無 / Since 1980, due to the reform and opening door policies, the economy has developed rapidly and the demand for energy has greatly increased in China. Nowadays China needs to continue economic growth to last the survival of CCP regime. Therefore economic growth is the core of China. Since Chinese economic growth depends on its energy supplies. To sustain economic growth, China not only tries to acquire offshore oil deposits, but also must rely upon oversea oil. China has become heavily reliant on foreign oil supplies and also becomes the highly competitive country in oil resource on the world. The majority of China’s oil import is through sea transportation. This over-reliance on sea lanes of communication (SLOC) causes China to fall into face great risks. Beijing feels vulnerable in its Oil transporting lanes and therefore attempts to maintain the stability of its imported oil supplies by securing SLOC to sustain its economic growth. Under these circumstances, the development of the PLA Navy thus becomes a key factor of Chinese prosperity. Beijing becomes aware that a strong navy could protect its oil transporting lanes. However, China does not have a strong navy to acquire its oil transporting lanes. However, China does not have a strong navy to acquire its oil transporting lanes and offshore oil deposits. For this reason, the development of PLA Navy is a natural trend for Chinese expanding national interests. China wants to defend its SLOC far away from its coast to sustain oil supplies stability so that conducts its naval” far sea defense” policy to build a blue-water navy.

對一開放經濟體系而言，當面臨國際經濟波動的衝擊時，經濟成長率會受到國際經濟波動的衝擊幅度以及其外債負擔額度所影響。本論文第二章建立一個開放經濟的貨幣內生成長模型，在爬行釘住匯率制度下，生產技術以實物資本作為生產要素投入，加上貨幣進入交易成本的設定，從最適均衡的角度來探討當一國經濟體系遭受國際經濟波動的衝擊時，如何透過風險貼水管道來影響經濟成長的表現，以及探討國際金融危機傳遞的過程，同時並探究外債減輕政策的成效。我們發現在最適均衡成長下，當一國面臨國際經濟波動的衝擊時，不但會使長期外債−資本比率下降與實質貨幣−資本比率上升外，同時也伴隨者對國內實質資本需求的減少，進而降低經濟成長率。國際經濟波動所帶來的不利影響會因外債的減輕而獲得紓緩，而有助於經濟成長。 第三章利用亞洲及拉丁美洲20個國家的追蹤資料，檢定過度債務假說的存在以及外債對金融部門發展與經濟成長的影響。實證結果顯示，外債對GDP比率對一國經濟成長具有顯著的負面影響效果，過度債務假說成立；過度債務會透過抑制金融部門的發展，進而妨礙一國的經濟成長。此外，本章的實證結果也顯示一國金融部門的發展與經濟成長，彼此間存在顯著的雙向交互影響關係。 在第四章中，我們同樣利用亞洲及拉丁美洲國家的追蹤資料，藉以衡量外債、國外直接投資、及經濟成長之間的交叉影響效果。實證結果顯示，在這些國家中，國外直接投資對經濟成長具有正面的貢獻，但是過度債務會不利於這些國家的經濟成長。最後，我們也發現一國金融部門發展的健全程度在這之間扮演了重要的角色，即金融市場愈健全的國家，其國外直接投資所帶來對經濟成長的貢獻程度也就愈大。 / For a small open economy, sovereign debt and default have important effects on both economic fluctuations and growth. The instability caused by high levels of external debt may adversely affect economic growth. Consequently, the purpose of chapter 2 is to set out a framework for developing countries embedding nominal money balances to facilitate transactions cost model. Output is produced using a stock of broad-concept productive capital, the international financial externality, and investment expenditures involving adjustment costs. We provide a theoretical formalization that is the base for and explanation of the contagion of financial crises, and find that debt relief is expected to stimulate growth by releasing resources from debt service to investments in infrastructure and reduce the risk of spread. Such investments, in turn, enhance domestic investment, besides attracting private foreign investment. Moreover, we have also found that debt relief will raise the real output capital ratio, the market value of capital, and the real balance-capital ratio, and promote economic growth in the long run. In chapter 3, we use panel data of 20 high external debt countries selected from Asia and Latin-America to investigate the financial sector development-debt-growth nexus within the framework of an endogenous growth and financial development mechanism. First, we found that among 20 high external debt countries, the external debt-to-GDP ratio is significantly negatively correlated with economic growth rates, indicating that excessive debt is detrimental to the growth of an economy. Second, we introduced the simultaneous GMM equations between financial sector development and economic growth to evaluate the interaction effects among economic growth, external debt, and financial sector development. In empirical results, we find that the negative impact of high debt on growth appears to operate through a strong negative effect, in terms of compulsion to resort to financially repressive policies. In addition, we also find a two-way relationship between financial sector development and economic growth. Further, this dissertation also aims to investigate how the link between FDI and economic growth in developing countries. Chapter 4 explores the interplay between foreign direct investment (FDI), external debt and economic growth using panel data analysis for a sample of Asian and Latin American countries. First we use several different panel data models to investigate the determinants of economic growth. Our results suggest that FDI contribute positively to long-term economic growth in these countries, and the percentage of external debt to GDP is negatively correlated with the economic growth rate, indicate that debt overhang impeded growth in Asia and Latin America. Secondly, we introduced the simultaneous GMM equation between FDI and economic growth to examine the various linkages among the relevant determinants of FDI, external debt and economic growth. In empirical results, we find financial development plays an important role in influencing the effects of FDI on output, countries with well-developed financial markets gain significantly from FDI in terms of their growth rates. Furthermore, the negative impact of the short-term debt to external debt ratio, on growth appears to operate through a negative effect on FDI inflows. In addition, we also find evidence that the hypotheses of growth-driven FDI and FDI-led growth are developed on the basis of recent studies on economic effects of FDI in both regions.

The aim of this thesis is to describe and analyse the adoption of International Financial Reporting Standards (IFRS) in the Chinese accounting standards and its possible effects on the accounting quality in financial reports and the economic growth of China. The accounting quality will be examinedthrough five chosen quality aspects: value relevance, faithful representation, comparability, earnings management and transparency. In addition, the view on the level of foreign direct investments will indicate if there has been any effect on economic growth. In order to fulfil thisaim a field study has been conducted, which involves interviews with people within the Chinese accounting industry. The theoretical framework contains an introduction to accounting and its connection to economic growth; background on IFRS and PRC GAAP; an outline of the chosen quality aspects;and finally a commentary on previous research and evidence in IFRS adoption and its effects on accounting quality and foreign direct investments. The empirical findings include the respondents’ view on the adoption of IFRS, accounting quality aspects, FDI and economic growth. The analysis deals with the respondents’ views in the empirical findings, and shows that these views differ on some of the quality aspects such as earnings management and are more consistent when it comes to other aspects such as value relevance. There is belief in the adoption of IFRS and its effects on the accounting quality and economic growth. However, the analysis further demonstrates current obstacles within the new PRC GAAP, such as the use of the fair value, which may problematize the accounting quality. The conclusion demonstrates that the majority of the respondents have experienced an improved overall accounting quality, which they believe has contributed to an enhanced level of foreign direct investment. Moreover, the results reveal a general view among the respondents that the adoption of IFRS also has contributed to the economic growth of China, through the increased level of foreign direct investments.

This thesis addresses the question, whether the impact of financial development on the relative and absolute indicators of poverty is dependent on the levels of the human capital present in an economy. To answer this question, first we develop a theoretical framework to explain the growth process in the context of financial development assuming that human capital is heterogeneous in terms of the skills and education people have. Then, by using the data sets based on five-year averages over 1960-2010 and 1980-2010, covering 107 developed and developing countries, we empirically investigate the extensions of the theoretical framework developed earlier. These extensions cover the relationships between: 1. Income inequality and economic growth 2. Financial development, human capital and income inequality, and 3. Financial development, human capital and poverty We provide empirical evidence using modern panel data techniques of dynamic and static GMM. The findings elucidate that income inequality and economic growth are inter-dependent on each other. There exists an inverse relationship between initial inequality and economic growth. The changes in income inequality follow the pattern identified by Kuznets (1955) known as Kuznets’ hypothesis. The results also show that financial development helps in reducing income inequalities and in alleviating poverty, only when there is a sufficient level of human capital available. On the basis of our findings we develop the term "effective financial development" which means that financial development is effective in accelerating growth levels, reducing income inequalities and alleviating poverty only if there is a sufficient level of human capital available. The empirical study covers multiple aspects of financial development like private credit extended by banks and other financial institutions, liquid liabilities and stock market capitalization. The results of the empirical investigations are robust to multiple data sets and various indicators of income inequality, financial development, poverty and human capital. The study also provides marginal analysis, which helps in understanding the impact of financial development on inequality and poverty at different levels of human capital. This research study of effective financial development can be a useful learning paradigm for the academics and researchers interested in growth economics and keen to learn how poverty and income inequality can be reduced effectively. This study can also be useful for the policy makers in the financial institutions, because it provides robust empirical evidence that shows that financial development cannot help in alleviating poverty and in reducing inequalities unless there is a sufficient level of human capital available. The findings can be useful for policy makers, particularly in the developing countries where high levels of income inequalities and poverty are big problems. This study explains the mechanism of how effective financial development can be used to reduce income inequalities and to alleviate poverty. It also explains the process of inter-linkages between financial development, human capital, inequality, economic growth and financial instability. The policy makers can also take advantage from the marginal analyses that illustrate the minimum levels of private credit and primary and secondary schooling above which the effects of financial development and human capital become significant in reducing inequalities and poverty.

This thesis is in two parts. The first part considers a theoretical relationship between the natural variability of a stochastic model and its response to a small change in forcing. Over a large enough scale, both the real climate and a climate model are characterised as stochastic dynamical systems. The dynamics of the systems are encoded in the probabilities that the systems move from one state into another. When the systems’ states are discretised and listed, then transition matrices of all these transition probabilities may be formed. The responses of the systems to a small change in forcing are expanded in terms of the eigenfunctions and eigenvalues of the Fokker-Planck equations governing the systems’ transition densities, which may be estimated from the eigenvalues and eigenvectors of the transition matrices. Smoothing the data with a Gaussian kernel improves the estimate of the eigenfunctions, but not the eigenvalues. The significance of differences in two systems’ eigenvalues and eigenfunctions is considered. Three time series from HadCM3 are compared with corresponding series from ERA-40 and the eigenvalues derived from the three pairs of series differ significantly. The second part analyses a model of the coupled climate-economic system, which suggests that the pace of economic growth needs to be reduced and the resilience to climate change needs to be increased in order to avoid a collapse of the human economy. The model condenses the climate-economic system into just three variables: a measure of human wealth, the associated accumulation of greenhouse gases, and the consequent level of global warming. Global warming is assumed to dictate the pace of economic growth. Depending on the sensitivity of economic growth to global warming, the model climate-economy system either reaches an equilibrium or oscillates in century-scale booms and busts.

The most essential questions in economics is what determines economic growth? In theory FDI led to economic growth (Mello 1997), but empirical evidences indicate that the relationship is ambiguous (Masahiro & Iwasaki 2014). This thesis uses contemporary growth theories and econometric methods to empirically test for the association between foreign direct investment and economic growth in the six countries that form the Gulf Cooperation Council (GCC). The analysis indicates a positive relationship concerning FDI and GDP growth in the panel of GCC. The result furthermore supports the endogenous growth theory and provide insights on the regions progress towards income diversification whit respect to hydrocarbons.

For several years, the literature has discussed whether a country’s particular economic circumstances should be taken into account in competition law and policy design. This thesis discusses whether economic growth should be considered as the guiding principle for Latin American Emerging Economies’ competition law and policy design. It specifically explains why having economic growth as competition policy’s guiding principle makes a difference in choosing superior rules and standards, among the large range of efficient rules. In order to explain how economic growth as a guiding principle has an impact on competition policy design, this thesis studies whether the analysis and application of the prohibitions and standards of abuse of dominance in emerging Latin American economies are appropriate, and why, having regard to economic growth, a different approach might be justified. To engage in the study of such questions this thesis centres on the regulation of dominance and the law governing abuse of dominance, in particular on predatory pricing and excessive pricing. After a careful analysis of such institutions, an optimal rule for the regulation of pricing abuses in these emerging economies is proposed. Similarly, having regard to economic growth as the policy’s guiding principle, the mainstream standards on excessive pricing and price predation are evaluated and a different approach is found to be justified. It is concluded that economic growth should be the principle guiding Latin American emerging economies’ competition law and policy design and it is demonstrated that this will grant these economies policy soundness and identity.

In this study an attempt has been made to explore the role of technology transfer in the economic growth of Iraq, through the change in the technology itself for the period 1960-1978. For this purpose the economy was disaggregated into seven sectors. The experience of developed countries has shown that technical change is one of the most important factors of economic growth alongside, or even overshadowing, such factors as labour and capital. In the light of technology transfer, developing countries have the advantage of introducing high levels of advancement of knowledge which can be used to induce domestic technical change at later stages. Technical change is normally defined as a shift in the production function, and for this reason two forms of production function were estimated and tested, i. e. the constant elasticity of substitution and the Cobb-Douglas function. Also two specifications (constant and variable) were assigned to technical change. To validate the use of these, statistical tests were conducted to establish the optimum fit. Then the selected form was used to simulate output levels for comparison with actual figures. The techniques used for estimation are both linear and non-linear. Data used are time series in real terms of capital stock and output, as well as number of persons employed. Furthermore in order to judge the importance of technical change to the growth of output on aggregate and sectoral levels, as regards economic growth, comparisons were drawn with existing data from other developed and developing countries, including centrally planned economies.

This thesis complements current studies by focusing on developed OECD countries as they are the major sources and recipients of world FDI and current studies relating to developed countries using aggregate country FDI data are limited. This study empirically tests the determinants of FDI inflows and outflows and their relationship with economic growth using 2SLS simultaneous equations model between 1981 and 2008 for a sample of 20 developed OECD countries. The empirical findings suggest that FDI inflows do not contribute to economic growth in the host country and economic growth positively affects FDI inflows. In addition, trade openness and flexible employment protection legislation in the host country attract FDI inflows. In terms of FDI outflows, the results show that FDI outflows reduce economic growth in the home country, while economic growth in the home country increases FDI outflows. Moreover, high past level of outward FDI stock, trade openness, low labour cost and currency depreciation in the home country provide incentives for domestic firms to invest abroad. Therefore, this study does not support offering special incentives to foreign investors to attract FDI inflows or offering promotional policies to domestic firms to encourage FDI outflows. Instead, government should provide incentives for domestic investment and other sound policies to increase economic growth, which in itself provides a good environment to attract FDI inflows and to encourage FDI outflows. Keywords: FDI inflows, FDI outflows, two stage least squares simultaneous equations, economic growth, labour market flexibility.

This paper uses Bayesian Model Averaging (BMA) to find robust determinants of economic growth in a new dataset of 255 European regions between 1995 and 2005. The paper finds that income convergence between countries is dominated by the catching-up of regions in new member states in Central and Eastern Europe (CEE), whereas convergence within countries is driven by regions in old EU member states. Regions containing capital cities are growing faster, particularly in CEE countries, as do regions with a large share of workers with higher education. The results are robust to allowing for spatial spillovers among European regions.