集体林权制度改革中均山制的制度机理与效应分析——基于上坪村的案例研究

以1992年开始实行均山制的上坪村为案例村,对均山制的制度机理和效应进行分析。结果表明:中国集体林权基本制度应在赋予农民个体平等经营山林的初始权利基础上,通过制度设计和实施将环境服务的社会需求转换为农户需求,引导农民行为符合森林持续经营的目标需要,以缩小环境服务社会需求与个人需求的差距。     

集体林权制度改革:“轮包制”的制度效应与瑕疵分析——基于福建省邵武市高南村的案例研究

“轮包制”以兼顾森林规模经营和初始产权动态分配为特色,在福建林业产权改革中令人关注。在对高南村“轮包制”产生的背景、效应以及瑕疵分析基础上,认为,轮包制在静态时点上具有相对合理性,但受制于初期投入对资金的依赖度、限额采伐制度、以及中标价格水平等多种因素,其在实现农户增收、村财政需求以及森林持续经营的多重目标方面存在一定的风险。     

How Large Are Housing and Financial Wealth Effects? A New Approach

This paper presents a simple new method for measuring “wealth effects” on aggregate consumption. The method exploits the stickiness of consumption growth (sometimes interpreted as reflecting consumption “habits”) to distinguish between immediate and eventual wealth effects. In U.S. data, we estimate that the immediate (next quarter) marginal propensity to consume from a $1 change in housing wealth is about 2 cents, with a final eventual effect around 9 cents, substantially larger than the effect of shocks to financial wealth. We argue that our method is preferable to cointegration‐based approaches, because neither theory nor evidence supports faith in the existence of a stable cointegrating vector.     

The economic effects of foreign bank presence: Evidence from the Philippines

This study examines the economic effects of the liberalization of foreign bank entry in the Philippines from 1990 to 2006. The findings provide strong evidence on the dominance of competition effects from foreign bank presence which lead to the reduction in the profitability and overhead costs of domestic commercial banks. These findings, which reveal that both the actual market penetration and mere presence of foreign banks seem to exert competitive pressure to domestic banks, imply that foreign banks may serve as an effective competitive force, reducing the excess profits earned by domestic banks and compelling domestic banks to update their production technologies and techniques to improve their cost efficiency.From a policy perspective, the findings on competition effects of foreign banks in the domestic banking system justify the liberalization of foreign bank entry in the Philippines. The main findings demonstrate that the goal of banking liberalization in transforming domestic banks to be more competitive and efficient works considerably well in the case of the Philippines. Aside from the policy of easing the entry of foreign banks, bank-specific conditions can have significant impact on the performance of domestic banks. Therefore, a sustained improvement in the efficiency of domestic commercial banks requires not only liberalizing the entry of foreign banks, but also on continued strengthening of domestic prudential regulation and supervision on the commercial banking system.     

基于公允价值计量的银行监管改革

在全球性金融监管改革进程中,美国次贷危机带来的影响是重大而深远的,人们重新从不同角度审视过去的监管制度。本文正是从在此次危机中受到广泛争议的公允价值计量角度出发,审视公允价值计量的性质与特征,审视其与银行监管的适应性关系。并基于其本质发现公允价值计量在银行监管体系中的不足和缺陷,进而寻找发挥其效力、规避其不足的监管措施。     

住宅房地产税收的功能探析

住宅房地产在购销及保有环节涉及众多的税种,这些税种的税收功能存在突出差异。营业税具有突出的财政收入功能,但在收入调节方面有制度上的缺失;土地增值税具有鲜明的产业调控色彩,但征收办法的缺憾使其不能有效发挥作用;预期征收的房产税具有调节收入的功能,但在税制设计上存在征收制度和利益分配重构等制度困扰。建议针对相关税种的功能特点进行有针对性的制度改良,以促进我国住宅房地产业的健康发展。     

缓解人民币升值压力的思考——巴拉萨-萨缪尔森效应与人民币汇率升值

2005年人民币汇率制度改革以来,人民币升值压力和预期始终没有消除,造成我国宏观经济困境。根据巴拉萨-萨缪尔森效应,随着我国经济的快速追赶,人民币实际汇率有长期升值趋势,而当我国可贸易品部门的单位劳动成本相对下降,这一趋势就通过名义汇率升值压力体现。巴拉萨-萨缪尔森效应提示我们可以通过一般物价水平调整缓解升值压力,即采用温和的结构性通胀策略降低升值预期。这对于稳定我国宏观经济,消除外汇储备泡沫,转变经济结构具有积极作用。     

国际金融市场与国际原油期货市场溢出效应实证检验——基于VAR-BEKK模型的分析

文章通过构建VAR模型和BEKK模型对道琼斯股票市场、美元/欧元汇率市场与国际原油期货市场的动态关系进行了实证检验。结果表明：道琼斯股票市场与WTI原油期货市场存在双向的价格溢出效应,以及前者向后者的单向波动溢出效应;美元/欧元汇率市场存在向WTI原油期货市场单向的价格溢出效应和波动溢出效应。所以,国际原油期货市场与国际金融市场联系紧密,国际原油的金融属性日益体现,其价格变动更多受外部国际金融市场风险影响。     

异质性企业出口行为的实证研究——基于中国企业面板数据

在近年兴起的新—新贸易理论中,出口行为与企业生产率之间的双向因果关系的实证研究逐渐成为主要的热点领域。许多学者用不同国家企业数据验证了自我选择效应和出口学习效应两个逻辑相反的假设。我们利用中国企业的微观层面数据对该命题进行验证。结果表明,自我选择效应显著,而出口学习效应不显著。最后在分析中国企业国际化行为特征的基础上,给出政策建议。     

中国股市规模效应和账面市值比效应的实证分析

本文以2002—2010年中国A股股票作为研究对象,对中国股市的规模效应和账面市值比效应进行了实证分析。结果表明,在样本期间内中国股市存在规模效应和账面市值比效应,而且规模效应不具有显著性、账面市值比效应具有显著性。本文认为风险溢价和投资者非理性行为的综合作用是规模效应和账面市值比效应产生的主要原因。