Economic liberalization and welfare in a model with an informal sector

The paper reexamines the conventional results relating to inflow of foreign capital, removal of protectionism and structural reform programmes, in a small open economy in terms of a two-sector general equilibrium model with an informal sector. The paper shows that in the presence of labour market distortion and a protectionist policy, inflow of foreign capital may be desirable irrespective of the pattern of trade of the economy due to its favourable impact on welfare. But the welfare implications of tariff reductions and/or structural adjustment programmes, such as deregulating the formal sector labour market, depend crucially on the economy's trade pattern. The paper provides an answer to the question as to whether in a developing economy labour market reform and tariff reform should go hand-in-hand or whether one should precede the other for welfare improvement.
JEL classification: F10, F13, F21, O17.     

Intertemporal Equity and Efficient Allocation of Resources

Competitive paths which are efficient are shown to satisfy a terminal cost minimization condition, thereby providing a continuous-time counterpart to the discrete-time result due to Malinvaud. Using this result, competitive paths which are equitable and efficient are shown to satisfy Hartwick's investment rule, which states that the value of net investment is zero at each date. Our result indicates that Hartwick's rule can help to signal inefficiency of competitive equitable paths. Journal of Economic Literature Classification Numbers: C61, D90, O41.     

论强制性环境治理制度的实施效率

In the eco-environmental governance system,the compul-sive institutions are the most important as well as the mostcommonly utilized.A nation utilizes its administrative,lawand economic power to forbid,boost,bestir and help indi-viduals’behavior concerning environmental governance toensure the realization of eco-environment conservation.The fact,however,turns out to be disappointing about theimpulsive institution’s implementation.Actually,the unsatis-factory practices sometimes even lead to“…     

基于SSBM-ESDA模型的安徽省县域农业效率时空演变

以绿色农业发展为导向,选择农业碳排放作为非期望产出指标,采用超效率的SSBM模型和探索性空间数据分析(ESDA)相结合的方法,以县域单元为尺度对2000-2017年安徽省农业效率水平、空间格局及其演变趋势进行实证分析。研究发现:①传统DEA模型忽视了农业碳排放等非期望产出的负面效应,从而高估农业资源利用的实际状态,基于超效率的SSBM模型更符合实际情况,能较好地识别各评价单元之间的优劣关系。②研究期内,安徽省农业效率值呈波动式上升态势,但总体上处于效率中等水平,农业效率空间分布不均衡,呈现出皖南地区>皖中地区>皖北地区的空间分布格局;空间变化趋势呈现自西向东递增、自北向南U型增长的变化态势,南北差异的增大是安徽省县(市、区)农业效率差异增大的主导因素。③除2010年外,安徽省农业效率呈正相关,空间差异有所缩小,但空间集聚程度相对较弱;安徽农业效率HH集聚县区集中分布于皖南地区,且呈现出向周边县区扩散的态势,LL型县(市、区)则主要分布在皖北地区,且空间分布较为稳定。④研究期内,安徽省农业效率空间正相关的县(区)数量有所增加,表明该时间段内安徽省农业效率空间上进一步集聚,LL型集聚的皖北地区应当是安徽省农业发展关注的重点。     

浅析现阶段我国收入分配中的公平问题

现阶段,我国收入差距不断拉大,收入分配不公平的问题已经凸现,严重影响了社会主义和谐社会的发展.要解决收入分配存在的问题,必须正确理解公平原则,切实有效地采取措施调节收入分配,在分配领域特别是在再分配领域中更加注重公平,逐步实现公平与效率有机的、动态的结合,促进社会的和谐发展.     

比较优势理论与农业区域专业化发展——以福建省为例

应用比较优势理论探讨农业区域专业化发展问题。理论推导得出,按照区域农产品生产优势来选建农业专业化部门能够实现农业增效,提高农业生产整体水平。以福建省为例,采用区位商和平均值法分析了主要农产品生产比较优势。结果表明,福建省多数县份的一种或几种农产品具有显著比较优势,农业生产的区域专业化已现端倪。但目前大多数县份主导产品不显著,专业化生产与农业资源禀赋不相协调。按照县域农产品的比较优势创建农业专业化部门,将是福建省解决"三农"问题和协调县域之间经济发展的有效途径。     

2002～2005年间我国不同地区高校科技创新效率比较研究

利用SPSS13.0对2002～2005年间我国各省、市、自治区高校科技创新活动进行了聚类分析,并采用DEA的CCR模型对这4年中我国各省、市、自治区高校科技创新过程中经费支出,以及人员投入的效率问题进行了比较研究,结果发现有24个地区DEA有效,6个地区非DEA有效。最后给出了非DEA有效地区的改进方向。     

货币政策与金融形势指数FCI: 基于VAR的实证分析

为了探索资产价格在货币政策中的信息功能,经济学者们构造了金融形势指数FCI以反映未来产出与通货膨胀率的变化.常规的FCI指数包括真实短期利率、真实房地产价格指数、真实有效汇率指数和真实股权价格指数.鉴于中国货币政策的实践,本文拓展了FCI指数的概念,考察了加入真实货币供应量的FCI指数在中国货币政策传导中的信息角色.基于VAR模型的实证研究表明：FCI指数可以成为中国货币政策的重要参照系;包含真实货币供应量的FCI指数对CPI通胀率具有更好的预测力.     

货币政策的粘性均衡汇率效应模型及人民币汇率定价的弹性分析

本文以开放的宏观经济为框架、以厂商利润最大化为微观经济基础、以严格的数学推导为逻辑纽带、以粘性价格为理论依据、以购买力平价的微分冲击形式为理论基础，提出并构建了两国货币政策的粘性均衡汇率效应模型。应用模型，本文对1992～2002年的人民币粘性均衡汇率进行了定价，并对2003年的定价进行了预测。以定价汇率及其预测为标准，对1992～2003年的人民币汇率偏离与经常性项目的关系，进行了弹性分析。根据模型与实证分析，获得了一些重要结论。     

Order imbalance and stock returns: Evidence from China

We investigate the relation between daily order imbalance and return in the Chinese stock markets of Shenzhen and Shanghai. Prior studies have found that daily order imbalance is predictive of subsequent returns. On the two Chinese exchanges we find the autocorrelation in order imbalances is similar to that of the New York Stock Exchange as reported by Chordia and Subrahmanyam [Chordia, T., & Subrahmanyam, A. (2004). Order imbalance and individual stock returns: Theory and evidence. Journal of Financial Economics, 72, 485–518]. We also find a strong contemporaneous relation between daily order imbalances and returns. However, we do not find evidence that order imbalances predict subsequent returns. We attribute the difference in predicative power to differences in trading mechanisms on the two exchanges and to differences in the share turnover rates.