中华苏维埃共和国国家银行的创建

<正>新中国金融体系的历史渊源,可以追溯到大革命时期中国共产党领导的金融事业。这个体系从萌发到中华苏维埃共和国国家银行的创建、抗日根据地银行和解放区银行的建立,以及中国人民银行的建立,历经中国共产党领导的中国革命各个历史时期,始终伴随着中国革命的不断胜利而发展壮大。     

Accelerators as start-up infrastructure for entrepreneurial clusters

ABSTRACT

Infrastructure is commonly conceptualized as a set of facilities that play a critical role in facilitating activities by individuals and organizations. Conventionally, infrastructure is tightly linked to publicly funded projects that facilitate access to key resources and enable diverse activities. Within entrepreneurial clusters research, infrastructure includes universities, research institutions and telecommunication technologies that facilitate entrepreneurial activities. These capital-intensive investments seek to facilitate start-ups emergence by aiding access to markets and development of ideas. Accelerators facilitate the same activities and have only recently been conceptualized as start-up infrastructure. This study builds upon this research stream by elaborating on how accelerators can play this meaningful role at the cluster level. Specifically, and by relying on the analysis of empirical evidence from three distinct studies, we uncover how accelerators provide tangible and intangible dimensions of start-up infrastructure to form a positively reinforcing cycle of entrepreneurial activities. Additionally, our findings allow us to push further the idea that start-up infrastructure development can be an endogenous process involving multiple actors within the cluster. Our empirical findings and the theoretical insights derived from them have meaningful implications for the aforementioned literature, as well as start-up practitioners and policymakers linked to the funding of entrepreneurial clusters.     

Reaching nirvana with a defaultable asset?

We study the optimal dynamic portfolio exposure to predictable default risk, taking inspiration from the search for yield by means of defaultable assets observed before the 2007–2008 crisis and in its aftermath. Under no arbitrage, default risk is compensated by an ‘yield pickup’ that can strongly attract aggressive investors via an investment-horizon effect in their optimal non-myopic portfolios. We show it by stating the optimal dynamic portfolio problem of Kim and Omberg (Rev Financ Stud 9:141–161, 1996) for a defaultable risky asset and by rigorously proving the existence of nirvana-type solutions. We achieve such a contribution to the portfolio optimization literature by means of a careful, closed-form-yielding adaptation to our defaultable asset setting of the general convex duality approach of Kramkov and Schachermayer (Ann Appl Probab 9(3):904–950, 1999; Ann Appl Probab 13(4):1504–1516, 2003).     

Reason rules...: the utility of rationality and the rationality of utility

Almost every theory of human behavior is based upon some assumption of rationalty. Such an assumption is commonly believed to be necessary in order to distinguish rational behavior, which is, from non-rational behavior, which is not amenable to scientific investigation. This article presents a thorough re-examination of this assumption, an inquiry which turns out to raise all the central issues of both the methodology and the theory of behavioral inquiry generally. It leads to the somewhat surprising conclusion that the notion of rationality does not have any meaningful role to play in behavioral inquiry, and that there is no sense in distinguishing rational from non-rational or irrational behavior. It also shows that the generalization of the utility notion in terms of information makes it into a much more powerful and subtle tool of analysis than it commonly appears to be taken for.     

Inflation Stabilisation and the Consumption of Durable Goods

Exchange rate-based stabilisations in chronic-inflation countries have often been characterised by an initial consumption boom (which is most evident in the behaviour of durable goods) followed by a later contraction. This paper provides an explanation for such a boom-recession cycle based on the timing of purchases of durable goods. The initial fall in inflation results in a wealth effect which induces many consumers to bring forward their purchases of durable goods, thus generating an aggregate consumption boom. Since most consumers replenish their stock of durable goods at the beginning of the programme, a later slowdown follows.     

LIQUIDITY,MONEY CREATION AND DESTRUCTION,AND THE RETURNS TO BANKING*

We build on our earlier model of money in which bank liabilities circulate as a medium of exchange. We investigate optimal bank behavior and the resulting provision of liquidity under a range of central bank regulations. In our model, banks issue inside money under fractional reserves, facing the possibility of excess redemptions. Banks consider the float resulting from money creation and make reserve‐management decisions that affect aggregate liquidity conditions. Numerical examples demonstrate positive bank failure rates when returns to banking are low. Central bank interventions may improve banks' returns and welfare through a reduction in bank failure.     

A coalitional theory of unemployment insurance and employment protection

This paper examines the role of coalition formation in the empirically observed negative correlation between employment protection and unemployment benefit. We study an economy composed of four groups of agents (capitalists, unemployed people, low- and high-skilled workers), each one represented by a politician. Politicians first form political parties and then compete in a winner-takes-all election by simultaneously proposing policy bundles composed of an employment protection level and an unemployment benefit. We first show that, in the absence of parties (i.e., in a citizen-candidate model), low-skilled workers are decisive and support a maximum employment protection level together with some unemployment benefit. We then obtain that, under some conditions, allowing for party formation results in all policy equilibria belonging to the Pareto set of the coalition formed by high-skilled workers together with unemployed people. Policies in this Pareto set exhibit a negative correlation between employment protection and unemployment benefit.     

Quotas and equilibrium relative prices in the trade restricting country

This paper is concerned with the effects of international trade restriction through quotas. It is shown that a casual relationship exists between the fraction of licences distributed domestically, the terms of trade, and the domestic relative price of the importable.