate.     

Regulatory Uncertainty and Market Liquidity: The 2008 Short Sale Ban's Impact on Equity Option Markets

We examine how the September 2008 short sale restrictions and the accompanying confusion and regulatory uncertainty impacted equity option markets. We find that the short sale ban is associated with dramatically increased bid‐ask spreads for options on banned stocks. In addition, synthetic share prices for banned stocks become significantly lower than actual share prices during the ban. We find similar results for synthetic share prices of hard‐to‐borrow stocks, suggesting that the dislocation in actual and synthetic share prices is attributable to the increased hedging costs for options on banned stocks during the short sale ban.     

安徽——长三角产业转移的桥头堡

安徽地处中国东西部过渡地带,兼得沿海和内陆双重有利条件,作为我国对外开放中承东启西的桥梁地位越来越明显。