Does Inequality Lead to a Financial Crisis? Revisited

Financial crises have been attributed to rising income inequality via its induced high household leverage as observed in the USA and similar economies. Alternatively it has been suggested this is not a general relationship since it was found that inequality had no bearing on crises in 14 advanced countries over 1920–2008; instead, low interest rates and business cycle expansions are found to be the only two robust determinants of credit booms leading to crises. Using a similar dataset, this paper provides no support for the generality of the above findings by embracing country heterogeneity. The paper shows that real evidence still points back to the inequality‐leverage–crisis nexus for financialized economies. The implication is that finance can hardly be sustainable under rising inequality.     

美联储量化宽松货币政策实施效果评估与现实借鉴

2008～2011年,美联储推出的两轮量化宽松货币政策(QE)实施效果与预期有较大落差。基于后凯恩斯主义的内生货币理论,由于货币供给来源于经济体的内生需求,因而中央银行无法外生控制货币供应量,也无法简单地通过量化宽松政策刺激银行体系扩大信贷投放,以达到对内提升需求、扩大就业的政策目标,而对外的货币贬值也不必然能有效改善贸易逆差。中国调控经济、应对危机应该弱化汇率制度对国内政策的限制,完善信贷的内生创造机制,有效发挥政府与市场的互动机制确保就业。     

近红外光谱法快速检测赤芍配方颗粒 芍药苷和浸出物含量

为了直接、快速地测定赤芍配方颗粒中芍药苷和浸出物的含量,解决回流烘干法测定耗时长、操作繁琐等问题,利用近红外漫反射技术,结合偏最小二乘法(PLS),建立了测定芍药苷和浸出物含量的近红外光谱测定方法。选用积分球系统测定样品的近红外光谱,定量模型的预处理方法采用多元散射校正和一阶导数进行处理,光谱范围分别为5 492～5 103cm-1,7 428～7 201cm-1,6 942～5 322cm-1。结果表明,定量模型中芍药苷含量和浸出物含量的最佳主因子数分别为7和6,内部交叉验证均方差分别为0.082 6和0.226 0,决定系数(R2)分别为0.981 7和0.982 4,系统精密度RSD值分别为1.1%和0.9%,方法精密度RSD值分别为2.1%和1.6%,外部验证预测均方差分别为0.363和0.282。采用建立的近红外预测模型对赤芍配方颗粒进行快速测定,方法可行,分析快速、简便,结果准确,为赤芍配方颗粒的测定提供了高效方法。     

A comparative study of bank efficiency in three Chinese regions: Mainland China,Hong Kong,and Macao

We conduct a bank efficiency comparison among three Chinese regions: Mainland China (CN), Hong Kong (HK), and Macao (MO). Specifically, we investigate the reasons for efficiency differences observed in the three regions from within-region and cross-region perspectives. We show that HK and MO maintain stable bank performance over time that lies within the developed-economy range of efficiency levels. CN used to be well below this range but has been catching up so quickly that efficiency convergence in the three regions seems to be underway. We find that the determinants of bank efficiencies in the three Chinese jurisdictions are similar in some aspects but different in others. Most significant are their similarities in the effects of interest rate differentials, forex reserve accumulations, bank capital positions, interbank financing opportunities, and liquidity mismatch problems. Also important are their differences in the effects of bank size, revenue diversification, government ownership, property, and stock market development.     

耕地系统增产—降污—固碳多效协同：机制、 潜力及技术路径

研究目的：阐释耕地系统增产—降污—固碳多效协同的科学内涵与提升机制，系统评估增产—降污—固碳潜力，拓新多效协同的技术路径。研究方法：理论分析法，归纳演绎法。研究结果：（1）增产—降污—固碳多效协同是新时代耕地系统健康、永续利用的客观要求，增产为主导，降污—增汇共同发挥生态系统多功能协同潜力；（2）耕地系统增产—降污—固碳具有高度的协同性和一致性。土壤碳汇形成中物质与能源转化，既是降污自净过程，也是土壤肥力提升过程；（3）耕地系统增产—降污—固碳多效协同潜力巨大，分别可达1.40亿t/a、720.0万t/a和1.49 亿t/a，但多效协同应因地制宜、突出重点，满足适应性管理和永续利用准则；（4）未来应充分利用生产障碍消减技术、农艺管理革新技术和环境材料交互微生物强化技术，稳妥推进多效协同。研究结论：耕地系统增产—降污—固碳多效协同，既夯实自主粮食增产，又促进生态健康与固碳，有力推动耕地保护转型和技术创新。