第三方支付的宏观经济风险及宏观审慎监管

国内第三方支付市场发展迅猛,作为一种新型的支付清算体系,它的诞生也为现代金融体系增加了新的宏观经济风险。本文针对第三方支付独特的风险机理,探讨将其纳入宏观审慎监管框架的理论依据,同时在借鉴欧美经验的基础上,提出我国的监管对策。     

Negotiation versus consultation in the development of a regulation

Under negotiated regulation, stakeholders are invited to reach an agreement on a regulatory innovation. This approach might be harmful, because potential improvements might be blocked. However, negotiation can also be beneficial—eliciting information about how to improve regulations. Three reasons are identified. First, a participant might hesitate to provide information, unless she can prevent that information being used against her interests. Second, negotiation provides stronger incentives than consultation does, to suggest innovations that primarily benefit parties other than oneself. Third, if uninformed stakeholders can reduce the no-information payoff of informed parties, those parties lose the incentive to strategically withhold information.      

论正外部性与上市公司会计信息披露

本文从正外部性会使资源的社会提供不足这一新古典经济学原命题出发,从数量与质量方面考察正外部性对上市公司会计信息披露的影响。由于信息的政府强制供给,正外部性对会计信息的影响为零;根据张五常的总量相等原则及考虑合约内效应的主要影响,正外部性对会计信息的影响亦是不显著。在此基础上,对会计信息披露中出现问题的原因进行了探讨,提出提高会计信息披露质量的建议。     

财政政策的供给效应与经济发展

本文分析了发展中国家公共投资对私人资本积累的动态响应。针对公共资本的拥挤性特征 ,同时考虑财政投资可能引起的风险。在不考虑公共投资风险的分权经济中 ,由于公共资本和私人资本都处于短缺状态 ,企业争夺拥挤性公共资本而扩张私人资本的投资行为虽然使经济超常增长 ,但是存在过度投资和过度拥挤。在集中优化模型中 ,如果考虑到公共投资的风险 ,政府通过税收方式弥补公共投资风险 ,同时将企业投资产生的拥挤效应内部化 ,就能消除企业的过度投资和过度拥挤现象 ,使经济保持合理持续的增长。对中国这样的发展中国家 ,需要重视财政的供给效应 ,在经济起飞初期保证一定数量的政府资本性支出是必要的 ,但随着经济的不断发展和政府资本性支出累积的风险增加 ,财政转型十分必要。     

集聚经济测度方法前沿综述

本文在分析不同集聚经济形式及其理论基础后，对集聚经济的各种测度方法进行了系统的总结。发现目前集聚经济的测度方法可以概括为四类，分别是在微观层面通过分析集聚因子对企业产出或生产率的影响来直接测度、分析集聚因子对产业或区域层面总产出或平均生产率的影响来测度、分析衡量产业集聚程度的指数与产业或区域层面总产出或平均生产率之间的关系来测度，以及通过分析要素价格空间梯度特征来对集聚经济进行间接测度。     

Stability and limit cycles in one-dimensional dynamic optimisations of competitive agents with a market externality

This paper considers low dimensional (more precisely, one state variable) dynamic optimisation problems of competitive agents. These individual decisions lead to a dynamic externality for the evolution of the system. However, the impact of an individual and competitive agent is negligible and thus each agent considers this evolution as exogenous data. This leads, assuming rational expectations (perfect foresight due to the deterministic set up), to motions in the three dimensional space of state, costate and externality. Considering the fact that such externalities are widespread, e.g., R&D in the literature on new growth theory, pollution in environmental economics, etc., the incorporation of such externalities due to competitive markets is important, yet this incorporation may alter the stability of the system. Indeed, complex policies such as stable limit cycles are sustainable in such a low-dimensional economy, even for a separable and strictly concave model.     

Externalities, monopoly and the objective function of the firm

This paper provides a theory of general equilibrium with externalities and/or monopoly. We assume that the firm’s decisions are based on the preferences of shareholders and/or other stakeholders. Under these assumptions a firm will produce fewer negative externalities than the comparable profit maximising firm. In the absence of externalities, equilibrium with a monopoly will be Pareto efficient if the firm can price discriminate. The equilibrium can be implemented by a two-part tariffWe would like to thank John Fender, Herakles Polemarchakis, Les Reinhorn, John Roberts, John Roemer, Colin Rowat, Erkan Yalcin two anonymous referees and participants in seminars at the Universities of Birmingham, Durham, Heidelberg, Mannheim and Queens, the Public Economic Theory conference at the University of Warwick, July 2000, and the EEA congress, Lausanne 2001 for comments and suggestions     

从教育的外部性角度看中国农村义务教育投入机制的转变

20世纪80年代至今,20多年间中国农村义务教育的投入机制发生巨大的变化:从以农民投入为主转向以政府投入为主。原因是多方面的:税费改革的促发,解决教育地区不平衡的考虑等等,根本原因是教育,特别是基础教育属于公共品。本文试图从教育外部性结合户籍制度这一较为独特的视角阐释这一巨变。     

交易成本理论的现实意义

科斯的交易成本理论包括交易成本和科斯定理.交易成本的本质是与交易有关的制度的运行成本,科斯定理最根本的是明确产权对减少交易成本的决定性作用.体制的创新、企业的改革、外部效应所产生的污染问题及政府的职能转变等充分诠释了交易成本理论的现实意义.