中国货币供应、通货膨胀及经济增长关系实证研究

采用协整与方差分解的方法时中国货币供应、通货膨胀与经济增长的关系进行实证研究发现，通货膨胀与经济增长在短期和长期中作用关系相反，但都具有回归自然水平趋势，货币供应时通货膨胀和经济增长的影响具有滞后效应，长期内货币非中性。而通货膨胀和经济增长并不影响货币供应。一方面。应当采取措施降低货币供应增长率：另一方面，偏紧货币政策的滞后效应可能导致经济紧缩应当采取措施降低货币供应增长率，因此应谨慎调控宏观经济政策，以避免金融风险。     

Vertical Restraints and Market Access

This paper analyzes vertical restraints in relation to market access issues. In Section II we briefly review the recent three major trade conflicts between Japan and the USA in light of vertical restraints. In Section III we review the major policy lessons of the economics literature of vertical restraints, and analyze whether we need a special treatment for vertical restraints abroad for a market access reason. In Section IV we evaluate the policy options towards foreign foreclosure and suggest that nondiscriminatory application of foreign or home competition policy should be the mechanism to address such concern instead of trade policy actions such as voluntary import expansions.     

综合系统的安全管理

应用综合的系统的方法将全面的质量管理应用到安全管理中，形成全员参与、全过程管理、全方位保证的安全管理新局面，有组织有系统的完成我们的安全管理工作。     

纵向一体化网络的接入定价研究

中国铁路、煤气、自来水、邮政等绝大多数网络型产业的结构改革将选择纵向一体化与自由接入作为突破口，研究纵向一体化网络的接入定价理论和政策已成为中国网络型产业规制政策研究的一个重要问题。本文首先依据资源最优配置、次优配置、生产效率等原则，研究了不同的接入定价理论，详细探讨了不同的接入定价方法，最后进一步分析了纵向一体化网络在不同政策目标下的接入定价政策选择。     

Price Linkages in Asian Equity Markets: Evidence Bordering the Asian Economic, Currency and Financial Crises

This paper examines price linkages among Asian equity markets in the period surrounding the recent Asian economic, financial and currency crises. Three developed markets (Hong Kong, Japan and Singapore) and six emerging markets (Indonesia, Korea, Malaysia, the Philippines, Taiwan and Thailand) are included in the analysis. Multivariate cointegration and level VAR procedures are conducted to examine causal relationships among these markets. The results indicate that there is a stationary relationship and significant causal linkages between the Asian equity markets. Nevertheless, lower causal relationships that exist between the developed and emerging equity markets suggest that opportunities for international portfolio diversification in Asian equity markets still exist.     

Capital mobility,wage bargaining,and social insurance policies in an economic union

In a two-country model with mobile capital we analyse decentralized social insurance policies. These policies are a compromise between the preferences of workers and capital owners. Due to wage bargaining, worker-based social insurance contributions are borne by capital owners. These contributions affect the profitability of investment, and consequently the direction and size of capital flows. Countries will take account of these effects in determining social insurance policy. Noncooperative decision making results in tax competition and an underprovision of social insurance. In addition, increasing economic integration, represented by increasing capital mobility, could imply a divergence of social insurance levels in the two countries.     

Sources of gains from international portfolio diversification

This paper looks at the determinants of country and industry specific factors in international portfolio returns using a sample of forty eight countries and thirty nine industries over the last three decades. Country factors have remained relatively stable over the sample period while industry factors have significantly increased during the last decade and dropped again since 2000. The importance of industry and country factors is correlated with measures of economic and financial international integration and development. We find that financial market globalization is the main driving force behind the changes in relative magnitude of the different shocks. Country factors are smaller for countries integrated in world financial markets and have declined as the degree of financial integration and the number of countries pursuing financial liberalization has increased. Higher international financial integration within an industry increases the importance of industry factors in explaining returns. Economic integration of production also helps in explaining returns. Countries with a more specialized production activity have higher country shocks.     

The Informational Efficiency of the Equity Market As Compared to the Syndicated Bank Loan Market

The loan market is a hybrid between a public and a private market, comprised of financial institutions with access to private information about borrowing firms. We test whether this is reflected in informationally efficient price formation in the loan market vis-a-vis the equity markets, and reject this private information hypothesis. We also reject a liquidity hypothesis which suggests that equity markets always lead loan markets, despite bank lenders' access to private information, because of greater liquidity in equity markets. We further test, and reject, an asymmetric price reaction hypothesis that states that loan returns are more sensitive to negative information whereas equity returns respond symmetrically to both positive and negative information. We find evidence most consistent with an integrated markets hypothesis that suggests that both the equity and syndicated bank loan markets are highly integrated such that information flows freely across markets. This is particularly true when the equity market makers are also loan syndicate members.      

企业规模、规模经济与产业集群

企业规模问题一直存在着截然相反的观点和主张,造成冲突的原因在于“企业规模”是一个各取所需的含混的概念。具有经济学意义的企业规模应该从两个相互正交的维度上———企业的横向规模和纵向规模———来度量。规模经济来自于横向规模的扩张,而纵向规模的扩张可能会带来规模不经济。产业集群是观察企业横向、纵向规模一个好的样本。区分企业规模的不同性质,将会使与规模经济相关的理论研究出现明晰的路径。     

国内烟草产业的供应链竞争战略

烟草作为特殊商品，在特殊的管理体制下，其供应链呈现与一般产品不同的特殊性。由于各个利益团体的冲突，导致供应链的断裂，从本质上削弱了供应链的竞争力。本文从烟草供应链的特征和结构分析出发，构建了烟草供应链的竞争力结构，提出在现有体制模式下，以核心企业为中心对烟草供应链进行集成，实施供应链竞争战略可以在一定程度上弥补断裂的供应链。