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Utz-Peter Reich 《Economic Systems Research》2007,19(4):375-395
Whether or not the terms of trade between two countries may be unequal is a controversial question in the theory of international economics. In practice, the issue is resolved through statistical observation of the terms of trade. This measurement of the terms of trade follows a long tradition and produces impressive detail. It is, however, restricted in scope, because the first derivative, the change of the terms over time is observed only. Absolute levels depend on which year is chosen as the base year, a choice that is rather arbitrary and carries no theoretical meaning. Equality in the levels of terms of trade remains thus undefined. More precisely, it is always assumed to exist implicitly for whichever base year is being nominated. The paper proposes an answer to this ambiguity based on the relatively new statistical tool of international purchasing power compilation. The terms of trade are crucially dependent on the rate of foreign exchange (for which exports are traded against imports), which is predominantly governed by financial rather than commodity markets. Hence, the paper proposes to separate the two factors of influence and to call terms of trade ‘equal’ if the effective real exchange rate (as derived from the nominal exchange rate by means of purchasing power parities) equals one. On that basis a world trade flow table is constructed, putting the compiled equalities and inequalities in trade into a coherent, global perspective. 相似文献
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This research investigates the relationship between real interest rate parity and the interest parity puzzle across several economies in the Asia-Pacific region. Unlike previous studies, we establish a comprehensive theoretical framework for parity and utilize macroeconomic and financial market data from 15 economies in the region to examine it. Our findings indicate that most countries exhibit mild deviations from parity, with real interest rate differentials strongly correlated with changes in the real exchange rate and interest-exchange rate interaction terms, particularly in middle-income economies. While interest parity puzzle is also observed in high-income economies, it is less prevalent in most middle-income economies. Our analysis reveals that income levels are key drivers of deviations from parity in this model, with interaction terms also playing a crucial role in most cases. The implication here is that for carry trades, investors place significant importance on risk factors, especially in economies with relatively low risk. This insight helps to clarify a puzzle in this area. Therefore, it is imperative that investors should take into account the impact of interest-exchange rate interaction terms when making carry trade decisions. Lastly, we underscore the significance of ex ante price forecast approaches in achieving parity. 相似文献
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为适应现代经济飞速发展,各国十分重视公共基础设施建设,单靠政府资金已不能满足需求.因此项目融资作为一种新型的融资模式已被世界各国广泛运用于大型基础建设项目领域.BOT、PPP与ABS作为项目融资中的三种具体融资模式,在基础建设领域发展良好且有巨大的发展潜力.本文对这三种融资模式做一简要介绍并分析它们之间的区别. 相似文献
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BOT、PPP与ABS三种融资模式的比较探析 总被引:1,自引:0,他引:1
项目融资作为一种新型的融资模式已被世界各国广泛运用于大型基础建设项目领域。BOT、PPP与ABS作为项目融资中的三种具体融资模式,在基础建设领域发展良好且有巨大的发展潜力,对这三种融资模式做一简要介绍并分析它们之间的区别。 相似文献
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PPP与BOT融资模式的比较研究 总被引:16,自引:0,他引:16
为解决政府财政资金在公共基础设施建设上投资不足 ,充分吸收民间私人资本进行公共基础设施建设 ,世界各国普遍采用BOT和PPP这两种项目融资模式来进行公共基础设施建设。本文从组织机构、运行程序对两种模式进行了比较研究 ;分析了两种模式的优缺点及PPP在我国的应用前景 ;最后提出了我国应用PPP模式的几点建议。 相似文献
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Abstract This paper surveys current theoretical and empirical research on international migration with a particular emphasis on the links between trade theory and labour empirics. 相似文献
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PPP模式作为一种重要的融资方式,能够解决项目资金短缺、融资渠道单一的难题,因而在我国交通领域得到了广泛应用。以PPP模式运作的高速公路项目涉及参与者众多、资金结构复杂、投资风险大,正确合理的投资评估显得尤为重要。文中从交通量预测、投资估算和经济评价等方面分别对嵩昆、江习和张石三个高速公路项目进行投资评估,结果表明:嵩昆和江习项目的投资效益较好,容易推行PPP模式,而张石项目的效益较差,不利于PPP模式的推行。 相似文献
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目前,我国铁路建设存在整体投资规模小、融资方式单一和管理体制不完善等问题,制约了固有资本对社会资金的引导和带动作用,影响了融资渠道和方式。因此,铁路系统必须改革原有的融资体制,建立多元化、开放式、市场化的融资渠道和方式。文章通过借鉴国外经验,结合实际案例着重研究我国铁路运用PPP融资方式的可行性,以期对铁路行业的跨越式发展有所裨益。 相似文献
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PPP项目风险因素比较复杂,本文对加强我国PPP项目风险管理提出的建议包括:指导思想和法规制度建设,几个关系的正确处理,具体的措施、以及政府应尽快地建立健全有关PPP项目的相关法规以及加速培养PPP方面的专业人才,确保政府和投资者的合法权益。 相似文献
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谢雪平 《中小企业管理与科技》2020,(7):76-77
随着我国经济进步与快速发展,PPP项目在社会发展中的作用越来越明显,对于PPP项目来说,其已经在水利、交通以及水利等项目的应用中取得了巨大的优势,而且其也是我国城市建设与城市经济发展中非常重要的项目工程。基于此,论文先介绍了PPP项目的形成与国家政策的支持,阐述PPP项目的具体概念,分析PPP项目对财务管理与会计核算的作用,提出完善PPP项目会计核算工作的相关建议以及PPP项目公司各个阶段的会计核算分析。 相似文献
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公共基础设施融资模式的比较研究 总被引:1,自引:0,他引:1
政府财政投资的不足,引起了我国公共基础设施领域投融资模式研究和创新的热潮,从BOT模式、PFI模式,到PPP模式和ABS模式,纷纷成为学者研究和探讨的热点。对四种融资模式从产生背景和内涵,以及短期内资金获得的难易程度、项目的所有权和经营权、融资成本、政府风险、模式适用范围等方面进行了深入的比较研究分析,并分析了它们内在的一些联系,以为公共基础设施模式的选择提供一定的借鉴或参考。 相似文献
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本文对1990-2011年间中外基础设施建设领域应用PPP模式的情况进行对比分析,分别从投资额、项目数等角度探讨了PPP模式应用于中外能源、交通、通讯和水处理行业所呈现的态势与特征,并对该模式在我国未来的发展进行了展望。 相似文献
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为了改善我国保障房建设中融资渠道缺乏的情况,结合当前我国国情,可以在保障房建设中引入PPP模式。而成功引入PPP模式的关键之一取决于整个项目的风险分担是否合理。PPP项目较长的项目周期蕴含着巨大的风险。可以通过分析PPP模式在保障房建设中可能产生的风险,提出可行的风险分担方案,对PPP模式在我国保障房建设中的广泛应用提供一定的理论依据。 相似文献
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PPP项目风险分担的博弈分析 总被引:9,自引:0,他引:9
PPP是一种新型的项目合作模式,它的出现有效解决了政府部门在建设基础设施方面的公共资金不足的难题,由于它组织结构比较复杂,各方最终目的并不一致,致使在操作过程中,会产生一系列的风险,从政府部门,私营企业,等不同的角度对项目的风险分析,并通过博弈论对PPP的实施进行了有益的探讨。 相似文献
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Abstract. The concept of purchasing power parity (PPP) has been the subject of numerous studies, many of which have been unable to prove conclusively this core principle of international finance. Although industrialized countries have received most of the attention, studies that focus on less-developed and transition economies have also attained mixed results. This study surveys trends in this branch of the literature, highlighting the econometric advances that have sought to solve this puzzle, while pointing out that more needs to be done to address the reasons that might cause PPP not to hold. 相似文献
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国际形象及其在国际关系中的作用简议 总被引:1,自引:0,他引:1
国际形象是国际社会对一国相对稳定的总体评价,是主权国家最重要的无形资产,在很大程度上决定着一个国家在国际舞台上的地位、影响力和发展条件。初步探讨了国际形象的内涵、外延、构成要素和特征,论述了国际形象在国际关系中的作用。 相似文献
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Bundling and Unbundling in Public–Private Partnerships: Implications for Risk Sharing in Urban Transport Projects
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Public–private partnership (PPP) projects may be organized in a variety of ways, depending on the level of integration of the so‐called Special Purpose Vehicle. Based on the analyses of four major PPP light rail projects in Spain, this article outlines two fundamentally different models of organizing the Special Purpose Vehicle in PPP projects; moreover, the article examines the central principles of these two different models of organizing the private sector Special Purpose Vehicle and their implications for risk sharing and project management in large‐scale infrastructure PPP projects. 相似文献