论不同金融结构对技术创新的影响

从金融功能出发,分析了不同金融结构——以金融市场为主的金融结构与银行中介为主的金融结构对技术创新的影响。由于银行中介的风险内部化,且在信息处理上不能反映存款人的不同观点,使其不适合为高风险、高收益的高科技产业融资;而金融市场有利于投资者通过资产组合分散风险,且能提供表达不同投资者不同意见的机制,使其更能支持技术创新。这一结论已为发达国家产业发展所证实。在此基础上,解释了我国科技型中小企业融资难的金融制度原因,并提出了有关的对策建议。     

MEASURING THE BENEFITS FROM PUBLIC SERVICES: THE EFFECTS OF LOCAL GOVERNMENT SPENDING ON THE DISTRIBUTION OF INCOME IN NORWAY

The purpose of this paper is to provide an evaluation of how local public in-kind benefits affect the distribution of income in Norway. To this end, a method that accounts for differences between municipalities in capacity to produce the same standard of public services is used for assessing the value of sector-specific local public services in each municipality. Moreover, recipient frequencies in various demographic groups are used as basis for determining the allocation of the assessed value of services on citizens of the municipalities. The empirical results show that inequality in the (marginal) distribution of municipal in-kind benefits is rather high. The contribution of municipal in-kind benefits to inequality in the distribution of extended income (cash (after-tax) income plus municipal in-kind benefits) proves, however, to be approximately neutral.     

MACROECONOMIC AND REDISTRIBUTIONAL EFFECTS OF CONSUMPTION TAXES IN THE USA*

This paper studies the effect of an increase in consumption taxes using a dynamic general equilibrium model of overlapping generations calibrated to the US economy. When the proceeds are used to reduce income taxes, the reform raises the aggregate capital and labour supply in the long run. Workers increase labour supply immediately in response to the reform, while consumption rises only gradually. The tax reform also transfers wealth from old consumers to young consumers. As a result, while future generations experience significant welfare gains, current generations, particularly old consumers, tend to experience sizable welfare losses. When the proceeds are used for a lump‐sum transfer, the aggregate capital and labour both decrease in the long run. This reform is welfare‐improving for the current low‐income households.     

生物液体燃料发展对能源地缘政治格局的影响

世界生物液体燃料的生产格局是美国、巴西和欧盟三足鼎立的局面.美国主要是玉米为原料的燃料乙醇,而巴西是以甘蔗为原料,欧盟则是以油菜籽为主的生物柴油.生物液体燃料目前的规模还不是很大,其对传统能源地缘政治格局的影响还十分有限.但如果未来纤维素乙醇技术上有重大突破,随着产量的大幅度增长,其影响会越来越大.未来"生物燃料欧佩克"和欧佩克之间的矛盾和斗争将越来越激烈,彼此之间力量的消涨对未来世界能源地缘政治格局的影响广泛而深远.生物燃料的发展,使发展中国家和石油输出围面临严峻挑战,发达国家利用技术和粮食的双重优势,一方面可以减少对石油输出国的依赖,另一方面又可以抬高国际市场的粮食价格,为提高农产品出口价格创造条件.同时发达国家利用自己在生物燃料领域的技术优势,将其纳入温室气体减排和全球气候变化谈判的框架中,进一步对发展中国家施压.     

THE EFFECTS OF VARIOUS TREATMENTS OF TRUNCATION REMAINDERS IN THE ESTIMATION OF THE CONSUMPTION FUNCTION: A B AYESIAN APPROACH

Using a Bayesian approach, the effects of various treatments of truncation remainders in the estimating of the consumption function for the Federal Republic of Germany (henceforth F.R.G.) are examined with the help of small and large samples. It emerges that some parameters of the consumption function are quite sensitive to what is done with the truncation remainders. Furthermore it seems better to include these terms in the estimation procedure.     

EFFECTS OF PUBLIC EXPENDITURE ON PRODUCTION, INCOMES AND EMPLOYMENT IN FINLAND

This study examines the effects of public expenditure on production activity and private consumption activity. An input-output model with consumption functions connected is used for evaluating the repercussions of public expenditure. Taking both production and consumption repercussions into account, it is concluded that in the year 1965 public expenditure generated 26 percent of domestic incomes and 18 percent of imports. Viewed in terms of the shares of different types of income generated, 72 percent of public expenditure goes to domestic income, and the remaining 28 percent to imports. Forty-five percent of public expenditure returns directly as income to general government. The study also examines the effects of public expenditure by industry and over time (1959 to 1965).     

基于大区域尺度的大众交通旅游职能效应

随着中国区域旅游深度发展、无障碍旅游区建设和人口跨区域流动量的增长,大众交通的旅游化以及旅游职能效应发挥程度的测度问题引人关注。从旅游发展与大众交通的复杂依存关系来看,旅游交通的实质是大众交通的衍生和发展,是大众交通适应旅游发展需求的产业延伸。旅游职能效应测度分析表明,中国大众交通的旅游职能效应在逐年提高,呈现出较大的区域不平衡性。其区域差异是中国各大区域经济发展水平、自然地理条件、竞争型旅游资源的吸引强度、旅客交通流量、专业旅游交通发展等相关因素综合影响作用的结果。     

EMPIRICAL IMPACT OF PUBLIC INFRASTRUCTURE ON THE JAPANESE ECONOMY*

We study the impact of public capital investment on individual sectors of the Japanese economy using time‐series data for the period of 1970–1998. We employ a production function approach and also estimate a dynamic VAR/ECM model. We find significant differences in the employment effects, output effects and private investment effects across sectors. Public capital investment has a positive effect on employment in the finance, insurance and real estate (FIRE), manufacturing, construction and utilities sectors; on private investment in the FIRE, agriculture, transportation, trade and services sectors; and on output in the mining, FIRE, trade and manufacturing sectors.     

THE EFFECTS OF FEEDBACK ON SELF‐ASSESSMENT

It is a well‐known phenomenon that people have difficulties in assessing their ability correctly. Often they overestimate their (relative) abilities. We conduct an experiment to test whether the self‐assessment of individuals improves when they receive feedback and there are incentives to make a correct self‐assessment. We investigate the subjects' reactions to feedback in several subsequent rounds to see not only if, but also when and how they react. Our main finding is that feedback influences subjects' decisions and can improve their overall self‐assessment. The effects, however, depend on the kind of feedback. Furthermore, we observe differences in the reactions of subjects (e.g., to what extent they follow feedback), the robustness of their belief about their relative ability, and how they process feedback.