科学发展观是资源型企业实现可持续发展的保证

党的十六届三中全会鲜明地提出了树立和落实全面、协调、可持续的科学发展观的问题。学习贯彻十六届三中全会精神，很重要的一个方面就是要准确把握和自觉树立科学的发展观，不断探索实现全面、协调和可持续发展的新思路、新途径。这对于实现资源型企业的可持续发展意义尤其重大。     

Taxation without representation: local fiscal response to intergovernmental transfers in China

This paper studies the effects of intergovernmental transfers on local public spending in China, an authoritarian country where local politicians are not largely accountable to residents. The identification exploits a discontinuity from the central government’s designation of National Poor Counties. We find that additional transfers to county governments increase local public spending one-for-one. We further confirm that counties receiving additional transfers do not reduce the effective tax burden borne by firms. The results echo the empirical anomaly of the flypaper effect found in developed economies under democratic governments.     

A MCGP decision aid for homebuyers to make the best choice

This study adopts a new approach, the multi-choice goal programming (MCGP), to evaluate houses in order to help homebuyers to find better house based on the residential preferences. According to the function of MCGP, homebuyers can set multiple housing goals with multiple aspiration levels. This increases the flexibility to find a suitable house. Compared with other classical methods such as checklist and analytic hierarchy process, MCGP is more efficient, especially while considering a lot of housing criteria and house alternatives. In order to demonstrate the usefulness of MCGP decision aid for housing selection, a real case study is then provided. Furthermore, ten volunteers are invited to participate in the empirical experiment. The results also validate the effectiveness and efficiency of MCGP decision aid.     

Deposit insurance and bank regulation in a monetary economy: a general equilibrium exposition

Summary. It is commonly argued that poorly designed banking system safety nets are largely to blame for the frequency and severity of modern banking crises. For example, underpriced deposit insurance and/or low reserve requirements are often viewed as factors that encourage risk-taking by banks. In this paper, we study the effects of three policy variables: deposit insurance premia, reserve requirements and the way in which the costs of bank bailouts are financed. We show that when deposit insurance premia are low, the monetization of bank bailout costs may not be more inflationary than financing these costs out of general revenue. This is because, while monetizing the costs increases the inflation tax rate, higher levels of general taxation reduce savings, deposits, bank reserves, and the inflation tax base. Increasing the inflation tax rate obviously raises inflation, but so does an erosion of the inflation tax base. We also find that low deposit insurance premia or low reserve requirements may not be associated with a high rate of bank failure.Received: 2 January 2002, Revised: 1 March 2003JEL Classification Numbers: D5, E5, G1.B. D. Smith: Sadly, our co-author, colleague and dear friend, Bruce D. Smith, died on July 9, 2002.     

债券组合Theta对冲的实证研究

本文推导了Diebold-Li广义久期向量模型下的Theta,并利用上交所国债数据进行实证研究。结果表明,在久期匹配的条件下引入凸度匹配或Theta匹配均可减小风险对冲误差,且引入凸度匹配时风险对冲误差更小。     

Using patent analysis to establish technological position: Two different strategic approaches

Discussions on business strategy formation in the past 50 years can be separated into two categories: the inside-out and the outside-in approach. Technology is a critical factor when manager formulate their business strategy, and patents have served as an important indicator of technology. A patent portfolio can be used to understand the capabilities of a firm, as an inside resource pattern; and the patent citation of firms can be used to find the relationship of a firm, as an outside dependency. This study uses patent information to establish an effective model for the technological position of business methods. The 5 by 6 matrix was generated and four situations between firms were induced. Researchers and managers can use that matrix and situations to recognize the real competitors or cooperators, and formulate the technological strategies which include competition, cooperation, or complementary cooperation.