Capital Imports and Tariffs

This paper develops a three‐sector, three‐factor specific factor model with a tariff and presents conditions under which capital imports and tariffs can be welfare enhancing in a developing country. The impact on welfare depends on the tariff revenue effect and the repatriation effect. A capital import is welfare enhancing if it reduces the domestic output of imports. A tariff is welfare enhancing only if it reduces the return to foreign capital.     

Effects of Capital Income Taxes on Welfare in an Overlapping-generations Model

This paper describes the short-run and long-run effects of various capital income taxes on welfare using an overlapping-generations model according to the 'new view'. It is in the nature of a survey, because some of the results from seminal papers in this field can be achieved, under weaker assumptions. The paper reaches the paradoxical and intriguing conclusion that the distortionary effects of a dividend tax in the long run and of capital gains tax in the short run improve economic welfare, and exceed the income effects.
JEL Classification Numbers: G3, H2.     

A Welfare Analysis of Capital Account Liberalization*

We develop a model of a small open economy with credit market frictions to analyze the consequences of capital account liberalization. We show that financial opening facilitates the inflows of cheap foreign funds and improves production efficiency. However, capital account liberalization has important distributional consequences. Specifically, it may be impossible to use public transfers to fully compensate the loss of those who are negatively affected by capital account liberalization. This explains why financial opening often meets fierce opposition even though it leads to efficiency gains for the economy as a whole. From a practical perspective, capital controls should be lifted gradually for a smooth transition.     

Modeling Imports in a Keynesian Expenditure Model

The author discusses several issues that instructors of introductory macroeconomics courses should consider when introducing imports in the Keynesian expenditure model. The analysis suggests that the specification of the import function should partially, if not completely, be the result of a simple discussion about the spending and import behaviors of the household, firm, and government sectors. The analysis also indicates that instructors who use certain import functions that are in some introductory textbooks will inadvertently impose restrictions on the model and potentially confuse students. The author examines several implications of the specification proposed by Robert Cherry (2001) Cherry, R. 2001. The simple expenditure model with trade: How should we model imports?. Journal of Economic Education, 32: 53–57. [Taylor &; Francis Online], [Web of Science ®] , [Google Scholar] and shows how the restrictions imposed by Cherry's specification make it difficult for instructors to present certain types of economic events and policies. The import function discussed here avoids these restrictions and allows instructors to present more easily certain types of examples.     

A Spatial-Temporal Model of Human Capital Accumulation

We develop an overlapping generations model of human capital accumulation and analyze its spatial and temporal properties. The interplay between local spillovers of human capital and global market participation partitions the society into socio-economic classes. We focus upon stationary equilibria and show that a large class of them are locally stable. Stationary equilibria can be homogeneous (where the human capital distribution is degenerate) or stratified (with a distinct spatial pattern of human capital distribution). We provide several examples and specify conditions under which equilibria are sensitive to the spatial structure of the society. We illustrate our results by numerical simulations. Journal of Economic Literature Classification Numbers: D90, I21, J24, O15.     

社会固定投资与居民福利量化关系模型分析

固定资本投资是流动资本投资的前提和基础,也是整个社会经济规模扩张与发展所必须依赖的重要物质基础。现期厂商的固定资本投资会直接导致本期总需求的增加,在保持总供求平衡的前提下,政府本期的调控货币投放规模将会相应减小,从而影响本期社会弱势居民的福利水平。     

A Model of Tradeable Capital Tax Permits

Standard models of horizontal capital tax competition predict that, in a Nash equilibrium, states set tax rates inefficiently due to externalities—capital inflow to one state corresponds to capital outflow for another state. Researchers often suggest that the federal government impose Pigouvian taxes to correct for these effects and achieve efficiency. We propose an alternative incentive‐based regulation: tradeable capital tax permits. Under this system, the federal government would require a state to hold a permit if it wanted to reduce its capital income tax rate from some predefined benchmark. These permits would be tradeable across states. We show that, if the federal government sets the correct number of total permits, then social efficiency is achieved. We discuss the advantages of this system relative to the canonical suggestion of Pigouvian taxes.     

Copyright, Parallel Imports and National Welfare: The Australian Market for Sound Recordings

For more than a decade now there has been considerable, often heated, debate over the issue of the parallel importation of sound recordings into Australia. Citing anti-competitive monopolistic distribution, an increasingly integrated global market and the challenges of new technologies, the Australian government recently passed the Copyright Amendment Act (No.2) 1998 , which permits the parallel importation of 'non-infringing' copies of a sound recording. This paper investigates the economic rationale underpinning this regulatory change and, using a partial equilibrium model, attempts to measure the likely welfare effects on consumers, copyright owners and the nation. In addition the paper examines the likely welfare impact of piracy within the new regulatory framework. This paper demonstrates that in a global music market characterised by exclusive territorial licences and price discrimination, the removal of parallel import restrictions by a small net-importer of intellectual property may be welfare enhancing for the nation. This welfare gain is at the expense of largely foreign copyright owners.     

一个风险资本投资策略模型

对风险公司投资策略的研究，以前多属定性分析，本文试图结合我国现状，以定量方式，对风险投资公司在风险企业发展初期的投资策略进行初步研究。     

提高农村人力资本投资效率解决“三农”问题

"三农"问题的核心是农民问题,农民问题的关键是素质问题,而要提高农民素质,必须提高人力资本投资效率。若要提高农村人力资本投资效率,就要从我国农村人力资本投资效率独特性、投资机制运行环境、投资激励机制和投资效率评价方法等方面着手。农村的独特性决定了必须在效率中考虑文化因素、体现农民价值观的变化;而在环境分析时要重视边缘性群体在农村人力资本中的作用、农村中不同利益主体间矛盾和冲突、社会分化对农村社会的影响、农村家族势力在农村人力资本投资中的影响等;在投资效率评价时要加强多层次方法、评价指标、分层抽样和系统抽样方面的研究。以求认识其独特性,了解其环境,强化其激励,科学其方法。     

资本配置效率、城市规模分布与福利分析

在资本市场上,由于制度和政策等原因造成了资本没有配置到生产力较高的城市去,这种资本配置扭曲对城市体系发展和社会福利会产生怎样的影响?本文从空间一般均衡的视角出发,使用结构模型对此问题进行了研究。我们首先建立模型来分析资本配置对城市经济的影响,然后用工业企业数据估计出城市间资本配置情况,最后通过反事实分析量化资本配置效率低下对城市规模与社会福利的影响。研究表明:资本配置扭曲是导致中国大中城市偏少、小城市数目过多的重要原因,消除资本配置扭曲会使得社会福利提高38%,并伴随着50%的人口重新配置。另外,资本扭曲会带来劳动力配置的扭曲,这种扭曲加剧了当前中国居民的福利损失。因此,在促进劳动力自由流动的基础上,全面加强资本配置的有效性,可以促进中国城市体系空间布局的优化,提高社会福利。     

中国的资本回报率有多高?-年份资本视角的宏观数据再估测

本文在从年份资本理论视角讨论投资、折旧和资本积累的基础上重估中国1993—2007年的资本回报率。结果显示,本文估测的税后名义资本回报率在8.0%到13.8%之间,税后实际资本回报率在6.9%到12.9%之间,明显低于现有结论。资本的异质性与年份效应导致高估折旧率、人为低估投资增长和资本存量,进而高估资本回报率。资本回报率的长期趋势由投资来源和增长扩张模式所决定,近年来资本回报率上升的主要原因是技术进步导致资本份额上升。高估资本回报率会误判要素价格政策的调整空间和效果,资本回报率水平不足以判断投资是否过度,中国的高投资驱动经济增长模式的可持续性值得深入讨论。     

我国企业知识资本报告的模式探讨

在总结国外企业知识资本报告编制经验的基础上,坚持科学性与可操作性相结合的原则,以知识资本的H-S-R分类法为基本框架,设计了一个以定性分析为主、定量指标为辅,具有较强可操作性和系统性的知识资本报告一般模式,同时对如何提高企业自愿披露的主动性提出了相关建议。     

比较福利模型的构建及其测量

与效用概念的福利相比,与历史同期、与其他类似情况相比较而增加的收入或减少的支出,即比较福利,更具有可接受性。在劳动报酬方面贯彻"同工同酬"原则、在消费支出方面遵循"同物同价"原则的假设下,构建了一个比较福利模型。通过比较福利模型的理论分析,可以得出重要结论:(1)比较福利能够相对真实地反映单位之间、行业之间、地区之间的福利差异,避免"被福利"现象;(2)比较福利可以激励单位努力提高员工福利,激励行业展开行业福利竞争,激励地区提高地域福利。使用浙江省相关统计数据进行比较福利测量,可以得出一些有意义的结论:(1)从整体上看,国有单位比集体单位、其他单位具有压倒性优势的福利,提升非国有单位的活力任重而道远;(2)从绝对数看,金融行业具有压倒性优势的福利,但福利增长最快的是卫生社会保障和社会福利业;(3)就浙江省来说,宁波具有最高的地域福利,杭州及温州的地域福利均不高,仅列全省第六、第七。     

供应商创新性提升机理：制造商—供应商社会资本作用研究

提升供应商创新性能有效促进制造商产品创新。基于社会资本理论和知识基础观,从制造商视角出发,构建制造商—供应商社会资本各维度对供应商创新性的作用机理模型。通过对216家中国装备制造企业进行问卷调查,利用结构方程模型,验证制造商—供应商社会资本、制造商使能的供应商知识整合与供应商创新性之间关系的理论逻辑。研究发现：①制造商—供应商社会资本各维度对供应商创新性均具有正向作用;②制造商使能的供应商知识整合两个维度均正向影响供应商创新性;③制造商使能的供应商知识整合在制造商—供应商社会资本各维度与供应商创新性间扮演不同中介作用。结论揭示了制造商—供应商社会资本提升供应商创新性的过程机制,对制造商开发供应商创新潜能具有一定启示。     

Capital Flows, Vertical Multinationals, Wage Inequality, and Welfare

Wage inequality between skilled and unskilled labor in the US and its trading partners, Mexico and Chile, has increased since 1980, while Taiwan's wage inequality has decreased since the mid‐1980s. The authors provide a new explanation for the latter, involving a rise in capital flows from Taiwan to less‐developed countries (LDCs) in the form of vertical multinationals (MNEs), and a corresponding rise in intermediate‐good exports from the MNEs to subsidiaries in LDCs. Moreover, national income in both countries definitely improves.     

对风险投资定价模型的探讨

风险投资作为一种制度创新,在我国才刚刚开始,各种发展中的障碍在理论界得到了充分的重视,可以说,风险投资在我国发展的前景还是值得我们期待的。本文仅就风险投资定价的几种模型展开讨论,以期为中国的风险投资家和风险企业在签约中减少交易成本提供一些方法和建议。     

Manufactured Exports,Capital Good Imports,and Economic Growth: Experience of Mexico and Brazil

This paper examines the export-led growth hypothesis using data from two Latin American countries, Mexico and Brazil, in a production function framework. It addresses some of the limitations of existing methods of testing the hypothesis. Contrary to popular belief, we do not find any evidence to support the hypothesis. Imported capital goods appear to be very significant in the growth process of these two countries. To check the robustness of the results, this study uses two different cointegrating procedures to determine the number of cointegrating vectors, and three different methods to estimate the parameters of the long-run relations. The results are robust across estimation techniques. [F43, F14, O47, O54]     

转型期国有资本收益的公共福利性支出

国有资本收益支出结构取决于经营投资性支出与公共福利性支出对全民福利之边际贡献比较.一方面,随着经济的发展和转型.我国总的公共福利性支出参照国际水平,已严重滞后于自身的经济发展程度及社会公共需要.与这一转型相伴的是我国个人收入差距的扩大,要求扩大政府支出;另一方面,人均资本积累水平的提高以及国有资本盈利能力的增强为国有资本收益适量用于公共福利性支出提供了条件.从操作层面来说,各级政府的国有资本收益用于公共福利性支出比例应由全国人大来决定,且用于公共福利性支出的部分应上交中央财政、全国统筹使用.