Effects of financial development and capital accumulation on labor productivity in sub‑Saharan Africa:new insight from cross sectional autoregressive lag approach

This study aims to shed light on the effects of financial development and accumula-tion of capital on the productivity of labor in the sub-Sahara African region within the period of 1990–2018.In this work,we used the(dynamic)common correlated effects estimator-mean group and additional techniques such as cross-section autoregressive distributed lag to calibrate the sample into the African subregion to ensure robustness.The findings reveal that financial progress in the region over time leads to an increase in productivity of labor and also the accumulation of capital.Furthermore,financial markets have a progressive impact on the productivity of labor within sub-Saharan African regions.We extend the very limited literature on the nexus between financial development and labor productivity by incorporating capital accumulation into our model which has not been previously studied.

Natural resource dependence, public education investment,and human capital accumulation

This paper examines the relationships between natural resource dependence, public education investment, and human capital accumulation. It addresses why the “blessing” of abundant natural resources often turns into a “curse” in many countries and regions, focusing on the crowding-out effect of natural resources on human capital. According to our empirical analysis of provincial panel data from China, natural resource dependence is significantly and negatively correlated with human capital accumulation. The crowding-out effect of natural resources on human capital exists only in the central and western regions of China. Our introduction of an interaction term for natural resource dependence and public education investment underscores the possibility of investing in public education to reduce the crowding-out effect of natural resource dependence on human capital. The government should utilize the income of the natural resource sector to increase investment in education to enhance local human capital.

A Study on the Impact of China’s Demographic Structure on Human Capital Accumulation-Based on a Panel Data Model

With the development of the times,the role of human capital in economic growth has been highlighted.However,in the current academic world,the research on the topic of demographic structure and human capital accumulation is not closely integrated.China is now in a period of economic transformation and upgrading,and it is urgent to change the traditional economic growth model,increase human capital investment,and cultivate new growth momentum.Therefore,this paper examines the impact of China’s population structure on human capital accumulation by constructing a mathematical model based on relevant panel data of 31 provinces(municipalities and autonomous regions)from 2001 to 2020.The empirical results show that human capital accumulation in China has a certain lagging effect,while population age and urban-rural structure enhance human capital accumulation in both quantitative and qualitative terms,respectively.In addition,industrial transformation,economic growth level,and per capita income all have significant positive effects.The effect of education,on the other hand,is not significant,while the interaction between urbanization and industrial structure may hurt it.Based on this,this paper proposes targeted countermeasures and suggestions in terms of fully developing the population quality dividend,fully tapping the talent knowledge dividend,continuously improving the health dividend,and continually tapping the aging dividend.

APPLICATIONS OF HAMILTONIAN AND LAPLACE TRANSFORM IN AN ECONOMIC MODEL

This paper analyzes the long-run effects and short-run effects of foreign aid on the domestic economy by using the Hamilton system and Laplace transform. It is found that an increase in the foreign aid has no long-run effect on the foreigll borrowing, domestic capital accumulation and the foreign direct investment in the home country, but increases the steady-state consumption level the same amount. However, the short-run analysis presents that increasing foreign aid does not affect the initial consumptioll level and the initial consumption increase rate; but it affects the initial savings positively.

How Long Can China＇s Economy Keep Growing？

Since 2010, there has been renewed discussion on China＇s economic future. After 30 years of breakneck economic growth, China＇s position in the world economy is more important than ever and people must understand how China＇s economic dominance will change the world economy. Some economists who are bearish about China＇s future believe that China＇s growth engine will lose fire in the next two or three years. To address their predictions about China＇s future, the author will address three themes： （11） Why did China manage to grow so rapidly？ （2） How long will China keep growing？ （3） Can China＇s economy keep growing in the future？ By analyzing the theory of inadequate consumer demand in China and by evaluating the general patterns of China＇s basic advantages in education, technology and human capital and industrial upgrading, the author explicitly argue why it is unlikely for China to fall into the ＂middle-income trap. ＂

Value Production,Value Transfer and Accumulation:A Political Economics Analysis of Uneven Regional Development in China

This paper aims to understand China’s uneven regional development in recent years on the basis of on political economics theories.We summarizes two theories from the political economics on uneven regional development-framework of production and framework of exchange-and unifi es them by theories of labor value and capital circulation.It means to show that uneven regional development will be explained with value production,value realization and capital accumulation,and their interactions as well.This framework can not only explain regional disparities in a static sense,but also presents dynamically developments of regional disparities-first rising and then falling.Empirical research finds China’s regional disparities result mainly from the value production gap.During the period of analysis,China went through a capital accumulation biased towards less developed regions,jointly shaped by market logic and government behavior.It made the effect of reducing regional disparities stronger than the“polarization effect”around 2007,producing a narrowing of disparities across regional development.

China's Growth Slowdown:Labor Supply,Productivity,or What?

There has been much discussion of the sources of China's growth slowdown but little formal econometric analysis of this question.Chen and Groenewold(2019)show that the slowdown was primarily supply-driven,but they stopped short of identifying specific supply variables.This paper extends their analysis and distinguishes several potential supply components:labor supply,productivity,and capital accumulation.Our results confirm their main conclusion that supply dominates the explanation of the slowdown.A model with two supply factors(labor supply and productivity)reveals that both components contribute to the slowdown,although productivity makes the greater contribution.However,when capital stock is added to the model,the decline in the capital accumulation rate becomes an important factor in the growth slowdown,to some extent replacing the effects of both labor supply and productivity.

Post-Reform New Town Development in China

In this paper, we present an overview of urban practice in China since the late 1970s and come up with a refreshed concept regarding "new towns" as existing in a widely different politico-economic context. With the urbanization of capital being the theoretical backbone of this paper, we attempt to reveal basic laws inherent in the emergence and proliferation of various forms of urban spaces within a rapidly modernizing country. Considered from various viewpoints such as land institutions, national policy designs, and the fi nancial capital and bank system, our paper covers: a historical overview of China's post-reform new towns, a theoretical framework to explain related phenomena, empirical approaches to interpreting the contributory factors, and a theoretical outline for further research.