Capital Flows to Latin America (2003–17): A Critical Survey from Prebisch’s Business Cycle Theory

ABSTRACT

The economic literature on capital flows to developing countries has shared two important commonalities since the 1990s. Published works (whether they focus on the external situation or stress the domestic determinants of capital flows) tend to assume a beneficial effect of capital inflows, which leads to an improvement of peripheral institutions, whose deficiencies are ostensibly the main cause of economic turmoil and/or failure in attracting capital flows, in continuity with New Institutional Economics. In doing so, mainstream economists deliberately overlook the asymmetric characteristics of the international monetary system and the persisting hegemony of dollar. Raul Prebisch’s pioneering work on business cycles in Latin America provide an alternative view, one capable of amending the existing mainstream literature. On the one hand, Prebisch stressed the destabilizing role of capital inflows on Latin American economies, particularly short-term speculative capital. On the other hand, Prebisch designed a set of counter cyclical monetary policies in order to contrast capital volatility, particularly during downturns. An analysis of stylized facts shows that, when correctly updated, Prebisch’s theory has remarkable explanatory potential when applied to Latin America’s current economic and financial situation.     

Mandatory disclosure,greenhouse gas emissions and the cost of equity capital: UK evidence of a U-shaped relationship

This paper examines the effects of disclosing greenhouse gas (GHG) information mandatorily on the cost of equity capital (COC) using a longitudinal unbalanced panel database of the United Kingdom's FTSE 350 firms for the period 2011–2016. We use a nonlinear panel quantile regression (PQR) model to examine the relationship between GHG disclosure (GHGD) and COC in the United Kingdom. This technique was supplemented by conducting a two-step generalised method of moment (GMM) estimation to address any concerns related to the potential existence of endogeneity problems. Our findings suggest that high-level GHGD appeared to be negatively associated with COC up to a certain level, which is known as the turning point; then, any increase in GHGD is likely to increase the COC. This means that the nonlinear association between GHGD and COC is evidenced in our study and takes a U shape. Likewise, our findings are associative of a moderating effect of the 2013 carbon disclosure regulation (CDR) on the GHGD–COC nexus. We argue that mandatory GHGD and GHG risk are linked so that those companies that are associated with higher GHG risk have a tendency to be better disclosers. Consequently, we urge regulators to design GHGD regulations in a way that mirrors corporate environmental risk and leads to a lower COC in order to align the interests of corporations with those of the society at large.     

中华人民共和国成立70年来生态文明体制变迁的内在逻辑与实践启示

中华人民共和国成立以来,中国共产党带领中国人民不断探索实践生态文明建设。随着人民环境偏好的增强,中国的生态文明体制不断变迁以满足人民日益增长的美好生态环境需要。通过对中国环境管理机构、环境保护政策变迁历程的梳理,可以探析其变迁的内在逻辑和动力机制。中国的生态文明体制变迁始终坚持以人民为中心的发展思想,以适应人民群众环境偏好变化为逻辑起点,并不断通过体制改革来提高环境治理效率和改善环境治理效果。中华人民共和国成立以来生态文明体制的变迁为新时代生态文明建设奠定了基础、指明了方向,在未来建设美丽中国过程中要坚持以人民为中心的发展思想以满足人民环境偏好变化、完善生态文明制度建设为增强环境治理的效果和效率提供保障、以综合治理的思路构建中国特色社会主义生态文明建设的治理体系。     

Increasing linkages among European regions. The role of sectoral composition

This paper analyses changes in economic regional interlinkages in Europe over time and investigates the factors that could explain the dynamics of these changes. Our four main findings are the following: (i) we detect a significant surge in regional synchronisation after the Great Recession; (ii) we identify the regions most interrelated with the rest of Europe, namely, Ile de France, Inner London and Lombardia; (iii) we find that sectoral composition explains regional synchronisation in Europe, mainly after the Great Recession and (iv) we document that sectoral composition has important implications for aggregate economic fluctuations, in particular, that similarities in services-related sectors across regions explain a nonlinear relationship between sectoral composition and regional business cycle synchronisation. We also propose a new method to measure time-varying synchronisation in small samples that combines regime-switching models and dynamic model averaging.     

生命周期评价方法及其应用

介绍了生命周期评价的目的、意义和基本方法，并运用该方法对燃煤发电、废纸造纸、废旧塑料气化发电等几种不同工业过程的环境影响进行了分析。     

考虑供给与需求波动性的安全库存定量研究

本文以商业企业和MTS模式下生产企业的安全库存为研究对象,将供给与需求的变动程度作为两个动态指标研究四种不同战略与运营环境下的安全库存模型,并进一步分析了降低安全库存所需的管理杠杆.     

生态环境的恶化与乡村社会控制--以清代徽州的棚民活动为中心

从明后期开始进入徽州地区的外地棚民，利用当地丰富的自然资源，进行各种经济活动。在当时的社会条件制约下，此类经济活动耗费了大量的资源，破坏了徽州农村的生态环境，损害了地方和国家的利益。针对这一问题，清代徽州乡村社会各种民间力量和官方联合展开了一场声势浩大的驱禁棚民运动，取得了预期效果。     

建设项目生态经济效益分析

从建设项目对生态经济的影响，建设项目生态经济的评价以及自然资源价值对建设项目评价的影响，论证了建设项目与生态经济对立统一的关系，提出了建设项目环境保护的重要性，建设性的提出了如何进行建设项目中的生态经济效益分析和评价，具有一定的现实意义。     

建设项目全寿命期综合计划体系

建立了建设项目综合计划的工作过程和工作内容。与传统的狭义的项目计划不同，建设项目全寿命期综合计划必须以全寿命期项目目标为主导，以项目的功能建设和运行为核心．包括设计、组织策划、实施方案和实施过程计划、运行策划等，它们之间有复杂的内在联系，具有高度的系统性。     

基于技术生命周期的技术转让评价方法探讨

随着经济的快速发展，业界对技术的重要性认知与获取技术的需求日益增强。技术转让是获取技术的重要方式之一，对技术进行科学的评价是技术转让能否成功的关键。本文探讨了不同技术生命周期阶段的技术转让评价问题，以供参考。