The Relation between Age Structure of Population and Resident Consumption Based on Endogenous Growth Theory

Within the framework of endogenous growth theory,the dynamic relation between age structure of population and resident consumption was studied,and explicit relation between resident consumption and dependency coefficient was obtained through Hamiltonian function method. Then,an empirical study was carried out based on panel data of 31 provinces of China in 2000-2013. The study gave following results: there is negative correlation between child dependency coefficient and resident consumption and there is positive correlation between elderly dependency coefficient and resident consumption; urbanization level weakens the negative effect of child dependency coefficient on resident consumption but it increases the positive effect of elderly dependency coefficient on resident consumption; social expenditure weakens the negative effect of child dependency coefficient on resident consumption,but it intensifies positive effect of elderly dependency coefficient on resident consumption. These results indicate that current population structure of China is favorable for growth of resident consumption demand,but in such aging population structure,economic development may lose demographic dividends.

The effect of endogenous transforming growth factor β_1 on the growth of bladder cancer cells in vitro

Objective To investigate the influence of endogenous transforming growth factor β1(TGFβ1) on the cell cycle regulation and proliferation of bladder cancer. Methods A constructed replication defective retroviral vector pRevTβ-AS, which carried antisense RNA of TGFβ1.was transfected to a bladder cancer cell line EJ. The proliferation and clone-formation of transferred cells were observed in vitro,and the alteration of cell cycle was also detected by flow cytometric analysis. Results TGFβ1 antisense RNA was transferred into EJ cell and expressed efficiently. After the inhibition of target gene expression in EJ cells, the reduced growth and clone-formation rates were demonstrated, and the proliferative indexes were decreased by 12 % . The ratios of GO and G1 stage cells to June 2003 Vol12 No2 the antisense RNA-transfected EJ cells were increased, simultaneously,the ratio of S stage cells to the antisense RNA-transfected EJ cells ratios were decreased, compared with the control group. Conclusion The

The role of R&D and economic policy uncertainty in Sri Lanka’s economic growth

In this paper,we assess the role of investment in research and development(R&D)and economic policy uncertainty(EPU)in Sri Lanka’s economic growth experience.We do this by first determining which endogenous growth theories best explain the evolution of total factor productivity(TFP)in the country.Using historical time series data(1980–2018),we find that semi-endogenous growth theories best explain the evolution of TFP in Sri Lanka.This evidence suggests that R&D is critical to the country’s TFP expansion.We find that,through R&D,EPU has a crucial detrimental impact on TFP growth,although it is short-lived.Our findings are robust and have important implications for R&D investment and for moderating EPU.

Financial sector development and economic growth:evidence from Cameroon

For decades,African economies have embarked on financial sector reforms.However,the empirical implications of these reforms have been divergent.This paper investigates the impact of financial development on Economic growth using time series data in Cameroon.This investigation was carried out using three common indicators of financial development(broad money,deposit/GDP and domestic credit to private sector).Using the Auto Regressive Distributive Lag(ARDL)technique of estimation,it was discovered that there exist a short-run positive relationship between monetary mass(M2),government expenditure and economic growth,a short run negative relationship between bank deposits,private investment and economic growth equally exists.However in the long run,all indicators of financial development show a positive and significant impact on economic growth.This paper thus confirms the existence of a positive and long-term impact of all the indicators of financial development on economic growth through bound test.It is therefore proposed that the financial reforms in Cameroon should be pushed forward in order to boost the development of the financial sector thus an increase in its role on economic growth.

POSTPONING RETIREMENT AND ECONOMIC GROWTH

This paper investigates the effects of postponing retirement on economic growth in an aging society by using the infinite overlapping generations model constructed by Blanchard (1985) in a simple endogenous growth framework.It shows that postponing retirement may decelerate economic growth.

Analysis of Transition of Pension System in an Endogenous Model

In this paper we investigate the possibility of pareto improving social security reforms within a framework of endogenous growth. Belan et al. proposed a transition from a pay-as-you-go(PAYG) pension system to a system of saving-subsidization. We follow this approach and prove that a pareto improving conversion from the PAYG system to a fully funded system is possible and discuss the problem of implementing the transition to the fully funded system.

Ecological Footprint and Endogenous Economic Growth in the Poyang Lake Area in China Based on Empirical Analysis of Panel Data Model

In this paper, ecological footprint methods were used to calculate the ecological footprint of six cities （Nanchang, Jingdezhen, Jiujiang, Xinyu, Yingtan and Fuzhou） in the Poyang Lake Area, Jiangxi, China from 1991 to 2010. Ecological footprint was the input factor for ecological resources and the contribution of this and other factors such as labor and capital to economic growth were analyzed. The results showed that, from 1991 to 2010, ecological footprints in the six cities increased year by year. The amount of land for fossil energy, under cultivation and grassland influenced total ecological footprint in each city. The contribution of ecological resources, labor factors and capital factors to economic growth showed regional differences. Nanchang, Jiujiang, Xinyu, and Yingtan are capital-orientated and capital factor had a great influence on the economic growth rates, whereas, Jingdezhen and Fuzhou were labor-orientated. The contribution of ecological resources to economic growth in the six cities was the lowest of all three factors, meaning that efficiency of ecological resource utilization is low. Total productivity plays a key role in economic development; however, the overall level of total factor productivity for the six cities was low and indicates that the technological content of Poyang Lake Area’s economic growth is low and the utilization of input factors extensive. In summary, we suggest changing the mode of economic growth and developing tertiary industry in the region.

RECURSIVE UTILITY,PRODUCTIVE GOVERNMENT EXPENDITURE AND OPTIMAL FISCAL POLICY

This paper employs a stochastic endogenous growth model extended to the case of a recursive utility function which can disentangle intertemporal substitution from risk aversion to analyze productive government expenditure and optimal fiscal policy, particularly stresses the importance of factor income. First, the explicit solutions of the central planner＇s stochastic optimization problem are derived, the growth maximizing and welfare-maximizing government expenditure policies are obtained and their standing in conflict or coincidence depends upon intertemporal substitution. Second, the explicit solutions of the representative individual＇s stochastic optimization problem which permits to tax on capital income and labor income separately are derived ,and it is found that the effect of risk on growth crucially depends on the degree of risk aversion,the intertemporal elasticity of substitution and the capital income share. Finally, a flexible optimal tax policy which can be internally adjusted to a certain extent is derived, and it is found that the distribution of factor income plays an important role in designing the optimal tax policy.

Recapitulation of growth factor-enriched microenvironment via BMP receptor activating hydrogel

Exposure to a growth factor abundant milieu has remarkable regenerative and rejuvenating effects on organ diseases,tissue damage,and regeneration,including skeletal system defects and bone regeneration.Although the introduction of candidate growth factors into relevant fields has been reported,their regenerative effects remain unsatisfactory,mainly because of the experimental challenges with limited types of growth factors,elusive dosage adjustment,and asynchronous stem cell activation with cytokine secretion.Here,an innovative hydrogel recapitulating a growth factor-enriched microenvironment(GEM)for regenerative advantage,is reported.This sulfated hydrogel includes bone morphogenetic protein-2(BMP-2),an essential growth factor in osteogenesis,to direct mesenchymal stem cell(MSC)differentiation,stimulate cell proliferation,and improve bone formation.The semi-synthetic hydrogel,sulfonated gelatin(S-Gelatin),can amplify BMP-2 signaling in mouse MSCs by enhancing the binding between BMP-2 and BMP-2 type II receptors(BMPR2),which are located on MSC nuclei and activated by the hydrogel.Importantly,the dramatically improved cytokine secretion of MSCs throughout regeneration confirms the growth factor-acquiring potential of S-Gelatin/rhBMP-2 hydrogel,leading to the vascularization enhancement.These findings provide a new strategy to achieve an in situ GEM and accelerated bone regeneration by amplifying the regenerative capacity of rhBMP-2 and capturing endogenous growth factors.

Climbing the Export Quality Ladder:Role of Human Capital

This study assesses the effect of human capital expansion on China's export product quality.It employs the difference-in-differences(DID)framework based on a quasi-natural experiment investigating the 1999 higher education enrollment expansion as the exogenous policy shock.The empirical results confirm that human capital expansion appreciably improved the quality of China's export products.Human capital expansion promoted the transformation and upgrading of old products and the development of new products in term of intensive margin;it strengthened the endowment advantages of incumbent high-quality export enterprises while preventing low-quality enterprises from entering the market through price competition on the extensive margin.This prevented quality decline.Further,the study reveals that the improvement effect driven by human capital came from both innovation-induced and managerial efficiency improvement channels and was more prominent for large or foreign-funded enterprises in the eastern region.Our findings highlight the role of human capital in China's remarkable export performance from an endogenous growth perspective.

Life-Inspired Endogenous Dynamic Behavior of Lipid Droplet-like Microcompartments in Artificial Adipocyte-like Structures

Chemical systems that can replicate cellular behaviors are gaining increasing attention and are being used to study various biological processes.Here,a protein-or amylose-based assembly at an oil/water interface was employed to construct a large compartmentalized adipocyte-like structure,and a lipid droplet-like microcompartment(amylose-polymerstabilized 2-ethyl-1-hexanol microcompartment),which exhibits floating behaviors driven by the amylose-polymer micelle solubilization,was introduced inside these adipocyte-like structures.When the lipase-based catalytic reaction and the external oil composition were controlled and another lipid droplet-like microcompartment(lipase-stabilized tributyrin microcompartment)was introduced,then a series of dynamic behaviors were exhibited by the two types of lipid droplet-like microcompartments,including growth,self-sorting,and fusion within the adipocyte-like structures.Therefore,it is anticipated that this autonomous generation of hierarchical multicompartments represents a breakthrough compared to the traditional bottom-up strategies,and the artificial life systems we studied could contribute a chemical-based strategy of understanding the process of lipid droplet growth and fusion inside a living adipocyte cell.

Financial Resource Allocation,Technological Progress and High-Quality Economic Development

Along with the changes in China's development stage and internal and external conditions,sci-techinnovation has become the core driving force for China's high-quality economic development in the new era.From the perspective of financedriven technological progress,this paper constructs an endogenous growth DSGE model to analyze the relationship between financial resource allocation,technological progress,and economic growth.This study proves the counter-cyclicality of technological innovation in China,and finds that the allocation of financial resources between enterprises'productive investment and innovation investment can affect economic growth by changing the scale of factor inputs and technological progress rate,and that there is a see-saw relationship between these two effects,with thelatter dominant.On that basis,this paper explains the dynamic transmission mechanism among finance,technology and economy.During theeeconomic expansion period,enterprises expand their production scale,financial resources providemoreesupport to productive investment,with less support to innovation investment,thus the technological progress rate goes down;and during the economic contraction period,enterprises reduce their production scale,ffinancial resources cut support to productive investmentand turn to innovation investment,SO technologicalpl rogress rategoes up.The implications of this study on policy are as follows:when faced with new contradictions and challenges in the current development stage,China should get a grip on the new development pattern,seize new opportunities,further deepen financial reforms,optimize the financial resource allocation mechanism,encourage innovation investment,and give full play to the role ofequity markets in supporting corporate R&D and innovation.Meanwhile,coupling with prudent and moderate macro-control policies,China should provide a positive macroenvironment for corporate innovation,stimulate corporate on innovation demand,promote technological progress,andboost high-quality economic development.

Spillover effect of environmental investment： evidence from panel data at provincial level in China

This paper considers pollution density as a function of environmental investment. The higher envir- onmental investment, the lower pollution density. The lower the pollution density is the higher production technology becomes. This is called the spillover effect. We collected China＇s panel data at the provincial level from 2005 to 2009, and tested the spillover effect of environmental investment. This paper finds that the environmental investment influenced production technology positively. There is a significant positive relation between government expenditure and spillover effect.

PRODUCTIVE GOVERNMENT EXPENDITURE IN A STOCHASTICALLY GROWING OPEN ECONOMY

This paper employs a stochastic endogenous growth model with productive government expenditure in a small open economy to analyze the optimal fiscal policy. First, a stochastic model of a small open economy is constructed. Second, the equilibrium solutions of the representative agent＇s stochastic optimization problem are derived. Third, we obtain the equilibrium solutions of the central planner＇s stochastic optimization problem and the optimal government expenditure policy. Finally, the optimal tax policy is characterized.

A Case Against Zero Capital-Income Taxation

This paper develops a dynamic general equilibrium model to investigate the optimal level of capital income taxation in light of stochastic endogenous economic growth. Although endogenous human capital is incorporated into our model, we restrict our investigation to the issue of optimal physical capital income tax; and the labor supply is also endogenously determined. This paper proves that the optimal capital income tax should be zero provided exogenous government expenditure on production; however, capital income should be taxed if we consider endogenous government consumption.