贸易同盟、二元扩张与中国出口的双重优势

本研究基于异质性理论考察关税减免的贸易二元边际扩张效应,通过GTAP软件研究中国内地与香港双边贸易CEPA协议的远期效应,结果发现两地市场充分自由化后CEPA发挥了同盟区的贸易创造效应,内地对港贸易的二元边际保持明显的增长收益,其中外延边际更为显著。研究还发现低替代弹性产品越能够获得自由化的贸易收益,这显示我国内陆企业具有充分的差异化（多样性）国际竞争优势。研究表明市场自由化的国际区域性同盟可成为维持和发挥我国出口贸易“双重大国优势”的新来源。     

企业科技创新中的地方政府职能分析——以淮安市为例

科技创新是企业获取市场竞争优势、培育核心竞争力的基础,也是优化地区产业结构、提升地区竞争力的重要手段。地方政府在企业科技创新过程中起着举足轻重的作用。以淮安市为例,通过对淮安市政府在企业科技创新中的作用分析,提炼地方政府在企业科技创新中的职能。     

商业银行经营决策对我国货币供给的影响及建议

商业银行经营行为对我国货币供给的影响作用于基础货币投放和存款货币创造两个阶段。国有控股商业银行因其垄断性地位使得信贷投放过于集中、流动性管理水平低,其他股份制商业银行不受风险约束的盲目扩张倾向,都可能造成我国货币供给和调控政策实施效果偏离预期。针对以上问题,本文建议,国有控股商业银行应加强股份制改革,建立现代企业制度;其他股份制商业银行根据自身的条件确定发展方向,有序竞争。     

论个人住房贷款发展的困境、原因及化解

近期，国内商业银行出现了普遍的“额度荒”问题，大多研究认为这一现象是周期性和短期性的。但其实是商业银行经营的内外环境发生了根本的变化，如存贷款利率市场化加速，传统的房贷业务不适应银行经营环境的变化。房贷“额度荒”反映的是商业性金融追求盈利与政策性金融的冲突，本质上则是政策性住房银行缺失的结果。发达国家在位房需求增长较快时期均通过成立政纂性住房金融机构来满足住房融资需求，我国也要成立真正的政策性住房银行，这才是解决房贷困境的根本出路。     

Monetary Ratios in a Modern Regime: Why the Monetary Base still Matters

A recent paper Bank of England paper cast doubt on the ‘textbook’ model of the money multiplier. However, this criticism is inconsistent and misleading. It understates the importance of the central bank's control over the monetary base, and how this influences the money supply. The confusion suggests that it would be more fruitful to conduct analysis using the currency‐deposit ratio and reserve‐deposit ratio rather than the money multiplier, and evidence from 1998–2013 is provided. This article explains how these ratios depend on the monetary regime, and the distinction between inside and outside money. Although a modern regime alters the way that money creation occurs, the monetary base still matters.     

Debt Erosion and the Market Process

This paper explores the effects of debt erosion on the market process. Debt erosion is the attempt by government to lower the real value of its debt through the creation of unexpected inflation. In addition to the costs recognised by most economists, debt erosion through unexpected inflation can impair the price system's ability to coordinate exchange activity and can result in costly capital misallocations. This is because the creation of unexpected inflation implies disequilibrium in the money market. To avoid the harm from such monetary shocks, this paper suggests a separation between money and state, enshrined in an explicit rule at the constitutional level.     

Electoral accountability and local government efficiency: quasi-experimental evidence from the Italian health care sector reforms

This paper evaluates the effect of two policy changes on the efficiency of Italian regional governments in the provision of health care services: first a change in the electoral system, second a process of fiscal decentralisation. The paper provides two main contributions: (1) a comprehensive analysis of the two main reforms that involved Italian regional governments and the health care sector during the 1990s, (2) the evaluation of the impact of the electoral reform in a quasi-experimental setting. Final results are in line with recent theoretical predictions that show a positive relationship between government efficiency and the electoral accountability enhanced by institutions such as electoral rules and fiscal decentralisation.     

Delivery of private toll roads: Incentive strategies for improving service quality and social welfare

Managing the service quality of toll roads delivered by using Public-Private Partnerships (PPPs) to ensure value for money to taxpayers is challenging for governments worldwide. An absence of critical research in this area has exacerbated this challenge. The upshot, in this instance, has been an inability for governments to engender and enact effective incentive strategies to operate and maintain private toll roads. To fill this gap, this paper aims to identify and examine incentive strategies for improving the operational quality of toll roads delivered by private entities. We develop a game model with four scenarios and then compare relevant decision behaviour and social welfare. The analysis reveals that only when the shadow cost of public funds is below a specific threshold there can be a feasible incentive strategy for ensuring quality improvement and higher social welfare. Furthermore, an incentive contract with a predetermined quality can enable a higher operational quality while requiring a higher incentive intensity. The contributions of this research are twofold: (1) we propose an enhanced model that is useful for governments to examine the impacts that different incentive strategies will have on the performance of transport projects; (2) we give an enhanced insight to support decision-making for incentives towards transport asset operations. This research will also be beneficial for governments in enhancing toll roads’ operational quality and social welfare for taxpayers.     

城市化率指标的本质与合理目标进度问题

针对当前我国地方政府制定高城市化率目标提出质疑,分析和讨论了这一现象的根源和本质,并指出地方政府不应盲目攀比,而须根据自身基础和发展条件,制定合理的、合适的城市化率目标.     

定向增发对我国上市公司经营绩效的影响

以2006-2009年在我国A股主板市场实施定向增发的上市公司作为研究样本,采用2005-2010年的年度财务数据,按照增发年份分别使用因子分析法,对上市公司实施定向增发后绩效的变化进行实证研究。研究结果表明,定向增发虽然对上市公司改善股权结构有着积极的影响,且有70%左右的上市公司在实施增发后绩效有所提升或保持持平,但也有30%左右的上市公司绩效较增发前出现下降。对于前者,政府应当予以鼓励和支持。而对于后者,政府则应加强监管,避免盲目圈钱的行为。     

On the monetary policy in an economy with banks endogenously creating money

This paper attempts to employ a microeconomic model (industrial-organization approach to banking) to formalize the concept that banks in an economy may also unilaterally create money, at least initially, rather than passively multiplying the base money exogenously issued by the Central Bank in the money creation process. It shows that in equilibrium, banks may indeed create money (bank deposits) when making loans without relying on the newly issued base money from the Central Bank. Instead, the endogenously created money by banks would cause the Central Bank to endogenously adjust base money to hit the target policy interest rate.     

Debt as the Basis of Currency

A bstract Even more than most nineteenth-century economists, Henry Dunning Macleod recognized the importance of trust in a properly functioning monetary system. Macleod developed a credit theory of money in which he argued that money originated as a debt claim against society. The value of money depends on the willingness of economic agents to accept it, no matter what material the money is made of. Macleod applied this theory to the evaluation of other systems in which money is not based on debt, showing the dangerous consequences that could arise from pursuing other theories of money creation to their logical conclusions.     

中国城市住宅市场的结构差异性分析

市场价商品房、经济适用住房和廉租房构成了目前中国城市住宅市场的供应体系.依据中国30个主要城市的房地产开发统计数据,选择吸纳率作为评价住宅市场供需均衡状态的指标,利用固定影响变截距模型,重点研究了商品房和经济适用住房供给结构的城市差异性.研究发现,在城市住宅市场中,经济适用住房市场和商品房市场具有很强的相关性.作为具有政府资助性质的经济适用住房建设,存在典型的地域性特征,其政策的设定和实施会对整个住宅市场产生影响,地方政府应在利用比较全面的住宅市场指标体系进行综合分析基础上,制定适合本地的经济适用住房政策.     

Rethinking the role of private capital in infrastructure PPPs: the experience of Ontario,Canada

Private capital has become a significant feature of infrastructure public–private partnerships (PPPs) on the premise that it incentivizes diligent risk management among private partners. This paper evaluates this claim by examining the PPP programme in Ontario, Canada, where the amount of long-term private capital in PPPs has been reduced. The paper shows that decreasing the amount of private capital after construction does not undermine performance, while producing cost savings for governments. This was achieved by deploying sophisticated procurement and monitoring strategies. These findings suggest that private capital is one of several tools available to achieve positive value for money in PPPs.     

Complementarity or competition: the development of human resources in a South-East Asian Growth Triangle: Indonesia,Malaysia and Singapore

Globalization has led to the emergence and strengthening of regional and subregional economic co-operation as a means of promoting economic growth. In East Asia, a new kind of sub-regional economic zone known as a 'Growth Triangle' is gaining increasing popularity. This article explains the concept of the Growth Triangle and traces its proliferation in East Asia. It examines the conditions for the success of Growth Triangles and the policies pursued by the various participating governments. It then argues that effective human resource development (HRD) policies are essential for the participating governments to enjoy the benefits of the Growth Triangles. Arguably, the HRD policies within the Growth Triangle should be complementary rather than competitive. But using the 'Indonesia-Malaysia-Singapore' Growth Triangle (IMS-GT) as an example, this research asserts that in reality co-operation and complementarity in the HRD arena will give way to competition as the Triangle develops.     

The Causes of Urban Sprawl in Spanish Urban Areas: A Spatial Approach

This paper explores the presence of local spatial interaction on urban development patterns of Spanish urban areas and whether this interaction might be due to the strategic behaviour of neighbouring local governments. Using remote-sensing data from aerial photography and satellite imaging along with Geographic Information Systems (GIS) techniques, it studies urban development patterns across the country with unprecedented detail. The results confirm the main hypothesis that spatial interaction exists in the levels of sprawl between neighbouring municipalities, suggesting that local governments do indeed compete for the creation of new suburban settlement developments, hence promoting excessive urban sprawl.     

TRADE LIBERALIZATION, PUBLIC ABATEMENT, AND WELFARE

This paper discusses public abatement financed by pollution tax revenue or tariff revenue and investigates the welfare consequences of a tariff. The main result of this paper is that under certain conditions a tariff reduction results in an improvement in welfare through an increase in public abatement and a decrease in pollution. This result may guide policy for countries that wish to harmonize trade liberalization and the environmental protection demonstrated by both the private and the public sectors.     

Information and decision making: A search for method and understanding

Despite the emphasis during the 1980s on value for money and the need to increase business efficiency in order to face competitive world markets, exactly how managers search for information for business decisions remains a neglected topic of academic inquiry. In response to this situation, the paper has two purposes. The first is to develop an initial understanding of how information is searched and used in business contexts; the paper describes how participants searched and used accounting information in a relatively unstructured competitive tendering task. Second, it shares the experiences gained from trying to research the topic. A number of experimental design and analysis issues are raised and discussed.     

Election outcomes and financial market returns in Canada

This paper investigates the relationship between federal election outcomes and expected returns and volatilities in the Canadian money, bond, equity and currency markets from 1951 to 2006. There is little evidence that investment opportunities are different in minority versus majority parliaments and only money market returns differ in Conservative versus Liberal governments. The equity market performs better in the late part of the electoral cycle than in the first two years. Furthermore, the Canadian equity investment opportunities are better in Democratic versus Republican administrations and in the late versus early parts of the presidential electoral cycle. The Canadian dollar is also affected by American election outcomes. No apparent variation in risk or expected state of the economy accounts for the differences in returns.     

Bankruptcy and optimality in a closed trading mass economy modelled as a non-cooperative game

In this paper we establish the existence of (a) an optimal bankruptcy rule which enables us to describe the Walrasian trading economy as a game with trade in fiat money; and (b) non- cooperative equilibrium points of this game which (in terms of prices and the final allocation yielded) include the competitive equilibrium points, and the accompanying money rate of interest (induced by borrowing at a central bank), when the bankruptcy rule is different from optimal.