This paper leverages the Opinions of the State Council on Further Promoting the Reform of the Household Registration System as a quasi-natural experiment to examine the impact of rural migrant urbanization on local go...This paper leverages the Opinions of the State Council on Further Promoting the Reform of the Household Registration System as a quasi-natural experiment to examine the impact of rural migrant urbanization on local government expenditures in science and technology(S&T)and education.Employing a generalized difference-in-differences(generalized-DID)approach and panel data from 271 Chinese prefecture-level and above-level cities spanning 2003–2019,we find that household registration reform driven by this urbanization process significantly increased the absolute level as well as the fiscal share of S&T and education spending.Mechanism analyses indicate that rural migrant urbanization promotes these expenditures through two channels:increasing the overall local fiscal revenue and encouraging a greater proportion of the fiscal resources to be allocated to these sectors.The findings uncover the current evolving trends in fiscal resource allocation due to rural migrant urbanization and provide empirical evidence for optimizing the provision of public services and enhancing the potential of long-term economic development.展开更多
Reasonable income distribution and eradication of rural poverty are vital for building a moderately prosperous society in all respects in China.This paper primarily examines the income distribution and poverty reducti...Reasonable income distribution and eradication of rural poverty are vital for building a moderately prosperous society in all respects in China.This paper primarily examines the income distribution and poverty reduction effects of social security spending.Market income and redistribution policies are two determinants of income gaps.Based on CHIP2018 household survey data,we find that inadequate income redistribution policies have contributed to yawning income gaps,and that social security spending is more redistributive than personal income tax and social security contributions.After estimating the redistribution effects of social security spending and itemized incomes,we find that pension payments have contributed the most to household income gaps,and that subsistence protection and rural pension payments help improve income distribution.With respect to the poverty reduction effects of social security spending,we have estimated China’s current poverty incidence and the poverty reduction effects of pension payments,healthcare,and educational allowances with CHIP2018 data,and discover that an increase in social security spending may effectively reduce rural poverty.In building a moderately prosperous society in all respects,China should increase social security spending,focusing on specific target groups,and promote the role of social security spending in regulating income distribution and offering social protection to rural residents.展开更多
University endowment funds are important capitals in many universities in China today. A lot of universities target their endowment spending at a fixed spending ratio. Because of volatile inflation, it is not optimal....University endowment funds are important capitals in many universities in China today. A lot of universities target their endowment spending at a fixed spending ratio. Because of volatile inflation, it is not optimal. In this paper, the author analyzes the importance of spending policy of university endowment funds, and suggests two models in accordance with inflation-adjusted value.展开更多
In accordance with the economic data from Statistical Communique on National Economy and Social Development in Hubei Province in the period 1980-2009, we use co-integration analysis method to research the impact of GD...In accordance with the economic data from Statistical Communique on National Economy and Social Development in Hubei Province in the period 1980-2009, we use co-integration analysis method to research the impact of GDP growth on residents' consumer spending. Result shows that although there are differences between GDP and residents' consumer spending in the short term, the equilibrium relationship exists between them, namely, the co-integration relationship, showing consistency in trends.展开更多
Objectives: To investigate components of the rapidly increasing trend in hospital spending in the 2000’s and their relationship to market structure. Study Design: Aggregate time series and multivariate analysis are c...Objectives: To investigate components of the rapidly increasing trend in hospital spending in the 2000’s and their relationship to market structure. Study Design: Aggregate time series and multivariate analysis are conducted to test whether hospital spending growth is driven by price or quantity and how recent hospital spending growth is related to health plan and hospital market structure. Method: Hospitals are grouped into strong and weak competitive markets based on the relative concentration of hospital and health plan markets as well as managed care penetration. Results: Inflation adjusted hospital spending grew much faster than gross domestic product (GDP) throughout the 2000s. Regression results show that rapid growth was observed across all hospital markets—even in those markets where price competitive market forces are the strongest and that rising hospital prices, and not utilization explain most of the increases in hospital spending. Conclusions: Hospital spending exceeded the consumer price index (CPI) by a substantial margin in the 2000’s due in part to weakening competitive market forces, which had a dampening effect on spending and especially prices. Unless competition is restored, the cost of health care for consumers, employers and public payers can be expected to increase.展开更多
The relationship among reserve ration, government spending and economic growth was analyzed. A monetary endogenous growth model is well developed by taking into account the growth-enhancing effects of re- serve-augmen...The relationship among reserve ration, government spending and economic growth was analyzed. A monetary endogenous growth model is well developed by taking into account the growth-enhancing effects of re- serve-augmenting seigniorage. If the government spends all the seigniorage revenue on the provision of a public input which has positive externality on the private sector’s production, some results to be utterly different from Bronx’s have been obtained: the economy has a unique saddle-balanced growth path, but it has nothing to do with reserve ratio. However, the higher reserve ratio, the faster speed of economic convergence.展开更多
This paper investigates how fiscal spending on livelihood improves multidimensional household poverty in China.Based on the panel data of the“China Health and Nutrition Survey”(CHNS)for 2004-2015,we measured the chr...This paper investigates how fiscal spending on livelihood improves multidimensional household poverty in China.Based on the panel data of the“China Health and Nutrition Survey”(CHNS)for 2004-2015,we measured the chronic multidimensional poverty index for Chinese households.We have created a multitiered model for empirical analysis.Our findings suggest that multidimensional poverty in China is predominantly capacity poverty.Fiscal spending on livelihoods significantly reduces multidimensional poverty for Chinese households,especially rural households.Investments on livelihoods are more poverty-reducing than transfer spending on livelihoods.As an innovation,this paper offers a dynamic analysis of the effects of livelihood spending on multidimensional household poverty controlling for heterogeneity between individual households and across regions.Our conclusion suggests that the government should improve policy arrangements to increase social opportunities and support sustainable development capacities for the poor,while enhancing protective social security systems.展开更多
<strong>Background: </strong>The Sustainable Development Goals commitment to Ending HIV/AIDS by 2030 requires sustained adequate investment. This study sought to examine the association between HIV/AIDS sp...<strong>Background: </strong>The Sustainable Development Goals commitment to Ending HIV/AIDS by 2030 requires sustained adequate investment. This study sought to examine the association between HIV/AIDS spending and outcomes in Thailand between 2008 and 2019. <strong>Methods: </strong>A quantitative secondary data analysis with time-series was conducted using a retrospective dataset of HIV spending and some selected outcomes including the number of people living with HIV (PLHIV), incidence and prevalence of HIV/AIDS, the prevention of mother-to-child transmission (PMTCT) and AIDS-related deaths. Data were obtained from a diverse set of sources. Descriptive statistics and univariate regression model were used to analyze HIV expenditure and outcomes. <strong>Results: </strong>HIV spending per PLHIV rose by two folds from $347 in 2008 to more than $600 in 2019, mostly financed by domestic sources. This increase of domestic resources per PLHIV was significantly associated with better HIV-related outcomes especially in the reduction of PLHIV and AIDS-related deaths through increased number of people receiving antiretroviral therapy (ART). However, the spending per PLHIV varied across the three public health insurance schemes. Comparison of HIV expenditure and health outcomes across upper-middle-income countries shows Thailand is not highly ranked in terms of spending efficiency despite having made good progress. <strong>Conclusion: </strong>Domestic financing for HIV programs is indispensable for achieving the goal of ending AIDS. Despite significant improvement in HIV-related outcomes, challenges remain in achieving the 90-90-90 goal. The redesigning of payment methods should be considered to increase the efficiency of HIV financing. Other factors related to strengthening the health system should not be overlooked.展开更多
This paper is an empirical analysis of provisional unrestricted level relationship between Nigerian domestic output measured by Gross Domestic Product (GDP) and government spending proxied by capital and recurrent exp...This paper is an empirical analysis of provisional unrestricted level relationship between Nigerian domestic output measured by Gross Domestic Product (GDP) and government spending proxied by capital and recurrent expenditures in the presence of static regressors such as crude oil prices and federal government retained revenues. We estimate an ARDL (1,0,1) using a single-equation approach. Results show that government expenditures have negative but statistically insignificant effects on domestic output in the long-run. Similarly, negative short run effects are established amongst the variables. However, recurrent expenditure is statistically significant in the short-run. Whilst federal government retained revenue has a positive and significant effect, crude oil price exhibited negative relationships with domestic output both at level and in the short-run dynamics. Also a high speed of adjustment implies that Nigerian Gross Domestic Product is extremely sensitive to shocks on the government spending in the long-run. An upward trend forecast between 2014 and 2020 is an indication of the continued positive impact and the government retained revenue will exert on the domestic output in the long-run.展开更多
ackground:The gradual ageing of the population,and its effect on public spending,constitutes an urgent challenge for advanced economies.Through this study,we analyse the effect of older people,and their health and ind...ackground:The gradual ageing of the population,and its effect on public spending,constitutes an urgent challenge for advanced economies.Through this study,we analyse the effect of older people,and their health and individual characteristics,on public health spending.Methods:Using logistic regression methods,we have analysed the use of different health services and health technologies by older people in Spain,controlled for several health,socioeconomic,and other individual factors.Results:The main factors that explain the consumption of both health services and health technology,above age,are related to the so-called need factors:self-reported health status,presence of chronic diseases,and disability.Conclusion:Knowing the main factors that imply greater public health spending is a topic of special interest for designing efficient health policies,in a context of growth in public health spending.In this way,preventive attention on the so-called need factors may be an important driver to improve the effectiveness of spending.展开更多
China’s big spenders now far-flung by Yu Nan WIDELY recognized as one of the most beautiful cities in China,the coastal port of Dalian is a perfect example of a lowertier city becoming a growth hub for multinationals...China’s big spenders now far-flung by Yu Nan WIDELY recognized as one of the most beautiful cities in China,the coastal port of Dalian is a perfect example of a lowertier city becoming a growth hub for multinationals, owing to stronger purchasing power. That trend inspired Boston Consulting Group(BCG) to release a report,advising businessmen to look beyond the familiar mega-cities to the fast-growing smaller展开更多
Purpose:This study aims to review the policy background of China's ever-growing fiscal spending on education and discusses the aggregate growth of its national fiscal spending on education and theresponsiblebodies...Purpose:This study aims to review the policy background of China's ever-growing fiscal spending on education and discusses the aggregate growth of its national fiscal spending on education and theresponsiblebodies involved.Design/Approach/Methods:This study adopts policy analysis and descriptive statistics as its primary research methods.Findings:Since 2012,China's national fiscal spending on education has accounted for no less than 4%of its gross domestic product for nine consecutive years.Additionally,over 80%of China's total education spending is underpinned by state finances,with the country boasting the largest education system in the world.While compulsory education accounts for approximately half of China's national fiscal spending on education,higher education reflects the highest budgetary education spending per student.Furthermore,China has been actively increasing its fiscal spending on pre-school education.Originality/Value:The findings of this study have implications for understanding the status quo and changes in China's education spending.展开更多
Pragmatic Spending The Double Take column looks at a single topic from an African and Chinese perspective.This month,we discuss the correct attitude towards spending.In China,a shift is taking place among the young pe...Pragmatic Spending The Double Take column looks at a single topic from an African and Chinese perspective.This month,we discuss the correct attitude towards spending.In China,a shift is taking place among the young people-away from flashy consumerism towards more practical,budget-conscious choices.On Chinese social media,the term“delicately poor”once captured a generation’s pursuit of aesthetic perfection despite tight budgets.展开更多
Using panel data from 242 cities in China,we examine the impact of government research and development(R&D)spending on corporate technological innovation.We find that listed firms located in cities with higher gov...Using panel data from 242 cities in China,we examine the impact of government research and development(R&D)spending on corporate technological innovation.We find that listed firms located in cities with higher government R&D expenditures are more innovative than firms in other cities.Further,the positive effect of government R&D spending depends on fiscal instruments and factor allocation.Through subsidies and tax incentives,government R&D spending enhances firm innovation by alleviating financing constraints,improving employee creativity and ensuring efficient operations.We demonstrate that subsidies are more effective than taxes in spurring corporate technological innovation.We also show that the impact of government R&D spending is stronger for state-owned and high-tech enterprises than for other enterprises.Overall,our findings suggest that government R&D spending can substantially improve corporate technological innovation through fiscal instruments.展开更多
BarroChamley, , , , : Incorporating endogenous public spending, the basic characteristic of the Barro model, into the Chamley model, this paper discusses the optimal taxation and public spending composition in e...BarroChamley, , , , : Incorporating endogenous public spending, the basic characteristic of the Barro model, into the Chamley model, this paper discusses the optimal taxation and public spending composition in economic growth. The two-stage backward induction method is adopted to explore the general optimality (including the first and second best) conditions for taxation and public spending, and the explicit solutions to optimal taxation and public spending composition are showed in a specific example. Finally, we estimate China’s optimal level of macro tax burden with the help of numerical calculation.View full textDownload full text展开更多
Based on the procedure of dynamic programming,this paper investigates the military spending,trade and wealth accumulation in a stochastic endogenous economic growth model.For the Cobb-Dauglas utility function,explicit...Based on the procedure of dynamic programming,this paper investigates the military spending,trade and wealth accumulation in a stochastic endogenous economic growth model.For the Cobb-Dauglas utility function,explicit solutions of the optimal problem of the home country are obtained.Meanwhile,the optimal consumptions of domestic goods and foreign goods,the share of domestic capital stock and foreign bond holdings are derived explicitly.The comparative dynamic analysis shows that when intertemporal substitution in consumption is relative elastic,economic growth has a positive correlation with foreign military spending,has a negative correlation with variance of foreign military spending,and has a positive correlation with variance of capital or bonds if capital and bonds yields the same benefits.However,in the case of inelasticity,variance of foreign military spending may stimulate or weaken economic development.展开更多
Based on R＆D investment data from Chinese listed manufacturing firms, this paper examines the effect of R＆D spending on firms＇ future performance conditional on their strategic positions. We find that firms pursing...Based on R＆D investment data from Chinese listed manufacturing firms, this paper examines the effect of R＆D spending on firms＇ future performance conditional on their strategic positions. We find that firms pursing a product differentiation strategy have more R＆D spending than those with a cost leadership strategy. In addition, we document a positive effect of R＆D spending on firms＇ future performance if they adopt a product differentiation strategy. Meanwhile, for the firms that adopt a cost leadership strategy, the relationship between R＆D spending and firm performance resembles an inversed U-shape. Furthermore, we find this inversed U-shape relationship only exists for non-state-owned firms. Overall, this paper provides guidance and useful suggestions on the efficient allocation of R＆D resources for Chinese manufacturing firms.展开更多
基金supported by the National Natural Science Foundation of China Youth Project“Research on the Mechanism and Policy Design of the Impact of Rural Migrant Urbanization on Local Government Education Investment”(Grant No.72103034)the Distinguished Young Scholar Funding Project of the University of International Business and Economics(Grant No.21JQ11).
文摘This paper leverages the Opinions of the State Council on Further Promoting the Reform of the Household Registration System as a quasi-natural experiment to examine the impact of rural migrant urbanization on local government expenditures in science and technology(S&T)and education.Employing a generalized difference-in-differences(generalized-DID)approach and panel data from 271 Chinese prefecture-level and above-level cities spanning 2003–2019,we find that household registration reform driven by this urbanization process significantly increased the absolute level as well as the fiscal share of S&T and education spending.Mechanism analyses indicate that rural migrant urbanization promotes these expenditures through two channels:increasing the overall local fiscal revenue and encouraging a greater proportion of the fiscal resources to be allocated to these sectors.The findings uncover the current evolving trends in fiscal resource allocation due to rural migrant urbanization and provide empirical evidence for optimizing the provision of public services and enhancing the potential of long-term economic development.
文摘Reasonable income distribution and eradication of rural poverty are vital for building a moderately prosperous society in all respects in China.This paper primarily examines the income distribution and poverty reduction effects of social security spending.Market income and redistribution policies are two determinants of income gaps.Based on CHIP2018 household survey data,we find that inadequate income redistribution policies have contributed to yawning income gaps,and that social security spending is more redistributive than personal income tax and social security contributions.After estimating the redistribution effects of social security spending and itemized incomes,we find that pension payments have contributed the most to household income gaps,and that subsistence protection and rural pension payments help improve income distribution.With respect to the poverty reduction effects of social security spending,we have estimated China’s current poverty incidence and the poverty reduction effects of pension payments,healthcare,and educational allowances with CHIP2018 data,and discover that an increase in social security spending may effectively reduce rural poverty.In building a moderately prosperous society in all respects,China should increase social security spending,focusing on specific target groups,and promote the role of social security spending in regulating income distribution and offering social protection to rural residents.
文摘University endowment funds are important capitals in many universities in China today. A lot of universities target their endowment spending at a fixed spending ratio. Because of volatile inflation, it is not optimal. In this paper, the author analyzes the importance of spending policy of university endowment funds, and suggests two models in accordance with inflation-adjusted value.
基金Supported by National Natural Science Foundation (60873021/F0201)
文摘In accordance with the economic data from Statistical Communique on National Economy and Social Development in Hubei Province in the period 1980-2009, we use co-integration analysis method to research the impact of GDP growth on residents' consumer spending. Result shows that although there are differences between GDP and residents' consumer spending in the short term, the equilibrium relationship exists between them, namely, the co-integration relationship, showing consistency in trends.
文摘Objectives: To investigate components of the rapidly increasing trend in hospital spending in the 2000’s and their relationship to market structure. Study Design: Aggregate time series and multivariate analysis are conducted to test whether hospital spending growth is driven by price or quantity and how recent hospital spending growth is related to health plan and hospital market structure. Method: Hospitals are grouped into strong and weak competitive markets based on the relative concentration of hospital and health plan markets as well as managed care penetration. Results: Inflation adjusted hospital spending grew much faster than gross domestic product (GDP) throughout the 2000s. Regression results show that rapid growth was observed across all hospital markets—even in those markets where price competitive market forces are the strongest and that rising hospital prices, and not utilization explain most of the increases in hospital spending. Conclusions: Hospital spending exceeded the consumer price index (CPI) by a substantial margin in the 2000’s due in part to weakening competitive market forces, which had a dampening effect on spending and especially prices. Unless competition is restored, the cost of health care for consumers, employers and public payers can be expected to increase.
文摘The relationship among reserve ration, government spending and economic growth was analyzed. A monetary endogenous growth model is well developed by taking into account the growth-enhancing effects of re- serve-augmenting seigniorage. If the government spends all the seigniorage revenue on the provision of a public input which has positive externality on the private sector’s production, some results to be utterly different from Bronx’s have been obtained: the economy has a unique saddle-balanced growth path, but it has nothing to do with reserve ratio. However, the higher reserve ratio, the faster speed of economic convergence.
基金supported by the National Social Science Foundation of China(NSSFC)Project“Study on the Dynamic Effects of Fiscal Spending on Multidimensional Poverty”(Grant No.19BJY229).
文摘This paper investigates how fiscal spending on livelihood improves multidimensional household poverty in China.Based on the panel data of the“China Health and Nutrition Survey”(CHNS)for 2004-2015,we measured the chronic multidimensional poverty index for Chinese households.We have created a multitiered model for empirical analysis.Our findings suggest that multidimensional poverty in China is predominantly capacity poverty.Fiscal spending on livelihoods significantly reduces multidimensional poverty for Chinese households,especially rural households.Investments on livelihoods are more poverty-reducing than transfer spending on livelihoods.As an innovation,this paper offers a dynamic analysis of the effects of livelihood spending on multidimensional household poverty controlling for heterogeneity between individual households and across regions.Our conclusion suggests that the government should improve policy arrangements to increase social opportunities and support sustainable development capacities for the poor,while enhancing protective social security systems.
文摘<strong>Background: </strong>The Sustainable Development Goals commitment to Ending HIV/AIDS by 2030 requires sustained adequate investment. This study sought to examine the association between HIV/AIDS spending and outcomes in Thailand between 2008 and 2019. <strong>Methods: </strong>A quantitative secondary data analysis with time-series was conducted using a retrospective dataset of HIV spending and some selected outcomes including the number of people living with HIV (PLHIV), incidence and prevalence of HIV/AIDS, the prevention of mother-to-child transmission (PMTCT) and AIDS-related deaths. Data were obtained from a diverse set of sources. Descriptive statistics and univariate regression model were used to analyze HIV expenditure and outcomes. <strong>Results: </strong>HIV spending per PLHIV rose by two folds from $347 in 2008 to more than $600 in 2019, mostly financed by domestic sources. This increase of domestic resources per PLHIV was significantly associated with better HIV-related outcomes especially in the reduction of PLHIV and AIDS-related deaths through increased number of people receiving antiretroviral therapy (ART). However, the spending per PLHIV varied across the three public health insurance schemes. Comparison of HIV expenditure and health outcomes across upper-middle-income countries shows Thailand is not highly ranked in terms of spending efficiency despite having made good progress. <strong>Conclusion: </strong>Domestic financing for HIV programs is indispensable for achieving the goal of ending AIDS. Despite significant improvement in HIV-related outcomes, challenges remain in achieving the 90-90-90 goal. The redesigning of payment methods should be considered to increase the efficiency of HIV financing. Other factors related to strengthening the health system should not be overlooked.
文摘This paper is an empirical analysis of provisional unrestricted level relationship between Nigerian domestic output measured by Gross Domestic Product (GDP) and government spending proxied by capital and recurrent expenditures in the presence of static regressors such as crude oil prices and federal government retained revenues. We estimate an ARDL (1,0,1) using a single-equation approach. Results show that government expenditures have negative but statistically insignificant effects on domestic output in the long-run. Similarly, negative short run effects are established amongst the variables. However, recurrent expenditure is statistically significant in the short-run. Whilst federal government retained revenue has a positive and significant effect, crude oil price exhibited negative relationships with domestic output both at level and in the short-run dynamics. Also a high speed of adjustment implies that Nigerian Gross Domestic Product is extremely sensitive to shocks on the government spending in the long-run. An upward trend forecast between 2014 and 2020 is an indication of the continued positive impact and the government retained revenue will exert on the domestic output in the long-run.
文摘ackground:The gradual ageing of the population,and its effect on public spending,constitutes an urgent challenge for advanced economies.Through this study,we analyse the effect of older people,and their health and individual characteristics,on public health spending.Methods:Using logistic regression methods,we have analysed the use of different health services and health technologies by older people in Spain,controlled for several health,socioeconomic,and other individual factors.Results:The main factors that explain the consumption of both health services and health technology,above age,are related to the so-called need factors:self-reported health status,presence of chronic diseases,and disability.Conclusion:Knowing the main factors that imply greater public health spending is a topic of special interest for designing efficient health policies,in a context of growth in public health spending.In this way,preventive attention on the so-called need factors may be an important driver to improve the effectiveness of spending.
文摘China’s big spenders now far-flung by Yu Nan WIDELY recognized as one of the most beautiful cities in China,the coastal port of Dalian is a perfect example of a lowertier city becoming a growth hub for multinationals, owing to stronger purchasing power. That trend inspired Boston Consulting Group(BCG) to release a report,advising businessmen to look beyond the familiar mega-cities to the fast-growing smaller
基金supported by the National Natural Science Foundation of China under the program titled"Study on the Household Education Expenditure of Chinese Residents in the Perspective of Human Capital Investment:Decision-making Mechanism and Its Influence Analysis"(Grant 71804171).
文摘Purpose:This study aims to review the policy background of China's ever-growing fiscal spending on education and discusses the aggregate growth of its national fiscal spending on education and theresponsiblebodies involved.Design/Approach/Methods:This study adopts policy analysis and descriptive statistics as its primary research methods.Findings:Since 2012,China's national fiscal spending on education has accounted for no less than 4%of its gross domestic product for nine consecutive years.Additionally,over 80%of China's total education spending is underpinned by state finances,with the country boasting the largest education system in the world.While compulsory education accounts for approximately half of China's national fiscal spending on education,higher education reflects the highest budgetary education spending per student.Furthermore,China has been actively increasing its fiscal spending on pre-school education.Originality/Value:The findings of this study have implications for understanding the status quo and changes in China's education spending.
文摘Pragmatic Spending The Double Take column looks at a single topic from an African and Chinese perspective.This month,we discuss the correct attitude towards spending.In China,a shift is taking place among the young people-away from flashy consumerism towards more practical,budget-conscious choices.On Chinese social media,the term“delicately poor”once captured a generation’s pursuit of aesthetic perfection despite tight budgets.
基金the funding from the National Natural Science Foundation of China(No.71602022)the National Social Science Fund of China(No.18BG1062)the China Postdoctoral Science Foundation(No.2017T100098)
文摘Using panel data from 242 cities in China,we examine the impact of government research and development(R&D)spending on corporate technological innovation.We find that listed firms located in cities with higher government R&D expenditures are more innovative than firms in other cities.Further,the positive effect of government R&D spending depends on fiscal instruments and factor allocation.Through subsidies and tax incentives,government R&D spending enhances firm innovation by alleviating financing constraints,improving employee creativity and ensuring efficient operations.We demonstrate that subsidies are more effective than taxes in spurring corporate technological innovation.We also show that the impact of government R&D spending is stronger for state-owned and high-tech enterprises than for other enterprises.Overall,our findings suggest that government R&D spending can substantially improve corporate technological innovation through fiscal instruments.
基金sponsored by the Youth Program of the National Social Science Foundation of China(Grant No.:10CJL013)the Key Research Base of Humanities and Social Sciences at Universities in Zhejiang Province(Public Finance)
文摘BarroChamley, , , , : Incorporating endogenous public spending, the basic characteristic of the Barro model, into the Chamley model, this paper discusses the optimal taxation and public spending composition in economic growth. The two-stage backward induction method is adopted to explore the general optimality (including the first and second best) conditions for taxation and public spending, and the explicit solutions to optimal taxation and public spending composition are showed in a specific example. Finally, we estimate China’s optimal level of macro tax burden with the help of numerical calculation.View full textDownload full text
基金supported by Training Program for the Major Fundamental Research of Central University of Finance and Economics under Grant No.14ZZD001Beijing Nova Program under Grant No.Z131109000413029Beijing Finance Funds of Natural Science Program for Excellent Talents under Grant No.2014000026833ZK19
文摘Based on the procedure of dynamic programming,this paper investigates the military spending,trade and wealth accumulation in a stochastic endogenous economic growth model.For the Cobb-Dauglas utility function,explicit solutions of the optimal problem of the home country are obtained.Meanwhile,the optimal consumptions of domestic goods and foreign goods,the share of domestic capital stock and foreign bond holdings are derived explicitly.The comparative dynamic analysis shows that when intertemporal substitution in consumption is relative elastic,economic growth has a positive correlation with foreign military spending,has a negative correlation with variance of foreign military spending,and has a positive correlation with variance of capital or bonds if capital and bonds yields the same benefits.However,in the case of inelasticity,variance of foreign military spending may stimulate or weaken economic development.
文摘Based on R＆D investment data from Chinese listed manufacturing firms, this paper examines the effect of R＆D spending on firms＇ future performance conditional on their strategic positions. We find that firms pursing a product differentiation strategy have more R＆D spending than those with a cost leadership strategy. In addition, we document a positive effect of R＆D spending on firms＇ future performance if they adopt a product differentiation strategy. Meanwhile, for the firms that adopt a cost leadership strategy, the relationship between R＆D spending and firm performance resembles an inversed U-shape. Furthermore, we find this inversed U-shape relationship only exists for non-state-owned firms. Overall, this paper provides guidance and useful suggestions on the efficient allocation of R＆D resources for Chinese manufacturing firms.
