Financial development and relationship evolvement among money supply,economic growth and inflation: a comparative study from the U.S. and China

With the rapid development of financial markets, economic financialization degree can no longer be ignored for its influence on the relationship among money supply, economic growth and inflation. Combined with the horizontal comparison of China, this article concentrates on the financial development and evolution from the period of industrialization to economic financialization in the U.S., systematic and comprehensive analysis is first done on the variation of overall economic operation. Then impulse response function based on VAR model is applied to study the dynamic influence of economic financialization degree on the relationship evolvement. The empirical results show that economic financialization makes good explanation of the deviating phenomenon among money supply, economic growth and inflation, and the interactive relationship between fictitious economy and real economy is becoming closer and closer. Furthermore, compared to the U.S., China still belongs to the process of transforming from the period of industrialization to economic financialization.     

中国碳排放与经济增长间脱钩关系的实证分析

利用Tapio脱钩模型和Kaya恒等式,使用LMDI方法,建立扩展的Tapio脱钩模型。选取1990—2010年中国碳排放量和经济增长的数据,对中国碳排放与经济增长的脱钩关系进行定量分析。研究结果表明:1990—2010年期间中国碳排放与经济增长总体上具有弱脱钩关系,经济增长是碳排放增加的主要原因,能源强度降低是实现碳排放与经济增长脱钩的关键。最后提出"降低能源强度、优化产业结构、调整能源结构"的对策以实现碳排放与经济增长的脱钩。     

皖江城市带区域经济增长与能源消耗的实证研究--基于Tapio脱钩模型和LMDI方法

皖江城市带在承接产业转移的过程中,经济发展赢得了新机遇,然而能源需求压力却也随之增大,为了打破经济发展与能源消耗的关联,发展低碳经济,实现区域经济的可持续发展。采用脱钩弹性指数方法建立脱钩评价模型分析皖江城市带1998-2012年经济增长与能源消耗的脱钩状况,结果表明皖江区域目前处于弱脱钩的水平;并基于对数平均迪氏指数法（LMDI）对能源消耗的影响因素进行分解,结果表明产出效应和结构效应对能源消耗的驱动作用较大,而低能源强度起着负的驱动作用。     

经济政策不确定性是否驱动制造业企业的“脱实向虚”*——基于中介效应及调节效应识别

当前，实体经济投资回报率低，制造业企业逐渐显现出“脱实向虚”的特征，主要表现为制造业企业金融化程度较为明显。本文使用2009—2019年中国A股制造业上市公司数据，研究了经济政策不确定性对制造业企业“脱实向虚”的影响。本文基于现金持有、实物期权和委托代理理论，进一步识别了两者关系的中介效应及调节效应，通过实证分析发现：（1）经济政策不确定性增加了制造业企业的“脱实向虚”程度；（2）融资约束对于经济政策不确定性和制造业企业“脱实向虚”之间的关系具有中介效应；（3）企业的股权集中度、客户集中度、银行监督程度均减弱了经济政策不确定性对制造业企业“脱实向虚”的正向影响。通过替换核心变量，本文在考虑所有制和规模异质性、政府补助的影响后，其主要结论仍然稳健。本文针对监管部门政策实施、流动性支持、资金流向监管等方面，提出了有针对性的建议。     

中国能源消费、碳排放与工业经济增长——一个脱钩理论视角的实证分析

本文利用相对“脱钩”、“复钩”的理论与测度模型,对2000—2009年我国工业经济增长与能源消费和碳排放之间的脱钩关系进行研究。在此基础上,对脱钩评价模型进行扩展,构建了脱钩指数分解模型,对脱钩关系的影响因素作出了更为深入的分析,并指出未来工业脱钩发展措施的重点方向是在进一步提升能效技术的基础上,着力推进工业产业结构升级的步伐,提升新型低碳能源的结构比重,改善能源的生产和消费结构。     

制造业碳排放和经济增长脱钩关系研究——基于速度和数量双重视角

基于速度脱钩和数量脱钩的双重视角,利用Tapio脱钩模型和环境库兹涅茨曲线模型,研究中国1987—2017年制造业碳排放和制造业经济发展的脱钩关系。结果表明:我国制造业2016—2017年、2008—2017年均为弱脱钩状态,制造业经济和碳排放呈倒“N”型关系,2017年制造业经济处于环境库兹涅茨曲线两拐点之间,未发生数量脱钩。借助“环境高山”理论可知,我国制造业处于经济增长和环境保护的“两难境地”,因此,政府需要做好经济和环境政策的长期攻坚准备。     

Stock Market Capitalism: Welfare Capitalism: Japan and Germany versus the Anglo-Saxons

The financial sector has acquired great prominence in most developed economies. Some authors argue that the growth of finance is at the root of the financial and economic difficulties of the past decade. This article aims to analyze this claim by looking at financialization in the European periphery, focusing on the Portuguese case. The emergence of this phenomenon is contextualized from a historical, economic and international perspective. Based on the analysis of several indicators, the article concludes that the Portuguese economy exhibits symptoms of financialization that are typically found in Southern European countries and that these differ significantly from the patterns characterizing financialization processes in more advanced economies. The article discusses how the increasing importance of financial actors and motives in the Portuguese economy played a decisive role in the emergence of the crisis.     

发展中国家金融化与中国的抵御探索

本文尝试在发展模式与外部经济依赖性相互作用的分析框架内来分析中国经济从抵御金融化到出现金融化趋势的过程。本文认为发展中国家金融化和频繁的债务金融危机源自本国发展模式与外部经济依赖性相互作用下金融扩张与生产性积累的背离。对于中国而言,在政府有效的产业政策和渐进的金融政策引导下形成的工业化主导的发展模式,能够不断解决经济发展矛盾,同时完备的工业体系和谨慎的金融开放政策减轻了中国对世界经济体系的依赖,使其得以抵御金融化和危机。但2008年全球金融危机后,中国发展模式面临新的矛盾并且对外部经济依赖性逐渐增强,出现了经济金融化的趋势,将对中国经济和金融体系的稳定性带来巨大的挑战。中国政府已经意识到金融化风险,在近年来出台了一系列政策,以期引导资金“脱虚向实”,并取得了一些成效,但金融化风险尚未根除,中国经济未来的发展仍需要政府制定行之有效的政策积极引导金融和实体经济的协调发展。     

金融化有助于企业研发投入吗

基于我国“脱实向虚”的经济现状,以我国深圳证券交易所中小企业板上市的高新技术企业为样本,研究企业金融化对研发投入的影响。结果发现：高新技术中小企业金融化程度越高,研发投入越多;相比于国有产权、金融发展水平较高地区,民营产权、金融发展水平较低地区的高新技术中小企业金融化更加有助于其研发投入;金融化对高新技术中小企业研究阶段支出有促进作用,而对开发阶段支出有挤占效应。     

The Coevolution of Finance and Property Rights: Evidence from Transition Economies

The transition from communism to capitalism was necessarily accompanied by a sudden and abrupt increase in the financialization of society. This increase occurred in an environment that, even now, still has little experience with or expertise in financialization. Given that financialization occurred simultaneously with the growth and evolution of other political and economic institutions, the question arises: What was the effect on these other nascent institutions like property rights? This article empirically analyzes the relationship between financialization and property rights in transition countries. Using a unique monthly database of twenty transition countries over a period from 1989 to 2012, this article finds that the influence of financialization depends on which definition of “financialization” is used. In particular, increases in basic financial intermediation improved property rights. However, higher-order “financialization,” proxied here by the size of capital markets and the wages in the financial sector, appeared to have a negative impact on the development of broad-based property rights in transition.     

中央环保督察与企业过度金融化： 资本逐利抑或环境治理

中央环保督察是近年来我国环保领域采取的重要改革措施,不仅有利于提高环境治理效力,而且也会对微观企业的资源配置决策产生影响。基于2012—2020年我国沪深A股上市工业企业数据,采用多期双重差分法实证检验中央环保督察对企业过度金融化的影响。研究发现,中央环保督察对企业过度金融化具有抑制作用。影响机制检验发现,中央环保督察通过提高企业绿色投资进而会抑制企业过度金融化。异质性分析表明,中央环保督察对企业过度金融化的抑制作用在融资约束程度高、高管无公职经历的企业以及处在公众环境关注度较高地区的企业更强。经济后果检验表明,中央环保督察通过抑制企业过度金融化提升了企业绩效。研究结论探析了宏观环境政策对微观企业资源配置决策的影响及作用机理,对实现环境治理和经济发展的双赢具有一定的现实意义。     

低碳经济“脱钩”量化分解模型研究——基于IPAT方程的分析

在IPAT方程基础上运用LMDI分解法构建了低碳经济"脱钩"量化分解模型,并以山西为例进行分析。结果表明,1999～2009年间山西低碳经济已从"扩张负脱钩"和"无脱钩努力"阶段逐步改善为"弱脱钩"发展阶段;能源强度降低对低碳经济发展起到了关键性作用,产业结构和能源结构调整等其他措施效果并不明显。该模型的建立对科学评价减排措施和低碳经济发展具有重要的方法论意义。     

北京碳排放与经济增长间关系的实证研究——基于EKC和STIRPAT模型

利用1981—2010年北京经济增长和碳排放的数据,验证了两者间EKC的存在性。运用碳生率和脱钩指数分析了经济增长与碳排放的短期静态关系和长期动态关系,并利用STIRPAT模型分析了北京碳排放的影响因素。结果表明:北京经济增长与碳排放之间存在倒U型关系,拐点为人均GDP为34423元;研究期间北京碳生产率呈不断上升趋势,年均增长率为6.1%;在1981—2010年期间的绝大部分年份,北京处于弱脱钩状态,脱钩指数与其经济发展阶段比较吻合;经济发展水平对北京碳排放的影响最显著,其次是能源利用效率,能源消费结构的影响较小。     

中国工业部门碳排放与GDP脱钩因素影响力分析

基于Tapio脱钩模型,对2000．2008年间中国工业部门碳排放与能耗脱钩、能耗与GDP脱钩对碳排放与GDP脱钩影响力进行了实证研究。结果表明：中国工业部门在实现碳排放与GDP脱钩上取得比较显著的成绩;能耗脱钩影响力均值为正,能耗受经济驱动较小对碳排放与GDP脱钩做出了相当的贡献;排放脱钩影响力均值为负,碳排放受能耗驱动力较为明显,对工业部门碳排放与GDP脱钩产生了负向影响。为使中国工业部门在碳排放与GDP脱钩上取得更显著的效果,应加大能耗与GDP脱钩力度,同时政府应大力支持碳捕集利用与封存等低碳和零碳技术研发与应用,逐步改善碳排放与能耗整体挂钩的态势。     

经济金融化行为的政治经济学分析--一个演化博弈框架

自2008年美国金融危机发生以来,经济金融化成为国内外学界关注的焦点。文章从政治经济学的角度指出了金融化的本质在于资本积累演变为资本脱离剩余价值的生产与交换而通过金融系统实现增殖的过程,进而通过构建一个包含异质性主体的非对称演化博弈模型,揭示了非金融主体与金融主体之间从普通经济关系到金融关系的动态演变过程及其作用机制。研究表明：(1)经济主体之间的动态关系演变表现为非金融企业主要通过金融活动获取利润,金融企业则关注中间业务和表外业务并将普通家庭纳入其体系使之成为新的利润源泉,而普通家庭则被迫接受强势经济主体的二次分利,这些关系的变化将导致一国经济的金融化乃至金融危机。(2)经济发展状态取决于金融主体与非金融主体之间的相互关系,其中,非金融主体行为起主导性作用。在既定假设下,当非金融主体仅通过其资源保护行为影响金融主体的分利技术时,既可以促使一国经济走向新的稳定状态也可促使其走向崩溃;当非金融主体通过其资源保护行为和分利技术影响金融主体的分利技术时,经济可以实现演化稳定状态。(3)经济主体的金融化行为有三个层面的影响：一是经济主体的金融化行为促进经济主体自身在短期内实现高额资本积累;二是金融主体的分利行为与非金融主体的生产行为经常呈现对立的经济关系并容易被激化;三是没有政府介入的自由市场必然导致矛盾激化而陷入危机。因此,深入理解经济金融化问题的本质及其对经济的影响机制,对当前中国的经济转型和金融改革都具有重要意义。     

Decomposing the decoupling of CO2 emissions and economic growth in Brazil

This paper examines the occurrence of a decoupling between the growth rates in economic activity and CO₂ emissions from energy consumption in Brazil from 2004 to 2009. This decoupling was highlighted when economic activity and CO₂ emissions moved in opposite directions in 2009. More generally, we observe several periods of relative decoupling in Brazil, but not to the extent witnessed in 2009. To identify the determinants of emissions change, we develop a decomposition model based on a log-mean Divisia index (LMDI) framework. The results indicate that the carbon intensity and energy mix are the main determinant of emissions reduction in Brazil between 2004 and 2009. Modifications in the economy structure are also associated to emission mitigation in the period. Such evidence demonstrates similarities with events of decoupling registered for the interval 1980-1994 in Brazil. Finds from Brazil differ from observations in other countries in which improvement in energy intensity has been the most common determinant of emissions reduction.     

中国资源利用与经济增长间关系的解耦分析——基于国内资源开采使用量

用解耦指数法对基于国内资源开采使用量的中国资源利用与经济增长之间的关系进行了解耦分析。结果显示:1980—2007年中国资源利用与经济增长之间总体上处于相对解耦状态;生物质资源的解耦指数最大,且与经济增长的解耦关系稳定;矿物资源的解耦指数最小,且与经济增长的解耦关系不稳定;"十五"期间,重化工的加速发展使得化石资源和矿物资源与经济增长都处于耦合状态。由此认为:应重视加强矿物资源的管理;对于中国而言,达到较高的相对解耦状态是目前更具现实意义的目标。     

Does financialization retard growth? Time series and cross-sectional evidence

Although financial development is essential for economic development, excessive financialization of the economy is believed to exert a negative effect on output growth. In this article, empirical evidence is presented on the relation between economic growth and financialization as measured by the ratio of credit to GDP and the ratio of publicly traded shares to GDP. The empirical results are based on annual time series data for six country groups as well as cross-sectional data covering a large number of countries. The model is initially specified with unobserved components and estimated in a time-varying parametric framework to account for missing variables. Thereafter, the issue of linear versus quadratic specifications is examined. The results are robust with respect to model specification, estimation method, data type and variable definition, showing in general that financialization has a negative impact on growth. Some evidence is also presented to support the notion of the financial Kuznets curve.     

Financialization and the rise in co-movement of commodity prices

Between January 2000 and June 2008, the FAO food price index rose by 96%. Besides the magnitude, the price rise was remarkable for the broad range of commodities affected; prices of agriculture commodities, energy, and metals all rose and fell together. These dramatic developments coincided with a massive inflow of investment in the commodities futures market, and the rise of commodities as an investment class. In this paper, I study causal links between the increase in the co-movement between commodity prices and financialization of the commodities futures market. I extract common factors from a group of 40 commodities using the PANIC method and include it in a factor-augment VEC model along with a proxy of financialization. Results show that financialization of the commodities futures markets can explain the recent rise in co-movement between commodity prices, after accounting for macroeconomic variables.     

Tapio脱钩指数测算方法的改进及其应用

文章在综述脱钩指数测算方法和应用的基础上,对"脱钩"概念和脱钩指数测算方法理解和应用的误区进行了辨析。借鉴Tapio脱钩指数测算方法,改进形成"两阶段滚动"Tapio指数测算方法。在此基础上,采用1980-2011年我国能源和碳排放有关数据,对我国能源和碳排放脱钩状态进行了测算和分析,结果与现有主流研究有所差异,1981年后我国能源消费和碳排放与经济增长,总体分别处于"增长连接"和"弱脱钩"状态,高耗能高排放特征长期突出,在各子期间内变化不大。其中,2003年后,能源消费主要与经济增长有关,增量碳排放主要与能源消费增长有关。现阶段,我国应主要通过推进以节能和向低能耗产业结构转型的"能源脱钩"政策,来促进能源和碳排放的双脱钩。同时,印证了新方法的有效性和解释力。