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Could we remain simply applying discount rate to evaluate the life quality of our future generations?

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Chinese Journal of Population,Resources and Environment 2013年第2期11卷 168-173页

作者： Yuko Arayama Graduate School of Economics Nagoya University

When we try to estimate future environmental costs resulting from our current economic activities,we usually calculate the present value of the consequences for our future generations by utilizing a discount rate as a standard economic procedure.The popularity of this procedure is solely supported by its simplicity which assumes:(1)a perfect financial market over even 100 years,and(2)existence of a stable time preference between two consecutive periods for an individual consumer.An apparent deficiency of this approach is that the present value of life quality of future generations varies to a large extent along an arbitrarily chosen discount rate.As a matter of fact,the discount rate,which could reflect the time preference as2%or 5%,matters when we predict current strategies of environmental protection for future generations.Simply applying a discount rate to evaluate the quality of our future generation,without clarifying the actual production mechanism behind this,is almost to the same as ignoring the fact that all of the goods are produced through an actual production process and that environmental degradation reduces the efficiency of that process.The greatest concern for our future generations should not be given by an assumed discount rate,since the discount rate itself is determined by financial market conditions at certain points in time.

关键词： time preference discount rate negative externalities future generations

Japan's experience of energy saving and business model for low-carbon economy

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Chinese Journal of Population,Resources and Environment 2013年第4期11卷 288-298页

作者： Satoshi Watanabe Makoto Nishimura Graduate School of Economics Nagoya University

The purpose of this paper is to clarify the questions concerning stimulation of the innovation and the diffusion of energy saving or low-carbon.To do so,this paper explains using two cases of Japan-energy saving innovation after the Oil Shock and the eco points system.For the case after the oil shock,we explain the energy saving trend after the Oil Shock and the factors statistically.Then we put forward the business model for the low-carbon economy.Furthermore,we analyze the case of the eco points system from 2009-2011 in Japan and explain the significance of the business model for diffusion of the low-carbon products.

关键词： energy saving innovation eco-point system business model low-carbon economy Japan

Capital Account Liberalization and International Corporate Bond Issuance:Transaction-level Evidence from China

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China & World Economy 2023年第6期31卷 156-178页

作者： Xiao Wang Yongwen Luo Ziyan Zhu International Institute of Finance School of ManagementUniversity of Science and Technology of ChinaChina Department of economics Graduate School of Arts and SciencesColumbia UniversityUS

This paper provides transaction-level evidence about the impact of capital account liberalization on firms'bond issuance in the international financial market.Using bond issuance data for firms headquartered in China between 2014 and 2018,we showed that domestic private firms issued more bonds abroad than foreign-invested enterprises afier restrictions were largely relaxed,controlling for possible confounding shocks such as monetary policy,local credit market shocks,US interest rate,carry trade,and global uncertainty shocks measured by the Chicago Board Option Exchange's Volatility Index.We found that domestic firms did not increase the overall volume of bond issuance but just had a higher portion of international bond issuance.We also found that domestic firms with higher tangible asset ratios tended to issue more bonds abroad.Our results suggest that targeted liberalization policy could effectively stimulate firms to issue bonds abroad.Policymakers need to monitor closely firms that issue more bonds abroad and thus have greater exposure to global shocks,incorporate these financial risks into policy design,and safeguard financial stability more effectively.

关键词： asset tangibility capital account liberalization financial shocks internationa bond issuance transaction level

Research on the Asymmetric Effect of Fixed-Asset Investment on China's Primary Energy Production in the Context of Energy Transformation

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Journal of Systems Science & Complexity 2024年第3期37卷 1163-1183页

作者： CHAI Jian HE Peng ZHANG Xiaokong HOU Yamin school of economics and Management Xidian University

Under China’s “Dual Carbon” target(DCT), “clean replacement” on the energy supply side and “electric energy replacement” on the energy consumption side are the ways to achieve energy transformation. However, energy projects have a long construction period, complex technology categories, and investment risks that greatly affect the development of energy transformation. Correctly judging the effect of investment changes on primary energy production is of great practical significance to the realization of the DCT. Based on this, NARDL and TVP-SV-VAR models are innovatively used to reveal the nonlinear effect of fixed-asset investment on China’s primary energy production. The results show that the marginal effect of investment growth on coal production is about 1.44 times that of investment reduction. Similarly, the marginal effect of oil and gas investment growth is about 1.21times that of investment reduction. Due to the influence of resource constraints, China’s traditional fossil energy still has varying degrees of path dependence on the investment-driven development model.For non-fossil energy, investment in hydropower and nuclear power has an inverse correlation with the change in production. Negative marginal efficiency and diseconomies of scale have hindered the development of the hydropower and nuclear power industries. In addition, the asymmetric effect is not yet significant for the short development time and technical constraints of wind and solar power. From the impulse response results, the impact curves of investment in wind and solar power are generally positive, and investment has different degrees of time-delay and time-varying effects on various energy production, which verifies the heterogeneity of investment adjustment mechanisms in different energy industries.

关键词： “Dual Carbon” target fixed-asset investment primary energy NARDL nonlinearity

Review and Critique on the New Higher Education Policy Promoting “The First-Class Major Programs” in China

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ECNU Review of Education 2020年第2期3卷 338-345页

作者： Xiaodong Lu graduate school of Education/Institute of economics of Education Peking UniversityBeijing 100871China

Purpose:After the concepts of first-class universities,first-class research disciplines,and firstclass undergraduate education,China’s Ministry of Education(MOE)proposed a new concept of first-class undergraduate major programs and also proposed policy initiatives for relevant selection and funding.This article provides an in-depth analysis of the motives,historical background,policy texts,core concepts,and unintended consequences of the policy and proposes six criticisms.Design/Approach/Methods:This education policy analysis article uses two research methods.The first is a content analysis that focuses on policy text.The second is comparative and historical research that focuses on the history of the undergraduate education organization model in China and the background of the four first-class concepts.Findings:This article argues that the first-class major programs in undergraduate education include provincial-level points of these programs,which stealthily narrowed the scope for comparison from potentially the whole world to that of provinces.The policy also essentially strengthened the traditional concept of zhuanye as a physical unit and caused unintended consequences in its attempts to cultivate innovative talents and to adjust the zhuanye structure.Originality/Value:This article addresses a new education policy in China and its unintended consequences.

关键词： China higher education the first-class major program undergraduate program zhuanye

Local Governments＇ Fiscal Pressure and the Dependence on Polluting Industries in China

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China & World Economy 2017年第4期25卷 109-130页

作者： Ruoyu Wang Qi Zhang graduate Student School of Economics Fudan University China Associate Professor China Center for Economic Studies under the School of Economics Fudan University China

Using a large, unique county-level panel dataset for China from 1998 to 2006, this paper investigates the relationship between local governments' fiscal pressure and their preference for developing polluting industries. The results show that there exist fiscal pressure effects; namely, a positive link between the fiscal pressure faced by a county and its industrial tax dependence on polluting industries. We also investigate the heterogeneity of the fiscal pressure effects and find that fiscal pressure effects are significant only when local fiscal pressure is sufficiently high up to a certain point, and when there are more earmarked transfers. In contrast to the situation in east China, fiscal pressure effects in central and west China are more pronounced. Therefore, when dealing with environmental problems, policy-makers need to take local governments' fiscal conditions into account.

关键词：政府财政压力效应污染行业中国产业依赖性正相关关系研究开发

Fiscal Livelihood Spending’s Effects on Multidimensional Poverty Reduction in China

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China Economist 2021年第2期16卷 108-125页

作者：李晓嘉蒋承胡涟漪 school of Public Administration University of International Business and EconomicsBeijingChina graduate school of Education Peking UniversityBeijingChina Institute of Finance&economics Shanghai University of Finance and EconomicsShanghaiChina

This paper investigates how fiscal spending on livelihood improves multidimensional household poverty in China.Based on the panel data of the“China Health and Nutrition Survey”(CHNS)for 2004-2015,we measured the chronic multidimensional poverty index for Chinese households.We have created a multitiered model for empirical analysis.Our findings suggest that multidimensional poverty in China is predominantly capacity poverty.Fiscal spending on livelihoods significantly reduces multidimensional poverty for Chinese households,especially rural households.Investments on livelihoods are more poverty-reducing than transfer spending on livelihoods.As an innovation,this paper offers a dynamic analysis of the effects of livelihood spending on multidimensional household poverty controlling for heterogeneity between individual households and across regions.Our conclusion suggests that the government should improve policy arrangements to increase social opportunities and support sustainable development capacities for the poor,while enhancing protective social security systems.

关键词： fiscal spending on livelihoods chronic multidimensional poverty multitiered model poverty-reducing effects

Seru Scheduling Problems with Multiple Due-Windows Assignment and Learning Effect

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Journal of Systems Science and Systems Engineering 2022年第4期31卷 480-511页

作者： Yujing Jiang Zhe Zhang Xiaoling Song Yong Yin school of economics and Management Nanjing University of Science and TechnologyNanjing210094P.R.China graduate school of Business Doshisha UniversityKarasuma-ImadegawaKamigyo-kuKyoto602-8580Japan

This paper deals with seru scheduling problems with multiple due windows assignment and DeJong’s learning effect.Specific time intervals are assigned to jobs with multiple due windows and learning effect is introduced to characterize the decrease of processing times with the accumulation of the working experience.We assume that the set of jobs assigned to each due window is independent,and no inclusion exists between due windows.The objective is to determine the optimal due window positions and sizes,the set of jobs assigned to each due window,and the optimal schedule in each seru to minimize a multidimensional function,which consists of the earliness and tardiness punishment cost,as well as the due window related starting time and size cost.We find that when the number of jobs and the due windows assigned to each seru are pre-specified in advance,the problem can be solved in polynomial time.Meanwhile,the impacts of the due-window allocation strategy and learning effect on the total cost are respectively discussed based on numerical examples and special cases.The results show that if each seru is assigned with the same number of due windows,the total cost can be reduced with the increasing ratio of the due-window number to the to-be-processed job number.Furthermore,with an increasing learning effect,the total cost will be decreased.

关键词： Scheduling seru production system due windows learning effect

Is Public Capital Productive in China？ Evidence from a Panel of Chinese Provinces

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Frontiers of economics in China-Selected Publications from Chinese Universities 2013年第3期8卷 362-389页

作者： Jie Zhang Graduate School of Economics Keio University Tokyo 108-8345 Japan

In addition to the direct productivity effect, public capital also has an indirect effect on private capital stock and labor input. This paper offers an evaluation of both the direct and indirect effects of Chinese public capital by applying a trans-log aggregate production function including public capital stock to a panel of regional data from 1986-2009. Moreover, we calculate the impact of public capital on regional total factor productivity （TFP） performance by introducing a system GMM estimation. The results show that the output elasticity of Chinese public capital stock is significantly positive, but decreasing year on year, and public capital is found to be a substitute for labor but complementary to private capital input. Finally, public capital has a significant positive effect on regional TFP performance.

关键词： Chinese public capital productivity total factor productivity