Poor institutions as a comparative advantage

Classic theories of comparative advantage point to factor productivity and factor abundance as determinants of specialization and trade. Likewise, geography and topography can determine trade patterns. Institutions, however, are increasingly seen as important sources of comparative advantage. A global drug prohibition regime implies that institutional quality matters more than traditional sources in the drug trade. This paper theoretically models trade patterns of illicit goods and confirms the role of institutions empirically with respect to the drug trade. In particular, illicit enterprises gain force in countries where resources are scarce, drug enforcement is uncertain, and institutions are weak in absolute terms and relative to neighboring countries. I propose several policy alternatives that emphasize economic opportunity for the poor and institutional quality that complement drug prohibition.     

基于实时监控的网站反篡改系统设计

随着Internet和网络技术的发展,网站成为单位信息发布和宣传的重要平台。但随着网站建设的规模化和大众化,网站安全也成了日渐严峻的问题。本文提出了一种基于实时监控的Windows平台下网站反篡改系统的设计方案,用以提升网站安全防护能力。     

Fixed versus flexible election terms: explaining innovation in the timing of Canada’s election cycle

This paper argues that there is an efficiency gain underlying the recent adoption of legislation calling for a fixed 4-year governing term by the federal and most provincial governments in Canada. The efficiency gain arises from foreclosing an externality produced by the Canadian constitutional provision that sets a maximum length for a legislative term (5 years) while allowing the governing party (through the Governor General) to dissolve the House early. Because the opportunistic use of surprise can improve the governing party’s probability of winning, strategic choice can lead to elections being held at times that most disadvantage the incumbent’s rivals. Evidence from Canada is introduced suggesting that federal elections became less predictable through successive reductions in the campaign time given to competitors, thus raising the cost of this externality. The same reasoning suggests that the party most likely to propose this legislative innovation will be the party in opposition rather than in power and/or the new leader of an established party facing loss in the upcoming election. By fulfilling the fixed term even when it could benefit by calling the election early, the party establishes a precedent that raises the political cost to others of cancelling the fixed term legislation.     

Specialisation,localisation, and trade value in the wake of cross-border production sharing. The Central Eastern European Countries' case

We focus on five among the sectors in which most of the CEECs’ trade in middle products with EU-15 is concentrated. Over the second half of the 1990s, we observe remarkable changes in both production and trade specialization as well as a significant relocation of industries within CEECs. Using jointly trade and production data we outline co-movements in the adjustment of specialisation patterns. We also show that the redistribution of activities at the regional level reflects the relocation of industries at the global level. Finally, we try to detect the scope of fragmentation of production characterizing each industry and the ways in which CEECs are moving along the “internationally sliced-up value chain”. (JEL: F10, F14, F15)     

国内外原油市场收益率及其波动性的双长记忆性测度

本文基于我国原油现货价格和欧洲Brent原油现货价格的数据,运用多种计量模型对原油市场收益率及其波动性的长记忆性进行测度。研究发现,我国原油市场收益率序列不存在长相依性特征,波动率序列则存在长记忆性效应;国外原油市场收益率及波动率序列均存在显著且较强的长记忆性。同时,检验结果表明,采用Student-t分布来刻画"尖峰厚尾"分布性质并利用TGARCH模型来描述"杠杆效应"是非常必要的。     

Risk-aversion and the term structure of real interest rates

The term structure of real interest rates is studied in the context of a consumption-based general-equilibrium model. It is shown that the expectations hypothesis is approximately satisfied for low interest rate volatility. Otherwise the term premia are generally positive.     

简易数控车床改造为沟槽磨床

介绍了老设备CJK-6136N简易数控车床改造为沟槽磨床的过程，使报废的设备起死回生。     

Fostering entrepreneurship in distressed urban neighbourhoods

During the last decade entrepreneurship research has focused increasingly on spatial aspects of entrepreneurship. Many systematic studies have been conducted on the national or regional scale, although other geographical scales—cities and their single districts and neighbourhoods—have drawn less attention. In this context, the paper aims, firstly, at identifying spatial success factors of entrepreneurial activities and their promotion at the local scale. Secondly, the paper aims at contributing to the development of a conceptual frame at the interface of entrepreneurship research, urban and economic geography, and regional economics. Empirically, the paper draws on results from explorative case studies in two distressed urban areas.     

Political pressures and the credibility of regulation: can profit sharing mitigate regulatory risk?

When price-cap rules determine the structure of prices for a long period, they suffer a credibility problem and introduce an element of risk especially if a firm’s profits are “too large”. Profit sharing may be seen as a device to pre-determine price adjustments and thus to decrease regulatory risk. We analyse the effects of profit sharing on the incentives to invest, using a real option approach. Absent credibility issues, a well designed profit sharing system may be neutral relative to a pure price cap. With regulatory risk, profit sharing is preferable to a pure price-cap one, if it intervenes for high enough profit levels.