Equity, Efficiency and Financial Viability: Public-Utility Pricing with Special Reference to Water Supply

The pricing and investment policies of a public enterprise should be designed to achieve efficiency since equity is better pursued by general policy regarding income distribution. Short-run marginal-cost pricing does not generally lead to long-term deficit, but may involve price and surplus/deficit cycles for the case with lumpy investments and growing demand, where the price increases with demand but is reduced with capacity expansion. Taking account of the extra costs of government revenue collection and the likely average price/cost ratio in the economy, the third-best pricing policy is likely to result in long-term surplus, making the objectives of equity, efficiency and financial viability much more consistent with each other than is generally believed. This is particularly true for water with historically increasing costs of additional sources of supply.     

The Recent Development of Financial Markets in Vietnam

MOCT-MOST: Economic Policy in Transitional Economies -     

The Impact of Monetary Surprises on Australian Financial Futures Markets: An Insight into Cash Rate Target Announcements

This paper investigates the impact of unanticipated Australian monetary policy changes on AUD/USD exchange rate futures, and 3‐year and 10‐year Australian Treasury bond futures, during the period from January 1997 to April 2010. Our study contributes to the literature by using both the 30‐day and the 90‐day bank accepted bill (BAB) rates to disentangle the unexpected surprise component of monetary policy changes from overall cash rate target changes in the Australian money market, and by concurrently modelling the effects of monetary surprises and other key macroeconomic announcements in Australia. The empirical results suggest that the 30‐day BAB rate is the best proxy for the expected monetary policy actions. We find that the effect of monetary surprises on the volatility of the 3‐ and 10‐year bond future instruments is significant and persistent. We have also documented a strong monetary policy effect on the mean returns of the exchange rate futures, indicating that unexpected monetary policy adjustments have a significant impact on the level of the exchange rate movements rather than on the volatility of the FX futures market.     

Financial Development and the Sensitivity of Stock Markets to External Influences

The paper investigates how the relative contribution of external factors to stock price movements varies with the degree of financial development. It is found that financial development makes stock markets more susceptible to external influences (both financial and macroeconomic). Interestingly, this effect is present even after having accounted for capital controls and international trade effects.     

可储存商品期货的价格稳定作用研究——期货—商品市场动态均衡模型

文章通过建立期货--商品市场动态均衡模型,推导出在没有生产不确定性,商品是可储存的,所有市场参与者具有相同信息的假设下,期货市场几乎毫无疑问的会减少商品价格的波动.模型中,首次提出了"竞争性价格预期"的方程和概念,并分析了"竞争性价格预期"所反映的期货市场价格发现功能对于商品市场价格稳定的重要影响.     

The 8th International Conference on Asian Financial Markets and Economic Development

<正>The"8th Inte rnational Conference on Asian Financial Markets and Economic Development"invites you to submit a paper for presentation hosted by the Nagasaki University(Nagasaki,Japan),and Chung-Ang University(Seoul,Korea),and Southwestern University of Economics(Chengdu,China).     

Testing the Efficient Markets Hypothesis with Futures Markets Data: Forecast Errors, Model Predictions and Live Cattle

At the forefront of empirical research into the examination of the efficiency of futures commodity markets, two fundamentally different testing techniques have been popularised – the 'forecast error' and 'model prediction' approaches. This paper assesses the relative strengths of these techniques by contrasting results obtained when both approaches are used to examine the efficiency of the Sydney live cattle futures market. While neither model provides evidence to suggest that this market is inefficient, it is clearly shown that the model prediction approach enjoys a number of distinct advantages over its rival. Indeed, the model prediction approach provides additional information that is important not only for those interested in testing the efficiency of futures markets, but is important for anyone interested in developing a greater understanding of the determination of prices and the behaviour of agents in futures markets.     

金融危机下我国期货市场的创新与发展

爆发于2007年的美国次贷危机引发了此次的全球金融危机,金融衍生产品被普遍认为是危机的罪魁祸首,我国的金融创新步伐也因此受阻。我国应当冷静分析总结美国金融危机爆发的原因与其金融衍生品市场上存在的问题,抓住金融危机给我国金融领域带来的历史性机遇,积极发展我国的衍生品市场特别是期货市场,加快金融创新,缩短与发达国家的差距。     

金融市场的开放与金融风险的防范

金融全球化是经济全球化的必然结果。中国金融业开放必须坚持积极稳妥、循序渐进、对我有利的原则,抓住机遇迎接挑战。     

Utility Regulation and Risk Allocation: The Roles of Marginal Cost Pricing and Futures Markets

The effects on consumer welfare of requiring a utility facing cost or demand risk to use either a fixed retail price or marginal cost pricing are assessed. With marginal cost pricing and cost volatility an efficient futures market allows consumer welfare to be at least as high in every state as with the fixed price. With demand risk marginal cost pricing can benefit the consumer in every state without harming the firm if the profit difference is transferred to the consumer. A futures market can act as a partial replacement for the transfer.     

Information,Pricing and Efficiency in Cash and Futures Markets: The Case of Hogs

The price leadership roles among hog cash and futures markets are assessed to locate points of price discovery and to examine flows of information among these markets. Several years of data are analyzed using lead/lag causality analysis and strength of linear causality measures. Although significant instantaneous relationships exist among hog cash and futures markets, one-way causality tests indicate that generally the futures market dominates cash hog markets in the price discovery process.     

Standards, Breakwaters and Watchdogs: The Collective Governance of Financial Markets

By starting from two recent books by Brookings, in this review we briefly argue for institutions: building processes aimed to provide rules, norms and standards for the collective governance of financial markets.