析证券投资基金和产业投资基金发展模式

证券投资基金和产业投资基金作为投资基金的两种不同类型，具有各自不同的内在特征和发展模式。正是基于这种差异性，它们二者存在着协调发展的可能，而刚出台的《中华人民共和国证券投资基金法》却只对证券投资基金作了法律上的规定。本文就这两种投资基金的内在特征和运行机制进行比较分析，并对它们之间的协调发展进行了进一步的分析和探讨。     

经济全球化对我国投资条约缔约实践的影响

经济全球化背景下国际投资规则呈现自由化、多边化的发展态势，中国在日益激烈的吸引外资的竞争中应该积极参与区域投资条约，制定参与WT0框架下多边投资条约的战略。     

对群众体育锻炼中，如何合理安排运动量的探讨

本文在体育锻炼能够增强体质，提高健康水平的生物学基础上和群众体育锻炼与专业训练的区别上，提出群众体育锻炼中如何合理安排运动量。     

Do Fundamentals Explain the Behaviour of the Swedish Real Effective Exchange Rate?

This study examines the long‐run relationship between the real effective exchange rate and its fundamental determinants, and derives a real effective equilibrium exchange rate for the Swedish krona. Our results indicate that the krona was severely overvalued in late 1992, when the fixed exchange rate regime was abandoned. By the end of 2000 the krona was undervalued by approximately 5 percent, given the prevailing economic conditions. Arithmetic examples of suitable SEK/EUR conversion rates are calculated under various assumptions to provide a guideline if Sweden were to adopt the euro in the future.     

The anticipated and concurring effects of the EMU: exchange rate volatility, institutions and growth

Reduced exchange rate volatility and higher and less heterogeneous quality of institutional rules and macroeconomic policies are two of the main (anticipated and concurring) effects expected from a currency union.In this paper, we measure the magnitude of these two effects for the Eurozone countries looking at real effective exchange rates (REER) and at different indicators of quality of institutional rules and macroeconomic policies (QIRMP). We find that the first effect is much stronger than the second when we compare relative changes for Eurozone countries and the rest of the world in the relevant period.We further evaluate the impact of both effects on economic growth on a larger sample of countries. Our findings show that both have significant impact on levels (more robust) and on rates of growth (weaker) of per capita GDP.     

服务业集聚与产业结构优化关系探究

随着全球化进程的不断加快，服务业集聚已经成为人们普遍关注的话题。产业集聚在获得规模效应的同时避免了垄断现象的产生，服务业集聚不但拥有这样的优势，而且还有自己独特的形成和发展特点。从产业结构的优化角度切入，借助区位商和专门化率等分析指标，以江苏省和上海市为例，对服务业集聚的形成进行理论和实证分析，提出产业结构的优化对于服务业集聚的形成和发展有着积极的作用。合理的产业结构能够为服务业集聚提供坚实的基础，各地区应该根据各自的产业特点积极的进行优化，催生服务业集聚，加快本地区经济的进一步发展。     

Past Returns and Investment Trust Discounts

Abstract:   The relationship between past net asset value returns and the current discount on investment trusts is investigated. The relationship is weaker for the component that is common to all trusts in the same sector, and is significantly stronger for more liquid trusts. The time lag before returns have their full impact on discounts is consistent with the requirements of distinguishing 'skill' from noise. Although discounts vary widely even within the same sector, the range of variation appears to be consistent with an arbitrage equilibrium, in which the profits of exploiting apparent pricing anomalies are just insufficient to invite arbitrage trades.     

云南省居民消费、投资与经济增长的协整分析

本文根据1985～2005年的数据,运用协整理论、Granger因果关系检验等计量方法,对云南省居民消费、固定资产投资与经济增长之间的关系进行了实证分析,并在此基础上,提出了相应的政策建议。     

Relative Guarantees

Many real-world financial contracts have some sort of minimum rate of return guarantee included. One class of these guarantees is so-called relative guarantees, i.e., guarantees where the minimum guaranteed rate of return is given as a function of the stochastic return on a reference portfolio. These guarantees are the topic of this paper. We analyse a wide range of different functional specifications for the minimum guaranteed rate of return, hereunder both so-called maturity and multi-period guarantees. Several closed form solutions are presented.     

Replacement Investment: Optimal Economic Life Under Uncertainty

Replacement investment is essentially a regenerative optimal stopping problem; that is, the key decision concerns when to terminate the life of existing plant – and hence when to start over again. This paper examines this optimisation problem within a continuous time framework and studies the qualitative and quantitative impact of uncertainty on the timing of new investment (and the criteria that should be used for terminating the life of existing plant).