Stock market development and economic growth in Belgium

This paper investigates the long-term relationship between financial market development and economic development in Belgium. We use a new data set of stock market development indicators to argue that financial market development substantially affected economic growth. We find strong evidence that stock market development caused economic growth in Belgium, especially in the period between 1873 and 1935. Institutional changes affecting the stock exchange explain the time-varying nature of the link between stock market development and economic growth.     

Foreign capital flows and economic growth in East Asian countries

This paper provides a quantitative assessment of the effect of various types of capital flow on the growth process of the East Asian countries, including China. The empirical analysis was based on dynamic panel data and we found; first, that domestic savings contribute positively to long-term economic growth. Second, we confirmed that FDI is growth enhancing and that its impact is felt both in the short and long run. Additionally, FDI influence on growth is much higher than domestic savings. Third, short-term capital inflow has adverse effect on the long-term as well as short-term growth prospects and it appears to be sensitive to long-term capital inflows. Fourth, long-term debt has positive effect on growth but its effect does somewhat disappear in the long-term. By and large, the observed positive contribution of FDI in the growth process of East Asian economies is a robust finding. From policy perspective, the evidence convincingly suggests that countries that are successful in attracting FDI can finance more investments and grow faster than those that deter FDI.     

From a crisis of financing mechanisms to sustainable economic growth

The article examines the main factors that shaped the negative macroeconomic trends in the Russian economy in 2013–2016. The author estimates the current potential of long-term economic growth and changes compared to the situation after the crisis of 2008–2009. Requirements for a promising model of funding economic growth are formed.     

新经济增长理论对我国技术进步的启示

新经济增长理论认为经济增长的源泉是内生技术进步,从长期看,政府可以通过促进技术进步,提高经济的长期增长率。目前我国正处于增长转型时期,技术进步对我国经济持续增长的意义不言而喻。本文从罗默“知识驱动”模型出发,分析我国实现技术进步的途径,为我国经济增长途径找到制度应用的理论依据。     

Social and economic development of Russia: an analysis and a forecast

The article contemplates the main trends of the socio-economic development of Russia, which have prevailed in recent years. The factors which cause the slowing the country’s economic dynamics are identified and described. The tasks for the long-term development of Russia are formulated. The issues concerning the actual and desired rate of economic growth are considered. Estimates of the resources required to implement the tasks above are revealed. Measures to increase the rate and quality of economic growth in Russia are proposed.     

Entrepreneurship capital and economic growth

This paper shows how and why the Solow growth accounting frameworkis useful for linking entrepreneurship capital to economic growth.The knowledge filter impedes the spillover of knowledge forcommercialization, thereby weakening the impact of knowledgeinvestments on economic growth. By serving as a conduit forknowledge spillovers, entrepreneurship is the missing link betwninvestments in new knowledge and economic growth. Entrepreneurshipis an important mechanism permeating the knowledge filter tofacilitate the spillover of knowledge and ultimately generateeconomic growth. The emergence of entrepreneurship policy topromote economic growth is interpreted as an attempt to promoteentrepreneurship capital, or the capacity of an economy to generatethe start-up and growth of new firms.     

Sphere of paid services to the population in the context of social and economic development

This paper examines the technical and economic situation in the sphere of services, long-term and recent tendencies, and the proportion of development among services in connection with the income of the population. Factors of the inequality in the consumption of paid services and the results of cross-country comparisons, as well as reasons for the slow growth of this sector, are investigated     

Population and economic development

The traditional view has been that population growth has adverse effects on real per capita incomes. China's restrictive population policy appears to have been based on the traditional view. There is substantial evidence that contradicts the conclusion that population growth is adverse to economic growth. Most empirical analyses of the relationship between population and economic growth do not find that there is an adverse effect. The history of the world has been that periods of low population growth have been periods of low economic growth and that high rates of economic growth have occurred when population growth is also high. Most of human history has had low population and low economic growth. Only recently has there been both rapid population and economic growth.     

Urban economic transformation and minority business opportunities

Conclusion In summary, this study hypothesized and found evidence of black business growth opportunities in business services, amenities, finance, and real estate. Decline of small-scale black retailing was hypothesized, but this decline was found to be much more apparent in snowbelt as opposed to sunbelt urban areas. Manufacturing was found to be surprisingly durable in the snowbelt and extraordinarily weak in the sunbelt, which is quite inconsistent with basic economic transformation trends operating in both regions. Weak performance in black-owned sunbelt manufacturing paralleled similar performance in sunbelt black-owned wholesaling. Sunbelt weaknesses in these two major industry groupings require explanation and would be appropriate topics for future research. Older central cities that once served as centers for industrial production are rapidly being transformed into cities where administrative and service functions are the dominant economic activities. Smaller, service-oriented firms are thriving in these cities, and minority-owned businesses appear to be major beneficiaries of this important urban trend. Finally, minority business development policies are most likely to be successful if they are complimentary to the basic long-term trends that are transforming urban America.     

Trade-off between economic development and environmental governance in China: An analysis based on the effect of river chief system

The conflict between economic growth and environmental pollution has become a considerable bottleneck to China's future development. In the context of the promotion tournament, the Chinese Central Government incorporated the responsibility of water environment governance into the assessment and promotion system of local officials and implemented the river chief system (RCS). The RCS is an important measure to rebalance local economic development and environmental governance. However, two critical questions need to be addressed due to the path dependence of the “economic growth first” strategy and the complexity of cross-border watershed governance. Specifically, whether the RCS improved water environment as effectively as the economic responsibility system promoted economic growth, and whether local governments in China found a balance between economic development and environmental governance. This study aims to address these questions by investigating the policy impact of River Chief System (RCS). The results show that the RCS has heterogeneous effects on different pollutants, namely, an improvement in NpH value and NH₃-N but a deterioration in COD and DO. We found opposite conclusions when using provincial monitoring data in Jiangsu province, which provides empirical evidence of cosmetic pollution governance by local governments. Our conclusions imply that the implementation of the RCS is not as effective as the government claimed. Moreover, we did not observe the trade-off between economic development and environmental governance for local governments. Local economic development is still in preference to environmental governance. We recommend improving the mechanism of the long-term implementation and dynamic evaluation of the RCS, highlighting the independence of evaluation authorities, and introducing third-party evaluation and public supervision systems.     

辽宁省自主创新、技术转移与经济增长关联性的实证研究

文章采用索洛增长模型,对辽宁省自主创新、技术转移与经济增长之间的关联关系进行分析研究。结果表明:三者之间存在长期稳定的关联关系;短期中,滞后一、二期的经济增长自身对经济增长影响显著,自主创新与技术进步对经济增长影响不显著;长期中,自主创新与技术转移对经济增长影响显著。自主创新与经济增长存在互为因果关系,短期内,技术转移是经济增长的原因;长期内,技术转移与经济增长互为因果关系。自主创新与技术转移也存在着互为因果关系。     

财政分权与经济增长

理解财政分权在经济增长过程中所起的作用颇为重要。本文采用1953～2003年的时间序列数据,以地方政府财政支出占全部财政支出的比重作为度量财政分权的指标,用实证研究的办法考察财政分权对于中国经济增长的影响。与已有的一些研究结果不同的是,本文的回归结果显示,对经济增长具有显著影响的并不是财政分权的绝对水平,而是财政分权程度的变动。本文依据这一结果分析了财政分权与经济增长的关系。     

Indian economic reforms and ASEAN-India economic relations

This paper provides a brief account of the history of ASEAN-India relations and the changes currently taking shape as a result of the Indian economic reforms and the country's look East Policy. The paper then argues that there are opportunities for both sides arising from the likely new growth scenario for India outlined in the paper.     

Regional long-term forecasts: A synthesis of technological and economic approaches

The paper describes a long-term two-scenario forecast of the economy of the Far East, compiled as a synthesis of scientific-technological and general economic approaches, using a modeling program complex. The paper presents the results of probabilistic systemic transformations in the region’s economic and social environment for as long as until 2050. The forecast was based on a scientific and technological foresight and evaluations of scenarios of the dynamics of general economic parameters.     

The multinational enterprise and economic internationalism

Multinational enterprises have been praised as means of achieving the most efficient use of the world's resources, and, therefore, as a new means to classical economic internationalism. Examination of their behaviour gives little evidence that they would achieve this goal, for their criteria of decision-making are different and their movement of factors is for company objectives, not economic or market: the market cannot signal long-term investment opportunities. Nor is the multinational enterprise likely to respond to national economic criteria, for its orientation is regional or international, though certainly not yet ‘global’. Conflicts of values and concepts of equity will continue to produce tensions and calls for controls over the multinational enterprise.     

A measurement of economic growth for selected caribbean nations

This article explores economic growth performance of various Caribbean countries over a twenty-year period. Aspects of growth or decline of agricultural, industrial and service sectors are examined. In particular, the article seeks to provide an assessment of the impact of the agricultural sector on economic growth as measured by Simon Kuznets’ models and propositions in relation to agricultural product and labor contribution. General comparisons between the Caribbean countries and a sample of economies are provided. A central finding is that economic growth was minor during the period under consideration.     

Innovations, technological specialisation and economic growth in the EU

The paper analyses the effects of innovations, technological specialisation and technology diffusion on economic growth and convergence of the EU countries from 1969 to 1998. The empirical analysis is based on a panel data model, which enables us to assess the impacts of these three factors as well as of the usual production factors on long-term economic growth, and to calculate their partial contributions to - and -convergence of labour productivities within the EU. The results show that besides capital accumulation, transferable technical knowledge is a driving force of growth for catching-up EU countries, while it is the level of Ricardian technological specialisation for advanced EU countries.A previous version of the paper was prepared while the author was a Visiting Fellow at the Directorate General for Economic and Financial Affairs, EU Commission. I gratefully acknowledge the stimulating research atmosphere at DG ECFIN and would like to thank Werner Röger and Klaus Wälde for helpful comments. Furthermore, I would like to thank Jürgen Wolters, FU Berlin, for further helpful comments at the workshop for the special issue of this journal in Brussels, February 6–8, 2004.     

THe dynamics of agricultural contribution to economic growth

More than twenty-five years ago, Simon Kuznets formulated some procedures to measure the contribution of the agricultural sector to economic growth and development. This article provides a view of the experience of various countries at different stages of economic development to examine how they fare individually in terms of Kuznets’s suggestions. A major objective is the exploration of relationships between the levels of income and agricultural product and labor contribution to economic growth. It was found, as Kuznets perceived, that the contribution declines as the level of income rises.