FISCAL DECENTRALIZATION AND ECONOMIC GROWTH OF VIETNAMESE PROVINCES: THE ROLE OF LOCAL PUBLIC GOVERNANCE

This study offers an insight into the public governance role in the relationship between fiscal decentralization and provincial economic growth in Vietnam. Fiscal decentralization measures are assorted. Applying a sequential (two‐stage) estimation for the panel data of 62 provinces of Vietnam over the 2006–2015 period, we find that first, fiscal decentralization is positively related to the economic growth of Vietnamese provinces. Second, the effects of public governance on economic growth vary across provinces depending on various levels of local public governance. Interestingly, the effect of fiscal decentralization is strengthened when this variable is added along with better quality of public governance. In a region of high public governance quality, fiscal decentralization exerts a positive effect on its economic growth. Our findings imply that the design of fiscal decentralization needs to be associated with local governments’ ability of public governance to improve the local economic growth.     

REGIONAL EFFECTS OF MONETARY POLICY IN CHINA: EVIDENCE FROM CHINA'S PROVINCES

This study examines the provincial effects of monetary policy from 1978 to 2011 in China. We used the SVAR method to measure the magnitude and timing of each province's response to monetary policy shocks when considering the influences of spillover effects among provinces. Then we also explored the regional effects of monetary policy employing multiple linear regressions. The results confirm that provinces respond differently to monetary policy actions. It was found that in the short run, the influence of spillover effects on a province's response is very important, but in the long run, the negative influence of deposit transfers overtake the positive impact of the spillover effect. For the factors causing the regional effects on monetary policy, the results show that the interest rate channel is rather weak at the regional level in China. The bank lending channel can explain the regional effects of monetary policy to some extent. Thus in China, the bank lending channel is more effective than the interest rate channel at the regional level.     

"西部大开发"与"振兴东北老工业基地"战略的比较与思考——兼论国家制订地区发展战略的科学内涵与内容范畴

与“东部率先实现现代化”战略不同,“西部大开发”与“振兴东北老工业基地”战略没有将未来两地区在全国的地位进行明确,也没有阐释出地区发展的战略重点。通过剖析东北与西部地区在全国未来发展格局中的地位,揭示出其由于基础条件的差异引起的不同战略目标和战略重点,从而塑造地区发展战略的科学内涵;通过比较两大战略相同内容如产业结构调整和技术升级、空间非均衡发展战略、对外开放等,得出全国地区发展战略的主要内容。