世界银行帮助内蒙古改善交通促进边贸

世界银行执行董事会批准向中国内蒙古交通和贸易走廊项目提供1亿美元贷款。该项目将通过帮助内蒙古自治区改善交通基础设施和物流,促进中俄、中蒙边境贸易发展,降低交通运输成本,增加外贸创收,提高内蒙古的收入水平。该项目的目标是充分利用交通基础设施促进发展通过内蒙古特别     

Globalization, telecommunications and trade

This article describes some characteristics of globalization, one of the most dramatic impacts of the information revolution. There is a need for a broad international agreement on trade in services, yet the changes in thinking that this demands are being hampered by old perceptions, particularly in telecommunications. Issues arising in the Geneva negotiations on trade in services are examined. Particular importance is attached to factoring the implications of the globalization process and the new telecommunications realities into national decision making, if governments wish to retain control over those decisions and their impacts.     

Culture, infrastructure and international health benefits delivery

When selecting a health insurance carrier for international employees, it is advantageous to recognize that valid assumptions made when selecting domestic benefits simply do not apply in the international realm and can lead to costly errors. This article examines some scenarios and cultural anomalies that invalidate commonly accepted domestic health insurance practices. It explores strategies for simplifying benefit design, providing access to quality care abroad, assessing costs, minimizing overseas risks and understanding the cultural impact on health care delivery.     

Information, trade, and derivative securities

Hellwig's (1980) model is used to analyze the value of improvingtrading opportunities by more frequent trading in the underlyingasset, or by trading in a derivative asset. With multiple tradingsessions, uninformed investors behave as rational trend followers,while more informed investors follow a contrarian strategy.As trading becomes continuous, Pareto efficiency is achieved.With trading in an appropriate derivative security, Pareto efficiencymay be achieved in only a single round of trading. All derivativeclaims are then priced on Black and Scholes (1973) principlesand, in the absence of further supply shocks, no trading willtake place in subsequent trading rounds.     

Microeconomic uncertainty,international trade,and aggregate fluctuations

The extent and direction of causation between micro volatility and business cycles are debated. We examine, empirically and theoretically, the source and effects of fluctuations in the dispersion of producer-level sales and production over the business cycle. On the theoretical side, we study the effect of exogenous first- and second-moment shocks to producer-level productivity in a two-country DSGE model with heterogeneous producers and an endogenous dynamic export participation decision. First-moment shocks cause endogenous fluctuations in producer-level dispersion by reallocating production internationally, while second-moment shocks lead to increases in trade relative to GDP in recessions. Empirically, using detailed product-level data in the motor vehicle industry and industry-level data of U.S. manufacturers, we find evidence that international reallocation is indeed important for understanding cross-industry variation in cyclical patterns of measured dispersion.     

Costly trade,managerial myopia,and long-term investment

The costly trade theory predicts that it is much more difficult to exploit long-term private information than short-term. Thus, there is less long-term information impounded in prices. The managerial myopia theory predicts that a variety of short-term pressures, including inadequate information on long-term projects, cause asymmetrically-informed corporate managers to underinvest in long-term projects. The introduction of long-term options called LEAPS provides a natural experiment to jointly test both theories, which are otherwise difficult to test. We conduct an event study around the introduction of LEAPS for a given stock and test whether corporate investment in long-term R&D/sales increases in the years following the introduction. We find that over a two year period of time LEAPS firms increase their R&D/sales between 23% and 28% ($125–$152 million annually) compared to matching non-LEAPS firms. The difference depends on the matching technique used. Two other proxies for long-term investment find similar increases. We find that the increase is positively related to LEAPS volume. We also find that the increase is larger in firms where R&D plays a larger and more strategic role. We test if a firm becomes less likely to beat analyst's quarterly earnings forecasts after LEAPS are introduced and find support for the hypothesis. These results provide both statistically and economically significant support for the costly trade and managerial myopia theories.     

Innovation,diffusion, and trade: Theory and measurement

What are the sources of economic growth? This paper presents a multicountry growth model of innovation and the adoption of foreign technologies through trade. The costs of both domestic innovation and adopting foreign innovations are estimated using data on innovation, output and trade. A decomposition of the sources of growth shows that technology adoption accounts for about 65% of “embodied” growth in developing countries. Developed countries grow mainly through domestic innovation, which explains 75% of their “embodied” growth. Counterfactuals show how growth rates and levels of income would change if countries faced the same barriers to adoption and research productivity.     

Monetary policy,accounting conservatism and trade credit

Using a sample of A-share listed firms in China during the 2003–2012 period,this paper investigates the effect of accounting conservatism on trade credit,taking...     

亚行支持东盟基础设施建设

东盟正在创建一个新的基金旨在为东南亚地区的主要基础设施建设筹集资金。这项基金初始股权为4．852亿美元,其中3．352亿美元来自东盟的9个会员,余下的1．5亿美元是由亚洲开发银行（简称亚行）提供。到2020年,承诺的基金总贷款额将约为40亿美元,其中预计有70％的合作投资项目来自于亚行,预期到2020年用在基础设施的资...     

World trade patterns,economic disturbances,and exchange-rate management

This paper construct and analyzes a three-country stochastic model of world trade. the objectives of this paper are to investigate the propagation of economic disturbances worldwide and to analyze the nature of optimal exchange-rate management on the part of a single country faced with monetary and real disturbances accurring in all its trade patterns. The paper analyzes the roles of bilateral trade patterns, the type of underlying stochastic disturbances i.e. monetary vs real and transsitory vs permanent and of the optimality criterion, in determining the optimal exchange-rate regime.     

Risk appetite,carry trade and exchange rates

Using exchange rate data from four different countries (time zones), we examine the relationship between the Yen exchange rate against major currencies (i.e. USD/JPY, EUR/JPY, GBP/JPY, AUD/JPY and NZD/JPY) and measures of risk appetite (i.e. the S&P500 index, Dow Jones Industrial Average index and the VIX index). Our results show that the equity indexes, especially the Dow Jones Industrial Average, play a more important role in the determination of the Yen cross rates than VIX. The popular carry-trade currencies, i.e. NZD/JPY, AUD/JPY and GBP/JPY, are more affected by the US equity market than USD/JPY and EUR/JPY. While the long-term relationships are consistent across the four different time zones, the short-term dynamics are different. We find that the response of NZD/JPY, AUD/JPY and GBP/JPY to changes in the US stock market is much greater in the New Zealand and Australian zones than in the UK or US. Although the short-term relationship between exchange rates and the equity index is quite strong, the error correction speed is very sluggish. We also find evidence of asymmetric adjustment in the response of exchange rates to changes in global risk aversion. Carry trade currencies tend to appreciate gradually when conditions are favorable but fall sharply when market risk increases.     

The Anarchy of Numbers: Aid, Development, and Cross-Country Empirics

The recent literature contains many stories of how foreign aidaffects economic growth. Aid raises growth in countries withgood policies, or with difficult economic environments, or outsidethe tropics, or on average but with diminishing returns. Thediversity of the results suggests that many are fragile. Sevenimportant aid-growth papers are tested for robustness, using14 minimally arbitrary tests deriving mainly from differencesamong the studies themselves. This approach investigates theimportance of potentially arbitrary specification choices whileminimizing the arbitrariness in testing choices. All of theresults appear fragile, especially to sample expansion.     

An appraisal framework for evaluating financing approaches for public infrastructure

Innovative financing solutions for public infrastructure megaprojects require new approaches to assess the various financing portfolios being proposed. This paper discusses a range of international financing models and presents a new multi- criteria appraisal framework for assessing alternative ways of raising capital. The proposed framework combines elements of a multi-criteria analysis and cost benefit analysis, and incorporates both monetary and intangible impact measures to facilitate the selection of a financing approach that is in society’s best interest.     

我国农村残疾人医疗救助制度建设分析

自2003年国家开展医疗救助试点以来,我国医疗救助制度在不断地改进和完善。根据2011年东北农村残疾人社会保障与服务体系的调研,结合民政部门统计数据,本文分析了农村残疾人医疗救助制度建设的必要性、可行性、存在的问题和解决措施。目前,我国农村残疾人医疗救助制度存在救助覆盖范围窄、救助水平低、资金管理不善和制度衔接不到位等问题,医疗救助应该从农村残疾人抓起,扩大医疗救助覆盖范围、提高救助水平、增强救助管理和完善制度建设。     

Monetary shocks, the exchange rate, and the trade balance

This paper investigates the response of the exchange rate and the trade balance to monetary policy innovations for the US economy during the period 1973:01–1993:12. The empirical findings indicate that contractionary monetary policy shocks lead to transitory appreciations of the real and the nominal exchange rate. Exchange rate appreciations that are caused by a temporary contractionary shock to monetary policy are correlated with a short-lived improvement in the trade balance which is then followed by a deterioration, giving support to the J-curve hypothesis.     

关于贸易收汇和贸易出口真实性与一致性的研究

贸易收支是异常资金流入与流出的重要渠道之一,异常资金流动会导致贸易收汇和贸易出口所对应的资金流与货物流之间的匹配出现偏差。本研究探索了有关贸易收汇和贸易出口真实性与一致性非现场监测的非参数分析方法,并利用此方法对江苏省2007年贸易收汇和贸易出口之间真实性和一致性的情况进行了实证分析。