Fiscal dependence on trade taxes and the level of economic development:: a comment

We test for fractional dynamics in US monetary series, their various formulations and components, and velocity series. Using the spectral regression method, we find evidence of a fractional exponent in the differencing process of the monetary series (both simple-sum and Divisia indices), in their components (with the exception of demand deposits, savings deposits, overnight repurchase agreements, and term repurchase agreements), and the monetary base and money multipliers. No evidence of fractional behaviour is found in the velocity series. Granger's (Journal of Econometrics, 25, 1980) aggregation hypothesis is evaluated and implications of the presence of fractional monetary dynamics are drawn.     

Fiscal dependence on trade taxes and economic development: additional results and a reconciliation of the empirical evidence

Using Brazilian data spanning the period 1910–75,new evidence is presented on the hypothesis that a country's fiscal dependence on trade taxes is inversely related to her level of economic development, at least once the latter passes a certain threshold. Unlike previous studies, this study uses methods which highlight the dynamic and temporal nature of the underlying relationships. The results indicate strong support for the hypothesis and also suggest that the conflicting time-serious evidence can be reconciled.     

Growth, welfare and optimal trade taxes: a fallacy of composition

Optimal export taxation rules out the possibility of immiserizing growth in a two-country world. Thus, productivity increases in the exporting sector must be welfare improving. This paper shows that in a multicountry world such reasoning commits a fallacy of composition. Simultaneous growth of exporting nations can lead to welfare losses in the presence of unilaterally optimal export taxes. Also, optimal export taxes can decline in response to such growth. This result further strengthens the possibility of perverse welfare movements. Thus, standard policy recommendations of increasing productivity in the exporting sector may lead to unintended and self-defeating outcomes.     

Fiscal adjustments and economic performing: a comparative study

The empirical relationship among fiscal contractions, permanent improvement in public finances and short-run economic performance is examined using a sample of 14 European countries over the last three decades. The actual experience of policy-making has taught that only the adjustments that relied heavily on primary expenditure cuts and were implemented over a relatively long time span were able to achieve a long lasting reduction of public liabilities. Indeed, during these consolidations, tax increase amounted to a small fraction of the total adjustment. Furthermore, though they unfolded over a longer period with respect to the unsuccessful ones, the overall budget cut was not larger. As regards the macroeconomic impact, successful episodes tended to be associated with improved economic performance. During the adjustment period and in the following two years, the economies experienced strong consumption and investment growth, reduced unemployment, better international competitiveness and falling interest rates. This empirical evidence is here interpreted via the theory known as expectation view of fiscal policy.     

Free trade and European economic development in the 19th century

This article is an attempt to analyse empirically the effects of the free trade period which began around 1860 on three then “less developed” countries: France, Germany and Italy, and on the “developed” country: Great Britain.     

世界经济态势及我国外经贸发展对策

在刚刚过去的2006年,世界经济继续处于周期性扩张高点,在面对国际油价高位震荡、主要经济体利率上扬、全球经济失衡等挑战下,世界经济依然表现活跃与强劲,全年实际增长率将连续第四年高于4%,为上世纪70年代初以来首见.展望2007年,世界经济整体上仍可能处于较快增长期,将迎来连续第五个年头的高增长,但受美国经济减速、全球货币政策趋紧等影响,整体平均增长率将比上年有所放缓,与此同时未来世界经济增长也面临着更多的挑战.     

新时期中非经贸合作关系的发展

进入21世纪的中非经贸合作,显示出了蓬勃的发展潜力并取得了令人瞩目的成就。三年来,在中国和非洲各国政府和企业的共同努力之下,这一时期的中非经贸合作以2000年中非合作论坛北京部长级会议为标志,进入了历史上最好的发展阶段。于12月15—16日召开的中非合作论坛亚的斯亚贝巴2003年部长级会议,继往开来,将为今后三年的中非经贸合作注入新的实质性内容和新的活力。     

EU-type carbon emissions trade and the distributional impact of overlapping emissions taxes

The European Union fulfills its emissions reductions commitments by means of an emissions trading scheme covering some part of each member state’s economy and by national emissions control in the rest of their economies. The member states also levy energy/emissions taxes overlapping with the trading scheme. We investigate the impact of that double regulation on the distribution of national welfares. In certain very special cases emissions tax increases turn out to be exactly offset by permit price reductions such that permit-exporting [permit-importing] countries lose [gain] from an increase in the overlapping emissions tax. These results are not general due to market-interdependence effects, which may even reverse the sign of welfare changes. For that ambiguity and other reasons the case is made for abolishing overlapping taxes.     

澳门:中国与巴西经贸合作的中介与平台

作为亚洲和拉美第一大国,中国和巴西拥有广阔的市场和巨大的发展潜力,这为扩大两国经贸合作提供了巨大空间。自1974年8月建立了外交关系以来,特别是在进入新世纪后,由于经济互补性强,中国和巴西在贸易、投资、经济技术合作方面取得了长足进展,双边经贸合作前景十分广阔。中巴经贸现状与发展前景1.双边贸易额迅速增长巴西是居世界前列的资源大国,自然资源极为丰富,许多都是高速发展的中国所短缺和急需的,而且巴西经济的发展对出口依存度很高,庞大的中国市场对巴西而言也至关重要。目前,中国已是巴西在亚洲最大的出口市场和全球第三位的出口市…     

Growth effects of leisure tourism and the level of economic development

This study examines (1) whether leisure tourism can contribute to economic growth and (2) if it does, whether its growth effects are constant across levels of economic development. Leisure tourism differs from business tourism in the causal relation with economic growth. In addition, the natural and heritage-related resources for leisure tourism are limited and not reproducible. This notion has a significant implication for the relationship between the growth effects of leisure tourism and the level of economic development. Thus, the current study focuses on leisure tourism and controls for the effects of business tourism. As an economy grows, the growth effects of leisure tourism are expected to diminish due to a lack of continued productivity improvement in the tourism industry. The empirical findings in this research reveal that leisure tourism contributes to economic growth at an early stage of economic development, but its contribution becomes weaker as the economy develops.     

协调六大关系实现可持续发展

可持续发展作为一种发展观是20世纪50年代后期西方国家工化经济迅速增长,出现了世界性环境恶化、人口膨胀等危机之后,们经过反省和探索,于80年代左开始探讨并确立的人类发展的一新思路、新理论。从系统科学的角来看,可持续的发展就是资源、环、经济、人、社会五大子系统相互调、共同进步的发展。系统的、完的可持续发展思想包含三方面含:在人与资源方面,保持资源永续用;在人与环境方面,建立生态文;在经济与社会方面,提高生活质。这三方面互为条件,相互影响,动整个社会走上生产发展、生活裕、生态良好的文明发展道路。要实现省区外经贸事业的…     

国际公司发展的基本经验

上个世纪80年代初期,随着我国改革开放的不断深入,大批国际公司应运而生,充当了我国国际工程承包和劳务输出的主体。历经二十年来市场经济的考验,国际公司从无到有,从小到大,不断发展,有相当一批国际公司成为当地“走出去”的骨干企业,在国际工程承包、劳务输出、带动设备和技术出口等方面取得了辉煌的业绩。据对21家国际公司的不完全统计,二十年来工程承包累计合同额119亿多美元,工程承包累计营业额89亿多美元,外派劳务约78万人次,带动国产设备出口5.6亿多美元。国际公司所取得的成绩主要体现在以下几个方面:首先是市场范围不断扩大。对外…     

A Kaldorian approach to Greek economic growth: a reply

The author of the comment makes three general points in the beginning and then proceeds to state her own econometric findings. In our reply each law is taken separately. dealing first with the theoretical points and then with the empirical ones.     

海峡两岸经贸发展状况与趋势

自1979年年初祖国大陆提出"三通"倡议以后,海峡两岸经贸合作出现了较快的发展.两岸贸易额从1979年的0.77亿美元,到2006年达到1078.4亿美元,突破千亿大关,两岸贸易总额截至2006年底已达6036.9亿美元.从2003年起,大陆超越美国、日本,成为台湾地区最大的贸易伙伴,并且是台湾地区最大的出口市场.台商在大陆累计投资项目71847个,合同金额1010亿美元,实际投资439.1亿美元.     

Fiscal decentralization and economic growth in the OECD

What impact, if any, does Fiscal Decentralization (FD) have on economic growth? Further investigations of the inter-relationships between FD and economic growth are timely given that government decentralization remains at the forefront of many Organization for Economic Cooperation and Development (OECD) policy agendas. This study incorporates a range of measures of FD to better account for the direct impact of different levels of subnational fiscal autonomy on economic growth. The analysis also considers the impact of previously omitted public sector decentralization variables that provide further indication of the extent to which Subnational Governments (SNG) are ‘closer to the people’ and potentially better able to account for local preferences in fiscal decision-making. Whilst little evidence of a direct relationship between FD and output growth is found, some evidence is found to suggest that federal systems tend to have lower growth rates than do unitary states, independent of their degree of decentralization, and that countries with more elected tiers of government generally have lower economic growth.     

Fiscal devaluation and economic activity in the EU

In the aftermath of the global financial crisis, a fiscal devaluation (hereafter, FD), understood as a shift in taxation from labour to consumption, has been debated as a possible tool for restoring competitiveness, particularly in peripheral countries of the Eurozone. We contribute to this debate. Based on a set of panel and spatial panel models for the EU 27 over the period 1995–2014, we find that FD works, especially where economic activity is heavily subdued and in sectors more exposed on external competition. FD increases value added in exports, improves net exports, accelerates GDP and employment growth, and decelerates growth in labour costs. These effects are nonlinear; they are stronger in the members of the Eurozone and weaker in countries with either more coordinated or more centralised wage bargaining processes or more generous unemployment benefits. The magnitude of these effects is dampened by strict regulatory barriers: they are weaker in countries with higher barriers to entrepreneurship, trade and investment. Most importantly, FD is not a beggar thy neighbour policy, at least in the EU. In our sample, the aggregate demand (‘cooperative’) effect of unilateral FD, which is beneficial for neighbouring countries, outweighs by far the expenditure switching (‘competitive’) effect, which comes at the expense of other countries’ competitiveness. FD implemented in one country can benefit other countries, provided that they are strongly integrated in global value chains. These findings are robust to changes in the estimation methods, the sample composition, the set of explanatory variables and the selection of a spatial weight matrix.     

浅论高职教育与区域经济发展

区域经济作为经济基础,对高职教育具有决定性作用,而经济和高新技术的迅速发展是高职教育产生和发展的直接动因。作为职业教育的主要组成部分,高职教育不仅为区域经济发展培养高素质人才,还为区域经济发展提供重要的知识基础和先进的科技成果。高等职业技术教育应确定以市场为导向的职业教育办学指导思想,在专业设置、办学形式和人才培养方面与区域经济发展相适应。     

Speculation and Tobin taxes: Why sand in the wheels can increase economic efficiency

The current paper develops the microeconomic case for a Tobin tax. It combines the noise-trader literature with the Tobin-tax-policy literature. Noise traders cause economic losses by inappropriately cashing out their investments. A Tobin tax can reduce such activity, thereby conferring a benefit on fundamentals investors. The paper identifies the conditions under which these gains would be largest and provides guidelines as to whether a tax is warranted. There is a trade-off because Tobin taxes discourage fundamentals investors from trading, and there are occasions when they would rationally choose to trade but do not because of the tax.