Equity Markets & the Economy

Media commentary in the New Year has seen the word ‘recession’ increasingly associated with short‐term US prospects, which seemed so positive only half a year ago. In this article, John Muellbauer 1 Muellbauer is Professor of Economics at Oxford and an Official Fellow of Nuffield College.
discusses this ‘boom to bust’ phenomenon, the role of asset prices and the wider ramifications for global growth, exchange rates and the UK economy.     

社会主义:混合经济,社会公正和社会所有

马恩经典作家所描述的“未来社会”是与两个等式相联系的 ,即 ,资本主义 =私有制 =市场经济 ,社会主义 =公有制 =计划经济 ,而邓小平理论则对这两个等式作了实质性的修改。按照邓小平理论和中国改革开放 2 0年的实践 ,社会主义可以用这一等式表述 :社会主义 =混合经济 +社会公正 +社会所有。混合经济是社会主义在经济上的表现形式 ,它是“看不见的手”与“看得见的手”的有机结合 ,包含有市场经济一般特征和内容 ;社会公正是社会主义的本质特征 ,离开了社会公正 ,也就没有社会主义 ,社会公正包括公平的价值观和高度的民主政治 ;社会所有是社会公正的基础 ,也是社会主义的基础 ,包含以下三层意思 :个人积累的财富很大一部分转化为社会所有 ,社会每个成员可以充分享受社会财富的积累给个人带来的好处 ,生产资料以个人所有的集合体形式出现。中国的社会主义实践正在不断丰富和深化上述认识。     

Predictability and Regional Integration of Pacific Basin Equity Markets

Between 1986 and 1990, returns on equity indices in Pacific Basin markets can be partially predicted by a set of information variables whose time series coefficients reveal at most one latent variable in the four-market system. A single-factor model implies that the reward for bearing a unit of common covariance risk is the same across markets which, in turn, implies that the markets are integrated. Total sample evidence, however, is driven by price movements in the first two subperiods and is also sensitive to other seemingly trivial adjustments to forecasting specifications. Thus, the predictability of Pacific Basin equity returns is inconsistent. To the extent such inconsistencies suggest imperfect regional integration, the costs to non-Asian firms of providing indirect diversification for their shareholders by investing in real assets in Pacific Rim countries will be high.     

An Empirical Analysis of International Accounting Standards, Equity Markets, and Economic Growth in Developing Countries

The International Accounting Standards Committee receives widespread support for its efforts to 'harmonize' international accounting. International Accounting Standards (IASs) are, however, controversial, particularly in the context of developing countries. The authors report the results of an exploratory study empirically examining the relationships between the adoption of IASs, equity market development, and economic growth in developing countries with equity markets. They analyzed 27 developing countries by means of a cross-national sociological research design and partial least squares. The results indicate no major association between developing countries' equity market development and economic growth due to adoption of IASs. Questions for future research are proposed.     

公平、效率与环渤海区域经济协调发展

从公平和效率的关系入手,运用相关理论,指出了环渤海区域经济发展中公平与效率的内在矛盾,努力探寻二者相统一的目标,最后提出了实现环渤海区域经济协调发展的路径选择.