Capital Account Openness,Exchange Rate Volatility and Economic Growth:International Experiences and Implications

Based on the Barro classical growth model, this paper introduces capital account openness and exchange rate volatility to conduct an empirical analysis using the panel data of 182 countries(regions) during 1970-2013 to examine the combined effects of capital account openness and exchange rate risks on economic growth. Our findings are as follows:(1) Without considering exchange rate volatility, capital account openness is subject to a threshold effect, i.e. capital account openness significantly promotes the economic growth of middle-and high-income countries but exerts the opposite effect on low-income countries; and(2) after exchange rate volatility is taken into account, the growth effect of capital account openness is reduced and the greater the exchange rate volatility is, the smaller the marginal effect of capital account openness will be; sample-specific results also proved the existence of the threshold effect. This paper offers the following implications:(1) The effect of capital account openness can be better examined based on risk factors;(2) moderately controlling exchange rate volatility is conducive to acquiring greater benefits from capital account openness; and(3) the threshold effect of capital account openness cannot be overlooked.

Empirical Analysis on the Relation Between Electronic Industry Development and Energy Consumption

Data from 1996 to 2012 is used to conduct co-integration test, VAR model and Granger causality test in order to examine the relation between China＇ s electronic industry added-value and energy consumption. The result of co-integration test illustrates the long-term equilibrium of the relationship between the electronic industry development and energy consumption. The dynamic analysis of VAR model shows that there is a positive response from the economic growth of the electronics industry to energy consumption, while the impact of energy consumption on economic growth is a slightly negative response. It has been proved that the electronic industry development and energy consumption are mutual Granger causality. According to these conclusions, some suggestions are proposed in the end, including accelerating the development of China＇ s electronic industry to promote high-teeh electronic products, improving energy efficiency, enhancing research efficacy, creasing the effort for energy development and implementing rational energy policies.

战后德国政治法学方法的三大流派略论

政治法学虽以'活法'即所谓living law或law in action为研究对象,更以法律的'合法性'为研究旨趣。在西方政党政治的国度中,法律的'合法性'问题与政治的底线伦理不能分开。就此意义而言,政治法学与政治学及其派生的诸学科拥有相同的论域。现当代德国政治法学以国家学说、国家法学(宪法学为其主体)、国际公法学以及法哲学和法社会学为核心组成部分,并借鉴了政治学、政治哲学和社会哲学的研究方法。本文因此主要以这些领域的几位著名理论代表关于研究方法的思路为线索。