资本深化、人力资本积累与中国经济持续增长

本文针对近年来中国经济转轨过程中呈现资本深化的特征,引入人力资本积累因素进行分析。分析表明:中国的资本-产出比在1978～1994年呈现逐年下降的态势,1994～1998年呈现上升趋势,1999～2003年出现缓慢下降趋势;1978年以来,中国人力资本存量不断提高,并且由于存在人力资本的外部性,导致人均物质资本上升,但这种人均物质资本和资本-产出比的上升由于人力资本边际报酬递增的作用,使整个经济具有可持续的增长;物质资本积累是中国过去20多年经济增长的主要贡献因素,人力资本存量增长缓慢,但在近几年有所改善。     

中国对丝绸之路经济带沿线国家出口增长源泉研究北大核心CSSCISSCI

从出口产品结构变动角度考察2001-2014年期间中国对丝绸之路经济带沿线9个国家出口增长的源泉,研究发现:从国别层面看,中国对丝绸之路经济带沿线大多数国家,如哈萨克斯坦、吉尔吉斯斯坦、俄罗斯、印度、巴基斯坦等国的出口增长主要依赖于集约边际,对少数国家如乌兹别克斯坦等的出口增长依赖于扩展边际。从行业层面看,中国传统的优势产品,如纺织品服装和机电产品对丝绸之路经济带沿线国家的出口扩张主要呈现出"老产品、老市场"的特征,同时显示出"新产品、新市场"的"增量"发展趋势,表明双边贸易存在巨大潜力。从影响二元边际的因素来看,丝绸之路经济带沿线进口国与中国的收入差距、多边贸易阻力因素对出口增长的集约边际和扩展边际均有正向影响,而距离因素则对出口增长构成阻碍。中国与贸易伙伴国是否都加入区域合作组织对中国出口增长的集约边际有正向作用,对中国出口增长的扩展边际的正向作用尚未显现。     

人力资本投资、内生增长与经济发展研究

人力资本是推动经济增长和持续发展的原动力。时下我国正面临着提升经济发展效率、加大人力资本投资并努力提高人力资本存量的问题。因此,对人力资本投资存量和经济发展之间关系进行研究就显得十分必要。本文通过采用内生增长及其修正模型研究了人力资本存量、持续投资与经济增长之间的关系,得到如下结论:第一,物质资本和人力资本配比及人力资本内部构成情况均对经济发展构成影响;第二,人力资本存量与经济增长存在外生引致作用;第三,人力资本投资存在短期和长期两种效应。     

“会诊”教育手上只有一金元给谁是好？——助学贷款“僧多粥少”众说纷纭话短长

世界银行1995年的一份报告将人力资本视为一国财富的构成要素,并认为对人力资本投资是发展中国家实现其经济起飞的“引擎”和发展的基石,也是实现可持续发展的重要条件。在经济全球化与知识经济时代,一个基本的事实是:“具备知识的经济增长得最快”,而“穷国和富国以及穷人和富人之间的差别不仅在于穷国和穷人获得的资本较少,而且也在于他们获得的知识较少。”知识的积累与传播主要依赖教育。本栏目在新学年开学之际,就教育的话题组织了四篇稿件,从教育储蓄、中小学教育面临的问题以及高等院校助学贷款等不同角度,探究贫困与教育之间的内在联系,以及制约我国教育事业发展的本因。虽管窥之中难见全豹,但也可一叶知秋,抛砖引玉,让我们共同关心教育,关心我们的未来。请看“会诊”教育——     

论网络经济的边际递增规律

边际递减规律是传统经济中的重要规律,但是步入网络经济,情况正好相反,边际递增在解释很多现象与事实时是很有效的,而边际递减逐渐失去重要的角色而成为一个补充。本文从两个不同的视角论述了边际收益、边际效用递增规律及缘由,最后分析了它们对经济的积极及消极影响。     

产业集聚与人力资本投资效益——来自中国工业企业的微观证据

长期以来,关于我国本土企业是否存在内生经济增长特有的人力资本溢出效应,一直缺乏直接的微观经验证据。本文首次利用中国工业企业数据库的大样本数据,通过考察产业集聚与企业人力资本投资-绩效敏感性之间的关系,发现我国存在产业集聚带来的溢出效应,但这种效应只是显著存在于中小企业集群中：在中小企业集群地区,产业集聚程度上升将会提高企业人力资本投资的边际收益;而在非集群地区,产业集聚对企业人力资本投资的边际收益没有产生影响。进一步的实证检验表明,地区人力资本投资水平的提高会改善该地区没有人力资本投入的企业绩效;对于中小企业集群地区没有人力资本投入的企业,地区人力资本投资水平给其带来的边际绩效显著高于非集群地区的企业。     

当今世界最大的道德挑战：关于贫富差距问题的道德思考

当今世界各国两极分化越来越明显，富国与穷国之间的差距越来越大。这种差距，不仅表现在美国、欧洲、日本等西方富国即西方发达国家与亚洲、非洲、拉丁美洲发展中国家之间，同样表现在西方发达发达国家之间。这是当今世界最大的道德挑战，是导致世界摩擦、冲突、动乱与不安定的根本原因。造成世界性贫富差距，有深刻的社会历史原因，也有资金流向不合理和重富轻贫国家政策等方面的原因，全球化是一把双刃剑，对加快经济增长速度、传播新技术和提高富国和穷国生活水平会起到某种推动和促进作用，但也成为某些富国侵犯别国国家主权，侵蚀当时文化和传统，威胁经济和社会稳定的一个借口，如果不从道德高度解决公平竞争问题，就无法使贫穷落后的国家和地区真正摆脱贫困，走上富裕道路。     

谁妨碍了我们致富——《中国当代著名经济学家随笔集》总序

贫困一直是困扰世界的大问题。过去二三百年内,原来是穷国的,现在多半仍是穷国;原来是富国的,现在多半仍是富国,穷富之间似乎有一条跨越不了的鸿沟。但这一难堪的局面,开始出现了转机。首先是因为中国实现了人类历史上空前的经济增长,在长达20年的时间内,在12亿人口的大范围内,实现了平均约9%的年经济增长率,从而使人均国民生产总值增加到四倍以上,并使绝     

知识经济下的人力资源管理

据世界银行统计,世界财富的64%由人力资本构成,而1995年诺贝尔经济学奖得主罗伯特·卢卡斯指出:现实经济是以不完全竞争为条件的,因而规模收益由于人力资本的积累而递增。产业化的人力资本不仅能使自身的收益递增(水平递增),从而使经济增长动态化、长期化。在开放经济的条件下,各国人力资本禀赋的差异通过国际贸易可能得到强化,并形成专业化生产,从而更有助于人力资本禀赋较丰富的国家的经济增长。1992年诺贝尔经济学奖获得者、美国经济学教授、社会学家贝尔则进一步认为,发达国家资本的75%以上不再是实物资本,而是人力资本。人力资本与物质…     

生产要素内部投入结构与中国经济增长

本文以生产要素内部投入结构对边际产出弹性的影响为基础,构建了包含生产要素内部投入结构的科布一道格拉斯(C-D)生产函数,运用1997～2009年中国31个省市的面板数据,对资本、劳动和人力资本的投入及三者的内部投入结构与经济增长的关系进行了分析。结果表明:近年来中国的经济增长,除了技术进步的推动之外,主要依赖于投资的带动。总体上来看,劳动对于经济增长的整体推动作用不强,人力资本对于经济增长的直接作用表现为负,但近些年其作用逐步提高。研究结果还表明,加大对第一产业的投资力度,继续大力发展劳动密集型第二产业和高等教育事业,是提高资本、劳动和人力资本边际产出弹性的有效途径。     

Private capital flows,stock market and economic growth in developed and developing countries: A comparative analysis

Empirically we investigate how three types of private capital flows could promote economic growth in recipient developed and developing countries. Our focus is on the role of stock markets as a channel through which foreign capital flows could promote growth. The findings reveal that FDI exhibits a positive impact on growth, while both foreign debt and portfolio investment have a negative impact on growth in all sample countries. However, our results indicate that stock markets might be a significant channel or leading institutional factor through which capital flows affect economic growth. The findings provide clear implications that the negative impact of private capital flows can be transformed into a positive one if the stock market development has attained a certain threshold level, regardless of whether it is in developed or developing countries.     

基础设施资本回报率的估算及影响因素研究

文章在合理界定并调整基础设施统计口径基础上，运用永续盘存法非传统途径和生产函数法谨慎测算了基础设施的全套资本存量和资本回报率，并构造1993-2016年省级面板数据，从三个方面分解并检验了基础设施资本回报率的影响因素。研究发现：（1）全国生产性基础设施资本存量急剧攀升，年均增速达到12.6%。其中，经济基础设施存量持续高于社会基础设施。（2）基础设施资本回报率呈现倒"U"型变动趋势，且在不同基础设施类型和区域间保持稳健。其中，社会基础设施的资本回报率整体高于经济基础设施，东部地区的基础设施资本回报率高于中部地区，西部地区则长期处于低位运行。（3）基于基础设施资本产出比不断上升是其资本回报率持续下降的主因这一判断，进一步证实基础设施投资率及其资本深化程度，以及人力资本积累、城镇化等因素整体上均显著影响基础设施资本回报率。     

汇率、经济增长与流动性过剩——基于经济全球化的考察

改革开放以来我国经济社会发展发生了深刻变化。过去三十年世界经济格局也发生了深刻变化。经济全球化深化了世界各国的经济联系,也创造了一种不稳定的双赢模式。发展中国家和发达国家均在全球产业转移中获得了要素生产力递增的收益。要素生产率递增可能使采取固定汇率的货币经历从高估到低估的转变,全球产业转移支持了发展中国家广泛而持续地保持这一优势,并以经常性项目和资本项目间跨国补偿机制实现了全球经济不稳定的平衡,也创造了全球流动性过剩。     

Differences in returns to FDI between China's coast and interior: One country,two economies?

In principle, returns to factors of production within single economic systems should exhibit relatively uniform returns. Notwithstanding the fact that over the past 30 years China's economy has increasingly liberalized both internally and externally, it is widely understood that wages received by industrial workers in the coast and interior have widely diverged. However, less is known about how, between China's coast and interior, relative returns to domestic capital and foreign investment have fared, although we do know that the surge of foreign direct investment in China in recent decades has been overwhelmingly concentrated in the coastal region. This paper investigates comparative factor returns within China's industrial sector as measured by the marginal productivities of labor, domestic capital, and foreign capital. Using balanced and unbalanced samples of enterprise data during 1998–2004, we find significant differences between the returns to each of these factors. This paper explores the differences in estimates of factor returns that arise from the use of balanced versus unbalanced samples and least squares versus fixed effects estimators. We conclude that while returns to labor and domestic capital are higher in China's coastal economy, returns to foreign-owned capital are higher in the interior region. Indeed, the differences are indicative of those found in the literature that estimates cross-country comparisons between OECD and developing economies, suggesting that China's economy exhibits some of the differences found between the world's more and less developed economies.     

International equality of stock market returns

Real returns, excess returns, and nominal returns from stock markets in 11 developed countries are compared for the difference in their means and variances by using a new procedure to test their equality and to determine if one stock market dominates another. The sample period from January 1973 to September 1989 is divided into three subperiods. Results show that stock markets in the United States and Germany dominate those in the other countries in early sub-periods, but not in a recent sub-period, to indicate an increasing capital market integration. Integration with Germany has increased more than with the United States, due possibly to the European Monetary System.     

The impact of economic fundamentals on stock markets in southern Africa

The issue of whether stock markets reflect economic fundamentals or speculative bubbles is an important one for their potential role in allocating capital, and relates to a policy issue of whether stock markets should be encouraged in developing countries. This article examines the impact of both domestic and foreign economic factors on real stock market returns in three southern African stock markets – South Africa, Zimbabwe and Botswana, from 1985-95 – using cointegration and error correction techniques. It finds that, while in all cases stock markets are influenced by domestic economic growth, there are no common patterns beyond this. The influence of other domestic and economic variables depends on the size, openness and market-orientation of the individual economies, as well as the size and liquidity of the various stock exchanges. Where foreign economic variables are important, they appear to be those related to trade, rather than international capital flows, indicating that there is little integration of these capital markets, whether regionally or internationally.     

Accounting for the stock of human capital: Selected evidence and potential implications

Accounting for the Stock of Human Capital: Selected Evidence and Potential Implications. — Given the observed distribution of output and labor across countries, most capital flows should be from rich to poor countries. As is shown for a limited sample of countries, accounting for differences in the stock of human capital substantially reduces the implicit cross-country rate of return differentials. Additionally, accounting for human capital externalities based on independent empirical evidence, turns around the predicted rate of return differentials in favor of rich countries. Hence, the world economy may converge to a rather unequal distribution of incomes as long as human capital accumulation is neglected as the key variable limiting economic development.     

Old,not yet rich? The impact of population aging on export upgrading in developing countries

Does population aging in developing countries, which undermines their traditional export advantages, prevent them upgrading export? Using the method of instrument variables, this paper empirically shows that population aging significantly and adversely affects export upgrading in developing countries. Moreover, the negative impact of population aging is mainly channeled through innovation and human capital. Furthermore, the negative impact of population aging on export upgrading is not present in developed countries and is decreasing in recent years of developing countries. This is possibly due to the inferior institutions and slow adoption of automation in developing countries. Lastly, this paper extends the analysis to a disaggregated level, where the results suggest that an aging country indeed exports less of the products with higher quality.     

On sustained economic growth with wealth effects

In a discounted one-sector convex model of optimal economic growth where utility may depend on both consumption and capital stock, I derive necessary and sufficient conditions for sustained growth (unbounded expansion of capital and consumption). Conditions for bounded growth and extinction are also outlined. Optimal paths may be non-monotone. Sustained growth may occur even though the asymptotic marginal productivity is less than the discount rate and may require the initial capital stock to be above a critical level. The behavior of the marginal rate of substitution between consumption and capital plays a crucial role in the conditions.     

The Impact of Macroeconomic Risk on Asset Prices in Ghana, 1997–2002

Abstract: The dwindling nature of overseas development assistance in the early part of the 1990s called for the establishment of capital markets in some African countries, including Ghana, with the view to increasing foreign direct investments and achieving sustainable inflows, growth and development. One important factor which affects the determination of prices and the growth of capital markets is macroeconomic risk which is quite high in developing countries. Following works done on advanced stock markets, this study seeks to investigate the impact of six macroeconomic risk factors on asset pricing in the various industrial classification — financial, manufacturing, food and beverages, distribution and mining under the Ghana Stock Exchange (GSE) for the period January 1997 to December 2002. Using the arbitrage pricing methodology developed by Ross (1976) and Chen et al. (1986) , the study revealed that investors in Ghana considered three main macroeconomic risk factors — short‐term interest rate risk, inflation risk and the term structure of the country's interest rate in the determination of the various industrial asset prices during the period under consideration. Analysis of the risks and returns profile of the industries also shows that financial assets made the best gains on the market. Both general and specific policy recommendations aimed at improving the performance of the GSE are explored.