Growth,Distribution, and External Constraints: A Post-Kaleckian Model Applied to Brazil

ABSTRACT

The purpose of this research is to analyze whether the Brazilian economy behaved under a wage-led or profit-led regime between 1960 and 2011, considering a Post-Kaleckian model in a context of external constraints. The time span is limited by data availability (i.e., 2011). To answer the question of whether the Brazilian economy works under a wage-led or profit-led regime, we propose a simple Post-Kaleckian model. The model suggests that a profit-led regime is more probable for Brazil. Moreover, a wage-led regime occurs when a balance of payments constrained growth model is taken into consideration. Likewise, the real exchange rate has a positive impact on economic growth through the export channel. This result is a novelty in the recent literature about the relationship between real exchange rate and economic growth within a Post-Kaleckian model. The Brazilian economy was chosen as it is one of the biggest economies in Latin America.     

环境规制、融资约束与企业污染减排——来自排污费标准调整的证据

“十四五”规划提出建设人与自然和谐共生的现代化,这要求持续推进污染减排促进经济绿色低碳转型,实现环境与经济协同发展。基于2007年起排污费提高的政策冲击和2004-2013年工业企业污染数据,本文使用倍差法考察排污费提高的污染减排效果以及融资约束对政策效应的影响。研究发现排污费提高后,污染排放水平显著下降,但产出也受到较大冲击;企业减排方式存在明显差异,大型企业主要通过降低污染强度的方式来降低污染排放,而中小型企业则主要采取降低生产规模的方式来降低污染排放;进一步基于环境投融资角度对企业减排行为的分析揭示,融资约束影响中小企业污染减排,加剧排污费提高对产出的影响。因此,提高绿色金融的环境投融资供给能力是促进经济绿色转型的重要途径。     

Effects of financial constraints on export performance of firms during the global financial crisis: microeconomic evidence from Korea

This study uses a manufacturing firm-level panel data set of South Korea for 2006–2013 to investigate the effect of financial constraints on the export performance of firms, with particular emphasis on the corporate ownership structure. The empirical results show that foreign multinational corporation (MNC) subsidiaries are not affected by financial constraint during both crisis and noncrisis periods, implying advantages of foreign ownership. However, domestic firms suffer more from financial constraints on exports during crisis years. In particular, domestic firms without parent firms are financially constrained during both crisis and noncrisis periods. However, those with parent firms do not experience financial constraints during noncrisis periods, although they too suffer from them during crisis periods. Thus, parent–subsidiary linkage among domestic firms plays an important role in alleviating financial constraints on export activity in noncrisis years but not as much during crisis years. Therefore, domestic parent firms exhibit less resilience to the global financial crisis, in comparison to foreign MNC parent firms.     

Desired recreation companionship and travel behaviour of people with disabilities

This study examines whether people with disabilities(PWD) participate in leisure and travel activities with their desired companions and if there are discrepancies between their social networks and real recreation companions. The recreation companionship and travel behaviour of PWD have not been thoroughly explored, particularly in non-Western contexts. Accordingly, data were collected from 494 respondents in South Korea, and findings suggest that there was a significant gap between companions PWD desire and those they actually maintain. Travel and tourism were the least frequent recreation activities for PWD. The results can provide managerial implications regarding practices of inclusive and accessible tourism.     

高管学术经历能提高企业分红吗？

文章选取2008-2017年沪深A股3449上市公司的23193个样本数据，实证检验了高管学术经历与企业分红水平的关系。研究发现，相比于高管无学术经历的企业，有学术经历高管企业的分红水平显著更高。高管的学术经历通过缓解融资约束，而不是缓解过度投资的路径显著提高企业分红水平。在进一步的研究中，通过引入外部治理与企业产权性质影响因素，发现外部治理较弱、非国有企业的情况下，高管的学术经历对企业分红水平的提高作用更加明显。采用倾向得分匹配法（PSM）、工具变量回归等检验结果依然稳健。研究丰富了高层梯队理论与企业分红相关性的文献，发现了中国情境下影响企业分红的新因素。     

众筹平台对创业融资的影响:前沿研究述评与未来展望

关于众筹平台对创业融资的影响，国内外研究主要集中在同一平台内不同项目之间的特征差异方面，即平台内特征分析，且研究结论并不统一；相较之下，关于不同平台之间的特征差异，即平台间特征，现在才开始受到重视。通过对众筹平台与创业融资前沿研究的系统梳理，一方面针对众筹平台内特征，从资金筹措和资金回报两个层面阐释了影响创业融资成功的关键因素，涉及项目特征、创业者特征、投资者互动等；另一方面，针对众筹平台间特征，从平台类型、平台机制、融资渠道3个层面阐释了影响创业融资成功的关键因素。未来，可以从众筹平台间特征对资金回报的影响、综合平台内和平台间特征对资金筹措的影响、众筹平台动态变化机制等多个角度展开深入研究。     

Financial constraints on export market exit of domestic firms versus foreign multinational corporation subsidiaries in South Korea

Using a Korean manufacturing firm-level data set covering a range of years from 2006 to 2013, this study investigates how the financial condition of firms, such as liquidity, leverage, and cash flow ratio, affects exit from export markets. It also analyses whether the financial status of foreign multinational corporation (MNC) subsidiaries differs from that of domestic firms with respect to the hazard of export market exit, especially during a global financial crisis. The empirical results confirm that, for domestic firms, the hazard of export market exit is affected by the firms’ financial condition only during a financial crisis. In other words, the financial vulnerability of domestic firms increases during the crisis, resulting in the hazard of export market exit. However, financial situations for foreign MNC subsidiaries do not affect exits from export markets, indicating a ‘finance-factor comparative advantage’.     

Exchange market pressure and primary commodity – exporting emerging markets

This paper studies short-term sensitivity between exchange market pressure and various domestic and external factors in primary commodity-exporting emerging markets. The paper focuses on the top country-commodity groups in sugar, cereal, fuels, ores and coffee during the pre-peak and post-peak commodity price periods across floating and pegged exchange rate regimes, using the price of crude oil as a general benchmark. Employing a panel model and panel VAR analysis, the paper finds the heterogeneity of response patterns unique to country-commodity groups and exchange rate regimes. According to the results, in flexible regimes, volatility occurs via the foreign exchange market, interest rates, and domestic credit cycles, feeding into the social costs for structurally weaker economies. Hard exchange-rate pegs often result in a drain on international reserves as the terms of trade deteriorate following post-price peaks, leading to unpopular depreciation. These results accentuate concerns over uneven international trade patterns, an open economy’s short-term foreign exchange policy, and speculative capital flows. Such sensitivity has broad implications for macroeconomic balance and the sustainability of implied exchange rate targets in the presence of a foreign exchange constraint across emerging markets.     

基于双重约束的区域耕地整理适宜性评价研究

[目的]科学合理的适宜性评价是确保耕地整理能够有效开展的前提条件,同时对于我国的耕地保护与粮食安全保障也具有极为重要的意义。[方法]该研究首先选取可以反映区域耕地整理适宜性的指标因子,然后参考胡学东提出的约束条件评价模型,引入区域生态安全和社会经济双重约束,对研究区域在双重约束下的耕地整理适宜性进行评价,并通过K-Means聚类法将研究区域的耕地整理适宜性分区进行合理划分。[结果]生态安全约束和社会经济约束对区域耕地整理适宜性水平具有重大影响,高生态安全约束与高社会经济约束会降低耕地整理的适宜性,低生态安全约束与低社会经济约束会提高耕地整理的适宜性。[结论]引入生态安全约束和社会经济约束后,可以在一定程度上反映山地区域在社会经济与生态安全双重约束状态下的耕地整理适宜性情况,耕地整理适宜性评价结果更加符合当地实际情况,约束条件评价模型可以更加合理准确地对处于约束条件下的耕地整理适宜性进行评价,是对耕地整理适宜性评价方法的丰富与完善。     

Financing the sustainable management of Rwanda's protected areas

Rwanda's Nyungwe National Park is a biodiversity hotspot with the most endemic species in the ecoregion and the highest number of threatened species internationally. Nyungwe supplies critical ecosystem services to the Rwandan population including water provisioning and tourism services. Tourism in the Park has strong potential for financing enhanced visitor experiences and the sustainable management of the Park. This paper explores quantitatively the economic impacts of adjustment in Park visitation fees and tourism demand as a source of revenues to improve Park tourism opportunities and ongoing operations and maintenance. The methods developed in this paper are novel in integrating the results of stated preference techniques with a regional computable general equilibrium modelling approach to capture multisectoral, direct, indirect and induced impacts. Such methods have strong potential for assessing revenue generation alternatives in other contexts where park managers are faced with the need to generate additional revenue for sustainable park management while facing diminishing budget allocations. Results of this analysis demonstrate that adjustment of Park fees has a relatively small impact on the regional economy and well-being when compared with a strategy aimed at generating increased tourism demand through investment in improving the visitor experience at Nyungwe National Park.