Mortgage Credit: Denmark’s Financial Capacity Building Regime

ABSTRACT

The integration of small states into the international financial system has constrained their ability to enact the traditional macroeconomic tools of fiscal and monetary policy. As systems of mortgage credit are tightly integrated into global capital markets and influence flows of capital between states, this paper uses Denmark as a case study to explore whether domestic mortgage sector reforms have been used to build financial capacity to compensate for the loss of economic policy autonomy. The results of this analysis suggest that the Danish government has actively used mortgage credit to meet three specific macroeconomic objectives since the 1980s: (1) mortgage credit was restricted in the 1980s to resolve Denmark's persistent balance of payments problem; (2) liberalisations of mortgage credit in the 1990s and 2000s allowed the Danish government to stimulate the economy via privatised/house-price Keynesianism and reduce their sovereign debt burden; and (3) mortgage credit has been used as a form of privatised monetary policy, allowing Denmark to break-free from the ‘iron-cage’ of the Mundell-Fleming trilemma. It is in these specific ways that the Danish government has used mortgage reforms to achieve macroeconomic policy autonomy and navigate economic challenges whilst adhering to the constraints of the international financial system.     

欧盟一体化与经济增长趋同性研究

欧盟是当今一体化程度最高的区域组织,但伴随着成员国数量的不断增加、区域范围的不断扩张,减小区域内经济差距成为欧盟一体化的重要任务。选取欧盟为研究对象,基于欧盟统计局(Eurostat)的面板数据,运用σ检验与β检验方法测度1993年以来欧盟成员国经济增长的趋同效应。结果表明,1994—2007年σ趋同和1998—2007年的β趋同效应明显,其中β检验表明EU-27国的人均产出以每年1.27%的速度趋同,但欧洲非欧盟国家与欧盟国家不存在趋同,此外成员国之间制度、科技、贸易与投资等全方位的一体化是促进经济增长趋同的主要原因。     

The unanimity rule and religious fractionalisation in the Polish-Lithuanian Republic

This paper analyses the role of the unanimity rule—known as liberum veto—in medieval Poland. We argue that the primary effect of the liberum veto was that it secured religious freedom and established domestic peace in an otherwise deeply divided and fractionalised country. What is more, this institution succeeded in doing so during an era which was characterised by violent religious conflicts and rise of absolutist monarchies throughout the European continent. Even after 1652, when the liberum veto seemed to have practically paralysed the decision-making of Polish-Lithuanian parliament, there were still reasons—related to religious issues—why its use could have been preferable to less inclusive voting rules. It can be argued, however, that the use of unanimity was not warranted in questions related to defence, especially in situations of national emergency, although it is questionable to which extent the sole presence of the liberum veto was susceptible to bring about the demise of the Polish-Lithuanian Republic.

中国区域经济增长差异及影响因素分析

随着中国经济的高速增长,区域经济差异日益突出。此项研究通过对地区经济差异的统计描述,并运用经济计量模型,在传统的资本要素和劳动力要素的基础上,增加了技术要素和制度要素两个变量来考察区域经济增长的差异,得出了结论和启示。     

海南省经济增长因素的研究

本文从产业与区域方面分析了海南省经济发展的状况,并应用计量经济模型,根据海南省经济发展的历史数据,对促进经济增长的因素进行了实证的研究,得出了一些结论并提出了相关的政策建议。     

Why did the Austro-Hungarian Empire collapse? A public choice perspective

In this paper, we seek to identify causes of the disintegration of the Austro-Hungarian Empire. We note that great salience was attached to issues of self-governance and autonomy of the numerous ethnic groups living within the Empire. From a public choice perspective, the Empire was an over-centralised state and there were clear gains from federalising it. However, such federalisation was not feasible because of the collective action problem arising in bargaining with the central government. Furthermore, the move towards the war economy and the empowerment of the executive state provided the last drop leading to the exit of ethnic minorities from the monarchy and to the ultimate demise of the Empire.

北京的经济发展及其增长因素分析

建国以来，北京经济的发展发生了巨大的变化。对于经济增长的因素，主要表现在劳动力数量增加的变化和技术退步等方面。经济发展由资本和劳动力数量的增大等外延的发展形态转换为内涵的发展状态，即劳动力素质的改善、技术的追步以及资本集约度的上升等作为积极因素促进经济的增长。     

Present situation and countermeasure research of economic structure of Shaanxi Province

Economic structure is a significant factor impacting economic growth and economic growth quality. In this paper, the present status of economic structure of Shaanxi Province is analyzed, and available primal problem is indicated. There have been a lot of problems in economic structure of Shaanxi Province, mainly including slow tertiary industry development, comparatively grave unbalance of light and heavy industries proportion, lagged development in high and new technology industries, high industry convergence degree, low scale effect, slow agriculture expanding and so on. Meanwhile, homologous countermeasure is given in this text： we should develop tertiary industry with tourism as the leading role energetically to promote industrial hierarchy, impulse structural rationalization of foreign trade through international cooperation and competition, accelerate the industrialization, promote industrial structure upgrade, develop the high and new technology industries quickly, accelerate the promotion of industry scale effect and expedite expansion of industry colony. We should also develop superior industry, reduce industry convergence degree, and develop the agriculture energetically to promote the industrialization and modernization of agriculture. These points are given in the interest of supplying gist and reference to government in industrial structure adjusting and policy making.     

略论我国自然灾害对宏观经济增长的影响——基于内生经济增长理论视角

自然灾害具有偶发性,就我国全国范围看,自然灾害又是必然发生事件。把自然灾害损失内生化以度量其对宏观经济增长的影响。实证分析表明,自然灾害直接损失对当年经济增长起到负面影响,灾后2～3年的时间里对经济有拉动作用;而在灾后4～5年内表现出对经济的负面作用。总的来说,相对于投资和劳动投入自然灾害直接经济损失对GDP增长的影响比较小,长期影响表现出负弹性。自然灾害损失主要通过损失社会财富和拉动内需影响宏观经济增长,灾害当期主要是社会财富损失的负面影响,灾后2～3年则体现内需拉动的正面影响;从长期看,社会财富损失的负面影响要高于内需拉动的正面影响。     

国际资本流动、增长因素结构变迁与经济增长

在开放经济条件下,国际资本流动对资本、技术、人力资本和制度等经济增长因素的结构变迁有重要的影响,进而对经济增长有重要作用。     

States and Markets: The Advantage of an Early Start

In this paper, an index of the depth of experience with state-level institutions, or state antiquity, is derived for a large set of countries. We show that state antiquity is significantly correlated with measures of political stability and institutional quality, with income per capita, and with the rate of economic growth between 1960 and 1995. State antiquity contributes significantly to the explanation of differences in growth rates, explaining half of the differences in growth rates between countries like China and Mauritania, which are located at the two ends of the spectrum. It is also a good instrument for social infrastructure, which explains cross-country differences in worker productivity.     

中国经济体制改革及经济增长路径分析(1949～2009)(上):制度经济学层面

为分析1949年～2009年间中国经济体制改革及改革开放30年来中国经济增长态势及其路径演进,明确当下中国经济所处增长区间以及下一阶段经济增长的可持续性问题,文章构建了改革演进的理论框架,将新中国成立的经济增长路径分为4个阶段。以新古典经济增长模型为基础,通过放宽限制条件,构建计量经济模型拟合中国经济的增长路径。以整体推进阶段的实证数据检验模型的正确性,并得出结论:中国的经济增长尚处于经济起飞阶段;下一阶段的经济仍将维持在高位增长,具有可持续性。     

中国经济体制改革及经济增长路径分析(1949～2009)(下):计量经济学层面

为分析1949～2009年间中国经济体制改革及改革开放以来中国经济增长的态势及其路径演进,明确当下中国经济处于何种增长区间,以及下一阶段经济增长的可持续性问题,构建了改革演进的理论框架,将新中国成立以来的经济增长路径分为4个阶段。以新古典经济增长模型为基础,通过放宽限制条件,构建计量经济模型拟合中国经济的增长路径。以整体推进阶段的实证数据检验模型的正确性并得出结论:中国的经济增长尚处于经济起飞阶段;下一阶段仍将维持经济的高位增长,具有可持续性。