Production Technology Estimates and Balanced Growth

Capital‐labour substitution and total factor productivity (TFP) estimates are essential features of many economic models. Such models typically embody a balanced growth path. This often leads researchers to estimate models imposing stringent prior choices on technical change. We demonstrate that estimation of the substitution elasticity and TFP growth can be substantially biased if technical progress is thereby mis‐specified. We obtain analytical and simulation results in the context of a model consistent with balanced and near‐balanced growth (i.e. departures from balanced growth but broadly stable factor shares). Given this evidence, a constant elasticity of substitution production function system is then estimated for the US economy. Results show that the estimated substitution elasticity tends to be significantly lower using a factor‐augmenting specification (well below one). We are also able to reject conventional neutrality forms in favour of general factor augmentation with a non‐negligible capital‐augmenting component. Our work thus provides insights into production and supply‐side estimation in balanced‐growth frameworks.     

基于价值链整合的价值链会计探析

本文以网络经济下的虚拟价值链和实体价值链的整合分析为基点,探讨了价值链整合后会计的一些相关问题。认为价值链的整合使价值链会计在现行会计核算体系与虚拟价值链活动之间存在一个切合点;价值链会计的管理活动主要从价值信息管理和增值活动管理等方面具体实施;价值链会计应对现行财务报告体系进行修正,反映企业的非货币及非财务信息,全面实施企业综合业绩报告体系。     

中国社会关联会计论纲

社会关联会计是以货币为主要计量单位,利用会计上特有的技术和方法,对企业经营活动的全部后果(即与社会相关联的各方面)进行确认、计量和报告的会计系统,它主要包括社会责任会计、环境会计、人力资源会计、增值会计、公司治理会计以及平衡计分卡等。文章对中国社会关联会计产生的理论基础,社会关联会计的基本内容等问题进行了探讨。     

中国汽车物流的现状及问题研究

汽车物流是集汽车零部件及整车的运输、仓储、包装、保管、搬运、改装及物流信息于一体的综合性管理,预计其将在中国保持较快的增长,但中国的汽车物流发展还处于起步阶段,降低物流成本已经成为汽车产业的第三利润增长点。以港口滚装码头为载体,集滚装业务、汽车整车及零部件分拨、汽车增值服务等为一体的汽车物流平台所提供的第三方物流服务为降低汽车物流成本提供了有效途途径。     

Socio-political instability and growth dynamics

We develop an overlapping generations (OLG) monetary endogenous growth model characterized by socio-political instability, with the latter being specified as a fraction of output lost due to strikes, riots and protests. We show that growth dynamics arise in this model when socio-political instability is a function of inflation. In particular, two distinct growth dynamics emerge, one convergent and the other divergent contingent on the strength of the response of socio-political instability to inflation. Since our theoretical results hinge on socio-political instability being a function of inflation, we test the prediction that inflation affects socio-political instability positively by using a panel of 156 countries for the 1980–2012 period, and allowing for country and time fixed effects. The results indicate that inflation relates positively with socio-political instability. Policy makers should be cognisant that it is crucial to maintain long-run price stability, as failure to do so may result in high inflation emanating from excessive money supply growth, leading to high (er) socio-political instability, and ultimately, the economy being on a divergent balanced growth path.     

基于平衡计分卡的公立医院增值型内部审计评价体系研究

本文研究了增值型内部审计在公立医院的实施途径,借助平衡计分卡的方法建立起公立医院增值性内部审计评价体系,确保增值性内部审计在公立医院的运行更加持续、有效。     

Impact assessment based sectoral balancing in public R&D project portfolio selection

Government funding agencies spend significant amounts of R&D funds through funding programs. While allocating funds among sectors or scientific disciplines, the Decision Maker (DM) wants to maximize the total impact by supporting R&D activities in those sectors with higher scientific, social and economic return. On the other hand, the DM wants to balance the funding budget over sectors or disciplines. In this study, we incorporate the results of “sectoral impact assessments” into the public R&D project portfolio selection (RDPPS) problem. We develop a two-stage model. In the first stage, we make sectoral budget allocation decisions to maximize the total impact of the budget while ensuring a relative balance among sectors. In the second stage, we maximize the total score of supported projects under allocated sectoral budgets. We illustrate the proposed approach on an example problem. We show the value of the proposed approach by comparing our results with alternative policy options.     

Economic Structure and Local Growth: France, 1984–1993

For 52 industry sectors and 42 services sectors, this paper tests how the local economic structure (local sectoral specialization and diversity, competition, average size of plants, and total employment density) affects the 1984–1993 employment growth of 341 local areas. These areas entirely and continuously cover the French territory. The impact of the local economic structure differs in industry and services. In industrial sectors, local total employment density, competition, and plant size always reduce local growth. Sectoral specialization and diversity have a negative impact on growth, but also increase the growth of a few sectors. Service sectors always exhibit negative specialization effects and positive diversity effects. Competition and plant size have a negative impact and density a positive one, but exceptions are observed for some sectors.     

Asset price and wealth dynamics in a financial market with heterogeneous agents

This paper considers a discrete-time model of a financial market with one risky asset and one risk-free asset, where the asset price and wealth dynamics are determined by the interaction of two groups of agents, fundamentalists and chartists. In each period each group allocates its wealth between the risky asset and the safe asset according to myopic expected utility maximization, but the two groups have heterogeneous beliefs about the price change over the next period: the chartists are trend extrapolators, while the fundamentalists expect that the price will return to the fundamental. We assume that investors’ optimal demand for the risky asset depends on wealth, as a result of CRRA utility. A market maker is assumed to adjust the market price at the end of each trading period, based on excess demand and on changes of the underlying reference price. The model results in a nonlinear discrete-time dynamical system, with growing price and wealth processes, but it is reduced to a stationary system in terms of asset returns and wealth shares of the two groups. It is shown that the long-run market dynamics are highly dependent on the parameters which characterize agents’ behaviour as well as on the initial condition. Moreover, for wide ranges of the parameters a (locally) stable fundamental steady state coexists with a stable ‘non-fundamental’ steady state, or with a stable closed orbit, where only chartists survive in the long run: such cases require the numerical and graphical investigation of the basins of attraction. Other dynamic scenarios include periodic orbits and more complex attractors, where in general both types of agents survive in the long run, with time-varying wealth fractions.     

价值增值会计与管理的思考与探析

价值增值会计与管理是通过对企业的价值增值进行计量、核算与管理,以达到企业为追求最大价值、增值和最大经济效益服务的目的。不同空间、不同历史时期价值增值有不同的含义,其定义、核算和管理也有很大区别。本文认为,我国应借鉴西方国家增值表的方式,实施价值增值会计与管理。在有条件的上市公司逐步引进EVA经济增值会计与管理,试行未来增值会计。     

Politique du logement de l'état

This article is based on the initial results of research in progress on state housing policies for workers, and notably on a study of policies implemented in Paris and London between 1890 and 1939. The perspective employed is that state housing is an essential means of consumption for the reproduction of a labour force, and it is posited that while public housing relates to a consumption process different from that of the private or ‘assisted’ sectors, all housing policies affect the use-value of a dwelling unit, its con. sumption cost, and mode of occupation. These effects are examined in terms of the historical relationship between housing policies and the productive demands of developing capital. In turn, this relationship is considered within a perspective of class struggle during this period.     

Tracing VARDI coefficients: a proposal

ABSTRACT

We propose a new approach for tracing the so-called ‘value-added-(re)distribution-important coefficients’ (in short the VARDI coefficients) in a world input–output model. From the perspective of a selected group of economies, VARDI coefficients may be defined as those elements in world input–output matrix in the case of which a small change in their levels leads to the maximization of a share of this group of economies in value added in global value chains. Due to the rapid development of the World Input Output Database, this approach may be easily applied in empirical research to different groups of countries and sectors in world IO models. In an illustrative empirical case study, we use the new approach in order to answer a question regarding what the main directions of the future macroeconomic policy of the U.S. could be in order to ensure the maximization of the country’s share in global value added.     

A two-country dynamic model of international trade and endogenous growth: Multiple balanced growth paths and stability

We formulate a two-country endogenous growth model, which explain joint determination of long-run trade patterns and world growth rates. After providing the existence and local stability of the continuum of balanced growth paths, we show that main standard trade propositions hold under some modifications and that, subject to certain conditions concerning social and private rankings of factory intensities between production sectors, the higher is the growth rate, the smaller is the volume of international trade among balanced growth paths in the continuum.     

A three-moment based portfolio selection model

This article studies a portfolio selection model based on Expected return, Variance and Skewness (E-V-S), under a distributional hypothesis that allows 3-funds separation. The efficient portfolio is the solution of a non-linear problem that maximizes skewness under a specified level of expected return and variance. The analysis of the efficient frontier shows that the return of any efficient portfolio is the sum of a riskless return (if available), a variance premium and a skewness discount. Furthermore, the strategy based on the maximization of skewness is equivalent to adding a definite non-zero arbitrage portfolio (with null expected return) to an efficient E-V portfolio.     

Energy intensity and directed fiscal policy

This paper assesses the effects of fiscal policy on economy-wide energy intensity within an endogenous growth framework. To this end, we first develop a two-sector (investment good and consumption good) augmented AK model by integrating the Uzawa model with Rebelo’s AK model, and assume that a non-renewable resource is one of the factors of production. Using this framework, we solve the model for the short and long run, identifying the sufficient parameter conditions that ensure higher energy intensity in the investment goods sector. We then introduce a balanced budget government, whose objective is to decrease the economy-wide energy intensity by levying tax on the energy-intensive investment goods sector and subsidizing the consumption goods sector. Contrary to our expectations, we find that this fiscal policy design increases economy-wide energy intensity as it leads to a decline in real GDP without changing total energy consumption. On the basis of this model, we propose the concept of a ‘directed fiscal policy’, which connotes a reduction of the economy-wide energy intensity by following a heterogeneous taxation policy across sectors.     

Governing Lisbon: Evolving Forms of City Governance

For Lisbon, a dominant national capital and increasingly internationalized city, the last 30 years have witnessed a period of dramatic growth, modernization and dynamism. As the socioeconomic landscape has changed, so too has the political and institutional one, with a significant evolution in the nature of systems of governance to manage, respond to and lead the city through this period of intense transition. Whilst increased global and particularly European integration has been an important driver to change, critically it has been the interplay of these global forces with the role and constitution of the national state and political developments at the level of the city, region and municipality that has shaped the evolutionary path of governance change. This article analyses recent governance change within Lisbon to argue that governance transition within Lisbon is characterized by significant change with regard to the relationships between public and private sectors, but also by strong continuities with regard to the dominant role of the central state in the absence of political devolution. The result is a governance system marked by structural constraints that limit the city's capacity to deal with current strategic challenges in an integrated, coordinated and inclusionary manner.     

Coefficient of stability of economic movements

According to von Neumann's conditions of equilibrium it follows that for balanced economic growth it is necessary for the relations of sectorial production to be constant and equal in the observed period. Beginning with the fact that a growth matrix of the economy can be decomposed into two matrices, of which one expresses sectorial growth rate and the other the conditions of equilibrium which follow from von Neumann's criteria, we can define the coefficient of stability of the economy which quantitatively expresses economic trends around the balance state.     

From the New Deal to the New Federalism: Presidential Ideology in the U.S. from 1932 to 1982

A bstract . The essence of the Reagan mandate is neither taxation nor balanced budgets , rather the reduction of federal government controls and a corresponding growth in state and local controls. This concern is neither Right nor Left, but a response to a growing realization of ineptitudes and inefficiencies seen in all the highly developed industrialized nations. Hence, whether inspired by the "free-enterprise" doctrines of Reagan in the U.S. or the "socialist" approach of Mitterrand in France, the policy goal of advanced nations is clear: a shift in fiscal priorities and political controls to strike a more realistic balance. The emphasis is upon the social movement aspects of Reagan's New Federalism: the coalition of middle sectors and elite working classes, rather than the "big business" label usually assigned to this administration. Federalism, essentially a social policy, can succeed to the degree that there is an equitable sharing in economic hardships no less than economic gains. But fiscal favoritism, racial inequalities, class dislocations, and similar difficulties can produce its defeat.     

基于SOA的移动短信增值平台研究

随着中国电信业的转型,移动增值业务成为电信业的一个重要组成部分,其中移动增值业务平台的架构的转型是一个急待解决的问题。本文主要讨论了将SOA技术加入到移动增值业务的平台架构中,使得新应用的平台构建简洁快速。     

现代企业价值管理与财务战略

企业的经营管理活动是以实现价值最大化为根本目标的,现代企业的所有管理活动都是价值管理活动。本文通过研究价值管理与财务管理的关系,重新审视传统的财务战略,提出了新时期价值管理实践下的财务战略思路。这对新时期企业财务管理实现转型、探索和研究企业财务战略发展和转变具有一定的参考价值。