Global 2000: Radar for the ship of state

The way the US Global 2000 report has (and, especially, has not) been reacted to and publicly debated illustrates many fundamental problems in developing workable and efficient radar for the ship of state. The text and footnotes draw attention to eg conflicting assumptions in different agencies, or the superficial but unchallenged criticisms of analyses by senior government officials. Many important principles are not even addressed.     

Dynamics of food policy formulation in the USA

Examination of the dynamics of food policy formulation in the USA reveals a series of intriguing contrasts. As an example of pluralist decision making, it is unequalled in the sheer number and variety of actors and interests which it encompasses. This article analyses four principal generic elements of the food policy process: its ideological underpinnings; its policy settings; its substantive components; and, its foreign-domestic linkages. The profound changes which have occurred in the Washington political climate are also considered in terms of their implications for food-related policies in both the domestic and international arenas.     

2006年全球经济展望:维持增长然幅度较缓慢

预计发达国家今明两年的经济增长将减缓,发展中国家虽然保持稳健增长的态势,但增长率将从2004年的6.8%减缓至2005年的5.8%,2006年则进一步减至5.7%。中国2006年全年继续维持9%左右的经济增长不致有太大问题。唯一担心的是2006年上半年中国可能出现通货紧缩。     

Effective experimental controls for research in international accounting: Further thoughts

This paper responds to recent research by Ruland et al. [Ruland, W., Shon, J., Zhou, P., 2007. Effective controls for research in international accounting. Journal of Accounting and Public Policy, 26(1), 96–116.] that addresses the effectiveness of experimental controls for research in international accounting, with focus on Ndubizu and Sanchez [Ndubizu, G.A., Sanchez, M.H., 2006. The valuation properties of earnings and book value prepared under US GAAP in Chile and IAS in Peru. Journal of Accounting and Public Policy 25 (2)]. We attempt to remove some misconceptions about effective experimental controls that have surfaced in the debate. We argue that theory and refined proxies alleviate many of the control issues that have surfaced in the literature.     

透视美元贬值

美元霸权是综合国力的体现,不仅有经济、金融实力在里面,还有军事实力在里面。美元不会直线贬值下去,会出现反弹——下跌——再反弹——再下跌行情。关键时刻,美国政府完全会使用其军事实力来维持美元货币币值稳定。对于美国来说,解决赤字问题的正确方法应该主要是提高美国的利率和税收,减少消费和增加储蓄。     

美国稳定价值基金探讨

稳定价值基金（Stable Value Fund）通过保证本金和累计利息达到避免净值波动和收益稳定的投资目标，实现货币市场基金高流动性和债券基金更高收益的最佳组合，为投资者提供稳定的投资价值。本文介绍了美国稳定价值基金的发展概况，分析了其运作机制、核心优势及其发展的历史原因，并对稳定价值基金与保本基金做了比较。     

Productivity and the Euro-Dollar exchange rate

This article analyses the impact of productivity developments in the United States and the euro area on the euro-dollar exchange rate. The article presents a new measure of relative average labour, productivity (ALP) which does not suffer from the biases implicit in readily available relative ALP data. Importantly, the patterns of these series differ widely. Employing the Johansen cointegration framework, four models are estimated using four different productivity proxies. Our results indicate that the extent to which productivity can explain the euro depreciation varies with the productivity proxy used: readily available measures explain most, our new, preferred measure least. In all models, however, productivity can explain only a fraction of the actual euro depreciation experienced in 1999–2000. JEL no. F31, C32, O47 The views expressed in this study are those of the authors and do not necessarily reflect those of the European Central Bank or its staff.     

Regional and State Variation in Homeownership Rates; or If California's Home Prices Were as Low as Pennsylvania's Would its Ownership Rate be as High?

There are significant disparities in homeownership rates across the regions and states of the United States. The causes of these disparities are determined within a standard probit model of the individual homeownership decision where the micro-level observations are aggregated to the regional level. Factors which play a significant role at the individual level are evaluated for their ability to explain regional differentiation. The relative price of owning and renting plays a major role as do other market level determinants. Individual demographic characteristics are not as important with the exception of those related to the immigration and citizenship status of the household head.     

The revenue potential of a financial transaction tax for US financial markets

This paper estimates the revenue potential of a financial transaction tax (FTT) for US financial markets. We focus on analyzing the revenue potential of the Inclusive Prosperity Act that was introduced in the US House of Representatives in 2012 and the US Senate in 2015. The tax rates stipulated in this Act include 0.5% (50 basis points (bps)) for all stock transactions, 0.1% (10 bps) for all bond transactions and 0.005% (0.5 bps) on the notional value of all derivative trades. We examine three sets of evidence to generate potential revenue estimates: 1) the levels of transaction costs in US financial markets over time and within the range of financial market segments; 2) the extent of trading elasticities under various trading conditions; and 3) the current level of trading activity in US financial markets. Based on this evidence, we conclude that a US FTT operating at the tax rates stated above would generate about $220 billion per year, equal to about 1.2% of the current US GDP.     

The Post‐Mao economic reform in China: A Korean view

Abstract

Previous studies that were concerned with the impact of depreciation of the ringgit on the Malaysian trade balance employed data either between Malaysia and rest of the world or between Malaysia and each of her major trading partners. Specifically, the bilateral trade balance between Malaysia and the US is shown to be insensitive to the real bilateral ringgit–dollar rate. In this article we wonder if disaggregating trade flows between Malaysia and the US by commodity could help us to discover any significant effects that the real exchange rate could have. We consider 101 industries that export from US to Malaysia and 17 industries that import from Malaysia. While majority of the industries showed short-run sensitivity to the real bilateral exchange rate, short-run effects lasted into the long run almost in half of the industries in both group.