Persistence and stochastic convergence of euro area unemployment rates*

This paper analyzes unemployment rates in the euro area (EA) countries to test for EA-related benefits and economic integration of the EA in the form of lower unemployment rates and unemployment rates convergence. We employ recently developed unit root tests with structural breaks and non-normal errors to analyze the persistence, test the stochastic convergence and locate structural break(s) in EA unemployment rates from 1995q1 to 2016q2. Our results imply a certain degree of unemployment hysteresis in the EA. Even though the results support the stochastic convergence of the majority of EA countries, we find that EA membership is not a sufficient condition for stochastic convergence. Nevertheless, EA-related breaks are followed by the periods of convergence to the EA11 average. Crisis-related breaks are followed by the periods of divergence. Although providing initial benefits, EA is not functioning as an optimal currency area.     

元阳旅游型村落控制性发展研究

通过梳理世界文化遗产区西递村的开发与保护经验,结合元阳发展的现状,对旅游型村落发展提出控制要素的研究。对于遗产区村落的开发,既是当地经济发展的需求,又是世界遗产保护的途径。控制好保护与发展之间的平衡点,利用旅游业带动当地村落的发展,通过要素进行发展中的控制是本文主要论证之处。     

Comparative Urbanism and the ‘Asian City': Implications for Research and Theory

While voices in the comparative urbanism literature call for researchers to approach comparison with more experimental and critical methodologies, there remains no consensus on how to design and realize these studies. This essay examines the implications of comparative urbanism for researching the ‘Asian City'. Given the critique of existing modes of comparison embedded in recent calls for a new comparative urbanism, researchers are faced with a number of pressing questions: How do we approach this ‘regional' topic in a way that both resists categorizing the ‘Asian City' as an exotic ‘other', elevating it onto a mythical pedestal, yet appreciates its differences, localisms and unique ‘cosmopolitan vernacular' (Clifford, 1997; Werbner and Modood, 1997)? This essay thus highlights the multiple challenges of applying the comparative lens to the ‘Asian City', arguing that broader conceptualizations of the ‘Asian City' help to address the dangers in isolating Asian research into its own canon of parochial urban theory and offering a greater diversity of possibilities for justifying case selection in comparative approaches. In doing so, we hope that this essay responds to the comparative turn by illuminating to some extent its inherent complexity and methodological challenges.     

How useful is an Asian Currency Unit (ACU) index for surveillance in East Asia?

An Asian Currency Unit (ACU) index is constructed using an alternative procedure which minimizes a basket or portfolio of assets expressed in terms of national currencies. Using this estimated ACU index and an ACU deviation indicator, the main finding of this study based on the current trajectory of East Asian currencies relative to this regional ACU benchmark is that there is a formation of two contrasting groups of countries in the region—one group of strong currencies and one group of weak currencies. We emphasize that this contrasting trajectory in East Asian intra-regional exchange rates implies disturbed competitive trading relationships in the region, which may result in wasteful beggar-thy-neighbor policies. As emphasized in other recent studies (e.g., Kawai and Takagi, 2012), the region needs a framework for exchange rate policy coordination that will promote intra-regional exchange rate stability. We suggest two important ways in which the region can capitalize on using an ACU index for surveillance purposes in the immediate term. One way is to assess “over- and undervaluation” of individual currencies from the regional ACU average. The other is to use it as a monitoring device for excessive flows of international capital within the region.     

Superhedging under ratio constraint

We consider superhedging of contingent claims under ratio constraint. It has been widely recognized that the minimum cost of superhedging a contingent claim with certain portfolio constraints is equal to the price of a claim with appropriately modified payoff but without constraints. In terms of the backward stochastic differential equation (BSDE) and the variational inequality equation approach, we revisit this result and provide two counterexamples.     

广东省农村基础设施建设与农业经济增长的关系探究

作为提高农业生产效率、改善农民生活质量及促进农村经济增长的重要物质基础,农村基础设施建设对扩大农村地区内需增长点,解决农村剩余劳动力就业问题以及全面推进城乡统筹发展具有至关重要的意义。广东省作为我国南部地区经济发达省份,具有丰富的农业生产自然资源,但其农村基础设施发展程度相对来说却比较低,其成为农村经济发展的"瓶颈",不利于农村经济结构优化升级。为了保障农村基础设施的供给与农村经济发展水平保持协调一致,文章以广东地区农村为例,采用多元非线性回归分析的方法,在论证农村基础设施建设对农村经济增长的作用机制的基础上,从农村基础设施建设与农业生产、非农生产和农民人均纯收入3方面的内在关系进行计量分析,结果表明,首先农村基础设施对影响农业经济增长的3方面因素都发挥了显著的规模经济效益;其次农村基础设施建设中的教育变量对农业经济增长的作用最为显著;再次,农业机械设施在农业生产中的作用相对于其他影响因素而言不太显著;最后,道路、通讯设施对非农生产和农民人均收入收入的贡献率相对其他变量数值较低。并提出健全农村基础设施建设投融资机制、加大农村基础设施的资金投入力度、提高农村基础设施建设和利用水平、全面推进农村基础设施建设进程等优化策略。     

亚热带地区国有林场可持续经营指标体系研究

通过实地调查研究,借鉴已发布的国际、国家、地区、经营单位层面森林可持续经营标准和指标,以森林可持续经营为主要内容,对亚热带地区国有林场森林经营、人力资源、社会资源等方面进行研究,构建出亚热带地区国有林场可持续经营指标体系,为亚热带地区国有林场可持续经营提供理论借鉴,期盼为制定亚热带地区森林可持续经营指标提供借鉴。     

浅谈自然保护区规划与管理——以龙凤自然保护区为例

随着近年来党和国家对自然保护区的建设情况的高度重视,自然保护区的规划与管理成为了工作的重中之重。合理高效的方法将直接切实影响到自然保护区的规划、管理、建设,直接影响自然保护区相关相关工作的进展落实情况。自然保护区以它特有的巨大的生态价值和环境效应成为了国内外重点研究的对象,本文就龙凤自然保护区简析国内自然保护区的规划与管理,针对国内外现状进行分析,找出不足和存在的问题,结合实际情况,提出建议和可行性高的解决方案。     

河北省张宣葡萄产区土壤地球化学特征

[目的]为科学合理规划特色农产品种植区,因地制宜地扩大张宣葡萄种植规模。[方法]文章通过对张宣葡萄产区开展1:5万农业生态地质现状调查,利用土壤地球化学测试数据,与河北省平原区背景值、张家口盆地背景值进行对比分析,归纳总结研究区土壤地球化学特征;并依据土地质量和土壤环境质量相关规范,对张宣葡萄产地进行系统地土壤肥力和土壤环境质量评价。[结果]葡萄种植区土壤中铜、锶、二氧化硅、氧化钾含量较高,尤以铜最为显著,含量均值是张家口盆地背景值的2倍,是河北省平原区背景值的1. 94倍;铬、镍、铁、锰、氮、有机碳、硒、镁含量相对较少,均低于张家口盆地背景值和河北省平原区背景值。整体而言,土壤综合肥力相对缺乏,主要表现为氮、磷缺乏;土壤环境综合质量较为清洁,无Ⅲ类区,全部重金属元素均未超风险管制值,99. 26%的面积低于全部重金属元素风险筛选值,表现为4个样点铜含量和1个样点镉含量高于风险筛选值,分别位于宣化区和涿鹿县境内。[结论]应通过增施化学肥料提高土壤中氮、磷含量,注意防治保护性杀菌剂的使用带来的铜局部累积现象。     

Revising the European Central Bank’s fiscal rules to support growth and employment

Abstract

The paper presents a reform proposal for the operations of the European Central Bank (ECB) whose purpose is to create a common set of risk-free assets for financial institutions operating in the euro area (EA), which is the necessary condition for having a single internal financial market. The proposal does not require the introduction of changes in the existing European Union treaties. The effects of this reform on the debt dynamic of EA member countries permit a revision of the existing fiscal rules. With the help of some simulations, it is shown that maintaining compliance with the European treaties, the reform of the ECB operations and revised fiscal rules would transform the current fiscal deflationary stance into a reflationary one. Some implications for aggregate demand and growth for the EA are briefly discussed.