Optimum currency areas and the European experience

Across nations or regions, the debate on optimum exchange rate cum monetary policies is not yet resolved on three levels. First is the optimum domain of fixed exchange rates versus keeping them flexible. Second is the subordinate debate on whether one needs full monetary union (as in continental Europe) to secure an optimum currency area's internal domain; or, whether virtually fixed exchange rates — where national currencies remain in circulation — can be sufficient. Third is whether a regional grouping of economies with close trade ties (as in East Asia) gain by collectively pegging to an outside currency such as the US dollar. Using an axiomatic approach, which limits the set of cross‐country financial claims to what is feasible, I analyse how best to both share and reduce macroeconomic risks on these three levels. JEL classification: F31, F36.     

Regional job-turnover and industrial policy. a note on a potential time pattern of regional industrial policies and their job effects - the case of the german city-state of bremen

Many regions have experienced long-run economic fluctuations generated by the life cycles of their dominant industrial clusters. During the downswings in the 1970s and 1980s, proactive structural policies were typically launched in German regions to combat job losses in their core clusters and to create new jobs in new industries. With respect to the German State of Bremen, this paper provides empirical evidence of: (1) a long-run regional downswing; (2) the potential job effects of proactive regional industrial policy programmes in terms of increasing regional employment, by safeguarding jobs in the regional core industries and creating new jobs in new growth industries; and (3) a time pattern in the job effects, which are related to the different generations of programmes.     

企业创新链与资金链生态融合及水平测度研究——以生物医药企业为例

为促进创新链与资金链形成生态循环,推动企业高质量发展,从生态视角出发,运用系统分析方法,对企业创新链与资金链生态融合内涵进行界定,并分析其生态融合特征,构建两链生态融合系统模型,设计两链生态融合水平测度指标体系。基于规则的方法、熵权和物元可拓方法,设计指标数据评分规则与标准,构建两链生态融合水平测度模型,选47 家A 股上市生物制品企业为样本,测度两链生态融合水平。结果表明：生物医药企业创新链与资金链生态融合水平差异较大,存在薄弱环节,从两链融合系统环境、评价机制和平台建设提出建议,为反映两链生态融合程度和进行动态调整,以缓解企业创新融资约束和提高创新链资金配置效率提供理论方法和实际借鉴。     

数字技术融合对企业创新数量与质量的影响

以268家医疗装备企业为研究对象,从Himmpat专利数据库获取2002—2022年的15 446条专利数据,构建“数字-医疗”技术融合网络,基于量与质的视角实证分析数字技术融合对企业创新绩效的影响。采用负二项固定效应回归模型进行实证研究。结果表明,互补性数字技术融合和替代性数字技术融合均对企业创新质量和数量具有正向影响,融合波动性负向调节上述关系。     

欧债危机的根源及对策分析——基于最优货币区内生性理论

根据最优货币区内生性理论,加入最优货币区的决定取决于一体化、对称性和劳动力市场弹性三种内生性。美国次贷危机导致欧元区对称性下降,金融一体化、劳动力市场弹性不足和财政转移支付等补偿机制的缺失,使得欧元区未能形成最优货币区。欧元区必须通过要素市场改革和推进财政一体化等措施,才能走出困境。     

理实一体化在汽车维修教学中的应用

理实一体化教学已广泛应用于职业学校,这种教学方法易被学生接受,改变了传统的汽车维修教学模式,将理论与实习融于一体进行组合教学,形象、直观,便于学生理解和掌握,能明显提高学生的学习积极性。理实一体化在汽车维修教学中占有独特的优势,应积极将该理论应用于汽车维修专业课教学。     

城乡一体化进程中城市二代移民的社会诉求与应对

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生产者服务业与制造业的互动与融合：研究进展及展望——兼议对长三角地区的分析

20世纪70年代以来,生产者服务业在经济发展中的作用日益凸显,从而引起了学术界的广泛关注,生产者服务业与制造业的互动与融合便是其中一个主要方向。近年来,针对这一问题的研究在不断向纵深扩展。本文对已有的研究成果分别从理论、数理模型和实证方面进行了详尽的梳理,同时也总结了目前对于长三角地区这一问题的相关研究,并在此基础上对现有研究成果进行了简要的评价,提出了未来可能的研究方向。     

Model-free portfolio theory: A rough path approach

Based on a rough path foundation, we develop a model-free approach to stochastic portfolio theory (SPT). Our approach allows to handle significantly more general portfolios compared to previous model-free approaches based on Föllmer integration. Without the assumption of any underlying probabilistic model, we prove a pathwise formula for the relative wealth process, which reduces in the special case of functionally generated portfolios to a pathwise version of the so-called master formula of classical SPT. We show that the appropriately scaled asymptotic growth rate of a far reaching generalization of Cover's universal portfolio based on controlled paths coincides with that of the best retrospectively chosen portfolio within this class. We provide several novel results concerning rough integration, and highlight the advantages of the rough path approach by showing that (nonfunctionally generated) log-optimal portfolios in an ergodic Itô diffusion setting have the same asymptotic growth rate as Cover's universal portfolio and the best retrospectively chosen one.     

建设抚—哈合作开发区的设想

抚远县和一江之隔的哈巴罗夫斯克市及其周围地区,以其优越的地缘优势、资源优势和互补性,具有发展双边(多边)经济技术合作的广阔前景。建设抚哈合作开发区,不仅有利于振兴当地经济,而且可作为参与东北亚国际分工与合作的窗口,通过外参内联,实现由边疆到内地,由双边到多边的多种形式的经贸合作,带动和促进两国内地经济的发展。