Should Chinese Local Governments Be Allowed to Issue Bonds?

I.IntroductionDespite China’s impressive economic growth,its fiscal sustainability has increasinglybecome one of the most watched risk indicators facing the economy.Although China’sexplicit national debtto GDP ratio israther manageable by theOECD standard,at about20 percent of GDP,given its small share of tax revenue to GDP,currently at18.5percent ofGDP,this fiscalsystem may stumble upon major challenges in themedium to long term ifChina’slargecontingent fiscal liabilitiesare als…     

加盟奥运特许经营的途径

7月1日．西部第一家北京2008年奥运会特许商品零售店正式在成都亮相。成都是继北京、青岛、上海之后，第4个开设奥运会特许商品零售店的试点城市。     

信贷配给对我国货币政策有效性的影响

一、理论综述 20世纪30年代凯恩斯革命以来，西方经济学界围绕货币政策有效性问题有许多争论。凯恩斯主义肯定货币政策的有效性；货币主义肯定货币政策的短期效应而否定货币政策的长期效应；理性预期学派完全否定货币政策的有效性，新凯恩斯主义则完全肯定货币政策的有效性。而中国真正的货币政策操作始于1984年二级银行体制的建立。     

美国数字经济探析

自从1998年美国商务部公开采用“数字经济”来描述信息技术给美国经济以及世界经济带来的社会变革以来,“数字经济”的提法得到广泛认可。但是国内关于数字经济的研究尚处于起步阶段。本文在考察国外学术界、官方和商业精英关于数字经济内涵论述的基础上,认为数字经济是由数字技术不断创新所推动的一场新经济革命,并进一步分析美国数字经济发展现状及对中国的若干启示。     

关于行业协会与行业发展的调查研究--以中国外商投资协会租赁业委员会为例

行业协会是市场经济条件下介于政府、企业之间的行业性自律组织,是政府与企业之间的桥梁和纽带,具有服务、咨询、沟通、监督、自律、协调等职能。融资租赁是指由融资性租赁公司提供资金,按照企业的要求采购设备,出租给企业使用,即以“融物”的方式向承租企业融资的一种准金融性业务。融资租赁突破了传统的信贷方式,能够为企业     

沃尔玛与中国小商品城经营状态及核心竞争力比较

沃尔玛和中国小商品城同属于商贸流通企业,在流通领域中都做出了不斐的业绩。对两者的经营状态及核心竞争力进行比较,重点分析两者在核心竞争力方面的异同,并在比较分析的基础上,探索我国专业批发市场建设和提升核心竞争力若干有价值的结论和启示。     

员工管理中的"马太效应"和"鲶鱼效应"

在员工管理中准确合理运用“马太效应”与“鲶鱼效应”能收到事半功倍的效果，从而使工作效能达到最优。     

餐饮业连锁经营要处理好五大问题

分析了餐饮业连锁经营需要处理的五大问题,对经营模式、经营策略、经营方法、物流配送和发展战略进行了深入地探讨.     

我国财务会计概念框架重要性和可行性探讨

本文从各国财务会计概念框架的实践现状和会计准则的概念框架特征入手,对我国建立概念框架的重要性、可行性进行分析,同时对我国准则制订机构和制订程序的优化提出了初步的建议。     

Do homeowners achieve more household wealth in the long run?

Despite the public’s faith in homeownership as a vehicle for wealth creation, there are surprisingly few empirical studies of the independent impact of homeownership and its duration on household wealth accumulation. This paper provides the first empirical evidence that homeownership, after controlling for other drivers of wealth accumulation, is positively and significantly associated with wealth accumulation over time. Using the Panel Survey of Income Dynamics, it examines the influence of housing tenure choices between 1989 and 2001 on household net wealth levels in 2001 after controlling for initial wealth in 1989, location, income, education, and other family and personal characteristics that might influence the rate of wealth accumulation. Importantly, the models used also control for the tendency of households to accumulate wealth between 1984 and 1989 (five years prior to the studied period). This approach is used to address the possibility that an unobserved variable—the propensity to save or accumulate wealth—may be associated with both the probability and duration of homeownership and the rate of wealth accumulation. All else equal, those who owned homes and owned for longer periods of time had significantly higher household net wealth by 2001. These results are compelling because house price appreciation over the period was near its long-run average while stock gains were above and real rent increases below their long-run averages. Hence, the findings are suggestive of a positive influence of ownership over long periods on net wealth, even during a period when alternative investments produced higher than normal returns and rents grew slowly. This is especially important because the overwhelmingly majority of households do not sell their homes shortly after buying them. In our sample, those who became owners typically owned for 7 years. Furthermore, most households that bought during a period of declining real home values in the early 1990s continued to own their homes for at least eight years and came out well ahead of those who did not own.