FDI在保障我国粮食安全中的作业探析

文章从对外直接投资(FDI)度对保障中国粮食安全进行探讨.从人口、耕地、水资源、生物能源以及国际市场方面,通过具体数据论证了我国粮食安全存在隐患;进而指出无论在国际环境还是本国实力上,利FDI手段存在可行性和必要性,我国有必要通过对外直接投资,加强国际问农业合作,保障粮食安全.     

我国FDI流入与流出协调发展:现状、问题与政策建议

如同国际贸易的进口与出口,FDI流入与流出也存在密切联系。一个国家FDI流入,外国企业流动的所有权优势与本国不可流动的区位优势互补,这有利于该国比较优势的充分利用;反过来,一个国家FDI流出,该国企业的所有权优势与其它国家的区位优势相结合,也有利于该国福利水平的提高。从FDI流入与流出规模和结构分析,我国FDI发展还存在一些问题。在经济全球化不断深入的条件下,为了充分利用国内外资源、促进经济增长方式的转变和企业国际竞争力的提高,我国应加快发展对外直接投资,促进引进外资和对外直接投资协调发展。     

国际投资协定的发展及影响

各国政府积极推行的全球化和自由化经济政策,使国际投资协定成为营造FDI促进、保护和待遇环境的重要工具。国际投资领域内缔约活动增加近年来,在国际投资领域内的缔约活动迅速增加,与投资相关的议题日益成为国际经济相关论坛中的热点问题。1.国家FDI政策的变化趋势过去20年,世界各国的FDI政策主要集中于更多的吸引FDI,并提升FDI对本国经济发展的贡献。1991—2002年,有165个国家对本国FDI法规进行了1641项修订,其中,95%是以FDI政策更加自由化作为目标的。2001年,在各国FDI的法规变革中,旨在创造更有利FDI流入的措施占有很高比例。…     

国际直接投资区域发展趋势的实证分析

根据1970年以来世界国际直接投资（FDI）数据建立的计量经济模型,可分析世界经济内FDI的区域分布情况及其发展趋势,其结论是：90年代在发达国家中,欧洲已经成为FDI流出的主角,美洲不到它的一半,亚洲日本的对外投资比重大大下降,80年代的三足鼎立局面已基本不存在;而在发展中国家中,不管是流入还是流出,亚洲国家都扮演着重要的角度,其FDI的流入和流出都呈现迅速增长的趋势,而且流出超过流入,美洲发展中国家的重要性在减弱。     

中国对美直接投资与安全审查——万向集团并购A123系统公司的启示

正一、中国企业对美投资与安全审查近年来,中国对外直接投资(FDI)快速增长,2013年非金融类直接投资901.7亿美元,同比增长16.8%,成为世界对外直接投资大国。截至2013年底,中国累计非金融类对外直接投资达5257亿美元,投资项目5090个,遍布156个国家和地区。美国是中国第二大对外投资目的地,2003-2013年,中国总计对美投资135.8亿美元,占中国     

中国FDI的国际竞争力与环境保护责任

在世界经济一体化进程中和我国实施“走出去”的战略中,中国对外直接投资（FDI）在全球中的地位逐步提高,促进了世界经济发展。同时中国也重视国际环境合作和制度建设,鼓励境外投资企业严格履行环境保护与社会责任,以推动可持续发展和和谐世界的构建。     

中国(依托FDI)参与国际产业转移碳排放水平实证研究

研究根据可获取数据测算了自20世纪90年代承接第四次国际产业转移以来,中国(依托FDI)参与国际产业转移的碳排放水平,包括依托外商直接投资(IFDI)承接国际产业转移和依托对外直接投资(OFDI)对外产业转移两方面的碳排放总量和碳排放强度。通过投入产出法测算了中国承接国际产业转移的碳排放水平,通过本国替代法和承接国筛选法估算了中国对外直接投资的碳排放水平,测算了中国参与国际产业转移的净碳排放水平,以及承接国际产业转移碳排放水平对IFDI的脱钩程度。基于测算结果,从总量、结构、强度、脱钩程度四个维度分析了中国(依托FDI)参与国际产业转移的碳排放水平演进趋势。     

中国近年来FDI迅猛增长的原因与动因分析

近年来,中国对外直接投资（FDI）以异乎寻常的速度迅猛增长,这不仅令世界各国瞩目,也给中国未来的经济发展带来新的机遇和风险。为此,需要对这一现象产生的原因和中国企业对外直接投资的动因进行深入分析,从而为制定这方面的科学政策提供依据     

我国企业"走出去"战略构想

开展对外直接投资（Foreign direct investment,以下简称FDI）,是世界经济全球化趋势与加入WTO对我国企业提出的机遇和挑战。顺应世界资本运动潮流,更好地利用本国的各种优势开展FDI,是我国在更大范围和更深程度上参与国际经济合作与竞争的重大问题。     

外商直接投资对我国区域自主创新的影响——以福建省为例

作者使用1998至2005年福建省不同来源地FDI的面板数据,研究外商直接投资对我国区域自主创新的影响:(1)外商直接投资对我国区域自主创新总体上具有明显的促进作用;(2)相对于西方国家直接投资而言,海外华商直接投资对我国区域自主创新的影响更为明显和强烈;(3)我国区域自主创新能力的提高,目前主要通过增加研发资金投入和人力资本投入的直接影响实现的,而通过基础设施建设、人才流动与培养等间接影响实现的效果还很不明显;(4)在研发资金投入和人力资本投入中,资金投入对区域自主创新的正向溢出效应比较显著且稳定。为提高外商直接投资对我国区域自主创新的正向影响,有必要进一步调整和完善现行FDI政策。     

欧债危机成因与前景的制度分析

希腊等欧元区国家的主权债务危机可以说是欧洲区域一体化建设中的独特现象,其折射的是欧元区所存在的一个结构性问题：奉行单一货币政策和各国分散的财政政策,集中暴露出了欧洲货币一体化与欧洲福利资本主义的不相容、以及统一货币运行所要求的财政紧缩与欧元成员国经济增长和福利制度之间的矛盾与冲突;欧元不会就此瓦解,但欧债问题的最终解决困难重重;欧元的未来取决于自由与市场的回归欧洲,取决于欧盟的制度完善与欧式福利资本主义改革的成功与否。     

Neoliberal growth models,monetary union and the Euro crisis. A post-Keynesian perspective

The paper offers an account of the Euro crisis based on post-Keynesian monetary theory and its typology of demand regimes. Neoliberalism has transformed social and financial relations in Europe but it has not given rise to a sustained profit-led growth process. Instead, growth has relied either on financial bubbles and rising household debt (‘debt-driven growth’) or on net exports (‘export-driven growth’). In Europe the financial crisis has been amplified by an economic policy architecture (the Stability and Growth Pact) that aimed at restricting the role of fiscal policy and monetary policy. This neoliberal economic policy regime in conjunction with the separation of monetary and fiscal spheres has turned the financial crisis of 2007 into a sovereign debt crisis in southern Europe.     

New EU member states and the Euro: economic readiness,benefits and costs

All of the new EU member states (NMSs) have made a commitment to adopt the Euro. This essay considers the countries’ economic readiness to adopt the Euro as well as the economic benefits and costs of adoption. Paper applies a method suggested by Bayoumi and Eichengreen (1997) and finds that the changes of real effective exchange rates between the Euro area and the new EU member states follow the pattern predicted by the optimum currency area theory. This finding allows the construction of the readiness for adoption index for every NMS. The tangible benefits (for NMSs) of adoption are also examined in this essay. Analyses suggest that the costs of currency exchange and hedging against the uncertainty in foreign exchange markets account for about 0.08–0.012% of the countries’ GDP. In addition, countries that adopt the Euro might expect lower inflation and interest rates. This essay also examines the possible costs of adoption. These are in the forms of the lost ability to use monetary policy tools and set the level of seigniorage. Analysis suggests that many countries had given up their independence over monetary policy even before the accession to the EU. In addition, bigger NMSs have not used seigniorage as the source of fiscal income. However, they used exchange rate flexibility to depreciate their currencies during the recent crisis.     

Monetary and fiscal policy interactions: Evidence from emerging European economies

This paper examines the interactions between fiscal and monetary policy for some former transition, emerging European economies over the 1995Q1–2010Q4 period by using a Markov regime-switching model. We consider the monetary policy rule proposed by Taylor (1993) and the fiscal policy rule suggested by Davig and Leeper (2007) in accounting for monetary and fiscal policy interactions. Empirical results suggest that monetary and fiscal policy rules exhibit switching properties between active and passive regimes and all countries followed both active and passive monetary policies. As for fiscal policy, the Czech Republic, Estonia, Hungary, and Slovenia seem to have alternated between active and passive fiscal regimes while fiscal policies of Poland and the Slovak Republic can be characterized by a single fiscal regime. Although the policy mix and the interactions between monetary and fiscal policy point a diverse picture in our sample countries, the monetary policy seems to be passive in all countries after 2000. This finding is consistent with the constraints imposed by European Union enlargement on monetary policy.     

Correlates of economic growth in developing countries: a panel cointegration approach

The inflow of foreign direct investment (FDI) has been found to play a crucial role in the economic growth of receiving countries. Using panel cointegration techniques, this perception was found to be mitigated by an empirical approach that yields different results from previous studies. While the growth in real FDI has an influence on real GDP growth across developing countries in the short-run, year-to-year periods, it does not explain real GDP in the long-run. Rather, it appears to be the economic factors internal to a country that have the most influence on real GDP over time: human capital (measured by literacy rates), export trade, and monetary and fiscal policy.     

Fiscal expansion, monetary policy, interest rate risk premia, and wage reactions

We examine the macroeconomic implications of fiscal policy in a small open economy, with emphasis on the interactions between fiscal, monetary and labour market policies. The paper uses the NBNZ-DEMONZ macroeconometric model. Novel features of the model are that it includes an endogenous interest rate risk premium (IRRP), and forward-looking monetary and fiscal policy reaction functions which capture the essence of New Zealand's Reserve Bank and Fiscal Responsibility Acts. The most important empirical result is that the postulated IRRP, proxying financial market mechanisms, can contribute at least as much as the monetary policy reaction function to maintaining price stability. Also of significance are that an income tax cuts package shows more damped real GDP and underlying inflation paths than does an expenditure increases equivalent; and that the inflationary and real sector impacts of a personal income tax cut package depend heavily on how the cut is `shared' between firms and workers. The nature and interdependence of monetary and fiscal policies and labour market conditions are therefore crucial to the macroeconomic outcomes.     

Unconventional monetary policy in the Euro Area: Shadow rate and light effets

We assess transmission mechanisms and the macroeconomic impact of unconventional monetary policy (UMP) in the Euro Area. We estimate a FAVAR model and use a shadow rate to measure the stance of the monetary policy. The ECB's UMP measures adopted at the zero lower bound (ZLB) have sustained the real economy. For instance, in 2016, without UMP, investment would have been lower by 9%, consumption lower by 2% and the unemployment rate higher by 0.9%. However, the impact of unconventional monetary shocks is weaker and less persistent than those emanating from conventional monetary policy. Furthermore, the difference in the transmission of monetary policies between countries of the Euro Area was more pronounced during the period 2009-2016. This suggests that the ZLB has decreased the efficiency of monetary policy and accentuated the heterogeneity of the Euro Area.     

HOW DO FISCAL CONSOLIDATION AND FISCAL STIMULI IMPACT ON THE SYNCHRONIZATION OF BUSINESS CYCLES?

Using quarterly data for a panel of advanced economies, we show that synchronized fiscal consolidation (stimulus) programmes in different countries make their business cycles more closely linked. We also find: (i) some evidence of decoupling when an inflation targeting regime is unilaterally adopted; (ii) an increase in business cycle synchronization when countries fix their exchange rates and become members of a monetary union; (iii) a positive effect of bilateral trade on the synchronization of business cycles. Global factors, such as a rise in global risk aversion and uncertainty and a reversal of nonstandard expansionary monetary policy, can also reduce the degree of co‐movement of business cycles across countries. From a policy perspective, our work shows that an inflation targeting regime coupled with simultaneous fiscal consolidations can lead to more business cycle synchronization.     

The Euro: An Italian perspective

The adoption of Euro as a common currency of twelve European countries has meant a considerable change in the Italian exchange rate policy. In the past, before Italy entered the EMS and again in 1992-96 when Italy temporarily left the EMS, the Italian monetary authorities enacted a policy of managed exchange rates, aiming at keeping the dollar rate stable, while letting the Italian lira depreciate vis-à-vis the German mark. By so doing, the danger of imported inflation was reduced (the dollar area was then a major import area) and at the same time the Italian exports to Europe were made easier. In the presence of a regime of fixed exchange rates in the European area, Italian industry is trying to make its exports more competitive by means of a reduction in costs. This means moving segments of production to small or middle-size firms, located in Italy as well as in developing countries. A further help is coming from the gradual but consistent depreciation of the Euro against the US dollar. The relevance of the dollar area in Italian exports has been correspondingly increasing.     

Financial frictions and optimal stabilization policy in a monetary union

Financial frictions differ across countries and thus cause international differences in the transmission of shocks. This paper shows how the optimal mix of monetary and fiscal policy depends on these country-specific financial frictions. To this end, we build a two-country DSGE-model of a monetary union. Financial frictions are captured by the cost channel approach. We show that the traditional solution to the assignment problem – the common central bank stabilizes the inflation rate at the union level and the national fiscal authorities stabilize the national economies – does not hold in a world with financial frictions. The cost channel decreases the efficiency of monetary policy and increases the need for fiscal stabilization even at the union level. Moreover, the more heterogeneous the union, the more important is fiscal policy in stabilizing shocks. Finally, we evaluate the scenarios in terms of welfare of the representative household.