Testing differences in efficiency of regions within a country: the case of Ukraine

In this paper we synthesize and adopt the recently developed methods in efficiency analysis to the case of comparison of regions within a country. We take Ukrainian regions as a subject of investigation, yet the same toolkit can be applied to test disputable differences in productivity for many other countries where such questions can be of national concern (e.g., Belgium, Great Britain, Spain, etc.). Contrary to common perception of economists focusing on Ukraine, we find no significant differences in distributions and aggregate efficiencies between the agricultural and industrial regions, neither between western (mostly Ukrainian speaking) and eastern (mostly Russian speaking) regions of Ukraine. However, we find strong support for a rapidly increasing gap between the capital (Kyiv) and all the regions since 2001. Using truncated regression analysis with bootstrap we also find robust evidence that the inefficiency of regions is positively related to alcohol and tobacco consumption, the amount of foreign direct investment and inversely related to criminality in the region. On the other hand, we also find strong evidence that amount of capital in the region and its wealth is positively associated with efficiency level of this region.     

我国区域经济发展现状与财政政策对策

自从改革开放以来,国内的经济快速发展,但是我国东西部的区域经济发展出现较大的不平衡。主要体现在东部发展较快,但是中西部由于受地理位置的约束,造成经济发展迟缓。东部和西部的人均GDP和居民收入存在显著的差异,因此,国家需要出台一系列的区域发展政策来实现宏观调控,通过运用财政政策,促进区域经济的可持续协调发展。     

美国区域合作的财税规则及其经验启示

随着区域经济一体化的发展和公共事务的增长,美国作为区域合作先发国家,已经形成较为成熟的财税规则,包括多元化财政融资、区域合作财税优惠、合作组织财政职能、财税收益分配补偿、财税争议纠纷处理等规则。我国可吸取美国的有益经验,逐步扩大地方税权,加强财税规则顶层设计;加大国家财政支持,构建多元化融资模式;搭建区域合作组织平台,负责资金运营与维护;实施区域合作税收优惠,进一步优化合作环境;合理平衡区际财税利益,构筑多元纠纷裁决机制。     

行政区划调整与区域差距——以海南建省为例

本文以海南建省为案例,采用差分法和准实验法从纵向和横向两个方面估计了行政区划调整对缩小区域差距的影响。研究发现,行政区划调整对缩小区域差距既有正面影响,也有负面影响。其正面影响的原因是行政区升格对地方官员的政治激励、中央的优惠政策和分权,其负面影响的原因是经济增长质量不高和人口的过量流入。本文认为,行政区划的调整有利于缩小区域差距。     

Regional patterns and determinants of birth and survival of new firms in Western Germany

This paper documents and assesses the economic performance of metropolitan technology centres in the USA during the business downturn of the early 2000s. We find that many of the USA's leading high-technology centres have performed at or near the national average, but that some of the nation's most prominent technology centres have fared poorly during the downturn, including Silicon Valley. The main factors that accentuated economic decline in technology centres during the recent recession include: a poorly diversified overall economic base; limited diversity within high-technology industries; relatively high (all industry) wages; and high levels of venture capital funding during the end of the ‘boom’ period of the late 1990s. We find that counter to some of the recent literature on regional development and knowledge-based industry clustering and networking, the rules of regional economic development have not changed dramatically with the so-called ‘new economy’. High-technology regions, just as ‘traditional’ industry regions over the past century, are vulnerable to pronounced economic cycles of growth and decline. The cycles can be particularly pronounced if regional economies are not well diversified and labour costs are not moderated during economic downturns. We also find that venture capital can exaggerate rather than moderate regional economic cycles, such as economic growth years in the USA from the late 1990s to the recession of 2001. The model suggests that free-flowing venture capital dollars may result in an over reliance on these funds, at the expense of a sound business model with sustainable growth and reasonable cash flow. Also, business networks associated with venture capital fund flow might be detrimental at critical economic turning points, often resulting in a rush of dollars in a limited business sector, rather than a diversified set of entrepreneurial ventures.     

Economic Integration and Regional Business Cycles: Evidence from the Iberian Regions*

This paper provides evidence of the positive impact of economic integration on EU regions’ business cycles convergence by focusing on two neighbouring countries: Spain and Portugal. We show that while a rise in cross‐country business cycle correlation has also been experienced by other European countries, it has been relatively more pronounced for Iberian regions. Econometric evidence suggests that the existence of an administrative border, the economic size of regions and their industrial structures can explain a substantial proportion of regional cycles.     

在泛珠三角区域背景下提升广州城市竞争力战略研究

在经济全球化的背景下以及区域经济合作开展之际,区域和城市如何在日趋激烈的竞争中树立自己的竞争优势已成为地方发展的主题.本文以广州为例,从泛珠三角区域的视角出发,从城市竞争力的研究入手,通过深入比较分析泛珠三角中心城市的优势与不足.认清广州市在区域的实际地位,继而对影响广州城市发展的区域基础:包括城市经济基础、城市引力方向与强度、城市直接影响范围等几个方面进行分析,从中找出城市竞争力提升的制约因素,最后从区域与城市空间联动、基础设施建设、产业结构优化、景观环境建设与城市管理等方面对如何提升广州市的城市竞争力提出有针对性发展战略.     

Entrepreneurship and regional competitiveness: The role and progression of policy

Regions have gained a position at the forefront of the economic development policy agenda. However, the regional approach to economic strategy remains contested. This paper tests the extent to which regional policy in less competitive regions is accounting for issues relating to entrepreneurship and enterprise development as a tool for improving regional competitiveness. It does so by examining policies undertaken by the UK Labour government 1997–2010, drawing on interviews with policy makers and an analysis of relevant policy documents. This paper finds that entrepreneurship policy at the regional level is multidimensional, with policies broadly ranging from those that are either economically or socially driven. Although there is a considerable policy activity in these areas across less competitive regions, enterprise policy making remains relatively undifferentiated across the regions. There are a number of evolutions in regional policy occurring, especially a shift from policies relating to the facilitation of clusters to those focused on developing regional innovation ecosystems. It is found that regional policy makers are under pressure to measure short-term outputs at the expense of long-term nurturing. The paper also finds that there is a tension between using enterprise policy as a tool for improving regional competitiveness or for addressing economic and social disadvantage.     

CONVERGENCE AND ECONOMIC PERFORMANCE IN GREECE: EVIDENCE AT REGIONAL AND PREFECTURE LEVEL

The purpose of this paper is to test regional convergence and to investigate interregional disparities in terms of per capita income in Greece. The novelty of our study lies in the use of a disaggregated dataset for an extended time period (1971–2003) at two regional levels (NUTS II & NUTS III). Our results indicate that there is β convergence between prefectures but not among regions, while no evidence of σ convergence is found at both regional levels. Also, the GDP geographic concentration and population density have a negative impact on growth, which outweighs the positive growth effect of population geographic concentration and GDP spatial inequality. Thus, policies aiming at the decentralization of economic activity in Greece might enhance growth and regional equality simultaneously. Finally, we do not find economic dualism across geographic areas; however, rich prefectures seem to converge faster than poor ones.     

对我国区际经济与金融差距关联性的实证分析

各区域间金融发展的差异对经济发展差距有无影响以及影响机制如何成为经济学研究的一项任务。以塞尔指标衡量我国经济与金融发展差距,发现我国区域间经济发展差距与金融发展差距呈现一致的变动关系,且金融差距大于经济差距。由此引出的基本判断是我国区际经济差距的逻辑原因有金融因素,进而采用格兰杰因果关系检验判断我国省际金融发展与经济增长间的关系,从中可以明确我国东部地区金融成长偏重于内生状态,而中西部地区更倾向于外生状态。考虑到改革的总体方向,并借鉴东部地区的经验,放松金融抑制、催化内生金融成长无疑是全面促进中西部经济发展的必然选择。     

The role of a firm's absorptive capacity and the technology transfer process in clusters: How effective are technology centres in low-tech clusters?

Due to its unique political institutions and good economic track record, Switzerland used to be called a special case. This paper investigates the start-up propensities in this country based on the individual data of the adult population survey of the Global Entrepreneurship Monitor. The focus is on the factors that are distinctive for Switzerland: language differences and differences in taxes on corporate profit and personal income. There are substantial entrepreneurship disparities among the language areas of Switzerland. Still, I do not find evidence for a cultural influence. The different start-up propensities in the three language areas can be explained by structural characteristics of the regional economy. The same applies to differences in income and profit taxes. If other regional factors are taken into account, I do not find evidence for a direct influence of taxes on the entrepreneurial propensity of the inhabitants of Swiss regions. There is however some evidence for indirect effects. This paper adds to our understanding of the effects of culture and tax differences on entrepreneurship.     

从区域的视角分析提升烟台城市竞争力的战略

在经济全球化的背景下,国家对经济的干预能力受到了一定程度的限制,作为国家下层主体的区域和城市如何在日趋激烈的竞争中树立自己的竞争优势已成为地方发展的主题.本文以烟台为例,从区域的视角出发,从城市竞争力的研究入手,通过深入了解城市在特定的区域环境里的优势与不足,认清烟台市在区域的实际地位,继而对影响烟台城市发展的区域基础包括城市经济基础、城市引力方向与强度、城市直接影响范围等几个方面进行分析,从中找出城市竞争力提升的制约因素,最后从区域与城市空间联动、基础设施建设、产业发展、对外开放、景观环境建设与城市管理等几个方面对如何提升烟台市的城市竞争力提出有针对性发展战略.     

Taxation of natural resources and economic growth in Russia's regions

We examine the impact of natural resources on economic growth in Russia's regions since the introduction of the mineral tax in 2002. Using novel measures of regional natural resource rents (mineral tax collections), we demonstrate that non-hydrocarbon wealth has had a slightly positive and hydrocarbon wealth has had no to a slightly negative effect on regional growth since 2002, although mineral-rich regions are richer than other regions. The absence of significant growth benefits to resource-endowed regions is at odds with the beneficial impact of natural resources, and particularly hydrocarbons, on the growth of the country as a whole. We discuss the reasons for this outcome and conclude that the central government was successful in taxing away incremental regional resource rents during 2002–2011, while preserving the pre-2002 regional rents.     

Index Based Regional Analysis: The Case of the Former Soviet Union and Russia

This paper presents a methodology for analysing inter-regional differences and identifying a suitable combination of policies for a set of regions. The methodology is based on the development of a composite index and is applied to compare (i) the members of the Former Soviet Union (FSU) and (ii) the regions of Russia. All variables considered and incorporated in the relevant index are (1) scaled from 0–100, so that the index is independent of units of measurement, and (2) weighted using survey results. According to the adapted regional development index Lithuania is on the top of the ranking followed by Latvia, Estonia, Ukraine, Belarus, Georgia, Russia, Armenia, Moldova, Azerbaijan, Kazakhstan, Uzbekistan, Turkmenistan, Kyrgyzstan, and Tajikistan. The FSU countries are positioned on a regional development index – per capita income mapping to investigate whether emphasis should be placed on regional, environmental or sustainable development policies. Finally, an index that incorporates various socioeconomic components is computed for the regions of Russia which are subsequently classified based on the value of this index. This classification shows that the regions with the best index values are in the Central–Southern part of the country (with the exception of Sackha Republic, which is in the West). The regions with the lower index values are in the Western part of the country and in parts of Central Russia (Mariel republic, Moldovia Republic, Perm region).     

Can House Prices Remain so High?

House prices are rarely out of the headlines in the UK and continue to be a national obsession. But, for an asset that is so important in household portfolios, regrettably, the standard of economic analysis is often extremely poor, ignoring even the most basic economic theory and empirical evidence. In this article, Geoff Meen assesses the dangers of a collapse in house prices. A more dispassionate look at the evidence suggests that, at the national level, there is little evidence of a serious problem. This remains the case when we move to the regional level. However, we would suggest, on the basis of preliminary evidence, that certain areas of London could be over-valued. If any market is to decline, this would be our first bet. But it does not follow that the rest of the country will also decline.     

Does immigration increase labour market flexibility?

The question we investigate empirically in this article is whether immigration makes the labour supply in the receiving country more responsive to regional differences in economic opportunities. The main merit of the paper is that we examine three stages in the regional mobility of refugees and labour immigrants: First, the settlement pattern of newly arrived immigrants, second, their subsequent mobility between regions and, third, their eventual exit from the regional labour market to abroad. The analyses apply to immigrants who arrived in Norway from 1995 to 2004. In all three stages, mobility is investigated with regard to its responsiveness to regional differences in wages and unemployment. The main finding is that, in all three stages, the geographical mobility of immigrants is sensitive to regional economic opportunities. In that sense, immigrants do “grease the wheels” of the labour markets, through all the three stages of mobility. The most robust results are found for regional unemployment differences. With regard to natives, we generally do not find any strong evidence for “greasing the wheels” effects.     

关于地方政府促进区域经济发展的意义和方法分析

我国作为世界上最大的发展中国家,虽然目前的经济发展已经达到小康社会标准并且正在向发达国家的水平线靠近,但是由于区域经济发展失衡,导致国家对于不同的地区要制定不同的执行方案。地方政府是促进区域经济发展的首要因素,对我国的区域经济发展起到了决定性的作用。论文根据地方政府对本地区经济发展所采取的方法,分析了地方政府促进区域经济发展的意义,以便采取有效的措施推动区域经济良性发展。     

The effects of economic news on commodity prices

We assess how commodity prices respond to macroeconomic news and show that commodities have been relatively insensitive to such news over daily frequencies between 1997 and 2009 compared to other financial assets and major exchange rates. Where commodity prices are influenced by news, there is a pro-cyclical bias and these sensitivities have risen as commodities have become increasingly financialized. However, models based on news still do a relatively poor job of forecasting commodity prices at daily frequencies. We also find some asymmetries in how commodity prices respond to news, most notably for gold, which alone among commodities acts as a safe-haven when “bad” economic news emerges.     

财政双向失衡、地方税财治理与企业避税分化

以我国A股上市区公司微观与30省区市的宏观进行匹配得到的面板数据为样本,通过构建双向固定效应模型和面板联立方程模型,就财政双向失衡对企业避税的影响路径进行实证。研究表明：我国同时存在较高的双向失衡,财政纵向失衡促进企业避税,财政横向失衡抑制企业避税。从传导路径来看,财政纵向失衡通过降低地方税收征管和政府补助强度促进企业避税,财政横向失衡通过提高地方税收征管和政府补助积极性抑制企业避税;从地区分化来看,东部地区与全样本结论一致,但在非东部地区,财政纵向失衡、横向失衡与企业避税均负相关,这主要是因为中西部地区企业减少避税能换来更多的政府补助;从地方政府债务规模分化来看,财政纵向失衡与横向失衡对企业避税的影响均在债务规模低的地区成立;从企业自身现金流分化来看,纵向失衡与企业避税的促进关系在现金流低组中成立,而横向失衡与企业避税的抑制关系在现金流高组中成立。     

Political culture and foreign direct investment: The case of Italy

Does the political culture of an area have any impact on the foreign direct investment (FDI) decisions of multinational corporations (MNCs)? This question is difficult to address empirically, as locations differ in many dimensions. We therefore address this question by examining MNC investment location decisions with regard to different regions within a single country. The country we examine is Italy, which exhibits one of the highest levels of variation with regard to the political culture of its geographical regions. We find that political culture as represented by the pattern of support for political parties at different points on the political spectrum has a significant impact on the MNC investment location decision. Thus, in choosing between locations on a short list, where economic and financial location factors are roughly similar, political culture can have a determining influence. In the case of Italy, a Center-right orientation is conducive to MNC FDI, while a Center-left orientation is not. A Far-left orientation is found to have a very negative effect on FDI.