非正规金融利率决定机制--一个信息基本对称的NASH议价解析

本文研究非正规金融信贷利率决定机制。基于非正规金融市场具有信贷。信息基本对称的特征，本文构造了一个信息基本对称的纳什议价模型，把非正规金融利率的主要决定因素（项目自然风险、项目收益率、贷款期限、贷款规模、贷款紧急程度、借款者的经营能力、信贷市场的竞争程度以及制度风险）作为变量纳入模型中，分析了这些因素如何影响非正规金融利率水平。     

会计信息披露质量保障机制:基于公司治理视角的分析

公司治理结构是会计信息披露质量的制度保障,提高会计信息披露的透明度,完善公司治理结构成为必然。近年来我国上市公司频繁发生虚假陈述和信息披露违法违规事件,与我国上市公司都不同程度地存在着治理结构方面的问题直接相关。本文分析了我国公司治理结构的现状,并从公司治理角度就如何构建会计信息披露质量的保障机制提供了相关的建议。     

A cohort analysis of male labor supply in Japan

This study uses repeated cross-sectional data from 1982 to 2007 to understand labor force behavior of men in Japan, focusing on the increase in non-regular employment. I find that regular employment fell significantly for recent cohorts of less-educated men. Regular employment of single men and less-educated married men responded more to the business cycle than did regular employment of highly educated married men. Cohorts who finished their schooling in the late 1990s and early 2000s experienced a severe decline in regular employment at young ages, although this phenomenon was mainly observed among single men and not among married men.     

The effects of state-led relocation on labor market participation: Evidence from China

The urbanization of China has been accompanied by large-scale state-led relocation (SLR) programs. This paper studies the effects of urban SLR on labor market participation. With three waves of China Household Finance Survey (CHFS), we find that urban SLR reduces labor market participation, on both the extensive margin and the intensive margin. The reduction is stronger for females, and there is some substitute effect between husbands and wives. The reduction is also stronger for individuals who are elder and less educated, and who choose lump sums of monetary compensation. Finally, we find no evidence that urban SLR experience stimulates business creation.     

Fixed-rent contracts and investment incentives. A comparative analysis of English tenant right

This article stresses that tenants are more motivated to improve the holding when they have formal property rights over their improvements. In this case, however, their rights over the improvements usually come into conflict with the landlords' rights over the land. Through a comparison with what happened elsewhere in Europe, the article analyses the attempts to delineate and ensure both rights in nineteenth-century England. No wholly satisfactory solution was found to the problem and the article concludes that this is one of the reasons explaining the poor performance of English agriculture in the early twentieth century.     

净值公告对封闭式基金市价影响的实证分析

本文运用事件研究的实证分析方法,研究了净值公告对封闭式基金市价影响,也是在理论上对中国基金市场有效性的一个检验。     

Real-time analysis on Japan’s labor productivity

This paper analyzes the revision to Japan’s labor productivity, measured using Japan’s System of National Accounts (SNA) data. We draw three main findings from our analysis. First, SNA data has been substantially revised in and after the second comprehensive revisions, as well as at the earlier stage of revisions. We find that the past absolute revisions to the annual growth rate of labor productivity often went beyond 1% point. Second, the annual growth rate of labor productivity has been revised upward by 0.4% points on average. We show that part of its upward revisions reflects an underestimation of employment through an increase in ‘non-response people,’ people who do not respond in the Population Census. Third, revisions to source data such as the Population Census and the Employment Status Survey are helpful to predict revisions to labor productivity growth. Our regression results suggest that labor productivity is likely to be revised upward during expansions or with low real-time estimates of value added. We conclude that the three findings indicate that labor productivity during the 2000s will experience substantial revisions in the future. This conclusion takes into account the fact that the SNA after 2000 has experienced at most one comprehensive revision. The upcoming revisions to labor productivity can be positive rather than negative.     

金融发展水平适度性的跨国比较研究——基于金融可能性边界视角

文章简要回顾了国际上对金融可能性边界概念的最新研究成果,现有研究表明金融可能性边界是一个受约束的最佳金融发展水平,它考虑到了影响金融系统深化的结构性国家特征、制度和宏观经济因素,可以用来估计一个国家金融体系相对全球其他国家的表现。文章对现有研究框架做了一定改进,通过跨国比较分析了代表性国家及不同金融发展指标间的差异,从全球视角评价了金融发展适度性格局,并针对我国实际给出了相关政策性启示。     

The impact of bequest motives on labor supply and retirement behavior in Japan: A theoretical and empirical analysis

Do individuals who want to leave a bequest work more and retire later than other individuals? Does the reason for wanting to leave a bequest (altruism vs. exchange) matter? In this paper, we conduct a theoretical and empirical analysis of the impact of bequest motives on the labor supply and retirement behavior of households in Japan, and to the best of our knowledge, it is virtually the first paper to do so. We conduct an empirical analysis using micro data from a unique survey—the Preference Parameters Study of Osaka University—and show that respondents with an altruistic or strategic/exchange bequest motive work more at the intensive margin than those without any bequest motive but that respondents with a strategic or exchange bequest motive work less at the extensive margin (i.e., retire earlier) than those without any bequest motive. Our findings for the strategic or exchange motive suggest that respondents with such a motive tend to work more than others before they retire so that they can earn more, leave a larger bequest to their children, and elicit more care from them but that they tend to retire earlier than others so that they can start receiving care for themselves and their spouses from their children sooner. Our findings have important policy implications because they imply that inheritance taxes may affect people's labor supply and retirement behavior by influencing the strength of their bequest motives and that these effects may differ by the type of bequest motive.     

Welfare effects of non-tariff barriers: A general equilibrium analysis

Zusammenfassung Wohlfahrtswirkungen nichttarif?rer Handelshemmnisse. Eine Analyse des allgemeinen Gleichgewichts. — Dieser Aufsatz geht von der Beobachtung aus, da? Importquoten, Exportquoten oder freiwillige Ausfuhrbeschr?nkungen zu unterschiedlich hohen Anteilen der Handelspartner an der Knappheitsrente führen, und behandelt die Wohlfahrtswirkungen der internationalen Verteilung der Renten aus solchen protektionistischen Ma?nahmen. Unter anderem wird gezeigt, da? die Konsumenten in einer Zwei-L?nder-Welt mit repr?sentativen Haushalten um so weniger von einer Handelsbeschr?nkung profitieren, je kleiner ihr Anteil an der Knappheitsrente ist.

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Résumé Les effets du bien-être des barrières non-tarifaires: une analyse de l’équilibre général. — Commen?ant par l’observation que les quotas d’importations ou d’exportations ainsi que les restrictions à l’exportation volontaires mènent aux parts différentes des partenaires commerciaux en ce qui concerne la rente résultant de la pénurie, cette étude expose les conséquences pour le bien-être de la distribution internationale de la rente qui résulte de telles mesures de protection. Entre autres, on démontre que dans un monde de deux économies aux ménages représentatifs, les consommateurs d’un pays probablement profitent le moins d’une barrière non-tarifaire, si leur part concernant la rente résultant de la pénurie est plus petite.

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Resumen Los efectos de barreras no arancelarias sobre el bienestar: un análisis de equilibrio general. — Partiendo de la observatión de que cupos de importation, cupos de exportation o restricciones voluntarias a las exportaciones dan lugar a participaciones diferentes en la renta por escasez para cada una de las partes comerciantes, este trabajo trata de las implicaciones que tiene para el bienestar la distribución international de la renta ligada a dichas medidas protectionistas. Inter alia se demuestra que en un mundo con dos economías y hogares representatives, los consumidores de un país se benefician con menor probabilidad de una restrictión al comercio, cuanto menor sea su participatión en la renta por escasez.

     

Sources of Chinese labor productivity growth: A structural decomposition analysis, 1987–2005

We decompose labor productivity growth from 1987 to 2005 by examining six partial factors (both supply and demand): changes in value-added coefficients, labor inputs, shares of sectoral demands that are fulfilled domestically, input mix, and the intra-sectoral shares and intersectoral mix of final demand. Our analysis confirms that simply by virtue of its size and extremely low level of labor productivity, China's farm sector continues to weigh heavily in China's overall economic advances. Labor savings have levied the largest influence on the labor productivity on all sectors across all three study subperiods. We find that this transition is highly correlated with capital deepening that accompanies China's opening up process. Still, changes in the intra-sectoral shares and the intersectoral mix of China's final demand also have become quite strong, especially in recent periods. Due to ever-increasing competitive pressures as China continues to open, changes in industries value-added coefficients have tended to counteract some of the positive benefits of labor savings for most sectors. The effects on changes in labor productivity of technology change and changes in the use of imports have been comparatively negligible and any variation in their sectoral effects have been waning over time.     

Long-term effects of labor market conditions on family formation for Japanese youth

This study aims to examine how each cohort’s family formation is affected by labor market conditions experienced in youth in Japan. Although the deterioration in youth employment opportunities has often been blamed for Japan’s declining fertility rate, the effect of slack labor market conditions on fertility is theoretically unclear. We estimate the effects of regional labor market conditions at entry to the labor market and contemporaneous conditions on fertility, controlling for nation-wide year effects and prefecture fixed effects, and find the following. First, high school-educated women who experienced a recession while entering the labor market are less likely to have children. In contrast, a recession rather increases fertility among college-educated women. When summed up, the aggregate impact of labor market conditions experienced in youth on fertility is weak. Second, the unemployment rate at entry to the labor market is positively correlated with the probability of having two or more children conditionally on having at least one child. Third, the contemporaneous unemployment rate is negatively correlated with marriage of women in the local labor market, although the correlation is weak and concentrated on the less educated group.     

Firm-level effects of offshoring of materials and services on relative labor demand

Based on firm-level data over the period 1997–2002 for the Swedish manufacturing sector the objective of this paper is to analyze relative labor demand effects due to offshoring, separating between materials and services offshoring and also geographical location of trade partner. Overall, our results give no support to the fears that offshoring of materials or services lead to out-location of high-skilled activity in Swedish firms. Rather, this paper finds evidence that the aggregate effects from offshoring lead to increasing relative demand of high-skilled labor, mainly due to services offshoring to middle income countries.