Global imbalances and dynamics of international financial markets

We provide an overview of the special issue “Global Imbalances and dynamics of international financial markets”. This special issue, which is associated with the 7th International Finance Conference, features research papers dealing with the impact of global imbalances, market complexity, and the impact of the recent global financial crisis on the conduct of monetary policies, financial market dynamics, financial stability, and risk management models.     

基于成本差异的最佳贸易与产业政策选择

本文讨论了存在成本差异的第三国市场模型的最佳贸易与产业政策选择问题,讨论了社会成本和私人成本、本国和外国成本差异情况下的Cournot竞争和Bertrand竞争的情况。本文发现,在Cournot竞争下,政府首先行动时,当政府基金影子价格低于4／3时,政府对出口进行补贴,并且本国越有成本优势,补贴越高,补贴的利润转移效应越大;当政府基金影子价格高于4／3时,政府对出口征收出口税,且本国越有成本优势,征税越多。在Bertrand竞争下,当政府先行动时,对出口征收出口税;当政府后行动时,对出口进行补贴。当本国企业具有劣势时,事后补贴是最佳政蓑。     

中国贸易产品多样性的测度及动态分析

本文调整了传统测算多样性指数的方法,对我国HS6位编码的进出口产品多样性进行了测度,并使用马尔可夫链模型对其发展趋势进行动态分析。研究表明,我国贸易产品波动尤其是出口产品的波动还将维持在一个较高的水平,劳动密集型产品作为我国贸易优势产品,对我国贸易进一步向竞争更为激烈的资本技术密集型产品领域扩展起到降低风险、稳定发展的作用。进口贸易也将通过调整进口产品结构,促进资本、技术等引进加快我国贸易结构的转型升级。本文的研究拟为评价我国贸易质量、制定贸易转型政策提供有效参考。     

The political economy of international trade and factor mobility

Abstract. Free trade in goods and factors is efficient. When we move away from economic theory and consider the policies actually followed by governments, we observe distortions being implemented both on goods and factors trades. It is natural then to question the relative merits of the two types of intervention, and the normative literature has provided only partial answers. We ask then why is the international flow of goods and factors not free, and the political economy literature has looked at the two issues only separately. In studying the determination of trade policy, a theoretical paradigm has emerged, focusing on the role of influence driven contributions. This approach has also found strong empirical support. The literature on the political economy of factor mobility, on the other hand, is fragmented. Distortions in labor and capital flows are typically the subject of different studies, and only recently a unified framework has been proposed. More work has to be done in this area as well as in integrating the political economy of trade and factor movements.     

Infrastructure provision and international market share rivalry

The paper examines a model of strategic infrastructure investment. Two oligopolistic firms compete on home and foreign product markets for market shares. The national governments support the firms in the market rivalry by providing cost reducing public infrastructure services that are financed out of taxing an input used in the production process. It is shown, that infrastructure policy can be used as an instrument for strategic trade policy. However, governments are facing the problem of balancing the burden of taxation and the benefits of infrastructures. The theoretical model also raises some critical issues with respect to the policy relevance of recent empirical infrastructure research.     

“10＋1”自由贸易区新阶段广西外贸发展对策研究

随着中国-东盟自由贸易区建设步入全面实施的新阶段,作为中国与东盟国家紧密联系桥梁的广西,自由贸易区的建设对其对外贸易发展有着重要影响。广西应该在充分利用自由贸易区建立所带来的积极影响的基础上．及时优化、调整广西的产业结构,并确立以东盟为主要贸易对象的外贸策略,以更好地促进广西经济快速和全面地发展。     

ESP教学——外贸英语教学现状及几点教学策略

随着经济全球化进程的加速,多元文化不断接触融合,各国之间的经贸活动越来越频繁。客观上看,融入世界经济的中国不再需求单一的外语人才,单纯的语言培训已经不能满足快速运行的经济对语言人才的需要。如何在外语教学过程中有计划、有目的、有系统和有效率地实施ESP(English for Specific Purposes)教学已成为外语教学共同关注的焦点。本文通过对外贸英语的现状及框架分析,从多个角度讨论了外贸专业英语的教学法并指出外贸专业英语教学是建立在基础英语和外贸专业知识教学这两块基石上的。     

中国广告服务贸易国际竞争力的测度及评价

中国广告服务贸易进出口总体来看比较均衡,但进出口总量发展非常小,在中国服务贸易内部结构中的比重很低。近年,随着中国广告业的快速发展,中国广告服务贸易已具备一定的国际竞争力。这种竞争优势还不稳固,总体上比较弱,尚具有较大的发展潜力和提升空间。     

全球经济失衡的成因及我国的对策探析

当前世界经济的发展,是不平衡的发展。全球经济失衡是长期形成的,其原因是复杂的、多方面的,其调整是一个极其困难和缓慢的过程,然而它已经并将长期影响到世界及各国的均衡性和持续性发展,已成为当今世界日益严峻的问题。文章将分析全球经济失衡的原因,并提出一些对我国有益的建议,力求使中国的经济增长更加健康和可持续。     

When patents matter: The impact of competition and patent age on the performance contribution of intellectual property rights protection

The question whether patenting impacts patenting firms' subsequent financial performance is important for technology-oriented companies. However, relevant research has led to contradictory results. We strive to overcome this impasse by introducing innovation competition and patent age as moderators of patents' performance contribution into the discourse. Based on a sample of 975 cases from diverse industries, we find strong support for our arguments. In line with our expectations, the results show that the number of patents granted, the degree of patent competition, and the timeliness of a patent contribute positively to financial performance. Moderation analysis nuances our findings by showing that the impact of patent protection on financial performance is stronger when the patent competition is stronger and the patents are younger.These findings provide insights into the conditions under which patenting leads to higher financial performance. Our findings highlight the importance of innovation competition and patent age for innovation research. The empirical results show firms that patenting pays and that, in order to tap the full potential of patents, they need to focus on emerging competing industries and reduce the time to market. Policy makers learn that patenting is a successful approach to foster innovation at limited social costs.     

助人为乐的“道德困境”研究

本文运用博弈模型揭示了"助人为乐"现象逐步沦失的经济学原理,结论显示:在一定的假设前提下,出现了"道德困境"。即:不提供帮助和实施报复是经济人的最优选择。为了改变这一低效率的均衡,本文引入政府行为变量后再次博弈,最终得出解决"道德困境"的途径。     

Export restraints in a model of trade with capital accumulation

This paper examines the impact of voluntary export restraints (VERs) in an international duopoly modeled as a differential game. With a Ramsey capital accumulation dynamics, the game admits multiple steady states, and a VER cannot be ‘voluntarily’ employed by the foreign firm in case of Cournot behavior in demand substitutes. Hence, the dynamic framework confirms the results of the VERs literature with static interaction in output levels. In the case of price behavior, the adoption of an export restraint may increase the profits of both firms if products are substitutes and the steady state is ‘market-driven’. However, contrary to the acquired wisdom based upon the static approach, the dynamic analysis also admits an equilibrium outcome, identified by the Ramsey golden rule, where the incentive to adopt a VER is ruled out, irrespective of whether firms are quantity- or price-setters.     

Trade,competitiveness and investment: an empirical assessment

ABSTRACT

The Eurozone crisis has exposed several weaknesses of the European Monetary Union economies. This paper aims to assess the impact on external competitiveness of an expansionary capital stock policy that could contribute to reduce the trade balance asymmetries within the EU and help European exporters to recover their competitive role in international markets. A policy action to increase capital stock accumulation through investment in selected European countries could generate a double dividend: increasing both price and nonprice competitiveness, so stimulating their competitive position as exporters, and consolidating the growth path of EU economy. The analysis employs a bilateral trade model built at INFORUM with several distinguishing characteristics: a comprehensive bilateral data set, econometric estimation of key parameters, and emphasis on sectoral details. Our findings show that a capital stock increase is effective in narrowing trade imbalances within EU. Heterogeneous effects are estimated for commodities in China and the US.     

Fiscal and monetary policies in complex evolving economies

What is the most appropriate combination of fiscal and monetary policies in economies subject to banking crises and deep recessions? We study this issue using an agent-based model that is able to reproduce a wide array of macro- and micro-empirical regularities. Simulation results suggest that policy mixes associating unconstrained, counter-cyclical fiscal policy and monetary policy targeting employment is required to stabilise the economy. We also show that “discipline-guided” fiscal rules can be self-defeating, as they depress the economy without improving public finances. Finally, we find that the effects of monetary and fiscal policies become sharper as the level of income inequality increases.     

绿色贸易壁垒对我国外贸的影响及对策研究

随着各国环保标准的日趋严格,绿色贸易壁垒成为当今国际贸易中贸易保护主义的一种新形式。我国作为一个贸易大国,绿色贸易壁垒波及到我国外贸出口的所有领域,并严重影响到我国对外贸易的发展。因此,系统地研究绿色贸易壁垒,通过分析对中国经济可持续发展的影响,提出构建我国的绿色贸易壁垒应对策略,具有重要的理论和现实意义。     

碳交易政策下供应链协调决策机制研究

供应链系统中成员企业存在竞争关系,在减排活动中容易相互推卸责任,使供应链系统不能良性发展,因此协调各方利益做到互利双赢十分重要。深入探究了单周期两级供应链的订购与减排决策模型,针对碳交易政策,并结合政府减排技术补贴政策,重点研究了收益共享契约对最优订购量、最优碳减排率以及最大收益的影响。     

深化技术性贸易措施研究与利用推动经济转型升级

文章深入研究了技术性贸易措施的发展趋势,剖析了当前经济转型升级过程中国外技术性贸易措施带来的发展机遇和促进作用,提出了加强研究和利用技术性贸易措施的政策建议。     

Effect of Certificate of Need Law on the intensity of competition: The market for emergency care

PurposeThis article aims to contribute to the academic literature in better understanding the impact of Certificate of Need (CON) Law on Emergency Department (ED) care. Impact of CON Law on ED competition remains an unanswered empirical question.MethodsWe examine the impact of CON Law and its stringency on the intensity of competition (rivalry among competitors) between EDs measured by the Herfindahl-Hirschman Index (HHI). We then estimate the effects of CON Law on HHI by treating CON as an exogenous (endogenous) variable.FindingsOn average the CON legislation enhances ED competition. A possible reason is that the law hinders predatory behavior, and therefore acts as an effective anti-trust tool. Other findings indicate that competition is found to be positively related to a state's population size and median income and negatively related with the prevalence of employer provided insurance and magnitude of illegal immigration in a state.Practical implicationsThis article sheds some light on how political regulations could affect healthcare market and hence may provide public policy makers some insights on reducing healthcare cost.OriginalityOur analysis of the impact of CON regulation on ED competition significantly contributes to the healthcare and strategy literature. The law potentially serves as an anti-trust tool in the hands of the government. We extend the empirical literature by treating CON Law and its stringency as exogenous (endogenous). Our comprehensive analysis considers a host of control variables such as population demographics, their health status and access to health care, healthcare facilities, political environment, in addition to the CON features.