全球化与WTO：利益分析及争端解决

一、引言“全球化”这一说法是最近才开始流行的,而我们这些贸易经济学家对它的研究历史却有几十年甚至上百年了;世界贸易组织(WTO)也是最近才成立的,而国际贸易方面的法律专家对它和它的前身--GATT的研究也已近五十年了。在前面的两种情况中,国际贸易方面的专家都会强调世界经     

Estimating the expected marginal rate of substitution: A systematic exploitation of idiosyncratic risk

We develop a methodology to estimate the shadow risk free rate or expected intertemporal marginal rate of substitution, “EMRS”. Our technique relies upon exploiting idiosyncratic risk, since theory dictates that idiosyncratic shocks earn the EMRS. We apply our methodology to recent monthly and daily data sets for the New York and Toronto Stock Exchanges. We estimate EMRS with precision and considerable time-series volatility, subject to an identification assumption. Both markets seem to be internally integrated; different assets traded on a given market share the same EMRS. We reject integration between the stock markets, and between stock and money markets.     

EMERGING EQUITY MARKETS: GROWTH, BENEFITS, AND POLICY CONCERNS

Since the mid-1980s, stock market activity has increased substantiallyin many developing countries. This article first examines themain characteristics of emerging stock markets and illustratesthe evolution of equity prices in these markets during the lastdecade. It then discusses the reasons for the markets' growthand assesses the extent to which they have been affected bydomestic policies and external factors. The authors discussthe likely benefits of these markets, the effects any abruptcorrection in stock prices could have for the economy, and theways in which these markets can be made more efficient.      

Book Reviews

The first review discusses a book on major innovative breakthroughs. The book educationally summarizes fourteen histories of important new products and services, draws general conclusions from these cases, but seems to lack predictive lessons that can assure future dramatic new products. The second and third reviews cover books devoted to cross-functional teams and teamwork. Both books provide helpful guidance in dealing with the practical aspects of making such teams function well in new product development projects. The fourth book describes a rather mechanical lock-step approach to concurrent engineering or total quality development, which is considered its synonym. Specific components are discussed in detail. These include technological development, concept phase, design phase, and production preparation. Although the book ignores the role of marketing, it should prove useful to those interested in the detailed reviews of mechanical engineering procedures such as "The House of Q uality," engineering concept selection, and Taguchi methods of process design analysis. The reviews conclude with brief notes about three other books.     

Capital market equilibrium with moral hazard and flexible technology

(Magill, M., Quinzii, M., 2002. Capital market equilibrium with moral hazard. Journal of Mathematical Economics 38, 149–190) showed that, in a stockmarket economy with private information, the moral hazard problem may be resolved provided that a spanning overlap condition is satisfed. This result depends on the assumption that the technology is given by a stochastic production function with a single scalar input. The object of the present paper is to extend the analysis of Magill and Quinzii to the case of multiple inputs. We show that their main result extends to this general case if and only if, for each firm, the number of linearly independent combinations of securities having payoffs correlated with, but not dependent on, the firms output is equal to the number of degrees of freedom in the firm’s production technology.     

HUMAN CAPITAL AND CONVERGENCE: A PRODUCTION‐FRONTIER APPROACH*

Using nonparametric, production‐frontier methods, we decompose labor productivity growth into components attributable to technological change (shifts in the world production frontier), technological catch‐up (movements toward or away from the frontier), and physical and human capital accumulation (movements along the frontier). We find that (1) technological change is decidedly nonneutral, (2) productivity growth is driven primarily by physical and human capital accumulation, (3) the increased international dispersion of productivity is explained primarily by physical capital accumulation, and (4) international polarization (the shift from a unimodal to a bimodal distribution) is brought about primarily by efficiency changes (technological catch‐up).     

Integration of U.S. Macroeconomic Accounts: A Progress Report

This article reviews the results of this joint agency effort to provide complete and integrated U.S. accounts. It discusses the new data prepared as a result of this effort and the proposed work plan to eliminate some of the major differences within the U.S. accounts and between the U.S. accounts and the new international guidelines.JEL Classification E010