Ronald Jones's duality analysis as a foundation for applied general‐equilibrium modeling

Ronald Jones made seminal contributions to general‐equilibrium theory, moving away from an emphasis on the existence of equilibrium to algebraic formulations which enabled us to characterize key relationships between parameters and variables, such as that between tariffs and domestic factor prices and welfare. But the analysis remained limited in value for policy evaluation: the analysis was local, it provided only qualitative results, it was limited to very small models, and strictly interior solutions had to be assumed. The contribution of this paper is largely pedagogic and methodological. I show how the tools and approach pioneered by Jones can be generalized via the use of duality, complementarity and the Karush–Kuhn–Tucker theorem into a global, quantitative analysis of large changes in high‐dimensional models which also allows for regime changes and corner solutions. I then show how the resulting nonlinear complementarity problem directly translates into a numerical model using the General Algebraic Modeling System (GAMS).     

营商环境优化能够提升全球价值链分工地位吗*

本文基于世界银行发布的历年营商环境报告相关数据，从OECD ICIO提供的基础数据测算结果的基本事实出发，理论阐释了营商环境对攀升全球价值链的影响及可能机制。以此为理论先导，进一步利用跨国面板数据的计量检验发现：第一，营商环境优化的确对价值链分工地位具有显著正向作用；第二，上述正向作用不仅来自营商环境优化直接效应，而且还通过价值链迁移、创新活动激发、贸易条件改善等中介作用形成间接效应。据此，打造国际一流营商环境对促进中国攀升全球价值链具有重要支撑作用。     

国内学界“全球公域”研究综述

随着全球化的纵深发展,全球公域开始成为学界新的研究热点。美国是新一轮全球公域研究的源地,而我国的全球公域研究仍处于起步阶段,但已经在环境和法律维度及战略和安全维度取得不少有益的成果。本文着重对国内学术界在全球公域问题的研究进行回顾和梳理,在此基础上总结已有研究的特点,提出简要评价和展望,以期推动该领域研究的深化和不断发展。     

Corporate giving in Taiwan: agency cost theory vs. value enhancement theory

This article examines the determinants of corporate giving (CG) in Taiwan according to agency cost (AC) and value enhancement (VE) theories. Panel regression test results reveal several new and interesting pieces of evidence. First, VE determinants outweigh AC determinants in explaining CG there. Second, the positive link between the current CG ratio (CGR) and the lagged CGR (CGR(-1)) suggests the consistent nature of CG. Third, after the global financial crisis in 2008, the influence of debt leverage on CGR vanished, but the impact of managerial insiders’ shareholdings on CGR became significant. Last, the influences of VE determinants and CGR(-1) on CGR remain during both pre-crisis and post-crisis periods. Moreover, after the crisis, CG was still motivated to create current value for shareholders, and was apparently used as a business strategy to signal companies’ financial or managerial stability.     

Strengthening the Global Financial Safety Net: Challenges and Prospects

The paper shares the idea on the current global financial circumstance; whereas rapid financial globalization was a basic source of the systemic risks of the global financial crisis, the world economy is even more integrated in the aftermath of the global crisis. It emphasizes the importance of the global community to strengthening the GFSN to respond to a crisis. Kim argues that the GFSN should be a multi-layered structure, and only a single layer alone would not be sufficient to handle the global crisis due to its impact of economic damage. More specifically, the paper suggests a multi-layered structure of the GFSN as follows: self-insurance with foreign exchange reserves, bilateral currency swaps by central banks, RFAs already influencing regional financial recourse and stability in several regions, and global arrangements, such as the IMF facilities.     

Russian Competitiveness in the Global Economy

Abstract

Using data on Russia's competitiveness collected by our research team as part of the World Economic Forum's Global Competitiveness Report (GCR), literature on competitiveness, in particular Michael Porter's theories on economic development and competitiveness, and benchmarking data from the global competitiveness project for other countries, this paper analyzes Russia's comparative strengths in its macro and microeconomic competitiveness. We investigate Russia's movement in ranks over a three-year period, discussing Russia's strengths in its macroeconomic climate and the weaknesses of its institutions. We illustrate the effects of these on three-key growth industries in Russia: oil, IT outsourcing, and the food sector.     

财富的主体本质及其实现问题——从马克思的财富观看全球金融危机

马克思指出,财富的主体本质就是劳动,财富的主体本质实现就在于再生产人并实现为劳动。而人的"对象化了的劳动"——即物质财富成为主体(人)消费的对象,是人重新获得活动(劳动)的机体能力的基本前提。也就是说,财富只有作为人的消费的对象才成其为自身,财富的消费就是其本质的实现。而以资本积累为基础的扩大再生产,使财富不断远离自己的本质。财富的自我否定又直接导致货币贬值,进而出现危机。资本主义金融创新虽然借金融手段解决产品的过剩危机,让经济危机得以暂时缓解,但是同时积累了更多的资本结余问题,其突出表现就是把"产品过剩"直接表现为"资本过剩"。而当代金融危机的"过度消费",是建立在"借贷消费"基础上的,究其实质是非主体本质实现的财富生产。因此,危机是不能避免的,当前全球金融危机不过是资本主义生产中"资本过剩危机"的一个佐证而已,只有坚持马克思主义的分析才能看到危机的实质。     

Vertical Specialization and Trade Growth in Northeast Asia

As the global economy has become further integrated, the international production chain has become more sophisticated, with diversified stages of production located in different countries. Economic theorists have argued that the fragmentation of the global production chain is partly attributable to the high growth in international trade over the past several decades. In this study, we examine vertical specialization in China, Japan and Korea, and its contribution to these nations' trade. Using a multilevel model, it is illustrated that vertical specialization has encouraged increases in trade among all three countries. In particular, China's outcome is remarkable considering how recently it became a member of the WTO.     

外部经济冲击对我国进出口贸易的影响——基于新兴市场经济体的研究

本文从贸易和金融渠道对我国受到其他新兴经济体的外部冲击的可能性进行了评估,并借助GVAR(Global Vector Auto-Regressive)模型方法,考虑了世界各国的交互影响来分析新兴市场国家的宏观经济波动对中国进出口产生的影响。研究发现,区域内的新兴经济市场对我国影响更为显著,韩国、印度、中国香港发生宏观经济波动时对我国进出口贸易可能造成较大的影响。基本上,中国对外贸易对韩国遭受冲击后的反应快且大,但受影响时间较短,人民币汇率波动在应对外部冲击时发挥了一定作用。中国和印度贸易合作关系大于竞争关系。