专家建议：投资四季度别贪持股赚20％就撤

国庆长假后．10月股市第一日即上涨100多点．四季度市场是否会延续上涨的势头．还是重续三季度的调整7日前,富国基金策略分析师张宏波做客富国扬子基金大课堂．他表示,目前经济虽复苏缓慢,通胀预期略有缓和,但上市公司业绩增长与市场预期还有差距．而且资金面明松暗紧。因此,今年四季度至明年一季度,股市很可能仍维持区间震荡格局,医药农药化肥等存在结构性投资机会。     

专访投资大师罗杰斯:政府说什么我就投什么

6月10日早晨8:30,吉姆·罗杰斯(Jim Rogers)在北京金融街的一家酒店接受了《中国经济周刊》记者的专访。此时,距离他起程去机场仅剩下一个半小时的时间。刚刚梳洗完毕的他一边用着亚洲风味的早餐,一边和记者聊起了他和中国这个"全世界最喜欢的国家"之间的各种往事,神采飞扬间还不时蹦出诸如"很好"、"谢谢"之类的中文词汇。     

“没办法,现在就是钱多”

中国经济重回2007发烧期?7月10日,暂停了10个月之久的新股上市重新开闸,桂林三金上市不到20分钟就涨了近1倍——大量资金蜂拥而至。没办法,现在就是钱多。情形又有些狂热。上证综指今年上半年已经上涨近80%,投资者还在加仓。如     

2010年,人们该如何投资

大多数学者预计2010年经济形势只是微弱反弹,所以别指望有活跃的经济复苏来提升普通企业的股价。我们一年前曾预计,进入像高收益债券等并不热门类品种的投资者会有丰厚回报。截止11月底的全球市场中,垃圾债券回报58%,随后是商品期货36%,黄金34%,股票29%和     

新农村建设必须破解的难题:欠发达地区农民返贫

返贫现象的成因主要在于返贫人口自身素质的低层次性。政府反贫困政策长期注重于短期经济增长和外部环境的改良,离开了贫困人口素质的提高,因而不能从根本上解决贫困问题,杜绝返贫现象。反贫政策、措施是否奏效,其前提是对贫困和返贫现象的根源要有清醒的认识。     

Operators are not Parameters, the Dimensions of Operators and Variables Must be Invariant, and Indices may not be Dimensioned: Rejoinder to Professors Folsom and Gonzalez

What is certain is that mathematics cannot possibly be a valid means (to advances in economic understanding) unless and until it is used properly. That means that dimensions must be used consistently and correctly. Barnett (Barnett, Quart J Austrian Econ, pp. 27–46, 2003) is about problems with the use of mathematics in economics involving the failure to use dimensions/units consistently and correctly. Professor Emeritus Folsom and Professor Gonzalez (Folsom and Gonzalez, Quart J Austrian Econ, pp. 45–65, 2005), hereinafter F&G, say, essentially, that what is correct therein is not new and that what is new is not correct. Additionally, they imply, by raising them, that I did not address issues that I should have, e.g., how to introduce dimensions into introductory economics and problems with the Cobb-Douglas (CD) function unrelated to dimensions. Herein, because of space limitations, I respond only to some of their criticisms. Responses to others are posted on the Ludwig von Mises Institute Working Papers site.

市场转换 导致中国股市宽幅振荡 积极应对 券商建客户管理新机制

在享受了牛市的盛宴之后,市场行情急转直下,面对熊市,国内的证券公司纷纷裁员、降薪、收缩战线。然而,商业逻辑的本质还是要回到客户、服务、利润等核心问题上来,在这方面,中国证券公司显然还没有做好"迎接过冬"的准备,中国证券公司要渡冬,还应建立客户管理新机制。     

服务贸易壁垒测量的体系与框架

同以往国内外有关服务贸易壁垒量化研究的文献评述不同,本文将量度服务贸易壁垒的各种规模指标和影响指标视为一个完整的体系,对其进行系统的评价,从不同方面比较各种指标的优缺点及其适用范围,提出了进一步完善服务贸易壁垒量化研究的初步构想.     

市场转换导致中国股市宽幅振荡积极应对券商建客户管理新机制

在享受了牛市的盛宴之后，市场行情急转直下，面对熊市，国内的证券公司纷纷裁员、降薪、收缩战线。然而，商业逻辑的本质还是要回到客户、服务、利润等核心问题上来，在这方面，中国证券公司显然还没有做好“迎接过冬”的准备,中国证券公司要渡冬，还应建立客户管理新机制。     

Stock Market Development, Liquidity Constraint and Investment: A Case of Korean Jaebol and Non-Jaebol Manufacturing Firms in the 1980s

The Korean stock market experienced sudden growth in mid-1986. Since then, Korean firms have begun to rely on the stock market as a reliable source of funds. This paper analyses the change in financing behaviour after the 1986 Korean stock market development. Many researchers argue that in developed countries, the liquidity constraint binds a firm's investment decisions. What then is the effect of liquidity on firms in developing countries? These issues will be examined by using a Tobin’s Q model of investment. A total of 171 Korean manufacturing firms, both Jaebol and Non-Jaebol, are investigated for the 1980s. Most empirical studies have not shown an economically large and significant Q effect when cash flow is used in the model. However, empirical results here show that with a strong liquidity effect, Q is large and statistically significant, implying a moderate adjustment cost.     

Economic planning must be polycentric,not monocentric: Introduction to a symposium on Mises and Hayek on socialism and knowledge

The roaring (20-) 20s are a decade of anniversaries and milestones. 2020 was the 100th anniversary of Ludwig von Mises's seminal article “Economic Calculation in the Socialist Commonwealth” and the 75th anniversary of F.A. Hayek's seminal article “The Use of Knowledge in Society.” 2022 brought a series of significant anniversaries: the 100th anniversary of Mises's Socialism: An Economic and Sociological Analysis as well as the 60th anniversary of James M. Buchanan and Gordon Tullock's The Calculus of Consent: Logical Foundations of Constitutional Democracy, Milton Friedman's Capitalism and Freedom, and Murray Rothbard's Man, Economy, and State. It was also the 20th anniversary of Vernon Smith's Nobel Prize. The works and milestones celebrating anniversaries in 2022 owe much to Mises's and Hayek's pathbreaking contributions. This paper summarizes and contextualizes Mises's and Hayek's arguments about socialism and knowledge and introduces a Southern Economic Journal symposium on the anniversaries of “Economic Calculation in the Socialist Commonwealth” and “The Use of Knowledge in Society.”