Should Chinese Local Governments Be Allowed to Issue Bonds?

I.IntroductionDespite China’s impressive economic growth,its fiscal sustainability has increasinglybecome one of the most watched risk indicators facing the economy.Although China’sexplicit national debtto GDP ratio israther manageable by theOECD standard,at about20 percent of GDP,given its small share of tax revenue to GDP,currently at18.5percent ofGDP,this fiscalsystem may stumble upon major challenges in themedium to long term ifChina’slargecontingent fiscal liabilitiesare als…     

Effectiveness and Effects of China’s Capital Controls

I. IntroductionNations at every stage of development and in every region of the world are more closelylinked through trade in goods and services, through flows of funds and investments ineach others’ economies than ever before. But in sharp contrast to more and more nationsloosening restrictions on international trade, controls over capital flows are still substantialnearly everywhere except in the most developed economies. This is certainly the case inChina, where restrictions on movements …     

Risk and concentration in payment and securities settlement systems

What drives the intraday patterns of settlement in payment and securities settlement systems? Using a model of the strategic interaction of participants in these systems to capture some stylized facts about the Federal Reserve's Fedwire funds and securities systems, this paper identifies three factors that influence a participant's decision on when to send transactions intraday: cost of intraday liquidity, extent of settlement risk, and system design. With these factors, the model can make predictions regarding the impact of policy on the concentration of transactions, amount of intraday overdrafts, central bank credit exposure, costs to system participants, and other risks.     

物流业网络融合的三种模式与创新

本文从产业融合和供应链管理理论出发,研究物流业的网络融合及其创新。本文分析现代物流业的网络特性,阐述了物流业网络融合的内涵,指出了现代物流业网络融合的3种主要形式。对现代物流业网络融合的创新进行研究,指出网络融合对于发展物流业以及提升企业核心能力的意义。     

A pilot study to assess rural water supplies and sanitation conditions on the Pongolo floodplain — A social anthropological perspective

This paper, based on a pilot study, is part of an ongoing research project on rural water supplies in Southern Africa. Research of this nature aims at bridging the gap between some critical sociological approaches which ignore social practice, and biomedical research which is at times inclined to focus, for instance, on particular diseases without locating the diseases within the political economy of Southern Africa. Macro‐scale sociological explanations of poverty and the diseases associated with lack of development need to be meshed with micro‐scale research at village level in order to obtain a realistic perspective of rural life which can inform social practice. The relationship between preventative medicine and development is emphasized.     

Find ZERO

文中提到OPPO的策略,以广告攻势获取眼球、销量和利润,为此请来当红的明星,玩各种噱头。但这得砸钱。OPPOY．如何能维持这种策略这么久呢？     

全球增长引擎：2050年新经济面貌

2011年2月,花旗集团首席经济师Willem H.Buiter和brahim Rahbari 发表了一份突破性报告,宣称“金砖”国家的说法及其后提出的新兴经济体归类已经过时。     

Countervailing Power and Chain Stores

The countervailing power of large buyers subdues the market power of sellers, but price concessions won by large buyers in upstream markets may or may not translate into lower prices downstream as Galbraith (American capitalism: The concept of countervailing power. Houghton Mifflin, Boston, 1952, Am Econ Rev 44:1–6, 1954) once contended. This paper presents a model that formalizes certain previously neglected elements of Galbraith’s argument, and shows that upstream price concessions may lead to lower downstream prices. In this model, a large retail chain store with countervailing power plays one large supplier off against another to win lower prices. An indirect effect of these interactions is that small retailers also pay lower prices, although not as low as the chain. Finally, competition among the retailers drives retail prices lower. The retail-price-restraining effect of the chain is stronger than the effect that is produced by the entry of an additional supplier.