The China model view is factually false

ABSTRACT

Using a cross-regional analysis of China, this article shows that the China model view is factually false and the universal model view is factually true. It is the marketization and development of non-state sectors, rather than the strong power of government and the state sector, that have driven the Chinese economy to grow fast and to be increasingly innovative. If China wants to sustain its economic performance, it must stay on the way to continuing marketization. Otherwise, China will fall into stagnation.     

The securitization of gold and its potential impact on gold stocks

We study the market impact of a very successful financial innovation – the SPDR Gold Trust exchange-traded fund (GLD). GLD holds physical gold, and provides traders with a convenient and cost-effective way to gain exposure to gold. We find that after the introduction of GLD, the liquidity of gold company stocks declined, and their adverse-selection risk increased. Over the two-month period after GLD’s introduction, the stocks’ relative effective bid-ask spreads increased by over 15%, while their adverse-selection cost, as measured by the price impact of trades, went up by more than 30%. Gold stocks also experienced significant negative abnormal returns (−12% on average) in the month after GLD started trading. Our findings suggest that GLD attracted traders, especially uninformed traders, away from gold company stocks, and that the resulting negative demand shocks and decrease in the stocks’ liquidity caused their prices to decline. Our results show that existing securities can be seriously adversely affected when a new security enters the market.     

Research on a diagnostic system of rural vitalization based on development elements in China

In 2017, the Chinese government implemented a national strategy of "Rural Vitalization" that sought to realize full-scale rural vitalization. However, is it possible to achieve vitalization for all the villages in China? How should their development potential be determined? This paper identified and analyzed the "element-composite" messages of rural development based on 99 exemplary sites of “Beautiful Villages” in China. Combined with the projection pursuit classification method, a diagnostic system of rural vitalization was established; then, Dehua County was taken as a case study for an in-depth analysis. Based on national data analysis, the final results indicated that livelihood resources (LR), agglomeration effects (AE), location and transportation (LT), cultural/natural landscapes (CN), and economic circumstance (EC) are essential elements for successful rural development. Additionally, EC was the only exogenous element, while the remaining elements were endogenous. Furthermore, the villages with better EC presented urbanization rates of 38∼82 % and Engel coefficients of 29∼41 % in their counties; exemplary sites lacking LR, CN, LT, and AE account for 13.13 %, 19.19 %, 26.26 %, and 60.61 % respectively, so the indispensability of these elements decreases progressively in sequence. Only 2 % of villages rely on single element for success, therefore, the composite pattern of development element was also critical; 10 out of 16 types were found to successfully facilitate village development, among which, the type of R-a-L-C (32.32 %) and R-A-L-C (15.15 %) were considered as the greatest potential patterns for vitalization. Finally, by means of the diagnostic system, the ratio of representative villages for high-low potential in Dehua County is evenly split; then, development paths, and land use policies that match with paths were proposed, on the basis of development potential and “element-composite” condition of themselves.     

Services as drivers of economic growth. Is there an opportunity for Latin America countries?

ABSTRACT

Considering the recent improvements in services innovation and productivity performance, the aim of the article is to analyze if they can act as a new growth driver for Latin American countries. For that, we review the literature on services and structural change in two stages. First, we apply a bibliometric methodology to identify the main trends in literature. Second, we analyze in-depth a smaller set of papers in order to extract the main lessons regarding three aspects of our question: (i) services and productivity growth, (ii) new opportunities for innovation in services and (iii) relation between services and manufacturing through servitization process. The results show that productivity and innovation growth in services are concentrated in only a few branches. Besides this, services performance depends on their links with manufacturing activities. We conclude that the current Latin American servitization process clausure opportunities for developing instead of opening them.     

Liquidity risk and policy options

On the basis of a liquidity management model, liquidity risks, defined as the probability of payment failures in a real-time gross settlement (RTGS) payment system, may either stem from liquidity management inefficiencies or insufficient cash balances. I will show that penalties charged on the amount of payment failures minimise liquidity risks without interfering with the bank’s technology preferences. I will instead show that liquidity requirements, although as effective as penalties to contain the risk of liquidity shortage, may distort the bank’s technology preferences and cannot stem liquidity management inefficiencies. I will also show that liquidity risks within RTGS payment systems are potentially smaller because they depend more on the liquidity management efficiency than on the randomness of cash inflows and outflows.     

Taking superintelligence seriously: Superintelligence: Paths,dangers, strategies by Nick Bostrom (Oxford University Press, 2014)

A new book by Nick Bostrom, Superintelligence: Paths, Dangers, Strategies, is reviewed. Superintelligence explores the future of artificial intelligence and related technologies and the risks they may pose to human civilization. The book ably demonstrates the potential for serious thinking aimed at the long-term future. Bostrom succeeds in arguing that the development of superintelligent machines will, if not properly managed, create catastrophic risks to humanity. The book falls short in some respects, and some sections are more compelling and novel than others. Overall, however, Bostrom’s book succeeds in demolishing the “null hypothesis” according to which the possibility and risks of superintelligence can continue to be ignored, and is a must-read for those interested in the long-term future of humanity.     

Deconstructing the future of management: Pharmakon,Gary Hamel and the impossibility of invention

There has been a growing tendency to argue that the practice of management must be reinvented in the future in order to energize the creative potential of employees. However, the discourse on ‘management innovation’ attributes a curious dual function to the concept of management. On the one hand, management is portrayed as the ‘toxin’ that can impede innovation. But on the other hand, management is portrayed the ‘cure’ that will heal the defects that prevents innovation. Informed by Derrida's reflection upon the dual meaning of pharmakon, a word that means both ‘remedy’ and ‘poison’, the paper engages with Hamel's popular management handbook The Future of Management. Although Hamel attempts to establish a clear-cut distinction between those principles of management that obstruct and those that facilitate innovation, one is ultimately left uncertain whether management is a cure or a poison for innovation. This ambivalence points to an underlying paradox of contemporary post-managerial thinking that is characterized by incorporating transgression into its productive logic.     

HSE管理体系与传统安全管理有效结合的探讨

阐述了促进HSE管理体系推进与传统安全管理有效结合的6个方面,以提高HSE体系的推进效果,提升企业的HSE绩效。     

民族山地特色经济研究——以芭蕉侗族乡茶叶经济为例

湖北民族地区主要以山地地形为主,但又各具特色.本文在调查芭蕉侗族乡具有茶叶特色的山地经济的基础上,运用泰尔系数对其进行较为详尽的分析,并寻求原因,进而初步建构了适合芭蕉侗族乡的山地经济开发系统.     

福建省自主创新服务能力现状及提升对策

福建省自主创新服务能力与全国各地主要省市相比处于中上水平。通过实施创新服务人力资源建设工程，设立创新服务机构发展专项基金，加强创新服务机构的能力建设，推进资本市场与技术市场体系建设，营造有利于自主创新服务的政策和科技环境及加快推进自主创新服务平台建设方式，来提升自主创新能力。