Pakistan has been suffering from a chronic deficit in the current account for many decades. Current account deficit strengthens the foreign currency against the home currency which makes imports of good and services m...Pakistan has been suffering from a chronic deficit in the current account for many decades. Current account deficit strengthens the foreign currency against the home currency which makes imports of good and services more expensive as compared to exports and causes devaluation of home currency. The main objective of this paper is to find out how the current account deficit is influenced by different economic factors. Our regression model’s estimated results indicate that the percentage change in the volume of imports, foreign direct investments and total consumption are positively correlated and, on the other hand, exports, workers remittance, growth in agriculture and manufacturing are negatively correlated with the current account balance of Pakistan during the observed period 1972-2001.展开更多
It was approved by the State Council in I984 to establish economicand technological development zones in 14 coastal port cities tofunction as windows for those cities to attract foreign investment,introduce advanced t...It was approved by the State Council in I984 to establish economicand technological development zones in 14 coastal port cities tofunction as windows for those cities to attract foreign investment,introduce advanced technology and management methods andexpand the export-oriented economy.Since 1992,18 other developmentzones have been approved by the Council,increasing the number ofsuch zones to 32.展开更多
Background: While public municipal hospitals in Japan are supported by public financing and are less likely to fail than private hospitals, more than half are in financial deficit. Hospitals running at a deficit may h...Background: While public municipal hospitals in Japan are supported by public financing and are less likely to fail than private hospitals, more than half are in financial deficit. Hospitals running at a deficit may have poorer outcomes and less investment in maintenance of human or physical capital, as well as increased rates of patient adverse events. We sought to clarify the relationship between municipal hospital surpluses or deficits and salary expenditures. Methods: We extracted financial data for 253 general hospitals of 300 beds or more from financial statements for the 2013 fiscal year available in the Yearbook of Public Firms, Edition for Hospital. From these data, we calculated account balance ratios and compared the average value of the ratio of labor to the output (salary ratio) for each group using analysis of variance (ANOVA). Results: The salary ratios of hospitals in the surplus group were significantly lower than the salary ratios of hospitals in the deficit group (55.5% vs. 49.4%;p p = 0.342). In the surplus group, the average value of salary ratios was different among the three-bed count groups (mean salary ratio: 53.0% vs. 48.5% vs. 47.4%;ANOVA p = 0.012). In addition, there was a significant difference in mean value between the 300-bed group and ≥500 beds group (mean salary ratio: 53.0% vs. 47.4%;p = 0.002). Conclusion: This study suggests that maintaining a favorable salary ratio to the current account balance is a useful proxy of fiscal health, and interventions to improve the salary ratio may be effective in improving municipal hospital management. Furthermore, among well-managed municipal hospitals, larger hospital size may confer some advantage in purchasing power.展开更多
China's current account surplus declined significantly from its peak of nearly 10 percentof GDP in 2007 to less than 1 percent in 2018.The new pattern offered fresh evidencefor our understanding of China's cur...China's current account surplus declined significantly from its peak of nearly 10 percentof GDP in 2007 to less than 1 percent in 2018.The new pattern offered fresh evidencefor our understanding of China's current account dynamics.In this paper,we used flowof funds data to gauge its underlying driving forces.Specifically,by employing indexdecomposition analysis,we decomposed the current account from the perspective ofsavings and investment into three sectors:the household,corporate,and governmentsectors.We found that the decline in China's current account ratio was first driven bycyclical factors,i.e.weak corporate saving growth induced by the economic slump in2009 as well as the following massive corporate investment bolstered by the governmentstimulus plan.However,such cyclical factors quickly subsided,and the subsequentcurrent account balance reduction was later supported by structural factors,i.e.household savings declined enduringly and the Chinese government switched to a moreexpansionary fiscal policy.There are three possible explanations for the structuralmovement:reduced precautionary saving due to higher social security coverage ratio,lower corporate profits as a result of economic slowdown,and a twin deficit due to thegovernment's more relaxed fiscal stance.The new facts,however,were not consistent withother current account theories focusing on long-term aspects of the saving-investmentaccount puzzle,especially those relating to China's special demographic characteristics.展开更多
Global imbalances （current account imbalances） have become an important issue for economists and policy makers. Greater exchange rate flexibility is often suggested as a means to achieve faster and more efficient ad...Global imbalances （current account imbalances） have become an important issue for economists and policy makers. Greater exchange rate flexibility is often suggested as a means to achieve faster and more efficient adjustment in the current account. However, previous empirical studies show little support for this hypothesis. This paper revisits this issue with a large panel dataset and a threshold VAR model and finds that （1） some existing popular exchange rate classifications may not capture actual exchange rate variability as well as expected; （2） Once exchange rate variability is correctly identified, the speed of mean reversion in the current account balance is indeed higher in a regime with greater exchange rate variability.展开更多
基金Sponsored by the National Center of Technology, Policy and Management, Harbin Institute of Technology.
文摘Pakistan has been suffering from a chronic deficit in the current account for many decades. Current account deficit strengthens the foreign currency against the home currency which makes imports of good and services more expensive as compared to exports and causes devaluation of home currency. The main objective of this paper is to find out how the current account deficit is influenced by different economic factors. Our regression model’s estimated results indicate that the percentage change in the volume of imports, foreign direct investments and total consumption are positively correlated and, on the other hand, exports, workers remittance, growth in agriculture and manufacturing are negatively correlated with the current account balance of Pakistan during the observed period 1972-2001.
文摘It was approved by the State Council in I984 to establish economicand technological development zones in 14 coastal port cities tofunction as windows for those cities to attract foreign investment,introduce advanced technology and management methods andexpand the export-oriented economy.Since 1992,18 other developmentzones have been approved by the Council,increasing the number ofsuch zones to 32.
文摘Background: While public municipal hospitals in Japan are supported by public financing and are less likely to fail than private hospitals, more than half are in financial deficit. Hospitals running at a deficit may have poorer outcomes and less investment in maintenance of human or physical capital, as well as increased rates of patient adverse events. We sought to clarify the relationship between municipal hospital surpluses or deficits and salary expenditures. Methods: We extracted financial data for 253 general hospitals of 300 beds or more from financial statements for the 2013 fiscal year available in the Yearbook of Public Firms, Edition for Hospital. From these data, we calculated account balance ratios and compared the average value of the ratio of labor to the output (salary ratio) for each group using analysis of variance (ANOVA). Results: The salary ratios of hospitals in the surplus group were significantly lower than the salary ratios of hospitals in the deficit group (55.5% vs. 49.4%;p p = 0.342). In the surplus group, the average value of salary ratios was different among the three-bed count groups (mean salary ratio: 53.0% vs. 48.5% vs. 47.4%;ANOVA p = 0.012). In addition, there was a significant difference in mean value between the 300-bed group and ≥500 beds group (mean salary ratio: 53.0% vs. 47.4%;p = 0.002). Conclusion: This study suggests that maintaining a favorable salary ratio to the current account balance is a useful proxy of fiscal health, and interventions to improve the salary ratio may be effective in improving municipal hospital management. Furthermore, among well-managed municipal hospitals, larger hospital size may confer some advantage in purchasing power.
基金the National Natural Science Foundation of China(Nos.71773125,71973142,and 71673028)Important Projects in the Scientific Innovation of CASS(Research on the Major Risks of China in the Next 15 Years).
文摘China's current account surplus declined significantly from its peak of nearly 10 percentof GDP in 2007 to less than 1 percent in 2018.The new pattern offered fresh evidencefor our understanding of China's current account dynamics.In this paper,we used flowof funds data to gauge its underlying driving forces.Specifically,by employing indexdecomposition analysis,we decomposed the current account from the perspective ofsavings and investment into three sectors:the household,corporate,and governmentsectors.We found that the decline in China's current account ratio was first driven bycyclical factors,i.e.weak corporate saving growth induced by the economic slump in2009 as well as the following massive corporate investment bolstered by the governmentstimulus plan.However,such cyclical factors quickly subsided,and the subsequentcurrent account balance reduction was later supported by structural factors,i.e.household savings declined enduringly and the Chinese government switched to a moreexpansionary fiscal policy.There are three possible explanations for the structuralmovement:reduced precautionary saving due to higher social security coverage ratio,lower corporate profits as a result of economic slowdown,and a twin deficit due to thegovernment's more relaxed fiscal stance.The new facts,however,were not consistent withother current account theories focusing on long-term aspects of the saving-investmentaccount puzzle,especially those relating to China's special demographic characteristics.
文摘Global imbalances （current account imbalances） have become an important issue for economists and policy makers. Greater exchange rate flexibility is often suggested as a means to achieve faster and more efficient adjustment in the current account. However, previous empirical studies show little support for this hypothesis. This paper revisits this issue with a large panel dataset and a threshold VAR model and finds that （1） some existing popular exchange rate classifications may not capture actual exchange rate variability as well as expected; （2） Once exchange rate variability is correctly identified, the speed of mean reversion in the current account balance is indeed higher in a regime with greater exchange rate variability.
