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Robot Application and Adjustment of Export Product Scope: Can We Have Both Efficiency and Quality? 机器人应用与出口产品范围调整:效率与质量能否兼得?
Pub Date : 2023-07-01 DOI: 10.1515/cfer-2023-0004
Jianhong Qi, Zhitong Zhang
Abstract Based on the matching data of China Industrial Enterprise Database and China Customs Database from 2000 to 2015, this paper examines the influence of robot application (RA) on the export product scope (EPS) of multi-product enterprises (MPEs), the influence channels, and the export competition strategies of these enterprises. The research results show that RA has promoted the expansion of EPS of MPEs, and this promotion effect is prominent especially for the export of labor-intensive products, resource-intensive products and for non-state-owned enterprises (SOEs). The adjustment of EPS by RA not only enhances efficiency through productivity improvement effect and cost-saving effect, but also improves quality through emission-reduction effect and product quality effect, which is very obvious in long-quality-ladder enterprises. The RA-expanded product scope covers both old products and new products manufactured in the same industry. Facing fierce competition in the same industry, robot-using enterprises prefer quality competition strategy, which further promotes the expansion of EPS.
摘要基于2000-2005年中国工业企业数据库和中国海关数据库的匹配数据,研究了机器人应用对多产品企业出口产品范围、影响渠道和出口竞争策略的影响。研究结果表明,RA促进了MPE EPS的扩张,这种促进作用尤其突出,尤其是对劳动密集型产品、资源密集型产品和非国有企业的出口。RA对EPS的调整不仅通过提高生产力和节约成本的效果来提高效率,还通过减排效果和产品质量效果来提高质量,这在长质量阶梯企业中非常明显。RA扩大的产品范围涵盖了同一行业生产的旧产品和新产品。面对激烈的同行业竞争,机器人使用企业更倾向于采用质量竞争战略,这进一步推动了EPS的扩张。
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引用次数: 0
The “Stagflation” Risk and Policy Control: Causes, Governance and Inspirations “滞胀”风险与政策控制:成因、治理与启示
Pub Date : 2023-07-01 DOI: 10.1515/cfer-2023-0003
Zhenxia Wang
Abstract The blend of economic stagnation and inflation is a challenge to the contemporary macroeconomic study. The causes, influence and policy implications of “stagflation” have been academically controversial. This paper starts with the connections between energy crises and stagflation to research the causes of “stagflation” in the 1970s and analyze the realistic impact of energy crises. It then comparatively studies the current economic landscape and the landscape in the 1970s for similarities and differences, digs into the origin of the current macroeconomic situation, and on such basis proposes policy suggestions.
摘要经济停滞与通货膨胀的结合是对当代宏观经济研究的挑战。“滞胀”的原因、影响和政策含义在学术界一直存在争议。本文从能源危机与滞胀的关系入手,研究20世纪70年代“滞胀”的原因,分析能源危机的现实影响。然后比较研究了当前经济形势与20世纪70年代经济形势的异同,挖掘了当前宏观经济形势的根源,并在此基础上提出了政策建议。
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引用次数: 0
Convergence Analysis of Village Collective Economy Based on a Long-Term (1978–2018) Observation of 40 Villages in the Suburbs of Beijing 基于北京郊区40个村长期(1978-2018)观察的农村集体经济趋同分析
Pub Date : 2023-07-01 DOI: 10.1515/cfer-2023-0006
Xueyuan Chen, Yuqing Zhou, Ning Weng
Abstract This paper uses the follow-up survey data of six time points between 1978 and 2018 from 40 fixed observation points in Beijing suburbs by stratified sampling, and makes a long-term observation and analysis of the convergence of village collective economy (VCE). The main findings are as follows. (1) Since the start of reform and opening-up, the gap between villages in terms of total village economic income (TVEI) and total assets of village collectives has obviously widened, and the gap between villages in terms of the number of members of VCE organizations has also widened to a certain extent. (2) There is a big gap in VCE between villages in urban-rural fringe, plain and mountainous areas, and the convergence of “space club” appears. (3) In the early stage of reform and opening up, the VCE development had the opportunity to reshuffle, but from 1998 to 2018, village development showed a trend of “good-medium-poor” hierarchical solidification. Therefore, it is necessary to explore a new path of cross-village joint development, especially to develop and strengthen the township-level collective economy, so as to promote farmers’ common prosperity in rural areas.
摘要本文采用分层抽样的方法,利用北京市郊区40个固定观测点1978 - 2018年6个时间点的跟踪调查数据,对农村集体经济趋同进行了长期观察和分析。主要研究结果如下:(1)改革开放以来,村经济总收入(TVEI)和村集体总资产差距明显扩大,村集体组织成员数量差距也有一定程度的扩大。(2)城乡结合部、平原和山区乡村VCE存在较大差距,出现“空间俱乐部”趋同现象。(3)改革开放初期,乡镇发展有洗牌的机会,但从1998年到2018年,乡镇发展呈现出“优中差”等级固化的趋势。因此,有必要探索跨村共同发展的新路径,特别是发展和加强乡镇集体经济,促进农村农民共同富裕。
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引用次数: 0
Structural Evolution of RMB Exchange Rate Reform: Historical Review, Experience and Prospect 人民币汇率改革的结构演变:历史回顾、经验与展望
Pub Date : 2023-07-01 DOI: 10.1515/cfer-2023-0001
Ming Zhang, Yinmo Chen
Abstract The Renminbi (RMB) exchange rate regime reform has gone through three stages roughly once every decade since 1994. It is a structural evolution through the unification of dual exchange rates, increased fluctuations and central parity rate reform in response to the dynamic macro environment in China and abroad. This paper unpacks leading and supporting reforms for each stage and reviews the effects. The reform has developed historical experience in adopting progressive strategies, avoiding sharp exchange rate fluctuations in the near term, maintaining appropriate capital controls, and guaranteeing the reform through domestic structural reforms. Achieving a free-floating exchange rate will be the ultimate goal, but it will not be made easily in the short run. During the transitional period, it is recommended that an annual target zone for RMB’s effective exchange rate be arranged for the CFETS currency basket, along with necessary capital controls.
自1994年以来,人民币汇率形成机制改革大致每十年经历三个阶段。这是一种结构性演变,通过双重汇率的统一、波动的增加和汇率中间价的改革来应对国内外动态的宏观环境。本文对各阶段的主导改革和配套改革进行了梳理,并对改革效果进行了评价。改革在采取渐进式战略、避免短期内汇率剧烈波动、保持适当的资本管制以及通过国内结构改革保障改革方面积累了历史经验。实现自由浮动汇率将是最终目标,但在短期内不会轻易实现。在过渡期间,建议为CFETS货币篮子安排人民币有效汇率的年度目标区,并进行必要的资本管制。
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引用次数: 0
The Effect of “Pressure-Type” Fiscal Incentives on Industrial Restructuring in China “压力型”财政激励对中国产业结构调整的影响
Pub Date : 2023-07-01 DOI: 10.1515/cfer-2023-0005
Liying Song, An-lu Zhang
Abstract The optimization and upgrading of industrial structure is the driving force to build a new development pattern and improve the quality and efficiency of economic development. China’s “pressure-type” fiscal incentives (PTFIs) are an important perspective from which the law of industrial structure change can be analyzed. Based on the dynamic panel data of 285 cities in China and the behavioral characteristics of local governments, this paper explores the effects of PTFIs on industrial restructuring using the GMM estimation method. It is found that PTFIs are conducive to improving the “quantity” of industrial structure upgrading (ISU), but not conducive to improving the “quality” of ISU or the rationalization of industrial structure (RIS). Mechanism identification reveals that, with PTFIs, local governments influence industrial restructuring mainly by “expanding financial resources with land” (EFRWL) and increasing the intensity of tax collection and management (ITCM). Further discussion reveals that a higher degree of fiscal decentralization and environmental regulation can effectively alleviate the negative impact of PTFIs on industrial restructuring. Accordingly, this paper puts forward some policy recommendations to promote the balanced development of industrial structure, such as improving the institutional conditions and standardizing the behavior of local governments.
摘要产业结构优化升级是构建新发展格局、提高经济发展质量和效益的动力。中国的“压力型”财政激励是分析产业结构变化规律的重要视角。基于中国285个城市的动态面板数据和地方政府的行为特征,运用GMM估计方法探讨了PTFI对产业结构调整的影响。研究发现,PTFI有利于提高产业结构升级(ISU)的“数量”,但不利于提高ISU的“质量”或产业结构合理化(RIS)。机制识别表明,地方政府对产业结构调整的影响主要表现为“以地扩财力”(EFRWL)和加大税收征管力度(ITCM)。进一步的讨论表明,更高程度的财政分权和环境监管可以有效缓解私人金融机构对产业结构调整的负面影响。据此,本文提出了改善制度条件、规范地方政府行为等促进产业结构均衡发展的政策建议。
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引用次数: 0
A Study of Coordinating China’s Two-Pillar Regulatory Policy under the Shock of the Fed’s Interest Rate Hike—From the Perspective of “Stable Growth” and “Risk Prevention” 美联储加息冲击下中国双支柱调控政策协调研究——基于“稳增长”与“防风险”的视角
Pub Date : 2023-07-01 DOI: 10.1515/cfer-2023-0002
Yuhuan Yi, Min Pan
Abstract Domestic asset price fluctuations triggered by the impact of the Fed’s interest rate hike may lead to a spiral of mutual feedback between fluctuations in real economy and systematic risks of the financial sector. By constructing a DSGE model of small-scale open economy including cross-border capital flows and supply-demand financial frictions, this paper describes the negative feedback mechanism formed by the interplay between domestic real-economy fluctuations and financial risks on both supply and demand sides under the impact of Fed’s interest rate hike, and studies how to coordinate monetary policy and macroprudential policies under the goals of maintaining stable growth and preventing risks.
受美联储加息影响引发的国内资产价格波动,可能导致实体经济波动与金融系统风险之间形成螺旋式的相互反馈。本文通过构建包含跨境资本流动和供需金融摩擦的小规模开放经济DSGE模型,描述在美联储加息的影响下,国内实体经济波动与供给侧和需求侧金融风险相互作用形成的负反馈机制,研究在稳增长、防风险的目标下,货币政策与宏观审慎政策如何协调。
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引用次数: 0
Emission Reduction Investment, Technology Choice and Business Environmental Performance: Evidence from China’s Foreign Investment Liberalization Reform 减排投资、技术选择与企业环境绩效——来自中国外商投资自由化改革的证据
Pub Date : 2022-12-01 DOI: 10.1515/cfer-2022-0024
Chaohua Han, Zhen Wang
Abstract Pollution has become an unavoidable concern as China’s high-quality development is underway. How to reduce pollution is an imperative issue for China to address. Pollution emissions are closely related to factor inputs, production processes and pollution control measures. Are there other forces to cut emissions besides regulatory control? Taking sulfur dioxide as an example, this paper probes into the potential mechanism through which technical efficiency drives pollution reduction in the context of opening to foreign investment. The results reveal that the openness to foreign investment remarkably lowers pollution emissions of firms, with SOEs, large firms and exporters seeing more pronounced pollution reduction effect after opening to foreign investment, while firms in pollution-intensive industries and less regulated areas are weaker in pollution reduction. A look into firm behavior suggests that the openness to foreign investment reduces pollutant emissions by improving technical efficiency rather than by raising investment in pollution control. The pollution reduction effect resulting from the openness is reflected in the improvement of intra-firm emission reduction capacity instead of inter-firm resource reallocation effect, according to an analysis at the aggregate level. This paper concludes that technical efficiency gains are an important tool to advance pollution reduction, and that China must be more flexible in leveraging the pollution reduction effect of other policies regarding technical efficiency to drive its high-quality development that is green.
摘要随着中国高质量发展的推进,污染已成为一个不可避免的问题。如何减少污染是中国迫切需要解决的问题。污染排放与要素投入、生产过程和污染控制措施密切相关。除了监管控制之外,还有其他减排力量吗?以二氧化硫为例,探讨了在对外投资开放的背景下,技术效率驱动污染减排的潜在机制。结果表明,外商投资开放显著降低了企业的污染排放,国有企业、大型企业和出口商在外商投资开放后的污染减排效果更为显著,而污染密集型行业和监管较少地区的企业在污染减排方面较弱。对企业行为的调查表明,对外国投资的开放通过提高技术效率而不是通过增加污染控制投资来减少污染物排放。根据总量层面的分析,开放带来的减污效应体现为企业内部减排能力的提高,而不是企业间资源的再分配效应。本文认为,技术效率收益是推进减污的重要工具,中国必须更加灵活地利用其他技术效率政策的减污效果,推动其绿色高质量发展。
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引用次数: 0
Financial Pressure, Energy Consumption and Carbon Emissions: A Quasi-Natural Experiment Based on the Educational Authority Reform 财政压力、能源消耗与碳排放——基于教育体制改革的准自然实验
Pub Date : 2022-12-01 DOI: 10.1515/cfer-2022-0022
Entao Ma, Xuan Yang
Abstract At present, China is in the period of large-scale tax and fee cuts and external pandemic shocks. Local governments’ financial pressure has intensified. There is a lack of existing studies on how it will affect local carbon emissions. This paper uses the quasi-natural experiment of the 2010 educational authority reform to measure exogenous changes in financial pressure. It adopts the continuous double differential method to empirically investigate the impact of local financial pressure on carbon emissions. The results of the paper are as follows. First, the financial pressure generated by the educational authority reform has significantly increased local carbon emission intensity. This indicates that local governments will address carbon emissions in other ways when they feel financial pressure. Second, to ease financial pressure, local governments will regulate high energy-consuming enterprises and utilize their high production value and strong tax-generating ability to scale up their production capacity and obtain more tax revenues, which will lead to a large amount of carbon emissions. This study is of important reference significance for how to deal with financial pressure from now on and how to well handle the relationship between local finance and carbon emissions.
摘要当前,中国正处于大规模减税降费和外部疫情冲击时期。地方政府的财政压力加剧了。目前缺乏关于它将如何影响当地碳排放的研究。本文采用2010年教育体制改革的准自然实验来衡量财政压力的外生变化。采用连续双微分方法实证研究了地方财政压力对碳排放的影响。本文的研究结果如下。首先,教育机构改革产生的财政压力显著增加了当地的碳排放强度。这表明,当地方政府感到财政压力时,他们将以其他方式解决碳排放问题。第二,为了缓解财政压力,地方政府将对高耗能企业进行监管,利用其高产值和强大的税收能力来扩大产能,获得更多的税收,这将导致大量的碳排放。本研究对今后如何应对财政压力、如何处理好地方财政与碳排放的关系具有重要的参考意义。
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引用次数: 3
Study on Cleaner Production Subsidies, Income Distribution Imbalance and Carbon Emissions Permit Reallocation Mechanism 清洁生产补贴、收入分配失衡与碳排放许可再分配机制研究
Pub Date : 2022-12-01 DOI: 10.1515/cfer-2022-0023
Qingquan Fan, Jingran Liu, Jingda Wang
Abstract The allocation mechanism for carbon emissions permit(CEP) is an institutional guarantee for advancing the development of China’s unified carbon trading market. The initial allocation of carbon quotas fails to solve new inequalities stemming from subsidizing cleaner production. This paper constructs a theoretical framework that describes China’s progressive decline in carbon intensity, calculates the equilibrium solution on the neoclassical saddle point path using the shooting method, and studies the income distribution imbalance caused by cleaner production subsidies and the reallocation mechanism of carbon emissions permit The main conclusion is that the incremental cleaner production subsidy policy meets the goal of maximizing welfare on the saddle point path, but it may lead to over-investment in the clean sector, thus causing the income distribution imbalance among entities. Further research suggests that the amount of carbon emissions permit acquired by the clean sector should be higher than the actual emissions in the trading market and that, as the cleaner support increases, the share of carbon emissions permit acquired by the sector should be constantly increased through reallocation mechanism. This helps achieve the Pareto improvement in all parties’ economic benefits.
摘要碳排放许可证分配机制是推进中国统一碳交易市场发展的制度保障。碳配额的最初分配未能解决因补贴清洁生产而产生的新的不平等问题。本文构建了一个描述中国碳强度逐步下降的理论框架,并研究了清洁生产补贴造成的收入分配失衡和碳排放许可证的再分配机制。主要结论是,增量清洁生产补贴政策满足了鞍点路径上福利最大化的目标,但可能导致对清洁部门的过度投资,从而造成实体间收入分配不平衡。进一步的研究表明,清洁部门获得的碳排放许可证数量应高于交易市场的实际排放量,随着清洁支持的增加,该部门获得的二氧化碳排放许可证份额应通过再分配机制不断增加。这有助于实现各方经济效益的帕累托改善。
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引用次数: 0
China’s High-Quality Economic Growth in the Process of Carbon Neutrality 碳中和过程中的中国高质量经济增长
Pub Date : 2022-12-01 DOI: 10.1515/cfer-2022-0020
Boqiang Lin
Abstract China has the largest energy system in the world, with fossil energy accounting for 84%. The carbon neutrality target calls for peaking carbon emissions by 2030 and achieving net zero carbon emissions by 2060. By then, the non-fossil energy will account for over 80% of China’s energy mix. Based on China’s national conditions, this paper makes scenario analysis of carbon peaking in 2030. The results of this paper indicate that the peak values of carbon emission in 2030 depends on both the development of clean energy and the growth of energy power demand. Therefore, the growth rate of the two should be balanced to control the peak carbon emission. High-quality economic growth in China in the context of carbon neutrality requires “double decoupling”, namely, decoupling GDP from the consumption of fossil energy and the growth of energy power demand as much as possible. To this end, this paper proposes a systematic solution considering both the demand and supply sides, with market-oriented measures that are workable for it. Ensuring the safe and stable supply of energy (power) is the basic principle of clean and low-carbon economic transformation, as well as a major challenge for energy system transformation. Therefore, it is necessary to develop a path for coal power decommissioning and low-carbon transformation in line with China’s national conditions.
摘要中国拥有世界上最大的能源系统,化石能源占84%。碳中和目标要求到2030年达到碳排放峰值,到2060年实现净零碳排放。到那时,非化石能源将占中国能源结构的80%以上。本文结合中国国情,对2030年碳达峰进行情景分析。研究结果表明,2030年碳排放峰值取决于清洁能源的发展和能源电力需求的增长。因此,应平衡两者的增长速度,以控制碳排放峰值。碳中和背景下的中国经济高质量增长需要“双脱钩”,即GDP与化石能源消费和能源电力需求增长尽可能脱钩。为此,本文提出了一个兼顾需求和供给的系统解决方案,并提出了可行的市场化措施。确保能源(电力)安全稳定供应是清洁低碳经济转型的基本原则,也是能源系统转型的重大挑战。因此,有必要制定一条符合中国国情的煤电退役和低碳转型路径。
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引用次数: 14
期刊
China Finance and Economic Review
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