Economic Stagnation and Crisis in Korea during the Eighteenth and Nineteenth Centuries

In contrast to rapid economic growth in the twentieth century, Korea suffered a long economic decline in the eighteenth and nineteenth centuries, with the failure accelerating from 1850 to 1890. According to 36 different harvest records, rice productivity continuously declined from the early eighteenth to the late nineteenth centuries due to deforestation and increase in natural disasters. Contraction of rural markets after the interruption of trade with Japan also contributed to the decrease in rice production. The third reason for the nineteenth‐century crisis was the dissolution of the government‐led grain storage and redistribution system. Finally, the ultimate culprit for the crisis could be found in Confucianism with which the Joseon Dynasty was unable to properly understand and respond to the crisis.     

港航产业成长与国际航运中心建设关联研究

文章指出港航产业成长不是一般意义的产业成长,其成长体现了国际航运中心功能形成、提升的阶段性。借鉴产业生命周期理论,把港航产业成长分为低级、中级、高级、后高级四个阶段,并且对应于这四个阶段,提出国际航运中心也相应经历了萌芽、第一代国际航运中心、第二代国际航运中心、第三代国际航运中心的功能转换,而国际航运中心功能的完善、竞争力的提高必须依靠港航产业这个产业载体通过改变成长方式完成成长阶段的升级来实现。     

Shipping the Good Horses Out

The 1964 effect states that when a fixed per‐unit cost is added to two substitutes, the more expensive (higher quality) one becomes relatively cheaper, and, thus, its consumption will increase. When applied to trade in vertically‐differentiated goods, the importing regions demand relatively more high‐quality goods. We examine how this result changes when the importing region is also endowed with the goods. We use a vertically‐differentiated goods model with heterogeneous consumers in which prices are endogenously determined. We show that the importing regions with an endowment have a stronger Alchian‐Allen effect than the regions that are not endowed. We use the auction data of Australian thoroughbred yearlings to empirically test our model and find consistent empirical patterns.