共查询到20条相似文献,搜索用时 125 毫秒
1.
2.
3.
我国金融体制改革的一个重要目标,就是逐步实现信贷资金商品化,融通资金市场化。随着我国金融市场的逐步放开,作为资金使用权转让价格的利率,也应当有控制地逐步放开。本试从实行利率市场化改革的必要性,我国实行利率市场化存在的风险以及实行利率市场化改革的对象等方面进行了论述。 相似文献
4.
市场价格是改革放开实行市场调节的价格,是我国社会主义市场经济的主体价格,市场价格的行为和秩序如何,事关完善社会主义市场经济体体制的大事。对市场价格实施监管,维护其秩序、规范其行为,是贯彻“十一五”规划,健全市场价格机制、维护价格公平竞争、健全社会主义市场经济体制、全面落实科学发展观,加快全面建设小康社会,维护消费者和经营者合法权益,密切党和政府与人民群众血肉联系,构建和谐社会的一个永久性重要课题。价格市场化后存在的问题比较突出我国经过二十多年的价格改革,已基本实现了价格市场化的改革目标。随着价格改革放开搞… 相似文献
5.
6.
公募招标是市场化程度最高的发行方式,它不仅能够促进巨额国债的顺利发行以及降低发行成本,还有利于货币政策的实施。国债的招标发行包括单一价格招标和多种价格招标,其中前者侧重于国债招标价格的提高,后者侧重于国债招标数量的增加。这两种方式在我国近年来的国债发行实践中均被采纳过,但根据我国国情未来应主要发展多种价格招标方式。 相似文献
7.
8.
9.
<正>从实践上看,利率市场化的难点不在于中央银行放开货币市场利率管制,而在于真实经济体系是否充分自由竞争利率是经济体系最重要的价格。利率市场化或市场化利率,历来是经济学和金融学的重要话题。分开来说,问题至少包含三个方面的内容:其一,利率是一种什么价格?利率的本质是什么?利率算是哪一类成本?其二,怎样的利率机制或定价机制才能形成所谓的市场化利率?利率市场化到底是什么意思?放 相似文献
10.
11.
Kenneth R Gray 《Journal of Comparative Economics》1981,5(1):43-59
Progress toward decentralized agriculture in which entrepreneurial initiative of Soviet farm managers could be given fuller range is impeded by the double function of Soviet agricultural prices: as factors affecting input and output decisions and as extractors of land rent. Claims that the Soviet land cadastre inhibits the setting of uniform marginal-cost prices are here examined and found wanting. The real culprits are special interest opposition, ignorance of the potential role of prices, and inability to achieve the necessary complementary reforms, which can be traced to shortcomings in Soviet agricultural economic research and education. 相似文献
12.
Open access resources are frequently not managed efficiently, resulting in falling stock levels and a declining income for fishermen. In the late 1970's, the policy response to this problem was the implementation of 200-mile fishing zones, which enabled the European Union to formulate and implement the Common Fisheries Policy, aimed at (among other things) conservation and distribution of available stocks. In Germany, this shift from an open access regime towards a common property regime had favourable outcomes. The trend of falling prices was reversed. The conclusion was that intertemporal efficiency had increased as a result of (inter)governmental policy. Apparently, a wedge was formed between price and marginal harvesting costs, implying that scarcity rent had returned as a component of prices. 相似文献
13.
Gunther Tichy 《Empirica》1976,3(2):153-196
Summary The aim of this paper is to collect disaggregated data on inventories in Austria. This information is used to study the role of inventory investment in business cycles. It seemed especially interesting to investigate whether entrepreneurs plan a stable inventory-sales ratio and whether inventories of purchased goods, goods in production and goods for sale are influenced by the same factors.It turns out that the aggregate inventory-sales ratio (in current prices) decreased considerably during the past twenty years. This decrease was caused only by different rates of price increases; measured in constant prices, the rate remained almost constant. Inventories exhibit a procyclical behavior, with inventory investment leading and inventory stocks lagging.For industry investment in stocks of purchased goods depends on outstanding orders and on imports, for goods in process on orders, production and on stocks of finished goods (positively). eterminants of finished goods inventories are sales and capacity utilisation (positive sign); entrepreneurs therefore increase their stocks in boom phases and decrease them in times of slower demand. This is exactly the behavior which a previous theoretical paper expected: Inventories don't act as a buffer over the cycle, quite the contrary, inventory planning reinforces economic fluctuations. 相似文献
14.
This paper provides an economic rationale for the cross‐autocorrelation patterns in stock returns in the context of a microstructure model in which investors have incomplete information. The paper shows that in a market in which investors are informed about only a sub‐set of stocks, the emergence of lead‐lag, cross‐autocorrelations is a function of the cost of trading in other stocks based on information about the sub‐set of stocks. If cross‐trading costs are high, informed investors will trade only in the sub‐set of stocks they are informed about; if cross‐trading costs are moderate, informed investors will randomize between trading and not trading in other stocks; and if cross‐trading costs are low, they will trade in all stocks. When informed investors trade only in a sub‐set of stocks, prices of stocks with more informed trading will adjust to common factor information faster than the prices of stocks with less informed trading giving rise to asymmetric lead‐lag cross‐autocorrelations. When informed investors trade in all stocks, asymmetric lead‐lag cross‐autocorrelations will disappear as a result of their cross‐market arbitrage trading. These results provide a number of testable implications for lead‐lag cross‐autocorrelation patterns. The data is consistent with the empirical predictions .
(J.E.L.G12, G14). 相似文献
(J.E.L.G12, G14). 相似文献
15.
Rational Expectations is not Generally Valid for Econometric Models: Evidence from Stock Market Data
In applying the rational expectations hypothesis to generate expectations in an econometric model it is assumed that (1) the model itself is capable of generating reasonable forecasts of all required expectations variables included in the model, and that (2) the economic agents whose behavior is being modeled act as if they form their psychological expectations as conditional mathematical expectations generated by the model. Both assumptions can be invalid, as demonstrated by the historical data on Hong Kong stock prices and by the successful application of the adaptive expectations hypothesis to explain panel data of prices of individual stocks and aggregate time series data on stock price indices of the United States and of Hong Kong. 相似文献
16.
《Journal of Behavioral Finance》2013,14(3):141-151
Several studies have assessed stock market under- or overreaction of stocks and there is some agreement among them. However, there is much disagreement about what constitutes market underreaction or overreaction, and the conditions that cause it. The substantial variation in results among studies may be partially attributed to the types of firms that are contained in any sample. We investigate this premise by focusing on a sample of technology stocks that experienced an extreme change in stock price, along with a corresponding control sample of non-technology stocks that experienced a similar extreme change in stock price on the same day. Based on the subsequent stock price behavior of each sample, we find a greater degree of overreaction within extreme positive changes in technology stock prices (winners) than in non-technology stock prices. In addition, we find a greater degree of underreaction within extreme negative changes in technology stock prices (losers) than in non-technology stock prices. When considering winners and losers collectively for technology and non-technology firms, it appears the market is overoptimistic when it initially revalues technology stock prices relative to non-technology stock prices. The degree of under- or overreaction of technology stocks varies within the sample of technology stocks, and is conditioned on firm-specific characteristics. Overall, our results suggest that technology stocks exhibit unique stock price behavior subsequent to an extreme change in price, and that this unique behavior can even vary among technology firms according to firm-specific characteristics. 相似文献
17.
Our study is the first that explicitly links rent deregulation and the choice between owning and renting (the tenure choice) using household decisions over a 1‐year period. The rent deregulation process in the Czech Republic started in 2006, two years after joining the European Union. By design, the maximum regulated rent appreciation depended explicitly on real estate prices, which accelerated the pace of deregulation due to rapidly rising prices at the time. A unique dataset enables us to track the tenure choice of households from consumption surveys for subsequent years. The proportion of households that switched from renting to owning sharply increased among renters of regulated apartments. We show that this change was caused by the deregulation process. In contrast, rent deregulation makes owners and renters paying market rent less likely to change ownership status. 相似文献
18.
Tiziana Caliman 《International Review of Economics》2009,56(4):401-423
This paper shows that Italian house market is less exposed to price shocks than the American one. Variations in the house
price index in real terms have been studied along with the affordability ratio and the relation between house prices and rent
levels for the period 1995–2004 in Italian provinces. Comparison with US data reveals greater overpricing in the US during
the expansion phase (2000–2004). Although a speculative bubble in all US metropolitan areas considered does not emerge, US
financial and economic structural factors make the US real estate sector more exposed to price shocks. To test the compatibility
of Italian house prices with fundamentals an econometric model is designed to analyze the provincial house prices from 1995
to 2003. 相似文献
19.
Empirical analyses of firm behaviour typically assume that there is a stable relationship between investment on the one hand and changes in the relative prices of inputs, output demand and other determinants on the other hand. However, because of the lumpy nature and irreversibility of investments and the presence of uncertainty about future economic developments, a specific percentage change in relative prices and output demand may not always lead to the same percentage change in capital stocks. That means that different regimes may exist in investment behaviour. We test whether such regimes exist using high-quality data on eight manufacturing industries in the Netherlands. Three different regimes can be identified that are characterized by differences in the relative input price levels and we find that if relative prices take on extreme values, the propensity to adjust the scale of production to changes in demand is very low. 相似文献
20.
《Journal of Behavioral Finance》2013,14(3):121-130
Five experiments examine how charts depicting past stock prices influence investing decisions. We expected investors to use extreme past prices depicted in charts as comparison standards to which expectations about future prices are assimilated. Investors should thus expect stocks depicted in a chart with a salient high to perform better than stocks depicted in a chart with a salient low. And as a consequence, investors should be more likely to buy and less likely to sell stocks depicted in a chart with a salient high than a low. Results of five experiments support this reasoning. Whether investors are private or professional and whether background information about the stock was limited or abundant, expectations about future prices assimilated to extreme past prices. Consequently, investors buy more and sell less when the critical chart is characterized by a salient high than a low. The implications of these findings for the core role comparison processes play in investing decisions are discussed. 相似文献