亚太区域贸易协定的经济增长效应*——基于RTAs数量与质量的对比研究

21世纪以来，亚太地区区域贸易协定（RTA）签署的数量激增，学术界理论与现实出现悖论，引发学者思考各国热衷于建立RTAs背后的原因并探索新的研究方法。本文首次从RTAs数量和质量的影响效应哪个更为重要的视角，将发达国家和发展中国家进行对比分析，深入探究发达国家在新时期推进新一代贸易协定规则的原因。通过比对RTA协议的每一条条款，测算出涉及传统WTO+和新一代WTO-X领域的条款覆盖率和法定承诺率指标来衡量RTA的质量，实证分析得出，签署高质量的区域贸易协定能更有效地推动亚太地区的经济增长和人民福利水平的提高，该影响效应在发达国家中更为明显，而发展中国家受限于执行能力在新一代规则下签订RTA对经济增长的作用不显著。     

The Effect of Corporate Governance on Firm Stock Volatility in Asia

The authors examine whether firm corporate governance (CG) contributes to lower stock-return volatility. Using the panel data of 1,252 public listed firms in Asia across 11 countries for 15 years, the authors document international evidence that CG has a stabilizing effect on firm stock-return volatility. The authors further examine whether increasing information efficiency, reducing foreign exposure, and a lower cost of capital contribute to the stabilizing effect of firm CG on stock-return volatility. The result implies that better CG will only reduce stock-return volatility for firms that have less foreign exposure.     

Can the Regional Comprehensive Economic Partnership minimise the harm from the United States–China trade war?

Using ex post tariff schedules for the first time, it was found that the global gains provided by the Regional Comprehensive Economic Partnership (RCEP) are not enough to overcome the negative impacts of the United States–China trade dispute. While trade tensions cause China's welfare loss to be more than twice as large as the United States, they provide some trade diversion to RCEP members. But of concern is if India successfully delays the conclusion of the RCEP even by a year, there will be a global loss of US$17.7 billion. The RCEP is also beneficial for the emerging economy of Vietnam and the high‐tariff‐imposing Korean economy. The results obtained here are, however, conservative as reduction in non‐tariff barriers and other positive spillover effects of trade liberalisation related to investment and productivity improvements due to competition or increased intra‐industry trade could not be accounted for.     

博物馆数字化建设与金融文化传播——以东北亚金融博物馆为例

博物馆作为公共文化机构,承担着向公众提供文化服务的职责。随着科学技术(特别是信息技术)的发展,博物馆开启了数字化建设的进程。博物馆数字化建设的目的并不是要取代传统博物馆,而是对实体博物馆在某些方面进行有益的拓展和补充。伴随着数字化建设,博物馆能够更好地满足公众多样化的文化需求,提供更好的文化体验。突发事件对博物馆数字化发展形成了一种倒逼机制,凸显了博物馆数字化的重要性。为了更好地传播金融文化,实现文化育人的目标,东北亚金融博物馆将通过“顶层设计、逐步推进、研究标准、规范建设、共建共享、未雨绸缪、创新技术、增加手段”等做法,探索数字化建设之路。     

基于TPP的亚太经济一体化前景分析及中国的对策

作为亚太地区新的区域合作政策之一的TPP被看作是美国实现重返亚洲的有力工具,一直以来受到美国的关注和力推,必然对已经存在多种经济合作形式的亚太区域经济一体化进程产生重要的影响。文章首先梳理亚太区域经济一体化进程,提出TPP的由来和发展,并对TPP能否实现多边性区域主义进行剖析,以此作为预测亚太区域经济一体化前景的依据,并为中国进一步参与区域经济一体化提供对策建议。     

Financing investment in East Asia: Regional or global savings?

This paper investigates the extent to which domestic investment in East Asian countries is financed by domestic, (East Asian) regional and global savings in order to infer the relative importance of regional vs. global capital markets in East Asia. Panel regression results show that regional saving in East Asia plays a much more important role than global saving in financing investment in the region. The results suggest that global capital flows, despite its huge volume in East Asia, does not contribute to proper investment financing. The results also show that Japanese saving has significant effects on regional investment but Chinese saving does not.