Deregulation with consensus

We analyze the problem of eliminating an inefficient regulation, such as protection, in a dynamic model in which there is incomplete information and unanimous approval from all parties involved is necessary. Existing firms have heterogeneous cost, and efficiency requires some of them to shut down when the inefficient regulation is eliminated. The government can set up a revelation mechanism, giving subsidies and requiring firms to exit the market at a given time depending on the information collected. Under full commitment the optimal policy prescribes that some inefficient firms remain active and are subsidized. The optimal policy takes a simple form, with at most two times at which the firms are allowed to exit. We are very grateful to Matt Mitchell whose comments substantially improved the paper.     

我国企业对外直接投资问题探析

提要:我国企业对外直接投资尚处于起步和发展阶段,没有宏观协调管理机构,缺乏统一规划和合理布局,存在投资结构不合理,投资管理人才缺乏等问题,为此,需完善宏观调控,加强政府服务功能;优化投资结构,提高对外投资效能;优化投资管理,提高人员素质;以此来推进我国企业海外投资事业的蓬勃发展。     

关于我国水业企业生产效率的实证分析

水业作为传统的公用事业部门之一,从效率的层面看就是要最大限度地节约成本或促使社会和企业收益最大化.本文应用DEA方法评估了2004年我国不同省份水业企业的生产效率.为弥补对有效率的水业企业进行比较的不足,我们又引入了超效率DEA模型对2004年我国不同省份水业企业的生产效率作了进一步分析.为寻找影响我国水业企业效率的环境因素,我们采用了Tobit回归模型.回归结果表明,企业资产负债率、地区市场化水平和人均水资源量是影响水业企业生产效率的重要原因.     

金融发展中稳定与效率的"二难"选择

作为现代经济的核心，金融业的发展既离不开金融稳定，也离不开金融效率。金融发展应以金融稳定为基础，以提高金融效率为目标。然而，金融业发展的事实却表明，金融发展总是呈现在稳定与效率的博弈状态之中，很显然，这对实现经济发展以及保障金融体系的稳定是十分不利的。     

Technical efficiency of African hotels

This paper uses data envelopment analysis (DEA) to estimate the technical efficiency of 12 hotels in Luanda, Angola. The study uses a balanced data set with 84 observations over the years 2000–2006. In a second stage, this paper uses a bootstrapping method (rather than a Tobit regression) developed by Simar and Wilson [(2007). Estimation and inference in two stage, semi-parametric models of productive efficiency. Journal of Econometrics, 136, 31–64] to estimate the economic drivers behind the technical efficiency. They find that efficiency has risen over the studied period, but at a decreasing rate. Secondly, they find that a hotel's membership in a group increases efficiency. Greater market share as measured by a Herfindahl index, increases efficiency and finally, hotels with an international strategy have higher efficiencies.     

LONG MEMORY IN SOUTHERN AFRICAN STOCK MARKETS

The paper examines long memory in equity returns and volatility for stock markets in Botswana, South Africa and Zimbabwe using the ARFIMA‐FIGARCH model in order to assess the efficiency of these markets in processing information. The findings are diverse. Significant long memory is demonstrated in the equity returns of Botswana; while, in South Africa this result is not statistically different from zero. For Zimbabwe returns are characterised by an anti‐persistent process. Furthermore, all the markets investigated provide evidence of long memory in volatility with the exception of Botswana where there is no evidence of volatility persistence and hence the return from taking risk in this market cannot be predicted on the basis of previous values.     

Nitrate pollution control under soil heterogeneity

This article presents results on measures to abate nitrogen pollution when soil heterogeneity is considered by using a dynamic model of corn production. Several policy options for the control of nitrate pollution are evaluated by their cost efficiency. While results show that a nitrogen standard or tax is a good second-best control instrument, neglecting dynamics may lead to the wrong choice of instrument. Other important findings for the design of nonpoint pollution policy measures are that water pricing, as advocated by the Water Framework Directive, is inefficient as a pollution abatement tool, and differentiating control measures by soil type enhances welfare, although welfare gains may be small.     

广西装备制造业发展现状与战略

总体上看,广西的装备业在全国处于较弱的地位,专业水平较低、相对效率偏低,只有极少数行业有一定的优势,因此广西装备业的发展应立足优势行业重点,培育有潜力的行业形成新的增长点,由此要对区内装备业统一布局、规划、协调,推动区内装备业企业重组、兼并,优化资源配置。     

Efficient strategy-proof allocation functions in linear production economies

Summary. In a linear production model, we characterize the class of efficient and strategy-proof allocation functions, and the class of efficient and coalition strategy-proof allocation functions. In the former class, requiring equal treatment of equals allows us to identify a unique allocation function. This function is also the unique member of the latter class which satisfies uniform treatment of uniforms. Received: July 10, 1997 / Revised version: November 24, 1997     

目标加权与经济增长绩效

在高投入型增长模式下，如何提高经济增长绩效？本文提出的理论模型认为，规划者目标应在追求资本存量和追求消费之间加权。当该目标权重由过于偏向资本存量向消费水平转变．经济增长绩效得到提高。通过模型推导和模拟表明，在最优路径上，当目标权重向消费转移时。必须同时保持积累率稳定的增长幅度。