Government financing in an endogenous growth model with financial market restrictions

Summary. In this paper, we develop an endogenous growth model with market regulations on explicitly modeled financial intermediaries to examine the effects of alternative government financing schemes on growth, inflation, and welfare. In the presence of binding regulation, there is always a unique equilibrium. We perform four alternative policy experiments; a change in the seigniorage tax rate, a change in the seigniorage tax base, a change in the income tax and a change in the fiscal-monetary policy mix. We find that in the presence of binding legal reserve requirements, a marginal increase in government spending need not result in a reduction in the rate of economic growth if it is financed with an increase in the seigniorage tax rate. Raising the seigniorage tax base by means of an increase in the reserve requirement retards growth and it has an ambiguous effect on inflation. An increase in income tax financed government spending also suppresses growth and raises inflation although not to the extent that the required seigniorage tax rate alternative would. Switching from seigniorage to income taxation as a source of government finance is growth reducing but deflationary. From a welfare perspective, the least distortionary way of financing an increase in the government spending requirements is by means of a marginal increase in the seigniorage tax rate. Under the specification of logarithmic preferences, the optimal tax structure is indeterminate. Received: March 20, 2000; revised version: June 26, 2001     

关于巴塞尔协议规避银行系统危机的有效性研究

对银行实施监管是银行界的共识,最近几十年来,全球最核心的监管条例无疑就是巴塞尔协议。从巴塞尔委员会成立起,协议的修改和完善就从未停止,但即便如此,世界上两大经济体美国和欧盟都发生了足以载入史册的金融危机。那么,以巴塞尔协议为代表的规制能否彻底解决银行系统危机问题呢?本文以巴塞尔协议作为主要的研究对象,论证仅仅用规制的方式难以避免系统性风险,银行不仅需要市场化的资源配置手段,同时也需要直接的计划调控手段规避系统性风险。     

Will elders provide for their grandchildren? Unconditional cash transfers and educational expenditures in Bolivia

We take advantage of repeated cross‐sectional household surveys and a sharp discontinuity created by the introduction of an unconditional cash transfer to elders in Bolivia, to evaluate its impact on educational expenditures on children within a household. We find positive and significant impacts of the program at the aggregate level. We also find that the program has stronger effects on indigenous populations as well as on female and rural populations. Our results are robust to a series of falsification tests, survey structure, model specification, and estimation methods.     

基于知识产权的组织间关系网络的演化特征

分析了基于知识产权的组织间关系网络的基本内涵和构成要素,将基于知识产权的组织间关系网络的生命周期划分为5个阶段——创立阶段、成长阶段、成熟阶段、衰退阶段和解散阶段,具体论述了各阶段的组织间关系网络的演化特征。以对450家企业的深度访谈和问卷调查为基础,通过描述性统计分析、因子分析以及多元方差分析来实证研究目标一致性、信息沟通以及信任等关系属性在各阶段的传递规律。研究结果表明,基于知识产权的组织间关系属性的顶峰阶段并非都出现在关系生命周期的成熟阶段。     

整合与超越:新全球化时代经济学范式探微

世界正发生着从"旧全球化时代"向"新全球化时代"的重大转变.伴随这一时代转折,建立在传统工业文明基础上的经济学正面临着研究范式的挑战,因为它已经不能适应以高科技为先导,以科技成果的商品化、产业化、国际化为特征的新时代所遇到的各种复杂问题.其研究范式急需进行整合与超越,交往实践观为其提供了新的视域和新的理论范式.     

Fiscal Stimulus and Endogenous Firm Entry in a Monopolistic Competition Macroeconomic Model

This paper sets up a monopolistic competition model featuring the returns to production specialization. Some novel results are derived from the analysis. First, the effect of a fiscal stimulus on consumption may be positive or negative, depending crucially upon whether the production function is characterized by increasing or decreasing returns to production specialization. Second, following a fiscal expansion, increasing returns to specialization lead to a positive linkage between real wages and aggregate output, while decreasing returns to specialization result in a negative relationship between real wages and aggregate output. Third, a fiscal expansion may raise social welfare, provided that the degree of increasing returns to production specialization is sufficiently large.     

税收努力、征税机构与税收增长之谜

本文运用省级面板数据研究了中国税收收入高速增长的影响因素,主要考察了经济基本面和征税努力水平对于税收收入的影响。我们利用成对样本(paired sampling)的数据结构,使用工具变量处理了税收努力度量误差带来的内生性问题,估计了国税和地税机构的征税努力对于税收增长的不同影响。这种模型设定的好处是既考虑到一个地区的国税和地税面对着同样的经济基本面,同时又可以识别两个机构征税努力的增收效应所存在的差异。我们发现,GDP增长对于税收的增长有接近45%的解释力,征管努力对税收收入也有重要的贡献,地税局税收努力水平的边际效应要高于国税局的边际效应。     

加快东北老工业基地国有经济布局和结构调整的思考

从战略上调整国有经济布局和结构,是经济体制改革的一项重要内容,也是深化东北老工业基地国有企业改革的一项重大措施。几年来,虽然国有经济布局和结构的调整取得了积极进展,但从总体上看,国有经济布局和结构不合理的状况尚未根本改变。布局仍然过宽,结构不尽合理,在某些领域或行业的比重过大等问题依然存在,这不仅影响到国有经济质量和效益的提高,影响到国有经济重要作用的发挥,而且也影响到国有资产管理体制改革和国有企业改革的深化。因此,必须加快东北老工业基地国有经济战略性调整的步伐。     

物流仓储配送仿真平台的构建及其多层次实验教学的研究

分析目前物流实验教学内容单一又缺乏内部联系的问题,提出物流实验教学的一个方向应该要围绕着物流环节进行,并针对物流仓储配送环节,充分利用实验室现有软硬件组合构建了物流仓储配送仿真实验平台.基于该平台,论述了三个培养层次的实验项目的设置和实验过程的前后关联设计,进行了综合性和开放性实验的探索与实践.