发展中国家早期REDD项目的法律实践经验及启示

本文首先指出REDD机制是富济雨林理念的产物,然后总结了发展中国家早期REDD项目的法律实践经验,分析了建立REDD机制国内法律框架需考虑的重要因素,最后探讨了对构建我国的REDD机制国内法律框架的启示,即要制定我国的REDD法规。     

基于DEA的CCR模型对中国银行业财富管理的竞争力分析

自2001年中国加入WTO,银行业已于2006年结束5年的过渡期.此后5年来,中国经济继续保持平稳较快增 长,这为财富管理在中国发展提供了宏观保障,同时居民储蓄的持续增加为财富管理奠定了物质基础,而人口老龄化已经成为财富管理的现实需求.综合国内外研究,发现国内对财富管理鲜有实证研究.为此,文章围绕中国银行业的财富管理进行竞争力的实证分析,以弥补在这个方面的不足,研究结果对机构或大客户同样具有指导和借鉴价值.     

Do the Retired Elderly in Europe Decumulate Their Wealth? The Importance of Bequest Motives,Precautionary Saving,Public Pensions,and Homeownership

We use microdata on a large number of European countries from the Survey of Health, Ageing and Retirement in Europe (SHARE) to examine the wealth accumulation (saving) behavior of the retired elderly in Europe. We find that less than half of the retired elderly in Europe are decumulating their wealth and that the average wealth accumulation rate of the retired elderly in Europe is positive though relatively moderate (6.6 percent over a 3-year period). These findings suggest that the Wealth Decumulation Puzzle (the tendency of the retired elderly to not decumulate their wealth or to decumulate their wealth more slowly than expected) applies in the case of Europe. Moreover, our regression results suggest that bequest motives, generous public pension systems, and the reluctance of retired elderly homeowners to sell or borrow against their owner-occupied housing are the primary explanations for the existence of the Wealth Decumulation Puzzle in Europe.     

Shadow Funding and Economic Growth: Evidence from China

Using popular liability-side wealth management products in China, we construct an informative measure of shadow funding and shadow credit by extension. This measure reflects the risk appetites of financial intermediaries and their ability to expand their balance sheets through bank–shadow-bank cooperation. Our measure possesses unique predictive power for future economic activity. An increase in the measure corresponds to increases in investment and consumption, which, in turn, reduce financing costs due to improvements in economic development.     

我国企业财务目标问题探究

在社会主义市场经济体制下 ,企业财务目标最大化问题日益成为我国财务理论界和企业界关注的焦点 ,较为主流的观点是“股东财富最大化”。笔者认为 :这一观点不符合我国国情 ,而且缺乏可操作性 ,无法带来社会财富最大化 ,“相关者利益最大化”应是我国企业财务的最终目标。     

Why Do Some Households Save So Little? A Rational Explanation

This paper offers an explanation for the puzzle of low wealth holdings among a significant fraction of the elderly. Instead of invoking irrational, nonrational, or nonoptimal behavior to resolve the puzzle, it is shown that widespread low wealth holdings are consistent with a rational life-cycle model of saving with uncertain lifetime and borrowing constraint. When there is uncertainty about the length of life, it is optimal for some individuals to save little and exhaust their wealth early. The characteristics of these individuals are derived. The simulation results support that the model can account for low wealth holdings as well as early terminal wealth depletion. The analysis also rejects the common perception that uncertain lifetime reduces dissaving. Journal of Economic Literature Classification Numbers: D11, D91, E21, I12, J14.     

略论先富起来和共同富裕的关系

共同富裕是社会主义的目标和社会主义本质的体现，但实现共同富裕却是一个长期的过程。既要允许和鼓励一部分地区、企业和一部分人靠诚实劳动先富起来，又要先富带动和帮助后富，逐步实现共同富裕。     

Ronald Finlay,Rolf G. Henriksson,Hkan Lindgren & Mats Lundahl (eds), Eli Heckscher,International Trade and Economic History

Abstract

The great world economic and globalisation boom of the pre-First World War era was accompanied by great inequality in the distribution of income and wealth particularly during industrialisation, with the new world European settler economies being no exception. Canadian wealth inequality over the period 1870–1930 was also substantial and is examined using probated estates from the Eastern Judicial District of the province of Manitoba and Wentworth County, Ontario. However, wealth inequality is found to be less pronounced in frontier Manitoba relative to Ontario with higher and more dispersed rates of land ownership in the West as well as lower wealth levels and greater farm employment, as the key factors in this difference. This suggests that the farm economy of pre-First World War Canada was associated with greater equality of wealth. One of the inevitable effects of Canadian industrialisation and economic development was a rise in wealth inequality but the process of western settlement and associated free grants helped mitigate it. By extension, global economic inequality might also have been mitigated during this period by the presence of agricultural frontiers with subsidised land grants.     

国民财富变化与可持续发展

当代的经济学家认为可持续发展就是创造、保持和管理财富的过程。结合1995~2005年的国民财富变动数据,分析当前世界与中国的国民财富变化特征,可以从变化中对当前世界不同发展程度国家及中国的可持续发展现状做出评价。     

现阶段对财富的再认识

本文通过前人对财富的有关论述，认为财富的本质是马克思所说的一般劳动，是一切财富所共有的内在属性，是劳动产品的价值。提出了财富本身和财富的表现方式是一个事物的两个方面，论述了不同社会形式下财富的主要表现方式或持有方式，社会主义生产既要重视价值的生产和积累，也要重视财富的生产和积累，要协调好两者之间的关系，同时要重视以“劳动”为要素的财富分配问题，以利于我国的生产和发展。