金融摩擦、资本误配与全要素生产率

金融摩擦会导致企业间的资本误配,进而降低全要素生产率。本文基于Midrigan&Xu(2014)的分析框架,结合我国1998-2007年制造业企业微观数据,对由金融摩擦引起的生产效率损失分行业进行了估算。结果显示,资本误配造成了我国制造业18%-33%左右的生产效率损失,且在2003年后,随着外部融资环境的恶化,效率损失大幅增加。进一步研究发现,金融摩擦通过扭曲企业的进入和退出机制,进而加剧资本误配,抑制行业生产效率的改进。     

Bargaining frictions, labor income taxation, and economic performance

This paper is an attempt to explain differences in economic performance between a subset of OECD countries. We classify countries in terms of their degree of rigidity in the labor market, and use a matching model with labor/leisure choice, bargaining frictions, and labor income taxation to capture these rigidity differences. Added flexibility improves economic performance in different ways depending on whether income taxation is high or low. Feeding income taxation rates estimated from the countries at hand, we find that the model is able to replicate the observed rigidity levels. The model is also shown to reproduce well cross-country differences in non-employment population ratios and the share of part-time jobs. In the absence of rigidity differences, taxation shows little promise to replicate cross-country differences, as it has insufficient quantitative effects on production and productivity. However, the interaction of rigidity and income taxation is crucial in explaining the empirical patterns of the non-employment rate and of the share of part-time jobs.     

Post-Crisis Experiments in Development Finance Architectures: A Hirschmanian Perspective On ‘Productive Incoherence’

Abstract

The Asian and especially the global crisis of 2008 have catalyzed decentralization of the developing world’s financial governance architecture. I understand this state of affairs via the concept of “productive incoherence” which is apparent in a denser, multilayered development financial architecture that is emerging as a consequence of heterogeneous practical adjustments to changing circumstances rather than as the embodiment of a coherent doctrine. Drawing on Albert Hirschman, I argue that the absence of an encompassing theoretical blueprint for a new economic system—i.e. a new “ism” to replace neoliberalism—is in fact a vitally important virtue. If we cannot live without a new “ism,” I propose “Hirschmanian Possibilism” as a new doctrine—one that rejects an overarching theoretical framework from which to deduce the singly appropriate institutional structure of the economy. Hirschmanian Possibilism asserts instead the value of productive incoherence as a framework for pursuing democratic, ethically viable development institutions.     

金融危机视角下中国金融企业跨国并购研究

受金融危机影响,美国甚至全球的金融业都进入了一个低谷.欧美许多大型金融机构资产贬值,价值被低估,股价也出现大幅下挫.可以说,流动性充沛的中国金融企业迎来了并购的良机.但受国内金融市场发展程度和金融企业自身能力限制,跨国并购之路并非一帆风顺.本文对比分析了国内金融企业在跨国并购中的机遇与挑战,并进一步通过案例分析,总结了并购中的经验教训,得出中国金融企业在金融危机背景下的海外并购应持谨慎态度,不可盲目抄底.目前,中国金融企业最重要的是把国内的业务做好,等待时机.确保金融业稳定比什么都重要.     

基于金融生态的新型农村金融机构发展障碍与对策

金融生态是由金融生态主体、金融生态环境与金融生态调节构成的有机系统。目前,新型农村金融机构发展较为缓慢,制约其可持续发展的障碍因素从金融生态主体方面看主要是经营人才缺乏、资金来源不足、创新能力不足和盈利能力有限,从金融生态环境方面看主要是农村信用体系不完善和群众认知程度低,从金融生态调节上看主要是自身内部调节与社会外部调节机制均不健全。为推进新型农村金融机构进一步发展,需要健全其金融生态主体,优化其金融生态环境和健全其金融生态调节机制。     

Exploring Utopia (Limited) with a Companion

For economic development, the central importance of commerciallaw, private enterprise and public infrastructure are undeniable.Yet trying to transplant such in situations when they are foreigncan add political turmoil to economic stagnation. Drawing onThe Elgar Companion to Development Studies (2006), this dilemmais explored with implications for the appropriate definitionof ‘institutions’; the meaning of property rightsand the mechanisms of conflict resolution.     

Can cross-listing relax financial frictions in trade and equity holdings? A sector-level analysis

Previous studies have documented the positive mutual relationship between bilateral aggregate goods trade and asset holdings. This article examines whether financial frictions play an important role in this mutual relationship. Instrumental variable Poisson pseudo maximum likelihood (IV-PPML) estimation method is applied to a new panel of data on US imports and foreign equity holdings in 20 manufacturing sectors from 43 countries over the period 2001–2007. The results confirm the significantly positive relationship between goods trade and equity holdings, and show that financial frictions are an important factor causing this positive correlation. In addition, we find that equity cross-listings in the US stock markets provide external funds to relax financial frictions and promote goods trade. This impact varies with different measures of financial frictions in developing and developed countries.     

大型金融机构能否为中小企业提供融资服务——兼评“金融机构观”

本文认为“金融机构观”对解除虽小企业融资困境无补。无论从国外还是国内、从理论还是实践、从金融电子化发展还是行业特征看,目前 甸不缺少中小金融机构,尤其是小型金融机构,而缺少的是大型银行。大型银行依其众多的分支机构,良好的社会效益以及经济结构调整等优势,完全有能力为中小企业提供融资服务。     

农村金融服务与现代农业发展探究

现代农业的发展离不开金融的支持,金融业的发展壮大同样不能缺少现代农业这个广阔的市场空间。近年来,尽管中国农村金融服务有大幅改善,但仍属于金融体系中的薄弱环节。通过深入分析现代农业发展中金融支持的重要性,及现阶段中国金融支持现代农业发展的主要不足,提出了一系列金融支持现代农业发展必要采取的方略,旨在为三农发展探索新的发展路径。     

Does international integration matter for financial development in Africa?

This article analyses the links between international financial and trade integration and financial development in sub-Saharan African (SSA) countries. It is based on a panel data set using methods that tackle slope heterogeneity, cross-sectional dependence and nonstationarity. The results do not point to a general direct robust link between trade and financial integration and financial development in SSA, once we control for other factors such as GDP per capita and inflation. The findings may be due to a number of factors including distortions in domestic financial markets, relatively weak institutions and/or poor financial sector supervision. We find some indication that financial integration is more important for financial development in countries with better institutional quality. Stronger scores in some measures of the quality of banking regulation and supervision are also linked to a positive association between integration and financial development in some of our results. Thus, African policy-makers should be cautious about expectations regarding immediate gains for financial development from greater international integration. Such gains are more likely to occur slowly and through indirect channels.     

空间经济学视角下“经济引力”模型的构建与运用——以2010年长三角地区经济数据为例

近年来,空间经济学家在空间经济一体化发展领域不断放松假设条件和探索新的研究方法的基础上,进行了大量的经验验证和实证研究,得出了许多有益的结论,同时也富含许多政策含义,但是大多只是采用数值模拟的方式得出结论。本文尝试利用引力模型结构,通过对经济质量和经济距离内涵的界定,构建一个基于空间经济视角下的经济引力模型。同时,本文以长三角经济圈的中心城市上海为重心,运用该模型对长三角部分城市的经济引力进行定量测度,为各城市的经济协同发展提供一种新的分析视角,同时也为长三角地区经济一体化发展提供有益的政策建议。     

Product Market Integration and Wages in Unionized Countries

This paper addresses the effects of product market integration on wages. We develop a two–country general equilibrium model of international trade with imperfectly competitive product markets and unionized labor markets. Integration is modelled as either a fall in fixed or variable trade costs. A reduction in fixed trade costs leads to an unambiguous decrease in wages, whereas a reduction in variable trade costs has an ambiguous effect on wages.
JEL classification : F 15; J 5; L 13     

制度扭曲环境中的金融安排:温州案例

制度安排之间具有一定的互补性,一旦由政府决定的强制型制度被确定,诱致型制度变迁也随即被选择,完成制度的整体功能。在金融制度扭曲的情形下,强制型制度变迁和诱致型制度变迁在金融发展中各自发挥不同的作用。     

系统重要性金融机构的外部性及其宏观效应研究

系统重要性金融机构由于规模和市场关联度的优势,对整个金融体系和实体经济产生了巨大的外部效应。金融创新活动的高风险性带来的负外部效应会引发巨大的系统性风险和危机。分析了系统重要性金融机构正负两方面外部性的作用机制和宏观效应,研究发现负外部性加大了整个金融体系的边际成本、政府和纳税人的负担,而且会快速传递到宏观经济体系;进一步结合庇古和科斯的外部性政策方法对系统重要性金融机构的监管问题进行了讨论,并将监管方法从政府解和市场解两个方面进行了分析,认为现有的业务管制和资本附加等监管方法可以在一定程度上使系统重要性金融机构的负外部性内在化,但是对于银行规模和税收方面的监管措施还需改进。     

An Institutionalist Framework for a Consistent Financial Regulation

Abstract:

In the light of recurrent systemic crises that financialized market economies have been experiencing since the 1980s, this article seeks to determine the conditions required for a regulatory framework apt to ensure financial stability. Drawing upon an Institutionalist Minskyian endogenous financial instability approach, the article studies the fragilities of liberalized finance and points to some policy alternatives able to lead to an alternative financial regulatory model that is consistent with macroeconomic stability. It argues that in a weak regulatory environment financial markets naturally generate instabilities that could turn into systemic crises. The analysis maintains that in order to deal with such crises, a tight supervision should be framed under the aegis of public authorities and suggests some rules to develop a relevant regulatory system through an open and democratic decision process. Two points then deserve particular attention: a macro-prudential approach that regards instability as a systemic (non-individual) issue, and a preventive approach that aims at preventing systemic-risk generating activities from taking control over the markets.