马光荣， 樊纲， 杨恩艳， 潘彬——《管理世界》：中国的企业经营环境：差异、变迁与影响
Zhang， C., Y. Zhu, Z. Lu——Journal of International Money and Finance: Trade openness, financial openness, and financial development in China
This paper investigates the impact of trade and financial openness on financial development in China. We use three sets of indicators of financial development to distinguish size, efficiency and competition as aspects of financial development. The empirical results, using dynamic panel estimation techniques, suggest that both trade and financial openness are statistically significant determinants of financial efficiency and competition, but that openness has a negative impact on the size of financial development. Our results also suggest that the marginal effects of openness on financial efficiency and competition are positive for the most open provinces but negative for the least open regions, while the marginal effects of openness on the size of financial development are generally negative for most provinces in the sample. The results reflect a mismatch problem between the distribution in the types of trading companies and the distribution of financial resources, and also indicate that local incumbents may be strong impediments to financial development in China.
This paper investigates the impact of trade and financial openness on financial development in China. We use three sets of indicators of financial development to distinguish...[点击详情]2015-12-23
Li, S., J. Zhang, Y. Ma——Sustainability: Financial Development, Environmental Quality and Economic Growth
In this study, the relationships between financial development, environmental quality and economic growth are studied based on data from 102 countries over the period 1980–2010 using the generalized method of moments (GMM) estimation. The econometric results show the following three basic conclusions: First, both financial development and environmental quality have a significant impact on economic growth and should be included in the production function of the economic growth model as important variables. Second, there is a significant and robust "inverted U-shaped" relationship between financial development and economic growth; with the improvement of the level of financial development, economic growth would first increase and then decrease, which is consistent with the results of previous studies. Third, there is also a significant and robust "inverted U-shaped" relationship between economic growth and carbon emissions, indicating that there exists a "critical point" at which achieving economic growth comes at the expense of environmental quality, and after passing the critical point, the deterioration of environmental quality will lead to a significant slowdown in economic growth. In addition, the econometric analysis in this paper also shows that there was a mutually promoting and strengthening relationship between financial development and environmental quality. Specifically, the degree of financial development can further strengthen the promoting effect of environmental quality on economic growth; meanwhile, an improvement in environmental quality can also strengthen the promoting effect of financial development on economic growth. Financial development and environmental quality could influence economic growth through strengthening the marginal product effects of capital and labor, which further indicates the that both financial and environmental factors play an important role in modern economic development.
In this study, the relationships between financial development, environmental quality and economic growth are studied based on data from 102 countries over the period 1980...[点击详情]2015-12-15
Ma, Y.——China Economic Review: Financial Openness, Financial Frictions, and Macroeconomic Fluctuations in Emerging Market Economies
This article develops an open economy DSGE model which takes into account the effects of financial openness and the associated financial frictions on macroeconomic fluctuations by introducing a modified version of interest parity. Evidence from the Chinese economy shows that the model provides a reasonable description of China'sfinancial openness and financial frictions during the sample period. Further evidence from comparative analysis shows that in most cases an increase in financial openness, usually accompanied by a decrease in financial frictions, leads to flatter volatility patterns with respect to domestic shocks but sharper volatility patterns in the presence of foreign shocks.
This article develops an open economy DSGE model which takes into account the effects of financial openness and the associated financial frictions on macroeconomic fluctua...[点击详情]2015-12-15
Meng, Q., J. Xue——Economics Letters: Balanced-budget consumption taxes and aggregate stability in a small open economy
In a small open economy facing a perfect world capital market, this paper shows that if the government follows a balanced-budget fiscal policy based on endogenous consumption tax rates, then the steady state is saddle-path stable and hence beliefs-driven aggregate instability can be ruled out. This result is in contrast to those obtained in some closed economy models, and it suggests that unrestricted world capital mobility can help stabilize the economy under the balanced-budget fiscal policy based on consumption taxation.
In a small open economy facing a perfect world capital market, this paper shows that if the government follows a balanced-budget fiscal policy based on endogenous consumptio...[点击详情]2015-12-06
Su, C., H. Chang, C. Zhang——Journal of International Trade& Eonomic Development: Nonlinear Taylor rules in Central Eastern European countries
This study applies sequential panel selection method (SPSM), proposed by Chortareas and Kapetanios (2009), to investigate to test the validity of Taylor rules to assess the nonstationary properties of the convergence of the real exchange rates for 10 Central Eastern European countries. The SPSM can be used to decompose a panel of real exchange rate series into two groups: a group of stationary series and a group of nonstationary series. We identify the stationary processes in the panel and demonstrate that Taylor rules holds for 7 of the 10 countries studied. These results imply that the choices and effectiveness of the monetary policies in Central Eastern European economies are highly influenced by external factors originating from the United States. Additionally, our findings highlight that their real exchange rate convergence is a mean reversion toward equilibrium values of Taylor rules in a nonlinear manner.
This study applies sequential panel selection method (SPSM), proposed by Chortareas and Kapetanios (2009), to investigate to test the validity of Taylor rules to assess the ...[点击详情]2015-12-03
Liu, Y., H. Feng——Public Choice: Tax Structure and Corruption
The determinants of corruption have long been an important subject for research in the elds of economics and political science. The literature has identi ed a wide range of factors that cause corruption; however, little research has been done on how the design of government policy in uences corruption. We advance a new factor, the tax structure being measured as both tax mix and tax complexity, as another potential cause of corruption, and present strong supporting evidence by using a large sample of countries over the period 1995-2009. Our ndings indicate that: (1) countries relying more heavily on direct taxes tend to enjoy a lower level of corruption, as opposed to countries with higher reliance on indirect taxes; and (2) countries with more complex tax systems tend to have a higher level of corruption, as opposed to countries with less complex tax systems. These results are robust across alternative measures of corruption and tax structure, and alternative estimations with and without correcting the potential endogeneity issue of the tax structure variables.
The determinants of corruption have long been an important subject for research in the elds of economics and political science. The literature has identi ed a wide range of ...[点击详情]2015-12-01
Rupasingha, A., Y. Liu, M. Partridge——American Journal of Agricultural Economics: Rural Rebound: Determinants of Metro to Non-metro Migration in the U.S.
A general global precept is that agglomeration forces lead to migration from rural to urban areas. Yet, for much of the period since the early 1970s, more people moved from metro to nonmetro U.S. counties. The underlying causes of this pattern have changed over time with economic shocks and changing household preferences. For instance, the post 2000 period has seen a significant decline in domestic migration rates, significant increase in commodity prices that favor rural areas, and potential changes in the valuation of natural amenities that would affect migration. This study investigates the determinants of U.S. gross migration from metro to nonmetro counties and nonmetro to metro counties for the 1995-2000 and 2005-2009 periods in order to compare the differences in rural to urban and urban to rural migration as well as compare the 1990s to the 2005 to 2009 periods. The paper uses (1) extensive county-to-county migration flows and (2) uses the utility maximization theory that extends the framework of discrete choice model. The results show that population density, distance to urban areas, industry mix employment growth, natural amenities, and percent of older people are key factors underlying these migration patterns. We also find a slight fading of effects of natural amenities and population density and slight increase in the effects of wage and employment growth during 2005 to 2009 period.
A general global precept is that agglomeration forces lead to migration from rural to urban areas. Yet, for much of the period since the early 1970s, more people moved from ...[点击详情]2015-12-01