Domestic and international strategic interactions in environment policy formation

Summary. In this paper, we establish the most possilbe general formulation of the technology governing carbon-gas emission, giving rise to global external diseconomies, and ty to explore into the strategic interactions,both domestic and international, when an individual country decides on the environmental policies. Through the comparison among emission taxes, quotas, and standard in the perfectly competitive private economies, we find that the first two policies are equivalent but they are different in effects by virtue of what we may call the tax-exemption effect of emission standards. Such a difference in the policy effect further affects the other country's welfare through the global externalities, amplified through whether the government can precommit to either the emission tax or the emission standard. Received: January 16, 2001; revised version: April 16, 2002 RID="*" ID="*" The authors thank the valuable comments by an anonymous referee. Ministry of Education and Science for its financial support is also greatly acknowledged. Correspondence to:K. Kiyono     

阿根廷贸易政策与汇率制度的错配及启示

上世纪，阿根廷贸易政策与货币政策的错配导致了其宏观经济的不稳定。长期以来，阿根廷深受庇隆主义封闭政策的影响，实行进口替代战略，使其优者变劣，劣者不优。不仅使产业结构失衡，对外贸易长期处于逆差。同时，长期实行僵硬的固定汇率制度但允许资本自由流动，引发了恶性通货膨胀。长期的高消费、低储蓄与进口替代导致了低的资本积累率，政治家权利欲望只能以巨额的财政赤字与高筑外债来维持，当政权无以为继时又靠通货膨胀来掠夺财富，从而引发经济和政治危机的循环。另外，阿根廷在贸易自由化之前允许资本项目的自由化显然是一个严重的错误。     

金融工具会计准则交易税制设计的思考

为了规范金融工具的确认和计量,反映金融工具对金融机构财务状况和经营成果所带来的真实影响,揭示其潜在风险,提高金融机构的会计信息的质量,新颁布的金融工具会计准则采用公允价值计量,并将损益纳入当期损益。本文分析了此举对我国税制所产生的影响,并对金融工具交易的税制设计提出了设想。     

制度偏好差异与电力产业规制放松的困境--"厂网分开"引发的深层思考

本文利用“芝加哥”学派利益集团理论的基本假设，对我国电力产业内部人势力的形成、强化及其行为对市场交易的扭曲进行了详尽的分析，从而为当前电力产业规制困境的发生提出了一个基于制度偏好和企业行为的解释。结果表明，在缺乏有效规制的背景下．对自然垄断产业实施等同于一般产业的“放权让利”武改革，为利益集团的成长提供了制度条件和资金支持。由于管制权力分散在诸多的“条块”之间。“厂网分开”后也没有建立权威性的专业机构．不同利益取向的参与者之间的博弈使电力产业的规制放松陷入困境。     

金融衍生产品发展的新特点与国内商业银行的策略研究

近年来，国际金融衍生产品市场呈现三个新特点：市场需求及市场规模日趋扩大，产品创新层出不穷，风险防范问题日渐突出，并由此对国际金融市场的发展和稳定带来深刻影响。随着我国人民币汇率制度改革、利率市场化及资本市场股权分置改革等进程的不断加快，金融衍生产品在国内市场的发展契机已经到来。我国发展金融衍生市场应遵循“适应经济金融改革进程、满足市场需求、结构上由简到繁、风险上由低到高”的总体原则。国内商业银行应当以资产保值增值为目的，选择适当的产品切入金融衍生市场，并注重提高金融衍生产品的核心竞争力，加强风险防范和人才的培养与引进。     

国有企业建立激励约束机制的制度性障碍分析

委托代理理论揭示了国有企业低效率的原因,指明了国有企业改革的方向,即建立激励与约束机制.但是该理论在中国的运用遇到了制度性障碍.本文试图分析制度性障碍产生的根源,以及弱化和解决制度性障碍的办法,期望对国有企业改革有所启示.     

Dynamic Currency Linkages and Their Determinants: An Empirical Study for East Asian Economic Community Region

In this article, Copula GARCH models have been employed to study the inter-temporal process of currency market co-movements between ASEAN+6 countries (referred to in this study as East Asian Economic Community) and ASEAN+6 currency market index. Empirical results show that the sample countries of the region exhibit varying levels of currency co-movements with the Asian benchmark. Markov regime switching results show that many of the countries which had high dependences with the regional currency index as was found in copula estimations had also overlapping currency market cycles. Using Principal Component Analysis, we find that three statistical factors explain exchange rate co-movements which came out to be trade linkages, economic risk, and currency market openness in our dynamic panel data estimation.     

REAL OPTIONS WITH COMPETITION AND REGIME SWITCHING

In this paper, we examine irreversible investment decisions in duopoly games with a variable economic climate. Integrating timing flexibility, competition, and changes in the economic environment in the form of a cash flow process with regime switching, the problem is formulated as a stopping‐time game under Stackelberg leader‐follower competition, in which both players determine their respective optimal market entry time. By extending the variational inequality approach, we solve for the free boundaries and obtain optimal investment strategies for each player. Despite the lack of regularity in the leader's obstacle and the cash flow regime uncertainty, the regime‐dependent optimal policies for both the leader and the follower are obtained. In addition, we perform comprehensive numerical experiments to demonstrate the properties of solutions and to gain insights into the implications of regime switching.     

Too small to be independent? On the influence of ECB monetary policy on interest rates of the EEA countries

Monetary policy independence is regarded as the central argument in favour of floating exchange rates and monetary integration. We evaluate the actual independence of non-euro members of the European Economic Area by using heterogeneous panel cointegration methods that allow cross-dependency. We show that domestic interest rates follow the euro interest rates. These spillovers imply a low monetary independence despite the insulation given by floating exchange rate regimes and inflation-targeting frameworks. We therefore find significant spillover effects of the European Central Bank policy and argue that the costs of monetary integration in Europe may be lower than expected.     

建国初期中共粮食战略与1949年云南公粮征收研究

1950年3月6日以宋任穷为书记的中共云南省委正式成立，3月12日即颁布命令征收1949年公粮。当时各地基层政权立足未稳，难以承担如此巨任，阶级矛盾、民族矛盾错综复杂，征粮刚一展开即受挫。其原因主要一是云南财政恶化超出预想，粮食存量少；二是粮食新政权的保障，所以中共云南省委不遗余力地大力推进征粮工作。此次征粮不仅与云南地方军民生活用度有关，更与建国初期中共新政权在经济战场上与敌人斗争紧密相连。