Beyond Income and Wealth

This paper proposes four criteria for the selection of a better measure of living standards: it should be comprehensive, correlation sensitive, preference based, and fairness based. These criteria are applied to the following measures: income, equivalent income, capabilities, and satisfaction. The paper then explores the relationship between the space of goods and services, the space of budgets, and the more fundamental space of the aspects of life that people really care about. The importance of the fairness principles guiding interpersonal comparisons is highlighted.     

Housing and the Macroeconomy: Inflation and the Financial Accelerator

Three themes connecting housing and the macroeconomy are discussed. First, evidence is presented for the property market as one of the drivers of U.S. consumer price inflation. Second, key drivers of house prices are explained to account for the remarkable diversity of international experience. Finally, three potential links between housing, credit, and the financial accelerator are discussed. These are the consumption channel, the investment channel, and feedback between bad loans and risk‐spreads via the financial system—and how institutional differences between countries can explain the presence, absence and magnitudes of these linkages.     

Recent Trends in the Size and the Distribution of Inherited Wealth in the UK

In this paper, we use HM Revenue and Customs (HMRC) estate statistics and micro data from four UK household surveys to examine changes in the size, the composition and the distribution of inherited wealth in the UK over the period 1985?2010. Our findings indicate that the period under examination is characterised by a substantial increase in the flow of inheritance. This increase, which was particularly marked in the early 2000s, was mainly driven by an increase in housing inheritance, which in turn reflected the rise in house prices and, to a lesser extent, the increase in the proportion of inheritances that included housing assets. The distribution of inheritance amongst recipients became more unequal over this period. However, the inequality‐increasing effect from the greater dispersion in the distribution of inheritance was counterbalanced by the increase in the percentage of the population who received an inheritance, resulting in a small decrease in the inequality of inheritance for the population overall. Analysis of the distribution of inheritance by socio‐economic status suggests a positive association between inheritance and socio‐economic status, with some evidence suggesting that this association might have strengthened over time. Overall, however, the value of inheritance for most people is rather small and the differences across groups rather moderate.     

跨国公司股东财富最大化与折算风险探讨

跨国公司折算风险的大小取决于在国外经营的程度与国外子公司所在地会计方法的选择。国际上大部分国家都根据子公司的类型选择折算方法。整体型子公司采用时态法,自主型子公司采用现行汇率法。折算方法要选择对合并利润最大化有利并设法使合并资产负债表上外币风险资产与外币负债趋于一致,以轧平净风险资产头寸,消除或减少因不可预期汇率变动而对公司现金流量与经济价值的影响。采取期货合同套期保值、远期合约套期保值、货币互换套期保值、货币期权套期保值的防范措施和规避方法,能使折算风险最小,股东财富最大化。     

FDI是打破西部地区制度瓶颈的突破口

制度瓶颈是阻碍西部经济发展的主要因素。FDI (外商直接投资 )的进入有助于促进体制改革、转变企业经营方式 ,带动民营经济发展 ,影响居民思想观念、促进技术进步、扩大市场规模 ,从而对地区制度变迁产生强大的推动力。西部地区应加快制度创新 ,改善投资环境 ,积极吸引FDI (外商直接投资 ) ,以此来促进西部制度变迁 ,使西部经济发展摆脱制度瓶颈的束缚。     

农民收入下降的原因及其对策研究

农民收入的下降 ,导致农村消费的滞后 ,直接制约着国内市场需求的增长 ,从而影响我国国民经济的增长。因此 ,探究农民收入下降的原因 ,寻找增加农民收入的有效途径 ,在当前具有特别重要的意义。     

Repurchases of convertible preferred stock and shareholder wealth

In this paper we provide the first comprehensive examination of the stock price reaction to announcements of convertible preferred stock repurchases over the 1981 to 2005 period. We document a positive and significant average common stock abnormal return of 3.27% around announcements of these repurchases. We test signaling and free cash flow explanations for the observed wealth effects by studying abnormal returns and changes in operating performance around repurchase announcements. We find that abnormal returns are positively related to size of repurchases and managerial ownership. We find no evidence of higher stock price reactions for low-q and high free cash flow firms. In addition, we find significant improvements in accounting profitability subsequent to repurchases, but not for low-q firms. Collectively, our results are most consistent with the signaling hypothesis.     

Is the Organisation for Economic Co-operation and Development Ready for China?

Abstract:

The re-emergence of China as a global economic power has intensified calls for the urgent reform of Western-dominated international organizations. We evaluate efforts by the Organisation for Economic Co-operation and Development (OECD) to adapt to the challenge of China. From the first decade of the 2000s, the OECD has undertaken reforms to boost its significance as a key policy actor in the global economy. Part of this effort involves bringing China closer to the organization. To date, only limited progress has been made. We set out three bold policy reforms the OECD could implement that would deepen the OECD’s relationship with China as well as with other emerging economies.     

基于生计资本的低收入农户长效增收自主适应机制

低收入农户长效增收存在自主适应机制,利用陕西省榆林市建档立卡贫困户的截面数据,采用 OLS 逐步回归模型识别生计资本对低收入农户收入的影响,有利于探究生计资本的作用机制、增收效应与异质性。结论如下：（1）低收入农户长效增收机制是在政府计划适应下农户自主适应,通过改善生计资本实现农户增收的机制;（2）生计资本对农户增收存在抵消和协同作用;（3）生计资本对农户增收具有异质性,因此农户长效增收机制具有异质性;（4）提能、强基以及结盟是低收入农户长效增收的自主适应策略。     

论财富——实现中国梦的四大支柱

物质财富是生产力发展的结晶,是消费水平提高的前提,又是积累和扩大再生产的物质基础。社会主义精神文明是社会制度的本质特征,是社会主义制度的精神支柱,关系到社会主义制度优越性发挥、党和国家的前途和命运。世界上没有一个国家像我国有这么多劳动者和智力资源,这是我国最重要的物质财富,活劳动是生产中最积极的决定性因素,这是我国发展的支柱和资源,是决定我国必然发展兴盛的最根本的物质力量。走社会主义道路,建立中国特色社会主义制度,是我国发展繁荣、人民幸福的根本制度保障。