Distortions of Sino-US and Sino-EU Safeguard Agreements： Effects on World Textile Markets

The effects of Sino‐US and Sino‐EU safeguard agreements on US, Chinese and world cotton and textile sectors are investigated using a partial equilibrium model. The effects are compared to a free trade scenario under the provisions of the Agreement on Textiles and Clothing. The two safeguard agreements capping Chinese textile exports would decrease China's textile and apparel exports, production, and domestic consumption by an average 1.57, 0.63 and 0.32 percent, respectively. The safeguard agreements cause an increase in the US cotton textile price index and a slight decrease in US net textile imports and textile consumption. The agreements cause a decrease in the world cotton price and the quantity of cotton traded, but these trends reverse at safeguard expiration. The results generally support the view that the safeguard agreements forestall the effects of free trade in textiles and apparel rather than creating long lasting shifts in the textile trade.     

Risk Premia in Foreign Currency Futures

This paper tests the uncorrelatedness of increments of daily foreign currency futures prices and derives implications for risk premia based on a heteroscedasticity-robust variance ratio test. There is evidence suggesting the existence of a time-varying risk premia. Moreover, the results suggest that currency futures price is not an unbiased predictor of currency spot price on corresponding maturity date of currency futures contract. The paper also applies a heteroscedasticity-adjusted Box-Pierce Q test to the same data set for comparison.     

我国金融业由分业经营向混业经营过渡的模式选择

金融业作为现代经济发展的重要支持，其经营方式也随着社会经济发展经历了一系列变化过程。出于竞争和金融业本身发展的需要，世界许多国家纷纷放松对本国金融业的限制，由此推动了全球金融业混业经营发展和金融监管改革。在这场变革中，刚加入WTO的我国金融业该如何顺应形势，在激烈的竞争中立于不败之地，是个严肃而迫切需要解决的问题。拟对我国金融业推行混业经营的模式选择略做分析，并提出自己的看法和建议。     

夜读孙大伟

九月初笔者带队去台湾开了一次关于媒体经营的研讨会，这是CCTV第一次在台湾的推广活动。     

FORTRAN语言及汇编语言在坐标测量中的混合编程技术

本文论述了Fortran在坐标测量数据采集系统以及图形输出系统中与汇编语言的程序连接及调用方法,讨论了利用Fortran语言进行测量样本点的拟合、画线以及图形输出问题,给出了编程方法及实例。     

民营企业香港创业板上市是今年资本市场的一大看点

2002年香港创业板IP0有一个很显著的特点是H股数量的大幅增长,2002年有12家H股公司上市,较2001年增长了一倍,是2000年的4倍.内地企业正成为香港创业板上的一支生力军.     

锁相同步技术在不间断电源中应用的几个问题

本文研究了三种相位反馈控制方案,讨论了它们应用的条件和应注意的问题。实验结果对进一步改进UPS电源的性能有实际价值。     

论推出中小企业板对广东中小企业发展的机遇与挑战

一、推出 中小 企 业板 为广 东 中小 企业 带 来的 机 遇 1.中小 企 业板 从 制度 上初 步 缓解 了融 资 难问 题 一直 以来 ,广 东的 中 小企 业融 资 环境 难 如人 意。 中小 企 业融资,风险 性大 、不确 定性 强 ,又 因其 自 身缺 乏 稳定 收入 流和 抵 押担保能 力,属 于     

中国传统公共消费及其评析

在传统体制下形成的中国传统公共消费有着悠久的历史渊源，有着重化工业赶超战略的逻辑，内含有强烈的国家意志，在国家意志决定下，传统公共消费制度对个人福利状况，利益结构以及社会效率的影响至深。     

The effect of investment tax incentives: evidence from China’s value-added tax reform

We estimate the impact of investment tax credit on firm fixed investment in a difference-in-differences-in-differences framework, using China’s 2004 value-added tax reform pilot that introduces a permanent 17%-tax credit for fixed investment in six industries in the Northeastern region. The tax credit raises significantly fixed investment of eligible firms by 28% on average during 2004–2007 relative to 2001–2003, corresponding to a user cost elasticity of 1.84. The tax incentive has larger effects on firms that are less financially constrained such as smaller firms and firms with a larger cash flow. The result is largely driven by responses of domestic private firms and is robust to specifications addressing the issue of anticipation.