中国普惠金融发展对贸易边际及结构的影响

研究目标：考察中国普惠金融发展对贸易边际及结构的影响。研究方法：首先从理论上探讨了普惠金融发展对于贸易的影响,提出普惠制金融发展不仅会从集约边际和扩展边际两个方面影响贸易的规模,而且会因为行业间外部融资依赖度的差异而影响贸易的结构。然后,运用我国10个省份15个制造行业2004~2013年的数据,检验了普惠金融发展对于地区出口的影响。研究发现：普惠金融的发展对于出口总体上具有促进作用,不过,普惠金融对于出口的影响在行业上具有显著的异质性,总体来说,在外部融资依赖度较高的行业,普惠金融发展对于出口呈现出较多正向影响,而在外部融资依赖度较低的行业,普惠金融发展对于出口越多呈现出较多负向影响。研究创新：理论上研究了普惠金融发展与国际贸易边际的关系,并运用中国的数据进行了验证。研究价值：对于促进中国普惠金融体系的构建和贸易转型升级具有一定的政策启示。     

税务会计与财务会计分离前后的交易费用探析

近年来,我国税法与会计由于根本目标的不同,产生的差异也越来越大。从新制度经济学的角度来看,改变税务会计和财务会计合一的制度安排,是将二者分离,这将有利于降低纳税企业、税务机关和其他会计信息需求主体的交易费用。     

中国双边金融服务贸易出口潜力及贸易壁垒研究

本文利用OECD数据,基于扩展的引力模型拟合了一个\"典型\"经济体(包括中国)双边金融服务的出口流量方程,并在此基础上对中国双边金融服务贸易的出口潜力及贸易壁垒等问题进行了研究。结果发现:进出口双方的GDP、双边距离、进出口双方的经济自由度及是否使用共同语言会对中国双边金融服务出口产生显著的影响;中国对主要的金融服务出口市场(包括中国香港、美国、卢森堡等)普遍贸易过度,而对小型的出口市场则普遍贸易不足;中国双边金融服务出口贸易过度的经济体,贸易壁垒水平较低,而贸易不足的经济体,贸易壁垒水平则相对较高。     

不完全资本市场与国际贸易赤字

本文通过带有风险资产的两期一般均衡模型研究了不完全资本市场和一国国际贸易之间的相关性。研究表明,当市场是完全的或者没有风险资产时,一国的国际贸易是平衡的,但是当资本市场不完全时会出现贸易不平衡。如果是国家间的不完全市场,由于一些国家的收入对风险资产的回报具有更强的相关性,使得国家间的贸易出现不平衡;如果资产在一个国家内是不完全的,则由于完全市场国家具有更强的国内分散收入变化风险的能力,会减少预防性储蓄,导致更大的贸易赤字。一些国际数据基本支持本文的研究结论。     

不确定环境中企业的经营与管理——金融危机对外高桥保税区贸易型企业的影响及其应对策略

随着全球化进程的加剧,企业外界经营环境的不确定性也在不断增加.由于市场边界的扩大、企业间协作程度的提高,经营环境中的不确定性对企业的影响越来越明显.针对于此,各类企业必须采取相应的措施以减轻环境变化带来的影响.本文在对外高桥11个贸易企业调研的基础上,分析并讨论了近几年全球金融危机后对贸易企业的影响及其应对策略.希望本研究对开展国际贸易的企业在不确定环境中的经营有所启示.     

How do trade openness,public expenditure and institutional performance affect unemployment in OIC countries? Evidence from the DCCE approach

This study explores the relationship between trade openness, public expenditure, institutional performance, and unemployment in member countries of the Organization of Islamic Cooperation (OIC) (formerly the Organization of the Islamic Conference). The conventional panel data techniques overlook cross-sectional dependence and yield-biased results. A new methodology called dynamic common correlated effects (DCCE) is employed to deal with the issue of cross-sectional dependence. The long-run results demonstrate that trade openness is inversely and significantly associated with overall unemployment and youth unemployment in lower-income as well as all the OIC economies and positively correlated in the higher-income OIC group. Public expenditure has an inverse and significant correlation with unemployment in OIC countries overall and higher-income OIC countries. Moreover, institutional performance and foreign direct investment are negatively related to unemployment in all OIC economies. The research shows the need for the continuation of open trade policies, strong institutions, and higher public expenditure in the OIC countries in order to decrease overall unemployment—in particular, youth unemployment.     

Does more finance mean more inequality in times of crisis?

Many recent empirical studies show that both banking crises and financial development (FD) play an important role in understanding the dynamics of income inequality (IncI) over the last decades. However, so far no study has investigated the role of FD in the amplification of IncI following banking crises. This paper seeks to address this issue based on a sample of 69 banking crises in 54 countries over the 1977–2013 period. Our analysis suggests that FD is associated with a significant increase in IncI in the aftermath of banking crises. This result is robust to a broad range of alternative specifications and is unaffected by various potential sources of endogeneity. We also show that the relationship between FD and the redistributive consequences of banking crises is not subject to a threshold effect and is stronger for developing countries.     

论近代上海钱业公会的行业信用监管地位及启示

本文研究发现,近代中国特别是在晚清和北洋时期,政府干预经济的能力相当弱,其市场信用得以树立是与行业协会的作用密不可分的,其中最典型的是上海钱业公会。著名的“中汇”在埠际贸易中信用度极高,起着贸易清算、支付工具等作用。在20世纪30年代以前很长时期中,由于上海钱业公会卓有成效的行业信用制度建设与监管,钱业信用并不低于银行信用。上海钱业发展史证明,制度空间除了市场和政府之外,应该留出合适的空间给行业协会这样的民间组织,这样才能建立完善的金融体系。     

Rural-urban migration in economic development

Abstract. This paper provides a review of the theoretical literature on rural–urban migration in contemporary LDCs. The paper begins with a brief discussion of the Lewis model before going on to discuss the Todaro and the Harris–Todaro models and the large literature which these models have spawned. The question of job search in the context of migration and the role of family members in migration decisions are considered next. The paper then takes a closer look at the Informal sector and also sets out alternative migration functions to the ones usually employed in the literature. The paper concludes with a brief note on some of the important implications arising from our study.     

The effect of trade and FDI on inter-industry wage differentials: The case of Mexico

Taking advantage of the liberalization process under NAFTA, this paper assesses the relative importance of the degree of trade openness and Foreign Direct Investment (FDI) in explaining inter-industry wage differentials for the case of Mexico. Using INEGI's National Survey of Urban Employment for the period 1994–2004, the empirical analysis is conducted on two stages. In the first stage, individual wages are regressed on worker characteristics, job and firm attributes, informality and a set of federal entity and industry indicators. In the second stage, inter-industry wage differentials (derived from the coefficient estimates of the industry indicators) are regressed on trade and FDI variables. The main findings show that trade openness does not have a statistically significant effect on inter-industry wage differentials, whereas for the case of FDI, a positive nonlinear relationship is found to exist.     

我国资本市场开放的现状与展望

我国在资本市场发行开放实施了海外上市、双向发债,正在探索境外公司境内上市;投资开放实施了B股、QFII、RQFII、银行间债券市场特殊机构准入、QDII、RQDII、沪港通、深港通、基金互认、债券通;服务开放实施了外资银行开设分支机构,外资银行参股中资银行,中外合资证券公司、公募基金公司、期货公司,外商独资私募基金管理人,开放评级、审计、律师服务等。未来应推动发行开放常态化、投资开放便利化、外资控股普遍化、配套服务国际化。     

Does economic globalization affect the level and volatility of labor demand by skill? New insights from the Tunisian manufacturing industries

The central aim of this paper is to assess the effects of economic globalization on the level and volatility of labor demand for different skill groups in Tunisia. Using a panel dataset covering six manufacturing industries between 1983 and 2009, three main findings are reported. First, exports and imports exert a positive impact only on the semi-skilled and skilled labor demand while foreign direct investment flows increase the demand for semi-skilled and unskilled workers. Second, the regional analysis suggests that exports to the European Union boost the demand for the semi-skilled and skilled labor. Imports from the rest of the world exert similar effects on the demand for these two categories of workers. It emerges also that imports from the European Union lead to a higher demand for skilled labor, which gives support to the validity of the skill-enhancing trade hypothesis in Tunisian industries. Finally, our findings suggest that both exports and imports rise the employment volatility associated with skilled workers. On the other hand, there is a weak evidence of increased employment volatility as a result of foreign direct investment flows.     

Which formula for national happiness?

The World Happiness Report is published by the United Nations Sustainable Development Solutions Network and contains an international ranking of national average happiness, as measured by surveys of personal life evaluations. It also contains an analysis which tries to explain the happiness figures from more than 150 countries using data on six key variables. That analysis assumes the factors combine in an additive manner and therefore operate independently of each other. By contrast, we explore a multiplicative model, which allows for interactivity or synergy between factors, as well as the possibility of diminishing marginal benefit at higher levels of achievement. We find that this model provides a better fit to the data and is therefore superior in its explanatory power. The implication for policy-makers is that they should focus on improving those factors which are the lowest for their nation as this will provide greater relative benefits to subjective well-being. At an individual level this means focusing on improving conditions for those who are experiencing the lowest levels of well-being.     

A SURVEY OF TRADE AND WAGE INEQUALITY: ANOMALIES,RESOLUTIONS AND NEW TRENDS

This paper surveys recent studies on trade and wage inequality. We first introduce some trade‐based explanations for increased wage inequality. There are, however, a number of criticisms of this line of thought based on the ‘trade‐wage inequality anomaly’, the ‘price‐wage anomaly’, and the small volume of trade. Mainly due to these criticisms, trade‐based explanations for rising wage inequality have been limited in the economic literature. Rather, the primary explanations for wage inequality have been based on skill‐biased technological change. Some trade models, however, have weakened the above criticisms, and more economists now argue that the effect of trade, though relatively small compared to that of technological change, is more significant than generally believed. Finally, we attempt to link new trends in inequality, such as job polarization and within‐group inequality, to the trade and wage inequality literature.