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Decomposition of Productivity Considering Multi‐Environmental Pollutants in Chinese Industrial Sector 考虑多环境污染物的中国工业部门生产率分解
AARN: Economic Systems (Sub-Topic) Pub Date : 2015-02-01 DOI: 10.1111/rode.12123
Hidemichi Fujii, Jing Cao, Shunsuke Managi
{"title":"Decomposition of Productivity Considering Multi‐Environmental Pollutants in Chinese Industrial Sector","authors":"Hidemichi Fujii, Jing Cao, Shunsuke Managi","doi":"10.1111/rode.12123","DOIUrl":"https://doi.org/10.1111/rode.12123","url":null,"abstract":"The objective of this study is to calculate and decompose productivity incorporating multi-environmental pollutants in Chinese industrial sectors from 1992 to 2008. We apply a weighted Russell directional distance model to calculate productivity from both the economic and environmental performance. Main findings are, 1) Chinese industrial sectors increased productivity, with the main contributing factors being labor saving prior to 2000. 2) The main contributing factors for productivity growth in coastal areas include both economic and environmental performance improvement. While central and west regions improved productivity due to economic development, they have a trade-off relationship between economic and environmental performance.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"152 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134211063","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 42
IMF Surveillance in Europe IMF在欧洲的监督
AARN: Economic Systems (Sub-Topic) Pub Date : 2015-01-07 DOI: 10.2139/ssrn.2546353
Pilar L´Hotellerie-Fallois, Irina Balteanu, Pablo Moreno, Beatriz Urquizu, C. Janssens, E. Vincent, P. Sedláček, Axel Brüggemann, Felix Haupt, M. Keeney, Geneviève Deanaz, Francesco Paternò, Jon Frost, Simon Whitaker, J. McKay, Raymond Ritter
{"title":"IMF Surveillance in Europe","authors":"Pilar L´Hotellerie-Fallois, Irina Balteanu, Pablo Moreno, Beatriz Urquizu, C. Janssens, E. Vincent, P. Sedláček, Axel Brüggemann, Felix Haupt, M. Keeney, Geneviève Deanaz, Francesco Paternò, Jon Frost, Simon Whitaker, J. McKay, Raymond Ritter","doi":"10.2139/ssrn.2546353","DOIUrl":"https://doi.org/10.2139/ssrn.2546353","url":null,"abstract":"The International Monetary Fund has significantly improved its surveillance of the EU and the euro area, along the lines suggested by the Fund JEL Classification: F42, F53","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"153 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115383676","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Exploring the Use of Kelly Criterion for Basel Capital Requirement: An Optimal and Countercyclical Approach 探索凯利标准在巴塞尔资本要求中的应用:一种最优的反周期方法
AARN: Economic Systems (Sub-Topic) Pub Date : 2014-11-19 DOI: 10.2139/ssrn.2350041
Max C.Y. Wong
{"title":"Exploring the Use of Kelly Criterion for Basel Capital Requirement: An Optimal and Countercyclical Approach","authors":"Max C.Y. Wong","doi":"10.2139/ssrn.2350041","DOIUrl":"https://doi.org/10.2139/ssrn.2350041","url":null,"abstract":"The Basel capital is a “margin” requirement imposed by regulators to cushion banks against extreme falls in prices of assets held, and is often a function of value-at-risk (VaR). The way banks adjust their balance sheets to maintain the requirement is equivalent to leverage targeting that has been shown to cause procyclical risk. The 2008 crisis revealed that Basel 2 capital was insufficient to protect banks against crisis losses, but the industry believes the current Basel 3 requirements are too high for sustainable business. Is there an optimal capital?Balance sheet rebalancing with a target leverage can be described by a multiplicative game or process. Most players will lose money even if the game has a positive expectation because excessive leverage causes the majority to get wiped out over time and the system achieves a “winner takes all” effect. Fortunately, the Kelly criterion provides an optimal leverage that prevents this. By using empirical data for balance sheet simulation, we show that the Kelly criterion gives an optimal capital vis-a-vis Basel 2, Basel 2.5 and expected shortfall. This capital approach provides the best survival strategy over the economic cycle. The article suggests how this can be computed in practice for an actual bank. Also the Kelly-based capital is potentially countercyclical, which addresses procyclical risks and could also reinforce the central bank monetary policy transmission mechanism.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"50 12","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114016281","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Social Governance, Growth Paradigm, and Mismatch Problems 社会治理、增长范式与错配问题
AARN: Economic Systems (Sub-Topic) Pub Date : 2014-11-09 DOI: 10.2139/SSRN.2521218
Gongpil Choi
{"title":"Social Governance, Growth Paradigm, and Mismatch Problems","authors":"Gongpil Choi","doi":"10.2139/SSRN.2521218","DOIUrl":"https://doi.org/10.2139/SSRN.2521218","url":null,"abstract":"Previous crisis episodes highlighted the role of mismatches in propagating crisis dynamics in emerging economies. The relative speed of financial opening as compared with the enhancement of absorptive capacity is a key determinant of the nature and severity of these mismatches. This study examines the pivotal role of social governance in controlling the various types and magnitude of mismatches. The interaction between the structure of social governance and the mismatches in an open environment implies the directions for needed change. While mismatches are inevitable due to the disparity between the social and economic systems, the institutional environment and social governance dictate an evolutionary process. Restructuring without proper development in institutions and governance exacerbates the polarization between the tradable and non-tradable sectors of the economy and in society, thereby weakening the momentum for continual structural reform. It is important to initiate changes in social governance to effectively control the mismatches and permit sustainable growth via institution-building and policy-making.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130835289","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Liquidity Advantage of the Quote-Driven Market: Evidence from the Betting Industry 报价驱动市场的流动性优势:来自博彩行业的证据
AARN: Economic Systems (Sub-Topic) Pub Date : 2014-10-01 DOI: 10.2139/ssrn.2371185
Raphael Flepp, Stephan Nüesch, E. Franck
{"title":"The Liquidity Advantage of the Quote-Driven Market: Evidence from the Betting Industry","authors":"Raphael Flepp, Stephan Nüesch, E. Franck","doi":"10.2139/ssrn.2371185","DOIUrl":"https://doi.org/10.2139/ssrn.2371185","url":null,"abstract":"Even though betting exchanges are considered to be the superior business model in the betting industry due to less operational risk and lower information costs, bookmakers continue to be successful. We explain the puzzling coexistence of these two market structures with the advantage of guaranteed liquidity in the bookmaker market. Using matched panel data of over 1.8 million bookmaker and betting exchange odds for 17,410 soccer matches played worldwide, we find that the bookmaker offers higher odds and bettor returns than the betting exchange when liquidity at the betting exchange is low.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129741897","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 22
Marxism as an Instrument of Bourgeois Ideology: A Reply to Ellerman 马克思主义作为资产阶级意识形态的工具:对埃勒曼的回答
AARN: Economic Systems (Sub-Topic) Pub Date : 2014-09-07 DOI: 10.2139/ssrn.2503865
M. E. Acuña
{"title":"Marxism as an Instrument of Bourgeois Ideology: A Reply to Ellerman","authors":"M. E. Acuña","doi":"10.2139/ssrn.2503865","DOIUrl":"https://doi.org/10.2139/ssrn.2503865","url":null,"abstract":"Has Marxism inadvertently contributed to the perpetuation of the capitalist mode of production? David Ellerman answers in the affirmative. In this paper I endeavor to demonstrate that Ellerman's position stems from a fundamental misunderstanding of Karl Marx and Friedrich Engels's critique of capital.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127315505","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The End of One Long Deflation: An Empirical Investigation 一次长期通货紧缩的结束:一项实证调查
AARN: Economic Systems (Sub-Topic) Pub Date : 2014-08-12 DOI: 10.2139/ssrn.2461720
K. Yano, Yasuyuki Iida, Goushi Kataoka, T. Okada, Yasushi Okada
{"title":"The End of One Long Deflation: An Empirical Investigation","authors":"K. Yano, Yasuyuki Iida, Goushi Kataoka, T. Okada, Yasushi Okada","doi":"10.2139/ssrn.2461720","DOIUrl":"https://doi.org/10.2139/ssrn.2461720","url":null,"abstract":"Did \"Quantitative and Qualitative Monetary Easing (QQE),'' which has been conducted by the Bank of Japan from April 2013, end the long deflation of the Japanese economy? Answering the question, we constructed a linear projection model to estimate Ex-Ante Real interest Rates (EARRs) and Inflation Expectations (IEs) based on Japanese macroeconomic data. In our empirical study, we obtain two major results. The first result shows that we can observe a sharp decline of an EARR and the sudden increase of an IE after March, 2013, which is consistent with the actual core inflation. Second, estimating dummy variables in the model, we find that a structural break occurred in April, 2013. A regime change (regime shift) of Japanese monetary policy occurred in March or April, 2013. They also present that QQE has a strong effect on the Japanese economy and realized the sharp recovery in 2013. We conclude that the regime change of monetary policy end the Japanese long deflation in 2013.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134335149","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
How Neoclassical Economics Developed Without a Theory of Money 没有货币理论的新古典经济学是如何发展的
AARN: Economic Systems (Sub-Topic) Pub Date : 2014-07-10 DOI: 10.2139/SSRN.2464732
T. Pugh, Andrew Johnston
{"title":"How Neoclassical Economics Developed Without a Theory of Money","authors":"T. Pugh, Andrew Johnston","doi":"10.2139/SSRN.2464732","DOIUrl":"https://doi.org/10.2139/SSRN.2464732","url":null,"abstract":"In 2008 the global financial system suffered a catastrophic collapse. The question ‘why did it happen?’ has rightly been foremost in the minds of many writers since but this paper seeks to approach the problem from a different angle. The dominant paradigm in economics was, and amazingly still is, neoclassical economics, however it failed to see the danger in the build-up of debt in western economies that ultimately led to collapse. The major question addressed in this paper is how could such a theory, which lacked a proper model of money and debt ever get to such a position of pre-eminence?The answer to this question starts with the understandable desire of economics in the 19th century to match the success of the natural sciences, in particular physics. From there, as economics developed it encountered difficulties modeling human behaviour in a robust mathematical way. Nonetheless such a flawed theory was successful as firstly, the ‘rentier’ class, who throughout the ages wished to escape the opprobrium they suffered at the hands of the economy’s debtor class, adopted it. More importantly, this relationship develops into the symbiotic relationship between neoclassical economics and neoliberal political theory, which we observe today.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125699366","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Capitalist Dynamics: Fictional Expectations and the Openness of the Future 资本主义动力:虚构的期望和未来的开放
AARN: Economic Systems (Sub-Topic) Pub Date : 2014-07-09 DOI: 10.2139/ssrn.2463995
Jens Beckert
{"title":"Capitalist Dynamics: Fictional Expectations and the Openness of the Future","authors":"Jens Beckert","doi":"10.2139/ssrn.2463995","DOIUrl":"https://doi.org/10.2139/ssrn.2463995","url":null,"abstract":"Capitalism is an economic and social order oriented toward the future. In this paper, I describe the unfolding of the temporal order of capitalism and relate it to the restless dynamism of capitalism we have observed since the Industrial Revolution. Since the future is open, actors are confronted with the uncertainty of the outcomes of their decisions. What can expectations be under conditions of uncertainty? To answer this question, I introduce the notion of fictional expectations which can be used to describe decisions made under conditions of an open and uncertain future. In the paper's penultimate section, I apply the concept of fictional expectations to the analysis of four crucial processes of capitalism: money and credit, investments, innovation, and consumption. The main thrust of the paper is that in order to understand economic action in capitalism, actors' perceptions of the future need to take center stage. Not only history matters, but also the future matters.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130433351","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 29
Art Market Returns: Misgivings and Certainties 艺术市场回报:担忧与确定
AARN: Economic Systems (Sub-Topic) Pub Date : 2014-06-26 DOI: 10.2139/ssrn.2462955
V. Charlin, Arturo Cifuentes
{"title":"Art Market Returns: Misgivings and Certainties","authors":"V. Charlin, Arturo Cifuentes","doi":"10.2139/ssrn.2462955","DOIUrl":"https://doi.org/10.2139/ssrn.2462955","url":null,"abstract":"Paintings are − among other things − financial assets. The most basic piece of information regarding a financial asset is probably its return, or, more appropriately, the potential return that it can offer. Not surprisingly, many scholars have devoted a fair amount of effort to explore how to compute returns for such assets. Unfortunately, after more than forty years of efforts, many fundamental issues regarding returns remain unsolved. In this paper we address two issues that somehow have been overlooked by previous research: (i) how the choice of metric influences the computation of estimated returns; and (ii) the importance of taking into consideration the error propagation in the computation of these estimates. We conclude that estimating returns for paintings is far more difficult than previously believed; there is no unique or best solution; and perhaps more relevant, the errors associated with these estimates are quite substantial.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"81 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126966613","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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