上海国际航运中心建设若干问题探讨

本文从全国、流域、城市三个层面阐述了建设上海国际航运中心是我国区域经济发展的需要。基于区域条件的分析,探讨了上海国际航运中心建设的必要性和可能性,通过对国际上航运中心建设的经验借鉴,论证了上海国际航运中心建丸的区域优势和不利条件,并相应提出了上海国际航运中心建设的功能定位和发展对策。     

GRANTING AN EXIT OPTION TO CONDUCT AN AUDIT

We study a principal–agent relationship with auditing in which information from an audit is ‘soft’– by conducting an audit, the principal observes the agent's private information, but cannot obtain verifiable evidence on the information. Moreover, the principal's auditing effort is unverifiable in our model. Therefore, besides the agent's misreporting incentive, there is the principal's incentive to accuse the truthful agent even without auditing. If the principal's auditing effort is verifiable, granting no exit option to the agent is optimal although the principal can still accuse a truthful agent after the audit. We show that when the principal's auditing effort is unverifiable, granting an exit option to the agent and auditing are complementary. Without granting an exit option to the agent, no auditing is optimal, and the principal grants an exit option to conduct a sincere audit, which in turn mitigates the agent's misreporting incentive. Our analysis also reveals that, when the cost of auditing is sufficiently large, the principal conducts more sincere audits with a smaller amount of penalty.     

ECONOMIC PERFORMANCE AND PUBLIC INFRASTRUCTURE: AN APPLICATION TO GREEK MANUFACTURING

To comprehend the impact of public infrastructure on economic performance this paper provides a measure of productivity growth as derived from duality theory. This productivity growth is decomposed into the components of technical change, returns to scale and the effects of public infrastructure, the variable of our interest. In an application, we opt for Greek manufacturing so as to investigate whether the decline in its growth rate is partly explained by public infrastructure. Despite some variation in the estimation results of shadow shares across industries, public infrastructure asserts a cost saving effect in most industries, though it also appears that traditional labour‐intensive industries with lower level of technological advancement do not benefit from the provision of public infrastructure. The estimation results further demonstrate that while public infrastructure enhanced productivity growth over the sample period for most industries, low infrastructure investment in the 1970s and the 1980s undermined productivity growth.     

BOOTSTRAPPING COVARIATE UNIT ROOT TESTS: AN APPLICATION TO INFLATION RATES

This paper proposes a bootstrap procedure for the covariate point optimal tests (CP_T) of Elliott and Jansson. Although the covariate tests enjoy large power gains over the traditional univariate unit root tests, our simulations show that they still suffer from severe size distortions at finite samples. Through simulations, we demonstrate the superiority of the bootstrap procedure in the sense that it can yield desirable size and power properties for the CP_T tests when the Akaike's information criterion is used. Moreover, we show the empirical relevance of the bootstrap tests by applying them to inflation in the G‐10 countries, and then obtain strong evidence against the unit root hypothesis for most countries at the 5% significance level.     

OLD WINE FOR NEW BOTTLES: PUTTING OLD GROWTH THEORY BACK IN THE NEW

This paper shows how the mechanisms of endogenous growth can readily be incorporated within old growth theory, thereby resolving the principal impasse that stymied old growth theory. The key mechanism is the technological progress function which was originally developed by Kaldor (1957). The growth effects of monetary and fiscal policy operate through three channels. The first is the 'portfolio composition' channel, with policy serving to alter the money-capital mix of portfolios; the second is the money in the production function channel, with policy serving to alter the relative use of money and capital as inputs; the third is the money in the technological progress function channel, with policy affecting the dynamic allocative efficiency of investment via its impact on the level of financial intermediation. Since money and capital both enter the technological progress function. policies that affect the demands for money and capital affect the steady state rate of growth.     

以张家界世界遗产地为例看中国的"申遗热"

自第30届世界遗产大会后,中国的世界遗产数已达到了33项,而有申报计划的申遗队伍已经排到了百年之后。文章以张家界世界遗产地为例,对世界遗产地申遗前后的发展变化进行了实证分析,解析了中国各地对申遗高热的情结。