额济纳的的胡杨林

不得不承认,如今去内蒙古额济纳旗看胡杨林,也成了一大俗事.网络上流行这样一句话：如果爱一个人,就带她去看额济纳旗的秋天,因为那里的大漠胡杨就是天堂.     

警察权的性质的反思

目前学术界一直存在着有关警察权的性质争论．警察权的定位较为模糊,由于警察权对于警务人员执行职务时所秉持的职业理念有重要影响,因此有必要对警察权的性质问题进行探讨。     

核心的还是综合的

产品、服务和生活方式的重要创新主体之一是企业.企业能够在集成理念、资本、创意和技术之后而产生新的生活方式.随着时代的变迁,企业竞争力的转型就成了人们关注的焦点.关于竞争力,一直存在着"核心力"和"综合力"两种理论.     

论刑讯逼供的的根源——沉默权的缺失

<刑法>明确规定了刑讯逼供罪,而司法实践中刑讯逼供现象却屡禁不止,其原因是多种多样的,但究其根源应是抗衡机制的缺陷--沉默权的缺失.唯有确立沉默权,才能从根本上遏制现实中刑讯逼供的发生.     

持续的物价上涨的原因及其带来的影响

2007年下半年开始,我国物价的飞速上涨成为我国经济生活中最热门的话题,它不仅牵动着亿万消费者的心,同时也受到了党中央和国务院的高度重视,对物价上涨原因及其带来影响的研究对我国经济的积极健康发展都有十分重要的意义.     

韩国的产业结构的发展及存在的问题

韩国产业结构历经了七个发展阶段,分别是战争萧条阶段、经济恢复阶段、工业起步阶段、资本密集型重化工业发展阶段、发展技术密集型产业阶段、向后工业化过渡时期、金融危机后经济复苏阶段,经过这些发展阶段逐步形成了现在的韩国产业结构,但是仍有一些问题制约着韩国产业结构的优化与升级,不利于韩国经济的发展。本文首先对韩国产业结构的演进历程进行分析、进而阐述了韩国产业结构所存在的缺陷与问题,由此对中国产业结构的发展提出了一些建议。     

词的理据的模糊性

从历时的角度来看,语言是不断发展的,词义的变化使一些词的理据模糊。在现代英语中有些词甚至变成无理据或者难以找出理据。从共时角度来看,词的理据在跨文化交际中有时也会变得模糊。对理据的模糊性这一语言现象的探讨,使我们体会到语言是在特定的历史、社会、文化的背景中不断发展的;要避免模糊理据的干扰,准确把握词的意义。     

警察权的性质的反思

目前学术界一直存在着有关警察权的性质争论.警察权的定位较为模糊,由于警察权对于警务人员执行职务时所秉持的职业理念有重要影响,因此有必要对警察权的性质问题进行探讨.     

八佰伴企业形象的的塑造

无锡八佰伴是无锡市第一家流通领域中的合资企业。于1996年7月10日正式开业,面对疲弱的市场,他们除了对商品进行全方位的正确定位外,还注重企业形象的塑造。     

国际资本流动对房地产价格的影响——基于我国的实证检验(1998-2006年)

本文在考虑通货膨胀的条件下,利用我国1998-2006年的实际利用外资和房地产价格的季度数据建立误差纠正模型(ECM),使用Granger因果检验方法对我国的房地产价格和国际资本流动的关系进行实证检验.得出结论,短期而言,房地产价格上涨吸引了外资的流入;长期来说,外资的流入对我国的住房价格上涨产生了影响.在现阶段控制外资过度流入房地产市场,有利于保持我国房地产价格的稳定.     

Global capital markets,housing prices,and partisan fiscal policies

In recent years, global imbalances have channeled the excess savings of surplus countries toward the real estate markets of deficit countries. By consequence, the deficit countries that attracted lots of foreign capital experienced large run‐ups in house prices, whereas most surplus countries that exported capital exhibited flat or slow house price growth. We first use new house price data and a novel instrumental variable design to show the causal relationship between housing prices and capital inflows, particularly through debt bonanzas. We then argue that international capital flows affect the fiscal policy preferences of both voters and political parties by way of their impact on housing prices. Where capital inflows are large and housing prices are rising, we expect voters to respond by demanding both lower taxes and less publicly‐provided social insurance because rising house prices allow homeowners to self‐insure against income loss. In contrast, declining house prices produce greater demands for social insurance, particularly among those most exposed to housing market risk. We present evidence from two cross‐national surveys that supports these claims, as well as a “before and after” analysis of the housing crash in Eastern Europe. We also show that the connection between house prices and social policy also manifests itself in government spending outcomes, mediated by partisan control.     

Capital Inflows and House Prices: Aggregate and Regional Evidence from China

Rising house prices in China have been of concern for investors and policymakers. Prices have risen substantially in the last decade, especially in large urban cities, and some economists have expressed concerns about the affordability of residential housing for young adults. This phenomenon becomes a major concern for policymakers, in terms of managing policies to balance the residential needs of individuals and the transition to a market economy. Theoretically, house prices ought to be linked to economic factors such as disposable income, availability of land to build and credit policy. However, it appears that traditional economic theories fail to appropriately explain house prices in China. We provide an explanation from the perspective of capital inflows into China. In terms of per capita remittances, China receives the highest inflow of foreign capital, and this may have a significant impact on risk adjusted returns in the Chinese market. To investigate this relationship, we use the vector error correction model to assess the impact of capital inflows on house prices. We find that capital inflows have a significant positive effect on house prices. The study makes important contributions to understanding the relationship between house prices and foreign remittances after controlling for other economic factors. China is a large economy. Because the impact of economic development in China has not been consistent across the country, we address the regional differences in the house price changes to capital inflows. Using regional data, we show that capital inflows have an asymmetric effect on the housing market across different provinces and cities of China. This has important implications for the development of economic policies in China that aim to provide fair access to residential housing for everyone. These findings are also relevant to investors in the housing market, whether investing for a personal residential home or as part of their diversified investment portfolio. It will also be informative to see how a reversal of capital inflows associated with tighter financing conditions in advanced countries will affect house prices in China.     

上市公司、资本虹吸与房价的地区差异

鉴于上市公司与房价地区差异的研究鲜见,文章首次从地区层面寻找上市公司影响房价的微观传导路径.研究发现,上市公司从一级市场上融资、内部人在二级市场上减持均会"虹吸"全国资金,增加当地货币资本,进而正向影响房价,即高融资或高减持地区成为"虹吸方";融资虹吸与减持虹吸对房价的影响存在差异,减持虹吸引起财富集聚,对房价的影响更多地由富裕阶层的购房需求所推动,而融资虹吸带来的财富影响比较分散.地区股票市值与房价呈现螺旋增长关系,在股市上涨期间替代效应占主导地位,两者的增长率负相关;而在下跌期间财富效应占主导地位,两者的增长率正相关.文章从企业层面阐释了房价地区差异的金融成因及路径,并试图厘清股票市场与房价的增长结构,为地区经济的协调发展提供了参考.     

The economic impact of reducing on-base naval housing

This article develops a methodology for estimating the impact on rents and home prices from a hypothetical reduction of on-base naval housing from 56 naval bases in the United States. Based on data from the Center for Naval Analyses and the U.S. Census of Housing, and response coefficients from housing economics literature, illustrative estimates are presented of the short-run and long-run and long-run impact of reducing naval housing.
Key factors determining the increase in rents and home prices include (1) the increase in demand for housing in the private sector resulting from the reduction of on-base naval housing, (2) the short-run and long-run elasticities of supply of private sector housing with respect to housing prices, and (3) the elasticity of demand to live in a defined housing area with respect to housing prices.
We find that the effects on rents and home prices are in most cases small in the short run and negligible in the long run. The median first-year rent increase in the 53 counties is estimated to be 0.90%, with only 9 of the counties still expected to experience rent increases of as much as 4%. In the long run, the median rent increase is estimated to be only 0.10%. Because the purchase of a home is a long-term investment, we find that the impact on home prices is negligible, similar to the long-run impact on rents.     

Different employment of capitals in vertically integrated sectors: Smith after the Austrians

The Austrian notion of stages of production and the related principle of the greater productivity of roundabout methods, plus the neo-Austrian notions of vertical integration and vertical division of labour, are utilized in this paper in an attempt to reconstruct Smith’s convoluted arguments on the different employment of capitals in chapter 5, book 2, of the Wealth of Nations. Smith’s arguments are first clarified in the light of the two concepts of capital (money capital and productive capital), of the two aspects of productive labour (living labour and dead labour) and of the two viewpoints (of an individual and of society) on which Smith’s theory is based. The results of this clarification are then used to prove that, independently of Smith’s own words but in consistency with his theory, the notions of “quantity” and “productivity” of productive labour have a “vertical”, as well as a “horizontal”, dimension so that they fit both the input–output scheme and the Austrian framework of time-consuming methods of production.     

Explaining House Prices in Australia: 1970–2003*

This paper aims to explain changes in real house prices in Australia from 1970 to 2003. We develop and estimate a long-run equilibrium model that shows the real long-run economic determinants of house prices and a short-run asymmetric error correction model to represent house price changes in the short run. We find that, in the long run, real house prices are determined significantly and positively by real disposable income and the consumer price index. They are also determined significantly and negatively by the unemployment rate, real mortgage rates, equity prices and the housing stock. Employing our short-run asymmetric error correction model, we find that there are significant lags in adjustment to equilibrium. When real house prices are rising at more than 2 per cent per annum, the housing market adjusts to equilibrium in approximately four quarters. When real house prices are static or falling, the adjustment process takes six quarters.     

风险投资背景、持股比例对初创企业技术创新产出的影响

为研究风险投资对初创企业技术创新产出的影响，基于中介效应模型，结合数据包络分析方法和静态面板回归分析方法，对创业板上市公司样本进行了实证分析。研究发现：有风险投资参与的初创企业技术创新产出高于无风险投资参与的初创企业，且风险投资持股比例越高，对初创企业创新的促进作用越显著。不同背景的风险投资对初创企业技术创新产出的影响不同：政府风险投资和外资风险投资持股比例越高的初创企业全要素生产率越高，且政府背景风险投资最为有效，外资背景风险投资次之；研发投入在风险投资与技术创新之间发挥部分中介作用，即风险投资通过直接作用和间接作用共同影响初创企业技术创新产出。     

Bayesian analysis of Hong Kong's housing price dynamics

This paper uses a Bayesian vector‐autoregressive model with sign restrictions to estimate the underlying drivers of Hong Kong's housing price dynamics in the short run. While existing studies are useful in analysing housing valuation, little attention has been paid to the short‐run dynamics. In contrast, the present paper identifies short‐run drivers of housing prices using structural identification with theoretical underpinnings. We find that among the shocks that we have identified, bank lending shock and housing supply shock were the main factors affecting Hong Kong's housing prices. Low mortgage rates were another key factor that led to the significant increase in housing prices after the global financial crisis.