我国人口结构的变动对财政政策代际平衡状况的影响

人口因素是决定财政政策可持续性的重要因素之一，本文利用Auerbach（1991）提出的代际核算体系来分析人口因素对我国财政政策代际平衡状况的影响，结果显示提高城镇化速度是缓解我国财政政策代际不平衡的有效措施之一，而将生育率保持在可持续生育率水平对缓解财政政策的代际不平衡有帮助。     

完善我国流域生态补偿模式的政策思考

流域生态补偿分为政府补偿和市场补偿两种基本模式。本文从生态补偿模式的角度分析了我国流域生态补偿存在的不足,指出政府补偿模式存在纵向转移支付不合理、横向转移支付尚未建立以及缺乏税收支撑等财政政策不完善的问题,市场补偿模式则存在市场参与主体不积极、价格形成机制欠缺、社会资本介入不充分等问题。需要在政府补偿模式中完善中央对地方的纵向转移支付、建立横向转移支付制度和适时开征具有生态补偿性质的税收,同时构建促进市场补偿模式发展的政策体系。     

韩、德、中三国财政转移支付制度的比较分析

政府间财政转移支付制度是以中央和地方财政之间存在收支差异为基础,为实现区域间各项社会经济事业协调发展而采取的财政政策。它是最主要的区域补偿政策,也是世界缩小区域经济发展差距实践中最普遍使用的一种政策工具。本文通过分析韩、德两家财政转移支付制度,并与我国政府间财政转移支付制度进行比较,从而对我国转移支付制度有所裨益。     

创新财税政策 促进区域经济协调发展

区域经济的协调发展不仅是一个重大的经济问题,而且还是一个重大的政治和社会问题。因此,要求我们合理选择和创新财政政策,合理划分税收管理权限,完善地方税体系,调整税收优惠政策,加快建立规范化政府间财政转移支付制度,促进区域经济协调发展,     

我国财政政策乘数的实证分析

本文基于IS—LM模型,推算出考虑各种财政政策在内的财政政策乘数总的基本公式,而不是分别对转移支付乘数、政府购买乘数和税收乘数分别进行估测。本文采用1991—201O年2O年间的年度数据,利用OLS方法,在分别估算政府支出乘数、货币需求系数、投机需求系数以及引致投资系数（又叫边际投资倾向）的基础上,对我国的财政政策乘数进行估算,计算出我国2O年间财政政策乘数的平均值。粤过财政政策乘数与政府支出乘数的对比,得出我国财政政策挤出效应的大小,为政策实施提供有效的评估依据。     

我国增值税扩围对财政体系代际平衡状况的影响

本文用代际核算方法分析我国增值税扩围对财政体系可持续性的影响。核算结果表明,如果我们把营业税的宏观税负由2009年7.93%提高到和增值税的宏观税负一致,可以大幅缓解我国财政体系目前的代际不平衡状况。分行业模拟表明,我们将交通运输、仓储和邮政业,信息传输、计算机服务和软件业,以及住宿和餐饮业纳入增值税的征税范围,对财政体系的可持续性不会有太大影响;房地产业和金融业由于较高的增值率,将其纳入增值税的征税范围会缓和我国财政体系目前的代际不平衡状况;我们要谨慎考虑建筑业纳入增值税征收范围后的抵扣项目。     

Impact of Value-added Tax Broadening on China＇s Fiscal System --From Generational Balance Perspective

本文用代际核算方法分析我国增值税扩围对财政体系可持续性的影响。核算结果表明，如果我们把营业税的宏观税负由2009年7．93％提高到和增值税的宏观税负一致，可以大幅缓解我国财政体系目前的代际不平衡状况。分行业模拟表明，我们将交通运输、仓储和邮政业，信息传输、计算机服务和软件业，以及住宿和餐饮业纳入增值税的征税范围，对财政体系的可持续性不会有太大影响；房地产业和金融业由于较高的增值率，将其纳入增值税的征税范围会缓和我国财政体系目前的代际不平衡状况；我们要谨慎考虑建筑业纳入增值税征收范围后的抵扣项目。     

积极财政政策举措能够实现“自融资”吗——基于初始财政状态的分析

在经济发展面临三重压力的背景下，支出型和税收型的积极财政政策均大有可为，探讨如何破解财政增支减收与债务约束之间的难题，具有重要的现实意义。本文基于省份季度数据，使用工具变量局部投影法和面板结构向量自回归方法定量分析了外生的财政冲击对地方财政可持续性的影响。结果发现，这一影响具有初始状态依赖性，政策实施时初始财政压力越小，越有利于放大正向支出冲击的政策收益，最终能够改善市场预期并降低地方负债率，即积极财政政策举措可以实现“自融资”。但当初始财政状况已经较为严峻时，扩张型财政支出措施将给其财政可持续性带来威胁，尤其体现在经济紧缩时期。进一步对比不同类型财政工具后发现，相比于增加政府支出，基于减税措施的积极财政政策可以更有效减少对地方财政状况的负面影响，从而为当前减税降费的财政效应，实现“放水养鱼、反哺财政”提供经验证据。     

市政债券与税收、转移支付的效率比较

地方政府获取财政收入的方式主要有三种:税收、转移支付和市政债券。分别比较了税收和市政债券的效率、转移支付和市政债券的效率,认为,市政债券是这三者中效率最高的方式,应得到大力推广。     

分税制下的市场整合路径:基于省以下转移支付的效率视角

在测算2001-2009年市县级税收留成比例及转移支付强度的基础上,基于效率视角考察转移支付对市场整合的影响及其作用机制.结果 表明:市县级政府在较高的税收留成比例下有动力保护本地税基,加剧市场分割;转移支付,尤其是专项转移支付通过政府间财力再配置促进市场整合.机制分析表明,转移支付主要通过纵向财力集中和策略性财力下移效应调节地方政府具有外部性的行为,促进市场一体化.与之相反,转移支付通过横向财力均等化效应推动市场整合的作用有限.     

The effect of service quality on trust and commitment varying across generations

We examine the effect of service quality on consumer trust and commitment in the context of obtaining a financial loan and how these relationships vary across different generational cohorts. We find that the service quality offered by a loan officer has a significant effect on consumer trust towards a financial institution, which in turn influences consumer commitment to a financial institution for a future transaction. We also find that relative strengths of a few paths in the model differ across different age cohorts, indicating some generational variability in the relationship between service quality, trust and commitment.     

Old dogs learning new tricks? The effect of age and generation on shopping behaviour

ABSTRACT

Previous research has shown that both age and generational cohort membership affect shopping orientation and store choice criteria, although the results are mixed. This study applied a longitudinal research setting to investigate the choice orientations of six generational cohorts and seven age groups, respectively, in the context of non-grocery shopping trips. The study was based on data collected through four household surveys conducted in the Turku area, Finland, over 17 years. An exploratory factor analysis was used to identify six choice orientation dimensions that appeared as sufficiently similar in all four cross-sectional surveys. The results show that although both age and generation, if used as sole independents in a model, only explain 0.1 to 13 per cent of the variation between the categories (one-way ANOVA), in most cases, the differences are statistically significant. Age performed slightly better when the models were run for each year separately. However, in line with the underlying assumption of the generational theory, the relative importance attached to each of the choice orientation dimensions in early adulthood remained somewhat stable when the generational cohorts aged.     

Media generations and their advertising attitudes and avoidance: a six-country comparison

This cross-national survey (N = 5784) examined generational differences in media use, advertising attitudes and avoidance for five media (websites, social media, mobile phones, television, newspapers) in six countries (Germany, Spain, United Kingdom, United States, France, and the Netherlands). The results showed that the net generation and the newspaper generation, but not the TV generation, were clearly distinct in the frequency of their media use in all six countries. For advertising attitudes, generational patterns were visible, however, neither for all media nor in all countries. When generational differences did occur, the net generation was on the positive end, whereas the newspaper generation was usually the most negative. For advertising avoidance, generational patterns were less present and consistent. The findings point out interesting directions for future research. Practical implications for advertisers and media planners are discussed.     

Monetary Policy and Financial Inclusion in Sub-Sahara Africa: A Panel VAR Approach

ABSTRACT

This article investigates the dynamic and bi-causal link between monetary policy and financial inclusion in sub-Saharan Africa using a panel VAR framework. The researcher obtained data from World Development Indicators (WDI) spanning from 1990 to 2014 for 48 sub-Saharan African economies. The findings suggest that a bi-causal relationship exists between monetary policy and financial inclusion. Specifically, it is evident that monetary policy affects financial inclusion, and financial inclusion is also influenced by monetary policy. The policy implication of this study is that the effectiveness of monetary policy depends on financial inclusion. Hence, the efforts of governments in sub-Saharan African countries should aim at policies that enhance financial inclusion for effective implementation of monetary policy. Also, promoting financial inclusion will require governments in sub-Saharan Africa to reduce their monetary policy rates.     

金融全球化与金融监管:动因、挑战与问题——基于新兴市场经济国家的分析

金融全球化的动因是放松管制和技术进步，引起了金融机构和市场结构的巨大变化。新兴市场经济国家因此面临许多新的金融监管问题：新的监管需求，传统监管方法的局限性．处理金融竞争方法的调整，消费者保护，监管成本的控制，监管协调等。新兴市场经济国家需要进一步面对跨国金融活动、国际金融标准和监管执行力的挑战。     

Generational value differences of baby boomers in Thailand

Researchers are expanding our knowledge of cultural value systems by exploring the diverse values that are held by different generations in various countries. The majority of these studies have focused on Western countries with little attention being given to cross cultural differences. This point is particularly true of Asian countries such as Thailand. To fill this research gap, this study explores the generational value differences of baby boomers in Thailand using the Rokeach Value Survey (RVS). The initial comparison is with the United States, which is the most studied country, and then concludes with observations on how Thailand's generational cultures contrast to the findings of similar studies throughout the world using the same RVS instrument.     

Financial Globalisation and Emerging Markets Volatility

The volatility of capital flows to emerging market (EM) countries and frequency of financial crises have imposed high welfare costs on the countries involved. The empirical literature provides, at best, a mixed picture on the relationship between long‐run EM country growth and financial integration. Meanwhile, the prevailing policy discourse regarding reform of the international financial system remains incomplete: the focus has largely been on either institutional and policy measures required of EM countries or international crisis‐resolution procedures. The role played by private financial markets and institutions in the developed world has not received adequate attention. This paper describes some of the structural features inherent in today's financial markets that directly contribute to the instability in EM capital flows.     

The Influence of Generational Diversity Management and Leader–Member Exchange on Innovative Work Behaviors Mediated by Employee Engagement

This study investigates the influence of generational diversity management and the quality of leader–member exchanges on innovative work behaviors, mediated by employee engagement. A group of 1839 employees at Indonesia’s largest telecommunications company, which represents three generations – Baby Boomers, Gen X, and Gen Y – participated in the study. The results suggesting that employee engagement strengthens the influence of quality in leader–member exchanges, and diversity management leads to positive innovative work behaviors. Generational diversity, leader–member exchange, and innovative work behaviors are lowest among Gen Y, but are highest among Gen X. Employee engagement peaks in Baby Boomers.     

城镇化背景下中国金融监管政策选择

发展中国家金融管制政策经历了从金融抑制、金融深化到金融约束的转变。本文研究了这三种金融发展理论的理论模式及政策取向,从学理角度探讨了三种模式下城镇化实践的经验和教训,并得出“金融约束型”监管是目前我国金融支持城镇化建设的现实选择这一结论。最后,本文指出了在推动城镇化进程中,“金融约束型”监管模式对政府机构和金融机构的启示。     

The financial determinants of corporate cash holdings: Evidence from some emerging markets

This paper investigates corporate cash holdings in developing countries. In particular, we look into the effect of capital structure and dividend policy on cash holdings in Brazil, Russia, India, and China and compare our results with a control sample from the US and the UK. Our sample contains 1992 firms across these countries for the period 2002–2008. We employ Instrumental Variables analysis to control for the endogeneity of the financial policies (cash holdings, capital structure, and dividend policy). Our results show some evidence that capital structure and dividend policy affect cash holdings. There are similarities between developed and developing countries on the factors determining corporate cash holdings. The results of our cross-country model provide evidence that capital structure, dividend policy, and firm size are important factors in determining cash holdings. Finally, we show that firms operating in countries with low shareholder protection hold more cash.