International capital mobility: regional versus global perspective

This paper examines the role of regional versus global savings in financing domestic investment to shed light on the role of financial globalization and regionalism in capital markets. Regression results based on six regions with 141 countries reveal that although the role of foreign (global or regional) saving has increased over time, there are regional differences: domestic saving is the major source of investment financing in North America with an increasing role of regional and global savings over time, while regional saving is the main source in Europe. Global saving has been the main source of investment financing in other regions where domestic and regional financial markets are not well developed. However, the role of regional saving has significantly increased in recent years in the Asia-Pacific and in Latin America. Regionalism such as financial and monetary cooperation is likely to have increased the role of regional saving.     

Can countries rely on foreign saving for investment and economic development?

Contrary to widespread presumption, a surprisingly large number of countries have been able to finance a significant fraction of their investment for extended periods using foreign finance. While many of these episodes are in countries where official finance is important, we also identify episodes where a substantial fraction of domestic investment is financed by private capital inflows. Although there is evidence of a positive growth effect of such inflows in the short run, that positive impact dissipates after 5 years and turns negative over longer horizons. Many such episodes end abruptly, with compression of the current account and sharp slowdowns in investment and growth. Summing over the inflow (current account deficit) episode and its aftermath, we find that growth is slower than when countries rely on domestic savings. The implication is that financing growth and investment out of foreign savings, while not impossible, is risky and too often counterproductive.     

Net foreign asset positions and appreciation expectations on the Swiss franc and the Japanese Yen

The paper shows that currencies of countries with persistent current account surpluses and high foreign-currency denominated assets, such as the Swiss franc and the Japanese yen, are under persistent appreciation pressure, particularly when the centres of the world monetary system follow expansionary monetary policies. This limits the choice of exchange rate regime. Given flexible exchange rates, a negative risk premium on the domestic interest rate can emerge. Empirical estimations provide mixed evidence for a negative impact of net foreign asset positions and exchange rate uncertainty on interest rates of international creditor countries at the periphery of the world monetary system.     

论小城镇建设中的精细化管理模式——以湖北省汉川市马口镇为例

发展小城镇是带动农村经济社会发展的一个大战略。管理指令模糊、计划粗略、执行不力是制约小城镇发展的重要障碍。各级政府特别在小城镇建设中有必要引入精细化管理,这是提高政府管理水平、促进小城镇健康发展、加快社会主义新农村建设的重要途径。文章对湖北省汉川市马口镇在小城镇建设中推行精细化管理的实践作了一些总结,并提出完善小城镇建设中政府精细化管理的对策。     

经济一体化背景下的分工与协作

分工与协作是人类劳动的两种组织形式,是人类历史发展中两个极为重要的现象。近代以来,一些学者和经济学家围绕分工与协作提出许多理论观点,从不同角度分析了分工与协作对经济社会发展的重要作用。文章以分工与协作对区域经济发展的影响为视角,阐明分工与协作对生产力发展和社会进步的促进作用,使人们认识分工与协作的重要性,厘清分工与协作的关系,更好地发挥分工与协作的职能。     

我国股票市场运行中的政府行为研究

金融证券理论认为投资者行为受市场机制约束,政府的作用在于防止投资者脱离投资理性。但我国股票市场是在政府主导下运行的,政府行为不仅导致市场的波动,而且还可以改变市场运行的方向。政府主导市场的结果是扭曲了投资者行为,加大了市场"泡沫",并为利益集团寻租创造了条件。     

创意产业管理中不确定性来源表现及应对策略

文章研究了创意产业管理中不确定因素,探讨了不确定产生的原因——需求与供给的不确定性,对这种不确定性管理将是企业成功的重要因素。这种不确定因素导致的创意产业所表现出来的一些不确定性,如环境的不确定性、创意产业管理者与企业成员目标不一致性、赢利的不确定性等。文章认为,要想解决这些问题,就要减少不确定性因素,采取适当的激励机制来协调创意产业管理者与企业成员之间的关系。发展创意产业集群化来减少环境的不确定性以及健全对创意产业融资配套服务。     

近代中国农民生活水平分析

关于近代农民生活水平的一般看法是农民生活极端贫困化的,过去的研究往往是从片面的角度(如消费支出)来说明这一问题,本文拟在综合相关的近代农业史资料及经济史资料的基础上,从近代中国农民的收入和支出的角度,对近代中国农民生活水平及其变化情况进行探讨,对近代中国农民的生活水平给以评价.     

非政府组织参与WTO争端解决的制度障碍及对策

目前,非政府组织以“法庭之友”的身份间接参与WTO争端解决机制是比较可行的方式。经历过“美国禁止某些虾与虾制品”案、英国钢铁公司案和欧盟石棉和含石棉制品案,非政府组织在WTO争端解决机制中的法律地位逐步提升。但非政府组织递交“法庭之友意见书”仍存在一些制度障碍。文章提出在主体资格、参与方式、“寻求信息权利”的解释、参与的程序等方面进一步完善非政府组织参与WTO争端解决机制的对策。     

解读企业所得税“两法合并”及相关政策的调整——从税收筹划的角度兼论企业的应对措施

我国旧有的企业所得税按内资、外资企业分别立法、分别征收的制度一共实施了10多年,期间伴随着我国经济社会情况发生的巨大变化,此种分立模式所固有的弊端也逐渐暴露出来,因此对企业所得税进行"两法合并"及相关政策的调整势在必行。本文拟从论述新形势下分立模式所暴露的弊端入手,有针对性地对最新出台的新企业所得税法相关政策进行解读,并就企业如何从税收筹划的角度应对调整的政策提出措施意见。