Access to Finance,Financial Development and Firm Ability to Export: Experience from Asia–Pacific Countries

With particular reference to Asia–Pacific countries, the present study examines how access to finance and financial development affects firms’ ability to enter export markets. Using firm‐level data from the World Bank Enterprises Survey, we found that access to finance plays a significant role in improving firms’ ability to export. In addition, development of the financial sector fosters export market entry. Among the financial development indicators, reach of the banking sector variable is most prominent. The present study suggests that improvements in access to finance and financial development (increases in the reach of the banking sector) enable firms operating away from capital or major cities to enter export markets easily. The present study supports policy intervention to strengthen access to the financial sector, which would encourage firms to export, and to facilitate export market entry for remotely located firms.     

The economics of markets and platforms

Advances in the study of both markets and platforms contribute to economics. Platforms are typically digital markets, although platforms can designate markets generally. So, the economics of markets and the economics of platforms are one and the same. Platforms show the critical role of intermediaries in endogenous price adjustment and market clearing. The platform model remedies problems with general equilibrium analysis by combining and extending the basic Walrasian and Marshalian market models. The analysis of platforms provides explanations for the bid–ask spread, including market power, search costs, matching costs, adverse selection, and moral hazard. The study of platforms demonstrates the importance of participation and coordination in the formation of markets. The discussion emphasizes that platforms have significant implications for the theory of the firm. The analysis further considers how platforms affect innovation and entrepreneurship.     

食品安全规制能提高生产者福利吗？——基于不同规制强度的检验

食品安全规制涉及政府、生产者和消费者三方利益主体的博弈。已有文献主要关注政府规制对减少生产者违规概率、提升食品安全水平和消费者福利所产生的作用。本文从生产者福利视角考察企业参与食品安全规制是否存在“收益率溢价”效应，以此对中国食品安全规制的间接效果进行实证检验。首先采用倾向得分匹配模型考察食品安全规制对企业资产收益率的平均影响效应，然后采用广义倾向得分匹配模型和门槛模型进一步考察不同规制强度与企业资产收益率的非线性关系。研究表明，当前食品安全规制对参与规制企业产生了“收益率溢价”的间接效果,但随着规制强度的扩展，企业资产收益率呈现先上升后下降的“倒U型”变化，具有显著的双重门槛特征，当企业持有4项质量认证证书时为“最优规制强度”。最后结合当前中国实际，解释了上述结论产生的原因及政策含义。     

辽宁省金融脆弱性研究

当前关于金融脆弱性的研究集中于国家这一宏观层面，对于省域金融脆弱性的研究还存在相当大的研究空间。正是基于这样一种相对创新性的视角，在对金融脆弱性现有研究进行综述的基础上对辽宁省的金融脆弱性的诱因进行了分析，并提出推动非银行金融机构的发展、拓展规模较大的银行的非利息收益以提升银行盈利能力以及全力清除不良贷款是应对辽宁省金融脆弱性的可行策略。     

Forecast quality improvement with Action Research: A success story at PharmaCo

There is a gap in the forecasting research surrounding the theory of integrating and improving forecasting in practice. The number of academically affiliated consultancies and knowledge transfer projects that there are around, due to a need for improvements in forecast quality, would suggest that many interventions and actions are taking place. However, the problems that surround practitioner understanding, learning and usage are rarely documented. This article takes the first step toward trying to rectify this situation by using the specific case study of a fully engaged company. A successful action research intervention in the Production Planning and Control work unit improved the use and understanding of the forecast function, contributing to substantial savings, enhanced communication and improved working practices.     

共享单车预付押金的法律性质及其法律规制

共享单车预付押金收取模式的异变和返还期限的错配与分离，颠覆了“一物一押”的传统押金结构，异变为“一人一押、一物多押”“一辆单车、多份押金”的新型结构，并使共享单车预付押金朝金融化衍变而呈现出类金融色彩。在免押模式尚不足以全面施行的条件下，应采取特殊的规制方法，通过规范押金收取协议，对预付押金进行账户隔离和妥善保管，增强押金收取、存管和退还的信息透明度，合理利用押金孳息建立行业风险基金以及统一监管机构，有效保护共享经济预付押金的财产安全。     

Bank Income Diversification,Asset Correlation and Systemic Risk

This paper explores whether the asset correlations among the non-interest activities of banks are the key causes for enhancing the bank diversification-systemic risk nexus. Our empirical evidence indicates that banks' income diversification significantly raises systemic risk. After removing those banks with high asset correlations, the effect of individual banks' diversification on banking systemic risk turns insignificant or even inverse. The results show that high asset correlations among banks could introduce bank failures, thereby leading to higher systemic risk in the financial sector.     

The South African Financial Cycle and its Relation to Household Deleveraging

This paper considers the extent to which South African households have deleveraged, since the global financial crisis of 2007/2008. We extend the official South African Reserve Bank business cycle methodology to date financial cycles, from which we identify the peaks and troughs of the South African financial cycle going back to 1966. Our composite financial cycle index peaks in April 1974, January 1984 and May 2007; it has bottomed out in July 1979 and February 1999. Thus, we still await the trough. We further compare and contrast the deleveraging process in the current downward phase to the experiences from previous financial cycles. We find that the average period of the financial cycle in South Africa is much longer (approximately 17.3 years) than that of the business cycle (approximately 5.8 years), and that deleveraging has not yet matched the degree of deleveraging seen in previous downward phases. Our results suggest that further deleveraging is necessary, before we can expect to turn the financial corner.     

生态文明建设背景财政扶持、林权改革对林业生产效率的影响

基于2000—2016年中国省际面板数据,利用DEA-Malmquist指数法对中国林业生产效率的区域差异和时序变化进行研究,运用面板Tobit模型检验财政扶持对林业生产效率的影响并验证林权改革对二者关系的调节作用。研究发现:在生态文明建设背景下,林业生产效率存在显著的区域差异;技术进步对于全要素生产率的提升起到重要推进作用;财政扶持与林权改革均对林业生产效率产生了正向影响,但林权改革并没有对财政扶持与林业生产效率的关系产生积极调节作用。因此,各省份应当通过加大政府扶持力度、优化投资方式、深化集体林权制度改革等措施促进林业生产效率提升。     

The 2020 Pandemic: Economic repercussions and policy responses

This paper analyses the economic and financial repercussions of the 2020 COVID‐19 pandemic. It argues that the pandemic has inflicted serious injuries to the labor force but has not damaged the physical capital stock. Therefore, the resolution policies of this crisis ought to be carefully tailored to supporting structural adjustments to the labor market. The analysis asserts that the impact of the pandemic crisis is exacerbated by the identification gap between the unobserved and the officially reported cases of COVID‐19. The gap increases financial risks, including market‐, credit‐, default‐, and foreign exchange risks.