CHANGING ASSET/LIABILITY STRUCTURE OF SAVINGS INSTITUTIONS IN A DEREGULATED ENVIRONMENT

This paper examines how savings institutions have reacted to new asset/liability management powers granted under recent enabling legislation and regulation. The paper describes the rapid change in thrift liability composition that began with the money-market deposit account (MMDA) in December 1982 and the increased interest-rate risk that accompanied the subsequent shortening of liability maturities. Ironically, after deregulation, thrifts were structured even more into a mismatched position. After the massive thrift balance-sheet mismatch is measured, strategies useful in reducing thrift interest-rate risk exposure are evaluated in terms of size and immediacy of impact. Rather than reliance on minor balance-sheet adjustments which mistakenly are taken for effective asset/liability management, a comprehensive strategic plan is recommended
The critical point is that the savings institution manager cannot effectively speculate on interest-rate movements until the firm is fully restructured to eliminate its borrow-short/lend-long posture. In contrast to that of other observers, this analysis suggests that immediate and meaningful reductions in interest-rate risk exposure can be achieved by lengthening liabilities through amount and frequency of liability pricing. Neither technical hedging programs nor alternative mortgage-loan instruments (AMLs), as now structured, are likely to provide the magnitude or speed of adjustment necessary to correct the existing balance-sheet mismatch, nor are they appropriate single-tactic strategic responses     

变化世界中的地理学

在全球变化的背景下,地理学研究的方向和中学地理教育思想及内容都会发生巨大的变化。文章首先简单地叙述了全球变化的基本情况,以及全球变化的区域响应。然后重点论述了全球变化的局部响应在现代地理学研究中的重要地位,以及中学地理教育的新内容——可持续发展教育与生态道德教育。     

THE CHANGING GOVERNANCE OF KNOWLEDGE IN AVIONICS

Abstract

Taking in hand the two sides (i.e. cognitive and risk-bearing) of authority in design and production in complex tasks, this paper aims to give a first look at shifts in the locus of authority in the aviation electronics—or avionics—industry. Relying on patent and joint ventures data, we attempt to trace the evolution of problem-solving ‘authority’ over the evolution of the industry, using an empirical approach which can then be used to explore similar trends in other industries. We find that while it is still too early to say whether we are observing a wholesale shift of ‘authority’ from aircraft makers to avionics producers, it is clear that the leading avionics producers are challenging their clients in taking the role of systems integrators. We can speculate that we may be observing the beginning of a ‘market for technology’. At the very least, we are observing an increasing distribution of both problem-solving authority and risk in this industry.     

BOOMS AND SLUMPS IN A GAME OF SEQUENTIAL INVESTMENT WITH THE CHANGING FUNDAMENTALS

Many less developed countries have experienced prolonged periods of expansions and reversals in foreign investment inflows. This paper presents a simple game-theoretic model that can explain hysteretic patterns of serial correlation in investment behavior. We develop a sequential move game of coordinated investment played by short-run players under the changing economic environment and demonstrate that in a unique equilibrium of the game, the economy fluctuates over multiple static equilibria, generating hysteresis.     

论入世后我国农产品市场不利因素的逆转性

“入世”对我国农产品市场虽然会造成诸多不利因素,然而,这些因素将会得到逆转。这是因为：一方面,“入世”后,这些因素客观上具有逆转的必然性;另一方面,通过调整农村产业结构、扩大集约化规模经营以及实施各种利农政策,从主观上说,这些不利因素亦具有逆转的可能性。     

IS INEQUALITY HARMFUL FOR THE ENVIRONMENT IN A GROWING ECONOMY?

In this paper, we investigate the relationship between inequality and the environment in a growing economy from a political-economy perspective. We consider an endogenous growth economy, where growth generates pollution and a deterioration of the environment. Public expenditures may either be devoted to supporting growth or abating pollution. The decision over the public programs is made in a direct democracy, with simple majority rule. We prove that the median voter is decisive and show that inequality is harmful for the environment: the poorer the median voter relative to the average individual, the less she will tax and devote resources to the environment, preferring to support growth.     

小城镇规划中的生态环境容量研究

文章分析了我国小城镇建设中出现的生态环境问题,指出在生态环境容量研究的基础上进行科学规划是解决生态环境问题的根本出路,并就理论研究、定量化研究进行了探讨。     

中国粮食生产空间布局变迁实证

中国的粮食生产空间布局区域特征明显,了解中国粮食生产空间布局变化特征及影响因素对于制定合理的粮食生产政策具有重要意义,文章运用空间计量经济学Moran I指数及Panel Data模型,分析了中国31个省级区域粮食生产空间布局特征及其影响因素.     

论湖南旅游与环境保护协调发展

旅游与环境关系研究是当今一个新的国际热点。文章通过对湖南旅游与环境保护关系现状分析,认识到二者间既存在相互促进的良性互动,也存在相当现实的矛盾与问题。以此为基础,提出实现湖南旅游与环境保护协调发展的关键思路是实施可持续发展战略,开展生态旅游,并进一步探讨了实现湖南旅游与环境保护的具体对策与措施。     

我国数字城市规划宏观背景及其思维理念体系本文在写作过程中得到了导师徐效坡教授的悉心指导,并提出了建设性意见,在此表示衷心的感谢!

本文从数字城市基本概念内涵出发,以我国数字城市形成发展的宏观背景为基础,阐述了我国数字城市规划思维理念体系以及发展态势.     

改革开放以来中国能源供需格局演变

由于存在着资源及其开发利用的明显局限性,能源供应范围的不断扩张成为国家和地区现代化进程的一种必然趋势.文章通过中国能源生产、消费和平均运距刻画了改革开放以来中国能源供需格局的演变过程.结果表明:第一,改革开放以来,中国能源的生产、消费量和供应空间都随着社会、经济的发展而有了巨大的增长和扩展;第二,能源供应空间的扩展过程不仅是能源消费总量增长的结果,更是消费结构升级的产物,其中煤炭绝对主导地位的下降和石油及天然气作用的提升在全国和区域均得到很好的印证;第三,在资源泉赋和经济发展二者共同作用下,国家能源供需格局变得更加清晰.为了满足东部地区能源输人需求的持续增长,中西部地区的能源输出能力得到了明显加强,尤以西部地区能源输出地位的提高至关重要.     

旅游景区生态环境影响国外研究述评

当今世界旅游业发展方兴未艾,但环境问题逐渐成为制约旅游景区发展的关键因素,因此,旅游业的环境问题成为研究的重要内容.文章对旅游景区的生态环境影响问题,对国外的相关研究进行了述评,分析了旅游景区开发后带来的环境影响及其原因.     

湖南省耕地变化的趋势及其政策选择

经济社会发展加快了土地利用,造成耕地资源的进一步减少,要实现经济、社会协调发展,就必须了解耕地的变化和利用状况。文章应用相关分析方法对湖南省总人口、房地产投资、城市化水平、国民生产总值指数进行分析,结果表明它们与湖南省年末实有耕地面积变化具有很大的相关性;同时又应用多元线性回归方法定量分析了湖南经济社会发展对耕地利用数量的变化状况,并根据模型预测了2010—2030年湖南省年末实有耕地面积的变化。在此基础上,提出了保护耕地的政策选择是控制人口增长、适时加快城市化进程、调整土地利用结构、提高土地效应、提高农业用地效益等。