China and international market integration: Evidence from the law of one price in the Middle East and Africa

We model market integration in the Middle East and Africa by analyzing price dispersion and testing the law of one price (LOP) on highly-comparable actual local retail prices of 135 goods and services across 23 countries in the region over the period of 1990–2016. Second-generation panel estimators are applied to four price benchmarks: Regional average, South Africa, China, and US prices. Cross-regional price dispersion diminishes considerably over time up to 2008, particularly for non-tradeables around China price. The test of LOP indicates the percentage of convergent prices is highest in China price benchmark, followed by US, South Africa, and regional average benchmarks. Direct estimation of the convergence speed confirms this order. Overall, the results show evidence of increasing market integration in Middle East and Africa but it appears to be driven by global forces and, especially, the rise of China as a new economic power. The results show that some emerging market economies, such as China, can step up and promote integration while traditional economic powerhouses, such as the USA and UK, disengage from international economic relations.     

税收优惠政策与高技术产业创新效率

研究目标：分析税收优惠政策对创新效率的影响以及创新效率的收敛性，测度税收优惠政策对创新带来的实际贡献。研究方法：构建随机前沿模型测度高技术产业的创新效率，采用σ收敛和β收敛检验方法检验创新效率收敛性，并采用反事实计量方法测度税收优惠政策对创新带来的实际贡献。研究发现：税收优惠政策对研发效率有显著正影响，对市场转化效率的影响为正但不显著，政策实施后效率分布也更集中；研发效率的收敛主要是由东中西地区内部之间差距的缩小造成的，而市场转化效率的收敛是由三大地区内部差距的缩小以及中西部和东部地区的差距缩小共同造成的；税收优惠政策使研发效率大约上升了8%～10%，带来的创新产出占总产出的比重也一直维持在10%以上。研究创新：从效率水平和收敛性两个角度来定量分析税收优惠政策对创新效率的影响。研究价值：为更好地采取措施提高创新效率和减小地区创新效率差距提供经验证据。     

Real income convergence and the patterns of financial integration in the EU

We analyse real income convergence among the EU28 countries throughout 1995–2017 and the relationship with the convergence patterns of financial systems. We apply the nonlinear latent factor model of Phillips and Sul (2007, 2009) to real incomes and the IMF financial development indices for financial markets and financial institutions (Svirydzenka, 2016), and identify convergence clubs endogenously. We have several results. First, income disparities narrowed significantly over the last twenty years; yet, the growth convergence process lost momentum triggered by the global financial crisis and countries legacies shaped up asymmetries that have crystallised. Second, countries' financial systems exhibit high fragmentation, especially for financial markets, with the new EU member states at a lower financial development, confirming the existence of a two-tier Europe. Overall, the convergence patterns for real incomes and financial development are strongly correlated. Finally, the financial structure matters and market-oriented economies feature higher long-run growth, indicating the need to implement pan-European policy actions that increase the opportunities of risk diversification, enhance capital raising and channel large-scale financing to firms.     

粤港澳大湾区创新生态系统内部耦合时空演化及空间收敛分析

在构建以国内大循环为主体、国内国际双循环相互促进的新发展格局下，高效协同的区域创新体系有助于将粤港澳大湾区三地建设成为具有全球影响力的科技创新中心。通过构建创新生态系统综合评价指标体系，采用耦合协调模型和空间计量模型，实证检验大湾区10个城市2007-2019年创新生态系统内部耦合协调水平、时空跃迁特征以及收敛性。研究发现，大湾区整体及各城市耦合协调度呈上升趋势，基本实现从失调衰退区到协调过渡区的转化，具体可划分为4个等级层次；大湾区创新生态系统协调耦合度存在显著的绝对β与条件β收敛趋势，即最终收敛于同一稳态水平，且城市间差距逐渐缩小。其中，经济发展水平、对外交流水平、人力资本水平对创新生态系统协调耦合度起显著正向作用。     

经济政策不确定性与企业投资趋同行为

文章以2003-2017年A股非金融类上市公司为研究样本,考察经济政策不确定性对企业投资趋同行为的影响。研究发现,经济政策不确定性的升高会显著增强企业投资趋同行为,该影响效应在信息优势企业有所减弱,在资产不可逆程度较高企业有所增强。分行业检验发现,在管制性行业以及景气度较低行业中,经济政策不确定性对企业投资趋同行为的影响减弱。进一步研究发现,在经济政策不确定性不断攀升的背景下,实体投资趋同性会带来更为严重的金融化,特别是在行业实体投资总体趋于放缓的情况下,企业金融化现象更加严重。该研究为宏观经济波动下企业投资趋同行为提供了经验证据。     

产业融合对中国装备制造业创新效率的影响:结构嵌入的调节作用

从理论和实证两个方面探讨了产业融合对中国装备制造业创新效率的影响，以及网络中心性和网络异质性对二者关系的调节作用。基于2006—2015年省际装备制造7个子行业面板数据，采用ISCNFI指数测度模型和基于产出距离函数的超越对数前沿分析方法，分别测度装备制造业产业融合程度及创新效率变化情况，进而利用面板回归模型对理论假设进行实证检验。结果显示：产业融合程度与中国装备制造业创新效率存在倒“U”型曲线关系，即随着产业融合程度提升，中国装备制造业创新效率呈现出先上升后下降的变化趋势；网络中心性强化了产业融合对装备制造业创新效率的提升作用，而网络异质性削弱了产业融合对装备制造业创新效率的提升作用。     

数字经济、城市创新与区域收敛

当前，数字经济蓬勃发展，数据已成为除劳动、土地和资本等传统生产要素之外的新要素，能否依托数字经济发展赋能城市创新？文章在对数字经济的概念和内涵进行基本界定后，借助微观大数据构造的"互联网+数字经济"指数，实证分析了2015-2018年中国283个地区数字经济发展对城市创新及创新差距的影响。研究结果显示，数字经济发展能够显著促进城市创新水平提升。其中，人力资本集聚效应和创业活力增强效应是数字经济赋能城市创新的两条重要路径。在替换被解释变量、消除样本选择偏差、选择分位数回归，以及创新性地采用各地级市市长过去修习的专业作为历史工具变量检验后，这一结论依然稳健成立。进一步空间杜宾效应分析表明，数字经济发展具有显著的空间溢出效应特征，不仅促进了本地区创新水平提升，而且对相邻地区的创新产出也产生了实质性影响，有利于缩小区域创新差距，实现区域创新收敛。此外，相较于实用新型专利和外观设计专利，数字经济发展对城市发明专利的影响更显著，说明数字经济发展推动的创新是真正意义上的质量创新而非策略创新。文章为评估数字经济发展的影响效果提供了理论依据和经验支撑，也为理性看待数字经济、防止出现数字鸿沟，实现区域创新均衡发展提供了有益启示。     

Europe's income convergence and the latest global financial crisis

This paper examines the effects of the 2008 financial crisis on economic growth and convergence across European countries from 1973 to 2012. Employing cross-sectional and dynamic panel data techniques, the results show that the global financial crisis has brought a greater absolute convergence rate rather than divergence, affected richer members more heavily and, presumably, allowed less developed members to recover more quickly. We find evidence that creating the European Union has contributed toward economic growth and convergence; meanwhile, no similar evidence is found concerning the European Monetary Union. Moreover, we present evidence that both the average output per capita and the rate of convergence during the financial crisis fell around 7%.     

The nexus between competition and efficiency: The European banking industries experience

In this paper, we investigate competition in banking systems in the EU27 as a whole for the period 2004–2010, but also for old members’ banking systems compared with new members’ banking systems and for banking systems from countries member of euro zone compares with banking systems from countries non-member of euro zone. In order to investigate this issue, we estimate a non-structural indicator of banking competition, using the H-statistic indicator that is estimated using bank-level data. Also, we apply two tests of convergence, β- and σ-convergence, for assessing competition evolution during the specified period. We want to fill the gap in the banking literature testing the validity of the Competition–Efficiency Hypothesis, analysing the impact of the banking competition measures on two alternative measures of efficiency, cost and profit efficiency, in the European banking systems in a Granger-causality manner. The results confirm us that in the EU the convergence process occur from the banking systems with higher competition level than the mean score of all countries. The evidence for all groups of countries, except non-euro zone group, where results are not statistically significant, confirm the Competition–Efficiency Hypothesis in terms of cost and profit efficiency.