Public Hospital Costs in Two Australian States

This study examines the long-run and short-run behaviour of public hospital average costs in two Australian States: Victoria and Queensland. Using adjusted weighted inlier-equivalent separations as a measure of hospital output, and floor area as a measure of capacity, the study finds a hump- or '∩'-shaped long-run average cost curve at the 5 per cent significance level in both data sets. The study also finds a saucer- or '∪'-shaped relationship between capacity utilisation and short-run average cost at the 5 per cent level.     

Screening and Human Capital in the Australian Labour Market of the 1990s

This paper presents tests of the screening hypothesis using data on adult males from the 1996 Australian Census of Population and Housing. These tests are based on comparisons of wage and salary earners and the self-employed, and public and private sector workers, as examples of screened and unscreened employments. The first test compares the mean levels of schooling, income and labour market experience in screened and unscreened sectors, while the second examines the returns to schooling and the goodness of fit of the earnings models for both wage and salary earning (separated into public and private sector employees) and self-employed groups. The results are equivocal, but suggest screening could be part of the earnings determination process in the Australian labour market.     

浅论国际资本流入对资本流入国的影响

在经济全球化的推动下,资本的大量流动促进了全球经济资源在更大的市场范围内进行优化配置。对于很多缺乏资金的发展中国家而言,资本的流入无疑是“雪中送炭”,但同时大量短期投机资本的涌入带来发生金融危机的风险性。文章就国际资本流入所带来的正反两个方面的影响展开了研究。     

美、日、德资本作用模式的特点

在全球经济一体化的今天，银行资本、证券资本和风险资本发挥资本融通和配置作用的特点不但有了明显的变化，而且形成了以美国、日本和德国为代表的几种典型的金融资本作用模式。本文试图对此进行阐述，希望对我国金融资本体系的建设提供借鉴作用。１．美国模式。美国模式是以银行业与证券业分离为主要特征的，银行提供短期资本，证券市场提供长期资本，风险基金提供高新技术企业风险资本，三者共同成为美国产业获取资本的三条渠道。尽管目前美国金融业正在取消进入壁垒，消除银行业与证券业的严格分业界限，银行和证券公司都开始通过子公司…     

The Effects of Reallocating General Revenue Assistance among the Australian States*

The Australian government distributes about 4 per cent of GDP to the State governments in the form of general revenue assistance. The distribution formula, which favours the less populous States, is a source of resentment in Victoria and NSW. We use two general equilibrium models to analyze the regional employment, output and efficiency effects of proposed changes in the formula     

Australian Capital City Real House Prices, 1979–1993

Real house prices have increased by 35 per cent in Australian capital cities during the last 15 years, with Brisbane, Canberra, and Sydney experiencing rises of 48 to 61 per cent and Adelaide, Melbourne and Perth having increases of 20 per cent or less. This article estimates a single model for the six cities to explain the divergent real price behaviour over time and space. It is concluded that the fundamental forces driving real house prices are the growth rate in real wage income (primarily due to employment growth) and the growth in population caused by net overseas migration.     

Unemployment Hysteresis in Australian States and Territories: Evidence from Panel Data Unit Root Tests

This article tests for hysteresis by applying panel data unit root tests to quarterly unemployment rates for Australian states and territories between 1982:2 and 2002:1. Panel tests proposed by Levin and Lin (1992) using ordinary least squares and O'Connell (1998) using feasible generalised least squares (which assume that under the alternative hypothesis of stationarity, all labour markets revert to the natural rate at the same speed) provide evidence in support of the natural rate hypothesis. However, the panel test proposed by Im, Pesaran and Shin (1997), which does not assume that all cross‐sectional units converge towards the equilibrium value at the same speed under the alternative and is therefore less restrictive than the other two panel tests, finds evidence of hysteresis. Given the advantages of the Im et al. (1997) test over the other two panel tests the results can be interpreted as being consistent with the existence of hysteresis in unemployment     

论人力资本与智力资本的"虚拟资本"性质

本文认为人力资本、智力资本理论的产生,本质上是提出了"虚拟资本"问题,是对这些过去被看作是费用或成本的东西进行"资本化定价".在当代企业的资本范畴中实际上已经形成了以实体资本为一方的"硬资本"和以虚拟资本为另一方的"软资本"两大部份,而这两大部份是建立在"资本三要素"--物质资本、人力资本、智力资本基础上的.由"资本三要素"的基础概念,我们可以推解出一系列新的资本概念和形态,从中我们可以较清晰地辨别虚拟资本与实体资本的构架与层次,并可直观地厘清它们的边界与关系,这有利于我们更好地理解人力资本与智力资本的特性和功能.     

持续性储蓄率差异与中美间资本流动的调控

持续性储蓄率差异是指两国间的储蓄率水平在较长的时期内都保持较大的差额,其国内存在着方向不同的投资—储蓄缺口。与偶然性储蓄率差异的影响效果不同,持续性储蓄率差异并不仅仅会带来国内的资产泡沫,而且会在两国间形成规模巨大的资本流动。笔者通过对中美间资本流动状况的分析,研究持续性储蓄率差异对中美资本流动的影响效果与趋势,以此为基础,本文提出了中美间资本流动调控的整体思路与方案,为我国正确处理国际资本流动,建立国际资本风险调控的政策体系等决策提供参考。     

The Real Cost of Financial Capital in the United States,Japan and Korea: Comparison and Convergence Tests

This paper presents alternative measures of the real cost of financial capital in the United States, Japan, and Korea over the 1975-90 period. Japan's cost of financial capital was the lowest among the three countries studied. The U.S. real cost of financial capital was higher than the Korean real cost. Our statistical analyses provide some evidence for shrinking the gap in the real financial costs of Japan and Korea vis a vis the United States. This is the reflection of increasing goods market integration and financial liberalization occurring in Japan and Korea. [F36, G15]     

The Theory and Practice of Equalization

This paper presents a selective and non-technical survey ofthe role of intergovernmental equalization transfers as a devicefor achieving efficiency in the allocation of labor across regionsin a decentralized nation, and for achieving fiscal equity amongresidents of various regions. We discuss some of the issuesthat arise in attempting to put the principles of equalizationinto practice.(JEL H77)     

Market Structure and Factor Price Equalization

There is a widespread belief that factor price equalization is less likely if some industries are imperfectly competitive and, in particular, that this is so if some industries are under the control of strategy-playing oligopolists. However, it is shown that, if each category of oligopolists is recognized as a primary factor of production, then the dimensionality of the set of endowments compatible with factor price equalization is independent of market structure.
JEL Classification Numbers: D33, D43, F12, L13.     

资本市场与资本结构

本文比较分析了美国、日本企业对资本结构的选择 ,认为融资体制对企业资本结构模式的选择有决定性影响。中国企业资金的市场配置方式逐渐取代了计划配置方式 ,企业融资方式呈现出多元化趋势。为了提高融资效益必须科学选择融资方式或资本结构。     

Jointness In Production and Factor-Price Equalization *

This paper argues that the presence of activities which yield outputs jointly does not damage the case for factor-price equalization. the crucial condition for equalization is similar to that in the no-joint production case: the number of common activities with independent input vectors that are actively used in both countries at least match the number of factors, and factor endowments lie sufficiently close. Indeed, joint production may increase the range of commodity prices for which factor prices are equalized by commodity trade.     

公共服务均等化论略

政府为社会提供均等化的公共产品与服务是现代市场经济的必然要求。长期以来,我们实行的是城市偏向型公共产品供给制度,造成农村公共产品供给短缺、供给成本分担不合理、公共产品收益分享不公平、供给决策机制不规范等问题,影响了农村经济社会的发展,导致城乡经济社会发展进一步失衡。因此,必须根据公共财政的要求,实行城乡统筹的公共产品供给制度,以促进公共服务均等化目标的实现。     

公共服务均等化的基本逻辑

公共服务均等化实际上是公民社会和市场经济发展到一定阶段纳税人权利意识凸显出来的必然要求和具体体现.公共服务均等化理念的产生及其实施背后有着深刻的政治、经济和社会逻辑.不同国家的社会经济状况各不相同,因而会对公共服务均等化不同维度的逻辑进行强调,这一状况使得不同国家的公共服务均等化在标准的选择以及制度安排上出现差异.在公共服务均等化已成为我国社会经济生活的重要目标的情况下,弄清楚公共服务均等化的基本逻辑是非常重要的.     

人力资本、财务资本与资本结构：理论和实证

当今社会已经从工业经济迈进知识经济时代，现有以财务资本为研究对象的资本结构理论在解释咨询、高新技术等人力资本较为密集的公司时难免会捉襟见肘。视企业为财务资本与人力资本共同的投资组合是现代资本结构理论研究刻不容缓的任务。本文以现有财务资本结构的研究为基础，通过引入人力资本变量拓宽现代资本结构的内涵，构造债务、股权和人力资本三者之间相互关系和作用的数理模型，结合对我国计算机应用服务业的实证分析，得出结论和启示。     

知识资本可以驱动传统资本——以风险企业为例

本文首先从案例研究入手,验证了阿尔文·托夫勒的经典论断：知识是终极的替代品。然后以风险企业为例,运用托夫勒权力三角框架探讨了知识资本驱动传统资本的内在机制和前提条件。最后,总结了以上理论和分析了对中国风险企业的启示。