An Estimate on the Casual Relation between Financial Development and Economic Growth

This paper firstly discusses the relationship among money,real interest rate and economic growth of China. Then estimates the causality between financial development and economic growth by Bivariate Granger Casual Relation Test. The conclusion suggests that economic growth stimulate financial development more in China.     

An Empirical Study on the Relationship between Economic Growth and Financial Development

This paper discusses the relationship between financial development and economic growth. Some essential Chinese macroeconomic datum during late twenty years which include Gross Domestic Product (GDP) of the whole economy,state and private sectors,investment in fixed Assets,financial relative rate and real interest rate estimated in a multivariate vector auto regression (VAR) framework. The estimates suggest that financial development boosts GDP growth, and it does not exist in reverse.     

基于三阶段DEA的中国马铃薯主产区生产效率分析

为了解中国马铃薯主产区马铃薯生产技术效率,本文运用DEA三阶段模型对2012年中国14个马铃薯主产省的马铃薯产业进行了排除环境变量和统计噪音影响的技术效率分析。结果表明：马铃薯生产率受到了各地经济发展水平、商品率、受灾率等环境变量和随机变量的影响;在同等环境和运气的条件下,各马铃薯主产省的纯技术效率差异相对较小,均处于较高水平;规模效率差异较大,整体水平不高;规模效率成为了制约马铃薯技术效率的瓶颈。由此得出结论,要提高中国马铃薯生产技术效率应从生产规模和宏观环境2个方面入手。     

Economic Analysis of the Financial Supporting Policy in the Economic Development Zones

This paper makes an economic analysis of the Financial Supporting Policy to invite outside investments in the Economic Development Zones(EDZs),deduces the formula of the optimal ratio of the quantity of financial support to the local financial income and draws figures of the curve.The EDZs should consider the effectiveness of financial subsidy before they use this policy;technical progress is the precondition of subsidy.The Financial Supporting Policy should first help those industries that can promote local economic growth best get subsidy.Under the conditions of low initial economic level and subsidy combining with other preferred policies,the ratio of financial subsidy should reduce;properly by prolonging the time limit and the EDZs' paying more attention to long-run objection lead to lower subsidy ratio.     

Discussion on Establishment and Developmentof Policy Housing Financial System in China's Cities

China has a large population of 1.2 billion.To solve the housing problem of middle_low income families and realize a condition,under which people can live in peace and work contentedly,a policy housing financial system(PHFS)with Chinese characteristics must be established.PHFS is a special financial area.The combination of financial relationships,forms and methods related to the purchase,construction or rehabilitation of housing for middle_low income families,is the core of policy housing financial system.It has real meaning for studying theory and practice of PHFS,its role in development of housing industry,and promoting economic growth of the country,civilization and progress of the society.     

Regional economic resilience of resource-based cities and influential factors during economic crises in China

Resource-based cities (RBCs) whose economies depend primarily on exploiting and processing natural resources usually have rigid, singular, and low-end industrial structures, which often cripples their ability to cope with external disturbances such as international resource price fluctuations and economic downturns. This paper quantitatively analyzes the economic resilience of RBCs in China in terms of resistance and recoverability during the Asian financial crisis and the global financial crisis. Furthermore, it identifies the main factors affecting resilience. There are four main findings: First, RBCs were quickly and negatively impacted by the Asian financial crisis, which suggests that economic resistance was generally low during this period. In the recovery period, while the rate of recovery was slow at the beginning, economic recoverability improved after 2002. Economic resistance and recoverability were found to have a strong negative correlation. Second, at the beginning of the global financial crisis, the economic resistance of RBCs was generally high. However, after 2012, the number of cities that were severely affected by the economic crisis increased rapidly. Third, economic resistance varied across different types of RBCs. Coal-based and forestry-based cities had lower economic resistance, while oil & gas-based cities were more resistant. RBCs in the Eastern region generally had low economic resistance, while the economic resilience of recessionary cities was also low. Finally, while factors affecting the economic resilience varied across the two economic cycles, we found that economic development, labor conditions and, most of all, the industrial structure had a statistically significant negative effect on economic resilience.     

互联网+背景下农村金融发展对城乡收入差距影响的实证分析——-以宁夏地区为例

摘要： 为解决城乡收入差距的问题,基于农村金融发展对城乡收入差距的影响研究,以宁夏地区为例,分析农村金融发展对城乡收入差距的影响。选择4种方法,对宁夏地区农村金融发展和城乡收入差距之间的关系进行实证分析。得出金融运转效能对于城乡所得差异的支撑率最大至近5%,而农村金融运转体量对于城乡所得差异的支撑率相对降低,最高达到1.29%。在其他控制变量中,大约有0~4.5%的波动可以由城市化水平解释,财政支农支出可以解释0~3.5%的波动。说明短时间内农村金融运转体量与金融运转效能的升高会减小城乡所得差异,长时间内城乡所得差异表现为波动性,而城市化指标、财政支出指标、农村特定财产投入在短期内可以缩小城乡收入差距,如果长期受到这些因素的影响,则会产生更加重要的作用。结合以上分析结果,提出完善宁夏农村金融体系、完善农村金融流动机制、加大政策性金融支农的对策建议。     

The Regional Impact of Monetary Policy in Indonesia

This paper employs vector autoregressive (VAR) models to measure the impact of monetary policy shocks on regional output in Indonesia. We find substantial cross‐regional variation in policy responses in terms of both magnitude as well as timing. Our work adds to the existing literature by providing insights from a large developing country, viz. Indonesia, where monetary policy has both a national and a regional dimension. The results support previous findings that the differential regional effects of monetary policy are significantly related to sectoral composition (especially the share of manufacturing), providing evidence for the relevance of the interest rate channel of monetary policy. We also find that firm size contributes to these differences, providing evidence for the importance of the credit channel. As a whole, both types of channels appear to operate simultaneously in the decentralized Indonesian monetary policy and to impact on the real part of the regional economy.     

Theory On Internal Control In The Real Estate Enterprise

Whether the international economic and financial environment pressure or domestic economy grows dynamical inadequacy suggests that the economy may enter a downward cycle in 2012. Policy is still the most important factor which will determine the trend of the real estate market. In the face of tighter monetary environment, limiting the purchase, credit limit, limit and strict regulation of real estate and the rapid growth of the low-income housing supply, housing price quantity fall into a downward trend, market situation is complex and severe. Strengthening the construction of internal control in the real estate enterprise is effective means to manage enterprise strictly, innovate in management, improve management efficiency ,prevent various risks, achieve business objectives and goals .Through the internal control principle in the real estate and the necessity of analysis , the paper presents the main control measures in the real estate development process.     

Dilemma and Choice: Consideration of the Real- estate Guaranty Company in China

With the implementation of the policy for house monetarization,the real-estate guaranty company develops quickly in our country.However,there exist many problems as it is a newly emerged thing in financial system of real estate.The problems are as follows: the estate security company is defined as a medium agency in legislature,which does not conform to its feature as financial business;the local restrictions will cause the decrease of credit,weakness in risk-taking capacity and supervision of the company.Such predicament hinders the development of the guaranty company seriously.In order to resolve these problems, the crucial way is to clarify the status of the guaranty company as a non-bank financial institution,and to set up a national guaranty company to offer official security to the people of low income and enhance internal and external supervision.Only through these steps can we realize the functions of the guaranty company for real estate and give full play of its potential function.     

黑龙江省农村金融资源配置效率实证分析

金融发展理论认为,金融市场的发展能够提高资本配置效率,进而推动经济增长。在市场经济条件下,随着金融资源配置效率的提高,金融资源配置的合理化与优化对农村经济的支持与推动作用日趋明显,并在一定程度上决定着农村经济发展的速度和效率。论文运用Jeffrey Wurgle模型,采用单位根检验、协整检验和Granger 因果检验等方法,对黑龙江省农村资源配置效率进行实证研究。结果表明,农村资源配置配置效率较低,农业贷款没有带动农业增加值的增长,财政支农也没有拉动农业总产值的增长。据此讨论黑龙江省农村金融资源配置效率低下的成因,提出相应的对策建议,这对于加强黑龙江省的宏观经济调控,促进农村经济持续协调发展具有重要的现实意义。     

黄河下游滩地林鸡复合经营模式经济效益研究

为更好利用和保护滩地生态系统,实现滩地区域生态安全与经济可持续发展。尝试将家禽养殖业和林业有机的结合起来,发展林禽复合产业。2006年在长垣县黄河滩地进行林鸡复合养殖,设置4个放养水平（每100 m2林地投放5只（散养）、9只（散养）、13只（散养）、30只（舍养））,结果表明：林地内1年可养三季鸡,鸡子系统的加入使系统资金流动加快,循环周期及投资回收期缩短,可在短期内见效益,比单纯种植杨树见效快。采用林下放养的方式,鸡的体质好肉品优、价格较高、收益较多。因此,应加强农林复合系统中的次级生产以获得较高经济效益。4个放养水平鸡子系统的经济产投比分别1.69、1.62、1.21、0.15,可见放养密度与产投比呈负相关。林鸡复合经营模式,为滩地的保护、开发利用提供一个新的思路。     

Institutions and local growth coalitions in China's urban land reform: The case of Hangzhou High‐Technology Zone

Abstract: China's urban land reform is a gradualist process of transforming a planned land allocation system to an open land market system, while the ownership of the land remains under the control of the state. This process defines the relationships between local government and emerging non‐public interest groups in the land development process. These issues can be most clearly seen in the State‐Approved Development Zones, where municipalities have been encouraged to promote economic development and test out land policy initiatives. Using the institutionalist and urban growth machine analytical approaches to land development processes, this study examines the operation of development processes and the role of local government and its relationship with other interest groups. By employing a case study research strategy, focused upon the Hangzhou High‐Technology Zone, the study uncovered a local government‐led growth coalition which featured participation by other interest groups and revealed the applicability and variations when applying two strands of theories to a socialist economy in transition. Besides the land reform policy implications drawn from the case study evidence, the study concludes that the presence of interest groups and the missing community organisations unique to China give new theoretical implications and that both theories work much better with the economic domain than with the political domain largely because of a lagged political reform.     

浙江财政支农分析与规模优化

农业和农村经济的发展离不开资金的支持,财政对农业的投入是“三农”发展的重要资金来源。文章利用大量的统计数据分析了浙江随着经济社会的发展,财政收入的不断增加,政府对农业的投入规模呈增长趋势,但财政支农水平还处于低水平,总量不足,因此合理确定财政支农规模具有重要的现实意义和经济意义。本文结合经济数量模型,探讨了浙江财政对农业支出的合理规模。     

Effect of Main Parameters on Cutting of the Pulsed Abrasive Water Jet

The relationship between abrasive concentration, length of oscillating chamber, standoff distance and cutting depth, erosion rate as well as cutting specific energy was investigated by experiments in the submerge and surface conditions. The cutting and erosion capabilities of the pre-mixed abrasive water jet and the pulsed abrasive water jet were analyzed in contrast. It is shown that the maximum cutting depth and erosion rate of the pulsed abrasive water jet are respectively 1.67,1.72 and 1.39, 1.47 than the pre-mixed abrasive water jet in submerge and surface conditions. These results attained from the research are useful to increase the cutting efficiency, decrease the energy ratio and expand the application domains of the abrasive water jet.     

Monetary policy and regional economic performance in Mexico: A structural panel VAR approach

The aim of this article is to investigate the dynamic effects of monetary policy shocks on economic activity and aggregate price levels across Mexican states. To do this, a recursive structural panel VAR model is implemented as proposed by Pedroni which allows for regional heterogeneity and structural identifying restrictions of common monetary policy shocks. Empirical evidence suggests a common monetary policy shock to short‐term interest rates induces significant cross‐state variation in prices and output level responses. Additional analysis indicates that structural features, such as the industry mix and the small versus large firm mix, are possible sources of the observed cross‐state variation influenced by interest rates and credit channels. We conclude that the observed differentiated regional impacts are sufficiently important to justify rethinking Mexico's current monetary policy framework in order to explicitly consider a regional view.     

The Influence of Interest RateReduction on the Real Estates

The fluctuation of interest rate may affect the market of real estate.In Oct. l997,the central bank declared the interest rate reduction.This will promote the investment in the field of real estate,on the other hand,the developers' interest burden will be reduced as well.Thus,the cost of building will be declined and its price also will fall.At present,if we want to stir the real estate market,the overstocked buildings must be sold .The decline of interest rate makes the goal possible to reach.     

City economic development,housing availability,and migrants' settlement intentions: Evidence from China

The slow growth of the permanently settled migrants in host cities poses new challenges for the sustainability of China's future urbanization. Given the growing importance of homeownership, this paper clarifies migrants' settlement intentions into three mutually exclusive patterns, including de facto permanent settlement intention through homeownership, long-term temporary settlement intention and short-term temporary settlement intention. Based on matched micro- and macro-level data, this paper examines the influence of city economic development and housing prices on these three patterns. The results suggest that economic development exhibits an attractive effect on migrants' settlement intentions for both earning money and for making a life while housing price weakens rural migrants' de facto permanent settlement intention. We also highlight the effect of the Housing Provident Fund (HPF), the most important housing financial policy in China, on settlement intention, and the results suggest that the HPF serves as an option to help migrants achieve permanent settlement through housing availability. The findings can explain the mixed results of previous research and provide policy references for sustainable urbanization in China.     

The threshold effect of the efficiency of science and technological services on regional environmental governance in China

Through panel data for every province in China from 2006 to 2016, this paper studies the impact of the efficiency of science and technological services and the level of economic development on environmental governance, with the efficiency of science and technological services as the threshold variables. The results of the research indicate that the efficiency of science and technological services in China's provinces is low, while the regional gap is expanding. When the efficiency of science and technological services is the threshold variable, single threshold results are significant. When the efficiency of science and technological services is the threshold variable and when the efficiency of science and technological services is lower than the threshold value, there is a significant impact on environmental governance. If the efficiency of science and technological services crosses the threshold value, the impact of science and technological service efficiency on environmental governance becomes insignificant. For the level of economic development, it is a core explanatory variable and has a significant impact on environmental governance only when the efficiency of science and technological services is below the threshold value. According to the empirical results, this paper proposes corresponding countermeasures and suggestions.     

Expanding Access to the Secondary Mortgage Markets: The Role of Central City Lending Goals

Access to credit in lower-income communities has become an increasingly central public policy issue in financial sector regulation over the past five years. One important reform was the establishment of purchasing goals for the government-sponsored secondary mortgage markets (Fannie Mae and Freddie Mac) in 1992. This paper examines the central city lending goal, using the St. Louis MSA as a case study. Census tracts are clustered according to five variables argued to impede secondary market purchases of home loans in some neighborhoods. Borrower characteristics and lending patterns are compared across the clusters of tracts, and across central city and suburban tracts. Clustered tracts are found to be more strongly related to a set of key lending variables than are tracts divided according to central city/ suburban boundaries. The paper concludes that targeting affirmative lending requirements on the basis of neighborhood characteristics rather than political or statistical divisions may provide a more appropriate framework for efforts to expand access to credit. However, the analysis of spatial differences in lending patterns raises a number of questions that require further research.