Suchergebnisse

This book provides a historical economic analysis of two key issues relating to township and village enterprise (TVE) development in China. Firstly, the nature of the evolving relationship between TVEs and local government; in particular how TVE entrepreneurs have used institutionalized power to secure the political influence needed to defend their financial independence. Secondly, the relationship between TVEs and state-owned enterprises (SOEs), and the role of SOEs in China's economic transition. This study highlights the importance of the role of SOEs in the "dual-track pricing system" and its impact on other parts of the economy. Township and village enterprises were key to China's success in the late twentieth century, but have more or less disappeared as an entity over the past decade or so. By measuring the structural difference of the SOE sector before and after 1998-2003 SOE reform, Jin explains their fast catch-up in productivity since the mid-1990s, as well as the r elative decline of TVE productivity

In this Ph. D. thesis, we analyze the conditions for the emergence and the aggravation of the recent crisis in Europe from 2008 to 2012. The major objective of this Ph. D. thesis is to develop theoretical models which will be effective in investigating the twin banking and sovereign debt crises in a monetary union with a broadly similar institutional design to the EMU before 2012. Different from 'traditional' financial crisis models that shed light on the role of the central bank in crisis policy response, the models developed in this thesis investigate and underline the importance of fiscal crisis management. White accentuating financial vulnerability, we explore the relationship between the banking sector, the realeconomy and the public budget in the context of a monetary union. This thesis consists of four theoretical models of the banking crisis, with the first framework depicting the financial crisis which burst in 2008 in small European economies outside the EMU and the next three models elucidating the crisis situation in the Eurozone from early 2009 until August 2012. ; Depuis son éruption en septembre 2009, la crise de la zone euro a été au centre de l'attention des économistes et des décideurs politiques. L'objectif principal de cette thèse est de développer des modèles théoriques pertinents afin d'analyser les facteurs à l'origine de la crise jumelle des banques et de la dette souveraine dans une union monétaire avec une architecture institutionnelle globalement similaire de l'Union économique et monétaire avant 2012. Tout en mettant l'accent sur la vulnérabilité financière, nous explorons la relation entre le secteur bancaire, l'économie réelle et le budget du gouvernement dans le contexte d 'une union monétaire. Cette thèse se compose de quatre modèles théoriques de la crise bancaire, avec le premier illustrant la crise financière qui avait éclaté en 2008 dans les petites économies européennes en dehors de l 'UEM et les trois modèles suivants élucidant la situation de crise dans la zone euro en2009 ...

In this Ph. D. thesis, we analyze the conditions for the emergence and the aggravation of the recent crisis in Europe from 2008 to 2012. The major objective of this Ph. D. thesis is to develop theoretical models which will be effective in investigating the twin banking and sovereign debt crises in a monetary union with a broadly similar institutional design to the EMU before 2012. Different from 'traditional' financial crisis models that shed light on the role of the central bank in crisis policy response, the models developed in this thesis investigate and underline the importance of fiscal crisis management. White accentuating financial vulnerability, we explore the relationship between the banking sector, the realeconomy and the public budget in the context of a monetary union. This thesis consists of four theoretical models of the banking crisis, with the first framework depicting the financial crisis which burst in 2008 in small European economies outside the EMU and the next three models elucidating the crisis situation in the Eurozone from early 2009 until August 2012. ; Depuis son éruption en septembre 2009, la crise de la zone euro a été au centre de l'attention des économistes et des décideurs politiques. L'objectif principal de cette thèse est de développer des modèles théoriques pertinents afin d'analyser les facteurs à l'origine de la crise jumelle des banques et de la dette souveraine dans une union monétaire avec une architecture institutionnelle globalement similaire de l'Union économique et monétaire avant 2012. Tout en mettant l'accent sur la vulnérabilité financière, nous explorons la relation entre le secteur bancaire, l'économie réelle et le budget du gouvernement dans le contexte d 'une union monétaire. Cette thèse se compose de quatre modèles théoriques de la crise bancaire, avec le premier illustrant la crise financière qui avait éclaté en 2008 dans les petites économies européennes en dehors de l 'UEM et les trois modèles suivants élucidant la situation de crise dans la zone euro en2009 ...

Attractions and hotels are the two most important elements in tourism activities. However, there is a lack of in-depth analysis of tourist mobility between hotels and attractions. Meanwhile, new means of data collection are opening up opportunities for disclosing the mobility patterns between hotels and attractions. This paper aims at analyzing the network structures and mobility models of tourist mobility from attractions to hotels (TMAH) and tourist mobility from hotels to attractions (TMHA), by using the user-generated content data collated from an open tourism web service. Then the differences between the two tourist mobilities are compared. Through the empirical study of Nanjing, it is found that the influence of distance on the two mobilities is different. The distance has a significant influence on TMAH, and the mobility conforms to the power law distribution. TMHA is more influenced by the ranks of hotels and attractions, and the mobility confirms to the gravity model. The highlight of this paper is to use the new network data to reveal the network structure and mobility laws of the special tourist mobility between hotels and attractions from the perspective of difference comparison.

In this paper, time-series and cross-country data spanning from January 2020 to December 2020 are adopted to empirically investigate the impact of the COVID-19 pandemic on exports and imports in China, Japan, and South Korea. In the models, industrial production, trade openness, government response (including monetary and fiscal intervention), and the pandemic impact of major trade partners are controlled. In addition, the three countries, China, Japan, and South Korea, are also estimated separately in consideration of the cross-country disparity. The results show that domestic epidemics in China, Japan, and South Korea have a non-significant (statistically significant) effect on imports, but are negatively correlated with exports in Japan; epidemics in major trading partners are negatively correlated with imports in Japan and positively correlated with exports in China and South Korea; and government intervention is positively correlated with imports in China and positively correlated with exports in China, Japan, and South Korea.

We analyze the conditions of emergence of a twin banking and sovereign debt crisis within a monetary union in which: (i) the central bank is not allowed to provide direct financial support to stressed member states or to play the role of lender of last resort in sovereign bond markets, and (ii) the responsibility of fighting against large scale bank runs, ascribed to domestic governments, is ensured through the implementation of a financial safety net (banking regulation and government deposit guarantee). We show that this broad institutional architecture, typical of the Eurozone at the onset of the financial crisis, is not always able to prevent the occurrence of a twin banking and sovereign debt crisis triggered by pessimistic investors' expectations. Without significant backstop by the central bank, the financial safety net may actually aggravate, instead of improve, the financial situation of banks and of the government.

We analyze the conditions of emergence of a twin banking and sovereign debt crisis within a monetary union in which: (i) the central bank is not allowed to provide direct financial support to stressed member states or to play the role of lender of last resort in sovereign bond markets, and (ii) the responsibility of fighting against large scale bank runs, ascribed to domestic governments, is ensured through the implementation of a financial safety net (banking regulation and government deposit guarantee). We show that this broad institutional architecture, typical of the Eurozone at the onset of the financial crisis, is not always able to prevent the occurrence of a twin banking and sovereign debt crisis triggered by pessimistic investors' expectations. Without significant backstop by the central bank, the financial safety net may actually aggravate, instead of improve, the financial situation of banks and of the government.

We analyze the conditions of emergence of a twin banking and sovereign debt crisis within a monetary union in which: (i) the central bank is not allowed to provide direct financial support to stressed member states or to play the role of lender of last resort in sovereign bond markets, and (ii) the responsibility of fighting against large scale bank runs, ascribed to domestic governments, is ensured through the implementation of a financial safety net (banking regulation and government deposit guarantee). We show that this broad institutional architecture, typical of the Eurozone at the onset of the financial crisis, is not always able to prevent the occurrence of a twin banking and sovereign debt crisis triggered by pessimistic investors' expectations. Without significant backstop by the central bank, the financial safety net may actually aggravate, instead of improve, the financial situation of banks and of the government.