What factors explain stock market retardation in Islamic Countries

Stock markets have been recognized in literature as a source of financial development and economic growth. Notwithstanding the recent trend of the stock market development in emerging countries, some argue that Islamic countries' stock exchanges are still infantile. The central aim of this research, therefore, is to investigate factors impeding stock market development (SMD) in Islamic countries. We explore a panel annual data of 11 main Islamic countries vis-à-vis the developed countries for the period of 1996–2011. The findings show that all of our concerned macroeconomic determinants play a major role in the developed countries. On the other hand, financial openness has substantially less contribution in Islamic countries, while the financial intermediary development plays a major role. The results are also indicative of the need for the Islamic countries to improve their legal environment and economic freedom. Lastly, we also attempt to measure the integration level, where the findings tend to indicate a relatively lower and unstable pattern of integration for the Islamic countries, suggesting the impact of volatile inflows.     

国际双边发展援助对FDI的影响研究——基于17个OECD国家对华发展援助的实证

本文运用扩展的Solow模型阐述了援助影响FDI的理论机制,并以中国为研究主体,以17个OECD国家的数据为样本,实证分析了双边发展援助对FDI的短期、中期和长期效应。实证结果显示:在短期,17个OECD国家的对华发展援助挤出了这些国家对中国的FDI,但在中长期促进了这些国家对中国的FDI,并且时间越长,促进效应越强。因此,发达国家向中国投入发展援助是有效的。双方应充分利用这种有效性,发达国家现期不适宜取消对华发展援助,中国应积极寻求双边发展援助来促进新兴产业和中西部地区的发展。     

The simultaneous evolution of economic growth,financial development,and trade openness

This article empirically investigates the interactions among economic growth, financial development, and trade openness through simultaneous equation systems. The identification and estimation of the systems rely on the methodology of identification through heteroskedasticity. The empirical results show that each of the three variables interacts in important ways. When controlling for the reverse causation, trade promotes economic growth in high-income, low-inflation, and nonagricultural countries but has a negative impact on growth in countries with the opposite attributes. Similarly, when accounting for the feedbacks from growth, banks and stock markets have different impacts on economic growth. While banking development is detrimental to output growth, stock market development is more favorable to growth in high-income, low-inflation, and nonagricultural countries. The data also reveal coexistence of a positive effect of financial development on trade and a negative effect of trade on financial development in poorer countries. In richer countries, financial development stimulates trade openness whereas trade has an ambiguous impact on financial development.     

Economic transformation, population growth and the long-run world income distribution

We present and calibrate a model where trade with advanced economies spurs development, and trade opportunities depend on the relative population in advanced and developing countries. As developing countries become advanced, prospects improve for the remaining developing countries. If population growth differentials between developing and advanced economies are small, economic development accelerates over time. Otherwise, long-run global prosperity requires a sufficiently large initial population in advanced countries. More open countries develop faster, but more openness by all developing countries may only modestly increase their aggregate growth. China's development may hurt developing countries in the short-run, but improves their long-run prospects.     

绿色“一带一路”建设现状、问题及对策

绿色作为"一带一路"的底色,推进绿色"一带一路"建设,可为解决全球性环境问题和建设美丽世界贡献中国智慧,有益于增进我国与沿线各国的政治互信,实现与沿线各国的合作共赢、包容性发展,减少"一带一路"建设障碍。目前,绿色"一带一路"建设尽管取得了一定成效,但也面临着"一带一路"相关国家生态基础薄弱和绿色发展诉求不一、"一带一路"相关国家传统工业化发展模式与绿色发展存在矛盾、中国企业"一带一路"绿色开发能力不足、发达国家在"一带一路"区域的绿色竞争等问题。因此,在推进绿色"一带一路"建设中,需要优化绿色投资区位选择,着力推广绿色发展理念、经验和实践,大力发展绿色金融,积极推动适用性绿色技术的开发与应用,培育和提升企业参与绿色"一带一路"建设的能力,加强绿色"一带一路"国际合作。     

The future of the ACP countries

The record to date of trade and development cooperation between the European Union and the ACP countries has been rather disappointing. Evidently, neither the non-reciprocal trade preferences granted to the ACP countries nor the support for development projects have led to much progress in terms of economic and social development. Can the implementation of the EU's present reform proposals be expected to safeguard the future of the Lome system and of the ACP countries in the new millenium?     

国外人工智能人才培养政策及对我国的启示——以美国、英国、加拿大、日本为例

各国为促进人工智能产业快速、健康、可持续发展,纷纷出台了人工智能发展的战略或政策。而人工智能人才作为支撑人工智能产业发展的战略资源,不少国家都在相关战略或政策框架中对其培养发展作了专门规定。本文基于我国人工智能人才的发展现状,通过分析总结人工智能人才基础较好的国家在人工智能人才培养方面的政策与实践,提出促进我国人工智能人才培养的政策启示。     

The effects of development aid on exports

Of what benefit cooperation with developing countries is in actual fact to the industrialized countries is a question which is receiving increasing attention in the discussions on development policy. In the present economic situation special interest attaches in this context of course to the repercussions of public development aid services on the export activities of enterprises in the donor countries. The following article is based on the findings of a study into “Job procurement through development aid credits and exports to developing countries“ (Arbeitsplatzsicherung durch Entwicklungshilfekredite und Exporte in Entwicklungsländer, Basle 1978) which was undertaken by the author together with Christel Bergmann on behalf of the Federal Ministry for Economic Cooperation.     

Financial market development in host and source countries and their effects on bilateral foreign direct investment

We study an underexplored research question, namely whether financial market development in both host and source countries has an effect on bilateral stocks of foreign direct investment (FDI) and, particularly, whether the effect of financial market development in one member of the country pair conditions the effect of financial market development in the other member. We estimate gravity-type models in a global sample of 43 source and 137 host countries over the period 2001–12. We address reverse causality concerns by restricting the sample to observations where reverse causality, if existent, should be less relevant. Our major and robust findings are that bilateral FDI increases with better developed financial markets in both the host and the source country and that for developing host countries, financial market development in source and host countries functions as substitutes for each other.     

Distributional Consequences of Globalization: Is Organization of the Islamic Conference Countries Different?

This article investigates distributional effects of globalization using new comparable panel data for Organization of the Islamic Conference (OIC) and non-OIC developing countries from 1965 to 2010. The results show that the Kuznets Curve does not exist in OIC countries, while it holds in non-OIC countries. International trade tends to widen income inequality in OIC countries while it helps to ameliorate inequalities in non-OIC countries. Financial development decreases inequality only in OIC countries. The study concludes that OIC countries are different from non-OIC countries in their exposure to globalization.     

The economic,social and political prerequisites of development

Whether development aid promises to be successful depends not least on the conditions prevalling in the developing countries themselves. A study commissioned by the German Federal Ministry for Economic Cooperation has examined whether it is possible to identify universal requirements for successful development in Third World countries. Its main findings are presented below.     

试析我国新疆与中亚国家的经贸合作

新疆与中亚国家加强经贸合作,是双赢发展的需要。新疆应抓住机遇,提高经济发展的国际竞争力,积极与中亚国家加强经贸合作。本文分析了新疆与中亚国家经贸合作的现状,指出了新疆与中亚国家经贸合作中存在的问题,最后展望分析了新疆与中亚国家经贸合作前景。     

The effects of stock market development on growth and private investment in lower-income countries

Recent literature argues that stock market liberalisation has positive long- and short-run effects on macroeconomic growth and private investment, respectively. However, given a sample of up to 64 countries from 1981 through 1998, positive results for long-run growth are largely dependent on the inclusion of higher-income countries in regression samples, which limits the relevance for lower-income nations. Indeed, some evidence in this study indicates that stock market development has a more positive impact on growth for greater levels of per capita GDP, lower levels of country credit risk, and higher levels of legal development. Similarly, using a sample of 26 countries from 1981 through 1998, lagged equity price appreciation seems to boost private investment growth in the short-run, but only in rich countries. All in all, these results imply subdued enthusiasm regarding emerging equity market development.     

危机后新兴大国产业结构调整的战略与政策研究

危机后新兴大国顺应世界产业调整与发展的趋势,结合国内经济结构转型需要,纷纷调整本国产业结构,其战略主要包括：推动制造业升级,提升产业竞争优势;加大科技投入力度,在新兴产业领域寻求战略突破;应对国际需求萎缩,谋求服务业更大的发展空间;扶持农业发展,夯实农业的基础地位。新兴大国从资本、技术与市场三方面入手,落实产业结构调整战略的政策与手段主要包括：提供融资支持,调整财政投入重点,加大资本投入;调整科技政策,加强国际技术合作,提升产业技术水平;改善收入分配,支持出口,扩大产业发展的市场需求。     

The development of mutual funds around the world

With few exceptions, mainly in Asia, mutual funds grew explosively in most countries around the world during the 1990s. Equity funds predominate in Anglo-American countries and bond funds in most of Continental Europe and in middle-income countries. Capital market development (reflecting investor confidence in market integrity, liquidity and efficiency) and financial system orientation are found to be the main determinants of mutual fund development. Restrictions on competing products may have acted as a catalyst for the development of money market and (short-term) bond funds.     

市场规模、经济结构与经济增长——论东亚一体化的必然性

科学技术的进步促进了社会产出的增长 ,但单纯依赖数量的扩张并不能实现经济持续的发展。边际产出效益的下降会导致供需的结构矛盾。对经济结构进行及时调整才能确保社会经济效益持续增长。东亚危机的根本原因在于东亚各国缺乏足够的技术积累和人力资本 ,过度依赖于它国技术转移 ,产出结构的升级出现障碍。而东亚各国国内市场规模都比较狭小是导致这种发展模式的一个重要原因。因此 ,一体化也就成为东亚各国的必然选择。     

Key countries in the Third World

Present classifications of the developing countries are of limited usefulness as a basis for determining development policy priorities in the industrialised countries, argue our authors. They define a group of “key countries” which are of strategical importance for the world economy and outline the development risks facing these countries.¹ They suggest that the OECD countries would be better advised to follow a policy of cooperation with these key countries rather than the “man mind thyself” policies which are presently gaining in popularity.     

Impact of trade openness on GDP growth: Does TFP matter?

ABSTRACT

The objective of this study is to empirically explore the impact of trade openness on GDP growth initiating with the idea that trade openness cannot be fully characterized through the different openness measures only, we propose to account for total factor productivity (TFP) development level as an additional dimension of countries’ trade integration. Our empirical application is based on 35 years’ balanced panel of 82 countries spanning 1980–2014. To address the potential endogeneity issue, we use the system GMM estimator developed for dynamic panel data models. The results outline that there exists an interesting non-linear pattern between trade openness and GDP growth when TFP development level is taken as an intervening variable into account: trade may have a negative impact on GDP growth when countries have specialized in low-TFP development level; trade openness clearly boosts GDP growth once countries exhibit a minimum threshold of TFP development level. Therefore, there is some pattern of complementarity between trade openness and TFP development level so that the higher the TFP development level, the higher the impact of the trade openness on GDP growth.     

Corporate Governance Reforms in Developing Countries

Corporate governance reforms are occurring in countries around the globe. In developing countries, such reforms occur in a context that is primarily defined by previous attempts at promoting "development" and recent processes of economic globalization. This context has resulted in the adoption of reforms that move developing countries in the direction of an Anglo-American model of governance. The most basic questions that arise with respect to these governance reforms are what prospects they entail for traditional development goals and whether alternatives should be considered. This paper offers a framework for addressing these basic questions by providing an account of: 1) previous development strategies and efforts; 2) the nature and causes of the reform processes; 3) the development potential of the reforms and concerns associated with them; 4) the (potential) responsibilities of corporate governance, including the (possible) responsibilities to promote development, and; 5) different approaches to promoting governance reforms with an eye to promoting development.