The Growth of China＇s Private Sector： A Case Study of Zhejiang Province

I. Introduction Today, the private sector is the most important component of the Chinese economy. It grows especially fast in the eastern coastal areas, such as Jiangsu, Zhejiang, Guangdong, Shandong provinces and Shanghai Municipality. The development of the private sector started firstly in southern Jiangsu province with township and village enterprises (TVEs) in110 Zhikai Wang / 109 – 120, Vol. 14, No. 3, 2006 ?2006 The Author Journal compilation ?2006 Institute of World Economics…     

Shifting sands: The changing case for monetizing project food aid in Bangladesh

Monetization involves local sale of food aid commodities and using the cash to finance other programs. To explore the likely consequences of monetization, this paper combines a stockpile of recent microeconomic evidence from food and cash-for-work projects in Bangladesh together with a multimarket simulation model. Results suggest that a switch from food-for-work's (FFW) in-kind deliveries of wheat to an identical wheat-financed cash-for-work (CFW) program would unambiguously improve welfare of the poor.     

Re‐Visiting Financial Development and Economic Growth Nexus: The Role of Capitalization in Bangladesh

This paper revisits the relationship between financial development and economic growth in Bangladesh by incorporating trade openness in production function using quarter frequency data over the period of 1976‐2012. We applied combined Bayer–Hanck cointegration approach to examine cointegration among the series. Our empirical evidence suggests that development of financial sector facilitates economic growth but capitalization impedes it. In addition, trade openness stimulates economic growth. Labour is also positively linked to economic growth. The vector error correction model Granger causality results divulge that financial development causes real per capita gross domestic product (GDP) growth, and resultantly, real per capita GDP growth causes financial development in a Granger sense. The results also show that trade and labour Granger cause economic growth. The findings of the paper provide insights for policymakers to use financial development and trade openness as a tool for sustained economic growth in the long run. The paper also suggests policymakers to utilise capitalization in a way that is beneficial for economic growth of Bangladesh.     

House Prices and the Stance of Monetary Policy: The Case of Korea

Abstract

This paper is an empirical investigation on whether the Bank of Korea should respond to the housing price developments in conducting monetary policy. For that aim, we construct a small scale empirical model of the Korean economy, simulate the estimated model with a set of alternative monetary policy rules, and compare the stabilization performances of those rules. There turns out to be ample room for further stabilization of inflation and output, if the central bank shifts from the historically conducted monetary policy rule to the optimal rule. The stabilization gains under the optimal rule, however, are not attributable to additional policy indicators (such as housing price inflation) the optimal rule involves. Rather, the optimal rule improves upon the historical one because the former takes a quite different reaction scheme toward the historical policy indicators. Moreover, as long as the Bank of Korea maintains appropriate reactions to the historical policy indicators, housing price inflation does not contain much extra information for further stabilization     

Adjusting to Trade Liberalisation: The Case of Firms in the South African Textile Sector

This paper examines the responses of firms in the textile industryof South Africa to that country's rapid liberalisation of tradesince the early 1990s. The data reveal that there have beenincreased exports accompanied by reductions in employment andcontraction of production of yarns and fabrics. Drawing on asurvey of companies, followed by interviews, it documents howcompetitive pressures from imports have led firms to increasetheir exports. Exporting is not, however, directly associatedwith better performance. This is due to its being a responseby many firms to weak domestic demand and the need to maintainproduction capacity. But, liberalisation has also been accompaniedby much upgrading of equipment and by increased specialisationand vertical disintegration in order to develop competitiveniches despite South Africa's manufacturing wage levels beinghigher than those of many of its international competitors.Firms focusing on non-price factors of export competitivenesshave been better performing. Firms have also been most successfulwhere technological capabilities based on the domestic marketprovided a foundation for export competitiveness. There areindications that with the restructuring induced by liberalisationthe sector is in a position more effectively to exploit itscompetitive strengths in international markets. In addition,the United States' African Growth and Opportunity Act (AGOA)offers some stimulus for the textile industry to supply fabricsto firms in the export garment sector which previously importedthem.     

后金融危机时期产业政策的作用空间

次贷危机引发全球性经济危机后，产业政策对稳定经济的作用得到充分彰显。文章认为，在后金融危机时期，我国的产业政策应着重于建立公平竞争的市场环境，直接干预应坚持少而精的原则，产业政策应配合整个经济政策，以实现整体计划的目标；但产业政策不能解决产业发展的体制性障碍问题，产业政策的作用空间将主要取决于体制改革的进程。     

欠发达农区产业集群的演化分析——以河南省前孔场村为例

文章试图以演化的视角和生命周期理论的观点来审视欠发达农区产业集群的发展轨迹,把产业集群的发展分为产生、成长、成熟、跃迁（包含衰退和新的成长）四个阶段,强调了农区产业集群发展中问题的解决有赖于地方政府的合理干预。地方政府在延迟甚至阻止产业集群的衰退、延长产业集群的生命周期,提升产业集群竞争力和新产业集群的培育有不可替代的作用。     

Innovation, Knowledge Creation and Technology Policy: The Case of the Netherlands

This paper explores and analyses the concept of knowledge and its application in economics by means of the Schumpeterian framework provided by New Growth Theory. In doing so, we focus on the particular role of knowledge spillovers in a small open economy such as the Netherlands.