RATIONING, SPILLOVER, AND INTERLINKING IN CREDIT MARKETS: THE CASE OF RURAL PUNJAB

A parallel market structure may exhibit extensive rationingin the regulated segment, and hence spillover of unsatisfieddemand into the unregulated segment of the market. In the lattersegment, the borrower can choose to bundle loan contracts withoutput marketing through the lender. Using data on Punjabi cultivators,econometric estimation of such a structure yields three principalfindings: (i) most borrowers and non-borrowers were rationedin the regulated market; (ii) demand for credit was fairly inelasticwith respect to the interest rate; (iii) a contractual provisiontying credit to output marketing made informal lenders willingto advance much bigger loans. One pana and a quarter is the lawful rate of interest per monthon one hundred panas, five panas for purposes of trade, tenpanas for those going through forests, twenty panas for thosegoing by sea. For one charging or making another charge a ratebeyond that, the punishment shall be the lowest fine for violence,for witnesses, each one of them, half the fine. If, however,the King is unable to ensure protection, the Qudge) should takeinto consideration the usual practice among creditors and debtors.The Kautiliya Arthasastra (a fourth century BC work on kingshipand statecraft).     

Determinants of technical efficiency and farmers’ crop choice rationality: A case study of rural Gansu,China

Land exchange based on market transactions in which lessors and lessees participate voluntarily not only makes them better off but also enhances the overall efficiency of land use and agricultural production. However, it is worthwhile to empirically explore the effect of land rental on overall technical efficiency in the context of Chinese agriculture because non-farm household producers have increasingly entered the farming business as cultivators. If such producers underperform farm households in terms of efficiency, land consolidation does not necessarily deliver the desired outcome. This study demonstrates that the development of land rental markets improves agricultural technical efficiency at the aggregate level. Another important issue addressed in this study is to examine farmers’ crop choice rationality. China offers an interesting case in this respect. This is because, while the central government has long strived to maintain a high grain self-sufficiency rate, the relative prices of farm products have recently moved in favor of non-grain products. Our empirical result suggests that there is room for further increase in farm revenues of Gansu’s producers by shifting resources away from cereal toward horticultural production.     

对我国事业单位会计准则与企业会计准则合并问题的思考

文章从企业与事业单位的经济业务特点、现行预算会计规范体系的架构、《企业会计准则》和《事业单位会计准则(试行)》的比较以及对现行事业单位会计准则的缺陷进行改进等几个方面进行分析,进而提出应将事业单位会计准则与企业会计准则合并,建立一套兼顾规范企业和事业单位会计     

What Determines China's Grain Imports and Self‐sufficiency? The Role of Rising Domestic Costs and Varying World Market Prices

China's grain sectors have faced unprecedented challenges in recent years as the ever‐increasing and historically high level of grain output has failed to reduce grain imports. On the contrary, high grain imports and high domestic stock have accompanied historically high domestic output, a situation dubbed the “triple high” phenomenon in current policy discussion. This paper explores the role of widening domestic–world market price gaps in determining the triple high phenomenon. Unlike earlier studies that relied on production capacities, this paper argues that domestic production and demand (hence imports) are functions of domestic and world market prices and proposes an analytical framework to explicitly capture such price gaps under restricted trade linkages in general equilibrium. Following this approach, a set of price scenarios for the 2011–2020 period are constructed and simulated in a computable general equilibrium model. Results from the core scenarios, in which recent domestic and world market price trends are assumed to continue, suggest that further widening price gaps would substantially increase grain imports and reduce domestic output (by 60 million tons) and self‐sufficiency ratios from base levels. In the alternative scenarios with larger (smaller) price gaps, we find higher (lower) imports and larger (smaller) decreases in domestic output and self‐sufficiency ratios. Such results provide important policy implications as China's agricultural policy undergoes significant adjustment.     

National and international market integration in the 19th century: Evidence from comovement

This paper analyzes relative wheat price fluctuations to investigate market integration among 72 European and US cities. Applying a Dynamic Factor Model, which has seldom been used in market integration analysis, prices are decomposed into international, national and local components. Thus, national and international market integration are identified by a statistical restriction, and results for each single market are obtained. The first result is that globalization has accelerated faster in the first than in the second half of the 19th century, putting the post-1850 transport revolution into perspective. The USA integrated only later into the European market, discounting the role of the “grain invasion” for trade history. I also show that the European nations that turned protectionist after 1880 reduced the impact of foreign shocks, while free traders fully integrated into the international economy.     

Urban agriculture promotes sustainable livelihoods in Cape Town

Urban agriculture has long been endorsed as a means to promote food security and economic wellbeing in African cities. However, the South African context presents mixed results. In order to establish the contributions of urban agriculture to sustainable livelihoods, the sustainable livelihoods framework is applied to a case study on cultivators from Cape Town’s Cape Flats. This study contributes to the empirical literature on urban agriculture by providing a deeper understanding of the benefits cultivators themselves attribute to urban agriculture. The key finding is that cultivators use urban agriculture in highly complex ways to build sustainable livelihoods. NGOs are central to this process. Distrust, crime and a lack of resources are, however, limiting factors. The paper concludes with policy recommendations to support pro-poor urban agriculture in African urban centres.     

国际市场粮食价格波动性上升的原因及未来趋势分析

近年来,国际市场粮食价格波动性明显上升,其原因在于全球粮食库存持续下降、粮食需求波动加大以及全球流动性过剩与金融投机的推动,未来国际市场粮食价格波动性仍将处于高位。中国需要确保粮食基本自给,以防国际市场粮食价格的高波动性传入中国。     

Marine preference cargo market: Opportunities for minority shippers

Conclusion It appears that the general cargo market should not be the primary target for a minority shipper. After a more detailed analysis of the market, on a specific commodity basis and by trading areas, a profitable niche may be developed for a minority shipper in the Dry Bulk market, in light of the recently completed Russian grain deal. Fifty percent of that tonnage must be moved in U.S. flag vessels. Under the terms of the new grain treaty, the Soviets are obligated to purchase 5.9 million long tons (2,240 pounds) of grain annually, with the right to purchase two million more tons. The agreement is for five years, beginning in 1976.     

The personal and social benefits of urban agriculture experienced by cultivators on the Cape Flats

Urban agriculture is considered a grassroots solution to food security in Africa. Research consistently supports this belief, and in South Africa urban agriculture is promoted by national and local government. One city supporting urban agriculture is Cape Town, the only South African city with an urban agriculture policy. Although many questions remain regarding the sustainability of non-governmental organisation (NGO)-supported urban agriculture projects in Cape Town and their contribution to food security, this study argues that one must look beyond economics and the physical benefits of urban agriculture to the personal and social benefits. By capturing the lived experiences of cultivators on the Cape Flats in Cape Town, the study shows that urban agriculture not only contributes to food security but builds social capital, which improves livelihood strategies and interpersonal relations. This is especially the case where urban agriculture projects are facilitated by NGOs that fund, train and oversee cultivators in these impoverished communities.     

Market Channels,Quality Incentives and Contract Harvesting: The Case of Maize,Soybean and Groundnut

The development of markets for maize, soybean and groundnut over the last ten years has been characterised by increasing commercialisation and increasing market differentiation, because of the diversity of end uses. Research conducted by the Department of Agriculture in 1987 and 1988 confirmed earlier findings that commercialisation has not led to opportunities at farm level to expand returns through quality improvement. At trader and factory levels, though, the market rewards qualities required for specific end uses. Findings clearly indicate that market development is commodity specific and that generalisation across the three crops encounters difficulties. The significance of imports was found to be different among the three crops. The role of contract harvesting varies independently of the degree of commercialisation; its extent is important in identifying who benefits from post-harvest research. The informal sector was found to be of particular importance in soybean. It was concluded that the only external intervention which would increase farm income was the introduction of specific varieties, which find market rewards from specific users. Large grain size is rewarded in groundnut, while the tahu and tempe industries both require specific soybean varieties.     

The direct impact of the relocation of farm labour on Chinese grain production

The shift from collective to household-based farming and the move towards a market economy have increased the opportunity cost of grain production and caused a withdrawal of labour from grain farming in China. Since Chinese grain production is important to both China and the world, there are concerns about whether such a farm labour relocation will have a destructive impact on China's grain production. The previous production function studies ignored the effects of changes in labour quantity and quality on grain production. Using recently available sample survey data on Chinese farm households, this paper incorporates production function analysis with human capital analysis to examine the direct impact of the relocation of farm labour on China's grain production. It has found that the relocation of farm labour has not harmed the Chinese grain production in general, but its impact varies across regions with different factor endowments that affect the choice of farming technology.     

Review of the report of the Committee of Enquiry into alternative marketing arrangements for maize

Problems in the maize industry induced the Minister of Agriculture to appoint a Committee of Enquiry into maize marketing arrangements. Maize and winter grains are marketed under one‐channel fixed price schemes operated by the Maize and Wheat Boards, which are statutory monopolies. Floor prices are used in sorghum marketing. The Committee recommends retention of one‐channel marketing for all grains, operating under a single selling organization. It also recommends the creation of a grain floor where buyers can negotiate with the sole selling agency, which will also control exports and imports. The proposals amount to further monopolization in grain marketing. It is argued that these proposals will induce greater inefficiency in the grain sector; the important problems will not be solved. The Committee gives attention to neither food problems of the poorer part of the population nor production problems nor cross‐subsidiation. Long— term market effects are not sufficiently addressed; nor are international developments. Scant attention is given to problems facing self‐governing and TBVC states. The proposals run counter to prevailing thought favouring deregulation, demonopolization, privatization and freer trade. The Committee report represents a lost opportunity.     

晚清厘金征收与市场整合--基于双重差分法的量化研究

市场整合对经济发展具有重要影响,为理解近代中国经济社会艰难的发展历程,有必要考察这一时期损害市场整合的因素。本文采用双重差分法量化考察了晚清厘金对粮食市场整合的影响,发现厘金征收显著降低了相邻府间的市场整合水平,这种影响占全样本市场整合水平变化的60%。并且这一估计结果得到了多种稳健性检验的支持。此外,本文发现厘金也损害了长距离贸易和市场整合水平。本文的发现有助于理解近代中国艰难的经济发展历程,也丰富了一系列考察中国长期经济发展中市场整合问题的研究。     

专业会展发展、市场商圈构筑与产业集群成长——来自浙江绍兴的证据

文章通过建立一个以专业市场为中介的分析框架,剖析专业会展、市场商圈与产业集群之间的机理。文章将专业会展与专业市场作为影响产业集群成长的两个因素,并与市场商圈相结合,构建出三者间两两相互作用的双向强化模型。文章主要观点有:(1)专业会展通过专业市场的中介作用与产业集群呈现耦合互动特征;(2)未来专业市场之间的竞争关系将集中表现在不同市场商圈之间的竞合与互动,而专业市场商圈的构筑有赖于专业市场的发展与产业集群的成长。     

China's grain marketing system reform in 1993–1994: empirical evidence from a rural household survey

By utilizing a rural household survey, this paper domonstrates the progress in China's grain marketing reform in 1993 and evaluates to what extent the reform was reversed in 1994. Specifically, we investigate the degree of commercialization, changes in state's contract procurement quota and changes in the marketing channels. Overall, the grain market has been liberalized to a very large extent. Participation of the private traders have already grown to a significant level, occupying more than one-third of the market share for wheat and rice and more than half for maize. For minor crops, the share of private traders were even bigger. Despite the reversal in 1994, the grain market was still very “open.” Counting all grain types, the state was controlling only about one-third of the marketed surplus. However, if the central leadership perceived any serious instability in the market for a certain grain, examples provided illustrate how the state's control could certainly be strengthened significantly.     

Reconsidering peasant communes in the Levant,c. 1850s–1940s†

The unfounded belief that there was a peasant commune in the Levant very similar to the Russian mir, and that it was inefficient, precluded historians from understanding the true role of the institution of mushā? in this region. The mushā? land title represented the attachment of a particular community to specific plots of land. In this context, ‘community’ often meant nuclear and extended families in suprahouseholds, as well as the entire village. People in these communities tended to derive income from land according to recognized arrangements such as mutual use of grazing lands, and joint or individual cultivation with or without land repartition among cultivators. The comparison with mir was relevant only for one form of the institution, namely, repartitioned mushā?. Redistribution or repartition varied according to specific ‘factors of production’ or to informal and formal property rights. It did not prove less efficient than the reformed, individualized system of land management, and was possibly more effective in resisting laws that allowed the seizure of lands that had not been cultivated for three years. All forms of mushā? required greater communal mutual support and responsibility, which significantly reduced risks in times of crisis.     

Urban cultivation: Food crops and their importance

Despite having become a popular research field in the last decade, the study of urban cultivation suffers from a weak empirical base. This article argues that one of the aspects that has received only cursory attention is that of the crops that are grown. Support for this argument is based on a short review of the literature. Against this background, a method of deriving an index of crop importance is outlined. The index is based on crops that are grown by cultivators in the Eastern Cape, and individual measures that constitute it are those closely linked to household welfare. Consumption levels, the monetary value of crops consumed, and the income from crop sales are three examples. The index pro vides a more logical and legitimate basis for policy and planning than was previously the case. The emphasis is placed on the activities and priorities of the cultivators as opposed to hypothetically derived goals.     

企业自身视角的企业信用内涵探析

市场经济是信用经济。企业信用是整个信用体系的基础与核心,是市场经济健康运行的客观要求,也是企业自身长盛不衰的基本条件之一。随着社会经济向更高层次发展,"企业守信"不仅是社会对企业的客观要求,还应是企业自身追求长久发展并对品格和能力等无形资源积极创造的要求。企业     

Distortions at the Border; Integration Inland: Assessing the Effect of WTO Accession on China's Agriculture

The main goal of the paper is to address the impact of the WTO on China's agricultural sector. To accomplish this goal we address two sets of issues. First, we seek to provide measures of the distortions in China's agricultural sector at a time prior to the nation's accession to WTO. This is accomplished by estimating the nominal rates of protection (NPRs) of the agricultural sector's major commodities using a new methodology to account for grain quality differences within China and between China and the world market. Second, we seek to assess how well integrated China's markets are in order to understand which areas of the country and which segments of the farming population will likely be isolated from, or affected by, the changes that WTO will bring. We find that NPRs differ among commodities. Some of China's agricultural commodities are well above and others are well below world market prices. We also find that if increased imports or exports affect China's domestic price at the border, its own domestic markets are mostly integrated so that price shifts in one area will affect prices in most of the rest of China. Our analysis finds, however, that a number of policy and structural factors limit the overall size of the shock.     

Why Do Chinese Private Enterprises Seek Outward Foreign Direct Investment?

China is currently in a period of economic transformation and the reform of the factor market still lags behind that of the product market. This study explores the reasons causing China's private enterprise to expand abroad from the perspective of domestic factor market imperfection. Using data for Chinese listed firms between 2002 and 2020, it examines whether outward foreign direct investment (OFDI) has been undertaken by private enterprises as a response to domestic factor market imperfection. It finds that private enterprises located in regions with greater factor market imperfection have had a greater tendency to engage in OFDI. This effect has been more pronounced among firms with high productivity or high innovation capability, and among medium and small private enterprises.