Table of Content

16 July 2014, Volume 34 Issue 7

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TOWARD DOMESTIC DEMAND AND NEW SILK ROAD
——The New Strategy of Bohai Rims Economic Development

JIA Gen-Liang

2014, 34(7):  5-12. 

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The strategy of Bohai rims economic development nowadays still follows the tradition of exportoriented economic development strategy which committed to undertake the industrial transfer from developed countries and join the global value chains from the lowend in the past twenty years There is serious internal defect in this strategy since it runs counter to the successful historical experiences of developed countries After the outbreak of international finance crisis, the rapid development of domestic demandoriented economy and southsouth trade is promoting the shape of new world economic structure Bohai rims economy should pay more attention to domestic demand and “new silk road economic belt”, and be prior to carry and try the new strategy and mode of setting up the global value chain dominated by Chinese corporations so that it can be the first to achieve breakthroughs and become the powerful new engine of Chinas economic development, transformation and upgrading and the world economic development

A STUDY OF REGIONAL DIFFERENCE OF CARBON
EMISSION EFFICIENCY BASED ON STOCHASTIC FRONTIER ANALYSIS

LEI Yu-Tao, YANG Juan

2014, 34(7):  13-22. 

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 Based on stochastic frontier analysis, this paper analyzed the efficiency of carbon emission in different area from 1996 to 2011, with GDP and other factors consideredThis paper also applied Kernel density estimation methods to analyze the dynamic evolution of carbon emissionsThe empirical results showed there was a growing gap of carbon emission efficiency between different regionsThis paper suggested to establish a regional coordination mechanism to balance carbon emissions and economic development of different regions

THE AMPLIFICATION EFFECT OF PROCESSING TRADES DOMESTIC
 VALUE ADDED ON THE IMPACT OF RMB APPRECIATION

XU Yuan-1, XU Kang-Ning-2

2014, 34(7):  23-33. 

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By using panel DOLS method with the quarter manufacture importexport data of China from 2001—2010, this paper analyzed the impact of the exports domestic valueadded combined RMB appreciation on the general trade and processing trade. The empirical results showed that with the exports domestic valueadded upgrading, the elasticity of exchange rate for processing trade export would become sensitive and processing trade import had a “onetoone” relationship with export so its flexibility of exchange rate was negative. The processing trades domestic valueadded would enlarge the function of RMB appreciation on reducing trade surplus. Therefore, speeding up technology progress, producing more complex intermediate goods would appropriately alleviate pressure on the forced and rapid appreciation of RMB.

QUESTIONING THE FOOD PRICE REGULATION
——On the Positioning of Government Regulation Functions

ZHOU Xiao-Mei

2014, 34(7):  34-42. 

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As serious asymmetry of information, there are different degrees of failure in the food safety market. In order to encourage enterprises to improve food safety standards, consumer demand for food safety has transmitted signals to the enterprise through the willingness to pay. Some increase in food prices reflects the consumer demand for food safety. Case studies showed that the government controls on food prices would increase market uncertainty, due to the objectives conflict between the food price regulation and the food safety regulation. Facing food safety crises, the government should use price regulation with caution. In the process of economic restructuring, regulatory functions of government should be clear positioning, relax food price regulation, effectively strengthen food safety regulation.

FLEXIBLE SHARING CONTRACTS: THE CONTRACT AND
ECONOMIC PERFORMANCE OF CHINAS TAXSHARING SYSTEM

LV Bing-Yang-1 , NIE Hui-Hua-2

2014, 34(7):  43-50. 

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This paper analyzes the nature of Chinas taxsharing system from the perspective of contract and explains the positive and negative effect of this system by unified framework. The taxsharing system is a flexible revenuesharing contract system, because it is a combination of a series of specific contracts on residual distribution among central government and local governments. These specific contracts can be classified as four kindsfixed wage contracts, fixed price contracts, decentralized contracts, and revenuesharing contracts, which are complementary and form a flexible incentive system. Under asymmetric information the incentive system strengthens local governments motivation on economic growth, but it will distort the local governments behavior, lead to repeat construction and extensive economic growth model.

RMB REGIONAL ACCEPTANCE DEGREE:
INDEX ESTABLISHMENTS AND IMPACT FACTORS MEASUREMENT
——A Study Based on ASEAN and Hong Kong

SU Zhi, LI Jin, FANG Tong

2014, 34(7):  51-63. 

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To reform the international monetary system and promote the process of dedollarize gradually have become the consensuses of the international community after the financial crisis Let RMB realize its surrounding and region usage is an important stage in the process of internationalization of the RMB, and it is also of significance to establish the monitoring index system of RMB regional acceptance degree Based upon the analysis of the RMB usage in ASEAN and Hong Kong, this article proposes the building framework of the RMB regional acceptance degree index, and analyzes impact factors by the econometric tools The empirical results show that: (1) Fueled by both policypromotion and market demand, the RMB acceptance degree in ASEAN will get a continuous promotion in the future, however, it remains very uncertain because of the economic and political factors in the short term; (2) Affected by policypromotion, smaller deposits and depreciation expectation, RMB trade acceptance degree get a faster promotion than Financial acceptance degree in Hong Kong, and it will be good for improving the RMB acceptance degree to improve the proportion of RMB deposits; (3) The economic situation of Hong Kong has a higher influence on the RMB acceptance degree than the mainland, which Reflects that the currency internationalization is a marketspontaneousselecting process; (4) The currency substitution has an effect on the performance of bilateral monetary policy, as a result, Hong Kongs inflation, interest rates and the level of inflation in mainland will be influenced by the reverse impact of Hong Kongs RMB acceptance degree

LITERATURE REVIEW ON THE CURRENCY
DENOMINATION OF INTERNATIONAL TRADE

ZHAO Ran-1, WU Cong-2

2014, 34(7):  64-75. 

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The development of a currencys media of exchange function is closely related with its internationalization degreeThis functions micromarket performance is the choice of currency denomination of international tradeHereby, this paper aims at analyzing and interpreting the development of currency denomination theory since 1970sAlong with the emerge of the Euro, the research on this field has experienced a process from pure theoretical analysis to theory and empirical analysis combined together, from macro and micro research did respectively to combining these two aspectsEspecially with the development of new open economy macroeconomics, researches on enterprises settlement currency choice have expanded to a significant variable in macroeconomic researchFinally, relying on these theoretical researches, this paper posed that lower product differentiation and lacking of enterprises competition are the most important factors constraining RMBs international media of exchange function

MULTILEVEL REGIONAL GOVERNANCE OF THE EUROPEAN
UNION BASED ON THE EUROPEAN SOVEREIGNDEBT CRISIS

ZHANG Shu-Jing

2014, 34(7):  76-87. 

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Based on data from the Eurostat, this paper analyzes the causes and manifestations of the European sovereigndebt crisis, and then studies the EU multilevel regional governance in depth. Unreasonable industrial structure, large trade deficit, unbalanced government payment, and the coexistence of common monetary policy and decentralized fiscal policies in the EU member countries in crisis are the key causes, and the global financial crisis is the accelerator. The European multilevel regional governance is the harmonized joint governance between the supernation institutes and the sovereign nations, which is composed of shortterm bailouts, mediumterm adjustments and reforms and longterm early warning mechanisms, and considered as a good example for global governance.   

ANALYSIS ON CHINESE INTERNATIONAL COOPERATION
OF FISCAL POLICY WITH EU & US AFTER THE CRISIS

SUN Jin-1, ZHENG Ya-Jie-2

2014, 34(7):  88-100. 

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This paper measures fiscal divergence of two countries by following Darvas in 2005 and applies MSVAR model to test policy cooperation of SinoUS and SinoEUEmpirical results show that the positive relevance of fiscal policy of SinoEU is higher than that of SinoUSSince China is similar to EU who has fiscal decentralization between center and regions and the hegemony of US dollarAfter the debt crisis, each country requires to cooperate fiscal policyOtherwise, the effect of austerity policy will be offsetChina is in the following position in the international policy cooperationIn the future, US and EU will reduce deficit so that China has to prepare for the economic adjustment

THE MECHANISM OF FARMER COOPERATIVES IN CHINA
——Based on Organizational Ecology Theory

LIANG Qiao-1, WANG Xin-Xin-2

2014, 34(7):  101-112. 

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This paper examined the ecologicalization and institutionalization of farmer cooperatives by collecting the firsthand data of 37 cooperatives in Zhejiang. The empirical results showed that the competition and population density might promote or hinder the establishment of farmer cooperatives in alternative situations. Elite farmers and the government played key roles respectively. The perfection of laws and bylaws and the well cooperation of cooperatives in community could contribute to the institutionalization and further promote the establishment and development of farmer cooperatives.