Economic Globalisation and Youth Unemployment – Evidence from African countries

The present study seeks to examine the impact of economic globalisation on youth unemployment for 50 African countries between the period 1994 and 2013. In addition to the economic globalisation measurements, the present study controlled the variables that represent the fluctuations in economic activates; demographic changes, a country’s economic size; the quality of governmental institutions; and labour market regulation. The results of the Arellano-Bond (A-B) GMM technique showed that greater openness to global markets would reflect in a lower youth unemployment rate. Furthermore, the results revealed that rigidity in labour market regulations seemed to reduce the youth unemployment rate. In addition, urbanisation seemed to raise the youth unemployment rate. The findings supported contemporary calls to participate in international trade to facilitate the job creation process.     

中印信息技术产业的比较研究

在经济全球化和国际分工迅速发展的今天,信息技术产业在很大程度上体现了一国的经济发展水平。关注和研究中印信息技术产业的发展,对中国发展信息技术,改造传统产业,促进国民经济信息化,推动经济结构调整将具有非常重大的借鉴意义。     

国际金融形势分析与展望

2002年全球金融板块呈现调整特征:一是国际股票市场全线大跌,但其他市场却有不同程度的“好”行情;二是股票、风险投资等直接融资受挫,银行信贷等间接融资重拾风光;三是美元强货币走跌,欧元等弱货币走强;四是美国等强势金融体遭困,东南亚等弱势金融体逞强。与此相对应,中国的对外金融呈现一派繁荣景象,以开放促改革的局面初步形成。     

The impact of skilled immigrants on their local teammates’ performance

We use the Bosman ruling, which invalidated restrictions on the maximum number of foreign players allowed on professional football teams, to identify a causal positive impact of foreign players in German Bundesliga clubs on the individual performance of their domestic teammates.     

我国人口老龄化高峰来临前夕的挑战与机遇

本文分析了我国急剧人口转变和快速老龄化的状况与趋势。本文认为,我国应当抓住人口超高龄化高峰来临前的有利时机,将不断增多的国民储蓄向长期投资类型的积累性养老金资产转变。同时．与国际资本市场合作,为经济发展提供长期动力,做好迎接人口老龄化高峰的准备。     

Unravelling the link between knowledge integration and new product timeliness

This paper examines the impact of knowledge integration on new product timeliness in Chinese high technology firms. The results show that the knowledge integration-new product timeliness connection is contingent on managerial factors (reward system and top management support) and product-based competencies (technical skills adequacy and marketing fit). The findings suggest that reward system, top management support and technical skills moderate the relationship between knowledge integration and new product timeliness. The implications for Chinese high technology firms and further research have been discussed.     

Skilled and unskilled wage dynamics in Italy in the 1990s: changes in individual characteristics,institutions, trade and technology

In this paper, we use individual micro data on workers combined with industry and regional data to study the wage dynamics of skilled and unskilled workers in Italy in the 1991–1998 period. In contrast to previous empirical studies, our data make it possible to analyse, within a single framework, the role of many of the factors indicated in the literature as possible determinants of skilled and unskilled wage dynamics: changes in the individual characteristics of workers, changes in labour market institutions, increasing international integration, and skill‐biased technological progress. Our results show that international integration, both in terms of trade in goods and in terms of international labour mobility, plays a role in determining the wage dynamics of skilled (white‐collar) and unskilled (blue‐collar) workers. Moreover, in line with labour economics research, our findings show that the individual characteristics of workers and the institutional variables are more relevant in explaining skilled and unskilled wage dynamics than wage differentials.     

分层视角的科技产业与金融结合路径探析

本文构建初端、中端和高端三个层次的科技产业与金融结合的路径。从初端至高端是科技产业与金融结合的不同发展阶段,也是两者结合逐渐走向稳定成熟的过程。初端路径主要指基本路径,如银行贷款、股票融资等与企业科技创新相结合以及信息技术被运用到金融体系发展之中;中端路径主要指技术和资本的＂联姻＂,技术和资本两者融合在市场上充分流动,既流入企业促进科技创新,也流入金融部门促进金融发展。高端路径主要指科技产业与金融两者完全融合,不分彼此,同时存在于一个实体内部,这是科技产业与金融结合最高效的路径。     

基于劳动力市场分割的劳动力流动模型的构建

国内外学者对于劳动力流动进行了大量深入的研究,成果颇丰.然而,由于历史的原因,我国在劳动力流动方面呈现出与其他国家不同的特性,目前,我国的劳动力市场尚未发展成熟,劳动力流动存在很严重的不合理现象.因此,结合我国的现实情况对其进行研究意义更加重大.本文试图结合以往学者的研究成果,构建基于劳动力市场分割的劳动力流动模型,对其进行深入的探讨,为实现劳动力的合理流动提供帮助.     

产业整合——西部工业化道路选择

产业整合是按产业发展规律以企业为主要整合对象的跨区域、行业和所有制重新配置生产要素的过程。本文认为,应通过提高政府的规制水平,加快自主创新体系的建立,发挥中介机构的作用等措施,重点建设长江上游成都—重庆、南—贵—昆等产业整合基地,加快西部地区的工业化发展进程。     

Displacement Effects of Active Labour Market Policy: The Youth Labour Market in Finland

In 1994 the number of workers participating in active labour market programmes in Finland was 299,000. On average there where 125,000 workers in these programmes at any one time, the average length of participation in a programme being about 5 months. In relation to the 2.5 million-strong Finnish labour force, these figures are proportionally large. In 1994 the total expenditure on unemployment amounted to 6.7 per cent of GNP of which the share spent on active labour market programmes was about 25 per cent. The study investigates the displacement effects of active labour market programmes in the youth labour market in Finland. The two age groups analysed are 15-19-year-olds and 20-24-year-olds. The results, based on a VAR analysis of quarterly data from the period 1981.1-1995.2, suggest that the displacement effects of job-creation programmes may be substantial. The study cannot, however, provide any robust estimates of the likely size of such displacement effects on youth employment in Finland. This revised version was published online in July 2006 with corrections to the Cover Date.     

Should emerging market investors buy commodities?

One reason that investors hold commodities is to receive diversification benefits. However, while an extensive set of existing studies demonstrate diversification benefits when investors hold international stocks or bonds, they are generally silent on the implications of holding commodities. Using an asset pricing framework, we investigate the benefits to investors from holding commodities, both individually and in portfolios. Generally, commodity and stock markets are integrated, although there are time-varying benefits to investors that are subject to sample period selection and investment horizon. We show that Asian investors receive positive risk adjusted returns in gold and rice markets but not in any of the other commodity markets investigated. The risk adjusted returns are time-varying: during the Asian financial crisis risk adjusted returns were negative – a penalty for investing in commodities – whereas during the global financial crisis the reverse was true and investors earned positive excess returns. The time-varying nature of the benefits that arise from diversification in commodities and their breakdown during periods of crisis, highlight the problems that investors may face when using commodities for long-term investment in addition to traditional holdings of stocks and bonds.     

颠覆性双元创新对数字产业技术融合的影响研究 --市场与技术的联动效应

颠覆性创新是数字产业突破在位企业封锁,掌握技术主导权的核心动力。多维度的颠覆性创新政策能否真正促进数字产业技术融合度的提升,行业中其他企业又扮演何种角色？本文围绕技术与市场两个维度,基于数字产业中具有代表性智能制造业的研究数据,运用双元创新理论,探讨探索与利用两种颠覆性技术创新政策影响数字产业技术融合的异同,以及技术距离在其中的作用机制;并比较颠覆性技术双元和颠覆性市场双元之间不同的联动效应。采用逐步回归进行实证检验,研究发现：(1)颠覆性技术探索对技术融合度有显著的正向影响,且技术距离正向调节颠覆性技术探索与技术融合度间关系;(2)颠覆性技术利用与技术融合度呈倒U型关系,且技术距离正向调节颠覆性技术利用与技术融合度间关系;(3)不同的颠覆性技术创新和颠覆性市场创新联动关系对企业技术融合有着截然不同的影响,具体来说,在企业选定颠覆性技术探索战略的情境下,颠覆性市场双元对数字产业技术融合度不会产生明显的促进或抑制作用;在企业选定颠覆性技术利用战略的情境下,颠覆性市场探索对数字产业技术融合度表现出更为明显的促进作用。     

Which way does water flow? An econometric analysis of the global price integration of water stocks

Around US$600 billion of investment is desperately needed to address forecasted huge shortages in water supply globally. A number of worldwide investors – so-called water funds – have started to take up this challenge. For these global water investors, knowledge about the extent of integration between the water sectors of financial markets is highly important. According to international portfolio diversification theory, the less (more) integrated markets are, the more (less) benefits there are from international diversification. In this study, we investigate the extent and manner of interdependence among the US, European and Asian water sector of the equity markets based on Vector Autoregression (VAR), Granger causality and impulse response analyses. We find that world water stock market prices are indeed significantly interdependent although this interdependence varies across time periods. Each market quickly responds to shocks from each other and completes its response within 3 days. Hence, for water investors, international diversification that is undertaken just within the water sector will not be beneficial. The result also implies that there is the risk of crossmarket contagion – that is, price volatility spill over across water sectors of different financial markets, and therefore, water authorities in one market should take cognisance of events in other markets.