The intersection of economic development,energy dynamics,environmental policy,and environmental sustainability presents complex challenges for European Union(EU)countries.This study investigatedthe impact of environme...The intersection of economic development,energy dynamics,environmental policy,and environmental sustainability presents complex challenges for European Union(EU)countries.This study investigatedthe impact of environmental taxes,hydroelectricity consumption,economic globalization,and gross domestic product(GDP)on the load capacity factor(LCF)in the 10 EU member countries(including Austria,Finland,France,Germany,Italy,Poland,Portugal,Slovakia,Spain,and Sweden)using data from 1995 to 2020.To ensure the reliability and validity of the data,this study applied several advanced econometric tests,including the Pesaran and Yamagata slopeheterogeneitytest,Pesaran cross-sectional dependence(CSD)test,second-generation unit root test,and Westerlund cointegration test.The data showed important statistical issues such as slope heterogeneityacross panels,CSD,mixed-orderunit root structures,and long-run associations between variables.To address these issues,we applied an augmented mean group(AMG)model as the main regression approach,andusedthe pooled mean group-autoregressive distributed lag(PMG-ARDL)method to check the robustness.Specifically,the AMG results indicate that a 1.000%rise in hydroelectricity consumptionresults in a 0.048% rise in the LCF,while a 1.000% increase in environmental taxes leads toa 0.175% increase in the LCF.Contrary to this,a 1.000% increase in economic globalization results in a 0.370% decrease in the LCF,and a 1.000% increase in GDP leads toa 0.850% decrease in the LCF.Environmental taxes have a more beneficial impact on the environment,and GDP has the most detrimental effect.The findings provide empirical evidence on the role of environmental taxes,hydroelectricity consumption,economic globalization,and GDP in driving the LCF.Additionally,the findings provide valuable information to policy-makers,academicians,and stakeholders shaping energy and environmental policies in the 10 EU member countries.展开更多
This paper provides a comprehensive reflection on the evolution of globalization research in the Pearl River Delta(PRD),considering the current international context and national strategies.It identifies several chall...This paper provides a comprehensive reflection on the evolution of globalization research in the Pearl River Delta(PRD),considering the current international context and national strategies.It identifies several challenges in existing studies,such as the ambiguity of globalization patterns and the insufficient representativeness of key indicators.In response to these challenges,this paper draws upon the theory of strategic coupling to propose a new theoretical framework for analyzing globalization in latecomer regions.Based on the concepts of spatial stickiness and locational advantages,this paper further develops a two-dimensional quantitative indicator matrix.Using the PRD as a case study,it conducts empirical measurements and analysis,leading to three main conclusions.First,the theory of strategic coupling proves well-suited for analyzing the globalization of latecomer regions,exemplified by the PRD.It offers a more systematic,clearer,and more robust explanatory framework compared to traditional measurement methods.Second,the empirical analysis from the PRD reveals that the pattern of regional globalization does not follow a simple linear growth or cyclical model.Instead,it exhibits a circuitous,complex,and upward spiral,unfolding along an S-shaped evolutionary trajectory.Third,through comparisons of the eastern and western shores,as well as segmented city analyses,this study finds that locational advantages significantly shape the evolutionary pattern of globalization.This influence is not only apparent during the region's initial take-off phase but also plays a more profound role in shaping its subsequent developmental trajectory.This study makes a distinctive contribution to both the theoretical understanding of globalization in latecomer regions and the practical field of regional economic development in China.Additionally,it introduces a novel measurement approach for studying regional globalization.展开更多
The world is entering into a new era of economic globalization. Realizing the benefits of globalization depends on a host of realistic conditions including technology and infrastructure, geopolitical pattern and the s...The world is entering into a new era of economic globalization. Realizing the benefits of globalization depends on a host of realistic conditions including technology and infrastructure, geopolitical pattern and the structure of market power, and international institutional arrangements, i.e., the global governance structure, among others. In this new era of economic globalization, international competition boils down to the ＂good governance＂ of countries rather than the use of force and hegemonism. Most importantly, a country must promote the vibrancy of innovation in order to stay competitive and creative. In this sense, China＇s position in the new era of economic globalization hinges upon its transition from being the ＂leader of world economic growth＂ to being a future ＂leader of good governance and vibrancy. ＂ Interests of various economies become interlocked, intertwined and overlap. Despite the inevitability of conflicts and frictions, more inclusive and balanced global development serves the interests of most nations. For great powers with extended boundaries of interests across the world, the maintenance of the new balance of power in economic globalization is consistent with their respective national interests. Hence, in the new era of economic globalization characterized by the inevitability of intricate interests and inevitable conflicts, the world is likely to be more peaceful, competitive and inclusive than any previous age of economic globalization.展开更多
At present,the third wave of economic globalization is emerging.After the setbacks in Economic Globalization 1.0 and rejuvenation in Economic Globalization 2.0,China's economy is bound to occupy an important inter...At present,the third wave of economic globalization is emerging.After the setbacks in Economic Globalization 1.0 and rejuvenation in Economic Globalization 2.0,China's economy is bound to occupy an important international position in the new chapter of Economic Globalization 3.0 and exert profound influence globally.The benefits of globalization cannot be realized without a number of realistic conditions,including the level of technology and infrastructure,geopolitical pattern and market power structure,international institutional arrangements(global governance structure),among others.Under Economic Globalization 3.0,the nature of international competition is good governance,rather than brutal force and hegemony.What matters for China is for it to become an innovative and vibrant country and demonstrate its economic vitality,competitiveness and creativity.Therefore,China's position under Economic Globalization 3.0 depends on its transition from a "world leader of high growth " into a future "world leader of good governance and vibrancy." In the new chapter of Economic Globalization 3.0,the interests of world economies become interwoven and interdependent.Despite unavoidable frictions and disputes,more inclusive and balanced development serves the interests of most countries in the world.For major countries with global interests,maintaining the new balance of power for economic globalization is consistent with their respective national interests.The shared interests of countries promise a more peaceful and interconnected world than ever before.展开更多
In order to study the relationship between economic globalization and industrial pollution, this paper developed the theoretical framework and used simultaneous equations. The result shows that economic globalization ...In order to study the relationship between economic globalization and industrial pollution, this paper developed the theoretical framework and used simultaneous equations. The result shows that economic globalization has influences on the industrial pollution mainly by the direct effect of scale, structure and technology as well as the indirect effect of income and policy. Considering all the factors, economic globalization, especially foreign direct investment (FDI), will reduce industrial pollution, in which technology spillover effect plays an important role.展开更多
With the implementation of economic reform and open policy, China has expanded her foreign trade, utilized a lot of foreign investment, and thethere its economy has been increasingly integrated into world economy. Be...With the implementation of economic reform and open policy, China has expanded her foreign trade, utilized a lot of foreign investment, and thethere its economy has been increasingly integrated into world economy. Because the coastal region is different in the level of socio-economic development, location and accessibility from inland region, the former has got more opporturuties of development. In the coastal region, the ekisting urban clusters are spreading and new ones are appearing. However, a large floating population, traffic jam, sprawl spread in urban land use and environmental pollution have become serious problems in coastal cities.展开更多
By the globalization it means a type of movement process of the world e-conomy at large. It primarily means that the allocation of productive re-sources has transcended the scope of a nation and that 1he optimal of pr...By the globalization it means a type of movement process of the world e-conomy at large. It primarily means that the allocation of productive re-sources has transcended the scope of a nation and that 1he optimal of pro-duction factors is realized on a regional and even a global scale. This re-quires all countries to become more open and their economies to becomeincreasingly marketized, thus increasing the degree of mutual展开更多
In the context of economic globalization and economic crisis, China＇ s oil security issues are not merely related to energy access and consumption, but also involve many aspects of the political and economic factors ...In the context of economic globalization and economic crisis, China＇ s oil security issues are not merely related to energy access and consumption, but also involve many aspects of the political and economic factors which are becoming increasingly complex. In view of this, we should not only need to attach great importance to energy security, making full use of ＂two markets and two resources＂ to take a variety of channels to ensure oil supply diversification, but also should develop oil security strategy from a strategic level, and actively participate in international oil trading system. Furthermore, we should support China＇ s oil enterprises from the political, financial and other aspects, so as to ensure adequate, stable and affordable supply ofoil to meet China＇ s economic construction requirement.展开更多
Economic globalization has a very important impact on the world economic development.The economic globalization,especially after the 1970s,not only promoted the global industry division of labor,but also changed the e...Economic globalization has a very important impact on the world economic development.The economic globalization,especially after the 1970s,not only promoted the global industry division of labor,but also changed the economic structure of the world.From the perspective of global industrial division,many counties have entered post-industrial process,the United States is a case in point.However,economic globalization is an abstract conception,which it consists of trade liberalization,capital globalization,and production decentralization.Therefore,trade liberalization,capital globalization,and production decentralization are important factors for the formation of the post-industrial economy in the United States.展开更多
In the context of the new era of economic globalization,the development of international trade holds immense significance in fostering global economic recovery and advancing the process of global economic integration....In the context of the new era of economic globalization,the development of international trade holds immense significance in fostering global economic recovery and advancing the process of global economic integration.Against this backdrop,aspects such as trade liberalization,digital trade,trade in services,and the influence of multinational companies are becoming increasingly prominent.Concurrently,factors encompassing economic,political,technological,and environmental considerations,as well as regional economic integration,will exert influence on the trajectory of international trade development.This paper aims to comprehensively explore the development trends of international trade and the myriad influencing factors within the framework of the new economic globalization.展开更多
China＇s first wave of economic globalization is characterized by its full utilization of foreign advanced, especially innovative, production factors in the domestic market to develop its innovation economy. China＇s ...China＇s first wave of economic globalization is characterized by its full utilization of foreign advanced, especially innovative, production factors in the domestic market to develop its innovation economy. China＇s participation in global economy can be described as fully utilizing domestic low-end production factors through foreign markets. This type of participation has been overdone. As China aims to engage in a second wave of economic globalization, the focus is to implement an in-depth globalization strategy under the condition of expanding domestic demands, namely and to develop the global economy based on domestic demands, The purpose is to achieve an economic rebalance with the world and help China out of its overcapacity predicament in weaker global economic climates. Moreover, it will bring China a chance to introduce foreign advanced factors to accelerate growth and develop innovation economy by turning economic crisis in the West into opportunities.展开更多
This article proposes a leadership theory of globalization to explain how economic globalization occurs and evolves,and why China wants to take a leading role in globalization.The theory posits that an economy equippe...This article proposes a leadership theory of globalization to explain how economic globalization occurs and evolves,and why China wants to take a leading role in globalization.The theory posits that an economy equipped with advanced industrial technology,a substantial domestic market,and robust institutional capacity is more likely to take the lead in driving economic globalization.Technological advantages in high-tech industries position an economy favorably within the global value chains,maximizing its benefits from economic globalization.A large domestic market can entice other countries to agree to open their markets reciprocally.Institutional capacity enables governments to deter opposition to globalization from those disadvantaged by economic opening.This paper presents studies of historical cases of economic globalization and provides a three-stage model of globalization.It argues that China has been gaining on three fronts in recent decades and is therefore willing to promote economic globalization.展开更多
Economic globalization is a process of forming a global market under the conditions of technological progress and national opening-up.Influenced by factors such as national policies,the international environment and g...Economic globalization is a process of forming a global market under the conditions of technological progress and national opening-up.Influenced by factors such as national policies,the international environment and geopolitics,the values,concepts and choices of the participants of globalization will change accordingly,thus affecting the mode,scale and speed of globalization.展开更多
The global economy relies heavily on oil production,but it is not without challenges.During the period of economic globalization,the revenue and costs associated with oil production have become disjointed,which has ha...The global economy relies heavily on oil production,but it is not without challenges.During the period of economic globalization,the revenue and costs associated with oil production have become disjointed,which has had a detrimental effect on the environment.As a result,environmental protection has been compromised,environmental regulations have been weakened,natural resources have been exploited,and climate change has been exacerbated.This study examines the impact of revenue minus the production cost of oil,energy use,and shadow economy on environmental degradation in APEC countries from 1991 to 2020,using the economic globalization index as a moderating variable.The result explains that revenue minus the oil production cost and the shadow economy are negatively associated with environmental degradation.Energy use and economic globalization are positively associated with environmental degradation in APEC countries.Revenue minus the production cost of oil and shadow economy improve the environment.Energy use and economic globalization degrade the environment in APEC countries.Policymakers are encouraged to advance technologies and upgrade infrastructure to reduce greenhouse gas emissions;also,promoting energy-efficient practices in other sectors,like transportation and manufacturing,could contribute to a healthier environment.展开更多
This paper evaluates whether globalization has increased the role of global factors in driving inflation in China. Unlike other published studies on the relationship between globalization and inflation, which mostly u...This paper evaluates whether globalization has increased the role of global factors in driving inflation in China. Unlike other published studies on the relationship between globalization and inflation, which mostly use Phillips curve models, this paper uses multivariate dynamic models to examine the dynamic interactions between globalization and inflation in China. Empirical results with quarterly data spanning from 1995 to 2012 show that the global output gap significantly affects the dynamics of inflation in China. In particular, the global ou^mat gap is superior to the domestic output gap in predicting domestic inflation. Impulse response and variance decomposition analyses reinforce this finding. Our results indicate that the central bank of China should take developments in global output into account in its monetary policy-making process.展开更多
In a book titled The World Is Flat, author Thomas Friedman postulates how the emergence of Asian powers, which have bridged gaps between developed and developing countries, pose a threat to the United States. China...In a book titled The World Is Flat, author Thomas Friedman postulates how the emergence of Asian powers, which have bridged gaps between developed and developing countries, pose a threat to the United States. China's celebrated economist Cheng Siwei, also Vice Chairman of the Standing Committee of the National People's Congress, is quick to point out that Friedman's theory, one held by many Americans, is biased. Cheng argues that the world has been unevenly developed, and is far from a point of equality. His keynote speech delivered at a forum in Beijing, in which he shares his views about the essence of economic globalization, follows:展开更多
文摘The intersection of economic development,energy dynamics,environmental policy,and environmental sustainability presents complex challenges for European Union(EU)countries.This study investigatedthe impact of environmental taxes,hydroelectricity consumption,economic globalization,and gross domestic product(GDP)on the load capacity factor(LCF)in the 10 EU member countries(including Austria,Finland,France,Germany,Italy,Poland,Portugal,Slovakia,Spain,and Sweden)using data from 1995 to 2020.To ensure the reliability and validity of the data,this study applied several advanced econometric tests,including the Pesaran and Yamagata slopeheterogeneitytest,Pesaran cross-sectional dependence(CSD)test,second-generation unit root test,and Westerlund cointegration test.The data showed important statistical issues such as slope heterogeneityacross panels,CSD,mixed-orderunit root structures,and long-run associations between variables.To address these issues,we applied an augmented mean group(AMG)model as the main regression approach,andusedthe pooled mean group-autoregressive distributed lag(PMG-ARDL)method to check the robustness.Specifically,the AMG results indicate that a 1.000%rise in hydroelectricity consumptionresults in a 0.048% rise in the LCF,while a 1.000% increase in environmental taxes leads toa 0.175% increase in the LCF.Contrary to this,a 1.000% increase in economic globalization results in a 0.370% decrease in the LCF,and a 1.000% increase in GDP leads toa 0.850% decrease in the LCF.Environmental taxes have a more beneficial impact on the environment,and GDP has the most detrimental effect.The findings provide empirical evidence on the role of environmental taxes,hydroelectricity consumption,economic globalization,and GDP in driving the LCF.Additionally,the findings provide valuable information to policy-makers,academicians,and stakeholders shaping energy and environmental policies in the 10 EU member countries.
基金National Natural Science Foundation of China,No.42271182,No.42122006,No.42101171。
文摘This paper provides a comprehensive reflection on the evolution of globalization research in the Pearl River Delta(PRD),considering the current international context and national strategies.It identifies several challenges in existing studies,such as the ambiguity of globalization patterns and the insufficient representativeness of key indicators.In response to these challenges,this paper draws upon the theory of strategic coupling to propose a new theoretical framework for analyzing globalization in latecomer regions.Based on the concepts of spatial stickiness and locational advantages,this paper further develops a two-dimensional quantitative indicator matrix.Using the PRD as a case study,it conducts empirical measurements and analysis,leading to three main conclusions.First,the theory of strategic coupling proves well-suited for analyzing the globalization of latecomer regions,exemplified by the PRD.It offers a more systematic,clearer,and more robust explanatory framework compared to traditional measurement methods.Second,the empirical analysis from the PRD reveals that the pattern of regional globalization does not follow a simple linear growth or cyclical model.Instead,it exhibits a circuitous,complex,and upward spiral,unfolding along an S-shaped evolutionary trajectory.Third,through comparisons of the eastern and western shores,as well as segmented city analyses,this study finds that locational advantages significantly shape the evolutionary pattern of globalization.This influence is not only apparent during the region's initial take-off phase but also plays a more profound role in shaping its subsequent developmental trajectory.This study makes a distinctive contribution to both the theoretical understanding of globalization in latecomer regions and the practical field of regional economic development in China.Additionally,it introduces a novel measurement approach for studying regional globalization.
文摘The world is entering into a new era of economic globalization. Realizing the benefits of globalization depends on a host of realistic conditions including technology and infrastructure, geopolitical pattern and the structure of market power, and international institutional arrangements, i.e., the global governance structure, among others. In this new era of economic globalization, international competition boils down to the ＂good governance＂ of countries rather than the use of force and hegemonism. Most importantly, a country must promote the vibrancy of innovation in order to stay competitive and creative. In this sense, China＇s position in the new era of economic globalization hinges upon its transition from being the ＂leader of world economic growth＂ to being a future ＂leader of good governance and vibrancy. ＂ Interests of various economies become interlocked, intertwined and overlap. Despite the inevitability of conflicts and frictions, more inclusive and balanced global development serves the interests of most nations. For great powers with extended boundaries of interests across the world, the maintenance of the new balance of power in economic globalization is consistent with their respective national interests. Hence, in the new era of economic globalization characterized by the inevitability of intricate interests and inevitable conflicts, the world is likely to be more peaceful, competitive and inclusive than any previous age of economic globalization.
文摘At present,the third wave of economic globalization is emerging.After the setbacks in Economic Globalization 1.0 and rejuvenation in Economic Globalization 2.0,China's economy is bound to occupy an important international position in the new chapter of Economic Globalization 3.0 and exert profound influence globally.The benefits of globalization cannot be realized without a number of realistic conditions,including the level of technology and infrastructure,geopolitical pattern and market power structure,international institutional arrangements(global governance structure),among others.Under Economic Globalization 3.0,the nature of international competition is good governance,rather than brutal force and hegemony.What matters for China is for it to become an innovative and vibrant country and demonstrate its economic vitality,competitiveness and creativity.Therefore,China's position under Economic Globalization 3.0 depends on its transition from a "world leader of high growth " into a future "world leader of good governance and vibrancy." In the new chapter of Economic Globalization 3.0,the interests of world economies become interwoven and interdependent.Despite unavoidable frictions and disputes,more inclusive and balanced development serves the interests of most countries in the world.For major countries with global interests,maintaining the new balance of power for economic globalization is consistent with their respective national interests.The shared interests of countries promise a more peaceful and interconnected world than ever before.
文摘In order to study the relationship between economic globalization and industrial pollution, this paper developed the theoretical framework and used simultaneous equations. The result shows that economic globalization has influences on the industrial pollution mainly by the direct effect of scale, structure and technology as well as the indirect effect of income and policy. Considering all the factors, economic globalization, especially foreign direct investment (FDI), will reduce industrial pollution, in which technology spillover effect plays an important role.
文摘With the implementation of economic reform and open policy, China has expanded her foreign trade, utilized a lot of foreign investment, and thethere its economy has been increasingly integrated into world economy. Because the coastal region is different in the level of socio-economic development, location and accessibility from inland region, the former has got more opporturuties of development. In the coastal region, the ekisting urban clusters are spreading and new ones are appearing. However, a large floating population, traffic jam, sprawl spread in urban land use and environmental pollution have become serious problems in coastal cities.
文摘By the globalization it means a type of movement process of the world e-conomy at large. It primarily means that the allocation of productive re-sources has transcended the scope of a nation and that 1he optimal of pro-duction factors is realized on a regional and even a global scale. This re-quires all countries to become more open and their economies to becomeincreasingly marketized, thus increasing the degree of mutual
文摘In the context of economic globalization and economic crisis, China＇ s oil security issues are not merely related to energy access and consumption, but also involve many aspects of the political and economic factors which are becoming increasingly complex. In view of this, we should not only need to attach great importance to energy security, making full use of ＂two markets and two resources＂ to take a variety of channels to ensure oil supply diversification, but also should develop oil security strategy from a strategic level, and actively participate in international oil trading system. Furthermore, we should support China＇ s oil enterprises from the political, financial and other aspects, so as to ensure adequate, stable and affordable supply ofoil to meet China＇ s economic construction requirement.
基金Fund Project:National Social Science Foundation of China General Project:Research on the Formation of Post-industrial Society in the United States From the Perspective of Economic Globalization(1945-2000)(18BSS013).
文摘Economic globalization has a very important impact on the world economic development.The economic globalization,especially after the 1970s,not only promoted the global industry division of labor,but also changed the economic structure of the world.From the perspective of global industrial division,many counties have entered post-industrial process,the United States is a case in point.However,economic globalization is an abstract conception,which it consists of trade liberalization,capital globalization,and production decentralization.Therefore,trade liberalization,capital globalization,and production decentralization are important factors for the formation of the post-industrial economy in the United States.
文摘In the context of the new era of economic globalization,the development of international trade holds immense significance in fostering global economic recovery and advancing the process of global economic integration.Against this backdrop,aspects such as trade liberalization,digital trade,trade in services,and the influence of multinational companies are becoming increasingly prominent.Concurrently,factors encompassing economic,political,technological,and environmental considerations,as well as regional economic integration,will exert influence on the trajectory of international trade development.This paper aims to comprehensively explore the development trends of international trade and the myriad influencing factors within the framework of the new economic globalization.
文摘China＇s first wave of economic globalization is characterized by its full utilization of foreign advanced, especially innovative, production factors in the domestic market to develop its innovation economy. China＇s participation in global economy can be described as fully utilizing domestic low-end production factors through foreign markets. This type of participation has been overdone. As China aims to engage in a second wave of economic globalization, the focus is to implement an in-depth globalization strategy under the condition of expanding domestic demands, namely and to develop the global economy based on domestic demands, The purpose is to achieve an economic rebalance with the world and help China out of its overcapacity predicament in weaker global economic climates. Moreover, it will bring China a chance to introduce foreign advanced factors to accelerate growth and develop innovation economy by turning economic crisis in the West into opportunities.
基金the founding support from the China Postdoctoral Science Foundation(No.2023M742025).
文摘This article proposes a leadership theory of globalization to explain how economic globalization occurs and evolves,and why China wants to take a leading role in globalization.The theory posits that an economy equipped with advanced industrial technology,a substantial domestic market,and robust institutional capacity is more likely to take the lead in driving economic globalization.Technological advantages in high-tech industries position an economy favorably within the global value chains,maximizing its benefits from economic globalization.A large domestic market can entice other countries to agree to open their markets reciprocally.Institutional capacity enables governments to deter opposition to globalization from those disadvantaged by economic opening.This paper presents studies of historical cases of economic globalization and provides a three-stage model of globalization.It argues that China has been gaining on three fronts in recent decades and is therefore willing to promote economic globalization.
文摘Economic globalization is a process of forming a global market under the conditions of technological progress and national opening-up.Influenced by factors such as national policies,the international environment and geopolitics,the values,concepts and choices of the participants of globalization will change accordingly,thus affecting the mode,scale and speed of globalization.
文摘The global economy relies heavily on oil production,but it is not without challenges.During the period of economic globalization,the revenue and costs associated with oil production have become disjointed,which has had a detrimental effect on the environment.As a result,environmental protection has been compromised,environmental regulations have been weakened,natural resources have been exploited,and climate change has been exacerbated.This study examines the impact of revenue minus the production cost of oil,energy use,and shadow economy on environmental degradation in APEC countries from 1991 to 2020,using the economic globalization index as a moderating variable.The result explains that revenue minus the oil production cost and the shadow economy are negatively associated with environmental degradation.Energy use and economic globalization are positively associated with environmental degradation in APEC countries.Revenue minus the production cost of oil and shadow economy improve the environment.Energy use and economic globalization degrade the environment in APEC countries.Policymakers are encouraged to advance technologies and upgrade infrastructure to reduce greenhouse gas emissions;also,promoting energy-efficient practices in other sectors,like transportation and manufacturing,could contribute to a healthier environment.
文摘This paper evaluates whether globalization has increased the role of global factors in driving inflation in China. Unlike other published studies on the relationship between globalization and inflation, which mostly use Phillips curve models, this paper uses multivariate dynamic models to examine the dynamic interactions between globalization and inflation in China. Empirical results with quarterly data spanning from 1995 to 2012 show that the global output gap significantly affects the dynamics of inflation in China. In particular, the global ou^mat gap is superior to the domestic output gap in predicting domestic inflation. Impulse response and variance decomposition analyses reinforce this finding. Our results indicate that the central bank of China should take developments in global output into account in its monetary policy-making process.
文摘In a book titled The World Is Flat, author Thomas Friedman postulates how the emergence of Asian powers, which have bridged gaps between developed and developing countries, pose a threat to the United States. China's celebrated economist Cheng Siwei, also Vice Chairman of the Standing Committee of the National People's Congress, is quick to point out that Friedman's theory, one held by many Americans, is biased. Cheng argues that the world has been unevenly developed, and is far from a point of equality. His keynote speech delivered at a forum in Beijing, in which he shares his views about the essence of economic globalization, follows:
