资本市场监管与资本市场寻租行为分析

租金不仅存在于私人物品市场和要素市场,而且也存在于资本市场。哪里有垄断、特权和管制,哪里就存在租金。租金的存在,导致寻租活动的存在。寻租的目的是为了保护现有的租金或通过这些垄断和特权来创造租金。本文系统地论述了我国资本市场寻租的表现形式以及造成的不良社会后     

Institutional choice in the governance of the early Atlantic sugar trade: diasporas,markets, and courts

The expanding sugar trade linking Portugal, Brazil, and the Netherlands in the sixteenth and seventeenth centuries required enforcement mechanisms to guarantee that overseas agents would act honestly and diligently. While the recent literature emphasizes that multiple mechanisms were substitutes in addressing this problem, this article highlights that merchants chose different mechanisms to govern distinct types of transactions and explains why. A reputational mechanism relying on social and economic constraints within an ethnic diaspora governed more complex and higher‐value arrangements. A different mechanism linking economic incentives to professional reputations across the diasporas plying this trade route predominated in simpler and smaller transactions. Finally, long‐distance and transnational judicial enforcement supplemented these two reputational mechanisms. Capable of matching the value and complexity of transactions with the attributes of governing mechanisms, merchants were able to diversify their transactions, expand the market for agents, better allocate agents to tasks, and stimulate competition among them. The resulting decrease in agency costs was critical in such a significantly competitive market as the sugar trade. Evolving institutional choice thus reinforced the expansion of trade. These hypotheses are corroborated by data from a prosopography of merchants of Jewish origin, derived from notarial records from Oporto and Amsterdam, and from Inquisition files.     

The cost of railroad regulation: the disintegration of American agricultural markets in the interwar period

This article investigates the costs of transport regulation using the example of agricultural markets in the US. Using a large database of prices by state of agricultural commodities, we find that dispersion fell for many commodities until the First World War. We demonstrate that this reflected changes in transport costs which in turn in the long run depended on productivity growth in railroads. The year 1920 marked a change in this relationship, however, and between the First and Second World Wars we find considerable disintegration of agricultural markets, ultimately as a consequence of the 1920 Transportation Act. We argue that this benefited railroad companies in the 1920s and workers in the 1930s, and we put forward an estimate of the welfare losses for the consumers of railroad services (that is, agricultural producers and final consumers).     

Safeguard protection of industry in developed countries : Assessment of the implications for developing countries

Zusammenfassung Protektion durch Schutzma▾nahmen der Industrie in entwickelten L?ndern: Absch?tzung ihrer Auswirkungen auf die Entwicklungs-l?nder. — Der Zweck dieses Aufsatzes ist es, einige neuere Ver?nderungen des Industrieprotektionismus in den USA, der EWG und Japan zu untersuchen und zu bewerten. Dabei soll die Diskussion über den Protektionismus dadurch in die richtige Perspektive gerückt werden, da▾ eine detaillierte Liste von Schutzma▾nahmen zugunsten der Industrie erstellt wird. Es wird versucht, die Bedeutung dieser Ma▾nahmen für die Industriegüterexporte der Entwicklungsl?nder abzusch?tzen. Das allgemeine Ergebnis ist, da▾ — abgesehen von Textilien und Bekleidung — der neuere Protektionismus in den USA, der EWG und Japan in der Form offizieller Einfuhrbeschr?nkungen kein ernsthaftes Hindernis für eine fortgesetzte Steigerung der Exporte der Entwicklungsl?nder darstellt. Au▾erdem besteht in Japan ein offensichtlicher Liberalisierungstrend 30- und dort liegt ein enormer und bisher kaum genutzter Markt für die Ausfuhren der Entwicklungsl?nder. Allerdings sieht es so aus, als n?hmen die entwickelten L?nder zunehmend Zuflucht zu inoffiziellen und informellen Handelshemmnissen, die den Geist, wenn nicht sogar den Buchstaben der GATT-Vereinbarungen umgehen. Solche Entwicklungen sind um so beunruhigender, als die Dokumentation der einzelnen Ma▾nahmen schwierig ist, obwohl dies gerade notwendig ist, l?▾t sich doch der Protektionismus vielleicht dadurch am besten aufhalten, da▾ die Ma▾nahmen offengelegt werden.

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Résumé La protection de sauvegarde pour l'industrie dans les pays développ 'es: Une estimation des conséquences pour les pays développants. — Le but de cet article est de revoir et d'évaluer quelques changements récents du protectionnisme industriel dans les E.U., la C.E.E. et le Japon. Nous essayons de montrer une perspective au débat sur le protectionnisme en énumérant en détail des mesures de sauvegarde industrielle. Nous nous efforcons d'estimer la significance de ces actions pour les chances des exportations manufacturières des pays développants. La conclusion générale de l'article est que, abstraction faite des textiles et des vêtements, le protectionnisme récent dans les E.U., la C.E.E. et le Japon, sous forme des changements officiels des barrières importatrices, ne constitue pas un obstacle sérieux pour l'expansion continuée des exportations des PVD. De plus, la tendance apparente est celle d'une libération du commerce extérieur en Japon, un marché énorme, mais jusqu' ici à peine essayé. Cependant, il appara?t que les pays développ 'es se réfugient auprès des restrictions commerciales inofficielles et informelles qui dupent l'esprit à moins que même la lettre du GATT. Tels développéments sont le plus inquiétants parce qu'il est très difficile de les documenter, car il y a peine un contr?le plus efficace que les exposer.

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Resumen Salvaguardia de protección de la industria en países desarrollados: Determination de las implicaciones para países en desarrollo. — El propósito de este artículo es revisar y avaluar algunos cambios recientes en el proteccionismo industrial en los EEUU, Mercado Común Europeo y Japón. El propósito es poner en perspectiva el debate acerca del proteccionismo proveyendo una contabilidad detallada de las medidas de salvaguardia industrial. Se hace un intento tentativo para determinar la significatión de estas acciones para las perspectivas de exportaci 'on de productos manufacturados de países en desarrollo. La conclusión general del artículo es que, fuera de textiles y confecciones, el reciente proteccionismo de los EEUU, el Mercado Común Europeo y Japón, en la forma de cambios oficiales en las barreras de importatión, no constituyen obstáculos serios para una continua expansión de las exportaciones de los países en desarrollo. Más aún, la tendencia aparente es de liberalization del comercio en Japón, un mercado enorme pero aún inexplorado para las exportaciones de países en desarrollo. Sin embargo, se observa que los países desarrollados están recurriendo en forma creciente a restricciones informales y no oficiales del comercio, lo que contraviene el espíritu del GATT. Estos desarrollos son muy inquietantes porque son tan dificíles de documentar, ya que no hay tal vez otro medio más efectivo de chequeo para el proteccionismo que el desenmascaramiento.

     

Implicit contracts between regulator and industry: protection and deregulation in Japanese casualty insurance

This paper models the repeated interaction between the government, a regulator and an industry. The regulator grants the industry rents in exchange for cooperation as part of an implicit contract enforced by a trigger strategy. The government chooses regulatory autonomy, balancing the costs of monitoring against the cost of autonomy in terms of regulatory subgoal pursuit. This model describes well the observed regulatory dynamics in the Japanese casualty insurance industry, where Ministry of Finance (MoF) regulation created and protected high industry rents throughout most of the post-war period. Following recent socio-economic changes, the government has begun to monitor the regulator more closely, and as a result, a more competitive outcome emerges.     

我国基金业监管的成本与收益分析——从博弈论的视角

从博弈论的角度,通过对我国基金监管各方的成本收益分析,揭示了我国基金违规的主要影响因素,研究表明,只有增加基金违规的成本,减少基金监管主体的监管成本,加强法制文化建设,加强基金的信息披露才能更好地解决基金违规的问题。     

我国环保产业发展中存在的问题及应对措施

１我国环保产业发展中存在的问题１．１环保企业规模偏小，环保产业技术开发能力薄弱据调查，在全国近９０００多个从事环保产业的企事业单位中，中小企业占８０％以上，其中大部分是小型企业，有的企业职工总数不到１０人，产品都是一些低水平的重复。许多企业没有长期发展战略，缺乏适应市场竞争的经营理念和科学有效的管理体制。特别是专业化的环境治理公司还不多，为环境污染治理提供社会化专业服务的企业也较少。我国环保产业技术与发达国家相比仍有很大的差距。多数环保企业的科研、设计力量薄弱，技术开发力量主要分布在大专院校、研…     

Unequal school enrollment rights,rent yields gap,and increased inequality: The case of Shanghai

This paper first builds a simple theoretic model to explore how a special feature of enrollment policy of public primary schools in urban China, the unequal enrollment right between home owners and tenants, would produce rent-yields gap between different housings. The model also predicts that an enrollment policy featuring with tenant discrimination, accompanying with strict credit constraint, would reduce the chance of kids from middle-income families to attend better public schools while allow families with high initial wealth to access better high-quality public education at a lower cost. Using a hedonic pricing model, we find that, in Shanghai, rental yields of housings in neighborhoods associated with reputed public primary schools is on average 0.1–0.35 percentage-point lower than those associated with ordinary ones. We also explore how the rent-yields-gap varies across housing types, locations and changes over time. Nonetheless, our simulation computation suggests that the estimated opportunity cost of holding such schools in Shanghai is generally not a big amount and affordable for many families. Overall, the high entry costs of owing a housing is the major obstacle to access high-quality public primary education in urban China. These findings highlight how an education policy with features of inequality may contribute to education and residential segregation, and then reduce intergenerational mobility.     

Indian lands, “Squatterism,” and slavery: Economic interests and the passage of the indian removal act of 1830

In May 1830, the U.S. House of Representatives narrowly passed the Indian Removal Act that authorized the president of the United States to exchange land west of the Mississippi River for Indian land in the east and appropriated $500,000 to assist tribes in the move west. Three days later the House also passed the Preemption Act of 1830, giving squatters a right of first refusal to purchase land they had occupied prior to its being opened for sale. In a recent paper, Kanazawa (1996) finds that the willingness of squatters to illegally occupy federal lands greatly raised the cost of enforcing property rights and this was a significant factor behind the passage of the first general Preemption Act in 1830. We build on his work to test the hypothesis that Congressmen who favored squatters’ rights would also favor moving Indian tribes out of the old southwest. A logit analysis of the vote on the Removal Act of 1830 shows three statistically significant variables. Democrats, representatives from slaveholding districts, and those who voted for preemption were more likely to vote for removal. Congressmen from slave states were very likely to favor both Acts, which stands in contrast to southern opposition to a homestead act in the late 1850s.     

Information asymmetries and craft guilds in pre‐modern markets: evidence from Italian proto‐industry

This article analyses the relationship between guilds and information asymmetries using a large database of quality disputes from early modern Italy. It finds that a high‐quality urban textile industry was able to solve externalities using a range of ex ante and ex post monitoring mechanisms based on private market relationships and fair sanctions which effectively reduced adverse selection and information asymmetries. Instead, when guilds did use their quality regulations, the effect of the guild on information asymmetries and the industry as a whole was generally negative, by providing mechanisms that could be manipulated by entrenched interest groups for rent‐seeking purposes.     

Bribes,tribes and markets that fail: Rethinking the economics of underdevelopment

Conventional economic approaches to ‘underdevelopment’ tend to overlook some pernicious problems. Among them are corruption, ethnic discrimination and conflict, and markets that may work well enough for the privileged but not well enough for the poor. Fortunately, new work in economics promises practical insights into how to deal with these problems. It also suggests a rethinking of the causes of underdevelopment     

A soft touch? British industry,empire markets,and the self‐governing dominions,c.1870–1914

The belief that Britain's empire markets were soft is well entrenched in the literature. It is, however, a belief that has been largely untested. Indeed, the literature does not even offer an explicit definition of softness. This article attempts to fill this gap by discussing the meaning of the term and then posing the question whether between 1870 and 1914 Britain's fastest growing markets—Australasia and Canada—can in fact reasonably be labelled soft, as has often been assumed. The article concludes that the demand for British imports in these markets was driven more by considerations of income and price than by colonial sentiment or preference.     

Alternative evaluation of the cost of the capital stock and financial position of the Russian railroad industry

Even a quick analysis of official information about the activities in the Russian railroad industry in the past decade shows that the industry has undoubtedly achieved successful results, the significance of which goes far beyond the transport sector. It was as long ago as the late 1920s when S.G. Strumilin wrote that the transportation industry must develop faster than the entire economy. If the transportation resources are not increased, the industry will not be a powerful factor able to encourage industrial development, but will rather restrain it greatly [1]. This study answers the question regarding to what extent the positive results of recent years have allowed to overcome the previous negative inertia and, what is more important, whether the industry has managed to increase its transportation resources and create infrastructural facilities to develop the national economy. In order to find answers, the material and technical base and financial position of the country??s railroad industry are assessed and its prospects for development are evaluated. The main calculations are based on data for 2006 and 2007, i.e., the years that in many respects appeared to be the most successful period in the post-Soviet history of the national railroad industry.     

Rent seeking,federal mandates,and the quality of public education

Summary and Conclusions This paper has examined two opposing hypotheses purported to explain the imposition of mandates on lower level governmental activities. These hypotheses were labeled the spillovers and rent-seeking arguments. The first argument implied that consumers benefit from the intervention, while the latter one suggests that mandates increase the rents of the bureaucrats-producers. Evidence relating to the provision of public education was found to be more consistent with the rent-seeking thesis.Overall, the conclusions emerging from this study complement prevous works concerning the collusive nature of interactions between government regulators and private firms. There, the firms often use government to achieve what proves to be too costly via the market. There is no reason to believe that things would differ with regard to collusion between local units of government and those at higher levels. Given that bureaucrats, like all other individuals, are utility-maximizers, they too have an incentive to use government to increase their rents. Educational mandates appear to have served this role.     

台湾环保产业发展及其政策演进分析

环保产业是综合性科技应用产业，也是台湾“十大新兴产业”之一。本文在分析台湾环保产业发展轨迹的基础上，对其不同发展阶段的政策特点进行一些探讨。     

Economics of multihabitation: Housing conditions, household occupancy and household structure under rent control, inflation, and nonmarketability of ownership rights

Multihabitation, in terms of sharing facilities in a dwelling or extended family occupancy, is common in parts of the Third World. This paper uses the Ghanaian housing market to assess the impact of multihabitation on house condition and on household occupancy rates per room, as distinct from the influence of other factors on these variables. Multivariate statistical techniques form the method of analysis and the models have a high predictive accuracy. The impacts of current government policies, such as rent control, on house condition and occupancy rates is also discussed, along with cultural attitudes to ownership and obligations to the extended family.     

Can international coproduction promote the performance of cultural products in the global markets? Evidence from the Chinese movie industry

This study investigates the effect of international coproduction on the performance of cultural products in the global markets. As a result of institutional barriers and cultural distances, coproduction, which allows a foreign producer to partner with the local firms, has emerged as a way of increasing cultural product performance in the global markets. Using the data on the Chinese movie market from 2012 to 2018, the authors find that international coproduction can promote movie performance and that the coproduction effect is mainly explained by the institutional variables. They further examine the heterogeneous effects and find that coproduction effect is stronger for culturally sensitive movies, and that the magnitude of the coproduction effect increases with the level of cooperation. They also confirm that the results are robust to different measurements of performance.