Regional capital mobility in China: Economic reform with limited financial integration

This paper assesses the changes in the regional capital mobility in China during the period of economic reform in 1978–2008 by employing a panel time varying coefficient (TVP) model. This approach is much more suitable to model China's evolution in the regional capital mobility than a standard structural break model as China's reforms took place gradually and were often implemented over several stages. Using the TVP model, we find that (1) China's provincial capital mobility demonstrated a moderate improvement over the sample period, but worsened temporarily between 1994 and 1997. This is probably due to the government's effort to combat inflation which reduced the investment and transfers to regions; (2) regions with the most developed and least developed provinces experienced higher degree of capital mobility improvement than those in the middle.     

Tourism and economic growth nexus revisited: A panel causality analysis for the case of the Mediterranean Region

Tourism is perceived as an important source of foreign exchange that is used for financing economic growth. This study offers a modern approach to tourism-led growth and investigates the causal relationship between tourism and economic growth in the European, Asian and African countries that border the Mediterranean Sea. The study uses panel data for the period 1998–2011, and adopts a panel Granger causality analysis developed by Dumitrescu and Hurlin (2012) to assess the contribution tourism makes to economic growth in each country. The results indicate that the direction of causality between tourism and economic growth depends on the country group and tourism indicator. Furthermore, the European countries are better able to generate growth from tourism in the Mediterranean region.     

大庆油田突发事件应急指挥管理系统建设探索

本文探讨利用油田现有的各种资源,搭建应急指挥平台,从而最大限度地降低大庆油田公司各类突发事件的发生概率,减少发生突发事件时所造成的经济损失和社会影响,确保油田生产生活秩序的平稳。     

On the discrepancy in the social efficiency measures between parametric and non-parametric production technology identification

In conventional social productive efficiency measurements that consider the production of undesirable outputs such as CO2, a DEA-based non-parametric method of production possibility frontier (PPF) identification coupled with the directional distance-function approach a-la Luenberger (1992) is typically employed. This paper shows that the discrepancy between parametric and non-parametric methods of PPF identification in social inefficiency measures can be non-negligibly large when the number of observations is small or the data are not well-scattered. By using the same data as Ha et al. (2011), who used non-parametric PPF identification to measure the social efficiency of Japan's inter-city transport services with lifecycle CO2 as the undesirable output, this paper demonstrates that adopting parametric PPF identification instead can result in considerably higher inefficiency measures for decision making units (DMUs) with relatively large undesirable outputs.     

Inventory investment and financial constraints in the Italian manufacturing industry: A panel data GMM approach

Three large unbalanced panels of Italian manufacturing firms observed over the period 1991–2009 are employed to assess, by means of a dynamic GMM approach, whether the existence of financial frictions is suitable to explain deviations of inventories from their long-run path. A negative response of inventory investment to the presence of financial burdens might provide evidence of a significant role played by the financial framework in conditioning the real side of the economy, especially during recession years, when liquidity problems arise. The negative effect is found over the entire analyzed period, with firms' dimensional aspects accounting more than risk characteristics to explain the phenomenon, but the inclusion of recessionary dummies into the model leads to controversial and puzzling results. A significant recessionary effect is found during the Nineties, accounting for inventories being more sensitive to financial frictions during the main recessionary peaks, 1993 and 1996. The result is not confirmed by the most recent estimates, especially the ones referring to the 2008–2009 recessionary shock, whose effects are investigated for the first time by a paper addressing the inventory investment–financial constraints subject. Alternative hypothesis for the proposed results have been tested on data. Firms were found to rely on inventory decumulation to a lesser extent compared to the past, to generate internal financing. More specifically, disinvestments in financial assets were found to represent, as a matter of fact, one of the main drivers adopted to ease liquidity tensions: a negative and strongly significant relationship with inventory investment was detected, after controlling for short-run liquidity constraints at firm level. By contrast, only a weak negative relationship was established with fixed capital during the same recessionary biennium.     

EPP模式下的并口与DSP高速数据传输的实现

DSP与PC机间进行高速数据传输是DSP的一个重要应用。本文分析了并口处于EPP模式时和ADSP21060间的高速数据交换的原理，同时详细讨论了其硬件设计结构及其相应的并口程序设计方法，经调试证明此方案可行。     

世界银行监察组的作用及其实践研究

随着世界银行的活动范围不断扩大,它通过贷款的形式参与成员国国内的社会经济建设,影响了成员国平民百姓的生活。如果平民百姓的生活受到不利影响,世界银行就得承担责任,监督世界银行承担责任的监察组就应运而生。世行是在我国许多地区有着重要贷款业务的国际金融组织。它的监察组的监督作用对我国利用世行的贷款有着直接而且重要的影响。     

Nonlinear models with panel data

Panel data play an important role in empirical economics. With panel data one can answer questions about microeconomic dynamic behavior that could not be answered with cross sectional data. Panel data techniques are also useful for analyzing cross sectional data with grouping. This paper discusses some issues related to specification and estimation of nonlinear models using panel data.JEL Classification: C230The research behind this paper was supported by the National Science Foundation, the Gregory C. Chow Econometric Research Program at Princeton University, and Danish National Research Foundation (through CAM at the University of Copenhagen). The author thanks Ekaterini Kyriazidou, Hong Li, Marina Sallustro, and the editors for helpful suggestions.     

Non-parametric production analysis in non-competitive environments

We extend the non-parametric methodology for empirical production analysis to deal with endogenous prices. As price endogeneity is often complemented by price uncertainty, we consider both the case of certain prices and the case of uncertain prices. The extensions are fully compatible with existing tools for eliciting and representing technology and price information, and preserves the tractable mathematical programming structure of the original methodology. An empirical application to the Dutch electricity distribution sector illustrates our extension.