Entrepreneurship, Economic Growth and Public Policy

This paper is an introduction to the second Global Entrepreneurship Research Conference. The conference focused on developing a better understanding of the relationships among entrepreneurship, economic growth and public policy, and variations according to the stage of economic development. The papers in this special issue conduct analysis with GEM micro-and-macro data, and offer several important policy recommendations. First, middle-income countries should focus on increasing human capital, upgrading technology availability and promoting enterprise development. It is important to start enterprise development policies early because the main drivers are perceptual variables that are difficult to change in the short run. Second, for developed economies, reducing entry regulations, in most cases, will not result in more high-potential startups. Both labor market reform and deregulation of financial markets may be needed to support growth of high-performance ventures.      

Margin Requirements in the Security Market and Public Policy

The paper examines the problem of losses beyond margin in the stock market and Us probable solution assuming that the present regime of margin regulations continues. In Canada, the severity of losses in the stock market has been enhanced by inadequate legislation in the margin-related area, ambiguous rules and regulations of the stock exchanges in this regard, and conflicting court decisions in establishing liabilities for losses due to violations of margin regulations. This paper will focus on the nature of the problems in the above three areas and suggest measures, largely legislative in nature, to reduce the losses incurred by the public through trading in margin accounts. The analysis of losses in margin accounts is supported by two court cases arising out of the 1980–82 recession and high interest rates during this period. Résumé Cette étude examine le problème des pertes boursières engagées au-delà de la marge et sa solution probable en supposant que le présent régime de réglementation des marges se poursuive. Au Canada, l'importance des pertes boursières est accentuée par une législation relative aux marges inadéquate, une réglementation boursière ambiguë et des décisions judiciaires contradictoires quant à la responsabilité des pertes causées par des transgressions des règles sur les marges. La présente étude vise à éclaircir la nature des problèmes dans les trois secteurs précédement mentionnés et à suggérer des mesures de nature principalement législative afin de réduire les penes engagées par le public dans les comptes de marge. L'analyse de ces pertes est appuyée ici par deux causes judiciaires survenues pendant la période de la récession en 1980–82 et caractérisée par taux d'intérět élevés.     

公共服务拥挤性、财政政策与长期经济增长

本文以中国1993-2013年的国民经济数据为样本,通过参数化和数值模拟估算,比较了相关拥挤性和规模拥挤性对均衡增长路径上主要变量均衡值的影响,同时分析了两种拥挤性对扩张性财政政策有效性及最优财政政策的影响。结果表明相关拥挤性和规模拥挤性与长期经济增长率负相关,相关拥挤性与均衡增长路径上主要经济变量人均取值正相关,规模拥挤性与均衡增长路径上主要经济变量人均取值负相关;相关拥挤性减弱了财政支出政策的扩张效应,对税收政策的扩张效应影响较小;规模拥挤性对财政支出政策和税收政策的扩张效应影响比较强烈,对最优宏观税负和最优财政支出规模没有影响;最优宏观税负随着相关拥挤性的增加而增加,最优财政支出规模随着相关拥挤性增加而减少。     

社会保障、包容性增长与居民消费升级

包容性增长是经济发展的最终目标,社会保障制度的不断完善,在消除贫困和促进居民消费方面发挥着重要作用,是包容性增长的有效手段。基于2010—2018年CFPS数据,以生命周期理论为基础构建理论模型,运用面板分位数、反事实估计、PSM-DID等方法探究社会保障对居民消费升级的影响。研究发现不同类型社会保障对居民消费的影响存在异质性,相较于医疗保险和政府补助,养老保险对增加居民消费倾向有积极作用,各类社会保障均有利于居民消费结构由食品支出向发展型或享受型消费升级,且对农村居民和低收入群体消费结构升级有更显著的正向作用,表明社会保障促进了中国的包容性增长。     

An Economic Analysis of Licensure and Public Policy: Evidence from the Social Work Case

Occupational licensure is commonly accepted as a means of protecting consumers by ensuring minimum levels of professional competence. This study analyzes the rationale for licensure in terms of consumer information and consumer choice, applying the analysis to the proposal to license social workers in Tennessee. The analysis makes it possible to separate the numerous issues involved in the licensure question, identifying the probable impact of the proposed measures in terms of a clearer identification of consumers' interests. It is shown that the need for licensure is tied to the manner in which services are provided. In the social work case this means that while the positions of social workers would be enhanced, licensure would offer their client-consumers little protection which they do not already enjoy.     

当前经济运行的基本态势与宏观经济政策选择

经过20年的持续快速增长,我国经济发展取得了举世瞩目的巨大成就.在"九五"时期,通过适时适度调整宏观调控政策,克服了亚洲金融危机对我国经济发展带来的巨大冲击,抑制了通货紧缩,扭转了经济增长持续下滑的不良趋势,提前超额完成了第二步发展战略目标,为未来经济增长和实现第三步发展战略目标奠定了坚实的基础.同时,改革与发展中长期积聚的诸多矛盾,在"九五"期间也日渐显露,对后续经济发展构成了重大阻碍.正确把握新时期经济发展的特点和主要矛盾,确立符合经济发展客观规律要求的可行发展战略,采取适应新时期、新问题、新目标要求的宏观经济政策,通过结构调整和制度创新切实转变经济增长方式,在发展中逐步解决各种新旧结构性矛盾,是"十五"期间经济持续快速发展的关键,也是实现第二步发展战略目标的保证.     

Economic Sanctions and Foreign Policy

ECONOMIC SANCTIONS IN SUPPORT OF FOREIGN POLICY GOALS, by Gary Clyde Hufbauer and Jeffrey J. Schott, assisted by Kimberly Ann Elliott ECONOMIC SANCTIONS, by Robin Renwick ECONOMIC SANCTIONS: IDEALS AND EXPERIENCE, by M.S. Daoudi and M.S. Dajani     

Fiscal Policy and Economic Recovery

The American Recovery and Reinvestment Act of 2009 is the biggest, boldest countercyclical fiscal stimulus in American history. What is its likely impact? Current econometric models indicate that a tax cut is likely to have a multiplier of about 1.0 and that spending has a multiplier of about 1.6 after about 18 months. Even the most sophisticated econometric analysis, however, suffers from “omitted variable” bias. In trying to take account of this, David Romer and I have found that the tax multiplier is more likely to be around two to three; and we suspect that the spending multiplier is correspondingly higher than the conventional estimates. Of course, every recession is different. The unique factors of this recession are analyzed to determine whether the multipliers are likely to deviate from historical averages.     

Public Policy Toward Entrepreneurship

There is widespread support for tax policies providing special treatment for small businesses. This paper reviews standard efficiency and equity criteria for such tax-subsidies, and finds they provide little support for such policies. The review highlights a central empirical void requiring further research: the "optimal" business failure rate. Entrepreneurs do struggle, and small businesses frequently merge and nearly as frequently fail. But we do not know enough to determine which firms to target for success or failure.     

我国公共安全与经济增长的空间计量实证分析

公共安全服务可以有效保护资本产权并最终促进经济增长。在考虑公共安全服务空间溢出效应的同时,采用空间计量经济学方法对我国1998到2005年的省级面板数据进行实证分析后得到如下结论：用于公共安全维护的城市维护费用、公检法司支出等公共支出对经济增长的贡献十分显著;相邻地区用于公共安全维护的支出对于本地区的经济增长存在显著的正外部效应;为追求更高的经济增长速度,财政资源可适当向公共安全领域进行倾斜。     

Economic Policy,Institutions and Entrepreneurship

Small Business Economics - Economists have debated the issue of state intervention in the economic process in capitalist economies intensively for decades. Often, however, without considering the...     

Public Policy for Efficient Education

We study the role of public policy in promoting efficiency in human capital accumulation. Agents accumulate human capital by allocating time to home study and school attendance. The return to time spent in school is subject to congestion. The individual also faces an aggregate externality in skill accumulation. We find that a tuition fee combined with personal stipends can correct the resulting distortions by partly shifting educational effort from schools and universities to noninstitutional forms of learning, such as home study. The dynamic effects of education policy as well as their welfare implications are also calculated in the paper.     

保障国家经济安全的中长期对策研究——基于立法视角

从中长期看来,我国经济安全保障必须走向规范化和体系化,建立健全相关法律,从总体上看,应该建立《国家经济安全法》法律体系,同时修改《国务院组织法》。从分领域看,在能源领域,建议短期出台《国家石油储备管理办法》,中长期尽快制定《石油法》。在产业领域,短期内尽快出台《国家产业安全保障实施务例》,中长期建议制定《国家产业安全法》。在金融领域,建议修改《中国人民银行货币政策委员会条例》,并且进一步完善《证券法》、利率和汇率法律规定。在社会领域,建议出台《最低保障法》或《基本保障法》,建议尽快出台《常住人口管理条例》。     

经济增长、外商直接投资与政府选择

改革开放以来积极引进外商直接投资对加速国民经济的发展起到了重要的作用,其深层次的积极影响主要体现在示范效应方面.然而,随着时间的推移,国民经济运行对外商直接投资的依赖也正在形成和增强,这对国民经济的长远发展非常不利.在未来进一步深化对外开放的过程中,我国当然需要进一步扩大引进外商直接投资的规模,但政府应当着力于重构内资与外资的关系,在更好地促进国内资本生长发育的基础上来扩大引进外资,从整体上协调好对外开放与国民经济发展之间的关系.     

积极财政政策转型与经济增长

近两年来,有关积极财政政策是否应该淡出问题讨论非常激烈。从积极财政实施的时间来看,该政策已经由短期政策转变为中期政策。通过分析当前经济中存在的一些危机现象,认为积极财政政策在一些方面的作用已经减弱。同时,由于积极财政政策在我国实施时间较长,受其它因素的抑制和依赖,又决定该政策此时不宜淡出。因此,为适应经济发展的需要,积极财政政策应该而且必须转型,即转型为稳健的积极财政政策。     

Paradigm Shifts in Economic Theory and Policy

In most countries, mainstream economic policy has not yet undergone any significant change, and there is little consensus on what, if anything, ought to replace it. However, there are some signs of an emerging transition, at several levels.     

Economic and Industrial Policy Transformations in Finland

Finland represents a good example of how knowledge can become the driving force in economic transformation. Finland tops various competitiveness rankings and has been listed number one in the OECD’s PISA studies on young people’s learning skills and educational attainment. This paper discusses the role that industrial policy has played in these developments, looking explicitly on recent shifts in policy thinking and implementation. We focus on the emergence of new industrial policies in the early 1990s, the main policy initiatives and measures, and present their broader organizational landscape. We conclude with an assessment of these policies and the future challenges.