Corridor System and Interest Rates: Volatility and Asymmetry

The corridor system in its current form is believed to reduce the volatility of overnight interest rates and to eliminate any chance of persistent upward or downward bias. The model presented here serves to highlight two main findings: one is that a central bank can further reduce the volatility of overnight interest rates by allowing banks some flexibility to meet their reserve targets within a small range, as observed in the UK data. The second is that a seemingly symmetric corridor may be asymmetric in practice due to several distortions, as the UK and euro area data suggest.     

INFRASTRUCTURE AND PRODUCTION EFFICIENCY: AN ANALYSIS ON THE KOREAN MANUFACTURING INDUSTRY

This study estimates an aggregate production function of manufacturing industry using panel data of 11 Korean regions covering 1977–1992. While the previous studies regard infrastructure as a direct input for production, the present study proposes that infrastructure has an effect on actual output by enhancing technical efficiency thereby, reducing the gap between maximum potential output and actual output. To investigate the relationship between infrastructure and technical efficiency, a stochastic frontier approach is applied to Korean manufacturing industry. Confirming the presence of substantial technical inefficiency in production, this study shows that an increase in infrastructure reduces the technical inefficiency level. The study also finds that, contrary to expectation, the industrialized regions are less efficient than the less industrialized ones. (JEL O20, H54, C23)     

Claiming the Grounds for Reform: Agrarian and Environmental Movements in Indonesia

This essay examines the convergences, tensions and mutual influences of agrarian and environmental movements in Indonesia and their connections to transnational movements under state-led development and neoliberal governance regimes. The authors argue that environmental movements of the last quarter of the twentieth century affected the strategies, struggles, mutual relations with, and public discourses of resurgent agrarian movements in diverse ways. Environmental movements had significant influences on national policy, law and practice within a decade of their emergence under the state-led development regime of President Suharto. Environmental activists used the appearance of technical 'apolitical' concerns to their advantage. They mobilized at multiple scales, targeting laws and other institutions of state power at the same time as organizing the grassroots. The repression of the Suharto regime forced agrarian reform activists underground, while environmental issues were mainstreamed. Agrarian movements in Indonesia today, under a decentralized regime dominated by neoliberal policies, have faced new opportunities and constraints due to national and transnational influences of environmental and agrarian reform discourses and networks. We show how these influences have changed the political fields within which Indonesian agrarian movement groups operate: forming, shifting and struggling over critical alliances.     

货币乘数的理论说明与错误评述

国内理论界错误地把存款乘数看成和投资乘数同为一个级数,混淆了存款乘数和投资乘数的差别,误认为现金漏损与存款乘数相关.其实,存款乘数只是货币制度里的一个倍数,可以不是级数.漏损只改变银行准备,丝毫不会改变存款乘数.另外,倍数到底是对R还是对B而言,理论上经常搞错,因而有必要做一细致研究以统一认识,提高理论水平.     

海洋旅游发展的蓝色经济转向研究

“一带一路”倡议极大推进了中国海洋旅游业的发展,特别是“泉州：宋元中国世界海洋贸易中心”成为中国第56个世界遗产地后,在国内外掀起了海洋旅游研究的热潮。然而,学术界关于海洋旅游的研究相对零散,对于海洋旅游可持续发展缺乏系统性的梳理和检视。基于此,本研究以海洋旅游的蓝色转向为研究视角,采用文献梳理和案例分析方法,研究海洋旅游蓝色转向的趋势与挑战。研究发现：（1）相对于绿色经济,海洋旅游发展走向蓝色经济是可持续旅游发展的必然过程。（2）海洋旅游转向蓝色经济的方式包括活动与节庆旅游、生态旅游、邮轮旅游等业态,转向驱动与各个国家资源禀赋和社会经济发展水平息息相关。（3）海洋旅游蓝色经济转向将面临着COVID-19、福岛核事故、全球气候变化、海洋塑料等挑战,需要从区域至全球尺度,通过技术投入、创新模式和区域合作等路径,建立起更为广泛的蓝色经济转向的共识。在理论上,进一步完善了海洋旅游蓝色经济转向的理论框架,在实践方面为中国及其他国家和地区海洋旅游可持续发展提供经验借鉴,具有重要研究价值。     

A Liquidity-Based Resolution of the Uncovered Interest Parity Puzzle

A new monetary theory is set out to resolve the “uncovered interest parity (UIP)” puzzle. It explores the possibility that liquidity properties of money and nominal bonds can account for the puzzle. A key concept in our model is that nominal bonds carry liquidity premia. We show that the UIP can fail to hold under the economic environment where collateral pledgeability and/or liquidity of nominal bonds and/or collateralized credit-based transactions are relatively bigger. Our liquidity-based theory can help understanding many empirical observations that risk-based explanations find difficult to reconcile with.