Local Economic Structure and Growth

Abstract

This paper tests how the local economic structure—measured by local sector specialization, competition and diversity—affects growth of manufacturing sectors. Most of the empirical literature assumes that in the long run more productive regions will attract more workers and use employment growth as a measure of local productivity growth. However, this approach is based on strong assumptions, such as those of national labour markets and homogeneous labour. This paper shows that if we relax these assumptions, regional adjusted wage growth is a better measure of productivity growth than employment growth. This measure is used in order to study regional growth in Portuguese regions between 1985 and 1994. Evidence is found of MAR externalities in some sectors and no evidence of Jacobs or Porter externalities in most of the sectors. These results are at odds with the findings for employment-based regressions, which show that regional concentration and the region's size have a negative effect in most of the sectors. It is also shown that simply using regional wage growth would overstate the effect of regional concentration and competition on long-run growth.     

中国第三产业增加值增长与环境规制

近年来,中国第三产业增加值发展速度不断下降,比起2008年左右的高速增长,现在中国第三产业正处在低速发展的阶段,研究当前中国第三产业发展情况对于我国经济发展具有重大意义。论文结合当前中国环境保护力度不断加大这一情况,从波特假说和环境经济学理论出发,探究环境规制强度对中国服务业增加值的影响。研究结果显示,在中国经济发展当前阶段,环境规制强度的加深对第三产业增加值增长呈抑制作用,同时这种影响呈正U型。     

The effects of agglomeration externalities on urban green total-factor productivity in China

For China's urban industrial layout and green development, determining which types of agglomeration externalities are most advantageous to the rise of green total-factor productivity has both theoretical and practical relevance. This research experimentally studies the effects of three types of agglomeration externalities on urban green total-factor productivity using the data of 285 Chinese cities from 2003 to 2018. The findings demonstrate that urban green total-factor output is rising, albeit with certain differences during different time periods. Both the Jacobs externality and the Porter externality are favorable for increasing urban green total-factor production when all cities are evaluated together, although the latter has a stronger promoting influence. The effect of the Marshall-Arrow-Romer externality, on the other hand, is not significant. Furthermore, these effects also depend on the stage of economic development and population size.     

Pollution,mortality and time consistent abatement taxes

We study dynamically consistent policy in a neoclassical overlapping generations growth model where pollution externalities undermine health but are mitigated via tax-financed abatement. With arbitrarily constant taxation, two steady states arise: an unstable ‘poverty trap’ and a ‘neoclassical’ steady state near which the dynamics might either be monotonically convergent or oscillating. When the planner chooses a time consistent abatement path that maximizes a weighted intergenerational sum of expected utility, the optimal tax is zero at low levels of capital and then a weakly increasing function of the capital stock. The non-homogeneity of the tax function along with its feedback effect on savings induces additional steady states, stability reversals and oscillations.     

Externalities and Industrial Development

Using panel data for five capital goods industries, this paper estimates dynamic externalities. In contrast to previous studies, panel data allow separation of externalities from fixed effects and identification of a lag structure. I find strong evidence of Marshall–Arrow–Romer (MAR) (own industry, or localization) externalities. For Jacobs (urbanization) externalities effects are smaller. In terms of lag structure, for MAR externalities the biggest effects are typically from several years ago, but die out after six years. For urbanization phenomena, effects persist to the end of the time horizon of the data–eight or nine years back.     

Financial market globalization and growth with interdependent countries

This paper examines the effect of externalities on the consequences of financial market globalization in a two-country growth model augmented with domestic credit market imperfections. Following the endogenous growth literature, externalities are byproducts of capital production. Unlike previous studies, I find that their formation matters. Specifically, when transnational externalities consist solely of a rich country’s capital stock, financial market globalization brings about world-wide gains in growth. However, when these externalities are a product of both the rich and the poor countries’ capital stock, this globalization process only fosters growth in the rich country. Furthermore, if such externalities are sufficiently weak, both the rich and the poor countries may become locked in a stage with no meaningful growth.     

试论当前生物产业竞争力与经济战略对策

本文在解释生物产业竞争力概念的基础上,分析了我国目前生物产业发展的现状和存在的问题,根据生物产业的特性,在依据波特的产业竞争理论的基础上,分析了生物产业竞争力的决定因素,同时分析了我国在生物产业发展的现状与不足,提出了具体的经济战略及措施。     

我国风电装备产业的国际竞争力分析

本文系统的介绍了国内外风电产业及其装备发展现状及趋势,运用迈克尔·波特的国家竞争优势理论,阐述和分析了影响我国风电装备产业竞争力的因素,并提出提升并保持中国风电及其装备产业国际竞争力所应加强和完善的工作。     

基于波特“钻石理论”的山东省建筑业竞争优势分析

迈克尔.波特教授提出的"钻石理论"是竞争力分析的有力工具,根据"钻石理论",从生产要素、需求条件、相关支持产业和建筑企业的竞争状况等四方面深入分析了山东省建筑业的竞争优势,上述竞争优势将为做大做强山东建筑业提供良好的平台。     

产业中总成本领先厂商的唯一性分析

总成本领先战略是波特提出的三种基本竞争战略之一。他认为,产业中的总成本领先者是唯一的,但并没有给出严格的推导和证明。本文将结合经济学和反垄断法中的相关理论,就产业中总成本领先厂商是否唯一展开论证。     

基于波特钻石理论的秦皇岛市旅游业竞争优势分析

迈克尔.波特教授提出的"钻石理论"是竞争力分析的有力工具,根据"钻石理论",从生产要素、需求条件、相关支持产业和建筑企业的竞争状况等四方面深入分析了秦皇岛市旅游业的竞争优势,上述竞争优势将为做大做强秦皇岛市旅游业提供良好的平台。     

Testing the Porter hypothesis: the effects of environmental investments on efficiency in Swedish industry

The main objective of this paper is to test the Porter hypothesis by assessing static and dynamic effects of environmental policy on productivity. According to the hypothesis, stringent environmental regulations have dynamic effects on firm performance, and these effects eventually generate profits that offset the adaptation costs. We extend previous analyses by using unique data on environmental protection investments in the Swedish manufacturing industry as a proxy for environmental stringency. These data enable us to separate environmental protection investments into pollution prevention and pollution control. This distinction is crucial since the hypothesis claims that it is investments in prevention that have positive dynamic effects on firm performance. To test the hypothesis, a stochastic production frontier model is estimated where firm inefficiency is a function of investments in environmental protection. In general, we find no support for the Porter hypothesis within the time frame of our study, indicating that environmental regulations lead to efficiency losses. This result is even stronger in the harshly regulated pulp and paper industry.     

南京石化产业竞争力研究——“钻石模型”的启示

南京的石化产业作为南京四大支柱产业的排头兵,在南京经济发展过程中具有举足轻重的作用,而且在国内的石化产业中的地位也仅次于上海。本文主要介绍了美国哈佛大学迈克尔·波特教授的产业竞争力理论,并使用波特的“钻石模型”从产业国际竞争力的角度对南京石化产业的竞争力进行了科学的分析,从而为南京石化产业根据自身的实力和所处环境选择合理策略提升南京石化产业竞争力提供研究基础,并据此提出进一步发展南京石化产业的对策。     

河北省旅游产业竞争力的培育与提升

河北省是旅游资源大省,但不是旅游经济强省。依据M·E·Porter教授提出的产业国际竞争力钻石模型,从旅游业生产要素、旅游市场的需求结构、旅游产业关联、政府职能定位、发展机遇等方面,对河北省旅游产业进行分析与设计,旨在培育和提升河北旅游产业的竞争力。     

Decentralized environmental regulations and plant‐level productivity

Using the framework provided by the Porter hypothesis, we study the impact of environmental regulations and enforcement policies on plant‐level green total factor productivity (TFP) growth and its components related to efficiency change and technical change. The detailed microdata we use are from Sweden and for the pulp and paper industry. This industry is the source of significant amounts of water and air pollution and is one of the most heavily environmentally regulated manufacturing industries. Sweden has a unique decentralized regulatory structure where the manufacturing plants have to comply with plant‐specific regulatory standards stipulated at the national level, as well as decentralized local supervision and enforcement. Our empirical results point to beneficial impacts of the environmental policies on plants' green TFP growth and sustainable production practices. We also find that political economy considerations are important, as the presence of the Green Party and aspects like plant size (with corresponding local and regional economic effects) matter in enforcement of the standards.     

Scale Externalities in Korea

This paper estimates the nature and magnitude of scale externalities in a developing country, Korea, in the period 1983–1993. This is a period of rapid industry deconcentration from Seoul to other metro areas, providing a context where externalities are measured when local scale magnitudes are changing dramatically. The data allow us to examine the emerging degree of national industrial concentration in different industries, as related to their scale externality magnitudes. We also examine whether individual industries agglomerate in cities which have a comparative advantage for that industry.     

Macro-logistics and externality cost trends in South Africa – underscoring the sustainability imperative

The challenges facing the logistics industry in a fossil fuel-challenged global economy are highlighted by transportation's rising contribution to logistics costs, as evidenced in the USA's and South Africa's logistics costs time series, the two longest-running such series available globally. The anticipated persistence of rising, volatile oil prices and mounting pressure to account for externalities will exacerbate the increase in transport costs (TCs). The results of South Africa's externality cost model show that transport externalities add an additional 18% to already high TCs. In the South African context, the equally largest contributors to freight transport externalities are accidents involving road freight vehicles and road freight emissions. The visibility of these costs is the first step towards internalisation and illustrates the desirability of a fundamental shift in the structure of the South African freight transport industry through the introduction of long-distance intermodal solutions.     

Informational externalities of initial public offerings: Does venture capital backing matter?

We examine the role of venture capital backing on informational externalities generated by IPO firms. Theoretical models predict that going public firms generate positive externalities creating a spillover effect for other firms to go public. In this paper, we posit that venture backed IPOs convey positive information about industry and this information is transferred to rival firms. We also hypothesize that intra-industry information transfer varies with rivals’ characteristics and IPO price revisions generate additional information that affects rivals’ valuation. The results show that rivals have positive valuation effects in response to venture backed IPOs and no significant reaction in response to non-venture backed IPOs. We find evidence that the effect on rival firms is stronger if they operate in less concentrated industries and have high growth opportunities. The larger the IPO proceeds, the higher the magnitude of rivals ‘valuation effects. Positive (negative) information revealed in the form of upward (downward) price revisions significantly impacts rivals’ reaction in response to venture backed IPOs.     

THE IMPORTANCE OF INDUSTRY STRUCTURE FOR THE DETERMINATION OF FIRM PROFITABILITY: A NEO-AUSTRIAN PERSPECTIVE

This paper is concerned with exploring the degree to which industry structure determines firm performance. Most of the business policy literature follows Porter in arguing that industry structure has an important influence on firm level profit rates. the arguments contained in this paper take a counter position. It is argued that a plausible alternative to the hypothesis that industry structure matters is the hypothesis that (holding demand constant) individual firm differences are the most important determinant of firm profitability.     

基于钻石模型的江门市摩托车产业竞争力分析

摩托车产业是江门市的支柱产业,江门市摩托车产业集群的发展对江门市经济有着重大的战略意义。本文在波特模型的理论框架下,从生产要素、需求条件、支持产业与相关产业、企业结构与竞争、机遇以及政府作用等6个方面,分析了江门市摩托车产业竞争力状况,并且提出了提升江门摩托车产业集群竞争力的对策。