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71.
This article examines the presence of political cycles inside the Portuguese governments’ aggregate expenditures by using annual data for 10 expenditure components. The results indicate that the choice of the expenditure components to be increased during election periods by Portuguese governments generally relates to more visible items such as general public services, social protection and health care. 相似文献
72.
This paper estimates the rate of return to the High/Scope Perry Preschool Program, an early intervention program targeted toward disadvantaged African-American youth. Estimates of the rate of return to the Perry program are widely cited to support the claim of substantial economic benefits from preschool education programs. Previous studies of the rate of return to this program ignore the compromises that occurred in the randomization protocol. They do not report standard errors. The rates of return estimated in this paper account for these factors. We conduct an extensive analysis of sensitivity to alternative plausible assumptions. Estimated annual social rates of return generally fall between 7-10 percent, with most estimates substantially lower than those previously reported in the literature. However, returns are generally statistically significantly different from zero for both males and females and are above the historical return on equity. Estimated benefit-to-cost ratios support this conclusion. 相似文献
73.
The purpose of this paper is to investigate the effect on prices of the entry of a large supermarket into a given location.
We use a panel with data from fifteen cities in Chile for the period 1998:I–2004:IV. We correct for the potential simultaneity
problem derived from the fact that entry can be a response to price differentials. We find that the entry of a hypermarket
to a given city reduces relative prices in that local market by 7–11%. Most interestingly, we also find that part of this
effect takes place the year before the supermarket actually opens for business.
相似文献
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76.
Rodrigo Salcedo Alvaro Torres 《International journal of urban and regional research》2004,28(1):27-44
It is a widely held notion, disseminated in particular by the LA school of urban studies, that gated communities are enclaves, which not only maintain segregation but also help increase it. In Chile a more benevolent interpretation has arisen. Sabatini, C´ceres and Cerda argue that gated communities help out the poor communities that surround them. If the spatial scale of segregation is reduced — from city to local or neighborhood level — social disintegration should slow, according to their analysis. This article seeks to empirically complement and expand on Sabatini, Caceres and Cerda's position, which seems to be a better interpretation of Chilean reality than the grim picture presented by the LA school. The article is an ethnographic work based on in‐depth interviews in gated communities and a surrounding shantytown in the Huechuraba district, a lower socio‐economic class area in north‐west Santiago. The research concludes that, despite the existence of a wall that promotes community integration among so‐called equals, in conditions of spatial proximity sociability between inside and outside groups is not diminished. Thus, in Huechuraba there is no impenetrable wall separating poor and rich; equally, the walls do not seem to promote community integration within. Spatial proximity has encouraged relations mainly in the realm of functional exchange, making the creation of gated communities in poor neighborhoods a socially desirable experience, at least in the case of Santiago. En études urbaines, l'idée que les communautés privées sécurisées, gated communities, soient des enclaves qui entretiennent, et accentuent, la ségrégation est courante, notamment pour l'école de Los Angeles. Le Chili suscite une interprétation plus humaine. Selon Sabatini, Cáceres et Cerda, les communautés privées sécurisées sont un soutien pour les communautés pauvres avoisinantes. Si l'échelle spatiale de la ségrégation est réduite — de la ville au niveau local ou de quartier — la désintégration sociale devrait, d'après eux, ralentir. L'article vise à compléter et développer de façon empirique leur théorie, celle‐ci semblant traduire la réalité chilienne plus fidèlement que le sombre tableau de l'école de Los Angeles. Il s'agit ici d'un travail ethnographique qui s'appuie sur des entretiens poussés dans des communautés privées sécurisées et un bidonville du secteur de Huechuraba, zone socio‐économiquement pauvre du nord‐est de Santiago. Les recherches concluent que, malgré l'existence d'un mur qui favorise l'intégration communautaire entre soi‐disant égaux, la sociabilité entre les groupes intérieur et extérieur ne diminue pas en cas de proximité spatiale. Ainsi, à Huechuraba, il n'existe aucun mur impénétrable entre riches et pauvres; de même, les murs ne créent pas, semble‐t‐il, d'intégration communautaire dans leur enceinte. La proximité spatiale a encouragé les relations surtout dans le domaine des échanges fonctionnels, faisant de la création de communautés privées sécurisées dans les quartiers pauvres une expérience souhaitable au plan social, du moins dans le cas de Santiago. 相似文献
77.
We review how the new European regulation of bank executive compensation could affect the future of banking in Europe. Although there is no conclusive empirical evidence on the relation between bank executive remuneration and the financial crisis, authorities have intensively regulated the compensation of bank managers to eliminate risk-taking incentives in the financial industry. However, the new regulation could have unintended consequences of creating an adverse selection problem at European banks, reducing the number of best-performing managers available for European banks, and motivating an excessive increase in fixed remuneration over total remuneration, altering the way incentive systems work. 相似文献
78.
AbstractThis paper analyses the presence of political cycles in Portuguese Governments’ expenditures using monthly data over the period 1991–2013 for the main categories of government expenditures. The results indicate that Portuguese Governments act opportunistically regarding the budget surplus and that they favour capital instead of current spending near to the elections. Moreover, right-wing governments are more prone to reduce expenditures and deficits after the elections than left-wing ones. A deeper disaggregated analysis of the components of government expenditures corroborates these findings while disentangling other relevant patterns of political manipulation in Portugal. 相似文献
79.
We use loan-level data to study how the organizational structure of banks impacts small business lending. We find that decentralized banks—where branch managers have greater autonomy over lending decisions—give larger loans to small firms and those with “soft information.” However, decentralized banks are also more responsive to their own competitive environment. They are more likely to expand credit when faced with competition but also cherry pick customers and restrict credit when they have market power. This “darker side” to decentralized banks in concentrated markets highlights that the level of local banking competition is key to determining which organizational structure provides better lending terms for small businesses. 相似文献
80.
This paper estimates a dynamic factor model (DFM) for nowcasting Canadian gross domestic product. The model is estimated with a mix of soft and hard indicators, and it features a high share of international data. The model is then used to generate nowcasts, predictions of the recent past and current state of the economy. In a pseudo-real-time setting, we show that the DFM outperforms univariate benchmarks, as well as other commonly used nowcasting models, such as MIDAS and bridge regressions. 相似文献