Macroeconomic Policy, Exchange Rate Regimes and Economic Growth

China has been keeping high economic growth rate since it carried out managed floating exchange rate regimes in 1994, while now begins to face retrenchment pressure brought by the depression of internal and external economy. The establishment of RMB exchange rate regime should take account of the validity of macroeconomic policy, macroeconomic growth and the regional internationalization of RMB.     

Analyzing the Dynamic Relationships between Physical Infrastructure,Financial Development and Economic Growth in India

This paper investigates the dynamic relationships between physical infrastructure, financial development and economic growth in the case of India, using the autoregressive distributed lag and the Toda–Yamamoto causality approach for the period 1980 to 2016. A physical infrastructure index and a financial development index are constructed using the principal component analysis. The empirical results suggest that physical infrastructure has a positive effect on economic growth both in the long run and short run, whereas financial development, although significant, has a weak impact on economic growth. The causality test supports a bidirectional causal relationship between infrastructure development and economic growth, while it finds unidirectional causation running from economic growth to financial development. As India is aiming for higher growth for a sustained period, our results suggest that there is a need for government intervention in expanding the physical infrastructure and this, in turn, could lead to economic growth as well as financial sector development.     

A Comparative Analysis of Chinese-Nigerian Economic Reforms and Development Experiences

I. IntroductionThe economic reform process embarked on by the Chinese leaders in 1978 came at a time ofneed. In 1976, the political class that assumed the leadership saw the great need for economicreform and transformation. This vision was strengthened specifically by the assumption ofA Comparative Analysis of Chinese-Nigerian Economic115Reforms and Development Experiencespower by Deng Xiaoping. The formal diplomatic relations the P.R. China established withUnited States in 1979 furthe…     

Economic Globalization and Inflation in China: A Multivariate Approach

This paper evaluates whether globalization has increased the role of global factors in driving inflation in China. Unlike other published studies on the relationship between globalization and inflation, which mostly use Phillips curve models, this paper uses multivariate dynamic models to examine the dynamic interactions between globalization and inflation in China. Empirical results with quarterly data spanning from 1995 to 2012 show that the global output gap significantly affects the dynamics of inflation in China. In particular, the global output gap is superior to the domestic output gap in predicting domestic inflation. Impulse response and variance decomposition analyses reinforce this finding. Our results indicate that the central bank of China should take developments in global output into account in its monetary policy‐making process.     

创新政策在G开发区实践之研究

开发区是中国经济成长主要贡献者,为产业发展发挥重要的促进作用。创新政策则是开发区成功营运关键因素,并成为开发区的核心竞争力。现实中由于各地方开发区的盲目发展,导致数量多、规模大、同质化严重,出现招商引资恶性竞争现象。通过成功开发区的个案研究可以发现:创新政策是政府管控市场失灵、推动企业创新的主要工具。创新政策一般以直接资助、间接资助、需求激励、促进合作、创新服务等五个构面来推动园区的发展,绿色创新已成为新的趋势。同时创新政策的实施涉及多个政府部门,需要政府部门间协调促进。开发区应因地制宜,科学规划,从资源基础角度出发制定创新政策。     

增长质量、阶段特征与经济转型的关联度

基于现阶段我国大力提倡循环经济、绿色经济增长模式背景,通过分解经济增长质量指数的结构,突破以往经济增长质量评价研究建立在传统经济增长模式下的不足,将循环经济、绿色经济思想引入经济增长质量评价研究中,构建经济增长质量指数结构与经济增长模式转型关系图以及能够反映新的经济增长模式的经济增长质量评价指标体系。以1995~2006年为例,测评经济增长质量总指数及其分指数,据此判断我国经济增长质量的状况及增长模式的进程,以期为我国经济增长模式转型研究提供一个实证分析框架。     

我国本轮经济增长存在的问题及对策

我国本轮经济存在着粗放型增长方式占主导、资源成为经济增长瓶颈,经济结构失衡加剧、难以有效持续增长,地方政府行为导致经济过热、经济运行出现波动,高增长低就业的经济发展格局、比较优势难以发挥,居民收入增长缓慢、差距拉大、社会分配明显不公等五个主要问题。因此,对经济运行中存在的这些问题必须加以治理,以便实现经济的健康发展。     

经济转型与包容性增长的关联度

包容性增长是时代发展的必然要求,体现了公平与正义的科学内涵,是一种理想的经济发展方式。在经济转型深化阶段,中国经济社会问题的解决迫切需要以包容性增长理念为引导,将经济转型、政治转型、社会转型、文化转型等多种转型相互融合与协同推进,切实转变经济发展方式,才能实现国民经济的持续良好发展。     

China＇s Construction Land Expansion and Economic Growth： A Capital-output Ratio Based Analysis

Since 2003, the Chinese Government has included land policy as an important component of macroeconomic policy. The present paper analyzes the impact of the expansion of construction land on economic growth in terms of the capital-output ratio. Using provincial panel data for China from 1999to 2005, we conclude that the excess expansion of China＇s construction land led to an increase in the capital-output ratio. Therefore, expanding construction land has made little contribution to economic growth. This paper argues that contractionary land policy does not deter high economic growth, and is a necessary condition for sustainable economic growth.     

Financial Structure,Technology, and Economic Growth: A Structural Matching Perspective

Different types of capital are better suited to financing technologies with different risk profiles, and structural matching between finance and technology may critically influence economic growth. Using cross-province panel data from China, we estimated the impact of the matching relationship between regions' financial structure and technology level on economic growth. We show that: (i) the matching relationship had a statistically significant positive impact on economic growth; (ii) structural mismatching reduced economic growth in comparison with the optimal matching point; (iii) structural matching better facilitated economic growth in more developed regions; and (iv) capital accumulation and technological progress were two of the main channels through which matching influenced economic growth. We address potential endogeneity concerns and perform robustness checks, and our results remain valid. Our findings provide convincing evidence for the optimal financial structure theory and explain China's rapid growth despite its comparatively underdeveloped securities market.     

非正规金融、制度变迁与经济增长:一个文献综述

本综述在剖析非正规金融交易微观运作机理的基础上,揭示了非正规金融对中小企业融资、经济增长的重要性以及对金融制度变迁的导向意义;在进行正规金融机制设计、改善中小企业融资与金融体制改革时,要利用非正规金融的优势和正面效应。     

我国经济结构失衡的内需与外需原因分析

我国已是一个经济大国,内需应是经济增长的主导力量。外需快速增长给我国央行货币发行与管理模式的有效性带来挑战,使我国经济结构失衡加剧,不利于实现经济增长向内需主导型模式的转变,也不利于经济发展水平与国内居民消费水平之间做到良性循环。要建立起以内需为主导的经济发展模式,就必须促进经济增长由主要依靠投资、出口拉动向依靠消费、投资、出口协调拉动转变,这是我国实现经济长期、持续、协调发展的必然要求,也是贯彻落实科学发展观的重要体现。为此,文章在分析我国经济结构失衡原因的基础上,提出通过进行出口战略性调整,＂消解并转移＂过度的外汇储备,把经济发展模式转变与政府促进公共消费联系在一起,以此作为有效扩大内需的一种调控手段。     

城市化与经济增长的动力：一种长期观点

过去30多年来,中国的长期经济增长及国民财富水平的迅速提升都与方兴未艾的城市化浪潮息息相关。展望未来10～20年,中国将有近10亿人口居住在城市,从任何角度讲,中国城市化的巨大规模都将孕育新的机会,并必将成为未来中国长期增长与经济转型的宏大主题。一定程度上,未来中国经济能否继续领跑全球,关键就在于发展中的城市化主题。一个13亿人口大国的城市化问题不但直接决定未来中国经济长期增长的动力,并将对全球经济产生深远影响。     

产业结构、政策与区域经济发展——基于山东省的实证研究

通过对山东省产业结构和经济发展的实证分析发现,第二产业是经济发展的最重要推动力,尤其是工业,其次是第三产业,但这两个产业都表现为比重高,但是效率低。第一产业对经济的相对贡献力高,比重稍低。同时通过考察1992年政策节点前后对产出弹性的影响发现,市场经济竞争机制的引入对第一产业的产出弹性产生负的效应,同时增加了第三产业产出弹性,但是对第二产业没有明显的影响。