External adjustment

Gross stocks of foreign assets have increased rapidly relative to national outputs since 1990, and the short-run capital gains and losses on those assets can amount to significant fractions of GDP. These fluctuations in asset values render the national income and product account measure of the current account balance increasingly inadequate as a summary of the change in a country's net foreign assets. Nonetheless, unusually large current account imbalances, especially deficits, should remain high on policymakers' list of concerns, even, for the richer and less credit-constrained countries. Extreme imbalances signal the need for large and perhaps abrupt real exchange rate changes in the future, changes that might have undesired political and financial consequences given the incompleteness of domestic and international asset markets. Furthermore, of the two sources of the change in net foreign assets—the current account and the capital gain on the net foreign asset position—the former is better understood and more amenable to policy influence. Systematic government attempts to manipulate international asset values in order to change the net foreign asset position could have a destabilizing effect on market expectations. JEL no. F21, F32, F36, F41     

Structural adjustment, macroeconomic adjustment and poverty: A methodology for analysis

The object of this paper is to set out a methodology for analyzing the impact on the poor in less developed countries (LDCs) of adjustment to disturbances arising in the international sectors sectors of these economies. The methodology is not based on a detailed general equilibrium model of the whole economy, but instead focuses on the effects of the adjustment process on the sectoral composition of national output and expenditure. The paper provides a framework for the calculation of quantitative estimates of the impact of adjustment on poverty using household income and expenditure surveys currently available in LDCs. It is proposes the use of decomposable poverty indices as a tractable vehicle for calculating the impact of adjustment on overall poverty. This framework does require, however, reasonably disaggregated data on income distribution.     

Structural adjustment and African industry

A recent World Bank study comes to optimistic conclusions about the impact of adjustment on African industry and exports. This paper questions both the underlying approach and the empirical evidence. The analysis on which adjustment programs are based ignores market failures in the process of developing competitive capabilities. The data do not establish that adjustment benefited industry. The experience of Ghana, the strongest adjuster in Africa, shows a spurt followed by relative stagnation and little manufactured export diversification. Accepting the desirability of openness and policy reform, the policy needs that emerge are very different from those of Bank adjustment programs.     

甘肃省工业(产业)结构及其适应性调整

本文在客观地分析甘肃工业 (产业 )结构现状与特征的基础上 ,重点剖析了工业结构特征的相对劣势和消极影响 ,并提出了调整和优化工业结构的战略原则。     

新加坡经济的波动及调整

近年来,新加坡经济出现了急剧的波动.究其原因,主要是在经济全球化下受到主要发达国家经济周期波动的冲击和金融危机后国内经济转型与结构调整的影响.面对国内经济的迅速衰退,新加坡政府积极采取措施,大力实施国内经济重组与调整,从发展趋势看,新加坡经济增长速度将放缓而波动将加大.     

经济调节方式与社会主义的经济改革

我国社会主义经济改革的历史已经证明,计划调节依然是社会主义经济基本的和主要的调节方式,这是由社会主义经济制度的特殊性质决定的。在现代市场经济条件下,要正确处理计划调节和市场调节的关系,重新构建社会主义经济的计划机制模式。     

Stabilization, adjustment, and the poor

This paper attempts to survey the recent literature on the impact of stabilization and adjustment programs upon the poor and to consider some of the key issues in the context of a particular equity-oriented low-income country. Tanzania. After looking at some of the approaches of earlier studies, this paper analyzes the effects of restructuring policies, macroeconomic restraint, and strategic policy change. The author then reviews available evidence on the recent experience of Tanzania with external shock, efforts at stabilization, and relations with the IMF.In conclusion, the author argues that in order to better understand their impact on poverty we need more detailed analyses of specific countries' experience with different kinds of macroeconomic imbalance and different short- to medium-term policy responses. However, he does indicate with some certainty that when equivalent external blows impact upon very low-income countries, there must be a presumption that, other things being equal (including the distribution of income), the proportion of households and people pushed over the line into “absolute poverty” will be greater than in middle-income countries. The international community should provide external finance to aid these low-income countries in limiting the negative impact on the poorest.     

The assessment: globalization and labour-market adjustment

Over the last two decades there has been a significant deteriorationin the labour-market outcomes of less-skilled labour in mostOECD countries. This has manifested itself either in terms ofa decline in wages relative to the most skilled, or in termsof the relative likelihood of being in work. Much recent researchhas focused on the impact of trade and skill-biased technicalchange as alternative explanations of the phenomenon; some hasalso investigated the role of cross-border investment and migration.This paper reviews recent research on globalization and labour-marketadjustment and sets the scene for the papers that follow.     

Price adjustment in open economies

The adjustment of product prices in open economies is analyzed by use of a model encompassing different product market structures and quarterly data for Denmark, Germany, the Netherlands, Norway, and Sweden. In general, support is found in favor of a specialized production model implying that prices are affected by internal and external factors. Price adjustment displays substantial inertia and is in the short run driven by real shocks to both supply and demand, as well as being characterized by nominal rigidities, whereas in the long run relative prices are driven solely by supply variables.     

产业结构调整中的投资机会

在政府宏观调控及全球经济一体化的大背景下,中国经济的产业结构调整势在必行,而且具有长期性,从中可以挖掘到趋势向好的行业投资机会     

Overshooting adjustment to tariff liberalization

The article analyzes the dynamic effects of tariff liberalization on a small open economy. The primary focus is on nonmonotonic adjustment patterns of net lending such as overshooting or opposite short-and long run effects. When capital accumulation tilts wage income toward the future in the early transition periods, present generations perceive life-cycle type savings disincentives which create a transitory shortfall in savings. In the long run, wage profiles become flat again, and the savings deficiency vanishes. The transitory savings component may give rise to overshooting or opposite short- and long-run adjustment in the total stock of savings and net foreign assets.     

反倾销出口价格调整研究

确定出口价格并进行相应调整是倾销认定的关键环节之一,调整方式有向上调整和向下调整两种,欧盟和美国在反倾销出口价格调整上的法律规定和实践各有不同,因而出口企业在对外贸易方式和国际贸易价格选择上应灵活应对。     

人民币升值与我国经济结构调整研究

本文回顾了人民币汇率改革的背景和效果,进而分析论证国内经济发展的结构失衡是导致国际收支失衡的主要原因,而我国外部经济的不平衡增长使国内经济发展的结构失衡进一步加剧。因此,有必要通过人民币的升值来促进我国经济结构调整,同时需要宏观经济政策的协调配合,切实改变经济增长方式,实现经济增长的内外均衡。     

安徽省农业产业结构的调整与优化

本文在分析安徽省农业产业结构现状的基础上,提出了安徽省农业产业结构调整与优化的主要任务及相对应的措施。     

企业所得税政策调整及其影响

2008年1月1日起我国将实施新的企业所得税法,本文在比较新旧企业所得税政策的基础上,分析总结了税收政策调整对我国经济、税收收入、内资企业、外资企业等可能产生的影响,进而提出相应的对策。     

Intra-industry adjustment and the correction of an externality

Conclusion The purpose of this paper is to apply some of the existing microeconomic theory literature on intra-industry adjustment resulting from factor price changes to the use of corrective taxes on externalities. The optimal tax to correct the effects of an externality is one placed directly on the external damage. Such a tax is sometimes not practically feasible, in which case either the inputs or output of firms in the externality-producing industry must be taxed as a proxy for the external damage.When the tax is placed on the input associated with the externality, the tax will only produce the optimal result if all firms produce an equal external damage which is proportional to the amount of the input which is used. If the amount of the externality produced by different firms is different, then an input tax will not satisfy the marginal conditions for optimality; and in some cases, the external damage may actually increase as a result of the input tax. An output tax, on the other hand, will never cause the external damage to increase, but will not in general satisfy the marginal conditions for optimality.When the amount of external damage caused by each firm in an industry is difficult to monitor, input or output taxes are two possible policy alternatives for controlling the externality. This paper has demonstrated that there are a number of problems associated with calculating the optimal input or output tax, and that a tax that is correct under restricted assumptions may actually aggravate the problem when examined in a more general environment. This analysis may explain why policy makers favor direct controls to reduce externalities, rather than taking the economist's frequent advice of using corrective taxes to price the externality.We are indebted to Charles Maurice for helpful comments on an earlier version of this paper.     

台湾产业结构的发展与调整

本文在分析台湾产业发展演变的基础上，侧重对台湾产业结构调整与升级的趋势进行分析。     

SDR-Creation,development aid and the adjustment process

Summary The principal arguments for and against the link with regard to its effects on the adjustment process are evaluated. While the direct enhancement of demand inflation is sometimes exaggerated, the greater uncertainty of individual countries of long-run adequacy of reserve growth under a link would aggravate the inconsistency between current account aims and thereby lead to increased exchange rate competition and restrictions and/or diminished aid. These effects might be mitigated somewhat by higher SDR creation, but then chiefly more inflation and greater external imbalance would ensue. It is concluded that the link would impair the environment for adjustment.The opinions advanced in this article should be attributed solely to the writer and not to the institution where he is employed. Gratitude is due to Prof. Dr. P. Hennipman, Prof. Dr. G. A. Kessler and Prof. Dr. P. B. Kreukniet for helpful comments which have led to improvements and clarifications for which, of course, the author assumes full responsibility.     

Robotics technology and firm-level employment adjustment in Japan

Unlike studies that analyze the impact of robotics technology on overall employment at the industry or firm level, this study investigated cross-division employment adjustment within a firm in an industry with greater diffusion and penetration of robotics technology. By examining changes in the composition of employment, we measured job creation and destruction at the division level and explored whether robotics technology, as a leading example of automation, not only displaces workers but also introduces new jobs in favor of labor. We made use of unique, division-level employment data for Japan’s manufacturing firms, together with industry-level data on the installation of industrial robots. We found that industry-level adoption of robots positively affects the firm-level job creation rate and the job destruction rate. Because the magnitude of the impact is larger for job destruction, robot adoption has an overall negative impact on firms’ net employment growth. Our findings suggest that the labor displacement effect of robotics technology and the emergence of new jobs due to technological change coexist even at the firm level.