Treatment of Fixed Capital in the Sraffian Framework and in the Theory of Dynamic Input–Output Models

This paper is concerned with a comparison of the treatment of fixed capital in some multi-sectoral models. First, the dynamic Leontief model is investigated. Scrutiny shows that this model suffers from conceptual misconceptions which result from restrictive assumptions concerning full-capacity production and the transferability of capital in place, and from the definition of technical coefficients. Whereas most input–output (IO) models are based on the assumption of infinite life of fixed capital, the Sraffian concept is to treat used fixed capital items as ‘intermediate’ goods, which appear as joint products until they are worn out. To compare that approach with some IO models, an application of the concept of a ‘plant’ is provided. Finally, it is demonstrated that Leontief's model, as well as some recent generalizations, are special cases of a Sraffa-von Neumann type of model.     

Delivery lags and buffer stocks in the theory of investment by the firm

This paper contains a dynamic model of a firm holding a stock of unfilled orders for output while facing a fixed delivery lag attached to acquiring new capital goods. The model leads to a two-stage optimal control problem where the initial time interval corresponds to the Marshallian short-run and the second interval is the period during which deliveries of capital goods may arrive. Optimality criteria are provided for both time intervals and the behavior of the firm is characterized along both adjustment paths. The short-run decisions of the firm are shown to be tied to long-run decisions planned by the firm.     

Optimal property taxation in the presence of interregional capital mobility

A single region's optimal property tax policy is examined in a model with interregional capital mobility. In this model, property taxation is used to finance local public expenditures. Different tax rates may be imposed on property used to produce goods which are traded between regions and property used to produce nontraded goods (e.g., residential property). The key determinants of the difference between the optimal tax rates are identified, and it is argued that there exists a bias towards relatively low tax rates on property used to produce traded goods. The role of labor mobility is also investigated.     

Extracting Embodied Energy Paths from Input–Output Tables: Towards an Input–Output-based Hybrid Energy Analysis Method

Embodied energy is defined as the energy consumed in all activities necessary to support a process, including upstream processes. The Leontief inverse input–output (IO) matrix gives results that are practically complete, because of the aggregation of direct and indirect requirements, but which are also unreliable, because of inherent assumptions. Although accurate for the system boundary considered, process analysis results are incomplete relative to the pure IO system boundary. Attempts to combine process and IO analysis tend to be based on process analysis data. The system boundary is still significantly incomplete—although not as incomplete as for pure process analysis. An IO-based hybrid analysis technique that requires the extraction of particular paths from the direct IO matrix has been developed. The potential for embodied energy paths to be used as the basis for a hybrid analysis of the Australian residential building sector is discussed. The results indicate that less than three-quarters of the total embodied energy of this sector is likely to be able to be validated, because of the complexity of the embodied energy paths.     

Mobile Labor, Multiple Tax Instruments, and Tax Competition

The tax competition literature shows that local governments keep property tax rates inefficiently low to prevent capital outflows, thereby underproviding local public goods. This paper adds mobile labor and an alternative tax instrument to the model. Jurisdictions have access to a property tax levied on land and capital, plus either a head tax or a labor tax. Scale economies in public good provision create incentives to use the property tax, but these incentives are not accompanied by increased incentives to underprovide public goods. In contrast, underprovision is associated with the use of a distortionary labor tax.     

Impact of R&D and Technology Diffusion on Productivity Growth: Empirical Evidence for 10 OECD Countries

This paper examines the empirical evidence on the impact of performed R&D and of R&D embodied in intermediate and capital goods on productivity performance in 10 major OECD countries over the last two decades. To quantify intersectoral and international technology flows, industry-level embodied R&D variables were constructed from an input–output (IO) R&D embodiment model. The productivity variables used are discrete Divisia growth indexes of total factor productivity (TFP), which were estimated from an IO growth accounting model. The results from pooled regressions indicate that the rates of return of the R&D variables were positively significant and increasing in the 1980s. In particular, embodied R&D is an important source for TFP growth in services, indicating very high social returns of the flows of capital-embodied technology into this sector. Moreover, the information and communi-cation technology (ICT) cluster of industries played a major role in the generation and cquisition of new technologies at the international level.     

A New Method for the Identification of Patterns in Input–Output Matrices

This paper suggests a new algorithm for selecting the input–output (IO) coefficients of a Leontief matrix in order of importance, so providing an analytical method for decomposing an IO matrix. It avoids the choice of arbitrary thresholds for eliminating flows or coefficients, and allows for circular relationships. For this purpose, a simple inverse-important criterion has been chosen, which is consistent with the logic of the Leontief model. A procedure that greatly reduces the computational burden is then devised. This method permits new comparisons of IO structures of different countries or regions, for identifying their different degree of internal integration and their reciprocal influence through the exchange of intermediate goods. An application to an IO model for seven European Community countries for 1980 is then presented.     

金融发展与企业资本结构调整

为考察金融发展与资本结构调整速度的内在联系,构建一个反映区域金融发展指标,并结合沪深A股2007—2015年上市公司财务数据进行实证研究,实证结果表明：金融发展可以缓解企业融资约束,降低企业资本结构调整成本,最终加快资本结构调整速度,因此金融发展对企业资本结构调整的促进作用在融资约束企业更加显著,同时产权性质对金融发展与企业资本结构调整速度之间的关系存在显著影响。     

Effects of an anticipated expansion in international public goods on public capital accumulation

This paper presents a generic model to include public capital accumulation and the services of international public goods provided by a neighbor country. It examines the long-run and short-run responses of private and public capital accumulation in the home country to an anticipated increase in international public goods. It is found that the home economy in effect cuts its public capital stock, but keeps an unchanged private capital stock in the long run when a neighbor commits itself to expanding the stock of public goods in the future. The key factor determining the short-run responses of the home country is the extent to which it will match its government spending with a neighbor country's policy, which is associated with the relative difference between the marginal utility of consumption and that of home public capital affected by an increase in international public goods.     

城市基础设施投融资活动分类管理的探讨

随着社会资本进入基础设施建设领域,政府的投融资体制产生转变,导致公共产品属性发生了变化,使得公共产品商品化。本文通过分析城市基础设施的公共产品属性及其投融资体制,分析得出城市基础设施应该回归公共产品本来的属性,相应的城市基础设施投融资体制应该进行改革,应以政府财政资金为主导,对应的社会资本应当纳入财政预算,接受财政监督,同时,在复式预算的基础上根据城市基础设施建设的不同性质,对城市基础设施的投融资进行分类管理。     

Input–Output Models with Stochastic Matrices and Time Lags

In this paper, the random balanced growth factor to forward-lag-type and mixed-lag-type input–output (IO) models is considered. The instability of IO and capital matrices is taken into account by stochastic methods. Exact and approximate characteris-tics of stochastic solutions are given.     

The specification and estimation of interrelated factor demands under uncertainty

This paper studies a model of the firm's interrelated demands for the factors of production incorporating exogenous variables with uncertain future values, multiple quasi-fixed factors, depreciation in use, and non-symmetric internal costs of adjustment. The inputs considered are production labor, non-production workers, capital, inventories of non-finished goods, and capacity and non-production worker utilization rates. A simultaneous system of factor demand equations with constraints is estimated and using U.S. manufacturing data. The model is shown to be tractable under certain assumptions. The results are encouraging given the complexity and the nature of the model.     

Fiscal centralization versus decentralization: Growth and welfare effects of spillovers, Leviathan taxation, and capital mobility

This paper develops an endogenous growth model with spillovers of public goods, Leviathan taxation, and mobile capital to examine the relative merits of centralized and decentralized fiscal systems for economic growth and social welfare. We show that a decentralized system dominates a centralized system in terms of economic growth; however, the difference in social welfare between a decentralized and a centralized system is non-monotonic and displays a hump-shaped relationship with respect to capital mobility. Since higher capital mobility induces stronger tax competition, this finding implies that there is an optimal degree of tax competition; some tax competition is desirable, but fierce tax competition may be harmful. We also show that there is a critical level of spillovers of public goods above which centralization dominates decentralization in terms of social welfare, as in previous studies; however, if spillovers are below this critical level, capital mobility also matters in the welfare comparison between centralized and decentralized systems.     

企业性质与创新效率——基于国家大中型工业企业的研究

本文以国家大中型工业企业为例,运用DEA方法结合Malmquist指数分析了企业性质与创新效率的关系。研究发现,各类企业纯技术效率水平较高,各类企业相差不大。规模效率略低,内资企业规模效率较高。企业创新领域技术进步有所下降,说明我国创新体系正在进行结构调整。国有企业及国有独资公司创新投入浪费较大,目前首要任务是进行创新领域的制度与管理调整。     

中山市发展和利用资本市场问题研究

文章指出,中山市目前处于工业化中后期和实现现代化的关键阶段。通过发展和利用资本市场,加快产业结构的调整和升级,弥补招商引资比较优势的弱化,培育和提高企业自主创新能力,优化企业内部治理结构,拓宽城市基础设施建设融资渠道是十分必要的。充分整合资本市场的元素,按照市场规则建立中山市产权交易所,是中山市积极参与我国多层次资本市场建设的现实选择。     

人力资本产权的实现方式

人力资本要素作为经济发展的根本动力,为越来越多的人所认识。而现行企业产权制度的不完善,严重制约着人力资本作用的发挥,为了充分发挥人力资本的作用,调动其积极性,必须赋予其产权。本文通过分析认为,人力资本产权的实现方式是产权化。     

技术外溢与吸收能力:基于开放经济下的内生增长模型分析

通过构建中间产品种类扩张型的内生增长模型，本文探讨了开放经济条件下技术外溢与本国技术吸收能力影响长期经济增长的内在机理。对模型的竞争性市场均衡分析得到了均衡增长路径的稳态增长率，并就解的政策含义进行了讨论。模型的基本结论是：技术吸收能力的提高、人力资本积累以及适度的知识产权保护有利于长期经济增长，然而贸易开放度、技术水平差距对稳态增长率的影响效应具有不确定性。     

城市公共物品供给与税制

通过对公共物品性质的经济学分析,论证了城市公共物品的供给主体选择问题,分析了我国现行的税收立法体制的弊端,提出了解决这一问题的对策,即税收立法权向城市一级政府下放,实现事权与财权的统一.     

Heterogeneity in social values and capital accumulation in a changing world

In a society characterized by a multitude of heterogeneous agents and a large number of possibly immaterial goods, each one having distinct social and personal values, we study the impact of these relative values on intergenerational capital accumulation, as a function of economic and social parameters such as capital mobility, productivity and personal and social values discrepancies. Each agent is modelled by a one-period production function and a two-period intertemporal utility. Agents live, produce and consume over one period, but optimize over two periods, so providing a remaining stock of goods for the next generation. This creates a dynamics in capital accumulation depending on social and individual values. A threshold appears in capital stock accumulation that depends on personal and social values’ volatilities, and below which the initial stock will be depleted. Whereas volatility in social values increases the threshold, impairing capital accumulation, adverse shocks in goods’ values may reverse the dynamics of the accumulation process. Finally, capital mobility specifically favors forerunners, but capital accumulation in one or several sectors may shift social values in their direction, at the expense of other sectors.

     

Tax Competition and Revelation of Preferences for Public Expenditure

This paper considers a federal country composed of local jurisdictions that differ in their inhabitants' tastes for public goods, and which finance local public expenditure through a source-based tax on capital income. The taste for public goods is the private information of local governments. The central government seeks an optimal policy, in which grants to local governments are conditioned on local tax rates. The uninformed central government seeks both to allocate capital efficiently among jurisdictions, and to induce jurisdictions to provide an efficient mix of private and public consumption. It is shown that there persist at this constrained optimum both some misallocation of capital and some violation of the Samuelson rule for optimal public good provision in every jurisdiction.