Devaluation, Capital Formation, and the Current Account

This paper re-examines the effects of devaluation and a rise in the rate of devaluation on capital formation and the current account in an optimizing monetary model of a small open economy with endogenous labor, investment with adjustment costs, and perfect capital mobility. It is shown that devaluation leads to capital accumulation and a current-account deficit in the long run and during the adjustment process, whereas a rise in the rate of devaluation has an ambiguous impact on capital formation and the current account depending on the relationship between consumption and real balances in the utility function. If consumption and real balances are separable or complements, then a rise in the rate of devaluation produces capital decumulation and a current-account surplus in the long run as well as on the transition path. These results stand in sharp contrast with Calvo (1981). JEL Classification Numbers: F41     

调整政府支出结构促进居民消费增长——基于政府支出与居民消费互补性关系的分析

本文主要从政府支出与居民消费的互补性关系出发,提出政府支出结构调整的三个主要方面,即加大农村基础设施的投资、加大教育和健康服务等优效品的支付以及加大社会保障和收入支持的支出,以此促进居民消费快速增长,推动经济增长由主要依靠投资和出口拉动向主要依靠内需特别是消费拉动转变。     

Non-tariff and overall protection: evidence across countries and over time

This paper analyzes the evolution of the incidence and intensity of non-tariff measures (NTMs). It extends earlier work by measuring protection from NTMs over time from a newly available database and provides evidence on the evolution of NTMs. In particular, building on Kee et al. (Econ J 119(534):172–199, 2009), this paper estimates the ad valorem equivalents of NTMs for 97 countries at the product level over the period 1997–2015. We show that the incidence and the intensity of NTMs were both increasing over this period, with NTMs becoming an even more dominant source of trade protection. We are also able to investigate the evolution of overall protection derived jointly from tariffs and NTMs. The results show that the overall protection level, for most countries and products, has not decreased despite the fall in tariffs associated with multilateral, regional and bilateral trade agreements in recent decades. We also document an increase in overall trade protection during the recent 2008 financial crisis. Overall, this study sheds light on an under-researched aspect of trade liberalization: the proliferation and increase of NTMs.     

当代“人”的发展问题论纲

追求“每个人的自由发展”是马克思主义的精华。由注重“物”到注重“人”是当代世界人类文明发展的基本价值取向,也是“社会主义市场经济体制模式”的题中应有之义。从主体和客体两方面分析,注重人的发展是历史唯物论的基本原理,而不是什么“历史唯心论”。在确定“人”作为现代发展体系的核心之后,中国应力求避免“人本工具论”,而应秉持“人本实质论”;并由“低端人本”向“高端人本”升华。中国改革开放以来,突出的成效是人的主体性的释放和发挥。尽管释放的能量还较小,但是它是具有旺盛生命力的。此文对中国的“第二次革命”促进人自身发展的内在机制、成效及问题作了分析．并就在新的历史阶段如何进一步促进人的自身发展提出五点方略。     

流动人口非正规就业空间竞争:基于上海若干样点的调查

流动人口占有市场空间是个体或利益集团相互竞争、实现市场空间均衡的结果。本文以上海流动人口为研究对象,以非正规就业空间为研究视角,通过分析四类不同性质的非正规就业群体,阐明了流动人口就业空间竞争的基本原理与基本过程,并得出流动人口空间竞争的原动力来源于获利的可能性,空间竞争的过程是空间占有的过程,也是利益均衡的过程。     

中国邮政品牌建设方案研究

邮政作为百年老店,具有较强的品牌影响力。但由于维护不力,品牌效应逐渐减弱。本文在分析中国邮政品牌建设现状的基础上,提出了中国邮政品牌建设的具体方案,并进一步阐述了方案的实施措施。     

所有制结构变动与居民收入差距:研究综述

改革开放以来,我国经济赢得了持续快速发展。这主要得益于:以资本和劳动为代表的物质要素供给不断增加;以所有制改革为核心的经济体制改革有效推动了经济技术效率的提高。但是,在所有制结构转换推动国内经济发展和居民收入水平改善的过程中,也对经济公平带来了严重的挑战,这突出表现在居民收入差距的逐渐扩大。本文重点考察了近年来国内外在所有制结构变动与居民收入差距研究方面的有关成果,并在综述这些成果的同时,研究了所有制结构变迁引起经济增长,经济增长与收入差距的交互关系以及所有制结构变动如何传导至收入差距。     

Institutional Monitoring: Evidence from the F‐Score

The extant literature shows that institutional investors engage in corporate governance to enhance a firm's long‐term value. Measuring firm performance using the F‐Score, we examine the persistent monitoring role of institutional investors and identify the financial aspects of a firm that institutional monitoring improves. We find strong evidence that long‐term institutions with large shareholdings consistently improve a firm's F‐Score and that such activity occurs primarily through the enhancement of the firm's operating efficiency. Other institutions reduce a firm's F‐Score. Moreover, we find evidence that, while monitoring institutions improve a firm's financial health, transient (followed by non‐transient) institutions trade on this information.     

Effectiveness of promotional premiums: The moderating role of affective state in different contexts

This research explores the influence of affective state on ad and product judgments for advertising that features promotional offers of high and low price value. Consistent with expectations, Study 1 found that for happy participants, high‐price value premiums generated higher ad believability ratings, which in turn enhanced ad and brand attitudes. For sad participants, however, the positive effects of high‐price value premiums were attenuated due to message believability discounting. It is proposed that the moderating influence of affective state on responses to ads featuring premiums should be more likely to emerge when attention to premiums is high, as in situations where ads feature less important product attributes or when consumers plan to purchase a product. Study 2 found that the interaction between affective state and premium value was significant when ads featured less important product attributes, but not when they featured important product attributes. Study 3 found that the interaction was significant for participants who intended to purchase the product in the near future, but not for those who did not have purchase intentions. © 2009 Wiley Periodicals, Inc.