Economic geography and wages in Brazil: Evidence from micro-data

This paper estimates the impact of market and supplier access on wage disparities across Brazilian states, incorporating the control for individual characteristics into the new economic geography methodology. We estimate market and supplier access disaggregated by industry, and we compute access to local, national and international markets separately. We find a strong correlation between market access and wage differentials, even after controlling for individual characteristics, market access level (international, national or local), and using instrumental variables.     

市场潜能与地区收入差距——基于空间视角

基于空间经济学理论,构建两类空间面板模型,理论分析并实证检验市场潜能对地区间整体及地区内城乡结构性收入差距的影响.结果表明:市场潜能对地区间整体收入水平的提高具有显著促进作用,市场潜能较高的地区将获得更强的经济发展动力,从而该地区居民收入水平也就更高;收入水平呈现空间集聚特征,不同地区之间市场潜能对收入增长的影响存在显著异质性,且这一差距在较大程度上解释了中国不同地区之间尤其是东西部之间的收入差距;市场潜能与城乡结构性收入差距之间表现出先缩小后扩大的U型影响,其拐点在7.02处,对于尚未超过该拐点的地区而言提高市场潜能仍然是改善地区内城乡结构性收入差距的重要手段.     

基于生态位理论的山东半岛蓝色经济区旅游业竞争力

运用生态位理论构建业绩维、潜力维、环境维三维指标体系对山东半岛蓝色经济区七个城市的旅游业竞争力进行了评价,并结合聚类分析法,将旅游业竞争力综合生态位划分为三种类型,按照核心边缘理论将青岛定为核心城市,烟台、潍坊为节点城市,威海、日照、东营、滨州为网络城市,并根据山东半岛蓝色经济区旅游业竞争力生态位空间格局进行了旅游业竞争力格局空间意象分析,提出了相应的旅游业竞争力提升策略。     

Market risk disclosures,corporate governance structure and political connections: evidence from GCC firms

This paper investigates the joint effect of political connections, in the form of the royal family member on board, and corporate governance on the market risk disclosures of the Gulf Cooperation Council (GCC) financial firms from 2007 to 2011. Previous research suggest that politically connected firms reduce the level of transparency in the GCC. However, we find that better corporate governance improves transparency and can be used as an effective tool in curbing the potentially adverse impact of politically connected board members on firms’ transparency. Our results have important implications for policy makers and can be generalized to other emerging markets.     

山东半岛蓝色经济区旅游联动开发模式研究

区域旅游联动开发本质上是区域合作的一种方式,是避免同质旅游地恶性厮杀的必由之路。山东半岛蓝色经济区规划已上升为国家战略,此背景下,在对山东半岛蓝色经济区七城市旅游经济联系强度与旅游业发展水平分析的基础上,针对七城市区域旅游联动开发的优势条件,提出亚圈层多边联动、区域定位的地域分工两大联动开发模式。     

人民币升值压力与货币政策:基于货币模型的实证分析

利用1994年1月至2008年1月的月度数据,采用外汇市场压力的货币模型,构建了人民币外汇市场升值压力指数,并利用向量自回归方法研究了中央银行国内信贷变化、中美相对经济增长率变化、中国利率水平变化与外汇市场压力之间的相互作用,探讨了美国基础货币增长、美国利率水平变化等外生变量对人民币升值压力的影响。发现中国中央银行国内信贷与人民币升值压力呈现负向关系,而中国经济增长和国内利率水平与人民币升值压力呈正向关系。当人民币升值压力增加时,货币当局的反应是减少其净国内信贷,而国内利率水平的变化则并不显著地反映人民币升值压力的变化。     

Market segmentation and information values of earnings announcements: Some empirical evidence from an event study on the Chinese stock market

This paper investigates the trading activities of two distinct classes of shareholders, namely, the Chinese domestic investors and the foreign investors in the segmented Chinese A- and B-share markets, respectively. We conduct an event study on the annual earnings announcements based on two different accounting standards: International accounting standards (IAS) and PRC generally accepted accounting principles (PRC GAAP). The earnings announcements based on IAS and PRC GAAP are value relevant. The investors in the B-share market react to both the IAS and PRC GAAP earnings announcements, while the investors in the A-share market pay more attention to the PRC GAAP earnings reports. In the B-share market, positive abnormal returns are associated with positive earnings surprise and negative abnormal returns go with negative earnings surprise. We find preevent abnormal trading volumes without significant price changes for the A shares, which may be due to existing information in the A-share market prior to earnings announcements. The postevent abnormal trading volumes last for a longer period in the A-share market than in the B-share market.     

中国模式的市场经济体制改革进程与市场经济发育水平

在改革新时期,中国党和政府对社会主义市场经济的探讨和实践经历了四个阶段,1992年后,正式确立了建立社会主义市场经济体制的经济体制改革目标.这是一条邓小平理论指引下的中国模式发展之路.本文还就1992～2001年的中国市场经济发展水平试做估价.     

沪深港股市动态联动性研究——基于三元VAR-GJR-GARCH-DCC的新证据

随着经济全球化的迅速发展,国际资本市场呈现出一体化趋势,各地证券价格的联动性也日趋显著。本文梳理已有理论文献,并总结经验成果的不足,在此基础上,构建三元VAR-GJR-GARCH-DCC整合分析框架,对沪深港股市联动效应进行了严谨而全面的实证检验。研究结果表明:沪深港三个市场具有联动效应,直接或间接引导对方;沪深股市对港市的新息冲击做出类似的反应,并且它们与港市的动态关联性具有趋同性,该结论为沪深两市合并提供了新证据;三个市场的相关性具有时变的动态特征,"中国因素"与"世界因素"的相关性正趋于增强。上述实证结论对投资者重新认识市场运行机制,合理制定投资策略以及监管当局有效防范国内外股市风险,推进股市整合均具有重要的启示意义。     

Optimization and competition promotion of industrial structure in Blue Shandong Peninsula Economic Zone

Blue economic zone is a typical regional economic mode,which is specially characterized by marine economy and has multiple economic types coexisting and interacting through integrating marine and land resources.With the continuous progress of science and technology,marine economy as a strategy to promote economic development is approved in many countries.The Blue Shandong Peninsula Economic Zone（BSPEZ） reflects the local demands of economic development,and its upgrading and enhancing competitiveness of the industrial structure is also of obvious significance for enhancement of the development of eastern China and the national marine economy.This paper thinks that the BSPEZ has many advantages,such as unique marine economy,growing high-tech industries,more and more mature industrial system,advancing technological innovation,and outstanding big enterprises,large projects and regional bright brands,but it is also facing problems of low industry cluster,similar industrial structure with each other,still weak technological innovation.So we put forwards the basic approaches to upgrade and enhance the industrial structure：transforming and upgrading the traditional marine industries with advantages,accelerating the development of new marine industries and high-tech industries,integrating marine and land industry,and promoting the rational system arrangements.     

中国信贷市场利率对经济波动的冲击效应研究

笔者基于VAR模型对我国信贷市场利率与经济波动的关系进行实证分析。研究结果表明:(1)信贷市场利率对投资、消费均处于负向冲击并有时滞,但对投资的影响更显著。投资、消费对信贷市场利率的影响非常有限。(2)投资波动对产出波动起主要作用;产出对投资波动和消费波动的影响程度有限;投资波动影响消费波动的程度远远大于后者对前者。基于这些分析结论,笔者提出若干政策建议。     

市场潜力、经济集聚与地区间工资差异

基于劳动力、产业在地区间分布的不平衡性以及地区间工资差异的事实,本文构建了一个市场潜力与工资的新经济地理学(NEG)理论模型。理论分析表明:市场潜力对工资产生正面影响。市场潜力对工资产生正面影响来自两种渠道:一是市场潜力引发了经济集聚效应;二是市场潜力产生了逆经济集聚。相比之下,市场潜力引发了经济集聚效应更能提高和扩大地区工资水平与差异,因为经济集聚需要更低的贸易成本、较大的市场规模以及较高的经济发展水平。     

Regional wages and market potential in the enlarged EU: an empirical investigation

This article empirically analyses the link between market potential and regional wages in the enlarged EU. We contribute to the existing literature in several ways: (1) we analyse the link between market potential and wages for the EU27 and (2) deconstruct total market potential into several geographical components and analyse their respective contributions to explaining the geographical wage structure. We correct for existing spatial autocorrelation and endogeneity by using an instrumental variable generalized spatial two-stage least squares (IV GS2SLS).     

Tax-spending policies and economic growth: Theoretical predictions and evidence from the OECD

We present an endogenous growth model to study the growth effects of the composition of government expenditure and the associated tax burden. When we use data from a set of 23 OECD countries during 1970–2000, our econometric results support the predictions of the theory. The share of productive government expenditure is associated with higher growth, and this result is more robust when we use effective average tax rates and statutory tax rates as measures of the tax burden. With respect to the tax burden, different tax rates have different growth effects.     

山东半岛蓝色经济区人地系统可持续性评估及空间类型比较研究

以山东半岛蓝色经济区人地系统为研究对象,通过定性和定量相结合方法,探讨具有经济发展水平高、国土开发密度大、海岸带环境脆弱、海洋资源综合开发为主导等特征的海陆兼备型人地系统的可持续性,得出以下结论:1随着半岛蓝色经济区上升为国家发展战略,海岸带开发利用活动持续增强,近岸区域发展资源需求量日益增大,人地关系面临着严峻的压力与挑战;2从人地系统可持续性时间演变轨迹来看,2001—2012年山东半岛蓝色经济区人地系统由一般可持续性向强可持续性转变,特别是2005年以来,逐渐向强可持续性和很强可持续性方向转变;3从可持续性空间类型来看,2012年山东半岛蓝色经济区人地系统可持续性类型状态整体良好,威海市属于很强可持续性类型,青岛市、烟台市、潍坊市属于强可持续性类型,东营市、日照市属于一般可持续性类型。研究为人地系统的可持续性评估提供案例,并为山东半岛蓝色经济区区域可持续发展提供一定的指导和借鉴。     

Market maker competition and price efficiency: Evidence from China

We test the relationship between market maker competition and stock price efficiency. Using the number of market makers as a proxy for competition, the results show a strong positive correlation between competition and stock price efficiency. Moreover, price efficiency is higher when competing market makers have higher research ability. We suggest that market maker competition increases price efficiency through two channels: 1) Competition decreases transaction costs, and 2) Uninformed market makers learn from orders submitted by informed market makers through competition. The latter happens only in the group of market makers with higher experiences. The results imply that the price efficiency can be improved by enhancing the competition of market makers with high research ability and experiences.     

论科学发展视角的市场经济行动规律与经济发展方式转变

科学发展观实质上揭示了中国模式市场经济的行动规律。转变经济发展方式必须符合以人为本、全面协调可持续的科学发展理念,尤其应关注资源有限和市场经济复杂性的双重约束,探索符合中国国情的可持续适度规模。从市场经济行动规律的视野把握科学发展理念,促进加快转变经济发展方式,有助于实现中国经济的平稳较快发展。     

Teen families,welfare transfers,and the minimum wage: evidence from Canada

Abstract This study evaluates the impacts of welfare transfers and the minimum wage on teen family formation by pooling provincial data from Canada between 1990 and 2005. OLS estimates suggest that welfare transfers have had limited impact on teen births. On the other hand, a 10% increase in the minimum wage is significantly correlated with a 3%–5% rise in teen birth rates. This finding is explained by further regressions, which reveal that an increase in the minimum wage is significantly associated with (1) higher earnings among male teens, (2) an increase in teen marriage rates, and (3) an increase in fertility among married teens but not among unmarried females. Finally, estimates based on the 2003 and 2005 waves of the Canadian Community Health Surveys demonstrate that married teens are more likely to engage in sex as well as unprotected intercourse in comparison with single teens.     

1992～2002年间中国共产党经济工作的特点与经验

1992～2002年,是中国共产党的经济工作史上一个具有特殊意义的时期.在实践上,中国共产党领导中国人民初步建立了社会主义市场经济体制,完成了现代化建设第二步战略目标;在理论上,进行了一系列重大理论创新,形成了中国特色社会主义经济理论体系;在战略上,构建了一系列面向新世纪的经济工作战略.这一时期中国共产党的经济工作无论在指导思想上还是在方法上都形成了鲜明的特点,凝聚成丰富的经验.