Tourism and regional income inequality: Evidence from China

This study examines the role of tourism development in reducing regional income inequality in China. First, the theoretical foundation for how tourism affects regional income inequality is discussed. Second, based on the conditional convergence framework, this study proposes a spatiotemporal autoregressive model to capture spatial and temporal dependence as well as spatial heterogeneity. Tourism development is introduced as a conditional convergence factor in an attempt to examine whether the convergence speed is accelerated by regional tourism development. Third, the effects of international and domestic tourism in narrowing regional inequality are compared both globally and locally. The empirical results indicate that tourism development contributes significantly to the reduction of regional inequality, with domestic tourism making a greater contribution than international tourism.     

Monetary policy in open economies: Practical perspectives for pragmatic central bankers

This paper reviews and interprets some of the key policy implications that flow from a class of DSGE models for optimal monetary policy in the open economy. The framework suggests that good macroeconomic outcomes in open economies are possible by focusing inflation targeting that is implemented by a Taylor type rule, a rule that in equilibrium is reflected in the exchange rate as an asset price. Optimal monetary policy will not be able deliver a stationary (‘stable’) nominal exchange rate – let alone a fixed exchange rate or one that remains inside a target zone – because, absent a commitment device, optimal monetary can’t deliver a stationary domestic price level. Another feature in the data for inflation targeting countries that is consistent with monetary policy via Taylor type rule is that it will tend push the nominal exchange rate in the opposite direction from PPP in response to an ‘inflation’ shock—the ‘bad news god news’ result of Clarida and Waldman (2008. Is Bad News about Inflation Good News for the Exchange Rate. In: John Campbell, (Ed.), Asset Prices and Monetary Policy, Chicago: University of Chicago Press), Clarida and Waldman (2014. Bad News About Inflation is Good News for the Nominal Exchange Rate Under Optimal Monetary Policy: DSGE Theory and a Decade of Empirical Evidence). This is so even though in the long run of these models the nominal exchange rate must in expectation obey PPP.     

DETERMINANTS OF SOVEREIGN BONDS RATINGS: A ROBUSTNESS ANALYSIS

Several studies have attempted to deduce the determinants of sovereign bond ratings. In this study, Extreme Bounds Analysis is applied to approximately 30 factors proposed by the literature in order to assess their robustness with a focus on the relative importance that economic and political variables receive in the shaping of the ratings. We find that policies that constrain the public sector are among the most robust. Variables such as rule of law, openness to economic flows, central bank independence, and market friendly policies are found to be more robustly correlated with the ratings than foreign reserves, fiscal deficit, sovereign bond yields, and economic growth.     

Migration and employment interactions in a crisis context

This article analyses how a crisis impacts labour markets in origin countries through migration channels. For this purpose, we develop a novel dynamic general equilibrium model with a focus on the interlinkages between migration, the labour market and education. The main innovation of the paper is the retrospective modelling in general equilibrium of the impact of an economic crisis to isolate the impact of migration on local unemployment. The impact of the crisis on education decision is captured through endogenous returns to education. The simultaneity of the crisis in Tunisia and its partners worsened the labour market situation mainly through the increase in labour supply. The main result of this study is that migration is indeed one of the main determinants of the unemployment increase and that remittances have a higher impact than the variation of emigration flows. The low skilled bear the highest costs in terms of unemployment and wage decline.     

IPD军工科研企业研发体系建设研究

在激烈的市场竞争下，军工科研企业面临如何有效地降低研发成本、提高研发效率、提升研发质量，从而实现规模化、产业化发展等问题。集成产品研发（Integrated Product Development, IPD）由IBM首先成功实践，可以帮助企业快速、低成本、准确地开发出满足市场的产品，快速从以项目为核心、解决产品有无问题的阶段，向以平台和共享为核心的产业化发展阶段跨越。从军工企业科研面临的问题，研究了IPD军工科研企业如何借鉴IPD思想，本地化建立符合军工业务特点的研发体系，提出了基于IPD的研发体系建设目标、建设内容和实施步骤。     

深圳国际低碳城“营城模式”的启示

深圳国际低碳城应对发展面临的创新、资金筹集和合作创新等需求,构建了一体化营城的模式,通过完善低碳城管理体制,探索构建多方合作及利益共享机制;通过发挥综合运营平台优势,提供全方位、全过程的专业服务;通过推进资源、资产、资本综合管理,创新多元化的筹资机制,在低碳城建设运营中取得了良好成效,并在创新新型园区建设运营、正确处理政府和企业在发展新兴产业中的关系方面,提供了有益的借鉴。     

Preference shocks,international frictions,and international business cycles

Replicating the degree of cross-country comovements of macroeconomic aggregates, dynamics of prices and quantities of international trade, and the behavior of consumption and labor remains an important challenge in international business cycle literature. This paper incorporates preference shocks into a standard two-country model in which there exist international frictions, such as costs of transportation and restrictions to international asset trade. Country-specific preference shocks that generate fluctuations in each country's consumption and labor solve the puzzles, except for the discrepancy between theory and data regarding international trade variables. The presence or absence of international frictions plays a limited role in solving the puzzles.     

Multi-scale integrated analysis of rural Laos: Studying metabolic patterns of land uses across different levels and scales

This paper presents an application of the Multi-Scale Integrated Analysis of Societal and Ecosystem Metabolism (MuSIASEM) approach to the analysis of rural land uses. Using secondary data on farming systems in Laos, we illustrate how the concept of metabolic pattern can be used to establish links between the various indicators of performance of rural systems. To this purpose, we characterize the socioeconomic activities in rural Laos by a series of quantitative indicators defined across: (i) different hierarchical levels of organization described at different scales (i.e. households, rural villages, administrative regions and the whole country) and (ii) different dimensions of analysis, including economic, agronomic, social, biophysical, and ecological analysis. The MuSIASEM approach simultaneously employs two non-equivalent criteria for quantification. The observed rural system is described in terms of an integrated set of flow elements (money, food, energy, water, fertilizer and other materials), which are mapped against two distinct fund elements: (i) a multi-level matrix of human activity (flows being expressed in terms of intensity per hour) and (ii) a multi-level matrix of land uses (flows being expressed as density per hectare). Our case study shows that in this way it is possible to move across different hierarchical levels, scales and dimensions, to arrive at an integrated representation of the metabolic pattern of farming systems.