流动性过剩、法定存款准备与信用配给

本文旨在研究调整存款准备带来的信用配给问题,考虑银行对企业的监督机制,分析借贷市场均衡时调节法定存款准备率对利率、投资和经济增长等宏观变量以及经济主体的影响,利用模型检讨我国货币政策的实施,并进而提出完善我国货币政策实施的相关建议。     

准备金制度框架的创新思考

基于资产的准备金制度是针对金融机构的各类资产而制订,要求金融机构根据资产类别与规模计提不付息准备金。与传统的货币政策工具相比,ABRR在宏观调控上具有提高货币调控效率、拓展结构调整功能、强化宏观审慎监管、便利资产价格调节的优势,对各国央行特别是我国的货币调控具有重要的参考价值。本文对该制度的内涵特征、作用机理、优势与局限性等问题进行了研究,在我国经济金融环境尚不成熟的条件下,可参照ABRR思想尝试对商业银行的信贷资产实施法定准备金制度。     

Reserve Requirements and Real Exchange Rate Misalignments in Emerging Market Economies

A popular policy target in emerging markets is the real exchange rate as an undervalued real exchange rate is seen to enhance international competitiveness. Within an augmented Dornbusch model it is shown that the implicit tax of low remunerated reserve requirements represents an efficient tool to depreciate the real exchange rate. The model is empirically tested for a panel of Latin American, East Asian and Eastern European countries. Controlling for the impact of fiscal policies and direct capital controls, the reserve requirement tax significantly explains real exchange rate misalignments.     

Reservations on the classical Laffer curve

Throughout the last two decades, some economists have objected to the conventional shape of one peak point on the Laffer curve. This paper examines the reservations presented in the literature and demonstrates the possibility of a Laffer curve with three peak points. Such a shape may be due to the three heterogeneous population groups of younger workers, adult males, and adult females. These groups respond differently to net wage rate changes, thus reducing the applicability of the changing of tax rates by policymakers.

     

准备金政策新框架与内需结构调整

因存款准备金制度软化、存款准备金减少带来了货币政策低效或无效的局面。通过中央银行对商业银行的资产各项贷款征收法定准备金,构建了一个准备金政策新框架,可用来分析货币政策的需求结构效应,以实现针对性地调节总需求结构。并且,实行贷款准备金政策可以消减存款准备金的制度缺陷、重建准备金制度的威力、强化货币政策的效果。     

金融亲周期性与准备金政策新框架——兼论对资产价格的调控

金融系统的亲周期性在金融市场上的表现是信贷和资产价格的繁荣—萧条周期,并对现行货币政策框架提出了新的挑战。文章结合存款准备金政策的国际性软化发展趋势,提出贷款准备金政策操作框架以改革和完善现行的准备金制度,目的是通过差异贷款准备金率来实现货币政策的结构效应与总量效应和对资产价格的调控机制,以及逆周期性调节。     

关于外汇储备的一些关键性问题及其探讨

我国的巨额外汇储备已成为经济运行中的一个关键变量,其牵涉甚广,意义甚深。目前,相关争议主要集中于这样几个层面,即:外汇储备与国家经济实力,外汇储备及其国际购买力,外汇储备与金融危机防范,外汇储备与企业竞争力。对此,有必要进行深入探讨和分析。     

Reserve ratios: A proposal for change

The paper addresses the problem of Fed control of the money supply and the inherent instability of a fractional reserve banking system which Friedman covered in A Program for Monetary Stability. While Friedman proposed a 100 percent reserve requirement as a solution, this work suggests a change from imposing legal reserve ratios on specific liabilities to one of imposing them on total bank liabilities. Reserve ratios are compared to tax rates. Friedman's proposal is to increase the tax rate to 100 percent on specific liabilities and pay interest on reserve balances at the Fed. The proposal of this paper is to keep the tax rates (present reserve ratios) but change the tax base. It is shown that the Fed would gain control over the maximum expansion of banks, but would lose direct control over specific liabilities. The Fed would not tax some liabilities and subsidize others. The Fed could concentrate on setting the tone of the money market and allow the public to use whatever set of bank liabilities it desires as money without specific penalty.     

多元化企业的成功条件

20世纪90年代上半期的上市公司,以产业多元化经营的综合型企业居多。随着这些企业上市后业绩的下降,人们认为产业多元化的企业缺乏核心竞争力。由此,20世纪90年代下半期上市公司以产业专业化的企业居多。但在新世纪初,产业专业化的企业经营业绩也一个个地大滑坡,形成了多米诺骨牌效应,连长虹、康佳这样的明星企业也不能例外。人们开始重新思考企业产业多元化与专业化的利弊及什么是企业的核心竞争力。     

Reserve price signaling

In a general auction model in which bidders’ signals are affiliated, we characterize the unique separating equilibrium in which the seller can use reserve prices to credibly signal her private information. When the buyers’ signals are independent, the optimal reserve price is shown to be increasing in the number of bidders under certain conditions. We also demonstrate that the probability that the item is sold at the reserve price can increase as the number of bidders increases, which indicates a more central role for reserve prices than perceived in the standard auction models.     

The Macroeconomic Requirements for Prosperity

This article presents a macroeconomic manifesto for prosperity. The main macroeconomic obstacles to prosperity are rent-seeking and policy variability and uncertainty. The main proposals for overcoming these obstacles are the creation of three new independent and publicly accountable economic policy institutions: an Independent Monetary Authority, a National Externalities Board, and an Economic Policy Audit Authority. Working with parliament, these institutions would provide an incentive system of checks and balances in which the principles of free trade, price stability, and policy stability would moderate rent-seeking and provide an environment in which markets could function to deliver a high level of prosperity. A related proposal is the replacement of all existing taxes with just two taxes: a flat rate Consumption Tax to cover government purchases; and a National Dividend Tax to pay for a fixed benefit to all, the rate of which would be determined by a novel method of direct democracy.     

Work Requirements and Long-Term Poverty

We study how work requirements can be used to target transfers to the long‐term poor. Without commitment, time consistency requires all screening measures to be concentrated in the first phase of the program. We show that this increases the effectiveness of workfare; it is optimal to use work requirements for a wider range of prior beliefs about the size of the poor population, and work requirements are used more intensively. We compare these results with the optimal policy under commitment.     

准备金制度功能的异化与我国准备金政策的取向

"利率走廊"调控是当前国际最新的利率调控范式,加拿大等国在"利率走廊"调控基础上,实行零准备制度,这使人们误认为准备金制度似乎走到头了.实际情况并非如此,其实行零准备金并非抛弃准备金制度,而是在利率调控的新背景下,以准备金为零的制度.它的机制和功能与传统准备金制度有很大的异化,但是却代表着准备金制度发展演变的趋势.所以研究准备金制度功能异化的动因,以及它未来的变动趋势,对于我国准备金制度的规范完善具有重要的借鉴意义.     

大学生需要有效的思想教育和价值引导

良性运转的社会需要良好的公民意识和价值取向，而思想意识不可能自发产生，需要积极的正面教育。社会稳定和持续发展需要正确认识社会发展带来的社会结构变化，在分析大学生对社会认识的基础上，采取积极有效的措施可以更好地促进社会良性发展。     

Reserve Prices without Commitment

When potential bidders in an auction have to incur a cost to prepare their bids and thus to learn their valuations, imposing a reserve price and announcing that in case no bid is submitted there will be another auction without a reserve price is both revenue and welfare improving. Reserve prices that induce less than maximum entry in the first auction may be optimal. Also, entry fees are not necessarily better instruments than reserve prices.Journal of Economic LiteratureClassification Number: D44.     

南京市残疾人教育发展现状及需求调查

对残疾人教育事业发展方面的调查研究不单是教育事业发展的需要,同时也对中国残疾人事业发展有着重大意义。本调查是作为2009年度江苏省高等学校大学生实践创新训练计划项目的一项课题内容,分别从南京市残疾人教育发展概况、残疾人教育需求、发展对策等几个方面进行了调查和思考。     

外汇储备:货币当局的困境与应对思路

中国货币当局在外汇储备的存量、流量管理以及汇率体制三个层面正同时处于两难选择的困境.作为一种理论参照,"永恒三角"对此的解释存在局限.进一步的分析表明,困境的现实根源在于中国迄今.出口导向、投资驱动"的经济发展路径.走出这一困境不仅需要金融制度层面的相应调整,还必须在实体经济层面做出根本性转变.转变的具体措施与优先次序必须加以慎重考虑.     

Heterogeneous Response to Marine Reserve Formation: A Sorting Model approach

The bioeconomic impacts of spatial fisheries management hinge on how fishing vessels reallocate their effort over space. However, empirical studies face two challenges: heterogeneous behavioral responses and unobservable resource abundance. This paper addresses these two problems simultaneously by using an unusual data set and an estimation technique developed in the industrial organization literature. We apply the methods to location and species choices in the Gulf of Mexico reef-fish fishery. The models are used to explore spatial effort substitution in response to two marine reserves. Individual attributes from a survey of vessel captains are linked to each fisherman’s observed daily trip information to control for observable heterogeneity. Some unobservable abundance information is captured by location- and species-specific constants and estimated by contraction mapping. The empirical results confirm that there is significant heterogeneity in fishermen’s response to the formation of marine reserves. They also show that ignoring unobservable abundance information will lead to significant bias in predicting spatial fishing effort.