Background:Mobile money services have been associated with unprecedented access to financial services,notably to under-banked and unbanked populations.Thus,mobile money opens a channel through which to examine the sup...Background:Mobile money services have been associated with unprecedented access to financial services,notably to under-banked and unbanked populations.Thus,mobile money opens a channel through which to examine the supply of private sector credit in Uganda.This study investigates how mobile money services influence private sector credit growth.Methods:We applied the vector error correction(VEC)model and Granger causality analysis to Ugandan data from March 2009 to February 2016,the period when mobile money services were introduced.Results:The VEC model reveals that mobile money has a significant positive longrun association with private sector credit growth.Granger causality analysis reveals long-run unidirectional causality from mobile money to private sector credit.Conclusions:Mobile money is critical for financial intermediation because it attracts resources from both the banked and the unbanked populations into the formal financial system,facilitating private sector credit growth.展开更多
The main goal of this paper is to trace the long record of financial crises from the perspective of an emerging economy. Two questions are addressed. First, what explains the incidence and severity of financial crises...The main goal of this paper is to trace the long record of financial crises from the perspective of an emerging economy. Two questions are addressed. First, what explains the incidence and severity of financial crises in an emerging market economy？ And, second, what is the role of learning; how does the country learn from its past experience in financial crises to improve institutions and develop better techniques so as to successfully manage successive crisis events？ To the best of our knowledge, this is the first attempt to provide a crisis event taxonomy looking at a systematic categorisation of the crises episodes that the country experienced over its 200-year life span, from its independence and the foundation of the Modem Greek state in 1829 to the recent 2008 crisis. To answer the above questions, I first present evidence on financial crises in Greece over a long time span of two centuries. Greece is chosen as our working template since it is a country with a rich history in financial crises. In particular, we try to identify different varieties of crises events, providing thus a crisis chronology. Moreover, we present some stylised facts on the incidence, the frequency and the severity of crises events. And second, we discuss the key determinants of the crises episodes, closely related to country specific factors, such as credit expansion, fiscal imbalances and the limited reserve coverage of the monetary base.展开更多
This paper develops a dynamic model of grazing land degradation. The model illustrates the relationship between live-stock levels and grazing land degradation over time. It identifies the mechanisms by which the facto...This paper develops a dynamic model of grazing land degradation. The model illustrates the relationship between live-stock levels and grazing land degradation over time. It identifies the mechanisms by which the factors internal to the livestock local production system and those drawn from the larger economic context of livestock marketing influence livestock-grazing land relationship. The paper shows that overstocking leads to degradation which leads to declining relative prices of livestock as quality declines and mortality increases. As relative price of livestock falls, consumption increases. The increased consumption and mortality ultimately leads to lower livestock population, which leads to de-creased degradation. The model results show that medium term dynamics of grazing land degradation are quite differ-ent from long term dynamics. It is shown that although grazing land sustainability situation is adverse in the medium term, yet it is favourable in the long term. The livestock system is dynamic and can adjust when longer term system dy-namics are allowed to play out. Part of the adjustment mechanism is built in the livestock system and the other part comes from the economic system. The built-in adjustment mechanism works through the two-way relationship between the stock and degradation. The external adjustment mechanism, originating from the economic system, works through economic growth, relative prices and foreign trade. In the medium term, opportunistic management strategy and poli-cies that facilitate access to grazing land and water are crucial for mitigating degradation. The results suggest that the views of the mainstream range management paradigm and the new thinking of range ecology can be reconciled.展开更多
CHINA should seize the moment at the G20 Summit in Hangzhou. capital of Zhejiang Province. in September to inject vitality into the organization and stimulate global governance. Currently, due to the changes in the w...CHINA should seize the moment at the G20 Summit in Hangzhou. capital of Zhejiang Province. in September to inject vitality into the organization and stimulate global governance. Currently, due to the changes in the world economy,展开更多
Some foreign media and scholars have recently claimed that the economic slowdown in China has affected the world economy. Their argument, however, has been proved groundless by economic data.
The current global financial and economic crisis is giving new life to initiatives that promote closer economic integration among East Asian countries. A significant example is the ASEAN- China Free Trade Area （.4 C...The current global financial and economic crisis is giving new life to initiatives that promote closer economic integration among East Asian countries. A significant example is the ASEAN- China Free Trade Area （.4 CFTA）, which is set to come into effect around 2010..4CFTA aims to boost trade between two economies that are partners as well as competitors： ASEAN and China. In the present paper, we use insights from customs union theory in a qualitative analysis considering whether,4CFTA would benefit both sides. We also apply a computable general equilibrium model to perform a quantitative analysis of the same issue. Both our qualitative and quantitative analyses provide grounds for guarded optimism regarding A CFTA ＇s prospects as a vehicle for strengthening the economic partnership between ASEAN and China.展开更多
The role of China in East Asia ＇s recovery from the recent global finaneial and economic crisis highlights China ＇s position as an engine of growth for this region. From the viewpoint of China, there are many potent...The role of China in East Asia ＇s recovery from the recent global finaneial and economic crisis highlights China ＇s position as an engine of growth for this region. From the viewpoint of China, there are many potential gains from entering into free trade agreements （FTAs） with its neighbors, who collectively form a large and fast-growing market. In this paper, we qualitatively and quantitatively assess the four main permutations of China＇s FTAs with East Asian major economies： China-ASEAN, China-Japan, China-Korea and ASEAN＋ 3. We compare the effects of these FTAs on China ＂s output and welfare. Our comparative analysis shows that China will gain from all three bilateral FTAs, while gaining the most from the ASEAN＋ 3. Because forming a region-wide FTA, such as the ASEAN＋ 3, is expected to be gradual and difficult, China shouM continue to engage in bilateral FTAs as a mediumterm and alternative strategy. However, in the long term, China should pursue a regionwide FTA.展开更多
Since economic reforms began in 1978, China＇s urban population has increased by half a billion. Over the next 20years, cities will likely add another 300 million people through local population growth, migration and ...Since economic reforms began in 1978, China＇s urban population has increased by half a billion. Over the next 20years, cities will likely add another 300 million people through local population growth, migration and the integration of nearby rural areas, Cities account for the majority of resource use and pollution so achieving greener growth will depend on developing and implementing a more sustainable urbanization model. China＇s leaders have responded to these challenges with ambitious goals and comprehensive environmental laws and regulations. These have so far not significantly reduced the harm from air, water and soil pollution.＂ in large measure because China ＂s green governance does not match its green ambitions. Drawing on the World Bank ＇s work on green growth and a recent joint urbanization study by the Development Research Center of China＇s State Council and the Worm Bank, this paper reviews recent academic research on green governance in urban China and discusses its main implications in the context of emerging global green growth concepts.展开更多
China should seize the moment at the Group of 20 （G20） Summit in Hangzhou, capital of Zhejiang Province,in September to inject vitality into the organiza- tion and stimulate global governance. The G20, as an import...China should seize the moment at the Group of 20 （G20） Summit in Hangzhou, capital of Zhejiang Province,in September to inject vitality into the organiza- tion and stimulate global governance. The G20, as an important platform for world economic cooperation, once champi- oned the role of tackling the 2008 financial crisis. Even so, it is currently beset by a raft of problems, such as a lack of authority and executive power.展开更多
At present, the major task of the G20 nations is to alleviate the downward pres- sure on the global economy and try toachieve stable growth. In the past seven years, the governments of these nations have made concerte...At present, the major task of the G20 nations is to alleviate the downward pres- sure on the global economy and try toachieve stable growth. In the past seven years, the governments of these nations have made concerted efforts in coping with the global financial crisis by implementing proactive fiscal policies and easy monetary policies. Although these policies have produced their intended effects, they＇ve also caused some negative spill- overs.展开更多
文摘Background:Mobile money services have been associated with unprecedented access to financial services,notably to under-banked and unbanked populations.Thus,mobile money opens a channel through which to examine the supply of private sector credit in Uganda.This study investigates how mobile money services influence private sector credit growth.Methods:We applied the vector error correction(VEC)model and Granger causality analysis to Ugandan data from March 2009 to February 2016,the period when mobile money services were introduced.Results:The VEC model reveals that mobile money has a significant positive longrun association with private sector credit growth.Granger causality analysis reveals long-run unidirectional causality from mobile money to private sector credit.Conclusions:Mobile money is critical for financial intermediation because it attracts resources from both the banked and the unbanked populations into the formal financial system,facilitating private sector credit growth.
文摘The main goal of this paper is to trace the long record of financial crises from the perspective of an emerging economy. Two questions are addressed. First, what explains the incidence and severity of financial crises in an emerging market economy？ And, second, what is the role of learning; how does the country learn from its past experience in financial crises to improve institutions and develop better techniques so as to successfully manage successive crisis events？ To the best of our knowledge, this is the first attempt to provide a crisis event taxonomy looking at a systematic categorisation of the crises episodes that the country experienced over its 200-year life span, from its independence and the foundation of the Modem Greek state in 1829 to the recent 2008 crisis. To answer the above questions, I first present evidence on financial crises in Greece over a long time span of two centuries. Greece is chosen as our working template since it is a country with a rich history in financial crises. In particular, we try to identify different varieties of crises events, providing thus a crisis chronology. Moreover, we present some stylised facts on the incidence, the frequency and the severity of crises events. And second, we discuss the key determinants of the crises episodes, closely related to country specific factors, such as credit expansion, fiscal imbalances and the limited reserve coverage of the monetary base.
文摘This paper develops a dynamic model of grazing land degradation. The model illustrates the relationship between live-stock levels and grazing land degradation over time. It identifies the mechanisms by which the factors internal to the livestock local production system and those drawn from the larger economic context of livestock marketing influence livestock-grazing land relationship. The paper shows that overstocking leads to degradation which leads to declining relative prices of livestock as quality declines and mortality increases. As relative price of livestock falls, consumption increases. The increased consumption and mortality ultimately leads to lower livestock population, which leads to de-creased degradation. The model results show that medium term dynamics of grazing land degradation are quite differ-ent from long term dynamics. It is shown that although grazing land sustainability situation is adverse in the medium term, yet it is favourable in the long term. The livestock system is dynamic and can adjust when longer term system dy-namics are allowed to play out. Part of the adjustment mechanism is built in the livestock system and the other part comes from the economic system. The built-in adjustment mechanism works through the two-way relationship between the stock and degradation. The external adjustment mechanism, originating from the economic system, works through economic growth, relative prices and foreign trade. In the medium term, opportunistic management strategy and poli-cies that facilitate access to grazing land and water are crucial for mitigating degradation. The results suggest that the views of the mainstream range management paradigm and the new thinking of range ecology can be reconciled.
文摘CHINA should seize the moment at the G20 Summit in Hangzhou. capital of Zhejiang Province. in September to inject vitality into the organization and stimulate global governance. Currently, due to the changes in the world economy,
文摘Some foreign media and scholars have recently claimed that the economic slowdown in China has affected the world economy. Their argument, however, has been proved groundless by economic data.
文摘The current global financial and economic crisis is giving new life to initiatives that promote closer economic integration among East Asian countries. A significant example is the ASEAN- China Free Trade Area （.4 CFTA）, which is set to come into effect around 2010..4CFTA aims to boost trade between two economies that are partners as well as competitors： ASEAN and China. In the present paper, we use insights from customs union theory in a qualitative analysis considering whether,4CFTA would benefit both sides. We also apply a computable general equilibrium model to perform a quantitative analysis of the same issue. Both our qualitative and quantitative analyses provide grounds for guarded optimism regarding A CFTA ＇s prospects as a vehicle for strengthening the economic partnership between ASEAN and China.
基金Innwon Park's research is supported by a Korea University GrantSoonchan Park's research is supported by the National Research Foundation of Korea Grant funded by the Korean Government(NRF-2010-32A-B00045)
文摘The role of China in East Asia ＇s recovery from the recent global finaneial and economic crisis highlights China ＇s position as an engine of growth for this region. From the viewpoint of China, there are many potential gains from entering into free trade agreements （FTAs） with its neighbors, who collectively form a large and fast-growing market. In this paper, we qualitatively and quantitatively assess the four main permutations of China＇s FTAs with East Asian major economies： China-ASEAN, China-Japan, China-Korea and ASEAN＋ 3. We compare the effects of these FTAs on China ＂s output and welfare. Our comparative analysis shows that China will gain from all three bilateral FTAs, while gaining the most from the ASEAN＋ 3. Because forming a region-wide FTA, such as the ASEAN＋ 3, is expected to be gradual and difficult, China shouM continue to engage in bilateral FTAs as a mediumterm and alternative strategy. However, in the long term, China should pursue a regionwide FTA.
文摘Since economic reforms began in 1978, China＇s urban population has increased by half a billion. Over the next 20years, cities will likely add another 300 million people through local population growth, migration and the integration of nearby rural areas, Cities account for the majority of resource use and pollution so achieving greener growth will depend on developing and implementing a more sustainable urbanization model. China＇s leaders have responded to these challenges with ambitious goals and comprehensive environmental laws and regulations. These have so far not significantly reduced the harm from air, water and soil pollution.＂ in large measure because China ＂s green governance does not match its green ambitions. Drawing on the World Bank ＇s work on green growth and a recent joint urbanization study by the Development Research Center of China＇s State Council and the Worm Bank, this paper reviews recent academic research on green governance in urban China and discusses its main implications in the context of emerging global green growth concepts.
文摘China should seize the moment at the Group of 20 （G20） Summit in Hangzhou, capital of Zhejiang Province,in September to inject vitality into the organiza- tion and stimulate global governance. The G20, as an important platform for world economic cooperation, once champi- oned the role of tackling the 2008 financial crisis. Even so, it is currently beset by a raft of problems, such as a lack of authority and executive power.
文摘At present, the major task of the G20 nations is to alleviate the downward pres- sure on the global economy and try toachieve stable growth. In the past seven years, the governments of these nations have made concerted efforts in coping with the global financial crisis by implementing proactive fiscal policies and easy monetary policies. Although these policies have produced their intended effects, they＇ve also caused some negative spill- overs.
