县域经济增长中结构红利的测度及决定 ——基于中国1 820个县面板数据的实证分析

产业结构升级是经济增长的源泉之一。本文基于中国1 820个县的面板数据，采用Translog生产函数估计要素弹性，进而测度县域经济增长中的结构红利，同时构建空间误差计量模型对结构红利的影响因素进行检验。研究结果表明2002-2010年间，结构红利占县域GDP总值的444%，对县域GDP增长的贡献达到了2435%。劳均资本、劳均土地等变量对结构红利有显著影响，本文还发现，在东部、中部、西部三个地区，财政支出占GDP的比重对结构红利都有显著的负向影响。     

The impact of temporary uses on property prices: the example of food trucks

Food trucks represent a temporary use of vacant or underutilised land. They have been assumed to increase the livability, vibrancy and attractiveness of a neighbourhood. However, no previous study has investigated whether this effect is reflected in property prices within the surrounding neighbourhood. We investigate the impact of a food truck pod on the values of single-family homes nearby. Using a quasi-experimental design, transaction data from Portland, Oregon and a difference-in-difference specification of a spatial regression model, we find that food trucks actually represent a negative externality, and that proximity of a home to food trucks is penalised by homebuyers. The closer a home is to the food trucks, the lower is the sales price. Explanations for this effect include increased parking shortages and trash issues in a neighbourhood due to food truck visitors.     

Informal Traders and the Battlegrounds of Revanchism in Cusco,Peru

Informal trading in the global South, particularly in Latin America, is the subject of revanchist urban policy and yet few studies have examined the longer‐term impacts of such intolerant policies on traders. This article explores the evolution and impacts of revanchist policies directed at informal traders in the Andean city of Cusco. It makes two key contributions. First, it documents a shift from early revanchist policies to a post‐revanchist era where policies have become more tolerant of informal traders. However, contemporary policies fall short of a supportive environment for informal trading, hence the authors recommend changes that will ensure informal traders can access the city's streets and become an accepted part of the urban fabric. Second, given the lack of theoretical attention given to the impacts of revanchism, a battlegrounds framework is developed, consisting of spatial, political, economic and socio‐cultural battlegrounds. This framework provides a comprehensive insight into the complex set of interactions that exist between informal traders and the state. It is hoped that the framework will provide a tool for further research into the highly damaging impacts of revanchism across the globe.     

北部湾城市群自然资本利用状况、空间分析与驱动因素

以北部湾城市群为例用三维生态足迹模型、偏最小二乘法、空间计量模型分析了其自然资本利用状况、空间相关性、驱动因素。结论:(1)城市群自然资本利用处于不可持续状态;(2)自然资本利用程度划分为低、中、高三类,城市也相应分成三类;(3)自然资本利用的主要驱动因素是人口因素、社会经济;(4)空间分析显示全局莫兰指数为正,空间集聚显著,表明自然资本利用存在空间正相关;空间误差模型拟合度最好,并证明自然资本存量占用与人口总量正相关,与GDP总额负相关。     

On emerging stock market contagion: The Baltic region

This study provides new evidence on emerging stock market contagion during the Global Financial crisis (GFC) and the Euro zone Sovereign Debt Crisis (ESDC). Focusing on the three emerging Baltic markets and developed European markets, proxied by the EUROSTOXX50 stock index, we explore asymmetric dynamic conditional correlation dynamics across stable and crisis periods. Empirical evidence indicates a diverse contagion pattern for the Baltic region across the two crises. Latvia and Lithuania were contagious during the GFC, while they were insulated from the adverse effects of the ESDC. On the other hand, Estonia decoupled from the negative consequences during the global turmoil period, but recoupled during the ESDC. The results could be attributed to financial and macroeconomic characteristics of the Baltic countries before and after the turmoil periods and the introduction time of the Euro as a national currency.     

How can investors build a better portfolio in small open economies? Evidence from Asia’s Four Little Dragons

This study investigates the role of hedging and portfolio design among stocks, exchange rates, and gold in small open economies (SOEs) from 4 January 2000 to 31 March 2020. We adopt the trivariate dynamic conditional correlation-fractionally integrated asymmetric power ARCH model and unconditional quantile regression model, and our findings show that the hedging role of the U.S. dollar (USD) and gold against stocks differs under regular and extreme market conditions. The USD can act as a powerful hedge asset for stocks in regular market periods. Moreover, during the global financial crisis and COVID-19 outbreak, the safe-haven effect of gold becomes stronger for almost all stocks, whereas the USD can serve as a strong safe haven against stock markets of Korea, Taiwan, and Singapore when stock returns are extremely low. In terms of portfolio designing, we find that adding the USD and gold to portfolios improves their hedging effectiveness, and the optimally weighted stock-USD-gold portfolio is the best portfolio strategy, irrespective of referring to return or risk.     

金融机构集聚过程的动态博弈分析

在理性行为人收益最大化原则条件下得出了行为人空间博弈的结果——在均衡状态,限制性条件(如运输技术等)能够产生一个收敛的空间区位调整过程,最终实现空间集聚。在这个博弈集聚的过程中,外部因素存在发生作用的空间,从而说明了政策制定者可以通过制定相关的政策来影响金融机构的集聚过程,进而促进金融市场的深化发展和金融中心的形成。这一空间集聚过程也可用于分析城镇化的形成和发展过程。     

Impact of short selling activity on market dynamics: Evidence from an emerging market

With unique daily short sale data of Borsa Istanbul (stock exchange of Turkey), we investigate the dynamic relationship between short selling activity and volatility, liquidity and market return from January 2005 to December 2012 using a VAR(p)-cDCC-FIEGARCH(1,d,1) approach. Our findings suggest that short sellers are contrarian traders and contribute to efficient stock market in Turkey. We also show that increased short selling activity is associated with higher liquidity and decreased volatility. However this relation weakens during the financial turmoil of 2008. Our results indicate that any ban on short sales may be detrimental for financial stability and market quality in Turkey.     

区域关联视角下的人力资本 与地区经济发展*

本文通过空间拓展卢卡斯（Lucas）模型的生产函数，讨论了区域关联视角下人力资本与地区经济发展的互动关系。主要结论为：（1）相同劳动力在人力资本总量更高的地区享有更高的收入；（2）人力资本总量的增加能提高地区实际产出，而其均量的提高能提升地区产出潜力；（3）综合考虑辐射效应和转移费用，经济高地的人力资本转出会优先惠及邻近地区。空间计量的实证还表明，人力资本对地区经济增长的区域间交叉影响正在加强，且其均量而非总量是造成地区间经济差异的主因。