The dynamics of financial development,globalisation, economic growth and life expectancy in sub‐Saharan Africa

The importance of life expectancy is recognised in the development economics literature because of its increasing effects on labour productivity and economic growth in long‐run. However, no published study to date empirically examines the nonlinear relationships between globalisation, financial development, economic growth and life expectancy in sub‐Saharan African (SSA) countries. Therefore, our study intends to fill this gap by using non‐parametric cointegration test and multivariate Granger causality test towards a non‐linear empirical understanding of the factors affecting the life expectancy. We consider the case of 16 sub‐Saharan African economies using annual data over the period 1970–2012. The empirical analysis indicates that financial development, globalisation and economic growth appear to have a positive impact upon life expectancy in sub‐Saharan African economies, except for Gabon and Togo. Our empirical findings may provide insightful policy implications towards improving population health conditions which are vital for promoting the productivity of labour force and long‐run economic growth in sub‐Saharan African countries. In light of these policy implications, governments should incorporate globalisation, financial development and economic growth as key economic instruments in formulating sustainable developmental policy to promote life expectancy for the people in sub‐Saharan African countries.     

PERFORMANCE‐BASED FEE CONTRACT AND RISK‐TAKING STRATEGY IN ASSET MANAGEMENT TOURNAMENT

This paper investigates how performance‐based fee (PBF) contracts affect strategic risk‐taking behaviours of fund managers in an asset management tournament. In the perfect equilibrium, managers with better mid‐year performance will hold the risky asset with a higher probability in the remaining of the year, compared to managers with poorer mid‐year performance. If the volume of the cash flow into the winner fund is contingent on its level of success, the winning fund will take a more aggressive approach. When the PBF contract pays more heed to relative performance against the benchmark, managers are more likely to adopt aggressive strategies.     

How should resource‐rich countries diversify? Estimating forward‐linkage effects of mining on productivity growth

Resource‐rich countries willing to diversify their economies are faced with dual policy options; to either develop resource‐based industries, or diversify their economies as a whole and invest into new activities that are not necessarily resource dependent. Not only does the economic theory fail to provide a consensual guidance on this issue but empirical evidence is also lacking. This paper empirically assesses which of these two patterns of diversification is associated with higher productivity growth outcomes for resource‐rich countries. Using panel data for 50 resource‐abundant countries over the period 1970–2010, I find that stronger downstream linkages to mining and extractives do not lead to productivity enhancements. Broadening and diversifying the production structure as a whole offers potential for productivity growth at higher levels of income.     

Neighbors' Income,Public Goods,and Well‐Being

How does neighbors' income affect individual well‐being? Our analysis is based on rich U.S. local data from the Behavioral Risk Factor Surveillance System, which contains information on where respondents live and their self‐reported well‐being. We find that the effect of neighbors' income on individuals' self‐reported well‐being varies with the size of the neighborhood included. In smaller areas such as ZIP codes, we find a positive relationship between median income and individuals' life satisfaction, whereas it is the opposite at the county, MSA, and state levels. We provide evidence that local public goods and local area characteristics such as unemployment, criminality, and poverty rates drive the association between satisfaction and neighbors' income at the ZIP code level. The neighbors' income effects are mainly concentrated among poorer individuals and are as large as one quarter of the effect of own income on self‐reported well‐being.     

跨区域流动要素对区域经济发展的影响

跨区域流动要素对区域经济发展的影响是多方面的.首先是区域间贸易和要素流动规模的扩大,提高了区域经济发展的一体化程度,分散了区域性供给或需求波动对区域经济发展的整体冲击力,进而强化了改革开放以来区域经济波动周期延长与强度下降的趋势.其次是要素流动规模的扩大不仅进一步拓宽与疏通了经济波动的区域间的传导渠道,而且提高了区域间经济增长与波动的相互解释力,增强了彼此间的因果关系和减弱了彼此间的同步性.     

Effect of religious priming in prosocial and destructive behaviour

In this paper, we study the behavioural impact of religious priming by showing participants religious words in a scrambled sentence task before a dictator game and a joy‐of‐destruction game. We also elicited data on individual religiosity and religious affiliation using a questionnaire. Priming religious words significantly increased prosocial behaviour in the dictator game, and the effect was especially striking among those reporting no religion, atheists and agnostics. The religious prime has no significant effect in mitigating destructive behaviour or own expectations of the other's destruction choice, but both destructive behaviour and expectations correlate positively with the multi‐dimensional religiosity measure.     

Does high‐speed rail connection really promote local economy? Evidence from China’s Yangtze River Delta

High‐speed rail (HSR) has led to a transportation revolution in China. This paper uses the county‐level panel data of China’s Yangtze River Delta to investigate the effect of HSR connection on local economy. To address the issue of endogenous HSR route placement, we use a straight‐line strategy to construct potential HSR connection variables as instrumental variables of the actual HSR connection. Both the difference‐in‐differences and instrumental variable methods show that HSR connection impedes local economy, especially in peripheral regions. The impediment effect is channeled through population reallocation from peripheral to core areas and the restructuring of industries.     

Do vertical spillovers differ by investors’ productivity? Theory and evidence from Vietnam

Developing countries are eager to host foreign direct investment to receive positive technology spillovers to their local firms. However, what types of foreign firms are desirable for the host country to achieve spillovers best? We address this question using firm‐level panel data from Vietnam to investigate whether foreign Asian investors in downstream sectors with different productivity affect the productivity of local Vietnamese firms in upstream sectors differently. Using endogenous structural breaks, we divide Asian investors into low‐, middle‐, and high‐productivity groups. The results suggest that the presence of the middle group has the strongest positive spillover effect. The differential spillover effects can be explained by a simple model with vertical linkages and productivity‐enhancing investment by local suppliers. The theoretical mechanism is also empirically confirmed.     

Guerrilla‐style Defensive Architecture in Detroit: A Self‐provisioned Security Strategy in a Neoliberal Space of Disinvestment

Self‐provisioning has long been an important component of urban political economic processes. However, it has recently become a central feature of grassroots urban governance strategies as well. In tumultuous cities of the twenty‐first century, with governments either unwilling or unable to effectively enforce zoning laws, police neighborhoods or manage infrastructure, some householders have begun performing these services instead. This article examines one subset of self‐provisioning practices that has emerged in southwest Detroit where residents have taken steps to secure abandoned housing as a means of exerting social control over their living environment. These actions embody many contradictions and ethical dilemmas, and the intimate scale of action has left the structural production of disinvestment in places like Detroit largely unchecked. Nevertheless, these guerilla‐style spatial interventions have emerged as critically important response strategies helping residents reduce their vulnerability and stabilize their blocks even as other nearby areas continue to experience decline.     

基于振动法的水泥稳定砂砾基层施工工艺

我国天然砂砾蕴藏丰富,尤其是西部地区天然砂砾贮量很大。修建公路时如果就地取材采用天然砂砾具有显著地经济和社会效益。为减少传统施工工艺造成的开裂问题,本文提出了基于振动法的水泥稳定砂砾基层施工工艺。从原材料的选用、水泥用量确定、拌和、摊铺、碾压、养生等施工工序方面对水泥稳定砂砾的施工方法作了阐述,提出了施工中的注意事项及质量控制措施。