招商引资——税收减免竞赛

近年来,地方政府超出法律范围制定优惠政策尤其是税收优惠政策来吸引客商的现象时有发生,给我国带来了消极影响。税收在招商引资工作中应如何发挥作用成了摆在我们面前的一个重大问题。十六届三中全会提出的科学发展观对我国各项事业的发展都具有普遍的指导意义。本文正是从科学发展观的要求出发,重新定位了税收在招商引资工作中的角色,并试着提出了相应的措施。     

Do Antitrust Laws Facilitate Collusion? Experimental Evidence on Costly Communication in Duopolies*

Bertrand supergames with non‐binding communication are used to study price formation and stability of collusive agreements on experimental duopoly markets. The experimental design consists of three treatments with different costs of communication: zero‐cost, low‐cost and high‐cost. Prices are found to be significantly higher when communication is costly. Moreover, costly communication decreases the number of messages, but more importantly, it enhances the stability of collusive agreements. McCutcheon (1997) presents an interesting application to antitrust policy by letting the cost of communication symbolize the presence of an antitrust law that prohibits firms from discussing prices. Although our experimental results do not support the mechanism of McCutcheon's (1997) argument, the findings point in the direction of her prediction that antitrust laws might work in the interest of firms.     

The characteristics and development of the Swiss franc repurchase agreement market

With the reinterpretation of repurchase agreements (repos) by the tax authority and the revision of the national bank law in 1997, allowing the Swiss national bank (SNB) to use repos as monetary policy instrument, the prerequisites for the development of a Swiss franc repo market were given. The development of the repo market in Switzerland only came up in 1999 with the provision of an integrated trading and settlement system provided by SegaInterSettle AG (SIS), Eurex and Swiss Interbank Clearing (SIC) in collaboration with the SNB. The following paper provides an overview of the basic characteristics and structure of the Swiss franc repo market as well as of the development it has undergone since 1999. It also discusses what motives and reasons the banks possess to actively participate in the Swiss franc repo market. The content of the publication is the sole responsibility of the author and does not necessarily reflect the views of Credit Suisse.     

Swiss Exchange Rate Policy in the 1930s. Was the Delay in Devaluation Too High a Price to Pay for Conservatism?

In this paper we examine the experience of Switzerland’s devaluation in 1936. We ask the following questions: what were the issues at stake in the political debate? What was the cost to Switzerland of the delay in the franc devaluation? What would have been the costs and benefits of an earlier exchange rate policy? To answer these questions we construct a simple open economy macro model of the interwar Swiss economy. We then posit counterfactual scenarios of alternative exchange rate pegs in 1931 and 1933. Our simulations clearly show a significant and large increase in real economic activity.     

FTPL-Perspective on Tradable Deficit Permits in the EMU

The Growth and Stability Pact restricts member states in their fiscal policy but also causes inflexibility in the pursuit of wide-ranging economic and social reforms. Tradable deficit permits allow more flexibility for individual member states and provide a stick for those who exceed the deficit limit but also a carrot to those who stay below it. But does the trade in deficit permits affect the monetary objectives of the European Central Bank (ECB)? We argue that from a perspective of fiscal theory of the price level, trade in deficit permits can lead to higher inflation depending on the growth rate and the debt/GDP ratio of the member states.     

战后美国对外贸易政策的演变

在美国战后对外贸易政策变化中,以“互惠”理念为核心,始终贯穿着自由贸易和贸易保护主义之间的斗争,本文总结了战后美国对外贸易政策演变的阶段特征以及经济根源和理论背景。     

布什的货币金融政策

布什执政期间美联储先后有传奇人物格林斯潘和学术精英伯南克担任理事会主席一职。美国的货币政策可分为13次连续降息、17次连续升息和相对稳定3个时期,其经济也从最初的低迷走到了长期经济稳定增长,甚至面临着通货膨胀和经济危机的风险。本文试从经济、政治、执行等不同角度分析布什任期美国货币金融政策调整的原因。     

20世纪90年代美国货币政策及对我国目前的启示

1993～2000年的美国和目前的中国都出现了高增长、低通胀的局面,一般认为美联储的货币政策为之作出很大贡献。本文在借鉴的基础上就我国目前在高增长、低通胀下的货币政策的几个主要问题提出建议。     

New Labour at work: long-term unemployment and the geography of opportunity

New Labour has placed great faith in active labour market policiesto address problems of long-term unemployment and poverty. Thispaper considers the effectiveness of welfare-to-work programmesin light of persistent regional employment disparities withinthe UK. It is argued that the government has proceeded froma flawed analysis of the causes and magnitude of long-term unemployment,framing the issue in terms of ‘worklessness’ andneglecting demand-side concerns of job availability and jobquality.