Hot money in disaggregated capital flows

We explore the possible existence and behavior of hot money in six categories of disaggregated bilateral capital flows (equity inflows, equity outflows, bond inflows, bond outflows, banking credit inflows, and banking credit outflows) for 12 emerging markets vis-à-vis the US from 1995 to 2012 and provides several new findings. First, we identify the existence of hot money in all six categories above and conclude that both gross inflows and gross outflows can be the sources of hot money. Second, hot money in equity inflows (outflows) engages in positive (negative) feedback trading regarding local stock market returns. Third, some categories of hot money have a temporary influence on local stock market returns while the others have a permanent influence, supporting the explanations of both price pressures and information advantage. Finally, local stock market returns in half of our sample countries, which have tightened capital controls during the late 2000s global financial crisis (GFC), are more affected by hot money than in the other half. Our findings confirm several popular conjectures of hot money, and endorse the use of capital controls to limit financial vulnerability in the run-up to and during the GFC.     

论影响学习的方法体系

学习过程除了受客观条件的制约外,同样也受其内在因素的影响。诸如道德品质、知识结构、能力结构、方法论体系等。本文主要从方法论的角度,对学习的哲学方法、系统方法和具体方法这三个层次展开论述。     

Properties of Census Dual System Population Size Estimators

We study parametric and non‐parametric approaches for assessing the accuracy and coverage of a population census based on dual system surveys. The two parametric approaches being considered are post‐stratification and logistic regression, which have been or will be implemented for the US Census dual system surveys. We show that the parametric model‐based approaches are generally biased unless the model is correctly specified. We then study a local post‐stratification approach based on a non‐parametric kernel estimate of the Census enumeration functions. We illustrate that the non‐parametric approach avoids the risk of model mis‐specification and is consistent under relatively weak conditions. The performances of these estimators are evaluated numerically via simulation studies and an empirical analysis based on the 2000 US Census post‐enumeration survey data.     

论儿童阶段教师权威地位的重要性——对“师生平等”的反思

“平等”概念进入教育领域后，为我们解决了一些困扰已久的师生关系问题。但这种看似民主的师生平等观点，是否也夹杂着整个社会的权威退化值得探讨。在权威普遍丧失的今天，教育领域中万万不能丧失权威的概念，师生平等并不是师生关系最高标准，它甚至有弱化教师权威的倾向。如何建立起师生关系的最佳模式，如何帮助教师重塑在学生心目中应有的权威地位，阿伦特的权威观念也许可以作为一个指引。     

旅游业与经济增长的非线性门槛效应——基于面板平滑转换回归模型的实证分析

旅游业会通过溢出效应对经济增长产生非线性影响,但尚缺乏相关经验证据.文章基于1999-2013年省级面板数据,以旅游业发展水平作为转换变量,采用面板平滑转换回归模型(PSTR),对旅游业与经济增长之间的非线性关系进行了实证检验.结果表明:旅游业对经济增长具有正向促进效应,旅游导向型经济增长假说在中国真实有效;旅游业与经济增长之间的关系存在非线性的旅游业门槛效应,旅游业发展水平与旅游业经济影响效应显著负相关.随着旅游业发展水平的提高,旅游业经济影响效应处于高机制,当旅游业发展跨越门槛值之后,旅游业经济影响效应处于低机制,旅游业发展会弱化其对经济增长正向影响的边际效应.因此,可通过优化旅游产业结构和强化经济增长其他决定因素对旅游业的外部性效应,来保持旅游业对经济增长的稳定持续贡献.     

我国高额外汇储备的决定机制分析

适度的外汇储备规模对我国的经济发展具有不可替代的作用。首先,对我国外汇储备规模的现状进行分析,从正反两方面阐述了外汇储备的影响作用。其次,基于1995-2014年的年度数据对我国外汇储备的决定机制进行实证分析,以我国外汇储备额为被解释变量,以出口总额、外商直接投资总额、人民币汇率、人民币利率为解释变量建立OLS模型并进行格兰杰因果关系分析,最后进行结果分析并提出对策建议。     

营养知识对合理膳食的必要性

人们每天都需要摄入食物,只有不断补充与提高人体所需的多种营养素,人的健康成长与生存需要才能得到合理膳食的支持。对于中国这样一个民以食为天的国度,营养知识对于合理膳食就显得更为重要。