Game-theoretic foundations of monetary equilibrium

According to theory, money supports trade in a world without enforcement and, in particular, in large societies, where gift-exchange is unsustainable. It is demonstrated that, in fact, monetary equilibrium breaks down in the absence of adequate enforcement institutions and it collapses as societies that lack external enforcement grow large. This unique result is derived by unveiling the existence of a tacit enforcement assumption in the literature that explains the advantages from monetary exchange, and by integrating monetary theory with the theory of repeated games and social norms.     

How to reduce energy intensity to achieve sustainable development of China's transport sector? A cross-regional comparison analysis

China's transport sector has been attracting great attention for its excessive energy consumption and ever-increasing pollution emissions. Thus, reducing energy intensity is one of the top priorities of China's ongoing transport upgrade. In this paper, by establishing a panel data regression model derived from the Cobb–Douglas cost function, we focus on investigating the impacts of energy price and transport productivity on transport energy intensity at the national and regional levels. The study uses the provincial panel data for 2005–2016 to perform regression analysis. The results show that: (1) energy price has a significantly negative effect on transport energy intensity in the whole China and the eastern region, whereas it has no significant impacts in the central and western China. (2) Improvements in transport productivity can effectively decrease transport energy intensity in the whole China and the three major regions. (3) Applying an extended data envelopment analysis (DEA) approach, we decompose transport productivity into four components (i.e., technical change, technology gap change, scale efficiency change, and pure efficiency change) and further differentiate their impacts in different regions. The results indicate that these four components have substantially different impacts in each region. These results provide some valuable insights for policymakers and enterprise entities aiming to adopt measures to reduce energy intensity and achieve sustainable development in China's transport sector.     

Who benefits from an oil boom? Evidence from a unique Alaskan data set

Oil booms have been shown to increase local employment and wages. But these effects reflect the aggregated experience of residents, commuters, and recent migrants alike. This paper takes advantage of a unique data set that identifies a rich set of labor market outcomes by place of residence, rather than by place of work. Exploiting this feature of the data, we examine the effect of a major oil boom on employment and wage outcomes in the North Slope Borough of Alaska. This analysis is juxtaposed with a more conventional one that uses place-of-work data collected from the Bureau of Economic Analysis. Using the Synthetic Control Method, we find that the oil boom of the late 2000s significantly increased non-residential employment. While the boom caused residential employment to shift from the public to the private sector, total residential employment was unaffected. There is weak evidence that residential wages increased in response to the boom. These results are important as drilling decisions are often negotiated locally by interest groups that might be less concerned with general equilibrium effects.     

价值链视角下科技人才分布对区域创新系统效率的影响

科技人才作为科技创新的主体，是区域创新系统的重要投入，其省际分布状况潜在影响着各区域创新效率。基于2009-2016年我国内地30个省级区域科技人才与研发面板数据，在创新价值链分解的基础上，分别考察科技人才数量与结构维度对区域创新系统三阶段效率的影响。结果发现：在数量维度下，科技人才分布规模对区域知识创新效率、专利创新效率有非线性倒U型影响，先后从人才聚集规模经济效应转向不经济效应;整体集中度提高即全国科技人才分布相对集中有助于提升各地区专利创新与产品创新效率;在结构维度下，科技人才队伍中女性与博士研发人员越来越高的比重对知识创新效率表现为负向影响作用。最后，结合新旧动能转换背景,提出积极发挥人才集聚正向效应的建议。inno[]rlzb[]rlzb[]czpz[]czpz[]cyjg[]cyjg[]dwkf[]dwkf〖BHDG1*3,WK7*3ZQ,WK6。9DWW〗     

我国省级区域金融发展对经常项目的影响研究——基于货物贸易视角的分析

本文选取我国大陆31个省(市、自治区)2007年-2018年的面板数据,综合运用系统GMM和差分GMM估计方法,实证检验了沿海与内陆、沿边与非沿边、享受优惠政策高与低、金融控制强与弱等4类不同省区金融发展对经常项目余额的影响。研究结果表明:使用全部样本估计时,金融发展显著负向影响经常项目余额,这一结论经稳健性检验后依然成立。使用不同区域的子样本估计时,金融发展对沿海省区、非沿边省区、享受优惠政策高以及金融控制弱省区的经常项目余额的抑制作用较大,而在其他省区作用较小。因此,各地区应充分利用金融手段来调整进出口余额,以保证经常项目的持续平衡。     

Local fiscal multipliers and spillover effects: Evidence from Philippine regions

Fiscal policy in developed countries has been a rich topic since the Great Recession. However, research has remained limited for developing countries despite their similar use of fiscal policy and concerns about the efficiency of public spending. To help address this research gap, this paper provides a case study of multiplier effects of local government spending in regions in the Philippines as well as spillover effects of local government spending across regions. An instrumental variable based on the country’s intergovernmental transfer system is used to identify regional public spending in panel regressions. The local fiscal multiplier is estimated to be above one, where a 1-peso rise in spending by local government units in a region corresponds to a 1.2-peso rise in regional output. Multiplier effects are highest for capital expenditures and appear to be primarily driven by the services sector. Spillover effects are comparatively large, at around 1.8–2.0, highlighting the important role of domestic trade when stimulating regional economic activity.     

A three-frequency dynamic factor model for nowcasting Canadian provincial GDP growth

This paper estimates a three-frequency dynamic factor model for nowcasting the Canadian provincial gross domestic product (GDP). The Canadian provincial GDP at market prices is released by Statistics Canada annually with a significant lag (11 months). This necessitates a mixed-frequency approach that can process timely monthly data, the quarterly national accounts, and the annual target variable. The model is estimated on a wide set of provincial, national and international data. In a pseudo real-time exercise, we find that the model outperforms simple benchmarks and is competitive with more sophisticated mixed-frequency approaches (MIDAS models). We also find that variables from the Labour Force Survey are important predictors of real activity. This paper expands previous work that has documented the importance of foreign variables for nowcasting Canadian GDP. This paper finds that including national and foreign predictors is useful for Ontario, while worsening the nowcast performance for smaller provinces.     

The effect of urbanization on subjective well-being: Explaining cross-regional differences

Today, more than ever, it is becoming evident that cities and regions are crucial for the achievement of human well-being. In this perspective, the analysis of the effect of urbanization on subjective well-being at sub-national level is an issue of great relevance. The aim of this study is to investigate the effect of urbanization on SWB at the regional level and, in particular, the moderator effect of the regional context in influencing this effect in Italy and Spain. From a methodological point of view, we apply a two-step approach as a graphical method, which allows us to consider individual and regional information in our analysis. Our findings indicate that urbanization significantly affects subjective well-being, especially in various regions of Italy. This cross-regional heterogeneity can be explained by different regional factors, which supports the idea that regional contexts can exert effects on achieving future people's well-being in cities.     

中小科技企业创新方法的研究

从20世纪80年代开始,我国诞生了很多中小科技企业,中小科技企业有自己的创新特征,决定其有独特的创新方法。     

南流江河道水葫芦泛滥的成因、危害及防治初探

广西玉林市的南流江及支流清湾江河道的水葫芦呈逐年增长趋势,其侵占河道的速度几乎达到了无法遏制的地步。大量的水葫芦随波逐流,给南流江带来了巨大的环境压力。为此,应采取物理、化学、生物等方法,遏制目前水葫芦失控的局面。文章在对南流江及支流清湾江河道水葫芦生长情况进行考察的基础上,对水葫芦的泛滥成因及其对南流江的危害作了分析,并提出了相应的防治措施。