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Abstracts of papers published by teachers of Institute of Economics (Issue 15)

1.GONG Ning, XING Jinghua, LONG Denggao   An Economic Analysis of “the Cabecilla System” in the Chinese Business Network in the Philippines (1834-1942)   Journal of Overseas Chinese History Studies   2020, Issue 1

[Abstract] Within the voluminous research on the history of the Chinese in the Philippines, “the Cabecilla System” is often mentioned. Differing from the western credit system based on legal contracts, the “Cabecilla System” provides credits and allows an operation of Chinese business networking primarily through people’s linkages and home origins. Applying a Game theory model, this paper focuses on analyzing the formation and stability of the “Cabecilla System”, which not only effectively reduced the costs of business transactions, but also improved their efficiency. The “Cabecilla System” enabled Chinese businesses to expand from Manila to deeply penetrate into inland cities, and to achieve great successes in the Philippines.    
2.CHEN Bizhou, LONG Denggao   A Study of the Reform of “Hidden Enemy Property” Enterprises in Early Days of New China: Based on the Gongmao Machinery Shipyard   Researches in Chinese Economic History   2020, Issue 1
[Abstract] The evolution of private enterprises in the early days of New China is one of the important contents in the study of the history of modern enterprises. After the “Five-Anti” Movement, the private enterprise, Gongmao Machinery Shipyard, which once concealed state property, was thoroughly investigated by the Shanghai Municipal People’s Government and identified as a “hidden enemy property” enterprise, which was taken over by the Ministry of Communications as a state-owned enterprise. After taking over, Gongmao Machinery Shipyard first carried out asset counting and debt liquidation, and then carried out democratic reform and production reform. Through above measures, the Second Ship Repair Plant of Changjiang Shipping Administration of Navigational Affairs, MOT, established on the basis of Gongmao Machinery Shipyard, had established a new governance structure, and its production mode had also undergone fundamental changes. Under various new institutional arrangements, the Second Ship Repair Plant of Changjiang Shipping Administration of Navigational Affairs, MOT, gradually got rid of the dismal state of operation during the period of Gongmao Machinery Shipyard, and its performance had been steadily promoted, which has laid a good foundation for the final transformation into SPMP. The case shows that the general path of socialist transformation of “hidden enemy property” enterprise is: determination on the nature, confiscation, takeover and conversion to state investment.
3.TANG Ke   A Tale of Two Premiums: The Role of Hedgers and Speculators in Commodity Futures Markets   The Journal of Finance    February 2020
[Abstract] This paper studies the dynamic interaction between the net positions of traders and risk premiums in commodity futures markets. Short-term position changes are driven mainly by the liquidity demands of noncommercial traders, while long-term variation is driven primarily by the hedging demands of commercial traders. These two components influence expected futures returns with opposite signs. The gains from providing liquidity by commercials largely offset the premium they pay for obtaining price insurance.
4.CAI Jiming, LIU Yuan, LIU Changchang  Path Choice of Getting Out of the Trouble of “Agriculture, Rural Areas and Farmers”   Tianjin Social Sciences  February 2020
[Abstract] The main cause for the dilemma of “Agriculture, Rural Areas and Farmers” in China is low agricultural labor productivity, which is technically caused by too small farmland operation scale. The institutional root of the difficulty in expanding the farmland operation scale is the current land system. Two path choices are available to solve the issues concerning agriculture, rural areas and farmers: one is the dual economic development path of urban and rural division, and the other is the coordinated development path of urban-rural integration. The practices of China’s economic and social development show that the dual system of urban and rural division cannot solve the issues concerning agriculture, rural areas and farmers fundamentally. Only by deepening the reform of the land system and the household registration system, realizing the integration of urban and rural development, promoting the transfer of rural surplus labor to non-agricultural industries and completing the citizenization, the rural household land can gradually reach the level of scale management while the rural agricultural population can reduce, and finally the trouble of “Agriculture, Rural Areas and Farmers” can be resolved.  
5.LONG Denggao  The Outline on the Institution of Land Transaction in Traditional China   Agricultural History of China   2020, Issue 2
[Abstract] Based on my researches during the past 20 years, this paper comprehensively studies the institution of land transaction and its evolution and function from the perspective of social economy in traditional China, and constructs a framework of interpretation with internal logical system. From the aspects of property rights of private, legal-entity and state or common, as well as the ownership, the possession and the right to usage, the theory of land property rights morphology is formed. Then it discerns the various forms of land transactions and their historical evolution, focusing on the Dian, a traditional Chinese characteristics transaction. Furthermore, this paper discusses the relevance and mutual influences between the land markets and household farm, reflects on such popular theories as the tenancy theory and equalization of land ownership from the perspective of historical evidence and theoretical logic, and reveals the basic characteristics of Chinese traditional economy which is different from Western Europe and its predicament in modern transformation.  
6.JIA Junying, LONG Denggao, ZHANG Jiao  The Expansion of Organizing Capacity of International Chinese Associations--An Examination and Explanation Based on the “International Federation of Futsing Clan”   Southeast Academic Research   2020, Issue 2
[Abstract] Non-governmental organizations originated from the traditional Chinese grass-roots autonomous order, transplanted overseas with overseas Chinese and formed widespread and extensive Chinese associations.  In the late 1920s, the economic foundation and power of overseas Chinese associations were enhanced, and their organizing capacity was expanded and strengthened in transnational activities. The long-term accumulation of homesickness and ethnic identity as well as the emotional appeal and economic opportunities since China’s reform and opening up have led to the emergence of a large number of international Chinese associations. The “International Federation of Futsing Clan” emerged and constructed a diversified global organization system to conduct the international network activities that cross national boundaries and break through institutional barriers. In this process, its organizing capacity was also enhanced. At the same time, the “International Federation of Futsing Clan” developed an organizational, normalized and institutionalized investment and development model of overseas Chinese groups by cooperating with the government to build their hometowns, and further expanded its organizing capacity. By creating institutionalized international Chinese associations, overseas Chinese leaders have not only improved their own organizational ability and life value, but also promoted the expansion of organizing capacity and sustainable development of fellow townsman associations around the world.  
7.FENG Hua, WANG Yong  Reform Orientation of Online Car-hailing Supervision: Implementing Dual Supervision System   Enterprise Economy  2020, Issue 2
[Abstract] The online car-hailing is one of the outcomes of the platform economy. There is a mismatching that the government supervises the online car-hailing market following the conventional supervision mechanism, which is likely to dominate the market. There should be a new supervision framework for the car-hailing industry, that is, the dual supervision system of “the government supervises the platform and the platform supervises the market”. The framework takes the platform enterprise as the regulator into the system, givers full play to the role and advantages of the platform enterprises, and cooperates with the government in the supervision of the market. Meanwhile, the government and the platform enterprise can draw a clear line of supervision, the two learn from each other. Based on the dual supervision, this article analyses the influence and effect of the policies of the online car-hailing market and puts forward the suggestions for the future development: the government management department should reduce the misalignment of supervision and decentralize the platform enterprises; improve the supervision mode of the car-hailing market and perfect the joint liability system of the platform enterprises; guard against the “rise of the black car” to affect the security of the region; and keep the market competition and avoid the monopoly of license.
8.YI Wei, LONG Denggao  The Dredging Special Surtax and Public Service Fund Supply Model   Researches in Chinese Economic History   2020, Issue 3
[Abstract] The channel dredging in modern Shanghai and Tianjin is heavily money consuming. Through the negotiations between Chinese and foreign interests, the special surtax becomes its main source of funds, which is paid on a certain proportion of tariff, and transfers to the independent dredging organization, the Hai-bo Conservancy Commission and Whangpoo Conservancy Board, which gives the nature and characteristics of the two institutions.  In the political unrest of modern China, the customs of “Sino-foreign Communist rule” not only guarantee sufficient operating funds, but also enable the two organizations to maintain independent stability and long-term sustainable development. In this paper, the first use of the Whangpoo Conservancy Board foreign archives not only revealed the modern special surtax system innovation and dredging fund supply model, but also reproduced the cooperation and game among multiple interests’ parties, and the formation, operation and characteristics of two mentioned dredging public service institutions.  
9.CHEN Yueyuan, LONG Denggao  The Property Attributes of the Academy in Qing Dynasty and Its Market-oriented Management   Zhejiang Academic Journal   2020, Issue 3
[Abstract] After long-term development, the academy has formed a stable property rights system and management mode. The academies in the Qing Dynasty had their own independent exclusive property. As “public property” (property rights of legal entities), corresponding to “official property” and “private property”, it was protected by the court law and the government, and became the institutional basis for the establishment and long-term operation of academies. Furthermore, the open, transparent and institutionalized council managed all kinds of property and daily affairs of the academy and gained stable income from land market and financial market at low risk preferences, laying a solid economic foundation for the operation and long-term development of the academy. In the process of marketization and socialization, the academy had the functions extended to the public areas besides the teaching research and provided relevant public products and services for civil society.  
10.LI Bangxi, XIA Jinqing, ZENG Jiaqing   Technology Structure, Income Distribution and Economic Growth: Analysis from the Perspective of Neo-Kaleckian School   China Economics Studies   2020, Issue 3
[Abstract] In this paper, a Neo-Kaleckian model with two kinds of producers is established to explore the influence of technological structure change and technological advances on the equilibrium profit share and economic growth rate. This paper finds that the change of technological structure makes the profit share and economic growth show a reverse relationship; when the sensitivity of producer savings and investment to economic change is high (low), the expansion of the proportion of high productivity producers will have a stimulating (restraining) effect. Technological advances increase the share of profits and promote the economy. Based on the above research results, the authors argue that we should adhere to the supply side reform and use state-owned enterprises to support the distribution in favor of workers, so as to achieve the dual tasks of maintaining economic growth and narrowing the income gap.
11.WANG Yong, LIU Hang, FENG Hua  Public Regulation, Private Regulation and Coordinated Regulation in Platform Markets: A Comparative Study   Economic Research Journal   2020, Issue 3
[Abstract] In this paper, we build a simple dynamic game model to study the strategic interactions between a government regulatory agency, platform enterprise, and online sellers, and investigate the regulatory mechanisms in an online platform market. Our main focus is on regulating the quality of the products sold on platform markets in relation to the incentives provided by different regulatory mechanisms. The regulation implemented by the government is viewed as public regulation, whereas the governance implemented by the platform is considered as private regulation. We explore three regulatory mechanisms: (I) direct regulation by the government, where only the government supervises the sellers; (II) self-regulation by the platform, where only the platform monitors the seller; and (III) coordinated regulation by the government and the platform, where the two regulatory entities supervise the online sellers, and the government also monitors the platform’s supervision outcomes. By comparing the equilibrium results of the three regulatory mechanisms and the static analysis results, it is found that for a single regulatory mechanism, if the platform market is of a large scale, the quality of products under private regulation by the platform will be higher than that under the public regulation by the government; for the coordinated regulation, if the platform bears more joint and several responsibilities, the quality of products under the coordinated regulation by the government and the platform will be higher than that under any single regulatory mechanism. In addition, the regulation cannot be simply complemented or substituted between the government and the platform, and their relationship depends on the intensity of punishment, platform scale, joint and several liability and other parameters. Finally, from the perspective of regulatory incentives, higher punishment intensity does not result in better effect as might be supposed. A moderate punishment intensity can maximize and optimally coordinate the supervision by the government and the platform.
12.KUANG Mei   Analysis of the Adjustment of the Trump Administration’s FTA Policy   Frontiers  2020, Issue 4
[Abstract] The Trump Administration has overhauled the U.S. FTA Policy. By means of unilateralist trade policy, it mainly reconstructs the U.S. FTA through bilateral negotiations. The policy focus has shifted away from multilateralism toward bilateralism. The adjustment of American FTA policy will reconstruct the international trade system and form a new pattern of FTA dominated by the US-led developed countries, causing the status and role of WTO to further decline. China faces unprecedented challenges. Ultimately, the most basic guarantee for China to respond to the adjustment of the U.S. FTA policy and its significant impact on the WTO and the international trade system is to adhere to and accelerate the domestic market-oriented reform and quickly open wider to the outside world.
13.WANG Yong, CHEN Meiying  Division of Work between Private Monitoring and Public Regulation in the Platform Governance Process   Comparative Economic & Social Systems   2020, Issue 4
[Abstract] This paper studies the division of work between private monitoring and public regulation in the process of platform governance. It divides the platform governance process into three stages: the pre-access stage, the process monitoring stage and the post-protection and punishment stage. In these stages, the paper compares the governance means and effects of private monitoring and public regulation and concludes that only by dividing the two can governance effects be improved. Specifically, in proactive regulation, platforms should be encouraged to establish the access threshold, and the government should relax the requirements of qualification supervision so that platforms can rely on market-oriented means to supervise platform users. In the formative regulation, platforms should take primary responsibility by applying reputation management and intelligent supervision, such as taking advantages of big data and advanced algorithm, while the government should deregulate platform users. In the ex-post regulation, the platform should be given full play to the means of market supervision for non-serious behavior. Only for the behavior with bad nature of violations, the government should employ compulsory means to investigate civil and criminal responsibilities. Based on the above division of work, the two need to cooperate. Finally, the policy suggestion of this paper is that in platform governance, more play should be given to private monitoring, and the market mechanism should be emphasized to improve platform governance.  
14.LONG Denggao, HUANG Yuxi Providers of Public Goods and Their Comparison: A Long-term Investigation of China’s Waterway Construction   Journal of Management World   2020, Issue 4
[Abstract] Taking infrastructure as a kind of public goods, there is a lack of comparative study on three providers of government, market and non-governmental & non-profit entities. Based on the continuous original Chinese and English archives of China’s waterway infrastructure across three centuries, as well as our in-depth interview and field surveys during the past years, the public organizations, state-owned enterprises, modern companies are examined and compared. The characteristics, constraints and endogenous incentive of three corresponding mechanisms, namely society, government and market, are analyzed, while their performance is assessed simultaneously. In the planned economy, the supply of public goods dominated by single government-owned enterprise and institution can hardly overcome the fundamental constraints. That’s why the model of non-profit-oriented construction and free use has obvious limitations in the long run. The modern companies, as the main infrastructure provider, have unlimited development space. The market economy system that can stimulate the vitality of providers to a greater extent can create more and better public goods. Competitive central state-owned enterprises under the corporate governance have undergone thorough changes and achieved independent innovation under the gradually improved market economy system in the new century, promoting the leapfrog development of China’s waterway infrastructure. The comparative study on the history and practice of three providers has brought about academic innovation and theoretical expansion.
15.ZHAO Hui, WU Jinxi   Measurement of Environmental Pollution Transfer in Beijing-Hebei Region based on the Environmental Kuznets Curve   China Population, Resources and Environment   2020, Issue 5
[Abstract] Due to the close relationship between the amount of regional pollution and the industrial form, along with the inter-regional industry transfer between Beijing and Hebei, there exits an obvious transfer of environmental pollution sources within the region. This article used the Kuznets Curve to measure the pollution transfer between Beijing and Hebei Province, with sulfur dioxide emissions as the research object. Pollution was classified into spontaneous pollution and transferable pollution by using the panel data of 2000-2018 to measure the Environmental Kuznets Curve, and the vector autoregressive model (VAR) analysis was used to analyze the metastatic correlation of sulfur dioxide emissions in Beijing and Hebei. The results showed that: ①The difference between the actual per capita sulfur dioxide emissions in Beijing and the fitted value was negative, and the difference between the actual per capita sulfur dioxide emissions in Hebei Province and the fitted value was basically positive, which suggested that Beijing’s per capita sulfur dioxide emissions were lower than the pollutant emissions corresponding to the level of per capita GDP development, thus export pollution existed. The per capita emissions of sulfur dioxide in Hebei Province exceeded the pollutant emissions corresponding to the level of per capita GDP development, thus transitional pollution existed. ②The total amount of transferred sulfur dioxide emissions in Beijing showed a steady decline, while that in Hebei Province showed a first rise and then decline trend, indicating that the environmental conditions of both Beijing and Hebei Province were improving.
16.JIANG Tingfeng, TANG Ke  Research on Prosocial Motivation and Support Behavior of Non-equity Crowdfunding  China Economic Quarterly   2020, Issue 5
[Abstract] This paper analyzes the support motivation of non-equity crowdfunding on the basis of prosocial motivation theory and studies the support behavior with the Dreamore crowdfunding projects and high frequency data of participants. The research findings show that non-equity crowdfunding supporters achieve a delicate balance between assisting people in effecting their purpose, which is altruistic, and obtaining returns, which is egocentric, and social engagement motivation, and their support behaviors have significant stage characteristics. That is, before the success of crowdfunding, the number of supporters increases with the increase of early support frequency and the proportion of raised funds, while after the success, the number of supporters decreases significantly. In addition, Weibo, “Dreamore scores” and comments represent three levels of social engagement, and will affect crowdfunding support behaviors.
17.JIANG Tingfeng, TANG Ke, LIU Taoxiong   The Stickiness of Online Prices in China   Economic Research Journal   2020, Issue 6
[Abstract] The rapid development of the digital economy and big data technology has profound impacts on the economy and society. Along with this rapid development, short-term fluctuations in the macroeconomy and financial system have become more frequent. To reduce macroeconomic policy lags, it is important to understand the micro-foundations of the macroeconomic short-term fluctuations, namely price stickiness. In this paper, we measure static price stickiness indicators and identify the dynamic price adjustment patterns in China using a unique daily online price dataset. The data come from the iCPI project of Tsinghua University and contain online prices from more than 100 websites covering the whole basket of goods used in the Chinese Consumer Price Index (CPI), with over 19.70 million price records broken down into 8 divisions, 46 groups and 262 classes. Then the micro measurement results are used to measure the effectiveness of monetary policy. We find that the overall price increase frequency in China is higher (duration less than 2 months), the price adjustment range is larger (14%-20%), the sectoral heterogeneity is obvious and the asymmetry is significant (the frequency and magnitude of the price increases are higher). The price adjustment pattern in China follows a typical combination of the time-dependent pricing model (TDP) and the state-dependent pricing model (SDP). The price change frequency (negative), kurtosis of the price change size (positive), price adjustment mode and heterogeneity can all affect monetary non-neutrality. The same monetary shock can have heterogeneous impacts on different sectors. This paper provides insights into the impacts of the digital economy on price adjustments and macroeconomic dynamics. These findings have important implications for monetary policy formulation and inflation management in the era of big data.
18.LI Jiangtao, XIONG Chai, CAI Jiming   The Land Reform is Stepping into a New Chapter: The Equalization of Urban-Rural Land Property Rights and the Marketization of Resource Allocation    Journal of Management World   June 2020
[Abstract] The land system in contemporary China has undergone five reforms. On the one hand, it has realized the transformation from private ownership of urban-rural land to public ownership and separation of public land ownership and use rights. On the other hand, it has formed a dual system for rural collective land and urban state-owned land and planned allocation system of land resources. This paper comprehensively analyzes these two problems and specific performance of the current land system, and puts forward that in order to fully implement the spirit of Opinions of the State Council of the Central Committee of the Communist Party of China on Building a More Perfect System and Mechanism of Market-oriented Allocation of Factors, the next step of land system reform must be advanced in the two aspects of equalization of urban and rural land property rights and marketization of resource allocation, and the corresponding land-related laws, regulations and policies should be further modified and improved to better adapt to the requirements of new urbanization, rural revitalization and integration of urban and rural development.
19.CAI Jiming   Chinese-style Development Economics System: Comment on “Development Economics of Big Countries”   Consumer Economics   June 2020
[Abstract] A great power economics research group led by the Professor Ouyang Yao of Hunan Normal University has been committed to studying the economic development theory of the great power for a long time and has made systematic academic achievements. Development Economics of Big Countries edited by Ouyang Yao (China Renmin University Press, published in October 2019) puts forward the theoretical framework of development economics of big countries on the basis of summarizing the systematic research results, and has made a positive contribution to the construction of Chinese-style economics discourse system. The main contributions of this book are embodied in three aspects: Firstly, it summarizes the practical experience of economic development of big countries. The analysis of the basic economic characteristics of big developing countries and the summary of basic laws of economic development of big countries in this book are based on the typical facts of China’s economic development. The author reflected on the course of economic prosperity, decline and rise in China’s history based on the endogenous capacity principle of big countries and summarized the experience of big developing countries in maintaining economic opening and exerting the advantages of market scale, analyzed the course of China becoming a world manufacturing power since the reform and opening up using the principle of comprehensive advantages of big countries, summarized the comprehensive advantages of China’s diversified human resource structure, technological structure and industrial structure, especially systematically summarized the economic development path since the founding of New China, and analyzed Chinese path and its significance to the world from the aspects of independence, economic decentralization, integration into the world and innovation driver. The author believed that Chinese path has the typical characteristics of big countries, development characteristics and transformation characteristics, which not only provides the road of successful rise and appropriate governance mode for big developing countries, but also strongly promotes the construction of a new international economic order. The experience summary of the economic development path of big countries, especially the theoretical summary of Chinese path, has provided solid practical support for the development economics theory of big countries.
20.CAI Jiming, GUO Wanda   Review and Prospect of Market-oriented Reform of Factor Allocation in Shenzhen in Recent 40 Years   People’s Tribune   September 2020
[Abstract] In the past 40 years since the establishment of Shenzhen Special Economic Zone, the most successful experience and distinctive feature are to actively explore the establishment of a socialist market economy system and carry out the market-oriented reform of land, labor, capital and technology factors. However, there are also some problems in the market-oriented reform of factors in Shenzhen Special Economic Zone, such as “semi-urbanization”, “dual market”, “monopoly”, “administerization” and “isolated island” phenomena. In the new era, Shenzhen should take the lead in building the system and mechanism of all-factor market-oriented allocation.
21.GAO Daoming, HUANG Dehai  An Analysis of the Location Determinants of Chinese Firms’ Overseas Agricultural Investment  Chinese Rural Economy   2020, Issue 11
[Abstract] In recent years, China’s overseas agricultural investment has grown rapidly, which has attracted attention from both scholars and policymakers with regard to investment motivations and location strategies. A systematic empirical study on these issues can contribute to formulating rational and effective investment incentive polices and risk prevention measures. Based on the traditional economic factors and institutional perspectives, this article establishes a series of theoretical hypotheses concerning China’s overseas agricultural investment location decision-making, conducts an empirical test using the data of 1214 overseas agricultural enterprises from 2015 to 2017, and reveals different motivations and location decision-making models of China in high-income countries and low-income countries. The results indicate that, firstly, China’s agricultural investment is attracted by the countries with abundant resource endowment. However, it values the existing resource development capacity for high-income countries and the potential resource development capacity for low-income countries. Secondly, agricultural investment targeting at markets and strategic assets is more likely to flow into high-income countries. Thirdly, agricultural investors are not afraid of potential institutional risks in the target countries. China’s agricultural investors are unlikely to be deterred by the worse rule of law, the lower level of investor protection or the higher degree of land rights insecurity in the target countries. The results are robust to alternative measures of investment, different estimation strategies and institutional dimensions. Considering China’s strong motivations for seeking resources and the fact that such investment is more likely to flow to the countries with weak governance systems, it would be necessary to urge overseas investors to follow multilateral investment rules and fully respect stakeholders’ resource property rights, which can help to prevent them from continuing being criticized of “resource grabbing”. Investors should also enhance their own awareness of institutional risks and avoid making short-sighted investment decisions.
22.JIN Weiping  The Preliminary Practice of Ideological and Political Education in Principles of Economics   China University Teaching  2020, Issue z1
[Abstract] Principles of Economics is a basic course of Economics major, and is also listed as a large class platform course in many universities. Based on the three-in-one directions of knowledge dissemination, ability training and value shaping and taking the teaching design as the research case, this paper shares the implementation and experience of Tsinghua University’s preliminary practice of ideological and political education in face-to-face teaching, MOOC and blended teaching. In teaching, we should use the great practices of China’s economy to encourage students and integrate “I know, I believe, I can” organically, thus good results will be achieved.