Spatial heterogeneity and interregional spillovers in the European Union: Do cohesion policies encourage convergence across regions?

Using a spatial econometric perspective, the speed of convergence for a sample of 163 regions of the European Union (EU) over the period 1981–1996 is estimated. For this purpose, we use a specification strategy which allows an explicit modeling of both spatial heterogeneity and spatial autocorrelation found in the analyzed sample. The estimated final model combines groupwise heterocedasticity, the identification of two spatial regimes and spatial dependence. Our results show how an appropriate consideration of the role of spatial effects can shed new insights into the European convergence process. We find that regions in the EU cohesion-fund countries (Ireland, Greece, Portugal and Spain) are converging separately from the rest of regions of the EU. Our estimations indicate that over the analyzed period, there was a faster conditional convergence in relative income levels of the regions belonging to Cohesion countries (5.3%) than in the rest of the regions of the EU (3.3%). Therefore, our results contrast with other evidence that points to the fact that the convergence process in Europe has weakened or even has stopped at the beginning of the 1980s. Moreover, our work shows clear evidence of separate spatial convergence clubs among EU regions.     

Two‐level CES Production Technology in the Solow and Diamond Growth Models*

The two‐level CES aggregate production function—that nests a CES into another CES function—has recently been used extensively in theoretical and empirical applications of macroeconomics. We examine the theoretical properties of this production technology and establish existence and stability conditions of steady states under the Solow and Diamond growth models. It is shown that in the Solow model the sufficient condition for a steady state is fulfilled for a wide range of substitution parameter values. This is in sharp contrast with the two‐factor Solow model, where only an elasticity of substitution equal to one is sufficient to guarantee the existence of a steady state. In the Diamond model, multiple equilibria can occur when the aggregate elasticity of substitution is lower than the capital share. Moreover, it is shown that for high initial levels of capital and factor substitutability, the effect of a further increase in a substitution parameter on the steady state depends on capital–skill complementarity.     

我国外汇储备增长与人民币升值关系的实证分析

本文利用我国2005年7月-2007年6月的月度数据，通过协整分析、误差修正模型和格兰杰因果检验对外汇储备增长与人民币升值之间的关系进行了实证研究。结果表明，汇率形成机制改革对于释放两者之间弹性，维持缓和的、相互促进的长期稳定均衡关系起到显著的效果，继续稳步推进人民币汇率市场化改革将是明智之举。     

经济增长论的发展与动向——关于均衡的安定性与非决定性

为什么相同的经济基础,相同的地理自然环境的条件下,有的国家经济能够突飞猛进地发展,有的国家却停滞不前甚至越来越差?到底是什么因素促进了经济发展,到底有哪些因素造成了发展的不均衡?很多经济学者正在用数理经济的方法试图说明这一问题。关于这方面的研究可以应用到关于我国的经济分析中,去说明经济发展不均衡的问题,并促进我们去探讨怎样才能促进发展缓慢地区的经济发展。本文介绍了关于经济增长论的非决定性分析的最新成果和尚待解决的问题。     

Educational tourism and its implications on economic growth in Malaysia

The effect of educational tourism on Malaysia’s economic growth is examined in this study by extending the Solow growth model. This study uses the sample from 2002:Q1 to 2014:Q4. The newly developed Bayer–Hanck combined tests for cointegration and the Granger causality test were employed to examine the long-run and causal relationships among the variables. The empirical findings suggest that economic growth, educational tourism, and other determinants are cointegrated. Educational tourism has a bi-directional causal relationship with economic growth in the short-run but there is a uni-directional Granger causality runs from educational tourism to economic growth. This study provides an essential insight for Malaysia to create policies that promote educational tourism, thereby encouraging economic growth in the long-run.     

金融市场发展、外汇储备积累与经济增长--基于国别门限面板模型的分析

外汇储备持续增长已成为多个国家的经济负担,然而不能忽视外汇储备增长对经济发展的积极影响。基于新兴市场各国短期内无最优方法改善高额外汇储备积累难题的假设条件进行研究,试图寻找能够将外汇储备的积极效应最大化的途径。利用27国相关数据建立门限面板模型后,分析不同金融市场发展水平下外汇储备对经济增长的宏观经济效应。研究结果表明：在发达国家和新兴市场国家,外汇储备均对经济增长具有积极影响。但是,不同的金融市场发展水平也会限制外汇储备的经济效应。金融市场发展水平越高的国家,外汇储备对经济增长的促进作用更为明显。     

中原经济区城乡协调发展评价

统筹协调的城乡发展格局是中原经济区发展战略的内在要求。本文在分析城乡协调发展内涵的基础上,构建了城乡协调发展评价指标体系,并利用相关省份2012年统计年鉴数据对中原经济区各地市城乡协调发展水平进行评价和空间格局分析。结果显示:(1)中原经济区城乡协调发展空间上呈现明显的"块状"分布格局,北方城乡协调水平总体好于南方;(2)不同因子对地级市层次城乡协调发展影响程度与各地级市之间按各主因子的差异程度不具备一致性;(3)县域经济发展是推动城乡系统向高水平城乡协调关系演进的重要动力。