COMCE Comes

China's Foreign Trade was lucky to have an interview with the Chairman of COMCE,Mr.Valentín Díez and his COMCE group when they were in Beijing,China.Even now,we can still remember their warm smile and hospitality voice.Besides Mr.Díez,we should thank Mr.Efren Calvo Adame,COMCE Vice-Chairman,Mr.AMB.Manuel Uribe,its Chairman in Asia Pacific Business Section,and Mr.Leonardo Navarro, its Director of Asia Pacific and other members of COMCE,who are ex- hausting their efforts to promote China and Mexico relations. By Editor     

Banking on Reform in the Rising China

About six years ago when China first entered the WTO and agreed to open up its retail banking market after a period of five years,many overseas me- dia organizations held a pessimistic outlook that China's banking industry was headed towards bankruptcy.However,through effective adjustment and reform, China has edged into the advanced ranks of the banking world through some huge developments in its banking system.     

Papua New Guinea and China,Collaborationg to Develope Hiddden Treasures

Papua New Guinea （PNG） is an archipelago of some 600 islands, atolls and reefs in the Southwest Pacific and lies within the tropics south of the Equator. PNG is the largest timber exporter in the region of South Pacific and one of the five biggest fisheries in the world with abundant tuna in its maritime space. It is favorably endowed with rich natural resources and highly diversified cultures.[第一段]     

Bailouts,Monitoring, and Penalties: An Integrated Framework of Government Policies to Manage the Too‐Big‐to‐Fail Problem

This paper discusses optimal government bailout policy where the costs of systemic failures and moral hazard problems are considered. We find that a three‐tiered bailout policy that includes an ex post monitoring and bailout scheme for financial institutions with large systemic impacts (‘too big to fail’) is optimal. The optimal policy also requires a randomized bailout for medium‐impact institutions (‘Constructive Ambiguity’), and no bailout for institutions that have only minimal systemic consequences (‘too small to save’). However, in a volatile, innovative market environment where individual institutions may know more than the government regulator, monitoring error could contribute to risk taking, leaving the government regulator to always play a ‘catch‐up’ role in revising policy. Moreover, the optimal bailout policy may not be time‐consistent: institutions not deemed ‘too big to fail’ may still have an incentive to take excessive risks and expect to be bailed out in case of insolvency, primarily due to the short‐term orientation of the government. Finally, because an institution's systemic cost affects the probability of a bailout, we show that the boundary of an institution may be extended by the government subsidy.     

中国压力型财政激励的产业结构调整效应

产业结构优化升级是构建新发展格局、提高经济发展质量和效益的动力支撑.中国压力型财政激励是解析产业结构变迁规律的重要视角.本文利用中国285个城市的动态面板数据和系统广义矩(GMM)估计方法,结合地方政府的行为特征,探究了压力型财政激励的产业结构调整效应.研究发现,压力型财政激励有利于提高产业结构高级化的量,却不利于提升产业结构高级化的质,也不利于促成产业结构的合理化.机制识别发现,地方政府在压力型财政激励下通过以地拓财源和加强税收征管等方式影响产业结构调整.进一步讨论发现,较高的财政分权程度和环境规制水平能够有效缓解压力型财政激励对产业结构调整的负面影响.本文据此提出了改进制度条件、规范地方政府行为等促进产业结构均衡发展的政策建议.     

云南深度融入“一带一路”构建对外开放新局面研究

云南深度融入“一带一路”构建对外开放新局面,有利于建设好面向南亚东南亚开放辐射中心,有利于构建“大循环、双循环”新发展格局。通过分析云南深度融入“一带一路”建设的现状、存在的问题,提出构建对外开放新局面的意见建议:系统设计深度融入“一带一路”,制定促进对外开放新局面的政策措施,积极补齐基础设施建设短板,加快建设与周边国家互联互通的国际大通道,与沿线国家协商共建自由贸易网络体系,做强各类对外开发开放平台,形成协作高效的开放平台体系,积极推动中缅经济走廊建设取得实质性进展,为深化中国与东盟的合作打造样板示范。     

HIGH‐ORDER SHORT‐TIME EXPANSIONS FOR ATM OPTION PRICES OF EXPONENTIAL LÉVY MODELS

The short‐time asymptotic behavior of option prices for a variety of models with jumps has received much attention in recent years. In this work, a novel second‐order approximation for at‐the‐money (ATM) option prices is derived for a large class of exponential Lévy models with or without Brownian component. The results hereafter shed new light on the connection between both the volatility of the continuous component and the jump parameters and the behavior of ATM option prices near expiration. In the presence of a Brownian component, the second‐order term, in time‐t, is of the form , with d₂ only depending on Y, the degree of jump activity, on σ, the volatility of the continuous component, and on an additional parameter controlling the intensity of the “small” jumps (regardless of their signs). This extends the well‐known result that the leading first‐order term is . In contrast, under a pure‐jump model, the dependence on Y and on the separate intensities of negative and positive small jumps are already reflected in the leading term, which is of the form . The second‐order term is shown to be of the form and, therefore, its order of decay turns out to be independent of Y. The asymptotic behavior of the corresponding Black–Scholes implied volatilities is also addressed. Our method of proof is based on an integral representation of the option price involving the tail probability of the log‐return process under the share measure and a suitable change of probability measure under which the pure‐jump component of the log‐return process becomes a Y‐stable process. Our approach is sufficiently general to cover a wide class of Lévy processes, which satisfy the latter property and whose Lévy density can be closely approximated by a stable density near the origin. Our numerical results show that the first‐order term typically exhibits rather poor performance and that the second‐order term can significantly improve the approximation's accuracy, particularly in the absence of a Brownian component.     

浅析大连乡村旅游的发展

大连乡村旅游业的发展是大连旅游业发展的重要一环。大连市的乡村旅游虽然在总体上取得了较明显的发展,但是在发展的过程中也发现一些问题,主要是乡村旅游服务质量不高,大连乡村旅游人才缺少,管理水平低下,大连乡村旅游活动单一,缺乏新意,千篇一律等。乡村旅游是一项关联性和综合性很强的产业,要实现乡村旅游产业的长久良好持续发展,需要全社会、政府、旅游经营者的共同努力。大连市政府相关部门应做好乡村旅游的规划,科学制定发展计划;大力加强基础设施的建设;注意培养引进乡村旅游人才,提高素质,提高乡村旅游的接待水平;发展特色的乡村旅游项目;采取多种方式,扩大大连乡村旅游知名度,以此促进大连乡村旅游可持续的发展。     

管子学派立法理论探析

管子学派以“法天合德”作为政权立法的法理依据;以社会发展规律、社会成员的一般知识水准和行为习惯作为立法的现实依据。管子学派将法律分为九类并界定了各自的特征;提出了详细的立法调查提纲和立法论证原则;确定了严格的法律颁布程序;论证了法律语言的具体要求。管子学派的立法理论影响了中国封建政权的立法活动。