How to eliminate the uncovered market: A duopoly model with government intervention

To eliminate poverty, government intervention is critical for addressing uncovered markets. To assess how this can be done effectively, this study constructs a two-firm model with government intervention. The study focuses on the preconditions, methods, and effects of different government intervention strategies. There are three main findings. (1) When consumer income levels fall below a certain threshold, an uncovered market segment is created, and government intervention should be introduced. (2) Government intervention strategies can be divided into subsidy-type, production-type and mixed-type, and each type achieves a different level of consumer surplus. Given a level of consumer surplus, the optimal strategy is affected by production costs. (3) For production-type and mixed-type intervention strategies, when the market is covered, lower intervention costs can achieve higher consumer surplus if government production costs are low. Furthermore, the optimal subsidy-type intervention strategy varies with the changes in product quality if relaxing the precondition of market coverage.     

New Labour at work: long-term unemployment and the geography of opportunity

New Labour has placed great faith in active labour market policiesto address problems of long-term unemployment and poverty. Thispaper considers the effectiveness of welfare-to-work programmesin light of persistent regional employment disparities withinthe UK. It is argued that the government has proceeded froma flawed analysis of the causes and magnitude of long-term unemployment,framing the issue in terms of ‘worklessness’ andneglecting demand-side concerns of job availability and jobquality.     

An Empirical Examination of the Relationship Between Central Bank Intervention and Exchange Rate Volatility: Some Australian Evidence

Arguably, market stability is one of the primary reasons behind government intervention in the foreign exchange market. Whether or not the authorities achieve this goal is an empirical matter and testing of this issue is made difficult by the fact that government intervention and exchange rate volatility may be jointly determined. In this paper, the extent to which volatility drives intervention is considered using PROBIT analysis. The results suggest that while support for the hypothesis exists, volatility on its own does not to provide enough information to allow us to accurately forecast government intervention. A modified GARCH model is then tested which incorporates the impact of government intervention in the mean and conditional variance equation. The evidence presented suggest that the dynamics of market are different on the days where the central bank is active in the market.     

A utility-based analysis of the wage subsidy program

Because the poverty line is usually defined in terms of income, two families may be classified as having poverty-level incomes even though their hours of work and, therefore, their utilities may be very different. This paper compares a government income support program that defines the poverty line in terms of utility with several other support programs that define the poverty line in terms of income. Through the use of the wage solution of the indirect utility function, we find the amount of wage subsidy required to raise a subpoverty-line family to the poverty line as defined by the utility function. This subsidy is compared with wage subsidies based on directly observable quantities such as income.     

Periodicals Received

This paper reports the results of an empirical test of the hypothesis that three mechanisms of poverty reduction-improved market opportunities, government cash transfer payments, and government in-kind transfer payments have differential impacts on the relative return to legal and illegal activity and, in turn, on the rate of property crime. In addition, the paper reports empirical tests of the hypothesis that these differential impacts of market and government policy mechanisms vary by type of property crime.

Employing measures of each of these mechanisms, time series models for Burglary, Auto Theft, and Robbery are estimated from yearly, national, Uniform Crime Report (UCR) data for the period 1959 through 1995. The results indicate that poverty reductions due to improved market conditions have similar impacts on each type of property crime. However, the direction and magnitude of the impact of different government policy mechanisms varies between and within particular types of crimes. The paper concludes with an application of these findings to recent legislation, The Temporary Assistance for Needy Families Act (TANF), which overhauled the federal public assistance program.     

从当前危机看政府与市场的关系

在金融危机引致全球经济衰退的背景下,政府与市场的关系再一次成为讨论中的焦点问题,实际上,此次危机在很大程度上恰恰是政府对市场长期实行不当干预的结果,是不恰当的政府调控、政府干预,是市场运行被长期扭曲所造成的一切不良后果的总爆发,也是市场规律对这些后果最终所作出的强制平衡。因此,要正确地汲取危机的教训,最重要的应是反思政府调控方面存在的问题。     

数字普惠金融、政府干预与县域经济增长*——基于门限面板回归的实证分析#br#

数字普惠金融提高了县域经济体的信贷可得性,有助于县域经济增长,而其发展过程离不开政府的支持和引导。本文运用2014-2018年县级面板数据,通过门限面板回归模型研究政府干预在数字普惠金融影响县域经济增长时的调节作用。研究发现：(1)数字普惠金融对县域经济增长有显著的促进作用,且政府干预起到调节作用。同时,子指标回归显示,数字普惠金融覆盖广度与县域经济增长负相关;数字化程度和使用深度对县域经济增长有促进作用,政府干预的作用与主回归一致。(2)数字普惠金融通过完善传统金融市场结构促进县域经济增长。(3)分地区看,东部地区数字普惠金融与县域经济增长负相关;中部地区和西部地区数字普惠金融对县域经济增长均有促进作用。其中,中部地区政府的调节作用是单向的,西部地区则为倒U型,本文分析了地区差异的内在原因并提出政策建议。     

市场失灵、政府失灵与住房保障

住房市场作为一种特殊的市场,存在着三种不同形式的市场失灵,需要政府干预加以弥补。但同时出现的政府失灵则要求我们不能完全依靠政府去矫正所有的市场缺陷。因此,政府应该从促进市场效率和增进社会公平的角度来介入住房市场,以提供住房保障为核心来定位政府在住房市场中的职能,以市场失灵为起点,以政府失灵为警戒线来确定住房保障的边界。     

Doing Away with the Sovereign: Neoliberalism and the Promotion of Market Discipline in European Economic Governance

ABSTRACT

This article proposes a critical reading of market discipline and its limitations as a mechanism in European economic governance. Consistent with neoliberal beliefs about market-based governance, the Economic and Monetary Union (EMU) is premised on the functioning of the government bond market as a fiscal-policy discipliner. However, the operation of market discipline requires that neither governments nor their private creditors can rely on an authority to bail them out. It, therefore, precludes the kinds of intervention by Eurozone’s supranational institutions witnessed during the euro crisis. In the post-crisis context, efforts to strengthen market discipline continue to be frustrated by the growing reliance of financial institutions on government bond markets as well as the European Central Bank’s (ECB) active participation in those markets. Having undermined the credibility of the market as an autonomous and apolitical mechanism of discipline, European economic governance struggles to come to terms with the rise of a supranational ‘economic sovereign’ in the Eurozone.     

The Development of Government Policies on Poverty and Income Distribution

This paper discusses trends in poverty in Australia over the last two decades, as indicated by changes in the number and composition of income units with incomes below the Henderson poverty line as well as by trends in the circumstances of the population in receipt of social security payments. This analysis suggests that there have been significant changes in the nature of poverty in Australia, which has increased among those of workforce age. Families with children have been particularly affected by these developments. The paper describes the development of policies designed to achieve the government's pledge that by 1990 no child need live in poverty. Despite the usefulness of the Henderson poverty line in identifying trends in economic vulnerability, the paper identifies a number of practical objections to using this indicator to assess the total effect of government initiatives. The paper concludes with a discussion of a broad approach to poverty alleviation, which would include income support, labour market and community services policies.     

我国资本配置效率的区域差异分析及其成因分解

在对经济增长中资本要素作用有关研究成果总结和批判的基础上,文章利用相关计量方法对我国地区资本配置效率差距进行静态和动态的实证研究,并利用面板数据回归模型对地区配置效率的差异进行因素分解,分析结果显示,地区资本配置效率的差异不具有收敛的特征,造成地区差距扩大的原因主要是地区市场化、政府干预水平、对外开放程度存在非均衡.     

On the efficiency of fair trade

The first part of this paper reviews five major theoretical approaches that describe the fundamental causes of poverty, with particular attention to what these theories imply about government policy towards markets and the need for immediate poverty alleviation. Different causal theories have very different policy implications; it is difficult to recommend specific anti-poverty policies with making assumptions about the nature of economic markets and of individual behavior. The paper ends with comments about how to make these choices, arguing that the greater moral onus one associates with poverty, the more willing one should be to adopt less efficient strategies that do more to raise incomes among the poor. The interconnections between markets and social and political systems—which often disadvantage poor populations—suggests that some market regulations and targeted programs may be necessary to reduce poverty, especially if these can be implemented with minimal corruption and monitored for effectiveness.     

Insurance,self-protection,and the economics of terrorism

This paper investigates the rationale for public intervention in the terrorism insurance market. It argues that government subsidies for terror insurance have the effect of discouraging self-protection and limiting the negative externalities associated with self-protection. Cautious self-protective behavior by a target can hurt public goods like national prestige if it is seen as “giving in” to the terrorists, and may increase the loss probabilities faced by others by encouraging terrorists to substitute toward more vulnerable targets. We argue that these externalities in protection are essential for normative analysis of government intervention in insurance markets and may also explain why availability problems in this market have engendered much stronger government responses than similar problems in other catastrophe insurance markets.     

非传统生态脆弱区贫困群体的生态资源感知及生态脱贫意向分析——以山东地区的政府生态扶贫调查为例

依托山东地区政府生态扶贫实地调查所获得的776份问卷数据,运用二元Logistic模型对非传统生态脆弱区贫困群体的生态资源感知及生态脱贫意向进行实证分析。样本区域贫困群体的生态资源感知指数介于2.307~2.953之间,无较大差异,超过90%的贫困群体存在积极生态脱贫意向。实证结果表明:(1)非传统生态脆弱区生态资源韧性大,贫困群体的生态资源供给感知敏感度低于生态资源需求感知;(2)非传统生态脆弱区贫困群体的生态脱贫意向首先直接受到生态保护补偿扶贫政策的刺激,除了补助金补偿,还应通过就业机会补偿、市场化补偿等多种形式刺激贫困群体的发展积极性;(3)其次生态脱贫意向还受到生态资源感知、生态脱贫政策和社会人口特征的交互影响。     

医疗领域的政府干预与声誉机制

不确定性和信息不对称常常被认为是医疗市场失灵和政府干预的依据,但政府的过度干预会导致医疗声誉机制的扭曲。改革现行“管办不分”的医疗卫生体制,由市场声誉取代政府行政干预,通过重复博弈建立医生与患者之间的长期稳定关系,解决医疗卫生领域的难题。     

Will Economic Partnership Agreements Increase Poverty? The Case of Uganda

Economic Partnership Agreements (EPAs) between the EU and African Caribbean and Pacific countries are frequently criticized because of fears about negative implications for economic development. Using Uganda as a case study, this paper employs an integrated computable general equilibrium‐microsimulation model framework rich in household‐level detail to assess the consequences of the East African Community EPA for economic output and poverty in Uganda. Simulations of the agreement's tariff liberalization provisions indicate a very small negative economic impact and ambiguous outcomes for poverty. The poverty results depend in size and sign on the poverty line, on the way the government addresses tariff revenue losses and on labor market assumptions.     

转轨经济中的政府行为研究——以商洛小额信贷扶贫模式变迁为例的分析

本文对成功的商洛小额信贷扶贫模式的变迁进行了案例分析,在此基础上,有异于国家主导论、亲善市场论和市场增进论的观点,提出了转轨经济中基于约束条件的政府行为的相机决定论,给出了政府介入的方式、退出的条件以及外生的政府行为内生化的路径。     

政府干预风险投资的有效性:经验证据及启示

政府干预风险投资市场是国际上的一种普遍做法,然而就干预的有效性而言目前仍缺乏理论和实证上的明确回答。文章是对该问题的整体性实证研究,即考虑了常见的干预方式并以市场整体有效性为检验标准。基于经合组织国家数据的实证检验表明资金供给型政策没有显著效果,收益改善型政策有显著积极效果,这对调整我国倚重资金供给的政策格局有重要启示。     

The impact of government intervention on stock returns: Evidence from Hong Kong

In August 1998, the Hong Kong government, in her effort to restore investors' confidence, purchased shares of the 33 stocks that constitute the Hang Seng Index (HS). We find that the government's action not only reverses the declining trend of the stock market but also reduces the volatility of the market. The main beneficiaries of the action are the shareholders of the stocks that are purchased by the government during the intervention period, and the increase in stock prices persists. Although the shareholders of non-Hang Seng stocks also gain from the intervention, their gain is smaller and does not last.