The Long-Run Effect of Economic Development Policy on Resident Welfare in a Perfectly Competitive Urban Economy

This paper argues that evaluations of economic development policy must consider the long-run effect on resident welfare. The paper uses comparative static analysis of a closed, urban economy with an explicit labor market, to investigate the effect of policies that stimulate economic activity. The paper finds that such policies do not necessarily raise resident welfare, because of the competition for land between firms and households. On the other hand, the paper does find that income transfers increase resident welfare. This model assumes, however, that the land, capital, and labor markets are perfectly competitive. Therefore, these results are based on the assumption that an urban economy is efficient.     

企业家人力资本研究

论述企业家人力资本的特性:缺乏程式性、全面性重于专业性、边界不确定性和产权不可直接界定与不可交易性;着重研究在企业家人力资本特性下的积累及其棘轮效应,这种效应包含在企业家人力资本积累的起点、过程和退出环节,相对于其他人力资本,企业家人力资本棘轮效应使得企业家人力资本投资风险尤其明显;进而分析企业家劳动的复杂性如何使得企业家劳动定价只能通过企业价值剩余来衡量,并说明合理计算企业价值剩余需要依赖于较为完善的要素市场;最后就创业与企业家培育提出相关建议。     

中国农户收入水平、结构及其影响因素

本文采用2003~2010年全国农村固定观察点微观住户调查数据,应用统计性描述和计量分析方法,研究了我国农户收入水平、结构及其影响因素。研究发现：农户收入水平及增速均滞后于城镇居民,其主要收入来源是劳动性收入,资产性收入的比例较低。农户收入水平的影响因素是多元和复杂的,既有产业差异、区域分割、制度与政策等宏观因素,也有农户人力资本积累、物质资本投入、金融资产与社会资本拥有、农户家庭特征等微观因素。金融资产和区域经济发展水平等因素对农户收入的影响是全面性的,人力资本、物质资本、金融资产、社会资本及制度与政策等因素对农户收入的影响是结构性的。     

共享经济背景下京津冀人力资本现状分析研究

随着互联网的发展,共享经济已成为一种新的经济形态。基于互联网平台,供给双方实现物品或劳务的交易,使资源实现最大化配置。在共享经济下,人力资本地位相对得到提升,空间扩大。利用人力资本共享的契机,京津冀地区人力资本可以实现共享,推动三地协同发展。     

人力资本异质性与地区经济增长——一个实证分析

运用中国省区面板数据,以受教育程度的高低作为划分异质人力资本的唯一标准,对东、中、西三大地区高级人力资本及相关变量进行分析,研究三大地区高级人力资本在生产过程中的作用和贡献,以及与经济系统之间的相互影响。研究表明:三地区人力资本积累和物质资本积累之间的比例α越大,高级劳动者所占比例n2也越大;三地区物质资本折旧率越高,高级劳动者所占比例n2也越大。物质资本折旧率增大时,不利于物质资本积累,而有利于生产高级劳动者;三地区为形成单位高级劳动者所需的费用ρ在2000年—2009年间变化趋势基本相似。     

Income convergence prospects in Europe: Assessing the role of human capital dynamics

We employ income projection models based on human capital dynamics in order to assess quantitatively the role that educational improvements are expected to play as a driver of future income convergence in Europe. We concentrate on income convergence dynamics between emerging economies in Central and Eastern Europe and Western European countries during the next 50 years. Our results indicate that improvements in human capital contribute significantly to the income convergence potential of European emerging economies. Using realistic scenarios, we quantify the effect that future human capital investment paths are expected to have in terms of speeding up the income convergence process in the region. The income projection exercise shows that the returns to education in terms of income convergence in Europe could be sizeable, although it may take relatively long for the poorer economies of the region to rip the growth benefits.     

Institutional barriers in labor markets: Examples, impacts, and policies

This paper examines the institutional biases that impede the competitive functioning of labor markets. Two contexts are considered. The first relates to Moroccan labor migrants in The Netherlands, where institutional bias distorts the competitive functioning of the labor market by downgrading the educational returns to migrant workers and acting as a disincentive for further investment in human capital. The second relates to labor markets in Indonesia and Pakistan. Institutional bias in these two countries leads to an exaggeration of labor returns to certified education, and to over-investment in university education. We argue that such biases are fed by misinformed beliefs and group interests, and stand in the way of achieving higher growth and equity.     

Coordination of capital taxation among asymmetric countries

This paper studies international fiscal coordination in a world of integrated markets and sovereign national governments. Mobile capital and immobile labor are taxed in order to finance a fixed budget. This generates productive inefficiency. Two fiscal reforms are considered: a minimum capital tax level and a tax range, i.e., a minimum plus a maximum capital tax level. It is shown that the introduction of a lower bound to the capital tax level is never preferred to fiscal competition by all countries while there always exists a combination of both a lower and an upper bound (i.e., a tax range) which is unanimously accepted.     

DESIRABILITY AND SEQUENCE OF LIBERALIZATION AND STRUCTURAL REFORM POLICIES IN A MODEL WITH INFORMAL SECTOR

The paper develops a three-sector general equilibrium model with informal sector and examines the welfare effects of liberalization and structural reform in the presence of labor and capital market distortions. It attempts to determine a credible sequence of reforms that may be the most welfare-enhancing, since implementation of reforms in all the markets at a single stage may be neither feasible nor optimal. Foreign capital is welfare-improving only in the presence of labor market distortion, while welfare deteriorates if the capital market is distorted. While tariff and capital market reforms may be welfare-enhancing in the absence of labor market distortion, labor market reform may intensify the formal-informal wage gap and have a worsening effect on welfare in the presence of tariff distortion and capital market imperfection. One of the plausible sequences of reforms may be to initially undertake tariff reform followed by capital and labor market reforms, respectively.     

Sharing risk within and across countries: the role of labor market institutions

This paper studies the effect of labor market institutions on within- and cross-country risk sharing, using a model of international trade in risky assets modified to include a subset of agents, labor-owners who do not access financial markets, and employment security provisions. Labor market, institutions, by promoting within-country risk-shifting arrangements between agents with or without, access to financial markets, reduce the fluctuations of non-tradable labor incomes and amplify the, fluctuations of capital incomes. Capital flows become more volatile across countries, and if the, configuration of labor markets differs across countries, capital-owners bear the burden of systematic, undiversifiable world aggregate uncertainty.     

A SURVEY OF THE ECONOMICS OF FAIR TRADE

Fair Trade has spread in developing countries as an initiative aimed at lifting poor smallholder farmers out of poverty by providing them with premium prices, availability of credit, and improved community development and social goods. Fair Trade is also viewed as a niche market for high value products in a context of globalization and trade liberalization policies that affect smallholder farmers in developing countries. This paper provides an overview of the potential effects of Fair Trade, both theoretical and empirical, on small‐scale producers in developing countries. Our review discusses the empirical evidence on prices and income, as well as the importance of limited market access and productivity. We discuss evidence on labor markets and human capital investments as well.     

Business Angel Syndication and the Evolution of Risk Capital in a Small Market Economy: Evidence from Scotland

In this paper, we examine the evolution of risk capital markets in a small market economy, with particular reference to business angel syndication. Scotland provides a valuable case, where the number of business angel syndicates (BAS) has grown from 3 to 18 between 2001 and 2010, the most radical shift in market organisation of any region in Europe. Findings suggest that a narrow range of focused but integrated public policies can be very effective in risk capital ‘capacity building’. Results suggest that syndication generates larger investment deals and more follow‐on investment but results in less new investments, fewer exits and an ‘equity gap’ in the lower end of the market, suggesting the need for ongoing formation of new BAS and greater emphasis on investment exits. Copyright © 2013 John Wiley & Sons, Ltd.     

Intrapreneurship in the Spanish context: a regional analysis

The objective of this article is to examine the influence of internal and external (environmental) factors on intrapreneurship in the Spanish context, considering differences among regions. Methodologically, the study applies logistic regression and uses data from the Spanish Global Entrepreneurship Monitor for the year 2011. The main findings of the research show through a double conceptual framework (resource-based theory and institutional economics) the direct effect of both internal factors – opportunity recognition and social capital – and environmental factors – fear of failure and education – on intrapreneurship. In addition, the role of fear of failure is reinforced as it has the indirect (moderating) effect; this effect is particularly relevant in lower income regions. The study contributes both theoretically (developing literature and provoking discussion in the field of intrapreneurship) and empirically (providing useful insights for the design of governmental policies for fostering entrepreneurial activities within firms).     

Diverging patterns with endogenous labor migration.

"The standard neoclassical model cannot explain persistent migration flows and lack of cross-country convergence when capital and labor are mobile. Here we present a model where both phenomena may take place.... Our model is based on the Arrow-Romer approach to endogenous growth theory. We single out the importance of a (however weak) scale effect from the size of the workforce.... The main conclusion of this simple model is that lack of convergence, or even divergence, among countries is possible, even with perfect capital mobility and labor mobility."     

要素质量、中间产品质量提升与后发经济收敛

扩展的要素禀赋理论包括要素数量和要素质量两个维度,它们对后发经济收敛的机理是不一样的。鉴于要素质量直接引入的困难,文章借鉴中间品投入模型,将要素质量的增加转化为中间产品质量的提升,通过内生经济增长模型的推导发现,要素质量,尤其是以人口基数或者人力资本为主体的要素质量成为后发国家或地区经济发展的核心,后发国家或地区要注意培育人力资本,提升技术基础,创造良好的创新环境,降低创新成本,注重经济发展信心的培育,正确引导消费偏好,以加快经济收敛。     

Regional Heterogeneity in the Private and Social Returns to Human Capital

Abstract

It is thought that policies aimed at encouraging the accumulation of human capital in less productive regions can constitute a key factor in development. However, the effectiveness of this policy depends in large part on each region's capacity to give returns to human capital. The aim of this article is to demonstrate the existence of substantial spatial variations in private and aggregate returns to human capital, indicating that development policies based on stimulating the accumulation of education differ in effectiveness. Results for the Spanish regions suggest that regional variations in social returns are greater than those in private returns.     

Organization of innovation and capital markets

This paper develops a theory of the firm scope where not only research but also ordinary production employees can generate inventions. Separating research from production (“specialization”) solves the two-tier agency problem of inducing simultaneously research effort and managerial truthful-reporting but is costly when capital markets are imperfect. Improvements in capital markets, therefore, promote specialization, allowing a greater number of specialized firms to be established and also enabling them to undertake innovative projects with larger potential outcomes. Moreover, this capital market improvement effect is stronger for innovative activities that are less capital-intensive and that have weaker synergies with existing production activities. The model can help us understand the explosion of small company innovation in the U.S. since late 1970s and the contribution of venture capital to this change.     

重构我国工业化模式——沿海制造企业内迁潮引发的思考

随着改革开放的不断深入,主要由政策因素驱动的沿海地区加工制造业得以迅速发展。这一轮新兴工业化模式的典型特征是"外生性",即资本、劳动力与产品市场均不是来自本地,地方政府为追求GDP,重资本、抑劳工,使得劳动力与当地的城市相隔离,从而破坏了企业用工的生态环境。这是导致沿海地区劳动力短缺,迫使企业内迁的根本原因。因此,内地在承接产业转移的过程中,必须构建新的产业与城市发展相融合的模式,为企业持续发展、产业结构升级提供支撑。     

中国网络基础设施资本回报率的区域差异与空间收敛性研究

研究目标:揭示我国网络基础设施资本回报率的区域差异及其空间收敛性。研究方法:采用生产函数法测算出1993～2019年全国、分区域和分省份的网络基础设施资本回报率,并运用Dagum基尼系数及其分解方法,揭示网络基础设施资本回报率的区域差异,进一步借助收敛模型、普通面板模型、空间面板模型,检验其收敛性。研究发现:中国网络基础设施资本回报率在样本期间呈波动下降趋势,且平均值由东向西呈梯次降低态势。除中部地区内部差异呈波动下降趋势外,全国整体以及东部、西部地区均呈上升态势;三大区域间差异也均呈波动上升趋势。区域间差异是产生如此差异的最主要来源,区域内差异次之,超变密度最小。就收敛特征而言,仅东部地区存在显著σ收敛;全国和三大区域均存在绝对β收敛和条件β收敛,且在后者时收敛速度都相对更大;然而,进入工业化后期后,全国整体的β收敛趋势已不存在。研究创新:较早聚焦网络基础设施资本回报率,刻画并测度其空间分布和区域差异,检验其σ收敛、β收敛,探究促进收敛的影响因素。研究价值:对于缩小网络基础设施资本回报率的区域差异、促进区域间网络基础设施的协调发展具有重要意义。     

Remittances and economic growth in Africa, Asia, and Latin American-Caribbean countries: a panel unit root and panel cointegration analysis

This study estimates the macroeconomic impact of remittances and some control variables such as openness of the economy, capital/labor ratio, and economic freedom on the economic growth of African, Asian, and Latin American-Caribbean countries using newly developed panel unit-root tests, cointegration tests, and Panel Fully Modified OLS (PFMOLS). We use annual panel data from 1985–2007for 64 countries consisting of 29 from Africa, 14 from Asia, and 21 from Latin America and the Caribbean region, respectively. We find that remittances, openness of the economy, and capital labor ratio have positive and significant effect on economic growth for all regions as a group and in each of the three in study. While the economic freedom index also has a positive and significant effect on growth in Africa and Latin America, however, its effect on the economic growth of Asia is mixed.