Globalization,Financial Liberalization and the Behavior of the Long Run Money Demand in the Bangladesh Economy

ABSTRACT

The paper estimates the long run demand for money function in the Bangladesh economy using cointegration and the Vector Error Correction Modeling (VECM) technique. The cointegration results suggest that although the process of globalization has shown no significant impact on money demand by the fact that the foreign interest rate is seen as statistically not significant, the financial liberalization has an important impact, reflected in the statistically significant role of domestic interest rate, in influencing both M1 and M2 money demand. An estimate of VECMs also reveals the fact that the short run speed of adjustment is moderately influenced by the financial reform measures to establish the long run relation between money balances, income and domestic interest rates. The phenomenon of credit constraint in the context of a developing country has shown no significant role in influencing money demand, which may imply that the stage of financial development is getting higher level in the Bangladesh economy. The existence of exchange rate depreciation in the cointegration relation with the expected sign suggests that currency substitution is now effective in the monetary sector and, therefore, its impact should be considered in the Bangladesh monetary policy matrix.     

Employment protection and productivity: evidence from firm-level panel data in Japan

Recent developments in the literature on Employment Protection Legislation (EPL) have revealed that changing the stringency of employment protection can lead to extensive consequences outside the labour market, by affecting firms’ production decisions or workers’ commitment levels. This article provides the first empirical evaluation of the comprehensive effect of restrictions on firing employees in Japan, by exploiting the variations in court decisions. We find that judgements lenient to workers significantly reduce firms’ total-factor productivity growth rate. The effect on capital is mixed and inconclusive, although we obtain modest evidence that an increase in firing costs induces a negative scale effect on capital inputs.     

环境立法管制对企业出口国内附加值率的影响*

本文通过理论建模和经验数据研究了环境立法管制与中国企业出口国内附加值率之间的关系。结果发现,环境立法管制有助于提升中国企业出口国内附加值率。机制分析证明：一方面,加强环境立法管制的“成本效应”促使直接受约束的企业寻找其他可替代要素。这种替代效应的大小取决于企业对污染型资源的依赖程度。“创新效应”通过改变企业生产效率影响企业成本加成。这两种效应均影响了出口国内附加值率。另一方面,环境立法管制提高了本国企业出口到国外市场的生产率下界,使间接受约束的企业改变定价策略,进而影响出口国内附加值率。本文研究表明,地区严格的执法力度有助于扩大环境立法管制对污染型资源依赖程度较低企业出口国内附加值率的积极影响。     

技术进步方向、资本-劳动替代弹性对中国农业经济增长的影响

本文从理论上分析了资本-劳动替代弹性和技术进步方向对农业经济增长的影响,估算了28个省份1978-2013年要素替代弹性和技术进步偏向指数。研究结果显示,要素替代弹性大于1,技术进步主要偏向于资本;要素替代弹性和技术进步偏向指数与农业经济增长率呈正相关关系,即要素替代弹性促进农业经济增长,在要素替代弹性大于1的情况下,技术进步偏向资本促进农业经济增长。     

农业灌溉投资与灌溉用水的替代弹性分析

本文基于CES生产函数,利用我国12个省份2003-2005年的面板数据,实证分析了农业灌溉用水量与农田灌溉水利投入之间的关系.结果表明,亩均灌溉用水量与灌溉投资之间有较大的替代弹性,存在着很强的替代关系,这说明在给定的产出水平下,政府部门可调动多种投资主体的积极性,提高灌溉投资水平,达到对灌溉用水的替代,实现节约农田灌溉用水的目的.     

网上支付对POS支付影响效应的实证研究

网上支付实现了超越时空约束的远程支付,为持卡人提供了更大的支付便利,降低了支付行为的社会成本。我国电子支付的两个主要方式——网上支付与POS支付都处于快速发展阶段,但在购物等一些应用上,二者似乎已经出现了竞争与替代关系。本文使用VAR模型的脉冲响应函数,实证研究了网上支付对POS支付的影响效应。     

固定生产要素对经济增长的作用研究——基于扩展的拉姆齐模型

在标准的拉姆齐模型中引入一种固定生产要素(例如土地)来进行模型扩展。固定生产要素是指那些总量固定的要素,但随人口的增加这类要素的人均数量会减少。模型分析得出的主要结论是固定要素对经济的长期增长起着重要作用,人均固定要素的减少对经济的负面影响在一定程度上可通过人均资本的增加来弥补,这种程度取决于固定要素与资本的替代弹性。     

Diminishing varieties of active and creative retail experience: The end of the music shop?

In qualitatively defining the spatial attractions of music shops for a group of highly involved and long-term consumers, the elaborated consumption event implies a socially and culturally relevant creative retail process. This takes the form of an immersive interpretation and investigation of aspects of music store space design and merchandise relevant to the exploration and construction of meaningful, personal mythologies in a self-developmental, transactional event whilst being out ‘in-the-world’. Supporting this event were deep levels of product involvement, with inter- and intra-personal communication in a supporting space relating to a set of community values, particularly encoded in 12” vinyl artefacts.     

中国钢铁行业能源内部的替代弹性分析

本文运用中国钢铁行业滞后一期的产出代替劳动和资本变量,把钢铁行业能源投入要素分解为煤炭、石油、天然气和电力的投入,建立了一个超越对数生产函数模型,用岭回归估算了中国钢铁行业各能源品种投入要素的产出弹性、替代弹性。结果表明:煤炭与石油、煤炭与天然气、煤炭与电力的替代弹性在1左右,中国钢铁行业可通过用石油、天然气、电力替代煤炭来实现其行业全要素能源效率的提高。     

供求冲击与我国经济外部失衡——基于DSGE两国模型的模拟分析

文章为分析我国经济外部失衡问题,运用当前国际经济学领域先进的动态随机一般均衡(DSGE)两国模型研究方法,模拟了在不同消费替代弹性下以技术冲击为代表的供给冲击和以货币冲击为代表的需求冲击对一国经济外部失衡的影响。研究结果表明这两种冲击发生后该国的外部资产和汇率水平会从初始的0均衡状态偏离,而到最终收敛大约需要10年到15年的时间。这可以很好地解释当前我国的经济外部失衡,文章也依此提出了相应的政策建议。