Defaultable debt, interest rates and the current account

World capital markets have experienced large scale sovereign defaults on a number of occasions. In this paper we develop a quantitative model of debt and default in a small open economy. We use this model to match four empirical regularities regarding emerging markets: defaults occur in equilibrium, interest rates are countercyclical, net exports are countercyclical, and interest rates and the current account are positively correlated. We highlight the role of the stochastic trend in emerging markets, in an otherwise standard model with endogenous default, to match these facts.     

企业改制中税收流失问题的分析

在改制过程中,有些企业为了一己私欲,采用转移税源、模糊产权、钻体制漏洞等手段,偷税、漏税,导致大量税收流失,使国家遭受巨大损失。应统一对改制企业欠税问题的认识,加强对各种所有制性质企业的税收管理,防范和制止企业借改制、改组之机逃避税收债务;完善税收征管法,以确保国家税收债权,维护国家合法权益。     

多元化经营的“4W”

借鉴国内外企业实施多元化经营的成功经验与失败教训,从培养企业核心能力出发,阐述了正确决策和实施多元化经营的几个关键问题,即4W（why、when、where和what）,指出正确的多元化经营战略同样有利于企业核心能力的培养。     

碳五馏分的综合利用

全面论述了国内外C5资源的分离与利用现状,并对中国C5资源的分离利用前景进行了展望.     

构建基于“4C”的汽车品牌营销模式

传统的汽车营销模式,经实践证明,已经不适应当今市场发展的需要。本文探讨了基于“4C”的汽车品牌营销模式,提出了基于“4C”的营销措施。     

红河油田长8储层的地质特征

红河油田长8储层含油气丰度低、渗透率低,纵向和横向上均质性差。通过对沉积微相的研究对比,认为水下分流河道及河口坝砂体是构成该区域有利储层的相带。     

Trust Me! I am a European Central Banker

In the aftermath of the financial crisis, the European Central Bank (ECB) has experienced an unprecedented deterioration in the level of trust. This raises the question as to what factors determine trust in central banking. We use a unique cross‐country data set that includes a rich set of socioeconomic characteristics and supplement it with variables meant to reflect a country's macroeconomic condition. We find that besides individual socioeconomic characteristics, macroeconomic conditions play a crucial role in the trust‐building process. Our results suggest that agents are boundedly rational in the trust‐building process and that current ECB market operations may even be beneficial for trust in the ECB in the long run.     

Saving the Euro: Mitigating Financial or Trade Spillovers?

This paper analyzes through what channels the euro crisis affected firms and the efficacy of policies to mitigate the crisis. It analyzes stock price responses for 3,045 nonfinancial firms in 16 countries to four key policy events during 2010–11. Using precrisis benchmarks, it separates financial effects from trade effects and examines how bank and trade linkages propagated shocks. It finds that policy measures affected financially dependent firms more, particularly in creditor countries with greater bank exposure to peripheral euro countries, in statistically and economically significant ways. Trade linkages with peripheral countries played little role, although euro movements meant some differential effects.     

Keynesian Inefficiency and Optimal Policy: A New Monetarist Approach

A simple model of monetary/labor search is constructed to study Keynesian indeterminacy and optimal policy. In the model, economic agents have trouble splitting the surplus from exchange appropriately, and we consider monetary and fiscal policies that correct this Keynesian inefficiency. A Taylor rule neither implies determinacy, nor does it support an efficient outcome. An optimal policy yields an efficient and determinate allocation of resources, but equilibrium policy actions, wages, and prices are indeterminate at the optimum.     

Is UK Vice Chancellor Pay Justified by University Performance?

The pay of university managers (vice chancellors, VCs) in the UK has risen sharply in recent years. This paper considers the extent to which VC pay awards are related to university performance measures based around institution mission and financial probity using an individual fixed effects strategy based on data covering academic years 1998–99 to 2008–09. In contrast to earlier studies on this theme, we find evidence that VCs are rewarded for observable mission‐based performance measures. Specifically, our results suggest that success in widening participation for students from comprehensive schools and those from areas with low university participation exerts a positive effect on VCs' pay. Securing income flows from university funding council grants also impacts positively on their remuneration. However, even after controlling for a rich array of observable and unobservable factors, there have been sizeable increases in real pay in recent years that cannot be readily explained.