Industrial development in the inland region of China: A case study of the motorcycle industry

Although the inland region of China has generally been left behind in economic development compared with the coastal region, the motorcycle industry in Chongqing has recorded remarkable growth due to the meteoric rise of private enterprises over the last decade. Based on panel data of enterprises, we attempt to identify the factors behind the dynamic development of this industry. We conclude that the success of the motorcycle industry in Chongqing is attributable to a combination of positive features from the Wenzhou model in the 1990s, in which industrial development is based on clustering of private enterprises, and the Sunan model in the 1980s, in which industrial development is based on the effective use of human resources recruited from existing state-owned enterprises (SOEs). Learning by collective enterprises from SOEs in Chongqing coupled with the growth of the private enterprise sector fostered cluster-based industrial development. Journal of Comparative Economics 34 (4) (2006) 818–838.     

Feminist Ecological Economics and Sustainability

Synopsis New developments in feminist ecological economics and ecofeminist economics are contributing to the search for theories and policy approaches to move economies toward sustainability. This paper summarizes work by ecofeminists and feminist ecological economists which is relevant to the sustainability challenge and its implications for the discipline of economics. Both democracy and lower material throughputs are generally seen as basic principles of economic sustainability. Feminist theorists and feminist ecological economists offer many important insights into the conundrum of how to make a democratic and equity-enhancing transition to an economy based on less material throughput. These flow from feminist research on unpaid work and caring labor, provisioning, development, valuation, social reproduction, non-monetized exchange relationships, local economies, redistribution, citizenship, equity-enhancing political institutions, and labor time, as well as creative modeling approaches and activism-based theorizing.      

Agglomeration economies and university program creation in the knowledge economy

Existing academic literature on the relationship between agglomeration economies and university activities is both under-theorized and relatively sparse in terms of empirical examination. This paper addresses each of these voids by contributing and analyzing a market model of pro-revenue education program creation such as graduate-level executive business education (e.g. EMBA) that reveals some intriguing characteristics. For instance, it shows that demand for these pro-revenue programs is inelastic and therefore uniquely determines their availability. More specifically, we show that through agglomeration economies these types of education programs are more likely to emanate from universities located in metropolitan areas and from less academically prestigious universities. Regression analysis of a cross-section of national public universities lends support to important facets of our formal model by suggesting that agglomeration economies continue to increase the probability of offering EMBA programs through a city size of approximately 2.12 million and that the probability that a given business school will offer an EMBA is negatively related to the academic prestige of the institution to which it is affiliated.     

战略性新兴产业上市公司金融支持效率及其影响因素研究

培育战略性新兴产业是当前我国促进经济结构转变,顺应世界经济发展趋势的必然选择。本文运用DEA方法测度战略性新兴产业金融支持效率,以此为基础构建金融支持效率影响因素模型。实证研究表明,市场性金融支持行为在经济波动期存在效率缺失;金融支持效率的实现伴随风险的增高;在间接融资驱动力不足情况下,直接融资成为战略性新兴产业发展的主要支撑。分析结果认为,提高战略性新兴产业金融支持效率需要充分发挥政策金融的引导作用,突出银行的支持功能,推进金融服务多元化,提高产业的风险抵御能力。     

区域特色战略性新兴产业政策体系的探究

中共中央、国务院关于区域战略性新兴产业政策可以分为全局性质和单一性政策两种。国家发展和改革委员会的政策一般是对战略性新兴产业起指导审批作用的政策,财政部的政策一般为涉及战略性新兴产业资本方面的政策,科学技术部的政策一般是涉及战略性新兴产业技术方面的政策,而工业和信息化部、环境保护部及商贸部等的战略性新兴产业政策通常与自身分管的工作领域相关。在各省市县,绝大部分政策的着力点是执行性质的。政策的预期协同效应为三种,分别为正协同效应、无差异和负协同效应。     

A multivariate time series analysis of energy consumption,real output and pollutant emissions in a developing economy: New evidence from Nepal

Mountain economies will have to play a central role in attaining the global pursuit of green economic growth as crucial bearers of ecosystems goods and services. However, these economies are not adequately represented in the development policy debates in spite of their fundamental importance towards global sustainable development. This study examines the inter relationships between energy consumption, output and carbon emissions in a developing mountainous economy using an augmented Vector Autoregression model. Time-series data over the period 1975–2013 is studied applying a multivariate framework using population and gross fixed capital formation as additional variables for Nepal. Testing for Granger causality between integrated variables based on asymptotic theory reveals a long-run unidirectional Granger causality running from GDP to energy consumption, and a unidirectional Granger causality running from carbon emissions to GDP. We suggest that the government of Nepal can address energy poverty by accelerating the adoption energy conservation policies such as rationing energy consumption and energy efficiency improvements to narrow the energy supply-demand gap. The opportunity to promote the uptake of decentralised off-grid renewable technologies in remote areas and the large scale development of hydropower at the national level also needs to be prioritized. Our results remain robust across different estimators and contributes to an emerging literature on the nexus relationships between energy consumption, income and carbon emissions in mountainous developing economies.     

Technological versus Pecuniary External Economies: The Former Should Rule the Roost

The paper endeavors to illustrate that though the existing literature emphasizes the dynamic role of Scitovskian pecuniary external economies to account for the growth of innovations, highlighting particular types of market interdependence, such interdependencies can just highlight quasi-rent-led static adjustments that do not ensure an endogenous growth of innovations; the possibility of the growth of innovations remains exogenous. In this context, the present paper highlights the importance of division of labor-led dynamic technological external economies that ensures the endogenous growth of innovations, underlining the need of reinterpretation of Allyn Young in a broader Kaldorian-Keynesian perspective. In this perspective, finance-led investment in more productive opportunities not only supports increases in market size but also begets further investment in (still) more productive opportunities. This understanding provides a more dynamic conceptualization of Keynesian pecuniary external economies that are driven by Youngian technological external economies.     

A basic tool to assess tax administration strength in emerging Europe

Large tax compliance gaps, together with the need to generate additional tax revenue have put a premium on tax administration reform in emerging Europe. The key features of an efficient tax administration are well established, but an objective assessment of the relative strengths and weaknesses of tax administrations have been lacking. This paper proposes a simple index of tax administration strength, based on objective indicators reflecting key organizational and operational aspects of revenue administrations relative to international best practice. A diagnostic test is then conducted to assess the performance of the proposed index in its ability to predict variations in tax collection efficiency in emerging Europe.     

Co-movement in Stock Prices in Emerging Economies: The Case of the Caricom Region

The Grand Anse Declaration of 1989 recognised the need for financial integration within the emerging economies that comprise the CARICOM region, as a way of furthering the wider process of economic integration and, indeed, economic development in that region. Using co-movement as a measure of financial integration, this paper investigates the co-movement in stock prices among the Barbados, the Jamaica and the Trinidad and Tobago Stock Exchanges, the three major exchanges within the CARICOM region. It also examines how integrated these exchanges are with the New York Stock Exchange. The GARCH-Copula methodology and, to a lesser extent, estimated correlation coefficients, are used to attain this objective. There appears to be co-movement in stock prices and returns within the CARICOM stock markets and significant dependence structures between the returns of the three CARICOM stock markets. However, there is considerably less evidence of integration between the CARICOM markets and the New York Stock Exchange.     

Changing patterns of Asian currencies’ co-movement with the US dollar and the Chinese renminbi: Evidence from a wavelet multiresolution analysis

We extend the Frankel–Wei approach by using wavelet analysis to evaluate the relative importance of the dollar and the renminbi as anchor currencies at different time scales. We find that Asian currencies’ co-movement with the dollar weakened after the global financial crisis, while that with the renminbi strengthened particularly after China introduced a new exchange rate management system in 2015. The evidence suggests that emerging Asian economies have recently attached more importance to the renminbi as an anchor in exchange rate management.