市场运行平稳 改革尚需深化——中国金融业2005年回顾与2006年展望

2005年，中央银行继续实行稳健的货币政策，突出金融调控的前瞻性、科学性和有效性，同时稳步推进人民币汇率机制改革，宏观调控取得较好成效。国有商业银行、农村信用社、保险公司和非银行金融机构的各项改革深入进行。金融市场改革与发展取得了阶段性成果。今后，中国金融业应进一步加强和改善金融宏观调控，加快金融体制改革，建立和发展多层次的金融市场，提高金融监管水平，维护金融稳定。     

中比贸易的“绿色通道”

作为比利时首任驻华海关专员，6个月前，我刚刚踏上中国这片热土。打那时起，我就在这全新的、令人兴奋的环境中度过了让人备感新奇的日日夜夜。     

A note on completeness in large financial markets

We study completeness in large financial markets, namely markets containing countably many assets. We investigate the relationship between asymptotic completeness in the global market and completeness in the finite submarkets, under a no-arbitrage assumption. We also suggest a way to approximate a replicating strategy in the large market by finite-dimensional portfolios. Furthermore, we find necessary and sufficient conditions for completeness to hold in a factor model.     

Some considerations on a class of macro-economic production functions

Summary It is demonstrated that dimensional analysis can be a tool in investigating the properties of a production function. First, the economic implications of the CES Function are shown. Secondly, endorsing the statements made by the SMAC Group that the Leontief and the Cobb and Douglas types of the production function arise as limiting cases of the CES production function, detailed proofs of these statements are given that maintain the dimensional homogeneity in proceeding to the limits. It is shown that certain dimensional constants of the CES production function become dimensionless entities in the limit.Finally, an expression for the curvature of the isoquants is derived. A dimensionally homogeneous relation is presented between the elasticity of substitution, the slope, the curvature and the factor endowments. This relation can be used to derive a general Variable Elasticity of Substitution production function.1970-71 Visiting Professor, Department of Economics, F.S.U. (Florida State University, Tallahassee, Florida, U.S.A.).The authors thank Professor Th. van de Klundert, Dr. H. de Haan and Dr. S. K. Kuipers for their useful comments on the first draft of this paper.     

Managerial foresight and attempted rent appropriation: insider trading on knowledge of imminent breakthroughs

In order to establish a competitive advantage, firms must acquire or create resources at a price below their value in use. Absent pure luck, this requires managers to exercise foresight about a resource's future value and/or complementarities with pre‐existing capabilities. This foresight grants managers the opportunity to exploit information asymmetries for personal gain as well as building organizational capabilities. Nevertheless, there is limited research on the extent of foresight or how managers use it. In our study of insider trading, we found that managers purchase stock well before breakthrough patents are filed. We argue for further research on the extent of managerial foresight and how it affects rent generation and appropriation. Copyright © 2005 John Wiley & Sons, Ltd.     

Why HIV/AIDS prevention strategies fail in Botswana: considering discourses of sexuality

A phenomenological study that was carried out among five ethnic groups of Botswana revealed the importance of taking into account culturally situated sexual realities when prevention policies for HIV/AIDS are considered and implemented. Furthermore the study threw light on the ineffectiveness of the current national HIV/AIDS prevention strategy of ‘Abstain, Be faithful, or use a Condom’ (ABC), a strategy that has been externally imposed on communities, without sufficiently engaging the behavioural practices and values of the communities themselves. This paper therefore advocates educational strategies for HIV/AIDS prevention that take into consideration localised social relations and value systems. Devising policies that engage with the discourses that are dominant in each ethnic group can make a difference in a country that has been hard-hit by the HIV/AIDS epidemic.     

Measuring service content: A scale development

This research presents the development of an instrument for measuring the service content (the degree of intangibility, perishability, simultaneity, and heterogeneity) characterizing a firm's output. Service characteristics are acknowledged to be important strategic variables, and the characteristic of intangibility has been studied extensively. The scale presented here is an improvement over previous methods. In contrast to previous methods that have relied on various categorizations, or that have examined only intangibility or service quality, the scale presented here can provide a numerical measure of all four of the most important service characteristics. This can be used in future research efforts to examine the influence of service characteristics on firm internationalization, firm strategies, and performance. © 2006 Wiley Periodicals, Inc.     

Conflict, Distribution and Population Growth

This paper studies an optimal foraging model where distributive conflicts among foragers emerge from population growth. It investigates distributive rules set to resolve the conflicts. Efficient distributive rules are the ones associated with the most efficient productive decisions. Unequal societies, where the ruling class or King maximizes the surplus, engender the choice of more efficient productive combinations and to a smaller population relative to egalitarian societies.     

China's Accession to the World Trade Organization: What Is at Stake for Agricultural Markets?

We analyze the impact of China's accession to the World Trade Organization on major crop and livestock markets using the Food and Agricultural Policy Research Institute (FAPRI) modeling framework. We incorporate expected changes in consumer income, textile production, and trade policies as exogenous shocks to the baseline model. Following accession, revenues decline in China's livestock, grain, and oilseed industries, while cotton production prospers despite increased imports. Chinese consumers benefit from lower food prices, with vegetable oil, dairy, and meat consumption increasing significantly. Argentina, Brazil, Canada, the European Union, and the United States are the greatest beneficiaries from expanded agricultural trade with China.     

Organizational Commitment in Mexican Small and Medium-Sized Firms: The Role of Work Status,Organizational Climate,and Entrepreneurial Orientation*

In this study, we examine the role of individuals' commitment in small and medium-sized firms. More specifically, we argue that employees will commit themselves to their firm based on their current work status in the firm, their perception of the organizational climate, and the firm's entrepreneurial orientation. We also examine how individuals' commitment affect the actual effort they exert vis-à-vis their firm. The study's hypotheses are tested by applying quantitative analyses to survey data collected from 863 Mexican small and medium-sized businesses. We found that individuals' position and tenure in the firm, their perception of psychological safety and meaningfulness, and the firm's entrepreneurial orientation all are positively related to organizational commitment. We also found a positive relationship between organizational commitment and effort. Finally, our findings show that organizational commitment mediates the relationship between many of the predictor variables and effort. We discuss the limitations and implications of our findings and provide directions for future research.