Institutional constraints,double imbalances and policy option—global financial crisis and China’s fiscal policy

With the enormous development of China’s economy, we re-implement the proactive fiscal policy not only to response to the global financial crisis, but also to take advantage of the opportunity to resolve the institutional constraints, transform China’s economic growth pattern, keep stability and promote the sustainable growth of the economy. So the goal of fiscal policy should weigh easing the economic crisis against long-term stability and the development of economy. The past experiences of fiscal policy practices in China indicate that the traditional simple counter-cyclical fiscal policy may be able to pull the economy out of recession, but it has little effect on automatic recovery of the economy. Therefore, the fiscal policies need to hang on the entire reform process and the whole economic structure adjustment. This paper firstly reveals the root of “double imbalances” and institutional constraints, then analyzes the paradox between such constraints, and discusses the space of positive fiscal policy.     

Governance factors enabling knowledge transfer in interorganisational development projects

In this study we examine governance factors affecting knowledge transfer in interorganisational development projects. There is a gap in the literature indicating a need for more insights into processes of knowledge sharing and governance of interorganisational development projects. By using cases from the Dutch construction industry, we discus how interorganisational development projects are governed and what impact this has on knowledge transfer between the firms involved. We find that knowledge transfer towards participating firms cooperating in an interorganisational development project is positively influenced when partners govern their cooperation by using mutual trust and contract complementary.     

Integrating the valuation of ecosystem services into the Input-Output economics of an Alpine region

Traditional economic accounting mostly ignores the benefits provided by nature, and thus falls short in giving incentives for improving the way the economy uses natural resources. In this study, we develop a general framework for integrating the value of ecosystem services into an Input-Output Table. In particular, we integrate regionally valued ecosystem services on the supply side of an Input-Output Table to quantify what natural resources offer to economic development. Using several different indicators, we show the benefits of the ecosystem services under the status quo and a scenario for regional development. Our results suggest that economic activities should be encouraged to use the ecosystem services more intensively, while landscape development should aim at providing the required services. We conclude that such an approach can provide a platform for decision-makers to learn quantitatively about the dependency of the regional economy on natural services.     

How to design and use the clean development mechanism under the Kyoto Protocol? A developing country perspective

Under the Kyoto Protocol, industrialized countries committed to emission reductions may fullfil part of their obligations by implementing emission reduction projects in developing countries. In doing so, they make use of the so-called Clean Development Mechanism (CDM). Two important issues surround the implementation of the CDM. First, if the cheapest abatement measures are implemented for CDM projects, developing countries may be left with only more expensive measures when they have to meet their own commitments in the future (the so-called low-hanging fruits (LHF) issue). Second, a choice must be made on the type of baseline against which emission reductions are measured: an absolute baseline or a relative (to output) one (the baseline issue). The purpose of this paper is to study the interactions between these two issues from the point of view of the developing country. Two major results are obtained. First, when possible future commitments for developing countries and irreversibility of abatement measures are taken into account, we show that the industry where CDM projects are implemented enjoys larger profits under an absolute baseline than under a relative one. Second, concerning the LHF problem, the financial compensation required by the developing country for implementing ‘too many’ CDM projects is larger under the relative baseline.     

财政分权与经济增长

对H.Davoodi,D.Xie,and H.Zou的两篇文章中的内生增长模型进行了改进;把地方财政决算支出占国家决算支出的比重看作衡量财政分权的指标,并利用1986-2004年间的数据对财政分权对我国经济增长的作用进行了两组回归分析。发现在1986-1990年间我国的财政分权的比重过高阻碍了我国的经济增长;在1991-2004年间我国的财政分权程度与我国的最大化经济增长相符。最后,对得出的统计结论进行了充分的解释。     

Impact of energy infrastructure investments on renewable electricity generation in major Asian developing economies

The prime objective of this research is to empirically investigate the impact of energy infrastructure investments (public-private-partnership) on renewable electricity generation in major Asian developing economies (China, India, Indonesia, Malaysia, Pakistan, the Philippines, and Thailand). In doing so, we use the annual data of variables from 1993 to 2017. To achieve the study objective, the authors employ numerous panel econometric approaches such as the Grouped-Mean and Augmented Mean Group estimators. The overall conclusion of the findings is that investments in energy infrastructure play a significant role in promoting renewable electricity generation in Asian developing economies. The results also reveal that financial development, economic development, and openness further rise renewable electricity generation. Based on the findings, the authors attempted to provide novel implications for the promotion of energy infrastructure investments and sustainable development policies for the Asian developing economies. For instance, the authors suggest that governments and policy makers should realise the significance of greener energy and promote investments via public-private partnerships for renewable energy projects.     

浙江省高速公路微观经济效益分析

在过去的10年里,中国的高速公路建设取得了迅速发展,高速公路的开通有力的推动了当地区域经济的发展,产生了巨大的经济效益。文章的目的在于建立一套定量分析的方法来评估高速公路在投入使用中所产生的微观经济效益。在分析高速公路带来的直接微观经济效益即公路使用者效益(包括运输成本降低效益、旅行时间节约效益、交通事故减少效益),通过浙江杭甬高速的定量分析给出了实例。定量分析显示,自从杭甬高速1996年12月开通以来,为当地带来了显著的微观经济效益。     

Information disclosure, banking development and knowledge-driven growth

In this study we develop a knowledge-driven growth model which explicitly models the banking sector as monopolistically competitive. The main mechanism through which financial intermediaries affect the real economy is through the evaluation and provision of liquidity to R&D projects. We distinguish two scenarios. In the regime with information disclosure, banks are able to use the stock of information obtained by the banking industry from evaluating R&D projects. This information externality brings about efficiency improvements, thereby leading to a positive entry of banks, more bank-funded research and in turn positive economic growth. By contrast, in the regime with no information disclosure, it is not profitable for new banks to enter the industry. This implies that no more potential R&D projects can be evaluated and hence financed, thus leading the economy to a zero-growth equilibrium.     

On the application of the rank tests for nonlinear cointegration to PPP: The case of Papua New Guinea

Much interest has been paid recently to the nonlinear cointegrating relations existing among economic variables. Various testing procedures are already available to test for the existence of nonlinear cointegration. For example, Breitung (2001) proposes rank tests and his testing procedure has been broadly applied. In this study, we warn against a blind application of the rank cointegration tests, particularly to economic variables that evidence certain behavior. As an illustration, we employ the nominal exchange rates and relative prices of Papua New Guinea against her major trading partners with the objective of testing the validity of purchasing power parity for the country. Our simulation results also confirm our warnings. Additionally, we provide some simple solutions to the problem we encounter herein.     

经济欠发达地区政府投资管理的探讨

政府投资是拉动经济发展的主要动力,促进投资又快又好增长,不仅是落实中央科学发展观的需要,也是加快经济发展、优化经济结构、提高经济质量的内在要求。针对从2008年四季度到2010年年底全国将投资4万亿元用于基础项目和重点项目投资这一状况,主要探讨了在如此空前的投资规模下如何对经济欠发达地区政府投资项目进行管理。     

我国四大经济区域技术创新能力体系评价及地域差异研究--兼议西部地区技术创新能力的提升

区域技术创新能力是衡量区域技术发展水平的重要标准,更是一个区域经济增长和竞争的决定性因素。构建出区域技术创新能力评价体系并选取31个省市、四大经济区域的16个原始指标,运用因子分析模型,在对各地区区域技术创新能力及差异进行综合评价与分析的基础上,探讨东部及中西部地区差异化形成的原因及其对策,以期为各地区尤其是西部地区制定区域经济和技术发展政策提供依据。     

高校牵头国家重大科技项目科研组织模式研究——以北航长鹰无人机为例

新中国成立以来,国家在航空航天、通信计算机、智能制造、新材料等多个领域先后推出一系列重大科技项目,致力于突破关键技术、保障国防安全、推动社会经济发展。20世纪90年代末,我国将中高空长航时无人机研发作为重大战略性科技项目,在几乎一穷二白的困境下由高校牵头开展原型机自主研制并最终取得成功。以具有划时代意义的长鹰无人机研制历程为例,基于扎根理论归纳国家重大科技项目特征及科研组织模式,探讨模式中的关键组成要素及相互作用关系。结果发现,该模式以面向国家战略需求导向的大项目为牵引,在跨建制、跨单位、跨系统建成的国家队与产学研合作大平台的相互作用下,促成总体目标实现、人才队伍培养、产业发展带动等重大成果的正向激励反馈。在新时代背景下,该研究结论能为高校服务国家重大战略需求、更好地发挥科技创新生力军作用提供有价值的实践路径和管理经验。     

对设计阶段工程造价管理的探析

设计阶段工程造价管理是建设工程在设计阶段按照经济规律的要求,根据市场经济发展,利用科学管理方法和先进的管理手段合理地确定工程造价和有效的控制投资,保证有限的建设资金和物质资源得到合理的充分利用。     

基于环境库兹涅茨曲线分析经济发展与环境问题的再思考

环境库兹涅茨曲线（EKC）是西方经济学的一种假说,是用于研究经济发展（收入）与环境关系而设计的一种模型和方法。本文以江苏为例,分析经济发展与环境污染之间的关系,进而寻找突破EKC拐点的发展路径。影响经济与环境的原因比较复杂,与当地经济发展水平和发展模式、产业结构、技术水平、环境政策、环境法律和国民素质等因素有关。在运用EKC进行实证分析的基础上,应借鉴发达国家的经验,加快产业转型,积极主动地治理环境。大力调整产业结构,优化经济发展,从源头上减少环境污染。加大环保资金投入,加快环保项目的研究和转化,从技术上突破环境治理的难题。建立一套科学的环境政策机制和监管制度,从机制、制度上保障环境质量的显著提高。     

Why stare decisis?

All Courts rule ex-post, after most economic decisions are sunk. This can generate a time-inconsistency problem. From an ex-ante perspective, Courts will have the ex-post temptation to be excessively lenient. This observation is at the root of the rule of precedent, known as stare decisis.Stare decisis forces Courts to weigh the benefits of leniency towards the current parties against the beneficial effects that tougher decisions have on future ones.We study these dynamics and find that stare decisis guarantees that precedents evolve towards ex-ante efficient decisions, thus alleviating the Courts' time-inconsistency problem. However, the dynamics do not converge to full efficiency.     

Matchmaking as multi-sided market for open innovation

An obvious task in open innovation is to find suitable partners for collaboration. In this paper we present results from three participatory case studies of identifying and matching technology firms for collaborative innovation projects. We observe that matchmaking is a more complex process than an (online) market transaction. The cases show how innovation intermediaries organise the matching process as external service-providers and what economic contribution they can have. The paper conceptualises matchmaking for collaborative innovation as economic resource allocation process in the shape of a multi-sided market which involves the innovation partners and intermediaries. The paper concludes with theoretical and practical implications that such a conceptual lens opens for exploratory technology analysis projects and the management of matching processes for innovation partnership formation.     

Economic Impacts of Improved Connectivity for ASEAN: An Application of the Geographical Simulation Model

We compare the prioritized projects of the Master Plan on ASEAN Connectivity (MPAC) and the Comprehensive Asia Development Plan (CADP) by utilizing the Institute of Developing Economies/Economic Research Institute for ASEAN and East Asia Geographical Simulation Model. The prioritized projects of the MPAC mainly focus on specific hard or soft infrastructure projects connecting one remote area of an ASEAN member state to another and thus fail to capture the full potential of the infrastructure because of neglected important links within a state. On the other hand, the CADP emphasizes the importance of economic corridors or linkages between a large cluster and another cluster. Our simulation analysis shows that CADP projects will result in an addition to gross domestic product (GDP) of $US 1544bn over the period from 2021 to 2030 (in 2010 dollars) or an impact on ASEAN countries that is 12 times larger than MPAC projects. The results strongly suggest that the CADP projects should be adopted and implemented to fully realize the potential economic growth of the ASEAN countries. Moreover, the CADP will contribute more to narrowing the development gaps among the ASEAN countries than MPAC prioritized projects.     

Kuznets’ swings and intangible investments in forecast: the case of Greece

This article offers an analysis of the relationship between intangible investments and the pattern of local economic productivity in Greece. There are two main objectives in the article: (i) to explore the pattern of economic development in the country; (ii) to find evidence whether this pattern – and its trend – can be better predicted through a forecasting model including intangible investments (next to other relevant factors). To operationalize our study, we use the World Bank Development Indicators database which offers a time-series for Greece for the period from 1981 till date. This data set has two alternative relevant measures for intangible investments: knowledge- and health-related investments. In our analysis we employ first, a centred moving average with a stochastic estimation of the trend, and second a double exponential smoothing, as two alternative (‘deductive’ and next ‘inductive’) approaches to identifying a trend in our data for Greece. We find evidence for a Kuznets swing type of cyclical pattern for Greece – confirmed by triangulation. Most significantly, we also find a relationship between local economic development and intangible investments. These results prompt an evidence-based query about underlying Myrdalian and Tieboutian foundations of wave theory for understanding local economic crises.     

江苏苏南地区环境库茨涅茨曲线实证研究

EKC假说是指在经济发展早期环境质量逐渐恶化,经济发展到一定水平后,环境质量会逐渐改善,即环境压力和经济增长之间呈倒U形关系。文章以苏南地区1986—2004年经济发展和环境面板数据为基础,建立了苏南地区经济发展和工业污染排放的计量模型,以此来分析苏南地区经济增长与环境污染的演替轨迹。结果表明苏南地区环境污染与经济增长之间呈现N型波动EKC特征,工业污染排放量随着人均GDP的快速提高而波浪式地不断恶化,而不同于以往的经典理论中倒U型的形状。苏南地区依然处于污染排放量的增长期,如何抓住机遇,调整产业结构,加大环保投入,转变经济增长方式,平稳地实现转折,实现环境和经济的双赢是苏南地区可持续发展和率先实现全面小康的首要问题。