Table of Content

16 October 2019, Volume 39 Issue 10

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THE IMBALANCE EFFECT OF THE FED'S QUANTITATIVE EASING ON THE GLOBAL FINANCIAL MARKET

ZHANG Feiyan

2019, 39(10):  4-19. 

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Based on Global Vector AutoRegression model (GVAR), this paper gives a deep insight into the imbalance effect of the Fed's quantitative easing (QE) on the global financial market. Further researches show that the effects of the QE on the financial markets indexes of other countries are totally different according to their monetary system, such as the monetary policy, the exchange rate regime and the liberalization of capital account. On the condition of the unconventional monetary policy, other countries should change their monetary system depending on their own circumstances. Those countries with monetary policy focusing on the monetary aggregates, soft pegs regime and basic capital accounts liberation may result in the imbalance development of the real economy and the financial markets. While their monetary policies also pay attention to the inflation, these countries need macroprudential measures to tame financial asset bubbles. Those countries with monetary policy targeting on the inflation, the float exchange rate regime and basic capital accounts liberation will result in financial bubbles. These countries should strengthen macroprudential measures to tame financial asset bubbles.

WOULD THE FINANCIAL INPUT ATTRACT THE FARMERS BACK TO VILLAGE——Analysis Based on CHIP Database

MA Haitao,DING Shu

2019, 39(10):  20-30. 

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 As attracted by 2nd & 3rd industries, more and more farmers are leaving the villages. Giving more fiscal supports, will it attract them back to villages? This paper applies the econometric analysis to get the conclusion as follows. Because of the higher salary in big cities, the additional fiscal input has less effect to attract them back. It is better to distribute the input in raising farmers' income than to distribute input to improve the living condition, and we should to think the problem from the angle of “better income”. This paper suggests that the government should develop rural 2nd and 3rd industries to promote the farmers get better income while living in village.

IS FINANCIAL STRUCTURE IRRELEVANT WITH CARBON EMISSION ——Based on Financial Supply Side Structural Reform

YE Chusheng,YE Qin

2019, 39(10):  31-44. 

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Many researches paid attention to the relationship between financial development and Carbon emissions. However, most of them look at this problem from a quantitative perspective, and ignore the impact of financial structures on carbon emissions. This paper uses data of 88 countries from 1990 to 2014, applies the system GMM method for empirical analysis, and studies on the relationship between financial structure and CO2 emission. The result shows that the financial structure with more financial market significantly reduce CO2 emissions intensity. The mechanism analysis shows that the financial structure mainly affects CO2 emissions through innovation and also infect financial development's innovation mechanism for CO2 emission. This is an important reason why economies with the same financial scale or development level have different financial emission reduction performance. This research can provide an important policy objective dimension for financial supply side structural reforms.

INCLUSIVE FINANCIAL DEVELOPMENT AND RURAL POVERTY ALLEVIATION——Based on the Perspective of Total Factor Productivity

REN Biyun,WANG Yuqiu

2019, 39(10):  45-56. 

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Based on the perspective of total factor productivity, this paper aims to discuss the relationship between inclusive financial development and rural poverty. This

paper applies the Total Factor Productivity(TFP) index which is measured by DEAMalmquist and the provincial panel data of China to conduct an empirical test. The results of the mediation effect test model show as follows: (1) Inclusive financial development plays an important role in poverty reduction by the mediating effect of total factor productivity. (2) From further research, we find that the increase in the penetration of inclusive financial services has the most significant impact on poverty. Besides, inclusive financial development can promote the growth of total factor productivity by the way of increasing technological advancement and efficiency improvement. (3) The robustness test shows that the level of inclusive financial development in different regions of China is quite different, it also shows a large imbalance in the TFP promotion as well as rural poverty reduction. Accordingly, we put up some policy recommendations. Firstly, we should continue promoting inclusive financial development to achieve the goal of comprehensive poverty alleviation in 2020 by taking a full advantage of TFP. Secondly, we should insist on strengthening the financial infrastructure in rural area to reach the financial services equivalence. Finally, we should try to narrow the difference of financial resources and pay attention to the fairness of regional development, so that we can achieve the goal of sustainable development.

THE EFFECT OF THE CONNECTIVITY OF INFRASTRUCTURE ON THE PARTICIPATION OF AN EXPORT ECONOMY IN GLOBAL VALUE CHAINS

ZHANG Zhongyuan

2019, 39(10):  57-70. 

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Using the data of trade value added decomposition provided by Asian Development Bank (ADB), this paper constructs the global value chains participation of export economy, and then empirically tests the effects of bilateral connectivity index and logistics quality level of infrastructure on an export economy's global value chains participation. The results suggest that the level of regional infrastructure connectivity promotes the forward vertical participation rate, as well as the depth of vertical specialization of an exporting economy in the global value chains. Factors such as technological gaps and institutional quality gaps between trade partners would affect the marginal effects of logistics quality and connectivity of infrastructure on an export economy's global value chains participation. The increase in technology gap and institutional quality gap would reduce the promotion effect of logistics quality on the forward vertical participation rate while they would enhance the promotion effect of connectivity of infrastructure on the forward vertical participation rate, and they have no impact on the effects of logistics quality and connectivity of infrastructure on the depth of vertical specialization of an export economy in the global value chains.

LABOR PROTECTION AND DIFFERENTIATION OF CORPORATE LEVERAGE——Based on the Implementation of the Labor Contract Law

2019, 39(10):  71-84. 

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Using the implementation of the Labor Contract Law as a natural experiment, this paper empirically analyzes the impacts of Chinas labor protection on corporate leverage differentiation. The results show that the implementation of the “Labor Contract Law” will promotes the leverage level of stateowned corporations and reduces the leverage level of nonstateowned corporations and mainly affects the shortterm leverage. What's more, the impacts are more obviously in more laborintensive corporations. From the perspective of the mechanism, the increase in labor protection mainly affects the corporations leverage by affecting the labor management flexibility of corporations. However, for stateowned corporations, the impact of changes in labor management on leverage is not obvious. Local government intervention is the main reason that the increase of labor protection promotes stateowned corporations' leverage.

UTILITARIAN ANALYSIS OF VOLUNTARY ONLINE FEEDBACK BEHAVIORS BY CONSUMERS——Based on Maslow's Human Motivation Theory

ZHANG Zheng,ZHENG Tianya

2019, 39(10):  85-100. 

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 Online feedback behavior is common for online retail consumers, behind which there is a puzzle about private voluntary supply of public goods. We establish a utility model for voluntary online feedback behavior based on Maslow's human motivation theory and conduct the empirical research by a set of online questionnaire data, in order to study the motivations of consumers' voluntary online feedback and the reasons for private voluntary supply of public goods. The results show that voluntary online feedback behavior is in line with rational choices between utilities and cost, which means that there is a rational basis under private voluntary supply of public goods. This research expands the connotation of the traditional utility function, deepens the understanding of private voluntary supply of public goods and Maslow's motivation theory, and provides insights into the credit system construction for online retail giants.

RELEVANT MARKET AND CASE APPLICATION ON FREE PRODUCTS IN NETWORK PLATFORM FIRMS——Taking the Case of Online Video Platform as Example

MENG Chang,LI Citing

2019, 39(10):  101-112. 

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The network platforms provide free products to one side, which makes the SSNIP test based on the change of price nullified to judge the relevant market. Taking the video platform for an example, based on the SSNIP model of Twosided Networks built by Filistrucchi, this paper improves the traditional SSNIP test and builds a SSNDQ model of free products in Twosided Networks by increasing the ads time instead of raising the prices of goods. On that basis, it adds the subscription revenue to the improved model for further analysis. The main conclusions include as follows: (1) Although the traditional SSNIP is not applicable for free goods, the ads time is an effective substitute variable for price in SSNIP test because it can affect user's “Attention” to lower the quality of products. This paper proves that the improved SSNIP is general and gives the judgement condition of defining relevant market based on SSNDQ test. (2) Giving a complete method and analysis framework in market definition on free products of network platform firm and the situation which free goods and goods with prices coexist under a trend which consumers pay for the platform, it infers users' different behaviors and conditions of judging the relevant market under different results of profit difference. The test based on the above methods can provide evidences to M&A reviews and antitrust determination.