ITQ’s in Chile: Measuring the Economic Benefits of Reform

In 2001 an individual (operationally transferable) quota system was introduced for all the most important industrial fisheries in Chile. This system was put in place after years of declining stocks and over investment. In this paper we describe this reform and estimate related allocative efficiency benefits for the most important industrial fishery in the country, the southern pelagic fishery. Benefits were estimated using a bioeconomic model estimated using data for the 1985–2004 period. The estimated model was then used to generate simulated scenarios of the evolution of this fishery in a 20 year horizon with and without the ITQ system in place. The benefits of the reform can then be estimated by comparing the fishery’s costs in the scenarios with and without ITQs. This approach allows benefits to be estimated using more realistic counterfactual scenarios than just comparing the fishery before and after the reform. Estimated discounted net benefits reach US $166 million in the period 2001–2020. Fleet size fell from 149 active boats in 2000 to 57 in 2004 as a direct consequence of the reform. Among the interesting features of the Chilean experience is the way the political economy of the reform was facilitated by the prior introduction of de facto individual quotas within the framework of fishery experimental activities. When the authorities closed the southern pelagic fishery because of biological problems between 1997 and 2000, they organized ‘experimental’ fishing expeditions in which participant boats were given the right to fish a certain amount of resources per expedition. This pseudo quota system allowed fishermen to experience directly the benefits of individual quotas and that was instrumental to the political agreement leading to the reform. It is important to note that the Chilean southern industrial pelagic fishery has average catches of over 1.4 million tons a year, making it one of the largest fisheries in the world to be regulated by individual quotas.     

股权分置改革对公众投资者利益影响因素的分析

本文分析了股改对公众投资者利益的影响和影响因素,结果发现,股改使得现有公众投资者股权价值也得到了较大提高,但公司业绩没有发生明显变化;在所有因素中股改后股权结构的变化和市场流通情况是影响现有公众投资者利益变化的主要因素,从而说明关注股权结构和市场流通能保护现有公众投资者的利益。     

Inter-Governmental Fiscal Relations: The Facilitator of Fiscal Decentralization

The decentralization of fiscal authority to lower level jurisdictions contributes to the efficient delivery of public services, but conflicts with national objectives. This paper argues that the system of fiscal relations, including both the grant structure and institutions for policy coordination, are necessary for achieving the full benefits of fiscal decentralization while preserving national efficiency and equity objectives. The case for decentralization is recounted, along with the ways it can impinge upon efficiency and equity in the national economy. These adverse effects can be mitigated by appropriate fiscal transfers, both equalizing and conditional, and suitable measures of policy harmonization.     

中国医疗保险制度改革中的公平性研究——以威海为例

本文评估了中国医疗保险改革中一种具有普遍意义的模式—威海模式的公平性。首先 ,通过计算基尼系数、集中系数、Atkinson度量以及自定义的Iloss度量对卫生服务利用的不平等和筹资不平等进行总体描述。然后 ,通过多元回归分析 ,对影响卫生服务利用的因素进行分析。在此基础上 ,通过直接标准化方法 ,探讨收入所影响的卫生服务利用的不平等。最后 ,本文对筹资制度对再分配造成的冲击进行了分析。本研究发现 ,威海模式改善了收入影响的不平等 ,但其它因素影响变化各异。改革后筹资不平等有所改善 ,但筹资系统的再分配效应加大了收入不平等 ,改革前后这种效应的变化大小依赖于风险厌恶程度。     

中外征地制度变迁研究——兼议征地效率与公平

我国在当前土地征收过程中集中爆发出社会矛盾冲突事件,根本原因是征收制度不合理,改革旧的征地制度是社会稳定,经济可持续发展的需求。这项伟大的改革是离不开理论指导的,他山之石可以攻玉,综合借鉴土地改革比较成功的主要国家的经验,通过深入分析,把握征地制度的一般发展规律,能为我国征地制度改革提供有益的参考作用。论文系统地研究了当前世界主要国家的土地征收制度,基于此论证了征地制度发展规律符合制度变迁的路径依赖理论,比较全面地归纳分析了征地制度变迁的五种路径依赖机制;本文还阐述了征地公平与效率的定义,指出征地公平与效率存在冲突,期望我国的征地制度改革应选择温和的路线。     

和谐社会构建与现代市场体系完善

本文从现代经济学的角度,探讨了构建和谐社会与建立现代市场经济体制两者的内在一致性问题。文章首先讨论了对和谐社会目标如何理解,并结合和谐社会的特征与内涵讨论了其与效率、公平和法治的关系。随后通过将现代经济学中的一些深刻思想和理论结果,与中国改革的实践相结合,论证了和谐社会构建与现代市场体系的相容性。本文的基本结论是,构建和谐社会的过程应是一个以市场化改革为取向的制度变迁或体制创新的过程。由此本文给出了相应的政策性建议,并讨论了经济学家在构建和谐社会中应尽的责任。     

Identification of regional fundamental economic structure (FES) of Chilean economy: A field of influence approach

This study contributes to the understanding of the regional structure of the Chilean economy utilizing the fundamental economic structure (FES) approach. The regional FES construct implies that selected characteristics of an economy will vary predictably with economic size, as measured by regional: domestic product, population, total value added, and total sector output. The overarching problem addressed in this research is if identifiable patterns of relations among regional macro aggregates and economic transactions can be revealed via regional input-output tables. Jensen, West and Hewings discuss the tiered, partitioned, and temporal approaches to the identification of FES using regional input–output table and spatial economic data. This research addresses the following four research questions: (1) Does a regional FES exist for the Chilean economy? (2) What proportions of the cells are predictable? (3) Can stability patterns in the intermediate transaction table be identified for Chilean regional economy? (4) Which economic transactions are most important across regional economies in Chile? Four regression models: linear-linear, linear-logarithmic, linear-inverse, and linear-logarithmic of inverse are run to identify the largest proportion of predictable FES cells for the Chilean regional economy. The regional input–output tables (1996) for the 13 regions compiled by the National Institute of Statistics of Chile provide data for the analysis. A FES analysis shows 75% cells are predictable, 34% are stable, and 25% are important for Chilean regional economies. Further, 7% of the total fundamental economic activities are predictable, stable and important simultaneously. These strong FES based economic activities consist of chemicals, rubber, petroleum, and plastics as well as public services among several other fundamental industries.     

混合所有制改革对研发投入强度的影响：政府透明度的调节作用

混合所有制改革企业在股权多元化带来资源优势的同时也会诱发异质性资本冲突，以2014-2019年混合所有制改革试点企业为样本，基于研发投入视角构建有调节的中介模型。结果发现：①国企混改带来的股权多元化有利于提高企业研发投入强度；②股权多元化有利于延长企业债务期限，进而强化债务融资对企业研发投入的支持作用；③政府透明度有利于强化股权多元化对债务期限结构的正向影响，从而有利于增加企业研发投入。股权多元化的资源效应有助于改善企业融资期限与研发投入期限匹配度，且政府透明度越高，投融资期限匹配效果越好。该结论表明，混合所有制改革与政府透明度在影响企业研发投入方面存在互补效应，通过股权多元化进行混合所有制改革对企业创新有促进作用。因此，就因地施策而言，当前应重点推进政府透明度较低地区国企混改。     

PRIVATIZATION OF PUBLIC HOUSING: AN ANALYSIS OF POLICY ALTERNATIVES

This paper discusses alternative privatization schemes for public housing in light of economic efficiency, "policy efficiency," and equity. The analysis shows that removing restrictions to resale by the purchasers is the key to improving economic efficiency and that restricting resales to target group members is the key to achieving policy efficiency. Further, removing restrictions to bidding (viz. open competition) among eligible households is essential for both economic efficiency and equity. The paper discusses the trade-off between various policy objectives inherent in some of the schemes. It recommends the "eligibility model" of privatization, under which households can resell their public housing units any time offer purchase to any household within the group targeted by the government for assistance as determined by the gzovernment.     

1998—2006年中国公共财政农业支出的绩效评估

采用灰色关联度分析方法,从效率与公平两个方面评估了1998—2006年我国公共财政农业支出的绩效。结果表明:我国公共财政农业支出额度与促进农民增收效率倒挂,即农业科技支出份额最少但其对农民增收作用最强,而支农支出份额最多但对农民增收作用最弱;各项公共财政农业支出未能很好地起到促进农民收入公平分配的作用;我国公共财政农业支出绩效在低水平层次上运行。最后,提出了大力增加农业科技支出和农村救济支出、适度增加农业基础建设投资、迅速压缩农业部门行政费用支出、不断调整公共财政农业支出内部结构的建议。     

不同风险特征下国企混改对企业创新绩效的影响——资源效应与制度效应视角

国企混改对创新绩效的影响可以从资源效应与制度效应两个方面加以阐释：一方面，国企通过获得互补性资源提升创新能力；另一方面，国企通过融合非国有股东制度活力激发创新动机。基于2013—2019年A股国有上市公司数据验证混改程度对国企创新效率的影响关系，并证实不同内部经营风险与外部竞争风险下，国有股比例对创新绩效具有差异化影响。结果发现：国有股权比例较低的股权结构，有利于发挥非国有资本的差异化制度优势，国有股权比例较高的股权结构，有利于发挥国有股东的资源优势。国企经营风险过高或市场竞争风险过低，能够强化国有股权与创新绩效的U型关系。分组研究结果显示，国有非制造企业股权与创新绩效呈U型关系，而国有制造企业中二者关系不显著。结论可为分类推进国企混改，提升国企创新绩效提供参考。     

股殳份制改造、股权结构与上市公司技术效率

本文以部分制造业上市公司为研究样本，通过随机前沿生产函数和多因素回归的方法，以技术效率为考察对象，分析了企业股份制改造、募股上市以及股权结构对企业效率的影响。实证研究结果表明，公司规模对公司效率有显著影响，股份制改造和股权结构对企业效率却没有明显作用。但是，股东性质可能是左右股权结构对公司效率影响的重要因素。     

Crisis as a serendipity for change in Cyprus' healthcare services

Summary

As Cyprus signed a financial agreement with a team of international lenders, several reform measures were outlined as pre-requisites for disbursement of financial instalments. The health sector was massively reformed in order to enhance efficiency and reduce waste. The magnitude of reforms included introduction of guidelines and clinical algorithms, co-payments, and revision of criteria for public beneficiary status. In order to safeguard equity in access, solidarity in coverage and sustainability of its healthcare sector, reforms must continue unabated and, more importantly, the introduction of a universal health system should be the ultimate goal.     

国有股权参股对家族企业创新效率影响机制与路径研究

在混合所有制改革和创新驱动发展战略实施背景下,国有资本“举牌”民营企业对企业创新体系的作用机制亟待研究。基于2008-2018年上市家族企业数据,从创新投入和创新产出两个视角探讨国有股权参股对家族企业创新效率的影响,根据股东资源理论分析可能的影响路径。通过Heckman两阶段模型实证发现：国有股权参股显著促进家族企业创新投入和创新产出,并最终对创新效率产生积极影响,而获取政府补贴和提升创新管理能力是两条中介路径。该结论揭示了混合所有制改革在激发民营企业创新活力中所发挥的重要作用和影响机制,为家族企业提高创新效率提供了新方向。     

城乡公共服务均等化视角下地方公共财政体制改革

城乡公共服务均等化高级阶段实现城乡人均公共支出均等化,实质是保证普遍公平。城乡公共服务均等化初级阶段实现城乡基本公共服务均等化,实质是保证最低公平。我国目前处在实现城乡公共服务均等化的初级阶段。为此,地方公共财政体制改革的框架,是建立以城乡公共服务均等化为目标的公共预算体制,建立以实现最低公平为条件的农村公共服务内容体系,建立以平衡政府间公共财力为原则的转移支付体制,建立主体合理、机制完善的农村公共产品供给体制。     

统筹城乡发展中的效率与公平

文章考察了我国城乡关系发展三阶段中效率与公平状况的变迁,分析了计划体制下的城市偏向战略与效率公平的双重损失、市场化改革进程中城乡关系的调整,以及效率与公平的失衡等问题,探讨了在统筹城乡发展新阶段中如何兼顾效率与公平的对策措施;提出要继续推进城乡市场化改革,实现城乡要素市场的统一、协调发展,加大国家对农业、农村和农民转移支付的力度,逐步过渡到工业反哺农业、城市反哺农村的新阶段等政策建议。     

Stock and credit market expansion and economic development in emerging markets: further evidence utilizing cointegration analysis

This paper empirically investigates the relationship between equity and credit market development and economic growth, in a sample of five very important ‘emerging’ markets. In particular, employing a multivariate time-series methodology to test for long-run trends and causality between variables that proxy for stock market development, credit market development and economic development. The results seem to suggest that equity markets have a role to play only in relatively liberalized economies, like Chile and Mexico. In financially repressed economies, like India, the equity market does not affect real sector growth. Furthermore, the banking crises in the 1980s and 1990s in Chile and Mexico resulted in a negative relation between economic growth and the credit market. In South Korea, equity and credit markets both affect economic growth, but not vice versa. In countries where the nature of the stock market has been speculative, like Taiwan, a negative relationship is detected between equity market development and economic development.     

我国人力资本参与企业收益分配的制度分析

本文认为静态地、抽象地分析企业中人力资本所有权和物质资本所有权谁占支配地位抑或平等是没有意义的。在企业中，人力资本个人收益与企业的总体收益有不同的取向，而非简单地转换。人力资本需要“自己给自己定价”，即靠自身的才干、贡献大小通过有效的机制确定自己从企业收益和剩余收益中分割的多少。因此，设计能够释放人力资本能动性的产权制度和企业治理结构，是中国企业缩小与国外的劳动生产率差距、提高竞争力、加快创新的必然要求。     

Welfare Analysis of Pension Reforms in an Ageing Japan

This paper uses a computable general equilibrium model with overlapping generations to explore the effects of different public pension schemes on economic welfare, and intergenerational and intragenerational equity. Besides the benchmark case based on the 2004 public pension reform, the present paper considers two alternative reforms: financing the basic pension benefit through a consumption tax, and eliminating the earnings‐related pension benefit. The simulation results suggest that even the consumption‐tax financing of only the basic pension, namely, the combination of both reforms, might not improve overall economic welfare, although it increases economic output by inducing capital formation.     

A general equilibrium,ex-post evaluation of the EU–Chile Free Trade Agreement

This paper evaluates the impact on the Chilean economy of the EU–Chile Free Trade Agreement, in force since 2003, based on a computable general equilibrium (CGE) model. The evaluation method, inspired by structural decomposition methods, consists of double calibration of the model, to account for interactions between the agreement's impact and structural change in the Chilean economy. Trade flows are modeled at the detailed product level (six-digit level classification). The agreement is found to be slightly beneficial to Chile's economy on the whole, benefiting mainly unskilled labor, with gains concentrated in few sectors (fruits, wine, fisheries and seafood processing).