浙江中小企业国际化竞争力定位分析

发达国家有关中小企业国际化的实证研究结论,由于制度环境、企业规范性、市场成熟度等差异,不能完全适用于浙江省的中小企业。文章从国际企业竞争力的评价标准入手,通过性价比分析法来分析在不同质量和价格下企业竞争力情况,再结合浙江省中小民营企业的现状指出浙江中小民营企     

Fiscal devaluation and economic activity in the EU

In the aftermath of the global financial crisis, a fiscal devaluation (hereafter, FD), understood as a shift in taxation from labour to consumption, has been debated as a possible tool for restoring competitiveness, particularly in peripheral countries of the Eurozone. We contribute to this debate. Based on a set of panel and spatial panel models for the EU 27 over the period 1995–2014, we find that FD works, especially where economic activity is heavily subdued and in sectors more exposed on external competition. FD increases value added in exports, improves net exports, accelerates GDP and employment growth, and decelerates growth in labour costs. These effects are nonlinear; they are stronger in the members of the Eurozone and weaker in countries with either more coordinated or more centralised wage bargaining processes or more generous unemployment benefits. The magnitude of these effects is dampened by strict regulatory barriers: they are weaker in countries with higher barriers to entrepreneurship, trade and investment. Most importantly, FD is not a beggar thy neighbour policy, at least in the EU. In our sample, the aggregate demand (‘cooperative’) effect of unilateral FD, which is beneficial for neighbouring countries, outweighs by far the expenditure switching (‘competitive’) effect, which comes at the expense of other countries’ competitiveness. FD implemented in one country can benefit other countries, provided that they are strongly integrated in global value chains. These findings are robust to changes in the estimation methods, the sample composition, the set of explanatory variables and the selection of a spatial weight matrix.     

Optimal monetary policy in the presence of food price subsidies

Food price subsidies are a prevalent means by which fiscal authorities may counteract food price volatility in middle-income countries (MIC). We develop a DSGE model for a MIC that captures this key channel of a policy induced price smoothing mechanism that is different to, yet in parallel with, the classic Calvo price stickiness approach, which can have consequential effects for monetary policy. We then use the model to address how the joint fiscal and monetary policy responds to an increase in inflation driven by a food price shock can affect welfare. We show that, in the presence of credit constrained households and households with a significant share of food expenditures, a coordinated reaction of fiscal and monetary policies via subsidized price targeting can improve aggregate welfare. Subsidies smooth prices and consumption, especially for credit constrained households, which can consequently result in an interest rate reaction less intensely with subsidized price targeting compared with headline price targeting.     

A tool for fiscal policy planning in a medium-term fiscal framework: The FMM-MTFF model

This paper describes the FMM-MTFF model, a dynamic stochastic general equilibrium model developed to support the implementation of a Medium-Term Fiscal Framework (MTFF) in emerging market and developing economies. The model exhibits the following features. First, fiscal policy is defined in terms of multi-year fiscal plans, instead of restricting attention to univariate, single-period fiscal shocks. Second, the model temporarily deactivates the fiscal rule to avoid forcing fiscal policy to be mechanically countercyclical and sustainable. Third, the model is calibrated to match a three-sector, stylized version of a country’s input-output table, and finally, the model uses a chain-weighted procedure to measure GDP, a method consistent with what national account compilers do. The model is calibrated to Colombian and Peruvian data to illustrate the use of the model as a tool to quantify the scale of the fiscal challenges, to provide consistent medium-term macro fiscal projections and to assess the quantitative implications of past reforms and alternative fiscal policy plans on the economies, i.e., the typical questions of interest to an MTFF.     

构建新疆乌昌一体化财政体制框架的设想——《新疆乌昌地区社会经济发展研究》项目分报告

通过对乌昌地区财政运行状况的调研和分析,本文总结了乌昌两地财政运行中存在的主要问题和面临的制约因素,并对今后乌昌一体化财政体制的运行框架提出了构想.     

Targeting biomed cluster from a mature pharma industry: the Medicon Valley experience

This paper analyses the emergence and development of the Medicon Valley biomedicine cluster from an evolutionary perspective. We focus on the co-evolution and synergies among the drivers of the cluster's emergence. Targeting biomed involves some challenges and complexities, which are particularly strong in this case, owing to its specificities (bi-national nature, predominant context of horizontal policies, pre-existent pharma industry). The main aim is to analyse the role of the different institutional players in this policy process. The study suggests that targeting emerges from regional coordination bodies. It also reveals a smart specialisation strategy ‘avant la lettre’ and shows a number of critical insights for the implementation of this policy approach.     

当前形势下优化经济结构的财政政策要点

优化经济结构,提高经济增长质量,降低经济增长代价是21世纪中国经济发展过程中关系国计民生的重大战略问题,尤其是在当前国际金融危机背景下更具有重要的现实意义。本文从当前宏观经济形势出发,回顾我国经济结构的变化趋势,分析其现状,并阐释当前形势下优化经济结构的财政政策要点,以期从财政政策的角度寻求优化经济结构,提高经济增长质量的路径。     

The role of Provincial Government Spending Composition in growth and convergence in China

China’s development policy since 1978 has differed across regions. With rapid aggregate growth has come widening regional inequality. The fiscal decentralisation reforms in 1994 shifted political pressure onto provincial officials to boost local growth through local public investments. These investments affect regional convergence by counteracting regulatory frictions in factor accumulation, and can also determine steady-state growth. However, the effect of public spending allocations across physical and human capital on growth and convergence processes is empirically unexplored for Chinese provinces. We take provincial time-series data on public spending by category, finding local public spending and its components augment convergence rates differently across regions. Spending on education and health contributes significantly more to growth and convergence than capital spending, confirming that the public capital-spending bias is not a local growth-optimising strategy. We suggest a policy of aligning local government promotion incentives to human capital targets to correct local resource misallocation.     

Indexing Out of Poverty? Fiscal Drag and Benefit Erosion in Cross-National Perspective

We assess how tax-benefit policy developments in 2001–11 affected the household income distribution in seven EU countries. We use the standard microsimulation-based decomposition method, separating further the effect of structural policy changes and the uprating of monetary parameters, which allows us to measure the extent of fiscal drag and benefit erosion in practice. The results show that despite different fiscal effects, policies overall mostly reduced poverty and inequality and both types of policy developments had sizeable effects on the income distribution. We also find that the uprating of monetary parameters not only had a positive effect on household incomes, meaning fiscal drag and benefit erosion were avoided, but generally also contributed more to poverty and inequality reduction than structural policy reforms.