发展植物源农药正当时

我国是一个农业大国，茶叶、蔬菜、水果种植面积和产量均为世界第一。同时，我国也是农药使用大国，农药使用量居世界第一，2001年全国农药用量达150万吨。而苛刻的农药残留标准已成为国际市场中食品、农产品贸易的“绿色壁垒”。据悉，全世界即将被逐步取代的有机磷农药总价值每年达33亿美元，这将为新型农药的发展提供巨大的空间。印楝、除虫菊等可制备生物农药的理想植物，已在云南省有了一定规模的成功引种，形成了相当的加工能力或掌握了加工新技术、新工艺。云南应抓住先机，大力发展这两种植物源农药。印楝(Azadirachra）属楝科，是…     

The importance of clusters for spillovers from foreign direct investment and technology sourcing

This paper examines the link between cluster development andinward foreign direct investment. The conventional policy approachhas been to assume that inward foreign direct investment (FDI)can stimulate significant clustering activity, thus generatingsignificant spillovers. This paper, however, questions thisand shows that, while clusters can generate significant productivityspillovers from FDI, this only occurs in pre-existing clusters.Further, the paper demonstrates that foreign-owned firms thatenter clusters also appropriate spillovers when domestic firmsundertake investment, raising the possibility that clustersare important locations for so called technology, or knowledgesourcing activities by MNEs.     

The ecology of diamond sourcing: from mined to synthetic gems as a sustainable transition

Luxury goods such as gemstones constitute a challenge for moving towards a sustainable society. From a purely bio-economic perspective, such goods consume planetary resources to provide a human “want” rather than a “need”. However, their extraction or manufacturing also provides important livelihoods for communities along the supply chain and hence contribute towards development outcomes. Comparing mined versus synthetic gems can provide consumers with important benchmarks on choice. The energy usage and emissions in mined versus lab-created diamonds was evaluated, based on industrial data, since these two factors are often a general indicator of environmental impact that can be useful in product comparisons. Depending on the process and the location of the mine, the data can be highly divergent and cannot be used as a singular measure of environmental impact. There is a need to develop life cycle analysis techniques from industrial ecology to conduct a detailed comparison of synthetic versus mined stones. Informed consumers could help to transition this luxury good towards a mix of mined and synthetic gems that best meet ecological and social metrics of sustainability.     

The stock market effect of air pollution: evidence from China

In financial studies, environmental stimuli such as sunshine, temperature, and daylight are often used as proxies for people’s collective mood swings to test their effects on the stock market. China has experienced serious air pollution problems in recent years, and Chinese public awareness of air pollution has soared. In this paper, we use China as a natural experiment to investigate the effect on stock returns of depressed moods induced by air pollution. Daily air-pollution data from 2005 to 2014 are analysed and the results obtained from the empirical research show that a contemporaneous negative and a two-day lagged positive relationship exists between air pollution levels and stock returns over this time period. The relationship is mediated by the influence of air pollution on investment decisions. The results also indicate that the effect is weakened for companies that protect air quality, but no stronger effect is detected for polluting companies. The findings imply that air pollution is a behavioural factor with some connection to stock returns in China.     

The transition from paid to self-employment in Canada: the importance of push factors

The share of self-employment in total employment has been growing in Canada throughout the 1990s. Recent research for Canada and elsewhere suggests that some workers may be ‘pushed’ into self-employment as a response to inadequate opportunities in the paid sector. Examining transitions from paid work to selfemployment using the Labour Market Activity Survey, this push hypothesis is tested using a number of indicators of the economic opportunities facing the newly selfemployed. It is found: (i) longer spells of joblessness favour self-employment, (ii) workers who collect unemployment benefits between jobs are less likely to become self-employed than are workers who did not, (iii) workers who left their previous, paid jobs involuntarily - i.e., due to layoff - were more likely to become selfemployed than those who left voluntarily, but less likely than workers who specified personal reasons for leaving, and (iv) self-employment decisions are independent of the health of the labour market as measured by the unemployment rate. These results are generally consistent with the push hypothesis but provide more ambiguous evidence than found in some other studies.     

治理滇池的生态经济学途径--源头治理

滇池水质污染源是城市粪便污水，要治理就必须从源头开始，本文提出要改变对粪便和垃圾的旧观念，树立粪便和垃圾是“再生资源”的新观念，提倡使用新型抽水马桶，创造新的粪便、垃圾处理程序等意见。     

The benefits to domestically owned plants from inward direct investment: the role of vertical linkages

Abstract The paper estimates the effects of the U.S. direct investment in Canada upon productivity in domestically owned plants. We distinguish between FDI in the industry of domestically controlled plants and FDI in the industries linked through supply or use of intermediate inputs. We find that an increase in supplier FDI increases productivity growth in domestically controlled plants. The positive productivity effects of FDI are more pronounced for plants that buy more intermediates and who purchase science‐based intermediate inputs (i.e., electronics, machinery and equipment, and chemicals). Productivity of domestic plants also benefits from larger‐scale and higher rates of advanced technologies adoption.     

An agent-based spatial simulation to evaluate the promotion of electricity from agricultural biogas plants in Germany

In this paper we investigate how changes in the support scheme may affect electricity generation from agricultural Combined Heat and Power (CHP) biogas plants in Germany. An agent-based simulation model for investment decision-making is coupled with GIS data. The spatial-temporal diffusion model accounts for the limited availability of substrate resources, alternative plant sizes and different heat use combinations. For illustration, we apply the model to the German federal states of North Rhine-Westphalia and Bavaria, for which we estimate an additional economical capacity potential of 409 MW_el. Overall, we conclude that current feed-in payments per unit of electric power provided are probably not too far off the optimum level, if one considers the maximum diffusion of CHP units possible. However, the current feed-in system may overtly favor small generating units, thereby failing to incentivize coordination among farmers for joint resource utilization in larger and more efficient plants. In addition, optimization of the biogas conversion process and feedstock use would also be highly beneficial.     

The effect of additions to or deletions from the TSE 300 Index on Canadian share prices

In this paper we examine shares that have been added to or deleted from the TSE 300 Index to determine whether abnormal price movements have occurred. We apply the dummy variable approach to event study methodology and adjust the estimated standard errors for arbitrary heteroscedasticity and clustering of events. We also use a non-parametric method of inference. Like authors of U.S. studies, we find that the market reacts positively to inclusion and negatively to deletion, albeit not significantly in the latter case. The information content of inclusion does not account for the entire share price response, lending support to the hypothesis of increased purchases by index funds. JEL Classification: G14
Ce texte examine les titres qui ont été ajoutés ou soustraits de l'indice TSE 300 pour déterminer si des mouvements anormaux de prix s'en sont suivis. On utilise l'approche des variables fictives dans le cadre d'une méthodologie qui étudie l'impact d'événements, et on ajuste les erreurs standards pour tenir compte de l'hétéroskédasticité arbitraire et de l'agglomération d'événements. On utilise aussi une méthode non-paramétrique d'inférence. Comme dans des études américaines du même type, on découvre que les marché réagit positivement à l'inclusion et négativement à la soustraction d'un titre, mais que l'effet n'est pas significatif dans ce dernier cas. Le contenu informationnel de l'inclusion n'explique pas entièrement le mouvement dans le prix du titre, ce qui apporte un support à l'hypothèse de l'impact des achats accrus par des fonds indexés.     

A new approach to the effect of intervention frequency on the foreign exchange market: evidence from Japan

This article estimates and analyses the effect of intervention frequency on the yen/dollar market, using daily intervention data. We examine using a nonlinear methodology, with the frequency of intervention from April 1991 to December 2005 as a focal explanatory variable. In this article, we also introduce a flexible target zone model that is capable of characterizing the dynamic behaviour of an exchange rate implied by the original target zone model of Krugman and its modifications. The empirical results show the importance of considering the threshold effect when analysing the effect of intervention due to the presence of asymmetry in the foreign exchange market. Moreover, we show that a high frequency intervention stabilizes the exchange rate by reducing exchange rate volatility, especially when the yen appreciates.     

A dynamic approach to analysing the effect of the global crisis on nonperforming loans: evidence from the Turkish banking sector

This article analyses the effect of the global crisis on the determinants of nonperforming loans (NPLs) in the Turkish banking sector by using dynamic panel estimation techniques. Empirical findings suggest that NPLs present persistence, which is more evident after the crisis, while other regressors have also persistent effects in the post-crisis period. Moreover, NPLs are mostly shaped by bank-specific variables before the crisis, whereas, after the crisis, NPLs are also driven by macroeconomic and policy-related variables. In particular, the post-crisis significance of GDP, policy rate and sovereign debt shows that robust economic activity, tight monetary policy and strong fiscal balances restrict NPLs, thereby enhancing financial stability. The significance of inflation in both sub-periods shows that commitment to price stability objective is indispensable for limiting NPLs and promoting financial stability. In the period ahead, the speed and the direction of normalization in global monetary policies may determine the course of financial conditions, which, therefore, have implications regarding NPL dynamics and financial stability.