Catalogue Search | MBRL
Are you sure you want to remove the book from the shelf?
{{itemTitle}}
63,497
result(s) for
"Industrial Structure"
Sort by:
Has green finance optimized the industrial structure in China?
Green finance is considered a new force for the optimization of industrial structure. With the quasi-natural experiment of the green finance reform and innovation pilot zone, the impact of the green finance reform and innovation pilot zone on the optimization of industrial structure is empirically tested. The research found that: First, although green finance reform and innovation pilot zone generally improved the optimization of the industrial structure, it had an inhibitory effect on the advancement of industrial structure. Although it promoted the rationalization, it produced negative spatial spillovers; second, the green finance reform and innovation pilot zone mainly promoted the optimization of industrial structure through three paths: foreign investment, technological innovation, and infrastructure improvement; finally, provinces with large economies and good central-local relations had a stronger role in promoting industrial structure rationalization, while small economies and poor central-local relations dragged down the advancement of industrial structure. In summary, this paper finds that while green finance can contribute to the optimization of industrial structure in general, there are many aspects of it that deserve attention in more subtle ways. The conclusions enrich the research on the influencing factors of industrial structure and also provide a reference for improving the green financial system.
Journal Article
MEASURING ECONOMIC POLICY UNCERTAINTY
We develop a new index of economic policy uncertainty (EPU) based on newspaper coverage frequency. Several types of evidence—including human readings of 12,000 newspaper articles—indicate that our index proxies for movements in policy-related economic uncertainty. Our U.S. index spikes near tight presidential elections, Gulf Wars I and II, the 9/11 attacks, the failure of Lehman Brothers, the 2011 debt ceiling dispute, and other major battles over fiscal policy. Using firm-level data, we find that policy uncertainty is associated with greater stock price volatility and reduced investment and employment in policy-sensitive sectors like defense, health care, finance, and infrastructure construction. At the macro level, innovations in policy uncertainty foreshadow declines in investment, output, and employment in the United States and, in a panel vector autoregressive setting, for 12 major economies. Extending our U.S. index back to 1900, EPU rose dramatically in the 1930s (from late 1931) and has drifted upward since the 1960s.
Journal Article
Artificial intelligence, industrial structure optimization, and CO2 emissions
The carbon-reducing effects of artificial intelligence (AI) will be a critical means of achieving carbon peak and carbon neutrality in China. However, in order to efficiently harness the power of AI, the relationship between AI and carbon reduction needs to be fully understood. In this study, we systematically investigated the impacts and mechanisms of action of AI on CO
2
emissions by constructing econometric models using dynamic panel data from 30 provinces in mainland China from 2006 to 2019. The empirical results show that AI significantly reduces CO
2
emissions. Further mediation effect tests found that in the western region, there are mediation effects of the quantity and quality of industrial structure advancedization and industrial structure ecology, while the mediation effect of industrial structure rationalization is not significant. In the eastern and central regions, the mediating effect of the quantity of industrial structure advanced is not significant, while the mediating effect of the quality of industrial structure advanced, industrial structure rationalization, and industrial structure ecology all exist. Our work provides evidence to support that AI reduces CO2 emissions in various regions of China. This can help regions formulate appropriate policies to promote the synergistic development of AI and the “dual-carbon” goal.
Journal Article
Does artificial intelligence promote industrial upgrading? Evidence from China
Based on the panel data of 285 cities in China from 2000 to 2019, this paper searches the number of patent applications related to urban artificial intelligence from five dimensions: algorithm, data, computing power, application scenario and related technology. Combining the two perspectives of industrial upgrading and rationalization, we analyze the internal influence theory of the research topic from the theoretical and empirical perspectives. The results show that artificial intelligence is not only conducive to industrial upgrading, but also significantly inhibit the deviation of industrial structure from equilibrium, which is conducive to industrial rationalization. In addition, the conclusion of this paper is still valid after a series of robustness tests, such as eliminating the samples of central cities, winsorize treatment and instrumental variables method. Through the heterogeneity test, it is found that the promoting effect of artificial intelligence on industrial upgrading is more obvious in big cities and cities with high level of industrial upgrading. The internal mechanism test results show that artificial intelligence promotes industrial upgrading by promoting technological innovation. In cities with a high degree of marketization and Internet development, the role of artificial intelligence in promoting industrial upgrading can be strengthened. The research conclusions of this paper will be conducive to accelerating the development of artificial intelligence to promote industrial upgrading, and provide a useful reference for realizing high-quality development.
Journal Article
THE LIQUIDITY PREMIUM OF NEAR-MONEY ASSETS
This article examines the link between the opportunity cost of money and time-varying liquidity premia of near-money assets. Higher interest rates imply higher opportunity costs of holding money and hence a higher premium for the liquidity service benefits of assets that are close substitutes for money. Consistent with this theory, short-term interest rates in the United States, United Kingdom, and Canada have a strong positive relationship with the liquidity premium of Treasury bills and other near-money assets over periods going back to the 1920s. Once the opportunity cost of money is taken into account, Treasury security supply variables lose their explanatory power for the liquidity premium, except for transitory short-run effects. These findings indicate a high elasticity of substitution between money and near-money assets. As a consequence, a central bank that follows an interest rate operating target not only elastically accommodates and neutralizes shocks to money demand, but effectively also shocks to near-money asset supply and demand.
Journal Article
The Impact of Rationalization and Upgrading of Industrial Structure on Carbon Emissions in the Beijing-Tianjin-Hebei Urban Agglomeration
Carbon dioxide mainly comes from industrial economic activities. Industrial structure optimization is an effective way to reduce carbon dioxide emissions. This paper uses the panel data of 13 cities in the Beijing-Tianjin-Hebei urban agglomeration from 2006 to 2019, uses the Theil index to calculate the industrial structure rationalization index, and uses the proportion of industrial added value to calculate the industrial structure upgrade index. By constructing the STIRPAT model, this paper quantitatively analyzes the impact of industrial structure rationalization and upgrade on carbon emissions. The results show that the rationalization and upgrading of industrial structure in the Beijing-Tianjin-Hebei urban agglomeration significantly inhibit carbon emissions. Compared with the rationalization of the industrial structure, the upgrading of industrial structure in the Beijing-Tianjin-Hebei urban agglomeration has a better effect on carbon emission reduction. For the Beijing-Tianjin-Hebei urban agglomeration, government expenditure on science and technology can promote the upgrading of industrial structure to a certain extent, thereby reducing carbon emissions. There is a big gap between the industrial structure development level of Hebei province and that of Beijing and Tianjin. Finally, based on the conclusion, this paper puts forward the policy enlightenment of promoting the optimization process of industrial structure and reducing carbon emissions of the Beijing-Tianjin-Hebei urban agglomeration.
Journal Article
Convergence and Modernisation
In a country panel since 1960, the estimated annual convergence rate for GDP is 1.7%, conditional on time-varying explanatory variables. With country fixed effects, the estimated convergence rate is misleadingly high. With data starting in 1870, country fixed effects are reasonable and the estimated convergence rate is 2.6%. Combining the two estimates suggests conditional convergence close to the 'iron-law' rate of 2%. With post-1960 data, estimation without country fixed effects reveals positive effects of GDP and schooling on law and order and democracy – consistent with the modernisation hypothesis. With post-1870 data, estimation without or with country fixed effects indicates modernisation.
Journal Article
The Industrialization and Economic Development of Russia through the Lens of a Neoclassical Growth Model
This article studies the structural transformation of Russia in 1885-1940 from an agrarian to an industrial economy through the lens of a two-sector neoclassical growth model. We construct a data set that covers Tsarist Russia during 1885-1913 and Soviet Union during 1928-1940. We develop a methodology that allows us to identify the types of frictions and economic mechanisms that had the largest quantitative impact on Russian economic development. We find that entry barriers and monopoly power in the nonagricultural sector were the most important reason for Tsarist Russia's failure to industrialize before World War I. Soviet industrial transformation after 1928 was achieved primarily by reducing such frictions, albeit coinciding with a significantly lower performance of productivity in both agricultural and nonagricultural sectors. We find no evidence that Tsarist agricultural institutions were a significant barrier to labour reallocation to manufacturing, or that \"Big Push\" mechanisms were a major driver of Soviet growth.
Journal Article
Structural, Innovation and Efficiency Effects of Environmental Regulation: Evidence from China’s Carbon Emissions Trading Pilot
Conventional wisdom argues that environmental regulation can trigger both structural adjustments and enhanced innovation. We test this conjecture by using a difference-in-differences approach to analyze the impacts of China’s carbon emission trading (CET) pilot policy on energy consumption. We find that compliance with the CET regulation has triggered statistically significant adjustments in energy structure, industrial structure, and technological innovation. Adjustments in industrial structure also contribute to enhanced total factor energy efficiency, whereas increased technological innovation has mixed effects on energy efficiency. We show that in the short run, government-led innovation does not immediately contribute to improvement in energy efficiency, whereas enterprise-led innovation has a negative impact. It indicates that CET regulation can affect energy efficiency through industrial structure and technological innovation. Overall, our results provide new evidence for the strong version of the Porter hypothesis. Our results also provide strong scientific support for China’s recent transition towards market-based carbon mitigation strategies.
Journal Article