Productivity,Scale and Efficiency in the U.S. Textile Industry

In this paper we employ panel data techniques to address several issues related to the recent performance of the textile industry. We build on the research and results obtained by Ramcharran (in Empirical Econ 26:515–524, 2001) for the textile industry as a whole, by extending the analysis to the sector level. Using data for 23 sectors over 39 years (1958–1996), we estimate a variable elasticity of substitution (VES) production function; the results allow us to construct time-series of marginal products of inputs and elasticities of scale and substitution. We find evidence in support of the use of a VES function and conclude that there are systematic differences among textile sectors’ productivity and performance.     

Technical and Allocative Efficiency among Socialist Enterprises: The Case of the Garment Industry in China

Using survey data, this paper compares technical and allocative efficiency among state, urban collective, township-village, and joint venture enterprises in the garment industry in China. Township-village enterprises are further classified into independent enterprises and cooperative ventures with state and urban collective enterprises. According to the estimation results of the production and labor share functions, state and urban collective enterprises are much less efficient, both technically and allocatively, than cooperative township-village enterprise and joint ventures. These findings suggest that this new type of socialist enterprise and joint ventures will eventually dominate in the garment industry. J. Comp. Econom. December 1994, 19(3), pp. 410-433. Tokyo Metropolitan University, Hachiohji City, Tokyo 192-03, Japan; Tokyo Gakugei University, Koganei City, Tokyo 184, Japan; and International Food Policy Research Institute, Washington, DC 20036.     

Currency substitution and economic monetary aggregates: The U.S. Case

Existing analyses of currency substitution rely on the assumption that domestic monetary assets are perfect substitutes for each other. The present paper examines empirically the currency substitution hypothesis using Divisia monetary aggregates which relax the perfect substitutability assumption used in earlier work. The empirical results support the hypothesis of currency substitution for the United States.     

美国重大气象灾害与服务经济技术分析

美国是当今世界自然灾害多发的国家之一,在灾害监测、预警、应急救助及防灾减灾决策支持系统建设等方面均处于世界领先地位。为使国内对美国应对重大气象灾害的先进经验有所借鉴,本文结合美国国家海洋和大气管理局（NOAA）公布的有关资料,对美国重大气象灾害发生的种类、时空分布规律、经济社会影响及其气象科技基础设施与服务业的地位和作用进行了系统的经济技术实证分析,并提出了相关建议,供参考。     

美国风电产业的发展

作为既能满足电力需求,又能解决气候变化并重振农村经济的三全齐美之选,美国风电产业近年迅猛增长,未来有望提供全美20%的电力供给.本文结合美国公布的最新资料,对美国风电产业的发展现状、供求特征、核心政策、主要问题和未来走向进行了系统的实证分析与归纳,并提出了相关建议.     

The Value Relevance of Earnings and Nonearnings Information in Regulated and Deregulated Markets: The Case of the Airline Industry

This paper examines the valuation effects of earnings and two nonearnings-based measurements (book values and operating cash flow) on security prices of airline companies under two different market structures: regulated and deregulated. The literature lacks empirical evidence in examining the relative importance of earnings and nonearnings accounting-based measurements in regulated and deregulated markets, especially in the airlines industry. We compare coefficient estimates of regressing stock prices on earnings, book value, and cash flow from operations of airline companies during regulated and deregulated times. A control sample of manufacturing companies is also used for supporting inferences from the airline sample’s findings. In a typical regulated market, using cost recovery plus an adequate rate of return on assets, security prices are highly aligned with nonearnings measurements such as the book value. In the airline industry, regulation took the form of guaranteed routes and subsidies to service rural areas, giving rise to a differential effect of both earnings and nonearnings measurements. Under deregulation, airline firms operate in highly competitive markets with large airline firms enjoying the benefits of economy of scale and service diversification. Thus, the asset capitalization (book value), cash flow, and operational efficiencies (earnings) would be major indicators in the market assessment of the firm’s future profitability and security price. This paper finds that nonearnings measures have higher explanatory power of security prices in regulated times for the airline firms. In deregulated times, although earnings have a stronger relationship with prices, nonearnings measures continued to influence stock price levels, reflecting airline specific economics.

我国汽车产业技术效率及其影响因素实证分析

通过实证分析发现我国汽车产业技术效率处于较低水平,在影响汽车产业技术效率的行业变量中,资本劳动比率、工程技术人员比重促进了技术效率的提高,研发支出比重和产量增长率却阻碍了技术效率的提高。我国必须从多个方面努力改善汽车产业技术效率。     

The Wealth Dynamics of Entrepreneurship for Black and White Families in the U.S.

Among black and white families, entrepreneurs hold disproportionately more wealth than workers. Black entrepreneurs hold a lower fraction of black family wealth than white entrepreneurs hold of white family wealth, because black families have a lower rate of entrepreneurship. Black and white entrepreneurs have more upward and less downward mobility in the wealth distribution than black and white workers, respectively. The black entrepreneurs and white entrepreneurs have similar upward mobility and black entrepreneurs less downward mobility in the wealth distribution. The entrepreneurs save at higher rates than workers, and the saving rates of black entrepreneurs and white entrepreneurs are not found to differ.     

1934-2010年美国银行业盈利模式变迁的价值链解析与启示

美国银行业盈利模式变迁集中反映在美国银行业收益结构的变化上,起因于金融价值链的裂解与聚合,并通过对银行价值链的重构实现向全能银行的成功转型。借鉴美国经验,我国商业银行应树立全功能银行的经营理念,根据风险绩效优化传统信贷业务,发展主动性风险业务,加强系统风险管理,降低费用和资本支出。     

The Impact of State Incentive Regulation on the U.S. Telecommunications Industry

We examine the impact of state incentive regulation on network modernization, aggregate investment, revenue, cost, profit, and local service rates in the U.S. telecommunications industry between 1986 and 1999. We find evidence of greater network modernization under price cap regulation (PCR), earnings sharing regulation (ESR), and rate case moratoria (RCM) than under rate of return regulation (RORR). Costs are generally lower under RCM. Costs are also lower under ESR and PCR when local competition is sufficiently intense. Some local service rates for business customers are lower under PCR. Revenue, profit, aggregate investment, and residential local service rates do not vary systematically under incentive regulation relative to RORR.     

中美白糖期货市场价格发现功能的比较研究——基于2006—2008年的时间序列数据

本文运用协整分析、Granger因果检验、误差修正模型、信息共享模型、方差分解模型和脉冲响应函数,对2006—2008年中美两国白糖期现货市场价格之间的长短期变动关系进行了计量分析与横向对比。研究发现,我国白糖期货市场价格发现功能已初步显现,但我国白糖期货市场中期货价格对现货价格的引导作用与美国的成熟市场还存在较大差距,我国白糖期货市场价格发现功能的发挥水平还有待提高。     

Care Data Infrastructure: A U.S. Case Study

This essay emphasizes the need to critically evaluate sources of survey data available to assess interactions between paid and unpaid care provision, including the extent of substitutability between unpaid work time and money expenditures. While it focuses on the U.S., it provides a framework for analysis of data infrastructure in other countries that could facilitate international comparisons and policy analysis.     

美国社会保障制度的效率取向及其对我国的启示

公平与效率是社会保障领域的永恒话题。美国从实施社会保障制度之始,一直坚持效率优先的政策取向,这充分地从制度的目的、项目的设置、资金的筹集和运营、社会保障给付、管理体制等社会保障制度的中心环节体现出来。究其原因,美国的政治、经济、文化背景决定了这一选择。虽然国情各异,但分析以效率为取向的美国社会保障制度对我国现阶段社会保障制度在公平与效率上的权衡具有借鉴意义。     

美国服务业的发展及其启示

美国服务业的发展现状、吸纳就业、相关产业政策、政府对服务业的管理等情况介绍,美国服务业发展对我们的启示和建议     

Effects of U.S. Banking Deregulation on Unemployment Dynamics

I use state-level banking deregulation in the U.S. to study the causal impact of credit expansion on unemployment through its effects on the average monthly job-finding and job-losing rates. State-level analysis shows that deregulation increased the average job-finding rate and decreased the job-losing rate, and thus led to a lower unemployment rate. I also find that deregulation decreased the average unemployment duration. Extending the analysis to industry-state level, I find that the impact of deregulation on the job-finding rate is positive, but does not show any pattern across industries with respect to their needs for external finance. However, deregulation reduced the average job-losing rate, and the reduction monotonically increases with industries’ dependence on external finance.