关税同盟兴德国

关税同盟的成立,促进了德国的统一和兴旺发达,影响深远. 德国在历史上曾经长期处于政治上分裂、经济上落后的状态.在十五世纪之后,当英、法等国逐步形成中央集权的统一国家的时候,德国仍然是诸侯林立,各自为政,互相混战.     

共同体、共同需要与财政

关于财政起源问题的争论已是老生常谈,似无继续下去的必要,但正是在这个最基本问题上的分歧,势必会形成财政学上的不同流派,形成对现实财政问题上的不同观点和提出解决现实财政问题的不同方针和措施。传统的观点认为,国家的萌芽、产生、发展和存在,决定着财政活动的萌芽、产生、发展和存在。因为国家本身不从事生产,为满足国家执行其     

东盟共同体：成就与挑战

以自身鲜明特点与欧盟及其前身——欧共体区别开来的东盟共同体正在获得加速前行的动力。在第19届东盟峰会上,东盟领导人不仅打出了“在全球国家共同体中的东盟共同体”的亮丽主题。而且共同签署了《在全球国家共同体中的东盟共同体巴厘宣言》。因此,按照目前的气势和节奏,如果不出意外,2015年东盟共同体将横空出世。     

俄白哈关税同盟贸易效应及对中国新疆商品出口贸易的影响

关税同盟的贸易效应对区域外贸易国家和地区的出口贸易具有重要影响。文章应用巴拉萨模型分析了俄白哈关税同盟的贸易效应,结合贸易效应着重探索了俄白哈关税同盟对中国新疆商品出口贸易的影响。结果表明：俄白哈关税同盟的贸易转移效应明显,贸易创造效应初步显现;中国新疆与俄白哈三国的出口贸易紧密度减弱;中国新疆对俄白哈三国的出口贸易增速下降,出口商品贸易结构中的工业制成品占比逐渐下降;俄白哈关税同盟的贸易转移效应对中国新疆商品的出口贸易带来较大冲击。     

东盟共同体:智慧的创造与超越

以自身鲜明特点与欧盟及其前身——欧共体区别开来的东盟共同体,正在获得加速前行的动力.在第1 9届东盟峰会上,东盟领导人不仅打出了“在全球国家共同体中的东盟共同体”的亮丽主题,而且共同签署了《在全球国家共同体中的东盟共同体巴厘宣言》.因此,如果不出意外,2015年东盟共同体将横空出世.三大里程碑就像散落在西南太平洋的颗颗...     

构建信托公司与民营企业共赢的利益共同体

改革开放以来,信托公司与民营企业经历了蓬勃发展阶段,虽所处行业不同,但都为我国经济腾飞作出了巨大贡献。在我国经济发展进入新常态的重要时期,面对经济转型与国际局势复杂多变,信托公司与民营企业都面临众多挑战。现阶段,信托公司应响应国家号召,发挥自身特有的灵活制度优势与创新能力,与民营企业组成共赢的利益共同体,在不断提升服务民营企业质效、缓解民营企业"融资难、融资贵"难题的同时,回归信托本源。     

社会化服务单位要与农民建立利益共同体

农业是国民经济的基础,我国要完成传统农业向现代农业的转变,根本出路在于以科学技术为武器,以农业科技推广为依托,以现代社会化服务为支撑,走农业产业化的道路,并形成利益共享,风险共担的利益分配机制。 一、农业科技推广、社会化服务组织与农民利益、农业效益关系探讨 作为农业科技推广及社会化服务最终效益的体现在农业和农民。农业和农民是利益关     

“一带一路”的积极意义:从利益共同体到命运共同体

我讲3个观点,为什么说"一带一路"是从利益共同体走向命运共同体的?第二,破除"一带一路"的5个误区,第三,我们国际联盟在做什么?现在回过头看2013年是很重要的年份,2013年有两个国家的大国元首发表了重要讲话,2013年5月28号奥巴马在西点军校毕业典礼上表示美     

聚智增慧 构筑命运共同体

由中联部牵头的"一带一路"智库合作联盟,在成立近一周年之际,于2月23日在深圳召开了"一带一路"国际智库合作联盟研讨会,成功走向国际化。2015年4月,中联部副部长郭业洲挂帅的中联部当代世界研究中心牵头,联合国内涉及"一带一路"建设的50多家智库和研究机构,成立了国内首个"一带一路"智库合作联盟,     

Auctions vs. Bookbuilding and the Control of Underpricing in Hot IPO Markets

Market returns before the offer price is set affect the amountand variability of initial public offering (IPO) underpricing.Thus an important question is "What IPO procedure is best adaptedfor controlling underpricing in "hot" versus "cold" market conditions?"The French stock market offers a unique arena for empiricalresearch on this topic, since three substantially differentissuing mechanisms (auctions, bookbuilding, and fixed price)are used there. Using 1992–1998 data, we find that theauction mechanism is associated with less underpricing and lowervariance of underpricing. We show that the auction procedure'sability to incorporate more information from recent market conditionsinto the IPO price is an important reason.     

中国股市的共同趋势和共同周期研究

运用共同趋势和共同周期计量模型考察上海、深圳和香港的股票市场综合指数月收盘价序列的动态轨迹,以此来研究中国股市的共同趋势和共同周期.实证结果表明,上证指数、深圳成指和恒生指数在长期存在一个共同趋势,在短期存在两个共同周期.     

Order Imbalance and Its Impact on Market Performance: Order-driven vs. Quote-driven Markets

Abstract:  The behavior of order imbalance and its impact on market performance at the two Taiwan stock index futures markets, the TAIFEX and the SGX-DT, is investigated. The TAIFEX is an order-driven call market, while the SGX-DT uses a quote-driven continuous trading system. Our empirical results show that for the TAIFEX order-driven market, the spread is minimized when order imbalance is high. In contrast, for the SGX-DT quote-driven market, the spread is highest when order imbalance is high. For both markets, order imbalance has an impact on market liquidity and volatility. The impact is larger and more significant for SGX-DT futures. This suggests that the order-driven market mechanism of TAIFEX futures is superior in absorbing order imbalance and in reducing the resulting price impact.     

外汇市场的协同波动与联合干预

本文以ARMA-GARCH,GARCH-M及EGARCH模型检验中国、日本及韩国1997年1月至2010年9月的实际汇率波动,及是否存在风险溢价和杠杆效应,结果发现:中国汇率波动最为平稳,而韩国汇率波动最大,并且存在显著的风险溢价和杠杆效应。我们另外考量了中央银行干预对汇率波动的影响,发现日本中央银行干预最为有效,而韩国中央银行干预最为无效。此外,我们以BEKK-MGARCH模型检验中日韩三国的汇率协同波动现象,发现中日韩三国之间的汇率皆具有正向协同波动关系,而以日韩的协同波动持续性最为显著。若考量央行联合干预,则中日汇率的协同波动性将提高,日韩汇率的协同波动性将明显降低。此外,中日及日韩的联合干预对汇率协同波动有显著的政策效应。     

Unravelling vs Unravelling: A Memo on Competitive Equilibriums and Trade in Insurance Markets

Both Akerlof (1970) and Rothschild and Stiglitz (1976) show that insurance markets may “unravel”. This memo clarifies the distinction between these two notions of unravelling in the context of a binary loss model of insurance. I show that the two concepts are mutually exclusive occurrences. Moreover, I provide a regularity condition under which the two concepts are exhaustive of the set of possible occurrences in the model. Akerlof unravelling characterises when there are no gains to trade; Rothschild and Stiglitz unravelling shows that the standard notion of competition (pure strategy Nash equilibrium) is inadequate to describe the workings of insurance markets when there are gains to trade.     

国内外关于环境关税的研究进展及评论

环境关税体现了关税的环境保护功能。美国、日本以及OECD的大多数成员国已确立了环境保护思想在关税制度中的重要地位,并把环境关税的结构性调整作为21世纪关税制度改革的重要内容。本文在回顾国内外相关研究文献的基础上,详细阐述了环境关税的理论、政策与应用情况,并提出了建立中国环境关税体系需要探索和研究的几个问题。     

The Impact of the U.S. and the Japanese Equity Markets on the Emerging Asia-Pacific Equity Markets

Using a tri-variate vector autoregression model, we study the relationships between the four Asian emerging equity markets: Hong Kong, Korea, Singapore and Taiwan, and the two largest equity markets in the world: U.S. and Japan. We find that while most of the unexpected variations in stock returns in these Asian emerging markets is explained by domestic own shocks, the impacts from the U.S. and Japan are larger in Hong Kong and Singapore than in Korea and Taiwan. This foreign effect is pronounced after the Crash of the October 1987, especially in Singapore. This revised version was published online in August 2006 with corrections to the Cover Date.     

Eliminating Excessive Tariffs on Exports of Least Developed Countries

Although average OECD tariffs on imports from the least developedcountries are very low; tariffs above 15 percent (peaks) havea disproportional effect on their exports. Products subjectto tariff peaks tend to be heavily concentrated in agricultureand food products and labor-intensive sectors, such as appareland footwear. Although the least developed countries benefitfrom preferential access, preferences tend to be smallest fortariff peak products. A major exception is the European Union,so that the recent European initiative to grant full duty-freeand quota-free access for the least developed countries (theso-called Everything But Arms initiative) will result in onlya small increase in their exports of tariff peak items (lessthan 1 percent of total exports). However, as preferences areless significant in other major OECD countries, a more generalemulation of the European Union initiative would increase theleast developed countries' total exports of peak products byUS$2.5 billion (11 percent of total exports). Although almosthalf of this increase is at the expense of other developingcountry exports, this represents less than 0.05 percent of theirtotal exports. This trade diversion can be avoided by reducingtariff peaks to a uniform 5 percent applied on a nondiscriminatorybasis. However, such a reform would imply no gains for the leastdeveloped countries, suggesting that the globally welfare-superiorpolicy of nondiscriminatory elimination of tariff peaks shouldbe complemented by greater direct assistance to poor countries.