Every bigger economic crisis, as the current one, to separate national economies as well. However, leaves behind a huge material damage to the world economy and such crises remind national authorities of the mistakes ...Every bigger economic crisis, as the current one, to separate national economies as well. However, leaves behind a huge material damage to the world economy and such crises remind national authorities of the mistakes done in the past while creating and running macroeconomic policy and teach them how they should overcome these crises in the upcoming period. The economic growth model of the selected South Eastern European (SEE) economies (Albania, Bosnia, Macedonia, Serbia, Slovenia, Croatia, Bulgaria, and Montenegro) during pre-global economic crisis was based mainly on foreign demand and capital inflows which created big external imbalances in those countries. It was the main reason why those countries were exposed to big vulnerability of external shocks. But, the crisis reshapes the world economic map. Competition on world markets gets new forms and players. The lessons learnt from economic crisis say that there is a need for revising the pre-crisis economic growth model in the selected countries as they are less vulnerable to external shocks. New economic model will enable their long-lasting and more sustainable economic growth in the future. One approach of remodeling their economy is presented in this paper. The main finding of this research is that instead of experiencing external "push" factors for economic growth by the governments, a promotion of internal resources is needed in order to enable "the catching up" process of these countries to continue. But, all those countries are members or candidates for becoming European Union (EU) members. That means there is no room for application on entirely new economy growth model, since those countries have to create economic model which has to be convergent to the EU one. There must be different approaches by individual countries in remodeling their economies. The findings of this survey are intended to remind the policy makers of the selected SEE countries of the mistakes they made before and during the economic crisis and the need and directions for remodeling their economies in the post-crises period that will enable their long-lasting and more sustainable economic growth in the future. The position assumed for this research is interpretative using qualitative methods of research. In order to ensure comparability among results, the proposed methodological design will be multiple-case study research on the selected SEE economies.展开更多
In general China's economic develop- ment has basically been good until now. In 2007,China's economic growth rate stood at 11.9%,while in the first quarter of this year,this rate maintained 10.6% growth,as nat...In general China's economic develop- ment has basically been good until now. In 2007,China's economic growth rate stood at 11.9%,while in the first quarter of this year,this rate maintained 10.6% growth,as national fiscal revenue increased by 35.5% compared with the same展开更多
Six years have passed since the global financial crisis began.Yet,mainstream economists are still far from reaching a consensus on a framework for restructuring macroeconomic policy.In April 2013,many top scholars att...Six years have passed since the global financial crisis began.Yet,mainstream economists are still far from reaching a consensus on a framework for restructuring macroeconomic policy.In April 2013,many top scholars attended the International Monetary Fund's(IMF) second conference on "Rethinking Macro Policy".During the conference,the following basic assessments with respect to macroeconomic policy were reached:economists and policy-makers have entered a "brave new world" where they face more problems than effective solutions and the image of a new macroeconomic policy framework remains opaque.Based on discussions at the conference and the dissertations of important scholars over recent years,this paper provides a systematic review of the reflections of mainstream economic academia regarding the restructuring of a macroeconomic policy framework,with a view to providing an orientation to China s ongoing reform of macroeconomic regulation.展开更多
Complex international and domestic economic scenarios and the short cyclical nature of macroeconomic policies characterizes the beginning year of the 12th Five- Year Plan period, it reflects the difficult policy choic...Complex international and domestic economic scenarios and the short cyclical nature of macroeconomic policies characterizes the beginning year of the 12th Five- Year Plan period, it reflects the difficult policy choices that arise among three major regulatory targets ,for growth, structure, and prices. In the transitional period of intertwined challenges, a spirit of commitment and dedication to real industries will allow China to occupy vantage points in world manufacturing and become an industrial power in the real sense. To a certain extent the beginning year of the 12th Five-Year Plan period (2011-2015), while.fraught with challenges and pain, marks a departure from cutthroat competition to quality growth for Chinese enterprises and entrepreneurs. From 2012, China's industrial and market economic systems will both head towards more sophisticated stages of development. China "s industries will develop along environmentally sustainable, delicate, high-end, IT-based and service-oriented paths, while expediting the country's economic restructuring, industrial upgrade capabilities and its pursuit of innovative industrialization, and it will do so with strides more remarkable than ever before in its history.展开更多
There are three different orientations of the macroeconomic policies,namely,factor-expansion,prudent-continuation and structural-adjustment.The paper uses the dynamic CGE model to simulate the effects of the three dif...There are three different orientations of the macroeconomic policies,namely,factor-expansion,prudent-continuation and structural-adjustment.The paper uses the dynamic CGE model to simulate the effects of the three different orientations on the economy,and arrives at the following conclusions:while the factor-expansion policies can lead to growth of economic output,they also result in the further imbalance in the industrial structure and the "crowding-out effect" on the private investment.In addition,such growth is unsustainable in the long run;the growth of the industrial economy will decline rapidly to a lower level after reaching a certain high level.The prudent-continuation policies refer to the continuation of the current policies that sustain the current trends of the industrial economy,and such policies reduce the growth of the industrial economy to a lower level in the long run.The structural-adjustment policies reduce the economic output at the current stage;however,it can bring a gradual improvement of industrial structure and a balance of the supply and demand.In the long run,the optimized structure will improve the total factor productivity(TFP) and the production-possibility frontier,and thereby realize a longterm steady and rapid growth of the industrial economy.Four policy recommendations are proposed based on the simulation of the models,including taking the structural adjustment as the fundamental orientation of macroeconomic policies,lowering the "floor level" of economic growth with macro regulation,giving play to the fundamental role of market mechanism in structural adjustment and increasing the role of TFP in the growth of the industrial economy.展开更多
Affter the eruption of the global financial crisis in 2008, China adopted proactive monetary expansion in an attempt to offset the economic slump. However, monetary expansion failed to bring the economy back to the st...Affter the eruption of the global financial crisis in 2008, China adopted proactive monetary expansion in an attempt to offset the economic slump. However, monetary expansion failed to bring the economy back to the state of the mean and instead caused tremendous negative output gaps that led to a negative producer price index (PPI) for three consecutive years. The impotence of monetary stimulation and investment seems to be caused by the emergence of the shocks of efficiency deceleration, i.e., a tremendous amount of supply proves ineffective, leading to accumulation of inventory due to lack of demand, lack of short term profitability or profitability being siphoning off by zombie firms. These inefficient firms, sectors of overcapacity and inefficient local infrastructure construction cannot be rescued by the infusion of money flow. Macroeconomic policy should stimulate the transformation of China's economy from rapid quantitative expansion to efficiency enhancement. For instance, tax credits should be offered for accelerated depreciation to clear up zombie firms and expedite mergers and acquisitions through capital markets. Institutional and inventory reform and adjustment must be carried out in order to complete the transition from quantitative expansion to high efficiency supply.展开更多
To develop circular economy is an important way to implement sustainable development strategies. This paper discusses the theoretical origin of the circular economy, and clarifies the mechanism development of circular...To develop circular economy is an important way to implement sustainable development strategies. This paper discusses the theoretical origin of the circular economy, and clarifies the mechanism development of circular economy. Combined with the status quo of China's economic development, it analyzed the facing problems in the development of circular economy. Our country has carried on the positive exploration and practice in the use of the concept of circular economy to promote sustainable development, and China's circular economy is transferred from the start-up phase to promote the establishment of policy mechanisms. Circular economy strategy will also begin to implement in some of China's mega-cities. Faced with the arrival of the circular economy, we should look to a higher level up to explore how people should take effective measures to turn challenges into opportunities.展开更多
With the rapid growth of the Chinese economy, some new phenomena appeared before mid--2008: these included excess liquidity of the banking system, increasing inflation pressure, huge increase of foreign exchange rese...With the rapid growth of the Chinese economy, some new phenomena appeared before mid--2008: these included excess liquidity of the banking system, increasing inflation pressure, huge increase of foreign exchange reserves, growing pressure of RMB revaluation, high price of real estate, consistent growth of equity price, rising reserves requirements ratio, large pressure of raising the RMB interest rate. /~er that, due to the international financial crisis, the external demand on China has decreased and the goal of the Chinese macro economy was directed to ensure economic growth. Proactive fiscal policy and moderately loose monetary policy were adopted by the Chinese government. It was a tough task to maintain steady growth of the macro economy under the impact of the global financial crisis. In 2009, stimulated by the macroeconomic policy, the Chinese economy showed a V-shape rebound. The paper mainly explores the sudden economic change due to the global financial crisis, and the situation of the Chinese economy in these two different phases. Finally the paper puts forward the corresponding policy suggestions.展开更多
文摘Every bigger economic crisis, as the current one, to separate national economies as well. However, leaves behind a huge material damage to the world economy and such crises remind national authorities of the mistakes done in the past while creating and running macroeconomic policy and teach them how they should overcome these crises in the upcoming period. The economic growth model of the selected South Eastern European (SEE) economies (Albania, Bosnia, Macedonia, Serbia, Slovenia, Croatia, Bulgaria, and Montenegro) during pre-global economic crisis was based mainly on foreign demand and capital inflows which created big external imbalances in those countries. It was the main reason why those countries were exposed to big vulnerability of external shocks. But, the crisis reshapes the world economic map. Competition on world markets gets new forms and players. The lessons learnt from economic crisis say that there is a need for revising the pre-crisis economic growth model in the selected countries as they are less vulnerable to external shocks. New economic model will enable their long-lasting and more sustainable economic growth in the future. One approach of remodeling their economy is presented in this paper. The main finding of this research is that instead of experiencing external "push" factors for economic growth by the governments, a promotion of internal resources is needed in order to enable "the catching up" process of these countries to continue. But, all those countries are members or candidates for becoming European Union (EU) members. That means there is no room for application on entirely new economy growth model, since those countries have to create economic model which has to be convergent to the EU one. There must be different approaches by individual countries in remodeling their economies. The findings of this survey are intended to remind the policy makers of the selected SEE countries of the mistakes they made before and during the economic crisis and the need and directions for remodeling their economies in the post-crises period that will enable their long-lasting and more sustainable economic growth in the future. The position assumed for this research is interpretative using qualitative methods of research. In order to ensure comparability among results, the proposed methodological design will be multiple-case study research on the selected SEE economies.
文摘In general China's economic develop- ment has basically been good until now. In 2007,China's economic growth rate stood at 11.9%,while in the first quarter of this year,this rate maintained 10.6% growth,as national fiscal revenue increased by 35.5% compared with the same
文摘Six years have passed since the global financial crisis began.Yet,mainstream economists are still far from reaching a consensus on a framework for restructuring macroeconomic policy.In April 2013,many top scholars attended the International Monetary Fund's(IMF) second conference on "Rethinking Macro Policy".During the conference,the following basic assessments with respect to macroeconomic policy were reached:economists and policy-makers have entered a "brave new world" where they face more problems than effective solutions and the image of a new macroeconomic policy framework remains opaque.Based on discussions at the conference and the dissertations of important scholars over recent years,this paper provides a systematic review of the reflections of mainstream economic academia regarding the restructuring of a macroeconomic policy framework,with a view to providing an orientation to China s ongoing reform of macroeconomic regulation.
文摘Complex international and domestic economic scenarios and the short cyclical nature of macroeconomic policies characterizes the beginning year of the 12th Five- Year Plan period, it reflects the difficult policy choices that arise among three major regulatory targets ,for growth, structure, and prices. In the transitional period of intertwined challenges, a spirit of commitment and dedication to real industries will allow China to occupy vantage points in world manufacturing and become an industrial power in the real sense. To a certain extent the beginning year of the 12th Five-Year Plan period (2011-2015), while.fraught with challenges and pain, marks a departure from cutthroat competition to quality growth for Chinese enterprises and entrepreneurs. From 2012, China's industrial and market economic systems will both head towards more sophisticated stages of development. China "s industries will develop along environmentally sustainable, delicate, high-end, IT-based and service-oriented paths, while expediting the country's economic restructuring, industrial upgrade capabilities and its pursuit of innovative industrialization, and it will do so with strides more remarkable than ever before in its history.
文摘There are three different orientations of the macroeconomic policies,namely,factor-expansion,prudent-continuation and structural-adjustment.The paper uses the dynamic CGE model to simulate the effects of the three different orientations on the economy,and arrives at the following conclusions:while the factor-expansion policies can lead to growth of economic output,they also result in the further imbalance in the industrial structure and the "crowding-out effect" on the private investment.In addition,such growth is unsustainable in the long run;the growth of the industrial economy will decline rapidly to a lower level after reaching a certain high level.The prudent-continuation policies refer to the continuation of the current policies that sustain the current trends of the industrial economy,and such policies reduce the growth of the industrial economy to a lower level in the long run.The structural-adjustment policies reduce the economic output at the current stage;however,it can bring a gradual improvement of industrial structure and a balance of the supply and demand.In the long run,the optimized structure will improve the total factor productivity(TFP) and the production-possibility frontier,and thereby realize a longterm steady and rapid growth of the industrial economy.Four policy recommendations are proposed based on the simulation of the models,including taking the structural adjustment as the fundamental orientation of macroeconomic policies,lowering the "floor level" of economic growth with macro regulation,giving play to the fundamental role of market mechanism in structural adjustment and increasing the role of TFP in the growth of the industrial economy.
文摘Affter the eruption of the global financial crisis in 2008, China adopted proactive monetary expansion in an attempt to offset the economic slump. However, monetary expansion failed to bring the economy back to the state of the mean and instead caused tremendous negative output gaps that led to a negative producer price index (PPI) for three consecutive years. The impotence of monetary stimulation and investment seems to be caused by the emergence of the shocks of efficiency deceleration, i.e., a tremendous amount of supply proves ineffective, leading to accumulation of inventory due to lack of demand, lack of short term profitability or profitability being siphoning off by zombie firms. These inefficient firms, sectors of overcapacity and inefficient local infrastructure construction cannot be rescued by the infusion of money flow. Macroeconomic policy should stimulate the transformation of China's economy from rapid quantitative expansion to efficiency enhancement. For instance, tax credits should be offered for accelerated depreciation to clear up zombie firms and expedite mergers and acquisitions through capital markets. Institutional and inventory reform and adjustment must be carried out in order to complete the transition from quantitative expansion to high efficiency supply.
文摘To develop circular economy is an important way to implement sustainable development strategies. This paper discusses the theoretical origin of the circular economy, and clarifies the mechanism development of circular economy. Combined with the status quo of China's economic development, it analyzed the facing problems in the development of circular economy. Our country has carried on the positive exploration and practice in the use of the concept of circular economy to promote sustainable development, and China's circular economy is transferred from the start-up phase to promote the establishment of policy mechanisms. Circular economy strategy will also begin to implement in some of China's mega-cities. Faced with the arrival of the circular economy, we should look to a higher level up to explore how people should take effective measures to turn challenges into opportunities.
文摘With the rapid growth of the Chinese economy, some new phenomena appeared before mid--2008: these included excess liquidity of the banking system, increasing inflation pressure, huge increase of foreign exchange reserves, growing pressure of RMB revaluation, high price of real estate, consistent growth of equity price, rising reserves requirements ratio, large pressure of raising the RMB interest rate. /~er that, due to the international financial crisis, the external demand on China has decreased and the goal of the Chinese macro economy was directed to ensure economic growth. Proactive fiscal policy and moderately loose monetary policy were adopted by the Chinese government. It was a tough task to maintain steady growth of the macro economy under the impact of the global financial crisis. In 2009, stimulated by the macroeconomic policy, the Chinese economy showed a V-shape rebound. The paper mainly explores the sudden economic change due to the global financial crisis, and the situation of the Chinese economy in these two different phases. Finally the paper puts forward the corresponding policy suggestions.