经济全球化、WTO与我国的产业发展

经济全球化是世界经济的大趋势 ;WTO (世贸组织 的发展和日趋完善促使了经济全球化的进一步发展。随着我国加入 WTO的步伐加快 ,我国经济全面融入世界经济 ,全方位参与国际分工与国际竞争的机遇和挑战已经来临。只有抓住“入世”给我国产业发展所带来的调整和发展机遇 ,以开     

邓小平对外开放理论对发展海洋经济的影响

邓小平对外开放理论博大精深,它不仅推动了我国陆域经济的蓬勃发展,而且为推动我国海洋经济的后发制人提供了政治经济保障。“搁置争议、共同开发”为我国发展海洋经济赢得了宝贵的时间,同时也推动了海洋开发的国际合作。对外开放的战略布局极大地促进了沿海地区经济繁荣,为发     

从“霍山现象”看县域经济的发展

本文透过一个国家级贫困县工业经济的崛起,即“霍山现象”,思索和探讨了我国县域经济的发展,指出其对我国县域经济发展的启示性作用。     

从实现规模经济视角看如何促进我国风险投资公司的发展

本文分析了实现风险投资规模经济的必要性 ,总结了我国风险投资公司的规模特点后 ,指出我国投资公司要实现规模经济必须拓宽筹资渠道和建立真正意义上的高技术开发区。     

21世纪的我国经济安全——兼论邓小平经济安全观

加入WTO将促使我国经济步入与世界经济深度接轨的新阶段 ,这将在很大程度上影响我国政府的经济管理职能和模式。因而客观上要求我国政府对经济管理制度和行政权力作用方式进行改革 ,规范政府管理经济行为 ,提高政府治理经济水平 ,以适应入世后的环境置换 ,发挥政府的积极作为     

提高我国消费率问题的思考

伴随新一轮经济增长周期的到来,我国消费率持续走低再次引起人们对消费投资比例关系的广泛关注,理论界对此说法不一。文章阐述了研究我国消费投资比例关系不可忽视的经济运行环境和经济发展阶段因素,从多国长期趋势角度对我国较高投资率的合理性给予有力的支持,并从经济运行实     

论经济全球化条件下的制度竞争

经济全球化条件下的国际竞争,不仅是以社会生产力为基础的综合国力的较量,更是国与国之间的制度竞争。本文介绍了经济全球化条件下制度的重要性,指出经济竞争一定程度上表现为制度竞争,分析了制度竞争的内涵,制度竞争产生的基本原因和影响,为我国在经济全球化背景下发展本国经     

试论国有投资公司不良债权的调整机制

随着人口的不断增加、土地的逐渐减少和经济的快速发展 ,粮食供给将严重危及国家的稳定和经济的发展。要彻底改变这一状况 ,必须实现农业经济增长方式的转变。本文通过对农业经济增长方式的理论和变迁的研究 ,探讨在我国实现农业集约经营的方向和途径     

论ESO制在我国推行的制约因素

开放型经济是对外部世界开放的经济 ,是国民经济运行的重要模式。本文论述了开放型经济的内涵 ,结合我国和安徽省经济发展的实际情况 ,提出了一些可操作的建议。     

论经济领域不道德现象的根源及对策

本文探讨了经济领域不道德现象的根源,提出了抑制的对策。即结合时代特点,继续弘扬以诚信为核心的儒商精神,借鉴西方经济伦理中的合理成分,在政府、企业和学术界的共同努力下,优化经济伦理发展环境。     

The role of credibility in the cyclical properties of macroeconomic policies in emerging economies

Optimal stabilization policy is countercyclical, aiming at keeping output close to its potential. However it has been traditionally argued that emerging countries are unable to adopt countercyclical monetary and fiscal policies. Here we argue that the cyclical properties of macroeconomic policies depend critically on policy credibility. We test this proposition by making use of recent panel data for eleven emerging market economies and time series data for Chile. The evidence supports that countries with higher credibility, as reflected by lower country risk levels, are able to conduct countercyclical fiscal and monetary policies. Conversely, countries with less credible policies (and, therefore, with higher country risk spreads) contribute to larger cyclical fluctuations by applying procyclical policies. For Chile we find that both monetary and fiscal policies have been largely countercyclical after 1993. JEL no. E43, E52, E62     

Monetary Policy and the Diversification–Profitability Linkage in Banking: Evidences from Emerging Market Economies

In previous studies, the stance of monetary policy is proven to associate with banking profitability or activities. This paper provides empirical evidence aiming at the influence of monetary policy, including stances of expansionary and contractionary monetary policies, on the relationship between banks' income diversification and their profitabilities in emerging market economies. We find the significant evidence that expansionary monetary policies can raise banks' diversification efforts, whereas contractionary monetary policies weaken the efforts of banking diversification, for which our most robustness tests support these findings. There are some relevant implications and suggestions for bank managers and policymakers.     

Transmission mechanisms of conventional and unconventional monetary policies in open economies

This paper provides an empirical examination on the transmission mechanisms of conventional and unconventional monetary policies for two non-EMU countries, Switzerland and the United Kingdom, over the period 1990–2017. We investigate the role of stock prices and consumer expectations in the transmission of monetary policy. We propose two distinct structural VAR models. The model for the case of conventional monetary policy covers the pre-2009 period, while the model for the case of unconventional monetary policy covers the post-2009 period. The official bank policy rate and central bank’s reserve assets are used as instruments for conventional and unconventional monetary policy. The analysis reveals that the inclusion of a forward-looking informational variable of near-term development in economic activity and a financial variable such as the stock prices is of key importance for the monetary policy assessment. We provide evidence for the existence of a consumer confidence channel in the transmission of conventional monetary policy. Moreover, the long-term government bond yields, the exchange rate and stock prices have an important role in the transmission of unconventional monetary policy. Our findings indicate that conventional and unconventional monetary policies have short-run expansionary effects in both countries by increasing output, consumption, investment, stock prices and wages, while reducing unemployment.

     

Emerging and small open economies,unconventional monetary policy and exchange rates – a survey

At the outset of the Great Recession emerging in 2007, central banks of major-currency economies have adopted non-standard monetary policies. We examine whether and to what extent these measures pose a challenge to central banking in emerging and small open economies. In particular we assess how global liquidity spillovers caused by major central banks affect the economic dynamics of emerging and small open economies. In this respect, economies which are close to or even at the periphery of major-currency economies are particularly prone to “unbalanced” real exchange rate dynamics. In the short run, corresponding level and volatility effects in key relative prices may endanger financial stability in the recipient country. The long-term effects include a metamorphosis of the anchoring of private-sector inflation expectations into a perilous tightrope act in central banking of these economies.     

Rehabilitating the unloved dollar standard

The international dollar standard is an accident of history that greatly facilitates international trade and exchange. But erratic US monetary and financial policies have upset the American and world economies so as to make foreigners unhappy. A weak and falling dollar led to the great price inflations of the 1970s and to disastrous asset bubbles in the noughties. It aggravated the post‐War World's three great oil shocks. The asymmetrical nature of the dollar standard also makes many Americans unhappy because they cannot control their own exchange rate. Although nobody loves the dollar standard, it is a remarkably robust institution that is too valuable to lose and too difficult to replace. Rehabilitating the unloved dollar standard by ‘internationalising’ American monetary and financial policies to better stabilise the USA and world economies is the only way out of the current impasse.     

Scope economies from rural and urban microfinance services

Microfinance institutions (MFIs) operate in both rural and urban credit markets and provide financial services to the poor not served by commercial banks. MFIs must keep operating costs low to better serve their clients. We evaluate whether MFIs can lower their costs by exploiting economies of diversification from serving both rural and urban markets rather than specializing in only one. We apply a novel method to estimate scope economies that minimizes the well-known “excessive extrapolation” and accommodates MFIs' heterogeneity. Analyzing panel data on MFIs from 105 countries over 2008–2018, we find that about half of loan-only MFIs benefited from diversification and enjoyed scope economies of 16.6% while over two thirds of savings-and-loan MFIs experienced scope diseconomies of 11.7% suggesting advantages from specialization. Over time, the declining magnitudes and the prevalence of scope (dis)economies in both groups suggest that loan-only MFIs have been able to serve costlier marginal clients while savings-and-loan MFIs have been learning and decreasing their scope diseconomies. Stakeholders encouraging the transformation of MFIs into regulated savings-and-loan institutions that serve both rural and urban markets should be aware of the presence of scope diseconomies for that business type and offer adequate support.     

Monetary autonomy in selected Asian economies: The role of international reserves

With the increased financial integration of Asian countries, monetary policy takes on the additional role of maintaining the stability of the financial system along with the traditional objectives of promoting growth and employment with price stability. Given the importance and relevance of monetary policy in Asian countries, we examine monetary autonomy and its interaction with financial integration, currency regimes and international reserves for the past two decades in the following Asian countries: Thailand, Korea, Indonesia, the Philippines, and India. The empirical analysis reveals two significant and interesting findings that have policy implications. First, Thailand, Korea and Indonesia, countries that have moved towards a floating currency regime, experienced simultaneous declines in the sensitivity of their interest rates (thereby increasing monetary autonomy), while India continues to increase the sensitivity of its interest rates with a pegged exchange rate and increased financial integration. Second, in all of the studied economies, the accumulation of international reserves has contributed, to some extent, to the retention of monetary autonomy in terms of preventing the sensitivity of the interest rates from rising. We speculate that the accumulation of reserves plays the role of an anchor for monetary autonomy in emerging market economies facing a “fear of floating”.     

我国农业物流发展的财金支持研究

农业物流系统中部分产品的公共性及其本身的偏弱质性和后发性特征决定了政府政策性扶持的必要。国家应从财政和金融政策两个方面,采用多种手段及措施对农业物流发展进行必要且适当的引导、鼓励和帮助。     

Services Policy Reform and Economic Growth in Transition Economies

Major changes have occurred in the structure of former centrally planned economies, including a sharp rise in the share of services in GDP, employment, and international transactions. However, large differences exist across transition economies with respect to services intensity and services policy reforms. We find that reforms in policies toward financial and infrastructure services, including telecommunications, power, and transport, are highly correlated with inward FDI. Controlling for regressors commonly used in the growth literature, we find that measures of services policy reform are statistically significant explanatory variables for the post-1990 economic performance of transition economies. These findings suggest services policies should be considered more generally in empirical analyses of economic growth. JEL no. F14, F43, O14, O40     

Structural adjustment policies in developing economies

This paper examines structural adjustment policies in developing countries, undertaken with the purpose of regaining the growth path following internal and external shocks. The proposed policy package further aims at improving overall economic policies. Its components include production incentives, incentives to save and to invest, the choice of public investments as well as sectoral, budgetary and monetary policies. The interdependence of the proposed policy measure is also indicated and comments are offered on the international policy environment in which they operate.