Assessing impact of regulatory risk on shareholders’ wealth

Research indicates that regulatory risk increases required return on investment by investors and causes underinvestment in industries with high sunk costs. The effects of regulatory changes may be measured by estimating the abnormal returns associated with the event. The results may suggest to regulators what should be encouraged or avoided. This article utilizes a fixed effects regression to examine abnormal returns from changes in Philippine nationalization regulations. The results are consistent with extant literature. Supreme Court decisions, which increased uncertainty and regulatory risk, produced negative abnormal returns. The initial release of draft implementing rules did not produce statistically significant effects, but a succeeding draft favouring liberalization, produced positive abnormal returns.     

Tracking Can Be More Equitable Than Mixing

Parents and policy‐makers often wonder whether and how the choice of a tracked or mixed educational system affects the equality of opportunity. I answer this question by analyzing the influence of peers on future educational results. I define an equal opportunity policy as one that maximizes the average lifetime income of the worst‐off type of individuals in society (i.e., students from disadvantaged backgrounds). I find that tracking maximizes average lifetime income if the opportunity cost of college attendance is sufficiently high.     

中国区域一体化协议发展的特点与战略研究

大国的经济外交时代已然到来，而外商直接投资在中国实现工业化和经济发展的过程中起着至关重要的作用。因此，应从中国自身的区域一体化协议的发展特点出发，将外商直接投资因素包含到制定区域经济一体化的战略过程中去，在此基础上研究并制定适合中国的区域一体化协议发展战略，主要是：有选择地开展与发达国家的区域一体化谈判，加强与西亚地区的区域经济合作和在区域一体化协议中重点突出服务业投资自由化。     

Party Discipline and Environmental Policy: The Role of “Smoke‐filled Back Rooms”*

We adopt the view that greater party discipline induces legislators to commit to promised policies after being elected. We then develop the hypothesis that the effect of party discipline on the stringency of environmental policy is conditional on the degree of government corruption. Our empirical work suggests that greater party discipline results in more stringent environmental policies when the level of corruption is relatively low, but in weaker policies when the level of corruption is comparatively high.     

Fisher Ideal Indexes in the National Income and Product Accounts

The mastery of the spreadsheet technique has become almost universal in economics departments. The authors explain, step-by-step, how the spreadsheet can be used as an instructional aid to teach basic microeconomic concepts.     

技术寻求、开放式自主创新与中国企业的海外投资战略

随着经济全球化趋势的加强和企业间竞争程度的加剧，技术优势在企业竞争中的地位急剧上升，技术寻求型对外直接投资现象日益突出。文章分析了企业通过技术寻求型FDI来获取先进技术初始产权的途径，并提出我国企业实施技术寻求型FDI战略的对策建议。     

Inflation Triggers in Transition Economies: Their Evolution and Specific Features

Analysis of thirty inflation episodes in sixteen European transition economies, using the probit panel model with fixed effects, uncovers inflation triggers that overlap with those obtained in either developing or developed countries or both. However, we found some transition-specific features. Thus, the relative contribution of the triggers evolves as transition progresses, such that the early dominance of the output gap, the fiscal deficit, and elections are subsequently subdued by a rise in food and oil prices, the exchange rate regime, and the current account deficit. The last two triggers could be linked to deep financial integration in Europe and the consequent large flow of capital toward European transition economies in the 2000s, a phenomenon not observed in any other part of the world. In addition, the exchange rate regime as an inflation starter in transitional Europe may be due to its convergence with developed Europe and the resulting real appreciation of currency.     

高铁开通与城市创新研究综述

高铁网络的建设大大提高了中国铁路运输的效率,缩短了不同城市之间的时空距离,使居民在不同城市工作和消费成为可能。同时高铁服务通过加速人口和要素在区域间的流动,对城市之间的空间联系和城市社会经济的发展产生了重要的影响。高铁在影响经济格局的同时也深刻影响了区域的创新格局,现通过梳理相关文献,整理归纳了高铁开通对城市创新的影响及其作用机制,并对现有的实证研究方法进行总结。在此基础上提出目前存在的问题,为后续的研究指明方向。     

中国对RCEP国家的直接投资与出口技术复杂度

RCEP的签订为中国对外开放带来新契机。双循环新发展格局背景下,如何调整中国对RCEP国家的贸易和投资策略成为值得研究的议题。使用2004—2018年中国对RCEP国家的直接投资和出口数据,构建出口技术复杂度指标,实证分析直接投资和出口技术复杂度的关系。结果发现:中国对RCEP国家的直接投资能够提升中国对东道国的出口产品技术水平,当东道国为中低收入国家时,这一作用更为显著。基于此,中国应优化对RCEP国家直接投资的布局和结构,完善中资企业海外投资和经营规制,扩大与RCEP国家在新基建领域的合作,实现对外直接投资与出口高质量发展。     

我国商业银行跨国经营的战略性机遇

研究表明,追随客户的全球经营是跨国银行形成的关键所在,在经济全球化浪潮中,各跨国银行已成长为资信卓著的全能型金融服务集团。相比之下,除中国银行能称为跨国银行外,我国其它商业银行的跨国经营业务正处于起步阶段,且受到产权制度等问题的困扰,跨国经营仍受到很大程度的制约。然而,在“走出去”战略推动下,我国对外直接投资持续增长,跨国公司不断成长,为我国商业银行的跨国经营提供了战略性机遇。