In the context of the rapidly growing demand for green investments and the need to combat climate change,this study contributes to the emerging literature on green investments by exploring the time-frequency connected...In the context of the rapidly growing demand for green investments and the need to combat climate change,this study contributes to the emerging literature on green investments by exploring the time-frequency connectedness between green bonds(GBs)and green equities.Specifically,we examine the degree of connection between GBs and green equities,the extent to which these markets influence each other,and which one is the primary net transmitter versus the net receiver of shocks under diverse market conditions.To accomplish these objectives,we use the wavelet-based Quantile-on-Quantile(QQ),dynamic conditional correlation(DCC),portfolio implications,and Quantile VAR approaches.The results show that GBs and green equities have a strong positive connection,depending on time and frequency domains.However,a negative association between GBs and green equities is observed during periods of crisis,highlighting GBs’ability to hedge green equity portfolios.The portfolio strategies demonstrate that investors require to invest in the Green Economy equity and S&P GB portfolio to reach the highest level of hedging effectiveness.The findings further imply that the Global Water Equity Index transmits the highest spillover to other green assets,while the Green Economy Equity Index receives the most spillover from other assets.The pairwise volatility connectivity reveals that most pairs have minimal quantile dependence,indicating the potential for diversification across the GB and green equity pairs.These findings have significant implications for investors and policymakers concerned with green investments and climate change mitigation.展开更多
The Lima call for climate action adopted at the Lima Climate Conference on Climate Change specifies that the principles of the United Nations Framework Convention on Climate Change,including the principle of common bu...The Lima call for climate action adopted at the Lima Climate Conference on Climate Change specifies that the principles of the United Nations Framework Convention on Climate Change,including the principle of common but differentiated responsibilities,shall apply to the new climate agreement to be adopted at the Paris Conference on Climate Change in 2015.Decisions on other heavily debated items,including the intended nationally determined contributions,were also made at the Lima Conference.The significant achievements in Lima and the positive momentum have laid a solid foundation for the adoption of a new climate agreement in the Paris Climate Conference.Four measures are proposed for China to meet great challenges in addressing climate change beyond 2020,including early formulation and issuance of a climate change law,establishment of a greenhouse gas emission trading scheme,promotion of advanced climate technology investments,and further international engagement for climate change.展开更多
The coronavirus disease(COVID-19)pandemic has heightened food security risks in Asia and the Pacific.Disruptions to domestic and international food supply chains—as a result of rising health risks leading to major tr...The coronavirus disease(COVID-19)pandemic has heightened food security risks in Asia and the Pacific.Disruptions to domestic and international food supply chains—as a result of rising health risks leading to major travel restrictions—have undermined food availability and accessibility.Domestically,disruptions in the upstream food supply chains have arisen from mobility restrictions and worker illnesses during planting and harvesting,in addition to hindered operations in processing,trucking,logistics,and trading.Loss of employment and income are also reducing food consumption,leaving vulnerable groups at risk of hunger and malnutrition.Basic food handouts are often limited and may not meet the nutritional needs of children and pregnant women.Internationally,border closures and export restrictions could imply limited availability and affordability of certain food items for countries that rely on imports.展开更多
This study investigates how financial literacy and behavioral traits affect the adoption of electronic payment(ePayment)services in Japan.We construct a financial literacy index using a representative sample of 25,000...This study investigates how financial literacy and behavioral traits affect the adoption of electronic payment(ePayment)services in Japan.We construct a financial literacy index using a representative sample of 25,000 individuals from the Bank of Japan’s 2019 Financial Literacy Survey.We then analyze the relationship between this index and the extensive and intensive usage of two types of payment services:electronic money(e-money)and mobile payment apps.Using an instrumental variable approach,we find that higher financial literacy is positively associated with a higher likelihood of adopting ePayment services.The empirical results suggest that individuals with higher financial literacy use payment services more frequently.We also find that risk-averse people are less likely to adopt and use ePayment services,whereas people with herd behavior tend to adopt and use ePayment services more.Our empirical results also suggest that the effects of financial literacy on the adoption and use of ePayment differ among people with different behavioral traits.展开更多
This study evaluated the effects of increased reservoir conservation level by 40 ft (12.2 m), on spillway velocities;it’s discharging capacity and associated cavitation risk. The study optimized the aerators size and...This study evaluated the effects of increased reservoir conservation level by 40 ft (12.2 m), on spillway velocities;it’s discharging capacity and associated cavitation risk. The study optimized the aerators size and shape to avoid cavitations. The mathematical model was used to estimate the flow velocities and cavitation risk, when scale model study assessed the spillway discharging capacity and optimized the performance of the aerators for modified conditions. The mathematical model simulations showed increased flow velocities and damage index for modified conditions. The damage potential was 2 - 3 times higher with modifications and falls within the major to catastrophic region. The scale model study showed that discharging capacity of the spillway can effectively be restricted to original design by raising spillway crest by 5.0 ft (1.52 m). The scale model study also showed that the two aerators near sluice and at the chute with an air duct pipe of 3.0 ft diameter can improve the free surface flow profile reducing the risks of cavitation. Simulations for several configurations demonstrated clearer affect of aerators ramps on flow trajectory and gate opening. It also depicted that the height of the ramp of sluice aerator has a positive effect on the flow performance to about 7.5 inches (19 cm), when further increase in the ramp height reduced the flow performance.展开更多
This paper for the first time proposes an empirical framework for inclusive growth, under which policy :s-efficiency and distributive impacts can both be assessed. This paper applies this framework to China :s-rural i...This paper for the first time proposes an empirical framework for inclusive growth, under which policy :s-efficiency and distributive impacts can both be assessed. This paper applies this framework to China :s-rural infrastructure and a large sample of individual-level data, providing estimates of growth and distributive impacts of physical infrastructures of telephone and tap water in rural China. They all are found to promote rural income growth, helping narrow the rural-urban gap in China. More importantly, the poorer gained more than the richer from these infrastructures, implying benign distributive effects. This paper sheds light on the positive and important role in which infrastructure plays to promote inclusive growth in rural China.展开更多
The coronavirus (COVID-19)pandemic severely disrupted travel and tourism,and recovery is now expected to be slower than previously anticipated.Reviving the sector requires collaboration and coordinated action across t...The coronavirus (COVID-19)pandemic severely disrupted travel and tourism,and recovery is now expected to be slower than previously anticipated.Reviving the sector requires collaboration and coordinated action across the entire travel and tourism ecosystem.展开更多
Tourism was one of the fastest growing sectors in Asia before the coronavirus disease(COVID-19)pandemic,with various factors driving strong growth.Sustained economic growth in the region gave an increasing part of pop...Tourism was one of the fastest growing sectors in Asia before the coronavirus disease(COVID-19)pandemic,with various factors driving strong growth.Sustained economic growth in the region gave an increasing part of populations the financial means to travel domestically and internationally.In addition,an increasingly liberalized air transport market saw low-cost carriers emerging to offer inexpensive flights,and visa requirements became more accommodating,easing travel still further.Regional communities,such as the Association of Southeast Asian Nations.展开更多
Power tariff reform and power restructuring should be coordinately advanced. In the period of the power tariff reform, attention should be fully given to possible demand growth, investment characteristics and environm...Power tariff reform and power restructuring should be coordinately advanced. In the period of the power tariff reform, attention should be fully given to possible demand growth, investment characteristics and environment pressure when taking transitional measures. In the stage, focal point of the reform is to establish a rational system of sales price to power network. Moreover, it is necessary to raise the electricity price for household consumption. The highly-centralized system of state-owned power enterprises is the root-cause of some basic problems in the power industry. The system would cause a great power overproduction, squeeze out private and foreign investment and constrain efficiency improvement. Effective energy strategy and security. China needs a state-class energy administration body and planning are a crux of dealing with crises of energy security. China needs a state-class energy administration body and should make massive research on energy economics.展开更多
The limitations of conventional approaches to eliminating micronutrient deficiencies drives the search for a sustainable paradigm. This manuscript argues that the public and private sectors must embark on modernizatio...The limitations of conventional approaches to eliminating micronutrient deficiencies drives the search for a sustainable paradigm. This manuscript argues that the public and private sectors must embark on modernization of the Asian food industry and reorientation of the international agricultural research complex so that nutritionally enriched essential foods will be affordable and accessible to the poor. It is recommended that this partnership take special care of the needs of Asian children. The costs of chronic undernutrition, availability of cost effective strategies, and benefits of sustained nutrition improvement to individuals, families and nations are reviewed. The roles of food fortification, plant breeding and biotechnology, both actual and imminent, are described. The paper concludes that a recast Green Revolution directed to dietary quality may be the key to enhancing the learning and earning capacity of young Asians of the new millenium. “No other technology offers as large an opportunity to improve lives\{…\}at such a low cost and in such a short time\{…\}” World Bank [1] .展开更多
DR.Sun Yat-sen was the first Chinese leader grounded in traditional Chinese philosophy(the teachings of Lao Tzu,Confucius and Mencius)who simultaneously received a Western Christian education,in his case starting at a...DR.Sun Yat-sen was the first Chinese leader grounded in traditional Chinese philosophy(the teachings of Lao Tzu,Confucius and Mencius)who simultaneously received a Western Christian education,in his case starting at a very early age."Tian Xia Wei Gong,"literally"the world as one community,"was his intellectual touchstone and vision.The principle still frames major world issues today such as the North-South gap.展开更多
The Chinese economy is slowing down and is in the midst of a structural transJormattonfrom export-led and investment-led growth to domestic demand-led and consumption-ledgrowth. While there are widespread concerns amo...The Chinese economy is slowing down and is in the midst of a structural transJormattonfrom export-led and investment-led growth to domestic demand-led and consumption-ledgrowth. While there are widespread concerns among China＇s trading partners about theeffect of the slowdown in China＇s growth on their exports, China＇s structural changes arealso likely to have a significant impact：for example, China will import fewer machinesand more cosmetics. The central objective of the present paper is to empirically examinethe effect of China＇s structural transformation on the exports of East Asian economies,which have close trade linkages with China. We find that economies that have failed toincrease the share of consumption goods in their exports to China have suffered largerdeclines in their quantities of exports to China. In addition, economies that have sufferedlosses in their shares of China＇s parts and components imports have faced reductions intheir shares in China ＂s total imports.展开更多
Pillar One of the G20/OECD Two-Pillar Solution to address the tax chal-lenges arising from the digitalisation of the economy (commonly termed Base Ero-sion and Profit Shifting 2.0 or“BEPS 2.0”) is complex. This comp...Pillar One of the G20/OECD Two-Pillar Solution to address the tax chal-lenges arising from the digitalisation of the economy (commonly termed Base Ero-sion and Profit Shifting 2.0 or“BEPS 2.0”) is complex. This complexity is exacerbatedby having only two official languages of English and French for international treatiessuch as “the Multilateral Convention to Implement Amount A of Pillar One”(MLC).This article provides a diagrammatic overview of Pillar One's allocation mechanismin the hope of promoting better understanding of the mechanism of Amount A andencouraging academic discussion. As key elements of Amount A such as the Market-ing and Distribution Safe-harbour (MDSH) remain under negotiation at the time ofwriting and there are many details, the diagrams and numbers of this article are notmeant to be comprehensive but ilustrative.展开更多
The current global financial and economic crisis is giving new life to initiatives that promote closer economic integration among East Asian countries. A significant example is the ASEAN- China Free Trade Area （.4 C...The current global financial and economic crisis is giving new life to initiatives that promote closer economic integration among East Asian countries. A significant example is the ASEAN- China Free Trade Area （.4 CFTA）, which is set to come into effect around 2010..4CFTA aims to boost trade between two economies that are partners as well as competitors： ASEAN and China. In the present paper, we use insights from customs union theory in a qualitative analysis considering whether,4CFTA would benefit both sides. We also apply a computable general equilibrium model to perform a quantitative analysis of the same issue. Both our qualitative and quantitative analyses provide grounds for guarded optimism regarding A CFTA ＇s prospects as a vehicle for strengthening the economic partnership between ASEAN and China.展开更多
Microfinance, the provision of small size loans and other financial services to low mcome households, is often seen as the key innovation of the last 25 years in terms of means of reaching out to the poor and vulnerab...Microfinance, the provision of small size loans and other financial services to low mcome households, is often seen as the key innovation of the last 25 years in terms of means of reaching out to the poor and vulnerable. There is extensive experience in microfinance provision in both Asia and Latin America, but as yet relatively little use of the approach in China. This paper assesses different approaches to microfinance delivery using a threefoM distinction, the credit union approach, the non-government organization approach and the banking approach, to generalize across recent Asian and Latin American experience and discuss the role of microfinance in poverty reduction in a theoretical framework. Considering the current state of microfinance in China and international experience, we suggest the banking approach as the way to best increase outreach of micro-financial services in China.展开更多
The role of China in East Asia ＇s recovery from the recent global finaneial and economic crisis highlights China ＇s position as an engine of growth for this region. From the viewpoint of China, there are many potent...The role of China in East Asia ＇s recovery from the recent global finaneial and economic crisis highlights China ＇s position as an engine of growth for this region. From the viewpoint of China, there are many potential gains from entering into free trade agreements （FTAs） with its neighbors, who collectively form a large and fast-growing market. In this paper, we qualitatively and quantitatively assess the four main permutations of China＇s FTAs with East Asian major economies： China-ASEAN, China-Japan, China-Korea and ASEAN＋ 3. We compare the effects of these FTAs on China ＂s output and welfare. Our comparative analysis shows that China will gain from all three bilateral FTAs, while gaining the most from the ASEAN＋ 3. Because forming a region-wide FTA, such as the ASEAN＋ 3, is expected to be gradual and difficult, China shouM continue to engage in bilateral FTAs as a mediumterm and alternative strategy. However, in the long term, China should pursue a regionwide FTA.展开更多
The present paper argues that China＇s existing population and employment statistics are misleading, and have failed to include many of the migrant and labor force flows between urban and rural areas. The paper reconc...The present paper argues that China＇s existing population and employment statistics are misleading, and have failed to include many of the migrant and labor force flows between urban and rural areas. The paper reconciles the differences between official census data and other survey statistics and attempts to recalculate China＇s urban population and employment figures. Our analyses indicate that official statistics of 2012 underestimate China ＇s urban employment by approximately 47 million while overestimating rural employment by 31 million. The adjusted urbanization rate exceeded 55 percent in 2012, almost 3 percentage points higher than the official statistics. Nevertheless, there remains much potential for rural-to-urban migration. More specifically, if the current bottlenecks in household registration, social security and public welfare systems can be removed or relaxed, China＇s urbanization rate could rise by another l O percentage points or even more over the next decade.展开更多
China faces serious external （i.e. trade） and internal （i.e. structural） imbalances. Both are related to income inequality, reduction of which will help to increase domestic dematut. This paper discusses how incom...China faces serious external （i.e. trade） and internal （i.e. structural） imbalances. Both are related to income inequality, reduction of which will help to increase domestic dematut. This paper discusses how income inequality has evolved over time. This is followed by an exploration of the consequences of high inequality. Driving forces underlying the rising inequality are analyzed before providing concrete policy recommendations. It is found that inequality declined in the early period of reform, until the mid to late 1980s, and then began a rising trend up to 2010. Major determinants of inequality include： location, institutional and policy factors, trade and globalization, and education inequality and human capital gaps along rural-urban and spatial divisions. To achieve a balanced economy and a harmonious society, development policies in China must shift from emphasizing growth to prioritizing equality. In addition, government interventions can target rural-urban disparity through rapid urbanization, and tackle regional inequality by developing financlal markets, ensuring progressive allocation of fiscal resources, promoting trade and foreign direct investment in inland China, creating more formal jobs and supporting the service sector.展开更多
基金supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea(NRF-2022S1A5A2A01038422).
文摘In the context of the rapidly growing demand for green investments and the need to combat climate change,this study contributes to the emerging literature on green investments by exploring the time-frequency connectedness between green bonds(GBs)and green equities.Specifically,we examine the degree of connection between GBs and green equities,the extent to which these markets influence each other,and which one is the primary net transmitter versus the net receiver of shocks under diverse market conditions.To accomplish these objectives,we use the wavelet-based Quantile-on-Quantile(QQ),dynamic conditional correlation(DCC),portfolio implications,and Quantile VAR approaches.The results show that GBs and green equities have a strong positive connection,depending on time and frequency domains.However,a negative association between GBs and green equities is observed during periods of crisis,highlighting GBs’ability to hedge green equity portfolios.The portfolio strategies demonstrate that investors require to invest in the Green Economy equity and S&P GB portfolio to reach the highest level of hedging effectiveness.The findings further imply that the Global Water Equity Index transmits the highest spillover to other green assets,while the Green Economy Equity Index receives the most spillover from other assets.The pairwise volatility connectivity reveals that most pairs have minimal quantile dependence,indicating the potential for diversification across the GB and green equity pairs.These findings have significant implications for investors and policymakers concerned with green investments and climate change mitigation.
文摘The Lima call for climate action adopted at the Lima Climate Conference on Climate Change specifies that the principles of the United Nations Framework Convention on Climate Change,including the principle of common but differentiated responsibilities,shall apply to the new climate agreement to be adopted at the Paris Conference on Climate Change in 2015.Decisions on other heavily debated items,including the intended nationally determined contributions,were also made at the Lima Conference.The significant achievements in Lima and the positive momentum have laid a solid foundation for the adoption of a new climate agreement in the Paris Climate Conference.Four measures are proposed for China to meet great challenges in addressing climate change beyond 2020,including early formulation and issuance of a climate change law,establishment of a greenhouse gas emission trading scheme,promotion of advanced climate technology investments,and further international engagement for climate change.
文摘The coronavirus disease(COVID-19)pandemic has heightened food security risks in Asia and the Pacific.Disruptions to domestic and international food supply chains—as a result of rising health risks leading to major travel restrictions—have undermined food availability and accessibility.Domestically,disruptions in the upstream food supply chains have arisen from mobility restrictions and worker illnesses during planting and harvesting,in addition to hindered operations in processing,trucking,logistics,and trading.Loss of employment and income are also reducing food consumption,leaving vulnerable groups at risk of hunger and malnutrition.Basic food handouts are often limited and may not meet the nutritional needs of children and pregnant women.Internationally,border closures and export restrictions could imply limited availability and affordability of certain food items for countries that rely on imports.
基金National Foundation for Science and Technology Development(No.502.01-2020.308).
文摘This study investigates how financial literacy and behavioral traits affect the adoption of electronic payment(ePayment)services in Japan.We construct a financial literacy index using a representative sample of 25,000 individuals from the Bank of Japan’s 2019 Financial Literacy Survey.We then analyze the relationship between this index and the extensive and intensive usage of two types of payment services:electronic money(e-money)and mobile payment apps.Using an instrumental variable approach,we find that higher financial literacy is positively associated with a higher likelihood of adopting ePayment services.The empirical results suggest that individuals with higher financial literacy use payment services more frequently.We also find that risk-averse people are less likely to adopt and use ePayment services,whereas people with herd behavior tend to adopt and use ePayment services more.Our empirical results also suggest that the effects of financial literacy on the adoption and use of ePayment differ among people with different behavioral traits.
文摘This study evaluated the effects of increased reservoir conservation level by 40 ft (12.2 m), on spillway velocities;it’s discharging capacity and associated cavitation risk. The study optimized the aerators size and shape to avoid cavitations. The mathematical model was used to estimate the flow velocities and cavitation risk, when scale model study assessed the spillway discharging capacity and optimized the performance of the aerators for modified conditions. The mathematical model simulations showed increased flow velocities and damage index for modified conditions. The damage potential was 2 - 3 times higher with modifications and falls within the major to catastrophic region. The scale model study showed that discharging capacity of the spillway can effectively be restricted to original design by raising spillway crest by 5.0 ft (1.52 m). The scale model study also showed that the two aerators near sluice and at the chute with an air duct pipe of 3.0 ft diameter can improve the free surface flow profile reducing the risks of cavitation. Simulations for several configurations demonstrated clearer affect of aerators ramps on flow trajectory and gate opening. It also depicted that the height of the ramp of sluice aerator has a positive effect on the flow performance to about 7.5 inches (19 cm), when further increase in the ramp height reduced the flow performance.
基金funded by Bairen Program of Yunnan provincethe NSF Projects 71133004 and 71603026 of the National Natural Science Foundation of China+1 种基金Projects 2015M580055 and 2016T90048 of the China Postdoctoral Science FoundationYouth Scholars Program of Beijing Normal University
文摘This paper for the first time proposes an empirical framework for inclusive growth, under which policy :s-efficiency and distributive impacts can both be assessed. This paper applies this framework to China :s-rural infrastructure and a large sample of individual-level data, providing estimates of growth and distributive impacts of physical infrastructures of telephone and tap water in rural China. They all are found to promote rural income growth, helping narrow the rural-urban gap in China. More importantly, the poorer gained more than the richer from these infrastructures, implying benign distributive effects. This paper sheds light on the positive and important role in which infrastructure plays to promote inclusive growth in rural China.
文摘The coronavirus (COVID-19)pandemic severely disrupted travel and tourism,and recovery is now expected to be slower than previously anticipated.Reviving the sector requires collaboration and coordinated action across the entire travel and tourism ecosystem.
文摘Tourism was one of the fastest growing sectors in Asia before the coronavirus disease(COVID-19)pandemic,with various factors driving strong growth.Sustained economic growth in the region gave an increasing part of populations the financial means to travel domestically and internationally.In addition,an increasingly liberalized air transport market saw low-cost carriers emerging to offer inexpensive flights,and visa requirements became more accommodating,easing travel still further.Regional communities,such as the Association of Southeast Asian Nations.
文摘Power tariff reform and power restructuring should be coordinately advanced. In the period of the power tariff reform, attention should be fully given to possible demand growth, investment characteristics and environment pressure when taking transitional measures. In the stage, focal point of the reform is to establish a rational system of sales price to power network. Moreover, it is necessary to raise the electricity price for household consumption. The highly-centralized system of state-owned power enterprises is the root-cause of some basic problems in the power industry. The system would cause a great power overproduction, squeeze out private and foreign investment and constrain efficiency improvement. Effective energy strategy and security. China needs a state-class energy administration body and planning are a crux of dealing with crises of energy security. China needs a state-class energy administration body and should make massive research on energy economics.
文摘The limitations of conventional approaches to eliminating micronutrient deficiencies drives the search for a sustainable paradigm. This manuscript argues that the public and private sectors must embark on modernization of the Asian food industry and reorientation of the international agricultural research complex so that nutritionally enriched essential foods will be affordable and accessible to the poor. It is recommended that this partnership take special care of the needs of Asian children. The costs of chronic undernutrition, availability of cost effective strategies, and benefits of sustained nutrition improvement to individuals, families and nations are reviewed. The roles of food fortification, plant breeding and biotechnology, both actual and imminent, are described. The paper concludes that a recast Green Revolution directed to dietary quality may be the key to enhancing the learning and earning capacity of young Asians of the new millenium. “No other technology offers as large an opportunity to improve lives\{…\}at such a low cost and in such a short time\{…\}” World Bank [1] .
文摘DR.Sun Yat-sen was the first Chinese leader grounded in traditional Chinese philosophy(the teachings of Lao Tzu,Confucius and Mencius)who simultaneously received a Western Christian education,in his case starting at a very early age."Tian Xia Wei Gong,"literally"the world as one community,"was his intellectual touchstone and vision.The principle still frames major world issues today such as the North-South gap.
文摘The Chinese economy is slowing down and is in the midst of a structural transJormattonfrom export-led and investment-led growth to domestic demand-led and consumption-ledgrowth. While there are widespread concerns among China＇s trading partners about theeffect of the slowdown in China＇s growth on their exports, China＇s structural changes arealso likely to have a significant impact：for example, China will import fewer machinesand more cosmetics. The central objective of the present paper is to empirically examinethe effect of China＇s structural transformation on the exports of East Asian economies,which have close trade linkages with China. We find that economies that have failed toincrease the share of consumption goods in their exports to China have suffered largerdeclines in their quantities of exports to China. In addition, economies that have sufferedlosses in their shares of China＇s parts and components imports have faced reductions intheir shares in China ＂s total imports.
文摘Pillar One of the G20/OECD Two-Pillar Solution to address the tax chal-lenges arising from the digitalisation of the economy (commonly termed Base Ero-sion and Profit Shifting 2.0 or“BEPS 2.0”) is complex. This complexity is exacerbatedby having only two official languages of English and French for international treatiessuch as “the Multilateral Convention to Implement Amount A of Pillar One”(MLC).This article provides a diagrammatic overview of Pillar One's allocation mechanismin the hope of promoting better understanding of the mechanism of Amount A andencouraging academic discussion. As key elements of Amount A such as the Market-ing and Distribution Safe-harbour (MDSH) remain under negotiation at the time ofwriting and there are many details, the diagrams and numbers of this article are notmeant to be comprehensive but ilustrative.
文摘The current global financial and economic crisis is giving new life to initiatives that promote closer economic integration among East Asian countries. A significant example is the ASEAN- China Free Trade Area （.4 CFTA）, which is set to come into effect around 2010..4CFTA aims to boost trade between two economies that are partners as well as competitors： ASEAN and China. In the present paper, we use insights from customs union theory in a qualitative analysis considering whether,4CFTA would benefit both sides. We also apply a computable general equilibrium model to perform a quantitative analysis of the same issue. Both our qualitative and quantitative analyses provide grounds for guarded optimism regarding A CFTA ＇s prospects as a vehicle for strengthening the economic partnership between ASEAN and China.
文摘Microfinance, the provision of small size loans and other financial services to low mcome households, is often seen as the key innovation of the last 25 years in terms of means of reaching out to the poor and vulnerable. There is extensive experience in microfinance provision in both Asia and Latin America, but as yet relatively little use of the approach in China. This paper assesses different approaches to microfinance delivery using a threefoM distinction, the credit union approach, the non-government organization approach and the banking approach, to generalize across recent Asian and Latin American experience and discuss the role of microfinance in poverty reduction in a theoretical framework. Considering the current state of microfinance in China and international experience, we suggest the banking approach as the way to best increase outreach of micro-financial services in China.
基金Innwon Park's research is supported by a Korea University GrantSoonchan Park's research is supported by the National Research Foundation of Korea Grant funded by the Korean Government(NRF-2010-32A-B00045)
文摘The role of China in East Asia ＇s recovery from the recent global finaneial and economic crisis highlights China ＇s position as an engine of growth for this region. From the viewpoint of China, there are many potential gains from entering into free trade agreements （FTAs） with its neighbors, who collectively form a large and fast-growing market. In this paper, we qualitatively and quantitatively assess the four main permutations of China＇s FTAs with East Asian major economies： China-ASEAN, China-Japan, China-Korea and ASEAN＋ 3. We compare the effects of these FTAs on China ＂s output and welfare. Our comparative analysis shows that China will gain from all three bilateral FTAs, while gaining the most from the ASEAN＋ 3. Because forming a region-wide FTA, such as the ASEAN＋ 3, is expected to be gradual and difficult, China shouM continue to engage in bilateral FTAs as a mediumterm and alternative strategy. However, in the long term, China should pursue a regionwide FTA.
基金the Asian Development Bank,the National Natural Science Foundation of China through its key projectBalancing Efficiency and Equity in China's Urbanization:Incentive Mechanism,Development Path and Policy Adjustment (Project No.71133004)the Hundred Talent Plan of Yunnan Province
文摘The present paper argues that China＇s existing population and employment statistics are misleading, and have failed to include many of the migrant and labor force flows between urban and rural areas. The paper reconciles the differences between official census data and other survey statistics and attempts to recalculate China＇s urban population and employment figures. Our analyses indicate that official statistics of 2012 underestimate China ＇s urban employment by approximately 47 million while overestimating rural employment by 31 million. The adjusted urbanization rate exceeded 55 percent in 2012, almost 3 percentage points higher than the official statistics. Nevertheless, there remains much potential for rural-to-urban migration. More specifically, if the current bottlenecks in household registration, social security and public welfare systems can be removed or relaxed, China＇s urbanization rate could rise by another l O percentage points or even more over the next decade.
基金part of the project entitled "Urbanization with efficiency and equity in China" funded by the National Natural Science Foundation of China through grant 71133004Yunnan provincial government provided support through its "100 Top Scientists Program"(Bairen Jihua)
文摘China faces serious external （i.e. trade） and internal （i.e. structural） imbalances. Both are related to income inequality, reduction of which will help to increase domestic dematut. This paper discusses how income inequality has evolved over time. This is followed by an exploration of the consequences of high inequality. Driving forces underlying the rising inequality are analyzed before providing concrete policy recommendations. It is found that inequality declined in the early period of reform, until the mid to late 1980s, and then began a rising trend up to 2010. Major determinants of inequality include： location, institutional and policy factors, trade and globalization, and education inequality and human capital gaps along rural-urban and spatial divisions. To achieve a balanced economy and a harmonious society, development policies in China must shift from emphasizing growth to prioritizing equality. In addition, government interventions can target rural-urban disparity through rapid urbanization, and tackle regional inequality by developing financlal markets, ensuring progressive allocation of fiscal resources, promoting trade and foreign direct investment in inland China, creating more formal jobs and supporting the service sector.
