Journal of Modern Economy

On one criterion for the permanent economy development

Research Article of Journal of Modern Economy On one criterion for the permanent economy development N. S. Gonchar, O.P.Dovzhyk The N.N.Bogolubov Institute for Theoretical Physics, Kiev, Ukraine A new method of investigation the equilibrium state of the economy is proposed. The classification of the equilibrium states is given. The basic principle of equilibrium the economy system to its environment is formulated. It is used to obtain the money circulation equation. On this basis the notion of the permanent economic development is defined. The analysis of the economy of four countries is given. The principe of adequacy of currency exchange and inflation rates to the factors that their determine is proposed. This work was supported in part by the Program of Fundamental Research of the Department of Physics and Astronomy of the National Academy of Sciences of Ukraine (project № 0117U000240). Keywords: Exchange Rate, Forcast, Permanent Economy Development, Recession ...

A Note on Statistical Arbitrage and Long Term market Efficiency

Research Article of Journal of Modern Economy A Note on Statistical Arbitrage and Long Term market Efficiency Mario Maggi1 and Pierpaolo Uberti2 1Department of Economics and Management, University of Pavia, via S. Felice, 5, 27100, Pavia, Italy 2DIEC Department of Economics, University of Genova, via Vivaldi, 5, 16126, Genova, Italy. Market efficiency is a central topic in finance. The notion of statistical arbitrage is a suitable instrument to investigate market efficiency without the need to specify an equilibrium model. We introduce a new definition of statistical arbitrage (named Strong Statistical Arbitrage, SSA in the following) modifying the original definition in an apparently infinitesimal way. We show that some simple investment strategies, recognized as statistical arbitrages by the standard definition, do not test positive for SSA. We discuss the relations between the proposed definition and common definitions of arbitrage and prove that SSA is compatible with deviations from market efficiency in a “short term frame.” The idea is that if market anomalies are small, the markets do not deviate significantly from efficiency, while an SSA requires time persistent anomalies on asset prices. Keywords: Statistical Arbitrage, Market Efficiency ...

Research on the Impact of Chinese Science and Technology Finance on Entrepreneurial Efficiency

Research Article of Journal of Modern Economy Research on the Impact of Chinese Science and Technology Finance on Entrepreneurial Efficiency JIANG GAI, WANG LUAN FENG* Hubei University. This paper is based on panel data of 30 provinces and cities in China from 2008 to 2017, The convergence of innovation efficiency is tested by σ convergence and β convergence test, Using stochastic frontier model and principal component analysis to analyze the impact of Chinese science and technology finance on entrepreneurial efficiency. The study found: Venture capital investment is more flexible than the output of entrepreneurial man-power investment, technology finance has a significant positive impact on entrepreneurial efficiency, but there is a problem of regional development imbalance. Convergence and divergence analysis found, the gap in entre-preneurial efficiency between the central, eastern and western regions is gradually narrow; Factors such as social capital, economic development level and foreign direct investment also have a positive impact on entrepreneurial efficiency. Finally, this paper also puts forward some suggestions on improv-ing the efficiency of entrepreneurship from the perspectives of upgrading science and technology financial services, developing science and technology financial innovation and entrepreneurial environment. Keywords: Fintech, Social capital, Entrepreneur efficiency, Conversion efficiency ...

Impacts of Infrastructure on One Country’s Trade An Analysis based on the new Eurasian Continental Bridge Economic Corridor along the One Belt One Road

Research Article of Journal of Modern Economy Impacts of Infrastructure on One Country’s Trade --- An Analysis based on the "new Eurasian Continental Bridge Economic Corridor" along the “One Belt One Road” 1Hui He, 2Qi Gao, 3Weitao Liu, 4Mingjie Hu and 5Meng Wu 1Qingyuan polytechnic, Economic doctor, engaged in development economic research; 2People’s Bank of China Jiamusi Branch, Economic master, engaged in international financial research; 3Harbin Insititute of Technology (ShenZhen), Management postdoctoral fellow, engaged in development economic research; 4Nanjing University, Economic undergraduate, engaged in international trade research; 5South China University of Technology, Economic master, engaged in public economic and public policy research. In nowadays context of global economic integration, China has proposed the “One Belt One Road” Strategy in 2014, which fits into the new changes in global economy and finds us a new growth in economy development. This article has selected the panel data of 23 countries along the “new Eurasian Continental Bridge Economic Corridor” in 2002-2016 and analyzed the influences of one country’s economic infrastructure and social infrastructure upon its national trades using the fixed effect model. The research result shows that the construction of energy infrastructure may produce less obvious negative effects on one country’s national trade while the influences of the railway and aviation infrastructure will be varied because of the different natural endowments of the country. And one country’s trade will increase as construction of communication infrastructure develops. For social infrastructure, the effects upon one country’s trade are not obvious from education infrastructure construction, scientific research infrastructure construction, medical infrastructure construction and environmental infrastructure construction. Keywords: infrastructure; “One Belt One Road”; Trade ...

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Journal of Modern Economy