The determinants of FDI location choice in China: a discrete-choice analysis

This study addresses two questions: What are the determinants of foreign direct investment (FDI) location choice in China? What are the factors that determine investors’ choice between ‘Economic zones’ in China on one hand, and ‘other cities’ of China on the other hand? This study shows that FDI location choice is sensitive both on the endowment conditions in different regions/cities/economic zones in China as well as on the country of origin of the FDI. Based on a data set of 1218 observations, the results of the binary logit regressions indicate that the protection of intellectual rights, agglomeration economies, investments in education and gross regional product affect the location choice of FDI in China. This choices, however, varies depending on the origin of the FDI. Policy makers can use these findings to channel FDI to targeted regions/ cities.     

Trade-creation and trade-diversion effects of regional trade arrangements: low-income countries

Although the number of regional trade arrangements (RTAs) among the lowest-income developing countries is surging, the literature on their welfare effects is still scarce, and the few that exist fail to provide conclusive results. Furthermore, these RTAs are dominated by countries with a small share of total exports destined for intraregional trade flows. Our study focuses on the welfare effects of RTAs (pertaining to trade creation and trade diversion) among this group of countries. We use a theoretically justified gravity model to estimate welfare effects, focusing on trade creation and trade diversion and deviating from the norm in related studies, accounting for heterogeneity in third countries. Using ECOWAS as a sample, we estimate welfare effects on 1992–2012 annual bilateral imports for 14 countries from 169 countries. Contrary to conventional expectations in the literature, we find that economic integration among small and relatively low-income countries that have a small share of total trade with each other is welfare-improving for the members as a group, for the majority of the individual member countries, and for some third countries. Accounting for heterogeneity in third countries reveals that an RTA among low-income countries has a particularly robust trade-creation effect.     

Liberalization,Regulatory Delays and Vulnerability to Systemic Banking Crisis

This work aims at contributing to the improvement of the early warning systems of banking crises using a new approach accounting for model uncertainty. We show that a multinomial logit model based on Bayesian model averaging (BMA) is a good strategy to predict banking crisis. To do this, we argue that differences in vulnerability to banking crisis can be largely explained by an asymmetry between financial market evolution and regulation update on a sample of 49 developed and developing countries between 1980 and 2010. When markets are liberalized, competition pushes bankers to take more risks and take advantage of regulatory delays thus increasing crises probabilities. Our empirical evidence supports that crisis probability is higher in country liberalizing their banking system when regulation is not updated. We developed an early warning system for systemic banking crises based on the multinomial logit model. Its main difference to existing prediction models and its contribution to the literature is that it is intended to identify and resolve what is called by Bussiere and Fratzscher [(2006). Towards a new early warning system of financial crises. Journal of International Money and Finance, 25(6), 953–973] as post-crisis bias in binomial models and to develop a new methodology of leading indicators selection based on BMA. Overall, our model predicts all banking crises during our sample period.     

Heterogeneous Mortgage Markets: Implications for Business Cycles and Welfare in the EMU

This paper evaluates business cycle effects of asymmetric cross‐country mortgage market developments in a monetary union. By employing a two‐country New Keynesian DSGE model with collateral constraints tied to housing values, we show that a change in institutional characteristics of mortgage markets, such as the loan‐to‐value (LTV) ratio, is an important driver of asymmetric developments in housing markets and economic activity. Our analysis suggests that the home country where credit standards are lax booms, while the rest of European Monetary Union faces a negative output gap. Overall welfare is lower if LTV ratios are higher.     

欠发达地区循环产业集群发展对策研究

西部大开发以来,欠发达地区产业集群和循环经济发展面临较多的障碍,必须整合企业、人才、资金、技术、文化、制度、政策、组织结构等各种因素,促使其协同发展,才能实现循环产业集群的良性健康发展和西部欠发达地区经济社会的快速可持续发展。     

德国应对金融危机 推动科技发展

尽管受到了金融危机的影响,在德国联邦政府的高度重视与积极推动下,2009年德国科技发展呈现出：研发投入持续增长、创新能力保持领先、创新创业环境持续改善、科技有力地服务于经济和社会发展的良好态势;并在生物医药、信息技术、纳米技术、海洋技术、电动汽车、可再生能源、环境与节能减排等多个重要技术领域取得了新的进展。     

发达国家旅游业可持续发展的特点及对中国的启示

旅游业可持续发展理念最早出现在发达国家,也在发达国家得到了理论和实践的发展和完善。通过对发达国家旅游业可持续发展特点的总结,结合我国的实际情况,对于我国旅游产业的可持续发展具有一定的启示。     

我国世界遗产地在保护与开发中的投融资机制分析

世界遗产是人类历史发展的活化石,是大自然赐给我们的瑰宝。然而人们在开发利用世界遗产的过程中,往往面临严重的融资困境。文章针对当前我国世界遗产地在投融资中存在的问题进行剖析,并结合其他国家在世界遗产投融资中的成功经验,提出自己的看法。     

加快农村义务教育发展的财政政策思考

随着改革开放的进一步深化,中国的义务教育财政政策进行了重大调整,从而使农村义务教育取得了较好的成就,并积累了一定的经验,但仍存在学校间差距仍然较大、代课人员难以清退、义务教育债务化解难度较大等问题。应实行统筹城乡发展的义务教育财政体制,采取照顾代课人员的考录及补偿政策,中央财政建立激励机制对地方化解债务给予适当支持,促进义务教育的均衡发展。     

Consumers' perception of corporate social responsibility in a developing country

Corporate social responsibility (CSR) increasingly receives attention from managers and researchers, especially in the area of consumer perception and response of CSR. However, most of this research was conducted in the context of developed countries. It shows that research on consumer perception towards CSR in developing countries needs to be developed. This paper will examine consumer perception in the developing country of Indonesia. This research produced mixed results, suggesting that CSR is still a concept waiting to be applied in the developing country. Consumers are often unaware and unsupportive towards CSR. This is the opposite finding of consumer perception in developed countries, where most consumers are willing to support CSR launched by corporations. Nevertheless, there is an interesting finding: When consumers have to buy similar products with the same price and quality, CSR could be the determining factor. They would buy from the firm that has a socially responsible reputation.