Measuring the Economic Costs and Benefits of the EU

The EU has pursued protectionist policies not merely in food but also in manufacturing at the customs union level. In services it has not dismantled much of the existing national protectionism. The economic costs are calculated here at some 3% of GDP for the UK and some 2% for the rest of the EU. Added to its social interventionism, these costs suggest that the EU has put political integration before economic efficiency. This paper draws heavily on my book with Vidya Mahambare and Eric Nowell (Minford et al., 2005). I am grateful for helpful comments to Kim Huynh, Michele Fratianni and other participants at the IU 2006 conference in Fratianni’s honour. I contributed this paper in recognition of many pleasurable discussions with Michele over the years on this and many other topics. JEL Classification Numbers: F13, F14     

Economic Costs and Benefits of Combating Terrorism in the Transport Sector

Countering the risks of terrorism imposes enormous costs. While it is impossible to remove completely the risk of terrorist attacks in the transport sector, measures designed to counter terrorism can add certainty and stability to the global economy, raise investor confidence and facilitate trade. Modelling suggests productivity losses associated with the increasing threat of terrorism can be more than offset by the positive effects of enhanced security. Nations have much to gain from cooperating to reduce the risk of terrorism.     

Competition Policy: What are the Costs and Benefits of Measuring its Costs and Benefits?

Summary  Competition authorities are increasingly measuring the effects of their enforcement actions, seeking a robust justification for the proliferation of competition policy. We highlight the importance of identifying the right counterfactual against which to measure effects, and set out the relevant categories of costs and benefits. We then explore how a balance can be struck between the benefits and inherent limitations of these measurement exercises. Relatively crude analyses of cartel action benefits can be sufficient to achieve public legitimacy for competition policy. Assessing the effects of merger and conduct inquiries is often ambiguous, but could be used to improve decision-making processes. Director and Managing Consultant, respectively, at Oxera, Oxford and London. The valuable comments of Fod Barnes, Kerry Hughes and an anonymous referee are gratefully acknowledged. The opinions expressed in this article are those of the authors alone.     

Economic Benefits and Environmental Costs of China's Exports: A Comparison with the USA Based on Network Analysis

This paper decomposes economic benefits (value‐added) and environmental costs (CO₂) of exports according to their sources, and maps the global value network (GVN) and the global emissions network (GEN) for China's exports during 1995–2009 from national, sectoral and national–sectoral perspectives. A comparison is conducted between China and the USA. National GVN and GEN show that shares of value‐added and CO₂ emissions from China in its GVN and GEN both decreased first then increased after 2006, while shares from the USA in its GVN and GEN generally decreased. Sectoral GVN and GEN show that among China's exports, “electrical and optical equipment” and “electricity, gas and water supply” were, respectively, the sectors that obtained the most value‐added and emitted the most CO₂. National–sectoral GVN and GEN for China exhibited reciprocal and disassortative patterns, and in‐strengths and out‐strengths of GVN and GEN for China's exports were mainly captured by several domestic country–sector pairs.     

Benefits and Costs of Auditor's Assurance: Evidence from the Review of Quarterly Financial Statements

Even though there is a worldwide consensus as to the necessity of an audit of annual financial statements for public companies, there is divergence of views as to the review of interim financial statements. While some jurisdictions make it mandatory (e.g., Australia, France, United States), others allow the review without requiring it (e.g., Canada, United Kingdom). Using a sample of companies listed in Canada, we examine the costs associated with these reviews and the benefits they generate in terms of improvement in the quality of interim financial statements for the years 2004 and 2005. Controlling for the decision to purchase the reviews, we find that audit fees are 18 percent higher for firms with interim reviews and, contrary to many regulators' assumption, we find no evidence that this cost increase is proportionally higher for smaller firms. Regarding the benefits of interim reviews, we find no significant association between either accruals‐ or nonaccruals‐based measures of earnings management and the fact that the interim statements are reviewed by the auditor, neither in the interim reports nor in those of the fourth quarter. The results suggest that auditors' involvement with interim reports may not be as effective as previously thought at controlling the quality of interim financial statements.     

经济全球化利益分配不均及其制度经济学研究

本文从制度经济学角度，对经济全球化利益分配不均的根源进行分析。首先通过研究南北经济差距拉大和发展中国家的贫困化问题，肯定了经济全球化利益分配不均的事实；随后，从制度研究的两个层面(外在根源——当今霸权制度的形成及其亲西方本质、内在根源——发展中国家自身的制度缺陷)对经济全球化利益分配不均做出了合理的解释。     

欧盟东扩的收益、代价及其影响

欧盟东扩一直是欧洲一体化进程中难度最大的问题。从2004年5月1日起，波兰、匈矛利等中、东欧10国将陆续成为欧盟的新成员国。这就是说，长久以来欧盟东扩的计划即将实现。欧盟东扩不仅将极大地促进欧洲的稳定和经济发展，而且将提升欧盟作为多极世界中一极的国际地位和影响力。本文首先分析了新旧欧盟成员国基本经济状况和经贸联系以及东扩给欧盟成员国带来的有利影响，然后对东扩的不利影响以及对全球经济影响分别进行了讨论。     

交易费用与交易惠利的形式化分析--兼评韦森《难得糊涂的经济学家》

本文以形式化的方式讨论了交易费用与交易惠利的关系，验证了韦森在其“剑桥书简”中提出的交易费用与交易惠利理论的主要观点。     

Understanding China's Economic Growth from a Regional Policy Perspective

There has been ongoing interest in China's economic growth. What were the drivers of China's economic growth in past years? What policies were used to promote China's economic growth? Although different lenses may be used to understand and explain China's economic growth, this paper draws on historical, theoretical, and empirical perspectives to discuss the nexus between China's regional policies and economic growth. First, we review the evolution of China's regional policy and the policy's changing emphasis in different development stages, from balanced, unbalanced, and coordinated development to synergistic development. Then we construct a theoretical model to illustrate the impact of regional policy on the local economy and conduct an empirical examination with a case study of regional policy using regression discontinuity design. This paper analyzes the concept of regional policy and the underpinning logic of economic growth and presents practical approaches to formulate a better regional policy framework.     

交易成本视角下我国农民专业合作组织创新研究——基于白水县苹果种植户的实地调研

在现有农民专业合作社以及交易成本理论研究的基础上,提供了农户交易成本构成及其影响因素的理论框架,并设计了调查问卷,对白水县苹果种植户进行了问卷调查与访谈,对获取的调研数据进行了计算和分析,在农户合作社实际参与状况、农户各交易环节交易成本分布状况以及农户交易成本的主要影响因素几个方面得出了一些有价值的研究结论。在此基础上提出了进一步实现组织创新的方向和建议。     

可持续发展视角下数字化转型对企业债务融资成本的影响

数字经济时代,数字化转型成为企业提高市场竞争力、实现高质量发展的必由之路。立足于企业管理行为长期可持续发展视角,以2013—2022年沪深A股制造业上市公司为研究样本,实证探讨数字化转型对债务融资成本的影响。研究发现,数字化转型能够通过提高企业的可持续发展能力有效降低债务融资成本。异质性分析表明,对于中小型企业、融资约束较高的企业和媒体关注度高的企业,数字化转型更能显著发挥降低融资成本的作用。     

和谐社会构建中的城乡经济一体化研究

中国社会所经历的特定历史阶段和国家过去“工业先发展”的经济政策造成了现在严重扭曲的城乡“二元经济”结构。围绕如何尽快破解“二元经济”、实现城乡经济一体化的课题,学术界形成了“城市优先发展论”和“农村优先发展论”两种不同的观点。文章认为：在目前,大力发展农村经济,认真贯彻中共十七届三中全会精神,是我国构建和谐社会、实现城乡经济一体化的必然选择。     

经济增长视野的节约型经济发展模式选择

以量的节约和质的节约的分类方式讨论节约与经济增长之间的关系.并把节约和资源消耗的外部性问题纳入经济增长。辽宁的数字验证了节约投入与绿色 GDP 之间的协整关系和单项 Granger 因果关系。采用主成份分析法评价了辽宁各市节约型经济的发展水平,对辽宁节约型经济的整体情况进行判断,并在此基础之上提出了辽宁发展节约型经济的4环发展模式。     

Making Sense of the Costs and Benefits of Brexit: Challenges for Economists

The UK’s decision to leave the European Union will have a wide-ranging effect on the British economy, but the scale and sequencing of the likely effects are hard to gauge. The uncertainties surrounding how a country separates itself from a regional economic bloc have posed challenges to the economics profession about how best to analyse the many consequences. The paper discusses the main lines of relevant economic argumentation, and reviews the evidence from studies of the likely effects of “Brexit”. It then considers how the UK’s economic linkages with the EU might evolve and examines some of the ensuing political economy challenges. The concluding section ponders the role of economists in so contentious a political development.     

对知识失业的经济学思考

“知识失业”是指受过高等教育的劳动力处于不得其用的一种状态。在我国经济发展的现阶段,“知识失业”现象也开始浮现。本文从经济学供给和需求的角度对我国的“知识失业”产生的原因进行了分析,并提出了有针对性的对策建议。     

从CEPA看两岸经贸合作之前景

引言 继1960-70年代第一次区域一体化浪潮之后,区域经济一体化(Regional Integration)或区域主义(Reginalism)自1990年代以来重新崛起,并与全球化形成并驾齐驱的格局.不过,这一轮新的区域一体化之内涵,不论是深度还是广度都远远不同于传统意义的范畴.至2003年6月底,已经通知GATT/WTO并且正在实施的267个区域自由贸易协议(Free TradeAgreements,FTA)中有130多个是在1995年以后通知的.绝大多数的WTO成员参加了一个或多个区域贸易协议.亚洲国家和地区参与区域贸易协议较迟,但近年来发展步伐加快,特别是新加坡、日本、韩国等国已签署多项双边和多边自由贸易协议.2002年11月,中国和东盟十国签署了"中国与东盟全面经济合作框架协议"(即10+1),决定到2010年,建成全球最大的自由贸易区.目前,在全球GDP排名前30位的国家和地区中,仅台湾尚未参与任何区域贸易协议.     

The Benefits and Costs of an International Currency: Getting the Calculus Right

Does it pay to issue an international money? Should a government promote internationalization of its currency? And if so, how might policy makers shape cross-border use to maximize net gains? The aim of this essay is to address these old questions anew, in hopes of providing clearer insight into the strategic calculus involved. Scholars have debated the net benefits or costs of currency internationalization for decades. Yet despite much sound and fury little analytical consensus exists. The conventional literature is marred by at least three critical defects, which might be called the three M’s—Misconceptions, Misplaced Concreteness, and outright Mistakes. A proper appreciation of the three M’s, I endeavor to show, can take us a long way toward getting the calculus right.     

信任危机的经济伦理学分析

本文从经济伦理学的角度阐释了信任危机的根源:制度变迁带来的迷惘,即制度变迁引致的利益失衡,非理性致富手段导致的制度化信任的缺失,传统的断层加剧了制度变迁的迷惘。并在此基础上提出了应对信任危机的两点建议,即用博弈论的观点建立制度信任和复兴中华传统文化。