Using system clustering method to group China's provinces into 3 new groups according to their housing prices, then establishing a state-space model and applying the Kalman filter calculation, we made a comparativ...Using system clustering method to group China's provinces into 3 new groups according to their housing prices, then establishing a state-space model and applying the Kalman filter calculation, we made a comparative analysis of the influences of different types of monetary policy instruments towards different regional housing prices. The empirical results show that both the quantitative instruments represented by M2 and the pricing instruments represented by real interest rate have increasing influences on different regional housing prices,but the former influence is much stronger than the latter. The influential differences of quantitative instruments to regional housing prices are much greater. It means the higher the regional housing price is, the greater the influence is. Therefore, the central bank shall optimize the combination of monetary policy instruments according to the above characteristics of different types of monetary policy instruments in order to acquire the regulatory target of real estate market.展开更多
The selection of policy instruments involves policy efficiency and policy effect.Effective settlement of eco-environment problems in the process of industrialization and implementation of active eco-environment protec...The selection of policy instruments involves policy efficiency and policy effect.Effective settlement of eco-environment problems in the process of industrialization and implementation of active eco-environment protection depend on the innovation of policy instruments.In this paper,based on a descriptive analysis of the policy instruments for ecoenvironmental protection of our country,combined with the theoretical analysis and the empirical research on current marketization of eco-environmental protection,the authors indicate that eco-environmental problems originate fi'om the damage of eco-environment and the extemalities of eco-service,and that the market-based policy instruments which are helpful to balance the relationship between fight,responsibility and interest in the eco-service are effective measures to eliminate externalities and protect eco-environment.展开更多
Government interventions to manage and improve trade-offs in social and ecological systems are made through various policy instruments.The conditions of the social ecological system(SES)are a function of the cumulativ...Government interventions to manage and improve trade-offs in social and ecological systems are made through various policy instruments.The conditions of the social ecological system(SES)are a function of the cumulatively implemented policy instruments.Although both policy instruments and social ecological system frameworks have played important roles in theoretical developments in resource management,they have largely been considered in isolation from each other.By including policy instruments into the SES framework,the proposed conceptual model serves as a template to examine how governing takes place by deciphering:1)how the biophysical system has been understood in resource governance;2)how the social system has been set up in resource governance;and 3)how the trade-offbetween dynamic biophysical and social systems has been managed in the governance of SESs.This model can assist identifying any absent,overlapping or contradictory policy instruments in the governance of an SES.展开更多
Through a systematic analysis of China＇s monetary policy instruments adopted between 2001 and 2010, the author argues that raising required reserve ratios （or RRRs） cannot reduce the overall supply of funds, while ...Through a systematic analysis of China＇s monetary policy instruments adopted between 2001 and 2010, the author argues that raising required reserve ratios （or RRRs） cannot reduce the overall supply of funds, while raising the deposit and loan interest rate expands credit. Compared with the above two approaches, controlling incremental loan scale is more effective. During the 12th Five-Year Plan period （2011-2015）, China should improve its monetary policy system in five aspects： the balance sheet structure of The People＇s Bank of China （PBOC）, the intermediary objective and operation instruments, market orientation of the deposit and loan interest rate, ultimate objective of monetary policies and establishment of a systemframeworkforprudent macrofinancial management.展开更多
The impact of environmental regulation on technology innovation is a hot spot in current research where a large number of empirical studies are based on Porter Hypothesis(PH). However, there are still controversies in...The impact of environmental regulation on technology innovation is a hot spot in current research where a large number of empirical studies are based on Porter Hypothesis(PH). However, there are still controversies in academia about the establishment of "weak" and "narrow" versions of PH. Based on the panel data of application for patent of energy conservation and emission reduction(ECER) technology of Chinese city scale during 2008-2014, comprehensive energy price, pollutant emission, etc., mixed regression model and systematic generalized method of moments method were adopted, respectively,to study the impact of market-oriented and command-and-control policy tool on China's ECER technology innovation. The results show that the environmental regulation hindered the technological innovation in the immediate phase; however, it turned out to be positive in the first-lag phase. Hence, the establishment of "weak" PH is time-bounded. The command-and-control policy tool played a more positive role in promoting technological innovation in the first-lag phase than market-oriented policy tool. Therefore, "narrow" PH is not tenable. The reason is that the main participants of China's ECER technology innovation are state-owned companies and public institutions. Regionally speaking, the impact which command-and-control policy tool has on technological innovation at sight was nonsignificant in the eastern, the central, and the western regions of China whilst market-oriented policy tool had a negative effect. And market-oriented policy tool in the central region had strongest negative effect, which would diminish in the eastern region and become weakest in the western region. This was related to regional energy consumption level and the market economic vitality.展开更多
基金the Humanity and Social Science on Youth Foundation of Ministry of Education of China(No.14YJC790152)the Foundation of Shanghai Municipal Education Commission(No.2016-SHNGE-03-ZD)the China Postdoctoral Science Foundation(No.2013M531157)
文摘Using system clustering method to group China's provinces into 3 new groups according to their housing prices, then establishing a state-space model and applying the Kalman filter calculation, we made a comparative analysis of the influences of different types of monetary policy instruments towards different regional housing prices. The empirical results show that both the quantitative instruments represented by M2 and the pricing instruments represented by real interest rate have increasing influences on different regional housing prices,but the former influence is much stronger than the latter. The influential differences of quantitative instruments to regional housing prices are much greater. It means the higher the regional housing price is, the greater the influence is. Therefore, the central bank shall optimize the combination of monetary policy instruments according to the above characteristics of different types of monetary policy instruments in order to acquire the regulatory target of real estate market.
基金Gradual Achievement of the Planning Project funded by the Ministry of Education "Research on Market-based Policy Instruments for Ecological Compensation"(Grant No.11YJA630110)
文摘The selection of policy instruments involves policy efficiency and policy effect.Effective settlement of eco-environment problems in the process of industrialization and implementation of active eco-environment protection depend on the innovation of policy instruments.In this paper,based on a descriptive analysis of the policy instruments for ecoenvironmental protection of our country,combined with the theoretical analysis and the empirical research on current marketization of eco-environmental protection,the authors indicate that eco-environmental problems originate fi'om the damage of eco-environment and the extemalities of eco-service,and that the market-based policy instruments which are helpful to balance the relationship between fight,responsibility and interest in the eco-service are effective measures to eliminate externalities and protect eco-environment.
基金This work was funded by the Commonwealth of Australia under the Australia Awards Scholarship and was partly supported through the Aus-tralian Research Council Future Fellowship Program(FT130100274).
文摘Government interventions to manage and improve trade-offs in social and ecological systems are made through various policy instruments.The conditions of the social ecological system(SES)are a function of the cumulatively implemented policy instruments.Although both policy instruments and social ecological system frameworks have played important roles in theoretical developments in resource management,they have largely been considered in isolation from each other.By including policy instruments into the SES framework,the proposed conceptual model serves as a template to examine how governing takes place by deciphering:1)how the biophysical system has been understood in resource governance;2)how the social system has been set up in resource governance;and 3)how the trade-offbetween dynamic biophysical and social systems has been managed in the governance of SESs.This model can assist identifying any absent,overlapping or contradictory policy instruments in the governance of an SES.
文摘Through a systematic analysis of China＇s monetary policy instruments adopted between 2001 and 2010, the author argues that raising required reserve ratios （or RRRs） cannot reduce the overall supply of funds, while raising the deposit and loan interest rate expands credit. Compared with the above two approaches, controlling incremental loan scale is more effective. During the 12th Five-Year Plan period （2011-2015）, China should improve its monetary policy system in five aspects： the balance sheet structure of The People＇s Bank of China （PBOC）, the intermediary objective and operation instruments, market orientation of the deposit and loan interest rate, ultimate objective of monetary policies and establishment of a systemframeworkforprudent macrofinancial management.
文摘The impact of environmental regulation on technology innovation is a hot spot in current research where a large number of empirical studies are based on Porter Hypothesis(PH). However, there are still controversies in academia about the establishment of "weak" and "narrow" versions of PH. Based on the panel data of application for patent of energy conservation and emission reduction(ECER) technology of Chinese city scale during 2008-2014, comprehensive energy price, pollutant emission, etc., mixed regression model and systematic generalized method of moments method were adopted, respectively,to study the impact of market-oriented and command-and-control policy tool on China's ECER technology innovation. The results show that the environmental regulation hindered the technological innovation in the immediate phase; however, it turned out to be positive in the first-lag phase. Hence, the establishment of "weak" PH is time-bounded. The command-and-control policy tool played a more positive role in promoting technological innovation in the first-lag phase than market-oriented policy tool. Therefore, "narrow" PH is not tenable. The reason is that the main participants of China's ECER technology innovation are state-owned companies and public institutions. Regionally speaking, the impact which command-and-control policy tool has on technological innovation at sight was nonsignificant in the eastern, the central, and the western regions of China whilst market-oriented policy tool had a negative effect. And market-oriented policy tool in the central region had strongest negative effect, which would diminish in the eastern region and become weakest in the western region. This was related to regional energy consumption level and the market economic vitality.
