The "Invisible Hand"

The argument of the "Invisible Hand" is that the system of free enterprise benefits society in general even though it is not the aim of any particular economic agent to do that. This article proposes an analysis of why this is so. The key is that the morality of the market forbids only force and fraud; it does not require people to do good to others. Nevertheless, when all transactions are voluntary to both parties, that is exactly what we can expect to happen. This is both because the sum of the benefits of innumerable transactions, which are beneficial to both parties, is very great, but also and especially because of Positive Externalities. People use the particular products and services they get in market exchanges in ways that benefit others in ways not at all foreseen by the agents to those transactions at the time. These externalities range from the benefits of invention and ingenuity to the exercise of charity and philanthropy, all of which flourish in developed capitalist societies.     

武汉金融安全区模式设计与研究

金融安全与稳定直接关系到一个国家或地区的经济安全与社会稳定。一个地区 ,在突出的支付风险得以逐一化解之后 ,适时启动创建金融安全区工程 ,并以此全面提高金融监管水平 ,实现区域金融业持续稳健发展已经成为当前我们面临的重要课题。本文在论证武汉市开展创建金融安全区的必要性和可行性的基础上 ,提出了构建以武汉金安指数为核心的指标监测体系、具体创建规划以及相应运行规程。     

国有企业"债转股"政策:问题与对策

国有企业实施“债转股”政策已近四年。本文在跟踪调查的基础上,总结国有企业实施“债转股”政策存在的问题并提出完善的对策。尽管“债转股”政策的实施已经取得一定的政策效果。但是,它无法从根本上解决国有企业与国有商业银行之间的债务问题。应该从市场经济体制和现代企业制度建设的长远发展观点,制定与“债转股”政策相配套的各项改革制度。     

A Bayesian-like estimator of the process capability index Cpmk

Pearn et al. (1992) proposed the capability index C_pmk, and investigated the statistical properties of its natural estimator for stable normal processes with constant mean μ. Chen and Hsu (1995) showed that under general conditions the asymptotic distribution of is normal if μ≠m, and is a linear combination of the normal and the folded-normal distributions if μ=m, where m is the mid-point between the upper and the lower specification limits. In this paper, we consider a new estimator for stable processes under a different (more realistic) condition on process mean, namely, P (μ≥m)=p, 0≤p≤1. We obtain the exact distribution, the expected value, and the variance of under normality assumption. We show that for P (μ≥m)=0, or 1, the new estimator is the MLE of C_pmk, which is asymptotically efficient. In addition, we show that under general conditions is consistent and is asymptotically unbiased. We also show that the asymptotic distribution of is a mixture of two normal distributions. RID="*" ID="*"  The research was partially supported by National Science Council of the Republic of China (NSC-89-2213-E-346-003).     

宏观经济景气指数的编制及运用

文章讨论了扩散指数和合成指数的编制方法 ,采用将景气指数与模拟预测相结合的方法 ,对广西宏观经济景气进行了分析。“阻力循环”和“激励循环”是作者新近提出的概念。文章最后给出了景气指数与GDP指数间的转换关系。     

企业统计如何迎接新挑战

随着我国《统计法实施细则》的颁布,在这一新的形势下,企业统计应如何发挥其作用,值得我们每一位统计工作者深思,本文对此进行了探讨。     

消失模铸造新工艺介绍及评价

介绍了消失模铸造的优越性、所用原材料、常见缺陷、工艺技术问题 ,并指出了其发展前景。     

金融中心评价指标体系研究

本文在综述国内外关于金融中心评价指标体系的基础上，分析了影响金融中心形成和运行的因素，依据国际金融中心的形成和运行具有较高相关度的原则，构建了包括经济环境、金融市场、金融机构和金融制度四方面内容的评价指标体系，利用2004年东京、新加坡、香港、北京、上海、广州和深圳七个城市的数据，依据层次聚类分析方法对这些城市所处的层次进行定位：北京、广州和深圳成为一类，为金融中心的初级阶段；上海成为第二类，为国内金融中心阶段；香港和新加坡成为一类，是区域国际金融中心；东京处于最高阶段．是真正的国际金融中心。最后对这些城市的发展前景进行了预测。     

S&P 500 implied volatility and monetary policy announcements

While many studies have investigated the link between macroeconomic events and equity market volatility, few have considered the impact on option implied volatilities. Given the recent focus on trading in implied volatility, in the context of the S&P 500 VIX index, this paper examines how the VIX index behaves around US monetary policy announcements. It is revealed that the VIX index falls significantly on the day of Federal Open Market Committee meetings.     

中国输欧纺织品服装结构分析

自2005年起,中国与欧盟在纺织品服装贸易问题上摩擦不断。本文通过计算中国和欧盟15国的贸易竞争力指数,分析了中国输欧纺织品服装结构中的劳动密集型和粗加工特征,并指出了这种出口结构存在的问题,最后给出了相应的对策建议。