Capital market integration in ASEAN: A non-stationary panel data analysis

Motivated by the establishment of ASEAN Economic Community (AEC) at the end of 2015, we examine saving-investment relationship in various subgroups of ASEAN to assess their capital market integration. The results from second generation panel unit-root and cointegration tests that account for cross-sectional dependence as well as estimates of long-run saving-retention rate provide some evidence of market integration in ASEAN. The analysis of short-run dynamics suggests that capital mobility in ASEAN during 1980–2014 appears similar to that in OECD countries during 1970–1999. More importantly, across different panel estimators and subgroups of membership, there is considerable heterogeneity among the member countries. The saving-investment association is very weak, thereby implying very high capital mobility, in more developed members such as Singapore, Malaysia, and Brunei; the association is very strong, implying very low capital mobility, for much less developed members such as Laos, Myanmar, and Cambodia. The results call for renewed effort to develop capital markets in less developed nations and integrate them with the rest of the membership in ASEAN. In this paper, we also address several major shortcomings of the original Feldstein-Horioka framework.     

收入差距、劳动力流动与粮食生产

由收入差距引起的农村劳动力向城市和非农业转移在一定程度上对粮食生产产生负面影响。根据1990-2010年间省级面板数据估计结果,以2004年为分界点,2004年之前的收入差距对粮食增长具有显著的负面作用。根据经济发展程度和粮食安全状况将全国各省分为四类区域,欠发达地区粮食增产与地区经济差距的关系最明显。应重视缩小区域差距,加大对欠发达地区的投资,在当地创造就业机会,吸引农村劳动力回流,以促进当地农业生产。     

INEQUALITY COMPARISONS IN A MULTI‐PERIOD FRAMEWORK: THE ROLE OF ALTERNATIVE WELFARE METRICS

This paper considers the use of alternative welfare metrics in evaluations of income inequality in a multi‐period context. Using Norwegian longitudinal income data, it is found, as in many studies, that inequality is lower when each individual's annual average income is used as welfare metric, compared with the use of a single‐period accounting framework. However, this result does not necessarily hold when aversion to income fluctuations is introduced. Furthermore, when actual incomes are replaced by expected incomes (conditional on an initial period), using a model of income dynamics, higher values of inequality over longer periods are typically found, although comparisons depend on inequality and variability aversion parameters. The results are strongly influenced by the observed high degree of systematic regression toward the (geometric) mean, combined with a large extent of individual unexpected effects.     

Intergenerational Income Persistence in Urban China

Intergenerational income elasticities are estimated using samples for urban China (covering many cities) for the years 1995 and 2002 and compared with results from other studies. We find that the income relation between the pairs—sons and fathers, sons and mothers, and daughters and mothers—are in 2002 all similar in magnitude. In contrast the relation between daughters' and fathers' income is weaker. The income relationship between offspring and mothers was weaker in 1995 than in 2002. Our preferred estimates of income persistence for the son/father pairs of 0.47 for 1995 and 0.53 for 2002 are higher than those which have been reported in the literature for several high‐income countries with large welfare states. The strength of the income link between sons and fathers in urban China appears to be not very different from what has been reported for countries such as Brazil, Chile, and the U.S.     

Buying a Home with a Resale Value: Location,Location, Location*

We develop a dynamic multiregion model, where a household's choice of housing location depends on its current wealth and its current type, and involves both consumption and investment considerations. The relative strength of the consumption motive and the investment motive determines the equilibrium pattern of residential sorting. A strong investment (consumption) motive implies sorting according to household type (wealth). The model predicts that large house‐price fluctuations are associated with a low degree of sorting by type. This prediction is consistent with evidence from US metropolitan areas when income, education, and age are used as proxies for household type.     

中国省际资本流动规模实证研究

基于市场交易中资金与货物流向相反的逻辑,以地区货物和服务净流出减去其净出口的相反数来测算中国省际资本流动的规模,并分析其制度成因。结果表明:1980—2008年东部为资本净流入地区,中部为资本净流出地区,而西部则为持续的资本净流出地区;在东部地区内,京津冀为资本净流入地区,长三角和珠三角为资本净流出地区。资本跨地区流动的制度成因在于地方政府行为生成的内生交易费用差异,因而地区产业投资环境建设的重点在于持续降低当地的内生交易费用。在推进区域产业转移和产业升级过程中,可置信的保护产权的承诺等良好的公共治理对于改善地区投资环境必不可少。     

专业化产业集聚、要素流动与区域工业化——克鲁格曼中心一外围模型新发展

文章扩展了贸易成本的范围，认为贸易成本不仅包括产品运输成本，而且也包括要素流动成本，并引入前后向产业联系，在此基础上发展了可解的中心一外围模型，并探讨了在各种条件下相应的经济学含义，认为在推动我国区域经济一体化的进程中，对落后地区的技术支持必不可少，并应重视区域问产业发展的互动，否则，我国区域经济一体化进程将难以有效推进。     

“三农”问题的症结及其化解逻辑

“三农”问题的集中表现是农民整体收入水平偏低,影响农民收入的根源在于农业效率低下。而较低的农业效率,一方面内生于农业特性所决定的可分工程度小,从而就业空间有限;另一方面外生于农业剩余劳动力转移的体制约束。因此,“三农”问题的主要症结在于农业劳动力的剩余与滞留。通过中心城镇的建设加快农业剩余劳动力的转移,通过职业教育提升农民的就业能力,通过分工深化来改善农业效率,是化解“三农”问题的三把钥匙。     

Capital Mobility, Agglomeration and Corporate Tax Rates: Is the Race to the Bottom for Real?

Based on a data set for 19 OECD countries for the period 1981–2001,we estimate the impact of FDI on corporate tax rates, wherechanges in FDI are a measure for changes in capital mobility.So far the literature has been concerned with the related butrather different question as to the sensitivity of FDI to taxrates. Our article takes an opposite perspective and asks whatthe impact of capital mobility is on corporate tax rates. Indoing so, we explicitly take the role of agglomeration intoaccount. In theory, core countries can afford a higher tax ratecompared to peripheral countries. In our estimation strategy,we instrument capital mobility to deal with reverse causality.The main conclusion is that increased international capitalmobility, measured by FDI flows, implies a lower corporate taxrate. But we also find that agglomeration matters: core countrieshave a higher corporate tax rate than peripheral countries.If there is a race to the bottom, it seems that it is more realfor some countries than others. (JEL code: H25)     

再生产抑或循环:女性的职业阶层不平等与社会流动研究

当前我国社会职业阶层结构的开放对于男性和女性有着不同的意义,代际和代内社会职业阶层流动表明,女性的总流动率和上升流动率均低于男性,女性更多地受到父代尤其是母亲职业地位的影响,而男性则更容易通过自身努力从较低的社会职业阶层跻身到职业地位的上层。由此我们可以理解尽管社会流动率在增加,但是女性与男性的社会地位仍存在着较大的差距。