Does local government competition aggravate haze pollution? A new perspective of factor market distortion

Haze pollution has become a new threat to China's sustainable development, but it may be that local government behaviour can play an important role in the prevention and control of pollutants. A dynamic spatial autoregressive (SAR) model is used to study the relationship between local government competition and haze pollution. To further explore the indirect impact of factor market distortion on haze pollution and control potential endogeneity problems, a newly developed intermediary effect model that incorporates the characteristics of the generalized method of moments (GMM) is utilized to explore how factor market distortion indirectly affects haze pollution. The research results show that regional haze pollution in China is characterized by significant spatial correlation, and local government competition has a positive impact on haze pollution; that is, local government competition exacerbates haze pollution. In general, local government competition not only directly leads to an increase in haze pollution but also further intensifies it by distorting the local factor market, and the intermediary role of factor market distortion is approximately 7.04%. The results of the regional inspection found that competition among local governments in the eastern region did not lead to haze pollution, and distortion of the factor market did not exist as an intermediary effect. However, both direct and intermediary effects are significant in the central and western regions. Therefore, an official performance appraisal system that includes ecological constraints should be established to guide the benign transformation of local government competition, and an environmental management mechanism must be developed for joint prevention and control to reduce haze pollution. In addition, the free flow of factors and marketization are equally important.     

Co-movement in Stock Prices in Emerging Economies: The Case of the Caricom Region

The Grand Anse Declaration of 1989 recognised the need for financial integration within the emerging economies that comprise the CARICOM region, as a way of furthering the wider process of economic integration and, indeed, economic development in that region. Using co-movement as a measure of financial integration, this paper investigates the co-movement in stock prices among the Barbados, the Jamaica and the Trinidad and Tobago Stock Exchanges, the three major exchanges within the CARICOM region. It also examines how integrated these exchanges are with the New York Stock Exchange. The GARCH-Copula methodology and, to a lesser extent, estimated correlation coefficients, are used to attain this objective. There appears to be co-movement in stock prices and returns within the CARICOM stock markets and significant dependence structures between the returns of the three CARICOM stock markets. However, there is considerably less evidence of integration between the CARICOM markets and the New York Stock Exchange.     

Does economic growth and energy consumption drive environmental degradation in China’s 31 provinces? New evidence from a spatial econometric perspective

The panel data analysis points to economic and social factors contributing to NO_x, PM_2.5, PM₁₀, SO₂, and VOCs in China’s 31 provinces. The spatial correlation analysis using Global and Local Moran’s I values indicates the existence of a significant and positive spatial autocorrelation with respect to environment, economy and energy, and the high spatial correlation is evident in the eastern region, covering the northern part of Yangtze River Delta, Huaihai Economic Zone, and the lower reaches of the Yellow River Economic Belt. The empirical estimation is performed through spatial lag and spatial Durbin models. All emitted air pollutants in 31 provinces have significant spatial dependence and strong spillover effects. There is an inverted U-shaped relationship between emitted air pollutants (NO_x, PM₁₀, VOCs, and PM_2.5) and per capita GDP, which follows the EKC hypothesis. The relationship between SO₂ and per capita GDP does not follow the EKC hypothesis. There is a positive relationship between pollutant emissions and coal consumption, which is consistent with current studies for various countries like Canada, Denmark, UK and US and regions like New York State. However, the effects of science and technology investment on air pollutants are mostly positive, which is not as policy expected.     

Industry risk transmission channels and the spillover effects of specific determinants in China’s stock market: A spatial econometrics approach

This paper uses a spatial econometrics approach to study the industry risks in China’s stock market. We comprehensively consider the real linkage and information risk transmission channels and analyze the risk spillovers of specific determinants. Our empirical results show the following: 1) The real linkage channel and information channel are both effective transmission channels for driving spillover effects, and the information channel is of the utmost importance. 2) The spillover effects of specific determinants exist and are persistent. The superposition of spillover effects may lead to extreme risk. 3) The transmission channels and spillover effects are asymmetric in different regimes.     

The saving–investment correlation puzzle is still a puzzle

A number of simulation studies claim to have solved the Feldstein–Horioka puzzle by demonstrating that a high time-series correlation between saving and investment naturally arises from business cycle shocks. This paper uses panel data of saving and investment controlled for business cycle shocks to empirically test the significance of cyclical shocks — productivity, fiscal and the terms of trade shocks — in explaining a high saving–investment correlation. The estimation results reveal that conventional aggregate shocks only partially explain the high saving–investment correlation. Moreover, country differences in the size of the GNP and the non-traded sector do not significantly affect the saving–investment correlation. The saving–investment correlation puzzle remains a puzzle after all.     

Stochastic Technology, Risk Preferences, and Adoption of Site-Specific Technologies

A model of farmer decision making is developed to determine the extent to which uncertainties about soil fertility and weather affect the value of site-specific technologies (SSTs) using jointly estimated risk and technology parameters. Uncertainty can lead risk-averse farmers to apply more fertilizers and generate more pollution than in the certainty case. Ignoring uncertainty and risk aversion would overestimate the economic and environmental benefits of SSTs and underestimate the subsidy required to induce adoption. Accounting for uncertainties and risk preferences might explain the low observed adoption rates of SSTs. Improving the accuracy of SSTs would increase the incentives for adoption.     

城市交通与城市空间结构演变

通过回顾城市交通和城市空间结构的发展演变过程,研究通过城市交通引导城市空间结构健康"生长"的有效途径,提出通过公共交通引导城市发展的TOD模式,以及适合中国特色的和谐城市形态和城市交通.     

绿色普惠金融与乡村振兴耦合能否助推经济发展？

基于2011—2020年中国30个省（自治区、直辖市）的相关面板数据,利用耦合协调度和空间回归模型,分析绿色普惠金融与乡村振兴耦合协调发展水平并进一步探讨其对经济的助推作用。结果表明：绿色普惠金融与乡村振兴之间存在耦合协调机制;无论在经济空间还是地理空间中,某一地区的耦合协调度均可以促进本地及周边地区经济增长;在东、中、西部区域中,耦合协调度的经济效应具备空间外溢性和地区异质性。基于此,提出在全国范围内整体提升耦合协调度、在不同区域内立足区域实际进行精准施策的建议。     

我国股票市场的混沌探析

运用混沌理论对我国股票市场进行了实证研究 ,结果显示我国股票市场是一个低自由度的混沌系统 ,具有自相似的非线性结构 ,并且这种非线性结构可以用 GARCH( 1 ,1 )模型来拟合。     

旋转机械振动信号分析

综述了现代信号分析处理理论、方法如时域分析(包括时域参数识别、相关分析以及统计分析等)、频域分析(包括傅立叶变换、功率谱分解等),并结合转子实验台实测的振动数据,研究了它们在旋转机械振动信号分析处理中的应用,给出了具体的应用实例。