Effects of Private Ownership,Trade, and Foreign Direct Investment on Labor Productivity Growth in Transition Economies: Evidence from the Croatian Manufacturing Industry

In this study, we investigate the determinants of labor productivity dynamics in transition economies using data from Croatian manufacturing industries. Capital intensity growth and human capital accumulation have been significant contributors to stronger productivity gains. Private-sector development has positively affected productivity growth—but mostly through the increasing role of new private companies. Still, unfinished privatization represents a significant obstacle to stronger productivity gains. The effect of increasing trade openness is significant but negative, most likely owing to weak export competitiveness of Croatian companies. Neither greenfield nor (predominant) brownfield foreign direct investment inflows have contributed to higher labor productivity growth. Further privatization and structural reforms seem to be the most promising policy measures that need to be undertaken in order to achieve higher productivity gains.     

Openness and Financial Development in China: The Political Economy of Financial Resources Distribution

This paper examines the impact of openness on financial development in China. We use two sets of indicators of financial development to distinguish size and efficiency for both bank and capital market sectors as aspects of financial development in 30 provinces of China over the period from 2000 to 2009. The empirical results suggest that trade and financial openness exert positive impact on financial efficiency but negative impact on the size of financial development for both the indirect and direct financial sectors. The results confirm a mismatch problem between the distribution in the types of trading companies and the allocation of financial resources in China.     

中国贸易开放与通货膨胀持续性关系研究

本文分别利用修正的综合贸易强度公式和卡尔曼滤波方法估计了中国改革开放以来的贸易开放度和时变的通货膨胀持续性,并在此基础上对中国贸易开放与通货膨胀持续性关系进行了实证研究。结果表明:中国贸易开放度的变化表现出明显的阶段性特征;中国的通货膨胀持续性处于不断波动的过程中,从趋势来看,中国的通货膨胀持续性呈现出不断下降的趋势;贸易开放度的提高对中国的通货膨胀持续性具有显著的负向影响。     

Trade openness,urbanization and CO2 emissions: Dynamic panel data analysis of middle-income countries

Using the Pooled Mean Group (PMG) approach of Pesaran, Shin, and Smith [1999. “Pooled Mean Group Estimation of Dynamic Heterogeneous Panels.” Journal of the American Statistical Association 94 (446): 621–634], this article attempts to empirically examine the heterogeneous effects of trade openness and urbanization on CO₂ emissions in 55 middle-income countries over the period from 1992 to 2012. We find that trade openness has a benign effect on the environment in the short run, but a harmful effect in the long run. Meanwhile, our results show that urbanization has a negative and significant impact on CO₂ emissions both in the short and long run, implying that urbanization improves environmental quality. The results are robust even after controlling for a number of factors such as economic or non-economic factors.     

金融开放化解了系统性金融风险吗

构建金融开放指标和不同风险面组成的系统性金融风险指标体系,通过时变参数结构向量自回归模型（SV-TVP-SVAR）分析金融开放对中国系统性金融风险的冲击及系统性金融风险内部的传导效应。研究结论表明,金融开放整体有效抑制系统性金融风险中宏观经济与货币流动风险,但加剧了外部市场与资产泡沫风险累积,且近期有进一步扩大不良影响的趋势;系统性金融风险内部存在传导机制且风险间会同向影响,扩散效应明显。根据当前错综复杂的经济形势和开放条件,中国应将深化金融开放与防范系统性金融风险相结合,推动金融业全方位、有序开放是防范、化解系统性金融风险的主动选择,也是疏通系统内部风险消化渠道的重要举措。     

从世界经济史视域看中国现代经济发展

中国是世界的一部分,中国经济发展也与世界紧密相关。一方面,中国现代经济的发展离不开世界经济发展的场景,当然世界作用于中国经济不只是积极的,也有消极的一面;另一方面,世界的发展也离不开中国。中国经济发展道路与其他国家的经济发展道路有着共同的律动,又有自己特色,独特的社会主义市场经济发展道路使中国经济发展取得了举世瞩目的成就。     

经济开放度的再测算与中国经济增长

文章基于中国1985-2013年的货物贸易、服务贸易、直接投资和间接投资数据,结合AHP层次分析法和熵权法重新测算了中国整体经济开放度,在此基础上构建计量模型。研究发现经济开放对中国经济增长具有非线性的促进机制:经济开放度的提升既通过吸引FDI增加了可直接利用的资本要素,又通过FDI技术溢出和开放度程度的增加提高了全要素生产率。但加入WTO之后,经济开放度的提升对经济增长的促进作用开始下降。经济发展驱动力开始由对外开放向对内深化改革和结构转型转变。     

Economic openness and income growth in developing countries: a regional comparative analysis

This article examines and compares the openness–growth relationship between the high-performing Asian economies (HPAEs) and the rest of the developing world (Sub-Saharan Africa-SSA, South East Asia-SEA and Latin America and Caribbean-LAC). We applied the SYS-GMM estimator to a dynamic standard endogenous growth model which relates economic openness to real per capita income growth. A few key findings emerged from this study. First, economic openness led to increase in real per capita GDP growth in HPAEs and SSA, but not in LAC and SEA. Second, openness to trade accelerated income convergence among countries in SSA, SEA, and HPAEs, however, whereas foreign direct investment inflows accelerated income convergence only in SSA, it rather de-accelerated income convergence in HPAEs. Thirdly, the HPAEs recorded higher positive effect of openness on real per capita GDP growth than any of the other developing regions because they created sufficient stock of human capital that enhanced their absorptive capacity of imported advanced technology. They also created a more stable macroeconomic environment which consolidated the income growth gains from openness. The results of this study highlight the importance of the implementation of policies that are complementary to economic openness in promoting economic growth in the developing world.     

政府干预、对外开放度对我国服务业FDI配置效率的影响

以我国2005-2014年10年间的服务业为对象进行研究,在Jeffrey Wurgler的资本配置效率模型的基础上,实证分析政府干预、对外开放度对服务业FDI配置效率的影响。结果发现,FDI在政府干预程度较低的行业表现出较高的配置效率,在政府干预程度较高的行业表现出较低的配置效率;FDI在对外开放度较高的行业表现出较高的配置效率,在对外开放度较低的行业表现出较低的配置效率。     

The Impact of Globalization on the Structural Unemployment: An Empirical Reappraisal

This paper analyzes the direct effects of various measures of globalization on the structural unemployment in 87 countries for the period from 1991 to 2014. The model specifications are based on the Ricardian Comparative Advantage and the Heckscher–Ohlin models. It is found that one standard deviation increase in the trade openness approximately leads to 0.6 percentage point lower structural unemployment rate. The effects of economic, social, and political aspects of globalization on the structural unemployment are also negative, but they are found as statistically insignificant. The paper also implements various robustness checks and argues potential implications.