金融危机救助方案与成本分担机制分析

各国政府应对本轮金融危机的救助虽取得一定成效,但仍然引发了关于救助方案的选择和救助成本等相关问题的探讨。英美等发达国家的救助基本遵循了依靠市场或私人机构进行救助,政府尽量不采取直接的干预,以减少政府救助成本。资产负债表重构这一救助方式能将救助成本分担到私人机构,在合适的条件下应用,可以降低救助道德风险发生的可能性,并且极大地减少政府的救助成本。     

不确定性、财务状态与财务行为

本文认为不确定性是主观和客观的不同状态,风险是主观认识偏离客观状态的结果。财务的功能就在于如何正确分析、识别财务状态,相机选择财务行为,使财务行为与财务状态保持动态协调一致,以保持财务政策的时间一致性。     

THE CASE FOR A COMMUNITY TRANSACTION ENGINE: GETTING COASE FOR THE TWENTY‐FIRST CENTURY

New types of marketplace are now becoming viable. They can slash transaction costs, bring new resources into the economy and expand economic opportunity. These markets can be grown by the private sector. But, to deliver their full potential, they need a change in the mindset of government.     

Estimating effects of cooperative membership on farmers’ safe production behaviors: Evidence from pig sector in China

This research studies the determinants of pig farmers’ participation in farmers’ cooperatives and the effects of farmers’ cooperatives on pig farmers’ behaviors in adopting safe production practices using data from a household survey of 540 cooperative farmers and 270 non-cooperative farmers from four main pig production provinces in China. The propensity score matching (PSM) method was adopted to deal with possible self-selection bias associated with farmers’ participation in farmers’ cooperatives due to observables, which is further supplemented by a sensitivity analysis to assess the degree to which the PSM results are robust to the presence of unobservables. The PSM results show that the cooperative membership has significant and positive influence on farmers’ propensity to adopt safe production practices and the effects are heterogeneous across a number of key cooperative, farm and household attributes. Specifically, the membership effects tend to be bigger for cooperatives led by Investor-owned firms (IOFs) and farms of small production scale. And the effects tend to be greater for households (1) of medium and high level of education, (2) of less than 10 years of pig production experience, (3) of no off-farm job experience, and (4) that are specialized in pig production. The sensitivity analysis further increases our confidence in the results for the feed use and the breed use, however, the results for vaccination, drug use and waste disposable are more sensitive to the influence of unobservables, therefore should be interpreted with caution.     

法制环境、金融发展与企业长期债务融资

本文分别从长期负债比率和债务期限结构两个方面,从法与金融的视角考察了我国地区法制环境、金融发展以及它们之间的相互作用对上市公司长期债务融资的影响。研究结果表明:我国地区法制环境的改善并不能使上市公司获得更多的长期债务融资,地区法制环境和金融发展的水平越高,上市公司获得的长期债务融资越少,然而在法制环境比较好的地区,金融发展水平的提高却有助于上市公司获得更多的长期债务融资。本文的研究结果不仅丰富了国内外的研究成果,而且有助于我们更加深入地了解我国上市公司长期债务融资偏低的制度因素。     

Effects of broadband availability on total factor productivity in service sector firms: Evidence from Ireland

While broadband is widely believed to augment productivity, there is little firm-level evidence of a generalised causal effect. In this paper we examine whether the introduction of digital subscriber line (DSL) broadband services increased firms' productivity in nine sub-sectors within the services and distribution sector in Ireland from 2006 to 2012. Firm-level panel data on firms' characteristics are linked to spatial information on the rollout of DSL. While we do not find significant productivity effects in the services sectors taken together, we do find positive and significant effects on firm's total factor productivity in Information & Communication and Administrative & Support Services.     

The tax burden on mobile network operators in Africa

We estimate the tax burden on the mobile telecommunication sector in twenty-five African countries. This tax burden encompasses not only standard and special taxes under the control of the Ministry of Finance (MoF) but also fees raised by the national telecommunication Regulatory Agency (RA). Given the lack of financial data at the country level, we build a representative mobile network operator named TELCO, using the GSMA Intelligence database. We compute the Average Effective Tax Rate (AETR) for this firm considering general and special taxes and fees levied only on the telecommunication sector. We develop a web application (https://data.cerdi.uca.fr/telecom/), allowing the reader to replicate our analysis or modify TELCO and tax parameters. The AETR varies significantly across countries, ranging from 33 percent in Ethiopia to 118 percent in Niger. Special taxes and fees represent a large share of the AETR, illustrating some taxation by regulation and a potential tax competition (a race to the top) between the MoF and the RA. We compare TELCO's AETR with that of a representative gold mining plant and a standard company with a similar gross return. The tax burden of the telecommunications sector is higher than that of the mining sector in 15 of the 19 countries for which we have data on the gold mining sector.     

Inclusive growth in Sub-Saharan Africa: Exploring the interaction between ICT diffusion,and financial development

Despite the momentous rise in ICT diffusion, and financial development in sub-Saharan Africa (SSA), their plausible joint effect on inclusive growth have not been explored, leaving a lacuna in the literature. This study, therefore, examines the direct and indirect effects of ICT diffusion on inclusive growth in 42 SSA countries over the period 1980–2019. We provide evidence robust to several specifications from the dynamic system GMM to show that: (i) ICT skills, access and usage induce inclusive growth in SSA, and (ii) the effects of ICT skills, access and usage are enhanced in the presence of financial development. These findings remain the same when we focussed on financial institution access. Policy recommendations are provided in line with the region's green growth agenda and striving efforts at improving socioeconomic development.     

Welfare effects of the Telecommunication Reform in Mexico

The telecommunication sector in Mexico was highly concentrated until 2013. The sector was mostly composed by a dominant player, a rationed market (low density of services), a poor institutional design, high tariffs, and weak regulation agents. The Herfindahl-Hirschman (HHI) index was 5333 for mobile telephone and 7,029 for fixed telephone services—among the highest scores in the world. In order to promote competition in the sector, Congress approved a reform in 2013 to establish a new regulator empowered to impose asymmetrical rules in the case of the predominance of a single firm. A declaration of preponderance of the dominant player was issued, promoting free interconnection rates and the mandatory sharing of its passive and active infrastructure with the rest of the firms in the industry. The new institutional design led to increased competition in the sector, decreasing the mobile and fixed telephone prices while increasing the coverage and penetration of these services. In this article, an applied general equilibrium model for the Mexican economy is employed to assess the impact of the Telecommunication Reform in Mexico in the telephone sector, consumer welfare, and income distribution. The model is static, encompassing 10 types of consumers (rural and urban and the five income quintiles) and 40 sectors (of which four are disaggregate telecommunications industries). It assumes fixed wages and capital rental prices as well as idle resources. The main results indicate that the effects of the reform are not minor; the drop in telephone prices would reduce the general consumer price index by almost 2%, and the value added would increase by more than 3%, benefiting mainly households in the highest income quantiles.     

Do development projects crowd-out private sector activities? Evidence from contract farming participation in Northern Ghana

Contract farming (CF) is attractive as a possible private sector-led strategy for improving market coordination and smallholder farmers’ welfare. At the same time, governmental and non-governmental development projects aimed at improving farmers’ welfare continue to be organized. It is not uncommon for CF activities and development projects to take place in the same communities. Yet so far there is no evidence on how development projects affect CF activities. We examine factors affecting entry in and exit from different maize CF schemes in Northern Ghana, and focus specifically on the role of development projects. We find that the presence of agricultural development projects in the community is associated with lower scheme entry, but this not the case for non-agricultural projects. CF exit is more strongly associated with maize projects, but not significantly with non-maize or non-agricultural projects. Thus, our findings do not support concerns of a general moral hazard problem arising from the presence of any development project, but indicate possible negative associations of more closely related agricultural or maize projects with maize CF participation.