Do homeowners achieve more household wealth in the long run?

Despite the public’s faith in homeownership as a vehicle for wealth creation, there are surprisingly few empirical studies of the independent impact of homeownership and its duration on household wealth accumulation. This paper provides the first empirical evidence that homeownership, after controlling for other drivers of wealth accumulation, is positively and significantly associated with wealth accumulation over time. Using the Panel Survey of Income Dynamics, it examines the influence of housing tenure choices between 1989 and 2001 on household net wealth levels in 2001 after controlling for initial wealth in 1989, location, income, education, and other family and personal characteristics that might influence the rate of wealth accumulation. Importantly, the models used also control for the tendency of households to accumulate wealth between 1984 and 1989 (five years prior to the studied period). This approach is used to address the possibility that an unobserved variable—the propensity to save or accumulate wealth—may be associated with both the probability and duration of homeownership and the rate of wealth accumulation. All else equal, those who owned homes and owned for longer periods of time had significantly higher household net wealth by 2001. These results are compelling because house price appreciation over the period was near its long-run average while stock gains were above and real rent increases below their long-run averages. Hence, the findings are suggestive of a positive influence of ownership over long periods on net wealth, even during a period when alternative investments produced higher than normal returns and rents grew slowly. This is especially important because the overwhelmingly majority of households do not sell their homes shortly after buying them. In our sample, those who became owners typically owned for 7 years. Furthermore, most households that bought during a period of declining real home values in the early 1990s continued to own their homes for at least eight years and came out well ahead of those who did not own.     

供应链中双方供应的竞争和合作博弈研究

针对当前供应链中供应方面存在的相关局限性。构造了双方供应和制造商之间的博弈模型。该模型主要特点是双方 供应之间的二阶段博弈所形成的质量和价格策略。在此条件下制造商和供应商之间进行讨价还价。以分配整体利润。指出了供 需双方在讨价还价时存在惟一的子博彝精炼纳什均衡。     

基于顾客价值创新的品牌战略构建

顾客价值创新品牌战略是从顾客的需求入手,不断开辟新的市场空间,提高品牌的竞争力。本文主要讨论如何运用顾客价值创新战略,对我国品牌实施战略管理来提升我国品牌的竞争力,以创造优异的顾客价值获取品牌竞争优势。     

Across-the-Curve Credit Spread Indices

We design a novel across-the-curve credit spread index, AXI, a measure of the recent cost of wholesale unsecured debt funding for publicly listed US bank holding companies and commercial banks. AXI, a benchmark for bank lending and risk management, is the weighted average of credit spreads for unsecured debt instruments with maturities ranging from overnight to five years, with weights that reflect both transaction and issuance volumes. We provide illustrative output of the bond-based component of AXI. By widening coverage to include all corporate debt issuers, we also build a financial conditions index (FXI).     

构建全球领先的碳中和转型金融(下)

在构建零碳金融体系过程中,我国可以充分借鉴在绿色金融发展中积累的丰富经验,不断加强与国际领先零碳金融经济体的沟通交流,利用现存绿色金融市场的规模及生态,利用政策和市场相结合的体制优势,以碳中和目标为核心,不断完善我国金融市场建设,逐步提升绿色金融数字化基础设施建设水平,高标准、系统化、生态化、数字化地推进金融机构对碳中和目标的支持,坚持改革创新、提质增效,实现经济、科技与金融的和谐共赢。     

关于当前房地产市场宏观调控的几个问题

当前房地产市场是宏观经济调控的重中之重，事关国民经济运行质量和社会安定团结；稳定房价、使投资降温、提供住房社会保障体系和形成完善的运行机制是当前房地产市场宏观调控的目标和任务；由于涉及利益调整，构成了当前房地产市场宏观调控任务的艰巨性；以改革为动力，规范地方政府和企业经营行为是确保当前房地产市场宏观调控的目标和任务顺利实现的关键．     

股票市场发展对经济增长的贡献:中国的实证分析

本文首先回顾了有关股票市场发展与经济增长关系的理论和已有的重要实证检验，并且分析了主要的研究发展方向。其次，实证检验我国股票市场发展和经济增长关系，结论是我国股市的规模发展与经济增长之间没有任何因果关系；股市的流动性指标与经济增长指标之间是正相关关系，但是统计上不显著；股市的波动性指标与经济增长之间呈现负相关关系，说明股市中可能存在过度波动，对经济增长产生了负面的影响。第三，在股市促进经济增长的路径分析中，本文发现我国股市规模扩大对储蓄的影响有限，而储蓄受到股市流动性和波动性的影响较大，股市对货币需求存在一定的替代效应。最后，在分析了上述检验结果形成的原因之后，本文提出了发展和完善我国股票市场的措施建议。     

关于促进循环经济发展的税收政策研究

发展循环经济,建设资源节约型社会是中央提出的历史性任务,符合时代要求和世界发展趋势,针对我国循环经济发展的现状及问题,税务机关必须增强紧迫感和责任意识,发挥其应有的调节作用,改革和完善税收政策,积极支持资源综合利用,促进循环经济的发展.     

强化国企社会责任的关键

国有企业是国民经济的主体，强化国有企业社会责任是增强企业和国家竞争力的客观要求，也是构建和谐社会的需要。当前，一些国有企业不同程度地存在社会责任缺失的现象，后果极为严重。究其原因之一是，公司治理制度建设滞后。推进国有企业治理制度建设要有正确导向，要积极借鉴欧美经验，同时切忌照搬照抄，重在制度、机制等方面克服“排异”现象，努力实现“本土化”。     

“十一五”时期加快我国科技发展的环境因素分析

环境是科学技术要素的直接构成因子。科技发展作为一种特殊的创新性社会行动,是一个包含各种环境变量(创新文化与科学普及、人才、科技投入、法制与政策)的行动参照构架整体。创造促进科技发展的良好社会文化氛围,是促进科技发展的基础性工作。