Financial Development and Economic Growth in Africa

We revisit in this paper the debate between financial development and economic growth. In contrast to previous studies examining banking related measures, we focus on the capital account and the depth of African stock markets. We examine 15 African countries from 1995 to 2010 and employ both static and dynamic panel data methods. While the former suggest weak results overall, portfolio flows and Foreign Direct Investment (FDI) have consistently positive effects on economic growth under endogenous stock market capitalization. These findings reinforce the view that African countries should open their equity markets to international investors and encourage FDI.     

产业结构、贸易开放与 M2/GDP 比例关系研究——基于发达经济体与新兴市场国家的实证检验

在后金融危机时代，全球 M2/GDP 比例的持续上升态势引起经济学家及各国货币政策制定者的格外关注，并对其与宏观经济运行的关系加以深入探讨。本文利用69个国家和地区 1991~2014 年间的面板数据资料，区别不同经济发展程度的国别群体，通过面板数据的平稳性检验、协整分析和构建误差修正模型，检验产业结构、贸易开放与经济增长等因素变量与M2/GDP比例的长期均衡及短期因果关系，并以此为依据提出有利于经济发展的经济货币化政策和建议。     

MACROECONOMIC VOLATILITY AND INTERNATIONAL INTEGRATION

This paper explores the effects that varying degrees of international openness have on macroeconomic volatility. The analysis is conducted for a two‐symmetric‐country world under three levels of international integration: that of a closed economy, a financial autarky, and full financial integration. Different degrees of trade openness are considered in the form of home biases, while the economy is left vulnerable to total factor productivity and innovation shocks. Full financial integration is found to reduce firm‐size volatility and volatility in the mass of operative firms following a productivity shock and to increase them after an innovation shock. Moreover, the interaction between international sharing of profits and terms of trade transmissions determines the non‐linear behaviour of consumption‐to‐output ratio volatility found in empirical studies.     

财政分权、经济开放对中国能源强度的影响--基于1988～2011年省际面板数据的实证

基于1988～2011年中国省际面板数据,对财政分权、经济开放对地区能源强度的影响效应及其地区差异进行实证研究,结果发现,地方财政分权与地区能源强度正相关,贸易开放和外资开放与地区能源强度负相关,但外资开放比贸易开放对地区能源强度下降的促进作用更强;出口依存度与地区能源强度正相关,进口依存度与地区能源强度负相关;财政分权、经济开放对能源强度的影响具有明显的地区性差异,财政分权对东部地区能源强度的负面影响最弱,对中部地区能源强度的负面影响最大,外资依存度和进口依存度对中部地区能源强度下降的促进效应最强,出口依存度对中部地区能源强度的负面作用最强。     

Learning from openness: The dynamics of breadth in external innovation linkages

We explore how openness in terms of external linkages generates learning effects, which enable firms to generate more innovation outputs from any given breadth of external linkages. Openness to external knowledge sources, whether through search activity or linkages to external partners in new product development, involves a process of interaction and information processing. Such activities are likely to be subject to a learning process, as firms learn which knowledge sources and collaborative linkages are most useful to their particular needs, and which partnerships are most effective in delivering innovation performance. Using panel data from Irish manufacturing plants, we find evidence of such learning effects: establishments with substantial experience of external collaborations in previous periods derive more innovation output from openness in the current period. © 2013 The Authors. Strategic Management Journal published by John Wiley & Sons Ltd.     

我国金融服务业的开放与法律监管问题研究——基于上海自贸区的分析

随着中国(上海)自贸区的挂牌成立,中国的改革也进入到新的阶段。在全球金融危机余波仍在肆虐的当下,金融服务业开放的同时尚需要强力且高效的法律监管。本文通过对当前中国金融监管现状进行分析,结合世界金融危机后金融监管模式的改革趋势,认为中国(上海)自贸区的金融监管应基于保护投资者和公众的利益,且监管应考虑成本和效果的平衡,监管指标不宜过于复杂。     

金融开放度与宏观经济波动——基于发达国家与发展中国家和地区的实证研究

本文搜集了1990年—2009年52个不同发展程度国家和地区的数据,对金融开放影响宏观经济波动的驱动机制进行了实证研究。金融开放程度虽然降低了产出波动的幅度,却增加了总消费、收入和相对消费的波动幅度,但是在引入人力资本存量、本国金融发展水平和公共治理环境制度因素与金融开放度的交叉项后,金融开放明显降低了一国的宏观经济波动程度。因此,只有在本国良好的制度水平和健康的金融体系环境下,金融开放才可以降低对宏观经济波动造成的风险。     

汇率、贸易开放度与经济增长:短期波动与长期均衡——基于自回归分布滞后模型的经验研究

文章通过构建自回归分布滞后模型研究了汇率波动情况下贸易开放度与经济增长的长期关系,然后建立误差修正模型对两者之间的短期关系进行了刻画,重点考察了1978-2008年我国贸易开放度与经济增长在不同阶段的影响机制。经验分析结果表明,外商直接投资和贸易开放度对经济增长的短期效应大于长期效应;而人民币实际汇率对于经济增长的效应,则是长期效应大于短期效应。当外商直接投资、贸易开放度和人民币实际汇率造成的短期波动偏离长期的均衡时,经济增长能够通过自动调整趋于稳定。     

湖北省经济开放度测算、比较及政策建议

本文从经济开放度的内涵和重要性出发,选取了若干指标来度量湖北省的经济开放度,在纵向考察湖北省经济开放度的历史演进基础上,将湖北省的经济开放度与国内部分省份的经济开放度进行横向比较,并提出提高湖北省经济开放度的政策建议。     

网络强度、网络开放度对产业集群绩效的影响机制研究——以浙江产业集群为例

从集群社会网络视角,通过对浙江产业集群的实证研究,检验了网络强度、网络开放度对集群绩效的影响机制,及环境不确定性的调节作用.研究结果表明:首先,网络强度、网络开放度与产业集群绩效存在正相关关系;其次,环境不确定性调节网络强度和网络开放度与集群绩效之间的关系,在环境不确定性高的情况下,网络开放度对集群绩效的正向作用增加,而网络强度对集群绩效的正向作用减弱;最后讨论了本文研究的局限性及改进的方向.