引入人口结构和社会保障因素的中国储蓄率模型

在对国民储蓄率的影响因素进行分析后,对经典的生命周期模型进行了拓展,引入了人口结构和社会保障两因素,从而构建了一个新的生命周期模型。在此基础上,对我国的国民储蓄率进行实证研究后发现,我国的人口结构确实会对国民储蓄率产生较显著的影响,而社会保障水平却对其影响不显著。     

试论社区党建工作中存在的问题及有效对策

随着群众和社区党员数量的增加、居民构成的复杂化、居民自身素质的不断提升及权利意识的日益增强,对社区党组织的工作也提出了更高的要求。如何有效推进社区党建工作的顺利开展,是摆在我们面前的重要课题。基于此,本文对社区党建工作中存在的问题及有效对策进行了探讨。     

How does sales force automation influence relationship quality and performance? The mediating roles of learning and selling behaviors

Sales force automation (SFA) technologies are increasingly used to support customer relationship management strategies. However, previous studies have reported mixed results about the performances of SFA technologies. Therefore, this study seeks to further examine the impact of SFA usage on both customer relationship quality and sales performance. Additionally, the mediating roles of learning and adaptive selling behaviors on the outcomes of SFA usage are investigated. The results highlight the mediating role of salesperson learning and adaptive selling behaviors in the SFA usage and sales performance relationship. Especially noteworthy is the impact of learning through adaptive selling on those outcome variables. Implications for SFA research and practice that may further improve our understanding of this increasingly relevant topic are also offered.     

政府行为对风险投资回报率影响研究

国际上西方主流观点认为,风险投资最好是由民间资本为主,政府不应该操纵风险投资,而中国现在的风险投资大多是由政府主导的资金对政府感兴趣的公司进行投资,风投公司大多是政府主导建立的,民营上市公司参与风投的比例较低,民间资本创立的风投机构更是少之又少。而通过对四类风险投资公司的分析,初步探究出中国政府应该:第一,转变政府在风险投资中的干预职能和行为方式,放宽进入门槛,建成风险投资的多元性投资主体。第二,要利用其所掌握的管理权资源和政策制度引导,通过适当的政府行为选择指引,将大部分精力放在风险投资需要的外部环境建设、制度的制定与完善上。第三,提升政府在风险投资发展中的决策水平。政府应根据风险投资运行的本质规律,建立科学的经济决策程序和决策体系。     

Facilitating public participation in tourism planning on American Indian reservations: A case study involving the Nominal Group Technique

Tourism is frequently cited as a tool by which American Indians can strengthen the economies of their reservations. However, successful tourism development on such reservations requires effective tourism planning, and effective tourism planning requires public participation in the planning process. The Nominal Group Technique (NGT) has proved to be a useful group process in the tourism field but its application to tourism planning on American Indian reservations has been unexplored. This article helps to fill this knowledge gap by reporting on an NGT workshop conducted on the Lake Traverse Reservation of the Sisseton–Wahpeton Oyate (people, nation) in North and South Dakota, USA. Rich information on tourism development possibilities for three lakefront properties was obtained. Possible success factors are discussed and suggestions for conducting similar future workshops on American Indian reservations are advanced.     

Impact of China's currency valuation and labour cost on the US in a trade and exchange rate model

Ricardian dynamic general equilibrium analyses show that under free trade arrangements a low income country with lower wage cost and large endowment of labour has comparative advantage in trade. Efficiency gains from this enhance economic growth and welfare of households simultaneously in both low income and advanced economies. Theoretical predictions are empirically validated here with structural VAR analysis based on quarterly data over the time period 1995:1 to 2009:1 on China's relative wage cost, interest rate differential, real effective exchange rate (REER), relative GDP and the US current account balance. It is shown how the relative prices of labour, capital and the currency affect the economic activity in China and current account balance in the US. With free capital inflows and outflows and restrictions on labour mobility, comparative advantage of China and the trade deficit of the US will both be minimised if China allows real appreciation of the Yuan and complete adjustment in prices. Higher production cost and prices in China could reduce welfare of Chinese households and the trade imbalance of the US, while higher relative GDP of China lowers the current account balance for the US.     

EXCHANGE RATE TARGET ZONES: A SURVEY OF THE LITERATURE

This work selectively reviews the literature on exchange rate target zones and their theoretical and empirical methodologies and examines whether they can be used to clarify to what extent this type of exchange rate regime could contribute to greater exchange rate stability. We discuss the main contributions of the first and second generations of exchange rate target zone models. In an attempt to reconcile the poor empirical performance of the Krugman model with the reality of exchange rate target zone regimes, this line of research integrates target zones with alternative underlying economic models, such as imperfect credibility, intra‐marginal interventions and sticky price models. It was thus possible to understand the correlations observed between the exchange rate, its fundamentals determinants and the interest rate differential, and to explain the fact that the statistical distribution of the exchange rate is hump shaped rather than U shaped. This implies that the initial emphasis of target zone models on nonlinearities, ‘honeymoon effect’, ‘smooth pasting’ and marginal interventions has vanished. Exchange rate target zones are better described as similar to managed floating regimes with intra‐marginal interventions, with some marginal interventions when the exchange rate reaches the edges of the floating band.     

票据市场:利率市场化的最佳途径

现阶段 ,票据市场作为货币市场的枢纽和与资本市场对接的桥梁 ,能够克服其它货币子市场在实现利率市场化方面的诸多缺陷 ,并且从利率的决定机制、传导机制及调整机制来看 ,票据市场都是利率市场化最有效的突破口。     

International capital market integration: Implications for convergence, growth, and welfare

This paper studies the effects of international capital market integration on welfare and the speed of adjustment in a two-region endogenous growth model. Monopolistic firms undertake research and development (R&D) to improve their productivity level. National and international knowledge spillovers affect the returns to R&D. The two countries differ with respect to the initial productivity level and R&D capability (which is a proxy for human capital and structural policies). Long-run productivity gaps are determined by the difference in R&D capability. Over time, there is conditional convergence in productivity levels. The speed of convergence is larger with integrated international capital markets than without. Long-run gaps in consumption levels are larger in the former situation than in the latter. Capital market integration harms (benefits) the leading (lagging) region if domestic spillovers are more important than international spillovers and differences in R&D capabilities are small.The authors research is supported by the Royal Netherlands Academy of Arts and Sciences. He thanks Lucas Bretschger, Theo van de Klundert, and Richard Nahuis, Thomas Steger, and Helmut Wagner for comments on an earlier version.     

Monetising the Classical Equations: a theory of circulation

The Classical Equations describe output and income in real terms.To use them to analyse aggregate demand, the transactions theydescribe must be ‘monetised’. A sum of money equalto the wage bill of the capital goods sector can be shown tobe necessary and sufficient to carry out all transactions, ina process of circulation which also defines an expression forvelocity. When money has intrinsic value, the quantity approachmay hold in the short run but, in the long run, money will beendogenous. In these conditions, the rate of interest will bedetermined by the supply and demand for reserves, but when moneyis purely nominal, only a minimum rate will be fixed, and therate of interest will have to be pegged. The Appendix developsthe Classical Equations and shows that they define an invariableunit of account.