混业经营金融监管的成本-收益分析

基于管制成本说理论，引入成本-收益分析（CBA）方法，通过一种定性和定量相结合的办法比较和评价各项监管政策方案的成本和收益，对金融混业经营监管的成本-效益进行了分析，在此基础之上对金融混业经营监管的边界和成本-效益方法给出了经济学解释。     

Satisficing behavior, Brouwer’s Fixed Point Theorem and Nash Equilibrium

Summary. We show that Nash Equilibrium points can be obtained by using response maps or reply functions that simply use better responses rather than best responses. We demonstrate the existence of a Nash Equilibrium as the fixed point of a better response map and since the better response map is continuous the fixed point can be established by simply using Brouwers fixed point theorem. The proof applies to games with a finite number of strategies as well as to games with a continuum of strategies. In case the games have a continuum of strategies the payoff functions have to be continuous on the action sets and quasi concave on the players action set.Received: 22 September 2003, Revised: 31 March 2004, JEL Classification Numbers: C72, D00, D40. Correspondence to: Robert A. BeckerWe have benefited from comments on an earlier draft made by participants at Indiana Universitys Microeconomics workshop (October 2002) and the Midwest Economic Theory Conference held at the University of Pittsburgh (May 2003). We also thank Roy Gardner for comments on earlier versions. We thank the Associate Editor, Mark Machina, for his detailed comments and suggestions. This project began when Subir Chakrabarti was a visitor in the Department of Economics, Indiana University, Bloomington in the Spring of 2002. He thanks that department for its support.     

钉住汇率制下货币政策有效性分析

本文运用蒙代尔--弗莱明模型分析了在钉住汇率制度下货币政策的有效性问题;提出了我国虽然实行钉住汇率制,但由于目前并没有满足蒙代尔--弗莱明模型所设定的假设条件,所以我国的货币政策目前仍是有效的;最后对我国钉住汇率制度的改革提出了政策建议.     

浅谈新形势下的高校固定资产管理

高校固定资产管理工作是高等学校管理工作的重要组成部分，它直接影响着高校办学的质量、发展速度和经济效益。充分认识和分析高校固定资产管理的现状和存在的问题，积极探索新形势下高校固定资产管理的新模式，切实加强高校固定资产管理，防止国有资产流失，对于学校的生存和促进高等教育事业的快速发展，具有极其重要的作用。     

银行业结构与经济增长——来自中国省级面板数据的证据

内容本文利用样本期为1987-2004年的省级面板数据对中国各省区银行业结构与经济增长的关系进行了计量分析。结果表明,中国各省区银行业结构对经济增长存在着显著为负的影响,这与一般均衡模型的理论预测相一致;中国各省区银行业结构与经济增长的关系表现出了明显的区域差异,即与东部区域相比,中西部区域银行集中度降低的益处更大,更能促进经济增长;在非国有化进程较快和市场化程度较高的省区,银行集中度的降低对经济增长的积极影响更为明显。在此基础上,本文提出了一些政策建议。     

Does mixed crop‐livestock farming lead to less diversified diets among smallholders? Evidence from Laos

Malnourishment continues to remain a challenge in developing countries. As the undernourished are largely smallholder farmers, it is widely assumed that farm diversification and mixed crop‐livestock agricultural systems can help alleviate this problem. However, empirical evidence in this context is limited. Hence, we use a two‐year panel's data from Laos to examine whether farm production diversity as well as a mixed crop‐livestock farming system improves household dietary diversity among smallholder farmer. The results from the fixed effects regression indicate that although farm production diversity does lead to a higher dietary diversity, the effect diminishes with continued farm diversification. The counterfactual analysis from the endogenous switching regression reveals that mixed crop‐livestock farming systems do not necessarily enhance dietary diversity. However, we further find that purchasing food from the markets plays an important role in enhancing the dietary diversity of rural smallholder farmers.     

浅析固定资产减值与折旧的关系

固定资产减值准备与累计折旧都是固定资产的抵减项目,它们共同反映着固定资产的现时价值．两既有相同点,又有区别处,正确认识两的关系,对于强化企业的固定资产管理,提高企业的会计信息质量有着重要意义．     

Bank-to-bank lending channel and the transmission of bank liquidity shocks: Evidence from France

Good liquidity is essential for the banking system to function properly and supply credit to the real sector. However, several banks all over the world face large shocks to their liquidity supply due to numerous factors. This study contributes to the literature on the transmission of liquidity shocks by investigating the bank-to-bank lending behavior of French banks during the global financial crisis (2008 and 2009). In addition, we examine the factors strongly influencing the liquidity of the interbank deposits market. First, using a fixed-effects model on a sample of 85 French banks for the period from 2005 to 2010, we find that the deposits channel plays an important role in the transmission of liquidity shocks across the banking system. Second, we use difference-in-difference methodology to study the effects of liquidity shock on bank lending. Our results show that French banks reduced their bank-to-bank lending significantly during the financial crisis period. Moreover, our results suggest that the reduction could have been due to deposit activities.     

The effect of social screening on bond mutual fund performance

This study measures the financial impact of screening for environmental, social and governance criteria on corporate bond portfolios. Specifically, the risk-adjusted financial performance of 103 socially responsible bond funds in the US and the Eurozone is compared with a matched sample of conventional funds. During the period 2001–2014, socially responsible bond funds outperform by one-half of one percent annually. An evaluation of fund holdings and a performance-attribution analysis suggest that this outperformance is directly related to the mitigation of ESG risks, which is achieved by the exclusion of corporate bond issuers with poor corporate social responsibility activities. A separation of crisis and non-crisis periods further indicates that the outperformance is especially likely to occur during recessions or bear market periods. We confirm this crisis-related return effect from a sample of socially screened bond indices. Moreover, our results are robust to alternative definitions of sustainability, survivorship bias, fund characteristics and stable in the US and Eurozone sub-samples.     

Pulling up the tarnished anchor: The end of silver as a global unit of account

We use the demise of silver-based standards in the 19th century to explore price dynamics when a commodity-based money ceases to function as a global unit of account. We develop a general equilibrium model of the global economy with gold and silver money. Calibration of the model shows that silver ceased functioning as a global price anchor in the mid-1890s—the price of silver is positively correlated with agricultural commodities through the mid-1890s, but not thereafter. In contrast to Fisher (1911) and Friedman (1990), both of whom predict greater price stability under bimetallism, our model suggests that a global bimetallic system, in which the gold price of silver fluctuates, has higher price volatility than a global monometallic system. We confirm this result using agricultural commodity price data for 1870–1913.