Global imbalances,the financial crisis and China's economic recovery

This paper examines the inherent relationship between the global imbalance and the financial crisis from historical review and a survey of the literature.This paper sets up a two-country model featured by monetary hegemony showing that the financial crisis of 2008 is interrelated with the United States’ expansionary monetary policy and the hegemony of the U.S.dollar.This paper then analyses the impact of the crisis and the policy responses,focusing on the preconditions for China’s economic recovery.Through an international comparison,we argue that one of the Great Depression’s lessons is that the exorbitant government intervention in some areas was harmful and that the necessary condition for China’s recovery is economic flexibility,namely,resilient market mechanisms.

Economic Engagement of Religious Ethics in the Global Economy： The Raising of Islamic Capital in an Anatolian City, Kayseri as a New Economic Power

This study attempts to clarify the role of religious values in the rise of new pious Muslim entrepreneurs in Turkey, based on field study carried out in Kayseri of 1980 to present. It particularly attempts to account for the influence of religion over the work ethic of these entrepreneurs, popularly known as ＂Anatolian Tigers＂. To achieve the goals of this research, in-depth interviews were held with 30 Turkish business people from religious and secular backgrounds. The new pious middle class is engaged in forming its own path of modernity by directly addressing the needs that are ignored by the secular republican project and its elites. The case of Turkey indicates that Westernization is not the only possible path to modernity. This new development, if it indeed continues, may prove to be one of the most important transformations determining the future of Turkey. Numerous books and articles have been published on Islamic economics but there is no details works on which provide a qualitative overview of the dynamics for the evolution of Turkish ＂Islamic capital＂. There has been little published material which assesses the acceptability of a pro-oriented system of ~conomic life to the values and moral code of the Turkish people. The Turkish situation offers a comprehensive picture of what Islamic capital can encompass, such as Islamic partnerships, holdings, banks, and business associations, and also how it can be effectively integrated within the democratic framework by adapting a ＂Muslim ethics＂ compatible with capitalism. The main aims of this study are to evaluate the social, economic, and the cultural factors, which contributed to the development of these ＂Islamist Calvinists＂ and their economic organizations in Central Anatolia. The result of this study shows the compatibility of the work ethic of pious entrepreneurs with capitalism in the case of Kayseri. This paper also illustrates the impact of local heritage and Islamic religious values on modern economic activity.

Regulatory intervention rescued China from the impact of the global financial crisis

Following the order of events, this paper makes a systematic and comprehensive summary of how the global financial crisis of 2008 affected China. It includes an econometric assessment using by-industry and by-region data, and describes the role of government regulation from a new perspective. China's economic recovery is a result of regulatory intervention, and enhancing economic momentum created conditions for such intervention to phase out.

Agricultural development and food security： The way out of crisis

The purpose of this study is to elicit how investments in agricultural development and food security would safeguard the Virgin Islands （BVI） and the Caribbean, by extension, from future global crisis. History shows that agriculture played a significant role in the rise of civilization globally and was the main contributor to the Caribbean economy before the 1950＇s. Overall, it was determined that the BVI population, in general, is desirous of more investment opportunities within the agricultural sector, to assist with the alleviation of poverty at the national level, to advance economic development and trade across the region and to make sustainable development more attainable for the Caribbean, as a whole. To do this, agricultural development and food security must become the focal point of the BVI and other Caribbean economies. Accordingly, the paper recommends that investment within the agricultural sector be undertaken more aggressively across the region. The mixed research approach method was used to validate these claims.

Global Trend of Low-carbon Economy and China's Responses

Based on the analysis on the global economic crisis,climate change crisis and their mutual underlying reasons,the authors believe that low-carbon economy has become an inevitable choice to break through the dual crises,coordinate the economic development,and protect the global climate.The global trend of low-carbon economy finds expression in Green Recovery currently,while,in a long run,it will give rise to a new pattern of world competition in politics,economy,technology,trade and finance.The impact of the global trend of low-carbon economy on China can not be overlooked,and it is both a challenge and an opportunity for China＇s future development.Based on comparative studies on the low-carbon economy of China,the U.S.,EU and Japan,the authors conclude that China should blaze a new path of lowcarbon economy development with Chinese characteristics,and the authors have put forward relevant countermeasures for China to address the global trend of low-carbon economy from angles of countries,enterprises and the public

从科技创新看全球经济前景——基于长周期视角

科技创新是扩大优质需求的根本方式,是驱动新一轮康波周期开启的关键力量。近年来,全球涌现了众多革命性的科技成果,包括星链系统、智能机器人、太空产业、量子计算、核聚变、室温超导等,带来生产力与生产方式的巨大变革,是未来推动全球经济持续繁荣的关键引擎。经济运行呈现周期性波动,根据周期长短可以划分为短周期、中周期和长周期,短周期主要受供给和需求影响,而长周期则依赖于创新驱动。因此,尽管短期内全球经济面临下行压力,但长期看全球经济将逐步进入新的经济长周期。新质生产力是生产力的高级形态,明确了新科技革命和产业变革的发展方向,培育新质生产力就是引导中国经济进入长周期,是经济高质量发展的必然要求。当前中国在新能源技术、人工智能技术和量子计算技术等领域已经取得显著优势,需要抓住本轮科技革命机遇加快培育新质生产力,依靠科技创新,特别是颠覆性、原创性创新,着眼于新制造、新服务、新业态,打造中国经济增长新动能、新优势,以科技创新驱动经济高质量发展。

Modelling of Corporate Exposure at Default(EAD)in Emerging Financial Markets:The Case for Counters Listed on the Zimbabwe Stock Exchange(ZSE)in the Dollarization Era

This study explores the Exposure at Default(EAD)emanating from credit events undertaken by listed banking corporations trading on emerging markets,such as Zimbabwe’s Stock Exchange(ZSE)or market in the dollarization era,namely period 2010-2012.The dollarization of the Zimbabwean economy in 2009 coincided with the recovery of the global financial economy from the worst worldwide economic recession ever experienced in this world.The study used audited and published data drawn from financial statements of two banking corporations for the period 2010 to 2012 that were accessible on ZSE website.These data were presented and analyzed using Eviews7.The study revealed that there were a lot of non-performing loans drawn from EADs of banking corporations trading on the ZSE in the period under review.The study further noted that credit exposures issued by commercial banks in the period 2010-2012 were also exposed to risk from the nature of the borrowers,banks’internal and external market variables.The variables that impacted on banks’credit exposures include political,social,industrial,unemployment,technological challenges,state of financial markets,their capitalization and liquidity statuses.We therefore conclude that banks in emerging markets need to efficiently and effectively manage their credit portfolios in their desire to grow towards sustainable development.The study also concludes that banks in emerging markets that are into lending activities should adopt and implement financial econometric(EAD)models that are easy to apply,practical,pragmatic,and adjusted for market friction.The study recommends that listed banking corporations in emerging markets need to adhere to the requirements of the Basel Ⅱ and Ⅲ Capital Accords if they are to make meaningful business out of their credit exposure operations.It also recommends that banks should come up with capitalization and investment strategies that suit their economic conditions if they are to grow and develop sizeable market shares and wealth from their lending businesses.Finally the study recommends that banks in emerging economies should adapt to international business standards,strategies,ethics,and corporate governance parameters if they are to grow towards greater similarity with those in developed nations in their service delivery to the stakeholders and contribution to nation building and sustainable development.

New ideas on China＇s Foreign Trade Development Strategy

China has been a leader in export strategy since the reform and opening-up for trade. This has played a positive role in economic development, however, since stepping into a large country economy, entering the.WTO and the current development of economic globalization at a rapid rate, the leading export strategy has already been very difficult to adapt to the daily challenges in export because of the constant changes in domestic and international economic environment. In view of this, China should turn its strategy into one of dynamic comparative advantages with a global competitive strategy, in conformity with big country＇s economy in the economic background of globalization.

General Aspects of Financial Law

The aim of this article is to outline the general parts of the legal branch called financial law. It is intended as the first part of a series of articles outlineing the topic in detail. The aim of the submitted contribution is to demonstrate that the financial and legal aspects created the basis of economic development of the regions from the early beginnings of human society. Social relations constituting the subject-matter of the financial law had been developing, changing, and had become established before the financial law itself has been constituted. These relations seem to have been present from the very beginning of the existence of the human society. Regulatory acts associated with regulation of these relationships embodied solidarity and methodological specificities. The specificity of the subject-matter of regulation, solidarity and methodological specificities of the financial, and legal standards sufficiently define superstructure with a natural law character. The superstructure is based on constitutional system of national states after the EU integration has been completed on the EU law. As we can evaluate retrospectively, the transfer of fmanciallaw competencies in Brussels was a failiure. Since the political union was established through the Lisbon treaty in 2009 the European sovereign debt crisis emerged and ravaged the EU until today.

数字经济、金融发展与经济韧性

基于2011—2019年中国211个地级及以上城市面板数据,测度演化论视角下经济韧性及数字经济发展水平,运用固定效应模型、中介效应模型、面板门槛模型和空间杜宾模型研究数字经济对经济韧性的影响及金融发展在其中的中介效应。研究发现:数字经济的发展能够显著促进经济韧性;作用机制上,数字经济通过扩大金融规模、提升金融效率进而强化经济韧性;异质性分析发现数字经济对经济韧性的影响在经济水平较高地区、城市群中更强。进一步研究发现,数字经济对经济韧性的影响具有空间溢出效应;金融发展应当围绕实体经济才能够有效提升区域经济韧性。

数字经济、技术创新与中国省域经济韧性

提升经济韧性有助于实现中国式现代化与经济高质量发展。本文基于2008~2021年中国省域面板数据,将研究区间划分为金融危机抵抗期、金融危机恢复期和新冠肺炎疫情抵抗期,分别从分周期短期经济韧性与长期经济韧性角度,运用地理探测器与空间计量模型分析数字经济与技术创新对经济韧性的影响作用。研究发现,从不同周期看,技术创新对抵抗力与恢复力的驱动作用皆较大,而数字经济对抵抗力的驱动作用则更大。从长期看,在不同权重矩阵下,数字经济与技术创新皆对经济韧性有显著的促进作用且存在正向的空间溢出效应,此结论在更换核心解释变量以及被解释变量时依然成立。进一步做中介效应检验发现,数字经济可通过提升技术创新来增强中国省域经济韧性。因此,在我国发展进入战略机遇和风险挑战并存、不确定因素增多的时期,要着力发挥好数字经济与技术创新对经济韧性的正向效应,形成双重因素合力为经济韧性提高提供支撑的有利局面,推动现代化建设行稳致远。

数字经济赋能经济高质量发展:历史逻辑、理论逻辑与现实路径

数字经济是我国经济高质量发展的重要推动力。文章厘清了数字经济赋能高质量发展的历史逻辑、理论逻辑及其现实路径,分析了数字经济通过生产效率升级与经济结构优化、市场信息智能化与创造数据战略价值、经济模式的数字化革新等方面赋能经济高质量发展的重要作用。但是,数字经济赋能经济高质量发展过程中依然存在政策法规与发展模式限制、产业转型与市场竞争加剧、企业发展与人才结构失衡等困境。鉴于此,应在宏观层面科学规划,加强政策导向与经济体制创新;中观层面优化布局,推动产业升级与市场机制优化;微观层面加强调控,实现企业组织变革与经营能力提升,以实现经济高质量发展。

数字金融与经济增长——基于“在险增长”方法的研究

近年来,我国数字普惠金融快速发展,已经成为影响金融环境的重要变量。数字金融一方面加强了对中小微企业的金融服务,提高了金融对实体经济的支持力度,另一方面也会对经济增长的风险程度产生影响。本文首先介绍数字金融的内涵,并重点讨论了数字金融的普惠性特征及风险性特征;其次,详细梳理了我国数字金融的发展现状;进而,使用“在险增长”研究方法对我国数字金融与经济增长及风险的关系进行验证。研究发现,数字金融的发展不仅能够提高经济增长的平均预期,还能降低经济意外失速的风险,从整体上促进经济高质量发展。

基于CRITIC-TOPSIS模型的中国金融集聚程度评价分析

本文基于CRITIC-TOPSIS模型的金融集聚程度评价指标体系选择了13个指标,旨在对我国各省及直辖市的金融集聚程度进行综合评价。通过该模型,我们可以深入了解金融业在不同地区的集聚情况,并对其与区域经济发展之间的联系进行实证分析。为确保分析的准确性和可靠性,本文采用2019年的数据,以排除疫情对金融集聚程度和区域经济发展的潜在影响。通过实证分析,本文将为各区域提供有关金融集聚程度的详细数据,并探讨其对经济发展的影响。这将有助于制定更加精确和有效的政策,以期推动金融业的健康发展,促进区域经济的繁荣。

低温经济与东北亚经济发展:优势、现实困境及路径选择

气候变暖正对全球自然、社会及经济系统带来持续性损害,但温度与区域人口增长、农业及工业等行业的发展以及经济增长之间存在非线性关系,全球经济发展最适宜区域正逐渐向高纬度地区转移,这或将改变未来全球经济发展模式。在低温经济下,低温地区将凭借丰富的农业资源、渔业资源、能源资源、劳动力资源及广阔的经济发展前景获得新活力。抓住新机遇,应对新挑战,是东北亚地区国家经济发展的必然选择。东北亚地区在地理位置、气候环境及产业上均具有明显优势,但也在经济发展与环境保护平衡、绿色低碳转型、减缓与适应气候变化的技术发展等方面面临巨大挑战,可通过携手应对气候变化提高区域适应性、构建低温经济下东北亚经济发展命运共同体及高质量自由贸易区网络等方式,为未来低温经济下东北亚经济发展提供帮助。

Urbanization,economic development,and environmental changes in transitional economies in the global south:a case of Yangon

Background:Transitional economies in Southeast Asia—a distinct group of developing countries—have experienced rapid urbanization in the past several decades due to the economic transition that fundamentally changed the function of their economies,societies and the environment.Myanmar,one of the least developed transitional economies in Southeast Asia,increased urbanization substantially from 25%in 1990 to 31%in 2019.However,major knowledge gaps exist in understanding the changes in urban land use and land cover and environment and their drivers in its cities.Methods:We studied Yangon,the largest city in Myanmar,for the urbanization,environmental changes,and the underlying driving forces in a radically transitioned economy in the developing world.Based on satellite imagery and historic land use maps,we quantified the expansion of urban built-up land and constructed the land conversion matrix from 1990 through 2020.We also used three air pollutants to illustrate the changes in environmental conditions.We analyzed the coupled dynamics among urbanization,economic development,and environmental changes.Through conducting a workshop with 20 local experts,we further analyzed the influence of human systems and natural systems on Yangon’s urbanization and sustainability.Results:The city of Yangon expanded urban built-up land rapidly from 1990 to 2000,slowed down from 2000 to 2010,but gained momentum again from 2010 to 2020,with most newly added urban built-up land appearing to be converted from farmland and green land in both 1990–2000 and 2010–2020.Furthermore,the air pollutant concen-tration of CO decreased,but that of NO_(2)and PM_(2.5)increased in recent years.A positive correlation exists between population and economic development and the concentration of PM_(2.5)is highly associated with population,the economy,and the number of vehicles.Finally,the expert panel also identified other potential drivers for urbanization,including the extreme climate event of Cyclone Nargis,capital relocation,and globalization.Conclusions:Our research highlights the dramatic expansion of urban land and degradation of urban environment measured by air pollutants and interdependent changes between urbanization,economic development,and environmental changes.

21世纪中国农业与农村可持续发展方向和策略

中国是一个历史悠久的农业大国 ,农民占全国总人口的 70 %,农村占城镇村居民点建成面积的 86 .1%,农业只占国民生产总值的 17.2 %。中国的基本国情决定了农业、农村、农民在国民经济和现代化建设中的关键地位 ;加入WTO后的中国农业和农村经济发展 ,既迎来了新的机遇 ,也将面临更大的挑战。基于对中国农业与农村经济发展特点与问题的初步分析 ,提出了 2 1世纪中国农业与农村可持续发展应选择产业化、生态化、国际化和地区化的发展方向与模式 ,并将重点在优化制度环境、完善保障体系和突破结构制约等几个方面进行深化改革与创新。

金融危机下中国体育产业的挑战与未来

在目前世界遭遇金融危机和市场信心不足的局面下,分析中国体育产业的发展面临的挑战,并据此进行相应的研究,为体育产业如何快速在经济格局面临调整的大方向下,到发展的定位和突破口,以促进中国体育产业的顺利健康发展,提供参考性意见。

经济全球化格局下中国大豆产业的发展路径及策略选择

在系统分析我国大豆产业构成和国际大豆产业新格局的基础上,提出了以大力加强我国传统豆制品工业和现代大豆蛋白工业为核心的大豆产业发展新路径,并对其发展策略进行了分析论述。

危机损失、经济复苏与金融结构比较——什么样的金融体系更能摆脱危机

本文从比较分析视角出发,研究在应对金融危机的过程中,不同的金融结构对经济增长的作用。我们利用57个国家从1960到2009年的面板数据检验了金融结构、金融发展水平与经济增长之间的相互联系。研究结果表明,只有当金融发展水平较高的经济体选择市场导向的金融结构时,才能降低金融危机的损失,提高经济复苏速度,而金融发展水平较低的经济体的最佳选择则是银行导向的金融结构。最后,本文结合中国的现实情况提出了相关的政策建议。