Profit strategy of Greek banks: cross-subsidization and diversification versus complementarity

This study analyses the profit strategy employed by banks in Greece using dynamic panel data techniques and a data set which includes proprietary supervisory data covering the whole Greek commercial banking system from 2004 to 2011. We provide evidence that banks use interest- and non-interest income (non-II) as substitutes rather than complements, with non-II representing an indirect competition instrument by the more efficient banks used in place of direct competition with their peers through prices on loans and deposits. This behaviour is explained by further decomposing the non-II into the relatively stable fees component and the volatile trading income. Moreover, we provide evidence that the net-interest income is primarily affected by the banks’ market power and their operating costs, while more efficient banks exploit their core deposit base to lever their non-II. Finally, macroeconomic developments affect both income components, which are found to be procyclical with respect to economic activity. In particular, the two income components are affected differently from inflation implying that non-II provides a natural hedge against adverse effects from deflation on interest income.     

Real wages and labor-saving technical change: evidence from a panel of manufacturing industries in mature and labor-surplus economies

Recent theories have provided a persuasive account of a key stylized fact of mature economies: the common long-run trends of average real wages and labor productivity, and the ensuing stationarity of functional distribution. Central to these theories is the notion of directed technical change, which claims that a rise in labor costs sparks the adoption of labor-saving innovations. This paper empirically examines a core prediction of these theories, namely that shocks to functional distribution elicit compensatory adjustments in real product wages and labor productivity. Using two disaggregated data-sets of manufacturing industries (EU-Klems and Unido), I find evidence of cointegration and two-way, long-run Granger causality between these two variables. These findings suggest that directed technical change is indeed key for producing stationarity in functional distribution, and they complement the recent empirical literature on distributive cycles and productivity growth. Preliminary evidence from the Unido data-set also suggests the importance of directed technical change in developing countries. To illuminate the empirical procedure, I present a theoretical model of growth and distribution with directed technical change.     

The impact of China's imports on European Union industrial employment

As the EU's biggest supplier of imported goods and a second trading partner, China has become an increasingly important actor on the global economic scene. This paper reports new evidence through analyzing whether the EU labour market is affected by exposure to imports from China. Drawing on a panel dataset of 27 EU countries, over the 2003–2013 period, and using the pooled mean group estimator, the results show that imports from China have a negative effect on industrial employment. This result holds separately for the all analyzed categories: all products, manufactured products as well as for the sub‐groups.     

Health expenditure and socio-economic determinants of life expectancy in the OECD Asia/Pacific area countries

Recent economic research is focused on the study of the relationship between socio-economic factors and health outcomes. In this study, the relationship in the OECD Asia/Pacific area countries regarding life expectancy is explored. Data from the World Bank and OECD Health Statistics (2015) have been used to build a panel data during the period 1995–2013. On the one hand, it was found that per capita income, unemployment and exchange rates improve health outcomes. On the other hand, poor performance, in terms of government expenditures for the countries-sample, comes across. Empirical results highlight the importance of cost-effectiveness analysis.     

Does time difference between countries reduce bilateral trade? An application of the correlated random effects method using panel data

This article implements the correlated random effects (CRE) panel data technique in a gravity framework to analyse the effect of time difference between countries on bilateral trade. One major advantage of the CRE approach over the fixed-effects approach is that it is able to estimate the effect of variables that remain unchanged within panel clusters (e.g. time difference between countries), while these variables get dropped from regressions that use fixed-effects methods. Regression results based on the CRE Poisson pseudo-maximum likelihood estimator indicate statistically significant negative effect of time difference between countries on bilateral trade. An additional hour of time difference between countries is found to reduce bilateral merchandise exports by approximately 8%, even after controlling for the effect of distance in the regressions.     

交通基础设施、交通运输业与区域经济增长—基于省域数据的空间面板模型研究

本文采用空间面板模型检验了交通业发展与区域经济增长的关系,研究结果表明：中国地区间的经济增长在１９９７～２０１０年具有明显的空间相关性;铁路建设和公路建设对经济增长带动作用较为明显,公路建设中高速公路、一级公路、二级公路、三级公路和四级公路对区域经济增长的带动作用依次递减;铁路运输业比公路运输业对经济增长的作用更加明显;高速公路密度提高一个百分点可带动经济增长约０．０３４个百分点,铁路密度提高一个百分点可带动经济增长约０．００２个百分点;２００１～２０１０年间交通基础设施存量的增加年均带动经济增长０．７８个百分点,约为经济增长率的８％。     

服务业FDI技术溢出与服务业全要素生产率增长--理论分析和基于中国的实证检验

文章首先分析服务业FDI技术溢出的机制,接着利用非参数的DEA-Malmquist指数对我国2003-2011年14个服务行业的全要素生产率及其分解进行了测算,最后设定面板回归模型就服务业FDI技术溢出效应进行了实证分析.研究发现:服务业技术进步在推动服务业全要素生产率增长方面发挥了主要作用,各行业的异质性决定了全要素生产率的变化有所不同;除房地产业外,服务业FDI确实存在着技术溢出效应,其显著地促进了服务业的技术进步及全要素生产率增长,但是非线性特征不明显;服务行业内部一些因素也会影响服务业全要素生产率的变化.     

Has International Trade Affected Workers’ Bargaining Power?

In this paper, we investigate whether globalization has affected workers’ bargaining power in the Belgian manufacturing industry over the period 1987–1995 using a sample of more than 20,000 firms. We find little evidence of international trade and inward foreign direct investment having an impact on the workers’ bargaining power. We find some evidence that technological change has a positive impact on the workers’ bargaining power. JEL no. C23, D21, F16, F23, J50, L13     

农地流转对农业机械化水平的影响研究——基于动态面板模型的实证检验

农地流转与农业机械化是农业现代化的重要标志,探究农地流转对农业机械化水平的影响及其背后发挥调节效应的因素具有重要意义。基于中国大陆地区30个省（市）2005-2019年面板数据,构建动态面板模型,采用系统GMM方法实证检验了农地流转对农业机械化水平的影响。研究发现：农地流转有利于提高农业机械化水平,农户适度规模经营、农地抵押贷款与农作物种植结构在此过程中发挥正向调节效应,农户长期投资尚未表现出显著性影响。因此,需稳步推进农地集中流转、因地制宜选择农业机械化模式、优化农作物种植结构、深化农地金融改革和合理引导农户长期投资,从而实现农业适度规模经营,提高农业机械化水平。     

Renminbi Internationalization in the New Normal: Progress,Determinants and Policy Discussions

In the present paper we explore the internationalization of the renminbi with reference to the experiences of other monetary powers, and discuss its determinants, prospects and implications for China's development in the “new normal.” Specifically, after summarizing the major progress made thus far, we conduct a regression analysis, showing that economic size and financial conditions are significant determinants of the international currency status, while inertia and other unobserved factors also play important roles. These empirical findings enable us to undertake a scenario analysis focusing on the renminbi's potential to become a global reserve currency. Based on this quantitative research, we then revisit China's policy initiatives designed to promote its currency overseas. In our view, the internationalization of the renminbi, along with financial deepening and liberalization, should be regarded as a means to achieve China's goal of reaching a more sustainable and balanced model of development.