我国物流业转型升级研究综述

中国经济已经到了只有转型升级才能持续健康发展的关键阶段,产业转型升级在国家政策文件和研究文献中出现的词频较高。文章以我国物流业为研究对象,从现有涉及到物流业转型升级方面的文献挖掘有效信息,梳理我国物流业转型升级研究的历史脉络,从供应链与价值链、产业集群、现代科学技术应用和产业联动四个视角对现有的物流业转型升级文献进行了总结和归纳,并从物流业转型升级的动力研究、阶段性划分研究和演进规律研究三个方面指出了现有文献的研究不足和以后可能的研究方向。其中,供应链与价值链视角侧重于物流企业的纵向角度,产业集群视角侧重于物流企业的横向角度。文章对于物流企业战略设计、政府政策的制定和理论研究具有一定的参考作用。     

Beyond Brenner's investment overhang hypothesis: the case of the steel industry

This article challenges the way liberal economic governance has come to be theorised as a passive and depoliticised form of governance. Using the classic case of the gold standard, it shows how state intervention came to be shaped by considerations of state power and diverged considerably from the traditional emphasis on free markets and stable conditions of investments. As I argue, the gold standard was constructed through political struggles over monetary governance which involved significant constraints for capitalist investors. Its institutions helped establish a new structure for exerting control over finance. By resituating the gold standard in a broader historical perspective, I show how nineteenth-century monetary governance, far from leading to a retreat of the state, established in fact the foundations of a new form of state intervention: modern central banking.     

金融地理学视角下中国农村金融省际差异研究

从金融总量、金融结构、金融效率和金融环境四个方面构建农村金融综合发展水平评价指标体系,并基于2006～2010年5年实际平均数据,从金融地理学角度运用因子分析法和模糊曲线法考察环境因子、文化因子、设施因子、科技因子、经济因子等金融地理因素对各省(区)农村金融综合发展水平的贡献程度。研究结果表明:我国各省农村金融综合发展水平存在明显差异,各影响因子中科技因子影响程度最大,经济、文化、基础设施、开放、劳动因子影响次之,聚集因子影响程度较小。因此,缩小农村金融省际差异,必须统筹各金融地理因素,尤其应注重农村科技、经济和文化对金融的提升作用。     

Regionalization, public spending and growth: a stylized model dealing with ‘predatory states’

In this paper, a micro-founded model analyzing the effects of ‘regionalization’ on economic activity is developed. It shows that the spatial division of public competencies can have an impact on the growth rate via the efficiency of governmental choices: initially advantageous for weak levels, decentralization (/reduction of regional size) becomes limited due to the risk of underestimation of the real profitability of public expenditure by local governments (non-internalized cross-border effects). In accordance with the theory, a transversal estimation for a sample of 51 countries for the 1990s establishes a ‘bell-shaped’ relation between indicators of regionalization and the quality of governance.     

Backcasting energy futures using industrial ecology

Backcasting has been widely used for developing energy futures. This paper explores the potential for using industrial ecology to guide the development of energy futures within a backcasting framework. Building on the backcasting work of Robinson [1], a seven step method is presented to embed industrial ecology principles within the development and assessment of future scenarios and transition paths toward them. The approach is applied to the case of backcasting regional energy futures in the Latrobe Valley, near Melbourne, Australia. This region has substantial brown coal deposits which are currently mined and used in coal-fired power stations to generate electricity. Bounded by a sustainability vision for the region in a carbon-constrained world, regional industrial ecologies in 2050 were backcast around three themes: bio-industries and renewables (no coal usage); electricity from coal with carbon capture and storage (low to high coal usage); and coal to products such as hydrogen, ammonia, diesel, methanol, plastics and char (demonstrating medium to high overall coal use relative to current levels). Potential environmental, technological, socio-political and economic impacts of each scenario across various life cycle stages were characterised. Results offer a platform for regional policy development to underpin deliberation on a preferred future by the community, industry and other stakeholders. Industrial ecology principles were found to be useful in backcasting for creatively articulating alternative futures featuring industrial symbiosis. However, enabling the approach to guide implementation of sustainable transition pathways requires further development and would benefit from integration within the Strategic Sustainable Development framework of Robèrt et al. [2].     

Dynamics of fine wine and asset prices: evidence from short- and long-run co-movements

This article examines short- and long-term price linkages among the majority of fine wine and equity markets over the period of 2003 to 2012. We do not consider the price index (LIV-EX 100 or 500), as is typically undertaken in previous studies, but rather examine the auction price series of the world’s most traded wine-vintage pairs (5 Bordeaux first growth, 8 Bordeaux second growth, 5 Burgundy, 3 Rhone, 4 Italian, 5 Californian, 1 Australian and 1 Portuguese). A global equity index is also included using the Morgan Stanley Capital International World. Cointegration procedures, the Granger non-causality test, and ECM are used to analyse short- and long-run relationships among these markets. The results indicate a strong effect of financial markets on wine prices and short-term causality for certain wines. Moreover, the findings indicate short-run causality between the wines themselves, revealing a leader (exogenous) or follower (endogenous) status of certain fine wines in price dynamics, and also long-run causality for endogenous wines. This approach is relevant to portfolio diversification strategies and allows price movements to be anticipated more accurately than using an index approach.     

China in Global Economic Governance

China has made contradictory claims about its attitude toward the existing international order. Is China a “responsible stakeholder” in the existing international regimes? Or has China been a new type of great power seeking to reform the existing world order, making it more friendly toward the global South? In this article, we look beyond Chinese rhetoric and examine China's behavior in global economic governance. A comparison with other emerging powers and traditional major powers shows that China has been actively involved in global economic governance. But, thus far, China has not exercised substantive leadership nor has it pushed hard for change to benefit the developing countries. The level of its support of the current regimes varies across issue areas and is primarily driven by its changing economic interest.     

当前我国国内横向税收竞争的实证分析

目前我国理论研究的不足阻碍了对现实生活中各类税收竞争问题的有效治理。为此,着眼于我国国内横向税收竞争的实践,对其进行总结和归类,剖析其背后的体制与制度原因,评价其经济效应,并由此提出促进我国国内横向税收有序发展的政策措施是必要的。     

Market impact: a systematic study of the high frequency options market

This paper deals with a fundamental subject that has seldom been addressed in recent years, that of market impact in the options market. Our analysis is based on a proprietary database of metaorders—large orders that are split into smaller pieces before being sent to the market—on one of the main Asian markets. In line with our previous work on the equity market [Said, E., Bel Hadj Ayed, A., Husson, A. and Abergel, F., Market impact: A systematic study of limit orders. Mark. Microstruct. Liq., 2018, 3(3&4), 1850008.], we propose an algorithmic approach to identify metaorders, based on some implied volatility parameters, the at the money forward volatility and at the money forward skew. In both cases, we obtain results similar to the now well-understood equity market: Square-Root Law, Fair Pricing Condition and Market Impact Dynamics.