Nominal shocks and the current account: A structural VAR analysis of 14 OECD countries

This paper provides some empirical evidence on one of the most controversial theoretical implications of the new open economy literature, which refers to the role of the current account in the international monetary transmission mechanism. In order to throw some light on this issue, two structural VAR models are estimated separately for 14 industrialized countries. The main empirical results highlight the importance of the role of nominal disturbances for current account fluctuations. Additionally, it is found that expansionary nominal shocks generate temporary current account surpluses, whose size is positively correlated with the openness of the individual countries. JEL no. C32, E40, F41, F42     

Exchange rate shocks and the current account under monopolistic competition: An intertemporal optimization model

This paper examines the current-account effect of a devaluation in a Chamberlinian model where both saving and investment are based on intertemporal optimization. It shows that devaluation tends to deteriorate the current account along the time horizon, leading to a reduction of the stock of foreign assets permanently. In contrast to recent work, these real effects do not rely on short-run disequilibrium in the goods or labor market. Besides, a temporary devaluation may generate hysteresis effects on both micro- and macro-economic aspects of a small economy.     

Financial crises,Asian stock indices,and current accounts: An Asian-U.S. comparative study

This paper investigates the effects of financial crises-based exchange rate, real interest rate, and personal consumption expenditure on stock market indices and balances of current account in four Asian countries/areas, and the U.S. from 1997 to 2010. Results obtained from Sims's first-order DSGE representation suggest that two policy variables – changes in the exchange rate and changes in the real interest rate lagged by one quarter – act as stabilizers for contemporaneous changes in stock indices for Thailand, Malaysia, and the U.S., but as destabilizers for Taiwan and Hong Kong. However, changes in personal consumption expenditure lagged by one quarter only play a destabilizing role in Hong Kong. For contemporaneous changes in the current account balance, all three policy variables become destabilizers for all five countries except the one-quarter lagged change in real interest rate, which acts as a stabilizer in Malaysia.     

External shocks and Japanese business cycles: Evidence from a sign-restricted VAR model

This study investigates the sources of Japanese business fluctuations since the 1990s, taking into account both external shocks (e.g., risk premium and foreign demand shocks) and domestic supply and demand shocks. We use the sign-restricted VAR model based on the theoretical model to identify these shocks. The presented results show that approximately 30–50% of the forecast error variances in output can be explained by external shocks. Further, we demonstrate that supply shock is the main influencing factor in Japanese business fluctuations throughout the sample period and that the role of external shocks has been growing in the post-Lehman period, including the effect of the Great East Japan Earthquake.     

Structural and cyclical movements of the current account in Japan: An alternative measure

The purpose of this study is to analyze fluctuations in the current account in Japan by deconstructing structural and non-structural components with a new method. The study shows that at the beginning of the 1980's, most components of the current account in Japan were structural. After the Plaza agreement in 1985, however, Japan's structural current account sharply decreased. Since the end of 1990s, the structural components increased again and reached nearly 2% of GDP and these movements are generally associated with the structural components of equipment investment. Business fluctuations in Japan and world, especially in the U.S. play an important role in the non-structural current account. Cyclical movements of the current account are remarkable because they include periods of recession, and this tendency was notable in the 1990s.     

公共教育投资与延长人口红利——基于人力资本动态投入产出模型和SAM的预测

本文利用SAM和动态投入产出模型预测了通过提高公共教育投资以延长人口红利的可行性。假定政府扩张教育投入至GDP4.5%,施行高中义务教育,虽然在短期内由于挤占经济建设投资,会导致经济增速下降,但其长期效应包括：使高中和研究生学历人力资源迅速扩张,显著提升现代制造、科教、服务业的生产率,为产业结构升级打下基础;居民和企业相对收入提高,有利于经济增长模式转变;GDP增长率将随着人力资本的积累而回升,增长在人口红利拐点后得以延续。     

新疆科技产出对区域经济增长的影响实证研究——基于VAR模型

以新疆生产总值GDP作为衡量经济增长指标,将科技产出指标在科技成果、技术扩散和销售能力3个层次上分为6个二级指标。首先对科技产出指标和GDP进行相关性分析,其次对GDP和6个二级指标进行平稳性检验和差分处理,建立时间序列的3个VAR模型,运用Eviews软件对模型进行单位根检验和Engle-Granger 协整检验,得出通过检验的模型,对模型进行单变量脉冲响应和方差分解分析,得到高新技术产业企业数和专利授权数对GDP的贡献度。最后针对新疆未来经济高质量、健康和稳步发展提出对策建议。     

The price and income elasticities of the top clothing exporters: Evidence from a panel data analysis

This paper studies the main export function features of twelve top clothing exporters (China, Hong Kong, France, Germany, India, Indonesia, Italy, Netherlands, Spain, Turkey, UK and USA) in the period between 1992 and 2011. Price and income elasticities are estimated for each economy using a panel data approach, after controlling for nonstationarity, cointegration and Granger causality. Rolling regressions are also performed, and show the existence of some elasticities instability over time, fundamentally related to the profound economic and institutional changes affecting the clothing trade in the period under consideration. The analysis suggests that most advanced economies, including Hong Kong, changed their position in the global value chain towards an “organizational” role. China confirms its leadership in clothing exports although its rising price elasticity sounds a warning with regard to future prospects.     

International relocation,difference in production costs,and welfare: An analysis based on a two-country model

This paper examines whether or not the globalization of Japanese companies is a problem for the Japanese economy. To examine this, using the theoretical model, the paper examines whether the globalization of home-located tradable goods firms provides a benefit to the home country from the perspective of welfare. Specifically, since globalization is thought to have begun based on the difference in production costs of the home and the foreign country, we examine how an increase of productivity in the foreign non-tradable goods sector, which is the principal factor in the difference in production costs between the two countries, affects the welfare of the home country. We show that such an increase of productivity not only induces enterprise relocation, but also improves the welfare of the home country. In particular, the latter is demonstrated by an increase in the real flow of dividends that results from holding equities in tradable goods firms located abroad, i.e., the improvement in the income account. Hence, since the prediction of the model indicates that the globalization of firms is not a problem, it can be said that the globalization of Japanese firms is not a problem for the Japanese economy.     

贸易开放度、劳动力市场扭曲与全要素生产率——基于省级面板数据的实证分析

基于空间计量模型,使用中国省级层面数据探究劳动力市场扭曲程度和贸易依存度对地区全要素生产率的影响.研究结果表明,劳动力市场扭曲抑制了地区经济增长,贸易开放水平对经济发展有着正向促进作用.对比中国不同区域可以发现,东部地区在劳动力市场与国际贸易市场上发展较为完善,中西部地区还需缓和中西部地区农业部门与非农部门的劳动力市场不平衡、增加贸易对外开放程度、增加企业自主研发等方式来提升地区全要素生产率.     

Trade Costs,Trade Balances and Current Accounts: An Application of Gravity to Multilateral Trade

In this paper we test the well-known hypothesis of Obstfeld and Rogoff (NBER Macroeconomics Annual 7777:339–390, 2000) that trade costs are the key to explaining the so-called Feldstein–Horioka puzzle. Our approach has a number of novel features. First, we focus on the interrelationship between trade costs, the trade account and the Feldstein–Horioka puzzle. Second, we use the gravity model to estimate the effect of trade costs on bilateral trade and, third, we show how bilateral trade can be used to draw inferences about desired trade balances and desired intertemporal trade. Our econometric results provide strong support for the Obstfeld and Rogoff hypothesis and we are also able to reconcile our results with the so-called home bias puzzle.

Technological factors and total factor productivity in China: Evidence based on a panel threshold model

This study investigates the effects of technological factors, including indigenous research and development (R&D) investments, technology spillovers coming from foreign direct investments, export, and import, on China's total factor productivity (TFP). Using provincial panel data of China, covering 30 provinces over the period 2000–2014, our results confirm that indigenous R&D investments play a leading role in promoting TFP. Linear analysis suggests that, except for export, the technology spillovers through openness are beneficial for TFP growth. However, a further discussion based on a panel threshold model suggests that the different behaviours of these technology spillovers are dependent on the technological absorptive capacity affecting factors, such as human capital and indigenous R&D investments. The human capital will strengthen the spillover effects of each technology spillover. However, R&D intensity initially tends to hamper their spillover effects. Once the R&D intensity exceeds a certain level, the negative spillover effect of export on TFP tends to be alleviated, and the positive spillover effect of foreign direct investment and import on TFP will increase.     

城镇化、生态环境与产业结构调整——基于省际面板数据的PVAR分析

基于2003—2018年中国省际面板数据,采用面板向量自回归(PVAR)模型实证检验全国及不同地区城镇化、生态环境与产业结构调整的动态关系.结果显示:总体上,城镇化在不同的发展阶段会对生态环境与产业结构调整产生不同的作用效果,对前者为先抑制后促进,对后者为先促进后抑制.生态环境对产业结构调整有着明显的倒逼效应,且无论短期还是长期,都是影响产业结构调整的主要因素,而产业结构调整到一定程度后也会对生态环境产生不利影响,两者呈现出相互制约的动态关系.在经济发展程度不同地区,城镇化、生态环境与产业结构调整的相互关系已进入了不同阶段.     

地理标志农产品对城乡收入差距的影响研究——基于全国30个省份面板数据的实证分析

在剔除三部门重合地理标志农产品后,基于2010—2018年中国30个省份(因数据缺失,未包括西藏和港澳台地区)的面板数据,构建空间杜宾模型和面板门槛回归模型,实证研究地理标志农产品对城乡收入差距影响的空间溢出效应和非线性影响。研究结果显示,城乡收入差距的空间集聚特征明显,且具有显著的正向空间自相关性;地理标志农产品能够抑制本省域及邻近省域城乡收入差距的扩大;随着经济发展水平的提高、交通基础设施水平的提升,地理标志农产品缩小城乡收入差距的作用逐渐增强。     

An analysis on the relationship between RMB interest rate and exchange rate based on BEER model

The internal money market and international money market will mix together when the finance market is open. Researching on the relationship between interest rate and RMB exchange rate is so meaningful. Based on the reality of market-based reform in our country, the paper employs the BEER model to analyze the interest rate＇s influence to the RMB equilibrium exchange rate, and inspects the realistic performance of the interest rate and exchange rate mechanism. Then it seeks some effective measures to promote the interactive development of the interest rate and exchange rate markets.     

数字经济与共同富裕互动效应研究——基于省级面板数据的PVAR实证分析

利用2013—2021年的省级面板数据,运用PVAR(面板向量自回归)模型探究数字经济与共同富裕动态影响关系,从数字基础设施、产业数字化、数字产业化3个维度分别考察对共同富裕福利性、保障性、发展性3个层面的影响。结果显示：在样本考察期内,中国数字经济与共同富裕发展水平稳步提升,但区域发展不平衡性突出,呈现地区差异化的特征;数字经济与共同富裕发展水平之间存在互动效应关系,数字经济的蓬勃发展,为支持共同富裕提供新的动能;共同富裕的发展间接促进数字产业化的发展;数字经济的发展会在一定程度上提高共同富裕发展性水平,但也会在一定程度上阻碍共同富裕福利性以及保障性水平的提高。根据所得结论,提出完善数字经济基础设施、以数字技术完善城市发展网络、推进数字产业化发展等建议,以促进我国整体共同富裕水平的提升。     

绿色信贷对中国商业银行盈利能力的影响——基于17家商业银行面板数据的实证分析

绿色信贷是当今发展绿色经济的重要举措,商业银行实施绿色信贷业务能否提升盈利能力受到广泛关注。从绿色信贷视角出发,对绿色信贷影响商业银行盈利能力的情况进行了理论分析,基于2013—2021年中国商业银行的面板数据进行了相关实证分析和异质性检验。研究发现,开展绿色信贷业务对商业银行的盈利能力呈现正向影响,且该影响对国有商业银行更明显,而对非国有商业银行不明显。     

地方政府债务对人地城镇化失衡的影响——基于空间杜宾模型的实证分析

基于全国2010—2019年30个省区市的面板数据,运用空间杜宾模型实证检验地方政府债务对人地城镇化失衡的影响。结果显示：人地城镇化失衡具有空间溢出效应;地方政府债务水平的提高加剧了人地城镇化失衡;分区域来看,相较于东部地区,中西部地区地方政府债务对人地城镇化失衡的正向作用更为突出。基于此,提出深入地方政府政绩考核体系改革和增强地方债务支出结构管理的建议。     

乡村振兴与电商平台研究综述——基于VOSviewer的分析

通过VOSviewer分析2018—2023年有关乡村振兴与电商平台研究的中外文研究共414篇高质量文献的知识图谱,分别从关键词共现、研究内容等方面进行发表趋势和轨迹的可视化分析。研究结果表明,2018—2023年乡村振兴与电商平台领域的期刊发文量呈现倒U形的发展趋势;研究内容以案例、访谈等定性研究法为主,并在未来聚焦在数字化、现代化、可持续性发展等方向上。在梳理分析研究的基础上,为新时代下的电商平台对乡村振兴的可持续支持提供方向。     

Market competition,differences in technology,and productivity improvement: An empirical analysis based on Japanese manufacturing firm data

In this paper we examine empirically the effect of market competition on firm productivity improvements using data drawn from the Japanese manufacturing sector. We find that a non-linear relationship between competition and productivity growth induced by R&D activity as suggested by Aghion et al. (2005) holds for Japanese manufacturing firms. We also show that greater market competition widens technology differences across firms, and firms facing more intense competition are more productive than other firms. Our empirical results imply that productivity improvement through R&D activity depends on not only a competitive environment but also technological differences between firms.