中国资本外逃的测算与防范

资本外逃是金融危机产生的催化剂与蔓延的助动器 ,对一国经济安全构成极大威胁。通过介绍资本外逃及其测算模型 ,运用间接法对我国资本外逃进行估算 ,结果显示中国存在严重的资本外逃现象。在详细分析中国资本外逃的产生原因之后 ,具体提出了一些相关防范对策。     

Market disequilibria and their influence on small retail store pricing

In this paper a quantitative model is developed to explain differences in average store price levels. We assume that stores may operate under different economic regimes, that is, under excess capacity or excess demand. Prices are expected to the higher than average in case of an excess demand regime and lower in an excess capacity situation. Actual information regarding the regime that applies to each individual store is not available. Therefore, we propose to use a so-called switching model with endogenous regime choice to analyse the store price differences. The model developed in the paper is estimated using four largely differing types of stores from the Dutch retail trade. These samples consist mainly of small stores.     

The eurosystem money market auctions: A banking perspective

This paper analyzes the individual bidding behavior of German banks in the money market auctions conducted by the ECB from the beginning of 2000:IIIQ to the end of 2001:IQ. Our approach takes a variety of characteristics of the individual banks into account, particularly variables that capture the different use of liquidity and the different attitude towards liquidity risk of the individual banks. It turns out that these characteristics are reflected in banks’ bidding behavior. Thus, our study contributes to a deeper understanding of the way liquidity risk is managed in the banking sector.     

分行营业网点服务状况调查与思考

分行的网点服务状况,能充分体现一家银行的经营水平和管理能力。本文记述了一次分行网点服务状况的实地调研,作者从业务拓展和赢得客户的角度,通过对比分析,揭示了该行网点服务的一些不足之处,并提出了相应的改进措施。     

The Market for New Issues: Impact of Offering Price on Price Support and Underpricing

Previous studies have shown that the pattern of first day returns to initialpublic offerings is consistent with the hypotheses of underpricing and price support. We examine two different periods, 1975–1984 and 1996–2002, and find that in each case the measures of price support and underpricing are substantially affected by the initial public offerings' beginning price. During the period 1975–1984, the mean and standard deviation of returns to the price supported group are nearly always zero regardless of price, whileg the mean of the returns to the underpriced group is smile-shaped: high for low-priced and high-priced stocks but lower for stocks offered at intermediate prices. The patterns are different in the most recent data: the mean and standard deviation of both the price supported and underpriced groups are smile-shaped. For the lowest priced stocks, the measures in the later period mirror those for the 1975–1984 period, but for more expensive stocks the measures are substantially higher. The results apply to the first day returns of both firm commitment and best efforts offerings. Once price is taken into account, other than the difference in the probability of price support, the differences among offering types seem to be of secondary importance in explaining first day returns. JEL Classification: 1, G12, G24     

Competition in Unit vs. Ad Valorem Taxes

This paper shows that in a standard model of tax competition, the Nash equilibrium in capital taxes depends on whether these taxes are unit (as assumed in the literature) or ad valorem (as in reality). In a symmetric version of the model, general results are established: taxes and public good provision are both higher, and residents in all countries are better off, when countries compete in unit taxes, as opposed to ad valorem taxes. However, the difference in equilibrium outcomes is negligible when the number of countries is large.     

Book Reviews

Jim Schiller and Barbara Martin-Schiller (eds), Imagining Indonesia: Cultural Politics and Political Culture, Ohio University Centre for International Studies, Monographs in International Studies, Southeast Asia Series no. 97, Athens, Ohio, 1997, pp. xxiii + 351. US$30.00; £28.50

Bisuk Siahaan, Industrialisasi di Indonesia sejak Hutang Kehormatan sampai Banting Stir [Industrialisation in Indonesia from the Debt of Honour to the Change in Course], Pustaka Data, Jakarta, 1996, pp. xiv + 563 npg

J.Th Lindblad (ed.), Historical Foundations of a National Economy in Indonesia, 1890s–1990s, North-Holland and the Royal Netherlands Academy of Arts and Sciences, Amsterdam, 1996, pp viii + 427. Dfl 95.‐.

Sven Cederroth, Survival and Profit in Rural Java: The Case of an East Javanese Village, Nordic Institute of Asian Studies Monograph Series No 63, Curzon Press, Richmond, 1995, pp. xi + 301. npg.

R William Liddle, Leadership and Culture in Indonesian Politics, Allen & Unwin, Sydney, for ASAA Southeast Asia Publications Series, 1996. A$34.95.

Julius Tahija, Horizons Beyond, ‘Entrepreneurs of Asia’ series, Times Books International, Singapore, 1995, pp. xiii + 280. npg.

Mayling Oey-Gardiner, Mildred Wagemann, Evelyn Suleeman and Sulastri (eds), Perempuan Indonesia- Duht dan Kini [Indonesian Women: The Past and The Present], PT Gramcdia Pustaka Utama, Jakarta, 1996, pp. xvii + 477.

George Faulkner, Business Indonesia: A Practical Insight into Doing Business in Indonesia, Business. & Professional Publishing, Sydney, 1995, pp. xviii + 158.     

The impact of progressive liberalization on the spatiality of airline networks: a measurement framework based on the assessment of hierarchical differentiation

There seems to be a renewed trade-off between processes of concentration and dispersal in airline networks. This development calls for a framework that allows for a systematic assessment of the overall evolution of the spatiality of airline networks. To this end, we develop an analytical framework based on a set of spatial interaction indices, which allows measuring the degree of hierarchical differentiation (i.e. dominance and connectivity) in a network. Moreover, a normalization of these indices through a systematic comparison with the corresponding values for a rank size distribution makes it possible to engage in meaningful longitudinal analyses and/or to compare the spatiality of networks with different numbers of nodes and/or links. Our framework is tested by applying it to data on air passenger flows within Europe, and its usefulness is discussed in the context of research on air traffic liberalization.     

Talent management in academia: performance systems and HRM policies

Talent and performance management are becoming a key strategic HRM issue for universities. This study adds to our knowledge by critically examining recruitment and selection practices for junior and senior academic talent in the Netherlands. We show that academic subfields differ in terms of how appointments are organised, how candidates are sought and identified and how performance indicators play a role in recruitment. We identify three key dilemmas in talent and performance management for universities: (a) transparency versus autonomy, (b) power of HR versus power of academics, (c) equality versus homogeneity. This article challenges the view of an academic world where the allocation of rewards and resources is governed by the normative principles of transparency and objective performance systems, and it highlights the distance between these HRM instruments and the actuality of social interaction in academic recruitment practices.