“樊记腊汁肉”与“肯德基”——“中华老字号”的DNA

“樊记腊汁肉”不再姓樊 2011年5月24日,这一天,在西安人嘴里,变成了一包五味杂陈的怪味豆。从这一天起,誉满天下的,让西安人充满了自豪感的地方风味名小吃,荣获商业部“金鼎奖”金牌小吃,“樊记腊汁肉”从此不姓樊了。     

Political and Economic Inequities and the Shaping of Institutions and Redistribution

This article studies the joint effect of political and economic inequalities on redistributive taxation and institutional quality. The theoretical model suggests that income inequality, coupled with political bias in favor of the rich, decreases redistribution and lowers institutional quality. The effect of the former is to increase productive investment, and the effect of the latter is to decrease it—with resulting ambiguous implications for economic growth. Testing these predictions empirically in a panel of countries, we find that inequality has a negative effect on both institutional quality and redistribution.     

European integration and economic methodology and research: Questions and speculations

This paper will discuss the role of methodology in connection with different theoretical approaches. It is shown that a multitude of paradigms is appropriate when dealing with complex developments such as integration. The question is raised whether it makes sense to discuss a special European approach. Divergent views exist, but some differences between a European and an American tradition seem to exist due to a continent-wide competition among U.S. economists and a more fragmented European scene. Closer integration and academic cooperation in Europe could result in a more unified research environment resembling the U.S. picture. However, the role of language differences must not be overlooked and can contribute to a continuing diversification.Distinguished Address presented at the Forty-Seventh International Atlantic Economic Conference, Vienna, Austria, March 16–23, 1999.     

广东省科技与金融结合现状及对策研究

本文采用问卷调查的方法,以广东省的高新技术企业以及非高新技术企业的研发活动作为调查重点,发现金融投入对科技活动的介入程度低,并从政府、银行以及相关中介机构的角度提出广东省科技与金融结合的对策建议。     

Care and Nutrition: Concepts and Measurement

Care is the provision in the household and the community of time, attention, and support to meet the physical, mental, and social needs of the growing child and other household members. The significance of care has best been articulated in the framework developed by the United Nations Children's Fund (UNICEF). This paper extends the UNICEF model of care and summarizes the literature on the relationship of care practices and resources to child nutrition. The paper also summarizes attempts to measure the various dimensions of care. The concept of care is extended in two directions: first, we define resources needed by the caregiver for care and, second, we show that the child's own characteristics play a role in the kind of care that he or she receives. The literature summary and methodological recommendations are made for six types of resources for care and for two of the least studied care practices: complementary feeding and psychosocial care. The other care practices are care for women, breast-feeding, food preparation, hygiene, and home health practices. Feeding practices that affect a child's nutritional status include adaptation of feeding to the child's abilities (offering finger foods, for example); responsiveness of the caregiver to the child (perhaps offering additional or different foods); and selection of an appropriate feeding context. Psychosocial care is the provision of affection and attention to the child and responsiveness to the child's cues. It includes physical, visual, and verbal interactions.     

Capital flows and exchange rates: recent Korean and Taiwanese experience and challenges

We first study the characteristics of the financial crisis and its impacts on Taiwanese and Korean economies. We have examined 22 macroeconomic fundamentals, such as GDP, inflation rates, government budget, trade balance, external debt, money supply, and ratios of average monthly imports and cumulative inward portfolio investment to international reserves, and compared with an extensive data set of the two countries. The comparisons point out that the macrofundamentals of both countries are basically the same, except the international finance sector. After defining currency crisis and banking crisis, the causes of crises are identified as the nominal exchange rates and the short-term external debt-to-international reserves ratios. In view of this, we use cointegration and causality tests to examine the relationship between these two time series. We have found a unidirectional causality from the short-term debt ratio to the exchange rate for Korea, but no causality between the two for Taiwan. The paper ends with some discussions on the lessons and challenges from the experience of the two countries.     

人民币和日元协调与合作的基础和路径

虽然东亚区域的货币金融合作已经取得一定的成果,但是仍然进展缓慢.后危机时期,东亚货币金融合作可能再一次陷入困境.作为区域内重要国家的中日两国来说,应该在区域合作方面肩负起重大责任,为东亚货币金融合作寻找突破点.人民币和日元的协调与合作,无论对于东亚区域还是对于中日两国来说,都具有明显的意义和重要的必要性,并且已经具备了一定的基础.经过对这些问题进行分析之后,提出了人民币和日元进行协调与合作的路径,其中包含两国、区域和全球3个相互关联的层面.     

Water pollution and abstraction and economic instruments

The paper assesses the potential role for economic instrumentsin the regulation of water pollution and abstraction in thelight of the UK government's discussion documents. Economicinstruments offer the potential for greater cost efficiencyin achieving environmental targets than existing command-and-controlmethods. Applying economic instruments in the water context,however, is complex, because the location of pollution sourcesis critical and because of the interactions between pollutantsand between effluent and abstraction. Schemes for recyclingtax revenue to polluters in ways which preserve the appropriatemarginal incentives are examined, and the possibility of combiningthe existing quantitative controls with a tax scheme is explored.     

国内外科技园的优势匹配及操作分工

科技园是国家科技创新体系的重要组成部分。对我国科技园内企业、管理机构的调查表明,要进一步发挥国内科技园、海外科技园创新平台和创新网络的优势,国内科技园应为园内企业提供国际合作信息与机会,建立国际技术交流合作平台,搭建不同园区间企业合作交流的桥梁,完善企业资助评估体系和奖励机制;而海外科技园应简化进驻程序,提供完善的信息咨询服务。     

市场经济与不平等——关于社会公平与国家治理的国际与历史观点

文章剖析了后工业时代社会全球化的历史性变化,包括其如何在风险与不平等的条件下发展并影响人们的日常生活,如何在世界范围内改变社会福利保障的状况及影响公共政策的制定。随着贫富分布不均以及社会阶层化等现象的出现,整个社会的结构正在重新构建,迅速成长的自由市场带动相关经济力量的发展,并伴随着关于理性化、标准化、商品化或是世俗主义思想的扩散。在经济下滑以及劳动力市场的软化的情况下,在全球范围内寻求更完善的社会保障措施的呼声越来越高。如今,原有的20世纪的福利国家形式已被21世纪一种更有竞争力的形态所取代,即所谓“非主权权力”,其在全球范围内越来越受到关注,但在各种社会势力（例如NGOs非政府组织）中对日常生活的影响仍旧较弱。尽管在国际经济发展与社会政策制定之间存在着滞后性,国家政权在跨国公司利益主导的世界范围内还是具有重要的管理功能。在全球化已经影响了社会契约的情况下,社会福利的未来虽难以抉择,但终究是要向着商品化的社会服务方向发展。鉴于公正与治理带来的挑战,文章认为,如今市场经济的走向必须由反映人的根本价值的道德原则来指导,而社会福利保障等概念则需要重新定义和延伸。     

EBITDA and Managers' Investment and Leverage Choices

EBITDA is a commonly used performance measure for (i) valuation, (ii) debt contracting, and (iii) executive compensation. The widespread use of EBITDA by stakeholders may induce managers to focus their attention on EBITDA. Since EBITDA excludes various expenses, managers who fixate on EBITDA may underweight the excluded expenses when determining their firms' investments in capital and leverage levels. I find that managers who fixate on EBITDA overinvest in capital and overlever their firm relative to their industry peers. These results are robust to alternative proxies for managers' focus on EBITDA and alternative specifications. I also find that firms whose managers focus on EBITDA have weaker operating performance, which is attributed to higher depreciation expense. My primary proxy for managers' focus on EBITDA is whether they choose to disclose EBITDA in annual earnings announcements. I find that the use of EBITDA in setting executive compensation, the prevalence of EBITDA estimates by analysts, and the use of EBITDA‐based covenants in firms' debt contracts are all positively associated with the propensity to disclose EBITDA in earnings announcements. I find weaker evidence of opportunistic motives explaining EBITDA disclosure. These results are consistent with managers disclosing EBITDA to portray to investors that it is a metric they seek to maximize. Overall, this study suggests that while EBITDA is a widely used metric, there is a systematic cost to using this measure—it provides managers with incentives to overinvest in capital and to acquire excessive debt.     

Village Banking and Maternal and Child Health: Evidence from Ecuador and Honduras

Many microcredit institutions bundle credit with health, education, or other programs. This paper reviews arguments on such “tie-ins” and concludes that net benefits are possible but requires empirical testing. Quasi-experimental data from Project HOPE's “health banks” and credit-only village banks are then examined. The paper presents evidence that health practices do not improve automatically with greater wealth. In Honduras, results show that health bank participation is robustly associated with reduced subsequent conditional child diarrhea probability, but in no specification does credit-only bank participation have this effect. In Ecuador, results suggest a larger effect of credit-only banks. In both countries, health bank participation significantly raises subsequent healthcare over credit-only participation, and at least reduces the tendency to switch from breast-feeding to bottle-feeding as income rises. Effects on expenditures are ambiguous. There is no clear link between tie-ins and bank performance.     

我国中小企业开展融资租赁的现状及对策

中小企业在发展过程中主要障碍之一就是融资难,如何解决中小企业的融资问题也就成为社会各界研究的焦点,尽管提出各种各样的措施来解决,但收效甚微,基本上是“治标不治本”,本文以福建省(泉州)中小企业的发展现状为例,从国际租赁的角度探讨解决困扰中小企业融资问题的途径。     

Multiplant Firms and Innovation Adoption and Diffusion

A new theoretical explanation is provided for the empirical observation that large firms usually adopt sooner, although there are notable exceptions. The analysis focuses on the adoption of an innovation of uncertain profitability by a large firm with two plants and a small firm with one. Marginal production costs are increasing in each plant, and economies of multiplant operation are possible. These have conflicting effects on the incentive to adopt. The large firm benefits more from adopting a success. However, if an adopter must shut down a plant to learn about the innovation, the loss of multiplant economies reduces the large firm's incentive to adopt. Absent multiplant economies, the large firm is more likely to lead a diffusion because its greater return from a success dominates. However, the small firm is more likely to lead a diffusion if there are multiplant economies and the large firm's learning cost disadvantage dominates.     

Global and Euro Imbalances： China and Germany

We analyze global and euro area imbalances by focusing on China and Germany as large surplus and creditor countries. In the 2000s, domestic reforms expanded the effective labor force, restrained wages, shifted income toward profits and increased corporate saving. As a result, the Chinese and German current account surpluses widened, and that of Germany has proven more persistent, with subdued domestic investment. China is an early-stage creditor, holding a short equity position and a longposition in safe debt. Germany＇s balanced net debt and equity claims mark it as a mature creditor thatprovides insurance to the rest of the world. China pays to lay off equity risk, while Germany, by contrast, harvests a moderate yield on its net claims. In both economies, the shortfall of the net international investment position from cumulated current account surpluses arises from exchange rate changes, asymmetric valuation gains, and, in Germany＇s case, credit losses.     

China and globalization: 40 years of Reform and Opening-up and globalization 4.0

ABSTRACT

The story of China’s development over the four decades since Reform and Opening-Up was launched is deeply entwined with the process of globalization. China has benefited from and contributed to globalization through increasing cross-border flows of capital, goods and people. Following its development and rise on the international stage, China is now well-placed to play a constructive role in tackling new challenges associated with globalization 4.0. This includes by helping to update global governance mechanisms, acting as a catalyst for regional integration, and continuing to serve as an engine for the global economy. The Belt and Road Initiative will also be an important vector for globalization 4.0 as it helps to bring its enabling infrastructure and technologies to all corners of the globe.     

中韩经贸关系的发展现状及前景展望

自1992年中国与韩国建交以来，两国关系在政治、经济、文化等各个领域都取得了快速发展。其中，经贸关系是中韩关系持久发展的基石。文章通过对建交后中韩经贸关系发展的回顾，深入分析两国经贸交流中快速发展的原因及存在的问题，在此基础上展望中韩两国经贸关系的未来发展前景。     

我国与东盟国家的产业分工与协作

本文通过对中国与东盟各国产业结构变动的实证分析,发现我国与东盟各国在产业分工中的竞争与互补关系,指出了在东盟区域的产业分工协作中,我国的选择。     

中国与西欧的文化对比和差异

由于中国与西欧的地理环境、历史背景、发展历程以及其他因素的不同,使西欧文化与中国传统文化有着截然不同的特点及基本精神。中国传统文化重道轻器、重人治而轻法治,讲究天人合一,善于辩证思维,艺术精神主宰科学精神。反观西欧文化,则重器轻道、重法治而轻人治,讲究征服自然,善于逻辑思维,科学精神主宰艺术精神。     

中国与土库曼斯坦经贸合作的历史、现状及前景展望

近年来,中土两国双边贸易和投资都出现了快速增长,20年来双边贸易额增长了2300多倍,中国已经成为土库曼斯坦第一大贸易伙伴、最大天然气出口市场和重要的投资来源国.本文将中土经贸关系发展划分为两大时期、四个发展阶段,即起步与探索阶段、曲折发展阶段、平稳增长阶段、全面深化合作发展阶段,并总结了每个阶段中土双边贸易及投资合作的成果和特点.展望未来,随着两国长期战略伙伴关系的建立,以及中国—中亚天然气管道三线和四线的规划建设,土库曼斯坦将扩大对中国的天然气出口,中土双边贸易与投资合作仍具有良好的发展前景.