The trend of the Gini coefficient of China (1978–2010)

ABSTRACT

This study proposes a new approach to analyse the effects of an overlap term on the calculation of the overall Gini coefficient and estimates China’s Gini ratios since the adoption of the economic reform and open-door policies. A decomposition of the Chinese Gini coefficient for 1978–2010 reveals that the key factor contributing to income inequalities is the income disparity between rural and urban inhabitants. We further investigate the features of this income inequality between rural and urban areas and employ statistical approaches to evaluate the effects of urbanisation and rural-to-urban average income on nationwide income inequality. The results show that accelerating the pace of urbanisation is mainly responsible for decreasing China’s income disparity. Drawing on these results, we conclude with suggestions for related policies.     

定期储蓄存款提前支取付息的负面效应及对策

本针对我国银行定期储蓄存款提前支取的问题，从信用原理及法律角度进行了探讨，分析了提前支取的负面影响，并提出了解决负面效应的措施。     

Tongrentang, A Pearl of Chinese Traditional Medicine——Interview with Mei Qun, General Manager of China Beijing Tongrentang（Group） Co., Ltd.

On June 10, China Beijing Tongrentang （Group） Co., Ltd. celebrated its first Day of Cultural Heritage because its brand Tongrentang had been registered in the Directory of Chinese Intangible Cultural Heritages. Tongrentang is welknown in China for its effective Chinese traditional medicine, but what is the core value of the brand？ Mei Qun, General Manager of China Beijing Tongrentang（Group） Co., Ltd. let the secret out when interviewed by China＇s Foreign Trade.     

我国高新技术产业对外贸易特点及提高国际竞争力对策研究

高新技术产业作为一种新兴产业，是发达国家和新兴工业化国家重点发展的产业。近几年，我国高新技术产业发展迅速，尤其是对外贸易，增长速度已超过了全国对外贸易的平均增速，但也存在着竞争力不强等问题。本文通过数据，分析了我国高新技术产业发展的特点及存在的问题，针对性地提出了提高我国高新技术产业国际竞争力的具体措施。     

我国政府投资效应的CGE模型分析——基于“刘易斯”宏观闭合框架下的模拟

以往国内利用可计算一般均衡(CGE)模型进行实证研究的文献,大多是假设中国处在资本充足、充分就业的新古典主义宏观闭合框架下,忽视了我国目前处于二元经济的客观事实。本文基于中国现阶段的基本国情,建立了一个刘易斯宏观闭合下的CGE模型,并利用该方法模拟了2008年末我国启动的政府投资(1.18万亿)对经济各个方面产生的影响。模拟结果显示:政府投资将会在未来几年之内拉动实际GDP增长1.83%、提升总消费2.1%、社会总投资9.89%、进口额2.09%、出口额2.14%,同时将带来约1805万的新增就业机会。     

Correlation in credit risk changes

The current economic climate makes understanding credit risk correlation particularly important. After allowing for a comprehensive set of observable firm-specific, industry, market, and macroeconomic factors, there is an economically significant co-movement in credit default swap spreads that remains to be explained. Including a time dummy completely accounts for the remaining co-movement, confirming the existence of a systematic component that has been previously unaccounted for. Our findings suggest that it may be important to consider unobservable risk factor(s) in credit risk models.     

美国全球金融战略分析

<正>作为第二次世界大战的最大赢家,美国在战后成为世界政治经济秩序的主导者。为强化自身的地位,美国对其国家安全问题从战略定位、体系架构、机构设置和运行机制等各方面进行了全面调整,将美国利益至上、先发制人等单边主义与追逐永久霸权或明或暗地糅合在一起。而关乎美国经济金融命脉的全球金融战略安全备忘录是其非常重要的部分。我们有必要从美国一系列政治、经济、金融外交行为或战争行为中了解其实施全球金融战略的路径,防患于未然。从金融强国走向金融霸权帝     

外商直接投资对地方企业信贷约束的影响研究——基于对中国上市企业的实证分析

本文将中国上市公司的微观数据和省级层面的宏观数据相结合,研究外商直接投资对地方企业信贷约束的影响.研究结果表明,外商直接投资进入受到信贷约束的企业会缓解其信贷约束程度,如果此类企业在本地区信贷市场上进行的借贷增加,会增加其他企业进行借贷的困难程度,此时,从地区层面来看,企业的信贷约束程度会有所增强;相反,如果此类企业主要依赖于外国资本,则会减少本国信贷市场的竞争程度,从而也会降低其他企业的信贷约束程度,此时,地方企业的信贷约束程度会有所缓解.但平均而言外商直接投资的进入会缓解地方企业的信贷约束程度,减少资本错配所产生的效率损失.     

The Weekend and 'Reverse' Weekend Effects: An Analysis by Month of the Year, Week of the Month, and Industry

In this paper, we examine whether the 'reverse' weekend effect recently documented by Brusa, Liu and Schulman (2000) is concentrated in a few industries or widely spread across all the industries. The findings in this paper indicate that the 'reverse' weekend effect exists not only in broad indices, but also in most industries . The results suggest that the 'reverse' weekend effect may be driven by economic events that affect all industries, rather than industry‐specific factors . Although the patterns of Monday returns are similar between broad indices and industry indices, they are different between the pre ‐ and the post ‐1988 periods. Monday returns tend to be negative in the pre ‐1988 period, but tend to be positive in the post ‐1988 period, for both broad market indices and industry indices. These conclusions are valid even after considering the influence of the month‐of‐the‐year and the week‐of‐the‐month effects.     

老年人居住方式及影响因素分析——以贵阳市为例

利用调查数据对贵阳市老年人居住方式及其影响因素进行分析。贵阳市老年人以居住在三代及以上户为主，夫妇户也占较大比重；老年人与子女居住的比重略高于不与子女居住的比重。在控制其他变量的情况下，住房条件、经济收入和与子女的关系状况三个因素对老年人的居住方式具有显著性影响。