美、日、欧盟绿色技术创新比较研究

美国、日本和欧盟各国根据各自的国情,构建了不同的国家绿色技术创新体系,并在绿色技术创新领域取得了不欲的成绩。对三者的创新模式、技术、组织和政策等4个方面进行比较研究,以期为我国绿色技术创新体系的建设提供借鉴。     

Stock market integration of emerging Asian economies: Patterns and causes

In this study, we examine the patterns and causes of stock market integration of selected emerging Asian nations against the US, Australia, China, and India for the period 1 January 2001 to 31 March 2012. We compare patterns of market integration for countries on a daily, weekly, or monthly basis using the time-varying correlation technique, namely, GARCH-dynamic conditional correlations (DCCs). In doing so, we suggest that opportunities in cross border investment vary by frequencies. We also divide daily data into subsamples and find that correlations were strongest during the global financial crisis (GFC) of 2007–09. The time varying bilateral correlations are found to be highly volatile. We also investigate the causes of identified correlations and find that apart from the GFC, the underlying economic and financial conditions have also been responsible for the higher correlations between these stock markets.     

Asymmetric interest rate pass-through in the U.S., the U.K. and Australia: New evidence from selected individual banks

This paper provides new evidence on asymmetric interest rate pass-through in the U.S., the U.K. and the Australian economies by using the Nonlinear Auto-Regressive Distributed Lag model, central bank interest rates, lending and deposit interest rates from selected banks, spanning the period 2000–2013. The results provide evidence that corroborates the asymmetric pass-through market predictions. Robustness tests are also performed by splitting the sample period into that prior to and after the recent financial crisis. The new findings document that the asymmetric character of pass-through remains active only in the case of Australia.     

Comparative Study on Venture Capital among U.S.A., Japan and China

This essay, through comparing venture capital in China＇s modernization with U.S.A., Japan, summarizes the different characteristics of venture capital of the United States and Japan, and thinks that China＇s present modernization, as a flag of developing countries, has already entered middle period of industrialization, according to the experience of U.S.A., Japan and reality of China. The technological progress mode has already been changed from technology import to technological innovation stage at this time. In order to encourage innovations, we must develop venture capital in a more effective manner. The national conditions have determined the technology import of China, which must start with a high points, this is the most important condition of target to choose. The venture capital of China in system transitional period should use U.S.A.＇s experience for reference even more on the capital source to pay close attention to the capital sources of the government and bank. Once the government guides and starts the market, the folk capital will show the natural instinct of the capital automatically Risk investment is the embodiment capitalized personality spirit, in order to dispose such ambitious culture. We need the reform of the system as well as dispose risk investor＇s stratum at present.     

美、日、意开发落后地区制度供给对我国西部开发的启示

区域经济发展不平衡现象在世界各国普遍存在,为了消除差距,均衡发展,一些国家结合自身的实际情况,进行了长期不懈的努力和探索。总结和借鉴国外开发落后地区制度供给的经验,对于我国西部开发制度供给具有重要的借鉴意义。     

Sunspots and self-fulfilling beliefs in the U.S. housing market

This paper provides a rational expectations equilibrium framework to organize the following observations about the U.S. housing market from 1975 to 2007: (i) housing occupancy patterns were approximately constant, (ii) rents were stable, and (iii) house prices appreciated considerably in the late 1990s. I develop a model based on search and matching theory and close it by specifying a state of household confidence that is assumed to take one of two sunspot-driven values: normal or exuberant. The model generates a substantial increase in house prices and stable rents as the probability of the exuberant state increases, driven by self-fulfilling beliefs. I explore which aspects of the parameterization are important for generating a large appreciation in house prices in the model.     

Stock market integration and risk premium: Empirical evidence for emerging economies of South Asia

This article investigates the dynamics of regional financial integration and its determinants in an international setting. We test a conditional version of the International Capital Asset Pricing Model (ICAPM) accounting for the deviations from Purchasing Power Parity (PPP) as well as temporal variations in both regional and local sources of risk. Using data from five major South Asian markets (Malaysia, Thailand, Singapore, Indonesia, and Sri Lanka), our results support the validity of an ICAPM and indicate that the risk is regionally priced. Furthermore, we show that changes in the degree of regional stock market integration are explained principally by the U.S. term premium, and the level of market openness, whatever the measure of currency risk. Finally, and as expected, the degree of stock market integration varies considerably over time and from one market to another. As intense market integration induces both benefits and risks, our findings should have significant implications for economic policies and market regulations in emerging, frontier-emerging and transition countries, particularly for countries from the same region.     

美、日、韩三国的数据库建设及相关政策

现代通讯技术的发展，为知识的高效管理和全社会共享提供了有力的技术支撑。数据库以其速度和效率方面的明显优势而受到全世界青睐，各国政府纷纷发展自己的数据库。主要介绍了美国、日本和韩国的数据库建设及相关的政策激励。     

Economic policy uncertainty and firm investment: evidence from the U.S. market

This paper examines the impact of economic policy uncertainty on firm-level capital investment, by not only delving into the long-term investment-uncertainty relation like previous studies, but also analyzing the short-term investment-uncertainty relation for the U.S. market. The empirical investigations show that firms decrease short-term, long-term, and total firm investments when encountering higher economic policy uncertainties. The research also explores the non-linear investment-uncertainty relation based on various theories. Our findings present a U-shaped relationship between short-term, long-term, and total investments and uncertainties. Policy implications are provided from our empirical results.     

The Costs of U.S. Hegemony: Military power,military spending,and U.S. trade performance

For David Gordon and his collaborators in the social structures of accumulation (SSA) tradition, the willingness to threaten potential adversaries with military forces capable of acting on a global scale was seen to positively affect the U.S. terms of trade. U.S. hegemony yielded specific supply side benefits as favorable terms of trade reduced relative input prices and boosted profitability. Although Gordon and his co-authors recognize the potential costs of sustaining a large, globally active military apparatus, these costs are not incorporated in the econometric models supporting the SSA theory. This paper attempts to extend the SSA analysis by empirically measuring the effects of both military spending and military power on U.S. trade performance over the 1951–1987 period. It is shown that while military power and spending commitments may have positive effects on the terms of trade, these military variables had direct and indirect negative impacts on the U.S. net export balance and therefore domestic aggregate demand. In the context of a model of U.S. growth performance open to international transactions, the overall effect of the postwar military system on U.S. economic growth was likely negative in the cold-war era     

美,日两国技术创新战略的比较与启示

本文对美、日两国的技术创新战略进行了比较，对两国技术创新战略的最新发展作了分析，在此基础上提出，根据我国国情和世界各国技术创新的发展趋势，我国的技术创新战略应确立为：自主创新为主．模仿创新为辅，自主创新与模仿创新相结合。     

Spatial and supply/demand agglomeration economies: State- and industry-linkages in the U.S. food system

Cost-impacts of spatial and industrial spillovers on economicperformance are evaluated by incorporating activity level measures for nearby states and related industries into a cost function model. We focus on localization and urbanization economies for state level food processing industries, from activity levels of similar industries in neighboring states, agricultural input suppliers, and final product demand. We find significant cost-savings from proximity to other food manufacturing centers, and areas with high purchasing power. Cost savings from locating near an agricultural area are also evident, although it seems costly to be located within a rural agricultural state, implying thin market diseconomies. Marginal production costs instead appear higher in more urban, and lower in more rural, areas. These spillover patterns also have input composition implications; materials demand responses are the most closely tracked by the agglomeration cost effects, and capital and labor impacts vary.     

美、日、韩三国跨国公司培育的比较与借鉴

本文通过对美、日、韩三国不同跨国公司成长模式的分析,探讨世界各国跨国公司成长的共同规律与路径差异,并从转换FDI观念、提供金融财政支持、完善法律制度、统一政府管理体制、提高政府服务水平等角度探讨我国跨国公司的培育。