中国养老保险领域的政府七大职能分析

养老日益成为中国走向和谐社会的沉重负担,经济可持续发展要求中国在养老保险制度领域对政府职能进行调整.文章对政府职能和养老保险制度关系作了理论概述,针对当前政府逐渐退出养老保险职能的趋势,论文分析了中国当前混合制养老保险模式下政府的七项职能,结论是均应增强这七项职能,但要科学选择介入领域和介入方式.     

中西部地区经济结构调整优化可利用的优势

经济结构调整是我国经济发展的重大战略。中西部地区在结构调整中具有资源丰富、市场潜力巨大、边境线长、沉淀成本低等优势 ,充分利用这些优势 ,可以有力地促进中西部地区经济结构的顺利调整。     

我国中小城市经济结构战略性调整的新思路

经济结构调整是我国“十五”期间经济工作的一条主线。中小城市是我国整个城市化体系的基础，同时也是我国小农经济向现代工业经济发展的桥梁和纽带，中小城市要在现代社会和经济的发展大潮中发挥并保持其基础地位，就必须伴随宏观经济结构的新趋势进行相应的调整，以形成先进的生产力，推进跨越式发展。     

实现社会公平是政府财政不可推卸的责任

当前我国在收入分配上出现了比较严重的分配不公现象,分配不公问题已经严重的影响了我国经济和社会的发展,分析其产生的原因,除了经济方面以外,还有其他方面,本文主要从政府行为方面做一些分析,以求在政府财政政策方面做一些探讨。     

我国财政科技投入现状分析与调整策略

世纪之交,科技创新已经成为国际竞争的主导因素,科技竞争力将成为决定国家前途和命运的重要因素.科技创新的出现也必须有科技投入的后台保障.本文在比较工业化国家不同发展阶段科技投入水平的基础上,结合我国工业化进程发展所处的阶段,对我国的科技投入现状进行比较分析,认为:当前应加大政府对科技投入的支持力度,提高基础研究的投入比例,依据国情,实行有所为、有所不为策略,加大官、产、学、研结合,加速科技成果转化,抢占新世纪科技制高点.     

中国居民资产配置效率的门限效应研究:金融约束视角

本文基于金融约束视角,结合微观调查数据,并运用门限回归法和两阶段最小二乘法,对我国居民资产配置效率的门限效应问题进行研究。结果表明,从流动性约束、房产持有及商业资产持有三个角度分析居民面临的金融约束,居民资产配置效率的非对称门限效应在不同样本中都显著存在。居民持有资产的风险水平越高,带来的投资收益增量部分越低。同时,持有房产在缓解居民金融约束的同时,资产风险增加对于居民资产配置收益的促进作用仍然下降,受流动性约束影响低的居民以及持有商业资产的居民均能够获得更高的资产配置收益。在不改变金融约束的框架下,以商业性资产替代房产作为主要资产种类能够从微观层面增强经济稳定性,降低系统性金融风险,优化收入结构,提升资产配置效率。     

Pricing CDS spreads with Credit Valuation Adjustment using a mixture copula

Credit derivatives pricing models before Basel III ignored losses in market value stemming from higher probability of counterparty default. We propose a general credit derivatives pricing model to evaluate a Credit Default Swap (CDS) with counterparty risk, including the Credit Valuation Adjustment (CVA) in order to optimize the economic capital allocation. We work from the model proposed by Luciano (2003, Working Paper, International Center of Economic Research) and the general pricing representation established by Sorensen and Bollier (Financial Analysts Journal 1994;50(3):23–33) to provide a model close to the market practice, easy to implement and fitting with Basel III framework. We approach the dependence between counterparty risk and that of the reference entity with a technical tool: the copula, in particular, the mixture one that combines common “extreme” copulas. We study the CDS's vulnerability in extreme dependence cases. By varying Spearman's rho, the mixture copula covers a broad spectrum of dependence and ensures closed form prices. We end up with an application on real market data.     

Urban-rural imbalance and Tourism-Led Growth in China

This study investigates the structural effect of tourism on alleviating the urban-rural dichotomy and the moderating effect of a dual urban-rural economic structure on Tourism-Led Growth (TLG). A theoretical framework followed by an empirical analysis based on relevant data from 31 Chinese provinces for the years 1998–2013 is presented. The main conclusions of the econometric analysis are that tourism growth can help reduce the urban-rural gap in China, but that the larger the gap between urban and rural economies, the less substantial is the influence of tourism on economic growth in China. Tourism may play an important role in Central-Western and Inland China, but their relatively greater urban-rural economic gap may threaten the positive effect of tourism.     

What explains the value premium? The case of adjustment costs,operating leverage and financial leverage

This paper empirically examines and compares the different theoretical predictions on how adjustment costs, operating and financial leverage influence the value premium. Consistent with Ozdagli (2012), financial leverage plays a dominant role, supported by adjustment costs (which represent the degree of investment irreversibility). Specifically, the observed value premium is driven by the financial leverage differences between value and growth firms, partially neutralized by investment irreversibility. The relation between the value premium and investment irreversibility is contrary to the intuition in Zhang (2005) and Cooper (2006). Operating leverage does not significantly influence the value premium.     

Risk-based decision analysis in support of precautionary policies

A decision-analytic model for avoiding a risky activity is presented. The model considers the benefit and cost of avoiding the activity, the probability that the activity is unsafe, and scientific tests or studies that could be conducted to revise the probability that the activity is unsafe. For a single decision maker, thresholds are identified for his or her current subjective probability that the activity is unsafe. These thresholds indicate whether the preferred course of action is avoiding the activity without further study, engaging in the activity without further study, or conducting a test or research programme to obtain additional information and following the result. When these thresholds are low, precautionary action is more likely to be warranted. When there are multiple stakeholders, differences in their perceptions of the benefit and cost of avoidance and differences in their perceptions of the accuracy of the additional information provided by the test or research programme combine to create differences in their decision thresholds. Thus, the model allows for the rational expression of differences among parties in a way that highlights disagreements and possible paths to conflict resolution. The model is illustrated with an application to phytosanitary standards in international trade and examined in terms of recent empirical research on lay perceptions of risks, benefits, and trust. Further research is suggested to improve the elicitation of model components, as a way of fostering the legitimate application of risk-based decision analysis in precautionary policy making.