Sound and efficient functioning of financial systems is critical to the economic prosperity of any economy.This paper investigates the tripartite relationship between financial sector output,employment and economic gr...Sound and efficient functioning of financial systems is critical to the economic prosperity of any economy.This paper investigates the tripartite relationship between financial sector output,employment and economic growth in North Cyprus.Using relevant time series data analysis(within the framework of structural breaks and VECM),we found that financial sector output in North Cyprus is sensitive to both internal and external shocks in that its economy is well linked with the global economy,in spite of the political isolation sustained since the bifurcation of Cyprus into North and South.The study further documents evidence of the neutrality hypothesis in the finance-growth nexus.The underlying variables were weakly connected in the short-run.However,economic growth responded to the short-run shocks and handled the equilibrating process of reverting to the long-run trend and thus,the demand following hypothesis is confirmed in the long-run.展开更多
Spain became a net receiver country of a high number of foreigners entering the labour market in the first decade of the 21 st century. The ensuing economic crisis, beginning in 2007, led to the destruction of a large...Spain became a net receiver country of a high number of foreigners entering the labour market in the first decade of the 21 st century. The ensuing economic crisis, beginning in 2007, led to the destruction of a large number of companies and jobs. The objective of this paper is to analyze the relationship between educational level, employment and economic activity, in the Spanish and foreign working population in the Spanish labour market and the impact that the economic crisis is having on employment and self-employment. The hypotheses considered have been as followed--HI: The economic crisis mainly affects the less educated working population, both Spanish and foreign; H2: Self-employment is characterized by being an initiative of a working population with low educational levels for both population groups (Spanish and foreign); H3: Employment is related to the productive economic structure. Micro-data from the Labour Force Survey 2009 (EPA in Spanish) has been used, compiled by Spains National Statistics Office (INE in Spanish), and it has been applied Multiple Correspondence Analysis (MCA) to detect possible associations among the study variables (nationality, level of education, salaried employment, self-employment and economic activity). The results show significant differences between both groups: Spanish and foreign working population. The study also shows how the crisis affects employment, and the important role played by the educational level of the working population, especially foreigners employed in certain economic activities.展开更多
Despite the intention of minimum wage policy to maintain the living standards of low-income groups in the formal sector, this paper has found that the actual result of this policy produces the "big push" impact on C...Despite the intention of minimum wage policy to maintain the living standards of low-income groups in the formal sector, this paper has found that the actual result of this policy produces the "big push" impact on China's economy under certain conditions, i.e. it is conducive to achieving the equilibrium of high wage, high consumption and formalization. The result shows that the elasticity of income growth from raising the minimum wage standard is greater for formal sector employees than for informal sector employees and is characterized by a U-shaped pattern in terms of quantiles. Thus, minimum wage hikes have widened wage gaps between and within sectors. Rising minimum wage standards greatly stimulate consumption with each 10% increase expected to bring about an additional urban household consumption of about 1.167 billion yuan in the surveyed four provinces. With local minimum wage hikes, the formal sector of wholesale and retail, hotel and catering services expands and the informal sector contracts, while the real estate sector experiences a "reverse formalization" trend. Based on the "big push theory", this paper concludes that against the backdrop of extensive, frequent and substantial minimum wage hikes, demand and sector TFP growth are the major causes of sector heterogeneity.展开更多
In the process of industrialization, China has been a big agricultural country, and the agricultural sector's economic activities have been playing important role in economic growth. This paper established the invest...In the process of industrialization, China has been a big agricultural country, and the agricultural sector's economic activities have been playing important role in economic growth. This paper established the investment behavior model of agricultural enterprises on the basis of Chinese practice. And then, the model presented the important factors impacting on investment, such as financing cost, wage, and policy factors, etc. Thirdly, this paper in particular used R-studio to estimate the impact of fmancing cost and policy factor on investment and capital accumulation of primary industry sector by gathering the data from 2003 to 2013. The results showed that the official interest rate of loans of financial institutions could be the proxy variable as the financing cost of agricultural enterprises, and the employment level of agricultural enterprises had negative impact on investment. Finally, this paper provided some explanations and suggestions on the basis of above results.展开更多
文摘Sound and efficient functioning of financial systems is critical to the economic prosperity of any economy.This paper investigates the tripartite relationship between financial sector output,employment and economic growth in North Cyprus.Using relevant time series data analysis(within the framework of structural breaks and VECM),we found that financial sector output in North Cyprus is sensitive to both internal and external shocks in that its economy is well linked with the global economy,in spite of the political isolation sustained since the bifurcation of Cyprus into North and South.The study further documents evidence of the neutrality hypothesis in the finance-growth nexus.The underlying variables were weakly connected in the short-run.However,economic growth responded to the short-run shocks and handled the equilibrating process of reverting to the long-run trend and thus,the demand following hypothesis is confirmed in the long-run.
文摘Spain became a net receiver country of a high number of foreigners entering the labour market in the first decade of the 21 st century. The ensuing economic crisis, beginning in 2007, led to the destruction of a large number of companies and jobs. The objective of this paper is to analyze the relationship between educational level, employment and economic activity, in the Spanish and foreign working population in the Spanish labour market and the impact that the economic crisis is having on employment and self-employment. The hypotheses considered have been as followed--HI: The economic crisis mainly affects the less educated working population, both Spanish and foreign; H2: Self-employment is characterized by being an initiative of a working population with low educational levels for both population groups (Spanish and foreign); H3: Employment is related to the productive economic structure. Micro-data from the Labour Force Survey 2009 (EPA in Spanish) has been used, compiled by Spains National Statistics Office (INE in Spanish), and it has been applied Multiple Correspondence Analysis (MCA) to detect possible associations among the study variables (nationality, level of education, salaried employment, self-employment and economic activity). The results show significant differences between both groups: Spanish and foreign working population. The study also shows how the crisis affects employment, and the important role played by the educational level of the working population, especially foreigners employed in certain economic activities.
基金Major project of National Social Sciences Foundation"Characteristics and Policy Orientation Research on the New Normal of China's Economic Growth"(Grant No.15ZDA008)Major project of National Natural Sciences Foundation"Research on the Mechanism and Policy of Promoting Industrial Upgrade in Economic Developed Regions"(Grant No.71333002)
文摘Despite the intention of minimum wage policy to maintain the living standards of low-income groups in the formal sector, this paper has found that the actual result of this policy produces the "big push" impact on China's economy under certain conditions, i.e. it is conducive to achieving the equilibrium of high wage, high consumption and formalization. The result shows that the elasticity of income growth from raising the minimum wage standard is greater for formal sector employees than for informal sector employees and is characterized by a U-shaped pattern in terms of quantiles. Thus, minimum wage hikes have widened wage gaps between and within sectors. Rising minimum wage standards greatly stimulate consumption with each 10% increase expected to bring about an additional urban household consumption of about 1.167 billion yuan in the surveyed four provinces. With local minimum wage hikes, the formal sector of wholesale and retail, hotel and catering services expands and the informal sector contracts, while the real estate sector experiences a "reverse formalization" trend. Based on the "big push theory", this paper concludes that against the backdrop of extensive, frequent and substantial minimum wage hikes, demand and sector TFP growth are the major causes of sector heterogeneity.
文摘In the process of industrialization, China has been a big agricultural country, and the agricultural sector's economic activities have been playing important role in economic growth. This paper established the investment behavior model of agricultural enterprises on the basis of Chinese practice. And then, the model presented the important factors impacting on investment, such as financing cost, wage, and policy factors, etc. Thirdly, this paper in particular used R-studio to estimate the impact of fmancing cost and policy factor on investment and capital accumulation of primary industry sector by gathering the data from 2003 to 2013. The results showed that the official interest rate of loans of financial institutions could be the proxy variable as the financing cost of agricultural enterprises, and the employment level of agricultural enterprises had negative impact on investment. Finally, this paper provided some explanations and suggestions on the basis of above results.