The Returns to Education: Microeconomics

In this paper we focus on education as a private decision to invest in "human capital" and the estimation of the rate of return to that private investment. While the literature is replete with studies that estimate the rate of return using regression methods where the estimated return is obtained as the coefficient on a years of education variable in a log wage equation that contains controls for work experience and other individual characteristics, the issue is surrounded with difficulties. We outline the theoretical arguments underpinning the empirical developments and show that the evidence on private returns to the individual is compelling. Despite some of these issues surrounding the estimation of the return to schooling, our evidence, based on estimates from a variety of datasets and specifications, is that there is an unambiguously positive effect on the earnings of an individual from participation in education. Moreover, the size of the effect seems large relative to the returns on other investments.     

中国一东盟自由贸易区产业内贸易的实证研究

本文运用调整后的G-H-M方法，对中国与东盟五个主要贸易国的15类主要贸易产业类别的垂直性和水平性产业内贸易进行了较为详细的分析。分析结果表明，在现阶段，中国与东盟的产业内贸易主要集中在少数几类产业上，且主要是以低质量产品市场的垂直性产业内贸易和水平性产业内贸易为主。     

投资者股利政策偏好及其交易行为

本文选取了2002-2004年深沪两市派发股利的公司作为研究样本,通过T检验和一元线性田归模型发现,投资者偏好混合股利和股票股利主要是由于这两种股利形式带来较之现金股利更高的回报率.同时,在回报率较高时往往伴随有显著的交易量增加,调整后的判定系数在1%的水平上显著,但是也表现出一定的滞后性.     

我国创业投资的回报率及其影响因素

基于1999年到2003年间我国56个本土创业投资退出项目的数据,本文对我国创业投资退出项目的投资回报率及其影响因素进行了实证研究。结果表明:(1)国有创业投资机构退出项目的平均投资回报率显著低于非国有创业投资机构;(2)创业投资机构的资本规模与回报率呈显著负相关关系;(3)上海、深圳两地创业投资机构退出项目的回报率显著高于其他地区;(4)本土创业投资机构的从业时间、投资规模、投资周期、退出方式均与回报率没有显著相关关系。本文在此基础上提出了相关的政策建议。     

大都市区化的空间分工机制——兼论中国城市化的空间政策转向

"大都市区化"是城市化空间快速连绵发展的过程,反映了城乡一体化的地域整体特征.论文指出都市区化的经济机制是因为劳动分工和空间集聚之间的相互作用.论文基于这一经济机制对中国的城市化空间政策进行分析,提出:弱化城市规模控制,通过空间组织结构的持续调整推进都市区化发展,应成为城市化空间政策的调整取向.     

城镇居民教育收益率的地区差异及其解释

利用中国社会科学院经济研究所"中国城乡居民收入分配"课题组1995年和2002年的家庭抽样调查数据,本文使用分层线性模型重新估计了1995年、2002年我国居民的教育收益率,得到了不同于OLS估计的结果:(1)我国城镇居民教育收益率的地区差异很大,差异主要来源于省内各城市之间,来源于省间的差别并不显著;(2)计算了省内城市劳动力市场化程度对当地教育收益率的边际影响,发现劳动力市场的发育确实有利于提高教育收益率,而且劳动力市场化程度的差异在一定程度上为各地教育收益率的差异提供了解释。     

Heterogeneous returns to chemical fertilizer at the intensive margins: Insights from Nepal

Increased fertilizer use is considered important for agricultural development in low-income countries. Promoting increased use of chemical fertilizer by lowering its price may be ineffective if demand is price inelastic. In theory, the price elasticity of demand depends on the returns to its use, but the evidence is scarce. Furthermore, while returns are often estimated for small changes in chemical fertilizer use, returns to larger changes in its use (intensive margins) are less understood. Through the inter-zonal comparisons in Nepal, we provide indicative evidence that greater returns to chemical fertilizer are associated with greater price elasticities of demand. Moreover, the evidence suggests that returns at the intensive margins, rather than returns to small changes, may largely account for inter-zonal differences in returns to chemical fertilizer within Nepal. The results suggest that better understanding the returns at the intensive margins is critical for effective agricultural inputs policies in developing countries.     

Economic consequences of war: Evidence from Sri Lanka

We propose a theoretical and econometric framework to evaluate the impact of war on economic growth of a developing country with an open economy. The theoretical framework encompasses both the neoclassical and endogenous growth models. We test this framework using Sri Lankan data. The war had significant and negative effects both in the short and long-run (annual average of 9% of GDP). High returns from investment in physical capital did not translate in sizable positive externalities. Only short-run significant effects of openness on growth are found. Inconsistent politically driven policies towards openness are the likely reason.     

IS FINANCIAL SUPPORT FOR PRIVATE R&D ALWAYS JUSTIFIED? A DISCUSSION BASED ON THE LITERATURE ON GROWTH

Many economists have long held that market failures create a gap between social and private returns to research and development (R&D), thereby limiting private incentives to invest in R&D. However, this common belief that firms significantly underinvest in R&D is increasingly being challenged, leading the rationale behind public support for private R&D to be questioned. In this paper, we attempt to clarify the perspectives of two sources: the theoretical literature on endogenous growth, and its recent developments in integrating a geographical dimension, and the empirical literature that measures the social returns to R&D in relation to the private returns. Ultimately, we are able to clearly distinguish among different types of market failures and compare their relative impact on the gap between the private and social returns to R&D. Two main conclusions are reached. First, systematic firm underinvestment in R&D is not demonstrated. Second, even though instances of underinvestment do occur, they are mainly explained by surplus appropriability problems rather than by knowledge externalities. This suggests the need for a new policy mix that employs more demand‐oriented instruments and is more concentrated on identifying efficient allocations among activities rather than merely increasing global private R&D investment.     

Early labor market outcomes of university graduates: Does time to degree matter?

Using university administrative and survey data drawn from the AlmaLaurea Consortium, we analyze the effect of time to degree on the early labor market performance of Italian graduates. The empirical strategy allows identifying separately the impact of elapsed time to degree on the transition from university to work and on earnings from other determinants specific to the academic path completed. Findings suggest that delayed graduation reduces the employment probability (0.8% points for each year of delay), and this effect is still persistent five years after graduation. Once employed, graduates not completing their degree within the minimum period are also penalized in their net monthly earnings, even five years after graduation. The most penalized groups are women and graduates in non-scientific fields.