Sustainability in Closed and Open Economies

This paper discusses unilateral sustainability policies for tradable resources in closed and open economies. The effects of sustainability policies are modeled in an intertemporal, competitive framework by applying different sustainability rules which are introduced unilaterally in the domestic country. The paper shows that no sustainability rule will lead to a slower rate of extraction of the resource. Unilateral policies will lead to an import of sustainability. It is also shown that the foreign country may well gain in terms of consumption and real income from such unilateral sustainability policies but not in terms of sustainability.     

Exhaustibility and Risk as Asset Class Dimensions: A Social Investor Approach to Capital-Resource Economies

This paper develops a framework in which asset class dimensions are extended to include both risk and exhaustibility for explaining the evolution of shadow prices of marginal units of exhaustible natural resources in capital-resource economies. It is shown that the pricing kernel function required for socially valuing marginal units of exhaustible resource, hereafter called the Exhaustion-Stochastic Discount Factor, combines a factor that discounts for risk and another factor that discounts for resource exhaustion over time. The social rate of return on the marginal unit of resource stock adds to the risk-premium an exhaustion premium that accounts for the resource depletion over time. In this setting, the principle of no-arbitrage holds by extending asset-class dimensions to include not only a risk dimension but also an exhaustibility dimension.     

中国风险投资业为何潮起潮落——访我国风险投资法律专家李青山博士

据有关部门统计 ,目前我国许多风险投资公司都处于亏损境地 ,真正充满信心、前景乐观的为数不多。这一在网络经济大潮中刚刚浮出水面的新的投资方式正在下沉的现象引起了很多人的关注。近日 ,本刊特约记者在中关律师事务所采访了该所风险投资法律专家李青山博士。     

The Rise and Fall of National Allocative Planning in Australia

In 1979 the Australian Labor Party's supreme policy making body, Federal Conference, proposed that a future Labor government embark on an extensive program of economic planning. In addition to continuing Keynesian monetary and fiscal policy, the Conference argued in favour of the introduction of a more comprehensive form of stability planning, or incomes policy; partial allocative, or industry, planning; and a national allocative plan. Since coming to power in 1983, the Federal Government has introduced an incomes policy as well as a number of industry plans. However, it has rejected national allocative planning. In this article we discuss the differences between these forms of economic planning and analyse the reasons which might explain the Government's rejection of national allocative planning.     

The Rise and Likely Fall of the German Income Tax, 1958-2005

Data from official statistics and tax laws are exploited todescribe fifty years of income taxation in Germany, with a focuson its role as a fiscal and distributive tool. The temporalpattern that emerges from the data is one of a golden age ofthe German income tax, followed by a slow shift towards a majorcrisis. The turning point on the income-tax path seems to haveoccurred in 1986. I put forward the thesis that this downturnwas the outcome of a long-term change in the balance of politicalpower. That change is probably rooted in structural breaks thatoccurred in the German economy during the 1970s and early 1980s.(JEL D31, D72, H23}.     

从民众态度看吴淞铁路的兴废

吴淞铁路是中国近代第一条正式营运的铁路,它的兴废成为中外铁路史上著名的事件。长期以来学界笼统地认为民众因风水观念及民族意识而反对兴建铁路,实际上民众对待吴淞铁路的态度并非如此简单。本文将民众分为乡民和市民,分阶段细致考察他们在吴淞铁路兴建运营过程中表现出的态度,从而再现具有经济理性的上海民众对待吴淞铁路的复杂态度。吴淞铁路虽然被拆毁,但它对民众空间观念、时间意识及民族意识均产生较大影响,由此,在近代特殊的历史背景下,中国民众逐步形成融利益观、时空观及主权观于一体的铁路观。     

包税制的兴起与衰落:交易费用与征税合同的选择

在 1 9世纪甚至 2 0世纪初以前 ,包税制都是许多国家赖以征税的一个重要机制。但是 ,对于它的研究一直很少 ,也不深入。最近 ,在欧美等国 ,一种变形的包税制又开始出现。在我国的某些地方 ,税务机构也尝试着将某些税收承包给非政府机构。因此 ,研究历史上的包税制也具有一定的现实意义。本文运用交易费用理论和历史社会学的研究成果探索了包税制在近现代史上兴起和衰落的原因。     

宋代监牧制度及其兴衰

宋初建立了内、外监牧制度,宋真宗时管理体制已相当完备,监牧数量多,占地广。北宋曾三次废罢监牧,特别是神宗进行寓马于民的改革,大批牧地成为农田,监牧逐渐衰落,至北宋末而瓦解。南宋除杭州御马监外,所建马监均以失败告终,监牧极少,不受重视。     

路径依赖的作用：韩国经济发展模式的兴衰

一、引言发展中国家通常面临三个互为联系的政策挑战:投资、冲突管理和对外参与.因此,必须制定有效的战略,以积累物质与人力资本,处理社会冲突,并在抑制开放风险的同时使开放的收益最大化.     

On the Exchange Rate as a Nominal Anchor: The Rise and Fall of the Credibility Hypothesis

The credibility hypothesis, which was used to support the use of a pegged exchange rate arrangement as a nominal anchor mechanism, is based on restrictive analytical foundations that circumscribe its real world applicability. While all pegged exchange rate arrangements are subject to circumstances that can undermine the sustainability of the peg, exchange rate nominal anchor pegs are especially fragile because such arrangements introduce problems that are endogenous to that particular type of regime. The East Asian crisis is used to demonstrate the fragility of exchange rate nominal anchor pegs, while the case of Australia demonstrates how a floating currency escaped the contagion of the East Asian crisis.     

港口体系变迁与唐宋扬州盛衰

宋代扬州经济相比唐代衰落很多。本文先考证唐代的扬州商贸范围,辨明海陆变迁只是扬州衰落的基础。十国割据形势对扬州经济虽然有很大打击,但也不是其衰落的主要原因。唐宋之际长江三角洲港口体系变迁,真州、润州、江宁、通州、江阴、青龙港等六个港口分担了扬州原有的贸易职能,这才是宋代扬州衰落的最关键原因。     

产权界定、市场禁入与农村非正规金融——由我国第一家私人钱庄兴衰引发的思考

通过对改革开放后第一家私人钱庄兴衰的史实进行重新考察和审视,本文经研究发现,尽管权力当局把资金自由交易权界定给了监管部门,但因监管成本和信息成本过高而无法保障该产权,个人会通过参与各类非正规金融活动来攫取一部分置于公共领域的权利。本文还基于交易费用理论解释了我国金融市场禁人政策出现松动的原因,也即维持扭曲型二元金融制度的成本以及严禁农村非正规金融活动的费用都越来越高,而且国内的经济形势也提出了放松监管的要求,在这些因素的作用下监管部门执行原有金融抑制政策的力度终于降低了。     

Economies, Human Capital, and Natural Assets

Human capital concerns are used to structure links between the economy and the environment. Suggestions for empirical work to explore these structures are provided. Particular attention is devoted to connections between environmental hazards and influences upon parents’ decisions to invest in forming children's human capital.     

产业政策的经济学分析

分析我国的产业政策实践,可以得到生产率提高的模式是:驱动资本投资--人力资源运动--机会成本因素--专业化分工--生产率提高--驱动资本投资.我国的产业政策对促进生产率的提高发挥了促进作用,同时也产生了寻租、生态环境、收入差距扩大、区域发展不平衡等问题.     

The Art of Reforming Centrally Planned Economies: Comparing China, Poland, and Russia

The three reasons for gradualism, (1) agricultural reform should precede industrial reforms, (2) state-owned enterprises (SOEs) can be reformed, and (3) economic liberalization should precede political liberalization, are not generalizable. China′s gradualism is the product of political deadlock over the final form of the economy. China has been most successful in the areas where reforms have been radical and lackluster where reforms have been incremental. The output performance across reforming countries reflected differences mainly in economic structures rather than in policies. China′s growth comes from the movement of surplus agricultural labor into industry, and Poland′s and Russia′s decline come from the closing of noncompetitive enterprises to release factors of production to the new efficient enterprises. J. Comp. Econom., June 1994, 18(3), pp. 000-000. University of California, Davis, California 95616-8617.