The European digital single market strategy: Local indicators of spatial association 2011–2016

This paper describes the space-time dynamics of the European digital divide. The frequencies of internet and E-commerce use are considered, along with a broad range of indicators associated with the European digital single market strategy. This paper aims to investigate the spatial structure underlying these aggregate outcome indicators. An exploratory spatial data analysis is conducted in a sample of 209 regions using Eurostat data. Strong evidence for both global and local spatial autocorrelation is found for the years 2011–2016. Consistently, a North-South polarization scheme is identified with little statistical significance in the centre of Europe. This contrasts with the high income cluster found in central Europe, while low values for digital indices and income are co-located more consistently in the South, but also in the North-East. Highlights from the specific results include: areas surrounding London as a dynamic high value cluster in E-commerce, Italy to conduct few cross-border purchases, France as a consistent adopter of E-governance, and broadband rates in general to closely reflect online activities.     

Misalignment between societal well-being and business profit maximization: The case of New York taxis drivers’ incentive system

Objectives of business sustainability efforts commonly include increasing consumer safety, decreasing resource consumption, and decreasing pollution. Even though there is a societal interest in attaining these goals, business and other economic agents often operate under incentive structures that run counter to these objectives. Taxi drivers operate as economic independents. Their revenue depends on their fares and tips. Moreover they choose how many hours to work, how fast to drive, and which route to take. Using New York City taxi data from 2013, we test the level of alignment between the revenue maximizing behavior of drivers versus safety, conservation and pollution-related outcomes that are valued by stakeholders. We find substantial misalignment—i.e., in order to maximize revenue, drivers take inefficient routes and they exceed the speed limit thus decreasing safety, increasing fuel consumption and increasing air pollution. Based on these empirical results, we suggest methods of aligning societal goals with those of revenue maximizing taxi drivers.     

Non-discriminatory donation relief and strategic commitment under political competition

Tax relief for private donations towards the provision of collective goods can protect minorities from majority-driven outcomes in which tax revenues are exclusively used to finance the provision of public goods that are only valued by the majority. In this paper we show that non-discriminatory tax relief for private donations can arise in political equilibrium as a strategic commitment device aimed at creating and supporting political alliances that would not otherwise be able to coalesce.     

中国财政政策降低不平等的效应分析:嵌入失业风险的视角

本文通过构建一个包含个体失业风险的Hank模型来分析财政政策降低不平等的影响路径与政策效果。研究发现:(1)由于储蓄规则和流动性约束作用,不平等的加剧会增加总储蓄率,不利于向以消费为主的经济结构转型;(2)降低收入所得税对减轻不平等的效果取决于其累进程度,降低比例税可降低不平等,增加一般性转移支付对改善不平等效果不显著,但增加失业和贫困补贴可显著降低不平等,并提高具有高边际消费倾向的贫困家庭的消费,可实现公平与效率的兼顾;(3)提高技能有助于抵御失业风险带来的低收入风险。本文模型不仅与已有实证结果拟合程度较好,同时也为新时代全面脱贫、降低不平等和构建新发展格局提供新思路。     

Walras as an ordoliberal?

Léon Walras and the ordoliberals share the opinion that State intervention in favour of a competitive order is a central element of economic policy. Hence, can Walras be regarded as a forerunner of ordoliberalism? This study performs a methodological and ontological analysis of Walras’ and Eucken’s thoughts and sheds light on another common ground: philosophical idealism. By taking different inclinations – Walras’ Teleological Realism vs Eucken’s Historicist Conceptualism – these authors reveal different relations with reality and methodological stances, which result in opposing philosophies of History. Paradoxically, by revealing tenuous epistemological bonds, we set a new distance between Walras and the ordoliberals.     

负利率对银行净息差影响机制研究——基于欧洲主要上市银行的经验证据

净息差是反映银行经营效率的重要指标,负利率政策的实施对银行业净息差产生了显著的负面影响。基于2004—2017年欧洲负利率地区102家主要上市银行的年度非平衡面板数据,本文对负利率环境下银行净息差的调整机制进行了深入研究。研究结果表明:(1)政策利率降低(提高)会带动银行净息差下降(上升);(2)负利率环境下,银行净息差对政策利率调整,尤其是利率下调的敏感性明显增强;(3)不同特质性银行净息差对政策利率调整的敏感性存在明显差异,规模较大、国际化程度较高银行的净息差对政策利率变动的敏感性较低,以利息收入、零售业务为主银行的净息差对政策利率变动较为敏感。本文的研究丰富了负利率政策传导机制及影响领域的相关成果,探讨了负利率环境下不同特质性银行行为调整差异,为商业银行做好负利率环境下的息差管理提供了客观依据。     

The Capitalisation of CAP Payments into Land Rental Prices: A Panel Sample Selection Approach

The empirical literature suggests that farmland prices and rents capitalise agricultural subsidies and that the 2003 reform of the EU Common Agricultural Policy, which decoupled subsidies from production and attached them to land, may have increased the extent of the phenomenon. Employing a farm‐level dataset, the Farm Accountancy Data Network (FADN) for Italy, we investigate this issue while accounting for selectivity, endogeneity and unobserved individual heterogeneity. To understand the impact of the reform we compare the estimates of capitalisation rate for decoupled payments with those for coupled payments. After correcting for unobserved individual heterogeneity and selectivity, our results reveal no capitalisation of coupled payments and only limited capitalisation of decoupled area payments into farmland rents in Italy.     

Use of fuzzy cognitive maps to develop policy strategies for the optimization of municipal waste management: A case study of the land of fires (Italy)

This paper applies an analytical method for developing policy strategies to optimize municipal waste management systems (MWMSs) to the case of the Land of Fires (LoF). The LoF is an area of Italy’s Campania region that is characterized by a legacy of authoritarian environmental governance and the improper dumping and burning of waste. In this paper, we employ the fuzzy cognitive maps (FCM) method, which draws on a participatory approach. Specifically, the complexity of the investigated system was determined from the causal relations identified by relevant stakeholders and experts. The results show that the most effective policy strategies to improve the LoF MWMS, as identified by informants, include: fostering social innovation (e.g. communication and information campaigns); promoting technological innovation (e.g. material and process design); and supporting scientific and technological cooperation among actors. The overall diversity of the identified policy strategies suggests that policy makers must move beyond a simple “best option” approach, given the systemic complexity of the waste management sector.     

货币政策与异质性企业杠杆率——基于纵向产业结构的视角

当前,高杠杆已成为我国金融风险的重要源头,围绕结构性去杠杆来防范化解金融风险的基本思路,各方提出了一系列去杠杆措施。在此背景下,本文建立了一个包含“金融摩擦”与“资产负债表衰退”双重机制的动态随机一般均衡(DSGE)模型,探讨了中央银行紧缩性货币政策对国有企业与民营企业杠杆率的影响机制。本文研究认为,第一,中央银行提高政策利率会降低国有企业杠杆率,但会以民营企业杠杆率上升与总产出略微下降为代价;第二,伴随着政策利率上升,纵向产业联结度下降将会扩大国有企业与非金融企业整体杠杆率下降幅度,并减小民营企业杠杆率上升幅度;第三,货币政策对非金融企业杠杆率进行响应有助于提高社会福利,但效果并不显著。由此,本文研究认为,推动经济去杠杆需要在管住“货币”的同时,深入研究财政政策、宏观审慎等其他政策选项的可行性。在推动去杠杆的总过程中,货币政策要管住货币“总闸门”,宏观审慎政策要把住风险“总关口”。