货币传导异质性与实体经济流动性配置的“马太效应”

货币政策支持实体经济高质量发展的关键在于疏通货币政策传导机制,引导流动性进入重点领域和薄弱环节,因此货币资金的配置效率至关重要。本文基于交互效应面板分位数回归,测度货币政策对实体企业流动性的异质性效应。研究发现:在样本期内,实体经济流动性配置陷入了资金越充裕的企业越易于获得融资,越易于获得融资的企业资金越充裕的窘境。这种流动性配置的“马太效应”具体表现为,货币政策对尾部企业的支持力度不及头部企业的一半;虚拟经济对尾部企业的“分流效应”高达头部企业的3倍,从而强化了流动性配置的失衡。因此,当前密集出台的一系列普惠政策有助于提升流动性配置效率,进一步完善调控模式的关键在于健全现代化金融体系,增强货币政策的靶向性和针对性。     

农村金融综合改革试验区:瑞安之探索实践

瑞安是“温州模式”的领头雁，自温州金融综合改革试验区获批之后，积极践行农 村金融改革，为全国金融改革提供经验。本文以农村金融组织与农类企业为对象，分别深入调 查实施主体的改革成效与服务对象的金融服务现状，从三维视角研究分析当前农村金融服务 存在的问题与原因，并以此为依据提出改善农村金融服务的对策与建议。     

Rural electrification and groundwater pumps in India: Evidence from the 1982–1999 period

India's groundwater extraction is heavily dependent on diesel pumps, and one reason is the lack of reliable power supply. The widespread use of diesel pumps is an economic problem due to the inefficiency and high cost of said pumps. Could rural electrification improve the situation? We estimate the relationship between village electrification and the counts of electric and diesel pumps in India, 1982–1999. We find that, in addition to increasing the number of electric pumps, rural electrification also greatly increases the number of diesel pumps. While initially surprising, these results make sense in an environment characterized by frequent power outages and constant quality problems. If rural electrification increases the number of electric pumps and promotes irrigated agriculture, the demand for diesel pumps also grows because many farmers need a reliable pump that does not depend on electricity. Without improvements in the supply of electricity through rational power sector reforms, India cannot stop the spread of diesel pumps through rural electrification. For energy and development economists, the results are novel because previous econometric work has largely focused on industrial uses of power.     

Redefining rural prosperity through social learning in the cooperative sector: 25 years of experience from organic agriculture in Spain

In the political system and in public perception, the well-functioning of economy is frequently equalled to the output of the national economic system. However, during the last decades, this narrow conception of economic prosperity started to erode. This paper is based on a rural prosperity conceptual framework that takes into account the systemic nature and dynamics of interactions and impacts within rural systems through the analysis of an organic agriculture cooperative called Camposeven in the south east of Spain. The focus is on rural prosperity, differences in understanding, related parameters and strategies used by the cooperativés farming partners to success without following the traditional conventions of economic growth and farm-efficiency. Experience lessons in this paper demonstrate that the “technical-economic” approach of rural prosperity is not sufficient and results emphasize the important role of individuals’ behaviour as well as the contexts in which they are involved. The findings point to the increasing relevance of expanding both the theory and practice of rural prosperity approaches in sustainable rural development. This is important in order to enrich the connections between rural prosperity and other concepts such as social capital, innovation, social learning and resilience.     

DETERMINANTS OF SOVEREIGN BONDS RATINGS: A ROBUSTNESS ANALYSIS

Several studies have attempted to deduce the determinants of sovereign bond ratings. In this study, Extreme Bounds Analysis is applied to approximately 30 factors proposed by the literature in order to assess their robustness with a focus on the relative importance that economic and political variables receive in the shaping of the ratings. We find that policies that constrain the public sector are among the most robust. Variables such as rule of law, openness to economic flows, central bank independence, and market friendly policies are found to be more robustly correlated with the ratings than foreign reserves, fiscal deficit, sovereign bond yields, and economic growth.     

Progress in indicators to assess agricultural landscape valuation: how and what is measured at different levels of governance

Landscape is defined by the European Landscape Convention as “an area perceived by people, whose character is the result of the action and interaction of natural and/or human factors”. Many efforts have been devoted in addressing the core concepts on which this definition roots: perception and interaction of men and nature, but when coming to large (continental) scale assessments, the latter prevail on the former.This paper aims at presenting a framework for a measurable landscape awareness indicator as a key link to the public demand for a specific type of landscape: the agricultural landscape. This is a necessary effort to complement more physically based assessments, which include as well the impact of human activities on landscapes.The analysis is carried out at different levels of governance: EU and regional, using an example from the Alentejo region in Portugal and EU wide databases, and addresses conceptual and practical questions: what type of societal landscape awareness can be monitored and by whom (e.g., individuals, specific social groups, society as a whole); what are the landscape dimensions that should be assessed; what are the limitations imposed by data-related constraints. By applying the methodology to build composite indicators to map landscape societal awareness, the paper shows the regional and local meaning of indicator approaches developed at European level, presents developments for downscaling to regional level, while introducing the social component to support sound policy development for European rural landscapes.     

Organizing anarchy: The food security–biodiversity–climate crisis and the genesis of rural land use planning in the developing world

Shortfalls in global food production, coupled with the growing visibility of climate change's disruptive effects, have underlined for many observers the importance of devoting rural lands to their ‘optimal’ use, where they can make maximal contributions to the global imperatives of feeding the human population and maintaining vital environmental services. In this context observers have endorsed rural land use planning as a way to insure that, at least in theory, lands get devoted to their best uses. In practice, land use planning in the developing world has resembled ‘organized anarchy’. Small landholders with insecure land tenure, overseas investors seeking large land deals, NGOs representing indigenous peoples, government officials, and staff from international environmental NGOs and multilateral organizations have come together in strategic action fields to struggle over and sometimes negotiate land use plans for contested landscapes. These plans represent a strategic, spatially explicit response to the climate change–biodiversity–food security crisis.     

Rural tourism quality of services: fundamental contributive factors from tourists’ perceptions

Despite the importance of quality of services in the rural tourism sector, it is somewhat surprising that little study has been done to delve into the fundamental contributive factors that contribute to quality of services from the tourists’ perceptions. This is the first known study undertaken with a view to understand the fundamental contributive factors (i.e. climate change, carrying capacity, relaxation environment, and community support) from the environmental perspectives that link with quality of services in rural tourism destinations. A total of 400 questionnaires were distributed to the tourists who visited four study sites from Borneo Heights, Sarawak, and 215 were returned and used for analysis. To assess the developed model, SmartPLS 2.0 (M3) is applied based on path modelling and then bootstrapping. Interestingly, the findings revealed that tourists are more concerned about the changing of climate and relaxation environment at the destination. They also agreed that community support plays a significant role in the development of quality of services in the rural tourism. This study further discussed on the implications of the findings, limitations, and directions for future research.     

二元经济中劳动力转移理论及其对中国就业增长的启示

失业问题一直以来都是困扰我国经济和社会发展的一个重要社会问题。特别是近年来随着经济增长速度下降,如何促进就业成为一个重要问题。中国经济产业结构正在经历非农化的过程,这决定了就业具有二元经济条件下就业的典型特征,所以回顾二元经济条件下劳动力转移理论对于解决当前我国的失业问题具有重要借鉴意义。     

Rural development and the role of game farming in the Eastern Cape,South Africa

The analysis of game farming is set in the Eastern Cape, South Africa. Game farming reorders the use, meaning and value of land and animal species. However, what it means for rural development processes in the immediate region and beyond is not well accounted for. We perceive game farming as an assemblage that brings together new actors, new forms of land use and new discourses. We argue that although game farming has generated new opportunities and new forms of added value to the available resources (e.g. eco-tourism, trophy hunting, game-meat production), situated in the history and contemporary context of the Eastern Cape, it is a contested, and from a development point of view, problematic land-use practice. We argue that game farming constrains land and agrarian reforms: the distribution of land and income remains skewed; ‘poaching’ occurs and game farms do not, or only minimally, generate new and badly needed employment opportunities. The game farm has emerged as an exclusive, globally well-connected space. The nature of the relationships this space maintains with the surrounding communities is, however, such that the overall contribution to rural development in South Africa is questionable.