Quantitative properties of sovereign default models: Solution methods matter

We study the sovereign default model that has been used to account for the cyclical behavior of interest rates in emerging market economies. This model is often solved using the discrete state space technique with evenly spaced grid points. We show that this method necessitates a large number of grid points to avoid generating spurious interest rate movements. This makes the discrete state technique significantly more inefficient than using Chebyshev polynomials or cubic spline interpolation to approximate the value functions. We show that the inefficiency of the discrete state space technique is more severe for parameterizations that feature a high sensitivity of the bond price to the borrowing level for the borrowing levels that are observed more frequently in the simulations. In addition, we find that the efficiency of the discrete state space technique can be greatly improved by (i) finding the equilibrium as the limit of the equilibrium of the finite-horizon version of the model, instead of iterating separately on the value and bond price functions and (ii) concentrating grid points in asset levels at which the bond price is more sensitive to the borrowing level and in levels that are observed more often in the model simulations. Our analysis is also relevant for the study of other credit markets.     

Race and Income Distribution: Evidence from the USA,Brazil and South Africa

The aim of this paper is to provide some empirical evidence about black–white differentials in the distribution of income and wellbeing in three different countries: Brazil, the USA and South Africa. In all cases, people of African descent are in a variety of ways socially disadvantaged compared with the relatively more affluent whites. We investigate the extent of these gaps in comparative perspective, and analyze to what degree they are associated with differences in the observed characteristics of races, such as where they live, the types of household they have, or their performance in the labor market. We undertake this analysis with the Oaxaca–Blinder decomposition at the means and with a propensity score approach at the entire distribution. Our results show how the factors underlying the racial divide vary across countries and income quantiles.     

Why is free education so popular? A political economy explanation

This paper analyzes the political support for different funding regimes of education in a one‐person, one‐vote democracy. We focus the analysis on four systems that have had a preponderant presence in the political debate on education: a private system, a public system that delivers the same resources to each student (universal‐free education), a public system that intends to equalize results, and a public system that aims to maximize the output of the economy. We show that a system of universal free education is the Condorcet winner. The level of income inequality and the degree to which income distribution is skewed to the right are key factors behind this conclusion. We also show that the voting outcome of public versus private funding for education depends crucially on the type of public funding under consideration.     

Determinants of bank’s interest margin in the aftermath of the crisis: the effect of interest rates and the yield curve slope

Empirical Economics - This paper analyses the determinants of net interest margin, focusing on the impact of interest rates and the slope of the yield curve, using a broad panel of data from 32...     

1864例药物不良反应报告分析

目的了解某院药品不良反应(ADR)的发生特点及规律,为临床安全用药提供参考。方法对合肥市第二人民医院2016年至2018年上报的ADR报告进行回顾性分析。结果1864例ADR中,66~89岁患者所占比例最高(768例,占41.20%);女性患者984例,略多于男性(880例);静脉给药引发的ADR最多,占81.33%;发生ADR的药品主要为抗菌药品,其次为抗肿瘤药和中药制剂;ADR主要累及消化系统、皮肤及附件;ADR类型主要为一般ADR,导致严重的ADR主要是抗肿瘤药;ADR转归情况以痊愈和好转为主,两者占94.31%。结论老年患者更易发生ADR;抗菌药、抗肿瘤药等ADR发生率较高;所有剂型中注射剂型ADR发生率最高;消化系统、皮肤及附件损害最为常见。     

征信与金融隐私的冲突及协调性研究

征信要求信息公开,金融隐私则要求数据保护。如何处理征信与金融隐私的关系、协调两者之间的冲突、寻找其平衡点,是各国理论和立法关注的焦点。从征信与金融隐私的概念切入,研究两者的主要冲突,分析协调两者之间冲突的关键因素,对我国的征信管理提出相关的意见和建议。     

营造特色校园文化，促进高职院校创新型人才培养

高等职业教育是我国高等教育的重要组成部分,其人才培养水平如何,直接关系到我国社会主义建设事业的成败。在由规模扩张到内涵建设发展的转化过程中,高职院校校园文化建设日益凸显其重要性。积极营造有利于创造型人才培养的校园文化,成为了高职院校一项现实而艰巨的任务。     

创业者创业学习与创业知识的关系研究——基于直观推断视角

转型经济背景和不确定性创业环境需要创业者持续不断地学习以获取建立与管理新企业所必需的创业知识.创业知识对创业绩效的正向作用已得到充分验证,但创业学习与创业知识间的作用路径和过程黑箱仍未打开.引入不确定性下的认知简化策略直观推断,构建了创业学习、直观推断与创业知识关系的理论模型,并基于中国青年创业国际计划的127位创业者的调查数据对研究假设进行了实证检验.结果表明:不同创业学习方式间存在交互效应,对创业知识获取的影响存在差异,直观推断发挥了调节作用.     

初始就业状态、工作转换与农民工就业质量变动

有研究认为,工作转换是农民工群体为了提高其就业质量（工资水平）进行的主动选择,而现实中工作转换是否能够有效提升农民工就业质量有待深入考察。利用RUMIC2008—2010面板数据,在区分受雇就业和自营就业的基础上,进一步控制工作转换前的就业状态,考察工作转换对农民工就业质量变动的影响,分析表明：工作转换对农民工就业质量变动的影响与其转换前的就业状态有关,转换前就业质量越高,转换后就业质量提升空间越有限,工作转换对原本处于低质量就业状态的农民工的就业质量有更大的提升作用;参加养老了保险以及有固定或长期劳动合同的受雇就业者在工作转换中处于不利地位,相对于未转换者,工作转换反而使其就业质量变差。     

关于构建我国银行危机预警指标体系的思考

银行危机预警指标体系是我国银行危机预警体系中的重要组成部分.结合国内外的一些研究成果,认为银行危机预警属于宏观与微观相结合的研究范畴,所以在构建预警指标体系时综合考虑外部环境对银行业的影响和冲击以及银行业自身运营状况两个方面,选取8个宏观经济指标和5个大类、13个分类银行体系自身指标构建起我国银行危机预警指标体系.