Financial openness,financial sector development,and income inequality: With an extensive set of pull and push factors

This paper investigates the impact of financial openness on financial sector development and income inequality. We use the de jure and de facto measures of financial openness across 78 countries from 1980 to 2019. By employing a system generalized method of moments (GMM) with 5-year averaged data and a novel push and pull modeling framework, we obtain three key results. First, the de jure measure of financial openness exacerbates income inequality and is sensitive to banking crises and conflict intensity. Second, the de facto measure spurs stock value traded in emerging market economies (EMEs) and declines domestic credit in Africa. Third, the interaction between de facto measures with schooling and governance factors affects financial sector development and income inequality. We highlighted that the mere usage of the de jure measure and their interaction is incorrect. The key implication is that valuable information about the real impact of openness can be obtained from the de facto measures and their interaction with favorable macroeconomic fundamentals, governance factors, and adverse nonpolicy factors.     

cnXML——中国电子商务的标准与规范

国有股减持既是国有经济实行战略性调整的需要 ,又是中国股市走向规范化的客观要求。本文分析了国有股减持陷入困境的深层次原因 ,并提出了解决国有股减持问题的基本思路。     

长期股权投资权益法核算下会计与税法的差异

由于我国实行的是税会分离模式,因此税法上在确定应纳税所得额和会计在确认利润的时候,二者之间必然有很多的差异,既有永久性的差异也有时间性的差异,长期股权投资权益法导致的差异比较难以把握,因为当会计对长期股权投资采用权益法核算的情况下从取得长期股权投资到最后的处置每一个环节都存在会计处理和税法规定不相一致的地方。     

Financial development,institutions and industrialization in sub-Saharan Africa

Using a panel data covering more than 100 countries worldwide, we have estimated a dynamic panel model to investigate the relationship between financial development and manufacturing industries’ growth. More specifically, we have estimated the effect that institutional quality might have in this relationship in sub-Saharan Africa (SSA). The results show that lower quality institutions in SSA are a hindrance to the role financial development plays in the growth of the manufacturing industrial sector, as compared with developed countries. These findings are robust when a quantile regression model is used. Furthermore, the results confirm that the relationship between per capita GDP and industrialization is nonlinear. Finally, in SSA, the abundance of natural resources has an adverse effect on the manufacturing industrial value added, providing more evidence for the Dutch disease hypothesis.     

Free trade and income redistribution in some developing and newly industrialized countries

A competitive general equilibrium model of production is specified and the long-run comparative static elasticities of changing prices on factor prices are examined in eight developing and newly industrialized countries. Unskilled labor in these developing countries stands to gain from a program of global free trade characterized by increased manufacturing exports and falling prices of imported business services, while capital owners and skilled labor lose. Results are contrasted with developed countries, the United States in particular, where unskilled labor will lose while capital and skilled labor enjoy gains with global free trade.     

农村金融发展与农民收入的关系:山东例证

利用山东省1978～2006年的时间序列数据,对农村金融发展与农民收入的关系进行了实证研究。结果表明,山东省农村金融发展与农民收入之间存在着稳定的协整关系,农村金融信贷促进了农民收入的增长,而农村储蓄对于农民收入的增加具有负效应。应采取增加农业贷款的支农力度,强化财政支农的力度,以及避免农村资金倒流等措施,促进农民收入的增加。     

浅析顶级品牌引进与宁波城市发展

中国正成为世界奢侈品的主要消费市场,顶级品牌的引进给城市的发展会带来积极效应。目前宁波奢侈品消费市场方兴未艾,但引进顶级品牌方面与上海、杭州比较还存在着一定的差距。需主动采取措施,引进符合宁波特点的顶级品牌,借助于它们的影响来促进宁波城市的发展。     

Housing Wealth, Financial Wealth and Consumption in China

The paper investigates the relationship between changes in asset wealth and the trend movements of household consumption in urban China. Using the vector error correction cointegration model we demonstrate that there is a unique long-run cointegrating relationship between household consumption, disposable income, financial wealth and housing wealth in urban China. We find that housing wealth is the only factor that restores the long-run equilibrium relationship when the cointegrated system is disturbed by an external shock. In addition, our permanent-transitory variance decomposition analysis indicates that nearly all variance in the movement of consumption is permanent, supporting the classical random walk hypothesis of consumption behavior. However, a large proportion of variance in the short-run movements of housing wealth is found to be transitory.     

农民收入、农村消费与金融支持的关系分析——以海峡西岸经济区为例

提高农民收入、增加农民消费对扩大内需、应对全球经济危机、保证国民经济持续快速增长至关重要。就促进农民增收、增加农村消费的金融支持而言,长期存在的金融抑制问题限制了金融对农村发展、农民增收和农村消费的作用。文章通过实证分析与规范分析相结合的方式,证明改善农村金融环境、消除资金流动的马太效应是短期内在海峡西岸经济区农村内部形成促进农民收入增加的长效机制的重要途径,并依此提出若干建议。     

中国居民家庭收入结构、金融资产配置与消费

文章分析了我国居民收入与金融资产结构,认为我国居民消费率低的主要原因是储蓄率高以及财产性收入较低。实证结果发现：无论城镇还是农村家庭,非财产性收入均是我国居民消费需求的主要决定因素,财产性收入对消费的促进作用并不显著,原因是我国居民财产性收入在总收入中的占比较低。为提高我国居民财产性收入并扩大消费需求,认为要在增加居民财富积累的同时,让居民拥有多元化的投资与金融理财工具,优化风险性金融资产供给结构,规范金融市场发展,从而为居民持有的金融资产提供稳定收益率。     

沿海开发区城市化对城乡居民收入差异影响初探--以宁波北仑为例

沿海开发区作为新兴工业城区在吸收农村剩余劳动力上发挥着巨大作用,它的城市化是实现本区域城乡一体化的重要模式。然而在开发区城市化初期,城乡收入差距反而会有所扩大。文章先就沿海开发区城市化与城乡收入差距的关系构建一个特殊的二元结构模型,然后以宁波北仑为案例进行     

金融发展对城乡收入差距的影响——基于中部六省2000-2011年面板数据的实证分析

为了研究金融发展对城乡收入差距的影响,论文采用了以城乡居民人口比重加权的基尼系数,以金融发展规模、金融发展效率作为衡量金融发展的指标,选取了合理的控制变量,基于中部六省2000-2011年的面板数据,借鉴并扩展了Clark,Xu和Zou的模型进行回归分析。实证结果表明,城乡收入差距与金融发展规模、金融发展效率存在协整关系;金融发展规模显著缩小了城乡收入差距,金融发展效率显著扩大了城乡收入差距,且前者的影响弱于后者,金融发展总体上对城乡收入差距的扩大具有显著的正向影响。第一、第二产业、城镇化都显著缩小了城乡收入差距,人力资本和农林水事务支出的影响不显著。城乡收入差距自身具有较强的、显著的、滞后效应。最后本文给出了相应的政策建议。     

基于金融战略语境下的国际金融中心构建研究

文章首先在人民币国际化的金融战略语境下剖析了中国金融发展的现状,并进一步深入探讨了上海国际金融中心建设的问题。文章一方面认为上海国际金融中心的建设,伴随人民币国际化的进程将会促进中国金融业由目前“金融弱国”向“金融强国”的转变;另一方面,加快人民币国际化进程,创设人民币离岸市场,也是新形势下上海国际金融中心建设面临的必然选择。     

农村居民收入结构解析与增收路径

农民增收困难,城乡收入差距扩大是我国面临的突出问题,并且成为制约经济发展的重要障碍。要提高农民收入,必须对农民收入来源进行解析,努力保持现有的增收优势,发掘、培育农民收入新的增长点,有针对性地提出增收路径。     

Tax incentive and corporate financial performance: Evidence from income tax revenue sharing reform in China

How to stimulate corporate performance is a crucial issue of general concern in all countries. This paper examines how China’s Income Tax Revenue Sharing Reform in 2002 affects corporate financial performance. Unlike general tax policies that directly adjust the nominal tax rate or depreciation allowance, this reform indirectly affects the effective Enterprise Income Tax (EIT) rate by switching tax administration, thereby affecting corporate financial performance. We use a firm-level data-set from Annual Survey of Industrial Firms (ASIF), and test the impact by using a quasi-natural experimental design through regression discontinuity design (RDD). We find that after the reform, the effective EIT rate (ETR) of enterprises collected EIT by State Administration of Taxation (SAT) was 10% lower than that of enterprises collected EIT by the Local Administration of Taxation (LAT). If the ETR reduces by 1%, corporate financial performance, more specific, Return on Asset (ROA), increases by 1.7%. There are two available channels: increasing fixed asset investment (FAI), and alleviating external financial constraints. Additionally, the impact can be weakened for locally SOEs, large firms, firms with low SA index and those in less competitive industries.