Can countries rely on foreign saving for investment and economic development?

Contrary to widespread presumption, a surprisingly large number of countries have been able to finance a significant fraction of their investment for extended periods using foreign finance. While many of these episodes are in countries where official finance is important, we also identify episodes where a substantial fraction of domestic investment is financed by private capital inflows. Although there is evidence of a positive growth effect of such inflows in the short run, that positive impact dissipates after 5 years and turns negative over longer horizons. Many such episodes end abruptly, with compression of the current account and sharp slowdowns in investment and growth. Summing over the inflow (current account deficit) episode and its aftermath, we find that growth is slower than when countries rely on domestic savings. The implication is that financing growth and investment out of foreign savings, while not impossible, is risky and too often counterproductive.     

Net foreign asset positions and appreciation expectations on the Swiss franc and the Japanese Yen

The paper shows that currencies of countries with persistent current account surpluses and high foreign-currency denominated assets, such as the Swiss franc and the Japanese yen, are under persistent appreciation pressure, particularly when the centres of the world monetary system follow expansionary monetary policies. This limits the choice of exchange rate regime. Given flexible exchange rates, a negative risk premium on the domestic interest rate can emerge. Empirical estimations provide mixed evidence for a negative impact of net foreign asset positions and exchange rate uncertainty on interest rates of international creditor countries at the periphery of the world monetary system.     

商务成本与产业结构关系研究——以广州市为例

文章提出了商务成本的定义,在探讨商务成本的性质的同时,论述了商务成本上升促进产业结构升级的理论基础,进一步提出了商务成本与产业结构之间的关系模型,并利用广州GDP构成数据进行了实证分析,探讨了应对商务成本上升的广州产业发展对策。     

目前我国土地利用规划决策新趋势

土地利用规划是一项多学科、多部门、多时序的系统工程,其规划决策过程中涉及到许多半结构及非结构化问题,需要地理信息系统和决策支持系统的共同作用。本文从九个方面对我国当前土地利用规划决策支持新趋势进行了探讨。     

统筹城乡居民最低生活保障制度建设

城乡居民最低生活保障制度是具有中国特色的社会救助制度,被认为是我国社会保障制度的"最后一张安全网"。统筹城乡低保制度建设有利于构建社会主义和谐社会;有利于社会主义新农村建设;有利于中国特色社会主义现代化建设;有利于促进社会公平。改革开放30年来取得的巨大经济成就,城乡低保制度在实施过程中积累的成功经验为统筹城乡低保制度建设创造了历史条件。统筹城乡低保制度建设必须坚持满足农村居民最低生活需要的原则、城乡平等的原则和量力而行的原则。统筹城乡低保制度建设要做到城乡低保认识上的统一、城乡低保资金筹集的统一、城乡低保标准调整机制的统一和城乡低保管理制度的统一。     

我国农村法治教育现状的经济分析

农村法治教育难以取得实效的深层原因在于主体的"理性"选择,在于关涉各主体的各种利益的博弈。要想打破僵局,必须从关怀主体利益,改变主体利益博弈结果入手。     

黔东南乡村旅游发展探究

随着人们的观念由观光旅游转向休闲度假,在城市周边,逐渐形成的乡村旅游正为旅游的发展释放出新的活力。黔东南旅游资源丰富,资源组合状况较好,既有喀斯特地貌的奇山秀水和原始生态的完美组合,又有古朴独特,原汁原味的民风民俗,可根据已有精品旅游景点和红色旅游资源,充分利用其众多民风民俗资源,开发具有发展潜力的乡村旅游品牌精品,而村寨中人民也将由乡村旅游获得充满幸福与文明的生活。     

试论提升城市特色旅游竞争力的发展策略

随着社会经济和旅游业的发展,我国许多中小城市利用当地特色和旅游资源优势,形成了特色鲜明的旅游市场竞争优势,并一举成为中国旅游业发展中的亮点。如何提升城市特色旅游竞争力已成为城市旅游不容忽视的重大课题。本文从城市特色旅游和旅游竞争力的概念入手,从分析影响旅游竞争力的七大因素,对提升城市特色旅游竞争力的策略进行了探讨。     

村镇银行运行存在的问题及对策分析

村镇银行作为支持地方经济发展的新兴力量,旨在培育健康、多元的竞争性农村金融市场体系,有效增强对农户、农村、农业的金融服务。文章分析村镇银行运行中存在的主要问题,并提出相应对策。     

Exchange Rate Regime and Demand for Reserves: Evidence from Kenya,Mexico and Philippines

This paper empirically investigates the demand for international reserves (and foreign exchange reserves) during fixed and floating exchange rates periods in three developing countries: Kenya, Mexico and Philippines. Based on theoretical models, three factors are identified as important for the demand of international reserves and foreign reserves: average propensity to import, volume of imports and variability of reserves. The paper employs the cointegration methodology and error correction method to investigate the relationships. Cointegration tests results indicate a reliable long-run stationary relationship between the international reserves (and foreign exchange reserves) and the stated explanatory variables across countries and sub-periods of fixed and clean float. The error correction results indicate causality from the explanatory variables to the reserves during both the short and long run. This is true during both the fixed and the floating periods.