Expansionary effects of the welfare state in a small open economy

We examine the relationship between welfare state policies and economic performance in a small open economy with (i) free trade in final goods and international capital mobility, and (ii) aggregate increasing returns to scale. Contrary to the conventional wisdom, we find that a retrenchment of welfare programmes is not an inevitable consequence of economic integration. Instead, by improving the exploitation of aggregate scale economies, social expenditure policies and international openness complement each other in facilitating an improvement in economic performance that can sustain a more generous welfare protection.     

Trends and cycles in small open economies: making the case for a general equilibrium approach

Economic research into the causes of business cycles in small open economies is almost always undertaken using a partial equilibrium model. This approach is characterized by two key assumptions. The first is that the world interest rate is unaffected by economic developments in the small open economy, an exogeneity assumption. The second assumption is that this exogenous interest rate combined with domestic productivity is sufficient to describe equilibrium choices. We demonstrate the failure of the second assumption by contrasting general and partial equilibrium approaches to the study of a cross-section of small open economies. In doing so, we provide a method for modeling small open economies in general equilibrium that is no more technically demanding than the small open economy approach while preserving much of the value of the general equilibrium approach.     

On the role of government in a stochastically growing open economy

The relationship between the size of government, economic growth, and volatility in a small open economy is analyzed. First, we characterize the stochastic equilibrium for a centrally planned economy, contrasting it with a closed economy. The role of government consumption expenditure both as a stabilizing and a destabilizing factor is discussed. The optimal size of government is derived and we find that an open economy will have a larger government if and only if it is a net creditor. Second, the stochastic equilibrium in a decentralized economy is characterized and the optimal tax structure derived. Finally, the role of government production expenditure and its impact on risk is briefly discussed.     

Ramsey policies in a small open economy with sticky prices and capital

This paper analyzes jointly optimal fiscal and monetary policies in a small open economy with capital and sticky prices. We allow for trade in consumption goods under perfect international risk-sharing. We consider balanced-budget fiscal policies where authorities use distortionary taxes on labor and capital together with monetary policy using the nominal interest rate. First, as long as a symmetric equilibrium is considered, the steady state in an open economy is isomorphic to that of a closed economy. Second, sticky prices’ allocations are almost indistinguishable from flexible prices allocations both in open and closed economies. Third, the open economy dimension delivers results that are qualitatively similar to those of a closed economy but with significant quantitative changes. Tax rates are both more volatile and more persistent to undo the distortions implied by terms of trade fluctuations.     

A stochastic dynamic model of trade and growth: Convergence and diversification

There is a growing literature that studies the properties of models that combine international trade and neoclassical growth theory, but mostly in a deterministic setting. In this paper we introduce uncertainty in a dynamic Heckscher-Ohlin model and characterize the equilibrium of a small open economy in such an environment. We show that, when trade is balanced period-by-period, the per capita output and consumption of a small open economy converge to an invariant distribution that is independent of the initial wealth. Further, at the invariant distribution, there are periods in which the small economy diversifies. Numerical simulations show that the speed of convergence increases with the size of the shocks. In the limit, when there is no uncertainty, there is no convergence and countries may specialize permanently. The paper highlights the role of market incompleteness, as a result of the period-by-period trade balance, in this setup. Through an analytical example we also illustrate the importance of country specific risk in delivering our results.     

Unemployment and the business cycle in a small open economy: G.M.M. estimation and testing with French data

What is a relevant model for the European business cycle? In this paper, the empirical performances of three models are compared: a canonical Walrasian R.B.C. framework, its extension to the case of a small open economy, and a version of this model with search and wage bargaining on the labor market. Structural parameters of the models are estimated using G.M.M. and their abilities to reproduce the French business cycle, taken as representative of the European business cycle, are tested. Only the small open economy with unemployment is able to generate theoretical moments that match their empirical counterparts.     

唐代城市经济发展研究

唐代城市在中期发生了很多新的变化,集中表现为在城市经济发展的基础上,新的事物不断涌现,呈现出后现代城市发展的某些特征.具体来说,唐代城市经济发展表现为开放式城市经济的发展、工商互动、城市经济功能增强和城乡关系的变化四个方面.     

The Paraguayan financial system and Paraguay's experience in universal banking

This article shows how Paraguay, a small developing open economy, has developed a financial system which has helped to achieve growth with financial stability.     

中小企业新市场渠道开拓策略初探

中小企业在国民经济中占有不可忽视的地位,中小企业的生存和发展离不开新市场渠道的开拓。本文从当前中小企业开拓新市场比较困难的情况出发,对中小企业新市场渠道开拓策略做了初步探讨。     

Robust monetary policy in a small open economy

We study how a central bank in a small open economy should conduct monetary policy if it fears that its model is misspecified. Using a new-Keynesian model of a small open economy, we solve analytically for the optimal robust policy rule and the equilibrium dynamics, and we separately analyze the consequences of central bank robustness against misspecification concerning the determination of inflation, output, and the exchange rate. We show that an increase in the preference for robustness makes the central bank respond more aggressively or more cautiously to shocks, depending on the type of shock and the source of misspecification.     

Monetary policy and bank performance: The role of business models

This paper examines the relationship between monetary policy and bank performance in a multiple-instrument environment, particularly highlighting the conditioning role of bank business models. Employing a unique dataset of Vietnamese commercial banks from 2007 to 2019, we display that banks react to monetary policy changes, either when the central bank increases policy rates or injects money into the economy through open market operations, by decreasing overall returns and increasing financial instability. Additionally, we document that the accumulation of foreign exchange reserves benefits bank outcomes, contrasting to open market operations, albeit the central bank uses both of these policy instruments to alter money supply in the economy. Our key analysis of interest reveals that business models considerably matter in the effects of monetary policy on bank performance. Collectively, our findings demonstrate that banks’ business models that yield more non-interest income or diversify more into different income sources may mitigate the pass-through of monetary policy to bank performance. This finding holds across all interest- and quantitative-based monetary policy indicators and across all the functions of risk-taking behavior, earning-profit capacity, and financial stability. Furthermore, while plotting the marginal effects of monetary policy, we realize that they are insignificant for banks whose business models heavily rely on non-traditional segments.     

货币错配、汇率升值和经济波动

本文在考虑当前东亚各国普遍存在的资产型货币错配情况下,将Ber-nanke等(1999)模型推广到小国开放经济中,分析了由外生冲击导致的汇率升值影响经济的传导路径,以及这种影响程度所取决的因素。研究发现,当一个国家存在资产型货币错配时,汇率升值降低企业净值,并通过金融加速器机制提高企业的外部融资成本,进而影响企业的投资和产出。模型的数值模拟结果表明,升值导致的产出下降幅度与该国的货币错配程度和金融加速器效应直接相关。当该国货币错配程度较高,金融加速器效应显著时,外部冲击导致的升值可能使经济陷入流动性陷阱。     

Social Efficiency of Entry with Market Leaders

We offer a new perspective to the social efficiency of entry by considering an industry with a quantity‐setting leader and free entry of followers. We show that entry with homogeneous products can be socially insufficient instead of excessive. In a closed economy, entry is always socially insufficient in the absence of scale economies, and it is socially insufficient in the presence of scale economies if the marginal cost difference between the leader and the followers is large. In an open economy with the foreign leader, entry is always socially insufficient. Thus, we show that entry regulation may not be justified in oligopolistic industries with market leaders.     

“一带一路”背景下宁夏中小企业跨境电商发展路径研究

在“一带一路”倡议不断推进的背景下,我国充分发挥各地区优势,实行更加积极主动的开放战略,加强东中西互动合作,全面提升开放型经济水平。在此背景下,全国经济与科技迅猛发展,贸易模式逐步向跨境电子商务方向发展。但在实际发展过程中,跨境电子商务在我国东部地区的发展较为迅猛,西北地区的发展仍较为缓慢。论文以西部地区的宁夏为例,从中小企业跨境电商的发展优势入手,分析宁夏中小企业跨境电商面临的挑战,并为宁夏地区中小企业加速跨境电商发展提出新的路径,以期助力宁夏地区中小企业跨境电商的健康发展。     

Introducing financial frictions and unemployment into a small open economy model

Which are the main frictions and the driving forces of business cycle dynamics in an open economy? To answer this question we extend the standard new Keynesian model in three dimensions: we incorporate financing frictions for capital, employment frictions for labor and extend the model into a small open economy setting. We estimate the model on Swedish data. Our main results are that (i) a financial shock is pivotal for explaining fluctuations in investment and GDP. (ii) The marginal efficiency of investment shock has negligible importance. (iii) The labor supply shock is unimportant in explaining GDP and no high frequency wage markup shock is needed.     

西部中小城市工业发展探讨

提出并论述了必须采取解放思想,更新观念,突出重点,加快工业经济结构调整和优化升级,加强现代化工业管理,狠抓技术创新,大力发展非公有制工业,实施开放带动战略,拓宽投资融资渠道,抓好工业项目前期工作等措施,努力实施“工业强市”战略,全面提高西部中小城市工业的整体素质。     

Spectator communities and entrepreneurial districts

Attempts are made to structure the principles of the new volatile economy. Industrial districts in Italy and the Japanese model are seen as restricting cases, and Denmark’s open economy and SMEs are discussed. Spectator communities are offered as an analytical tool to understand why entrepreneurial activity is so unevenly distributed even in a small institutionally coherent society such as the Danish. Spectator communities may also be an object for political regulation to improve entrepreneurial activity in deindustrializing regions.     

论市场经济条件下的宏观与微观经济间的关系

随着经济全球化的发展,传统意义上的宏观经济观念已经有所变化,它已经超越了一个国家,甚至一个地区而具有世界的意义。同样,微观的内涵也大大丰富了,超越了过去的微观。对于社会主义国家来说,微观已不是原有的国家和集体企业了,股份制和个体企业的大量出现使微观领域更加复杂了。全球经济结构产权私有化、经营专业化和公用事业竞争化。把国家干预与市场调节结合起来,使宏观经济与微观经济逐步协调、融合,已成为经济发展的一种必然趋势。     

流动性过剩:根源、影响和对策

流动性过剩是指经济主体留于应急的产品数量超过了风险程度和风险偏好所应当持有的数量。一国微观上和宏观上都有可能出现流动性过剩,一旦一个国家居民的消费需求和投资需求下降过多,该国就会出现流动性过剩。在封闭经济中,流动性过剩的根源是消费需求和投资需求的下降。在开放经济中,如果该国的出口状况良好,则流动性过剩的根源往往就是国内消费下降。流动性过剩会带来消费和投资需求下降等诸多负面影响,政府可以采取完善社会保障体制等措施应对流动性过剩。     

论中小企业与县域经济

中小企业的发展，改革了县域经济的产业结构，促进县域经济迅猛发展，为我国综合国力的增强作了贡献。浙江台州各地的县域中小企业既有困难又具很大的发展潜能，因而除了政府在导向上，从“抓大放小”转向“抓大扶小”，加大扶持力度给予优惠的政策环境外，还应从以下五个方面扶持。即：发挥所有制多元化优势，扶持一批实力企业上规模；发挥“小而优”“小而特”优势，引导条块结合，块状聚集，发展块状经济；利用灵活机制优势，多形式多渠道局长与大企业的协作关系；利用传统出口商品渠道，发展外向型经济，帮助建立社会化服务体系。