欧洲资本自由流动的黄金时代之开端——评欧洲法院有关黄金股机制案例法对资本市场的影响

黄金股制度系进行国有企业私有化改革之产物,目前在欧洲正面临着来自欧盟的干预。欧洲法院在审理英国、葡萄牙、西班牙、法国和比利时有关黄金股制度的案件中,宣布黄金股机制对欧洲共同市场中资本自由流动构成障碍,必须严格控制其例外之适用。它预示着资本自由化的黄金时代正在欧盟内开始。     

The complete removal of individual uncertainty: multiple optimal choices and random exchange economies

Summary. The aim of this paper is to develop some measure-theoretic methods for the study of large economic systems with individual-specific randomness and multiple optimal actions. In particular, for a suitably formulated continuum of correspondences, an exact version of the law of large numbers in distribution is characterized in terms of almost independence, which leads to several other versions of the law of large numbers in terms of integration of correspondences. Widespread correlation due to multiple optimal actions is also shown to be removable via a redistribution. These results allow the complete removal of individual risks or uncertainty in economic models where non-unique best choices are inevitable. Applications are illustrated through establishing stochastic consistency in general equilibrium models with idiosyncratic shocks in endowments and preferences. In particular, the existence of “global” solutions preserving microscopic independence structure is shown in terms of competitive equilibria for the cases of divisible and indivisible goods as well as in terms of core for a case with indivisible goods where a competitive equilibrium may not exist. An important feature of the idealized equilibrium models considered here is that standard results on measure-theoretic economies are now directly applicable to the case of random economies. Some asymptotic interpretation of the results are also discussed. It is also pointed out that the usual unit interval [0,1] can be used as an index set in our setting, provided that it is endowed together with some sample space a suitable larger measure structure. Received: September 14, 1998; revised version: January 6, 1999     

GAAP,GFS and AASB 1049: perceptions of public sector stakeholders

Efforts by Australian standard‐setters to harmonise public sector financial reporting resulted in AASB 1049, which sought to bridge the divide between generally accepted accounting principles (GAAP)‐based and government finance statistics (GFS)‐based financial statements. However, whether AASB 1049 has resulted in information that is considered appropriate for the public sector has not been examined. We explore this issue by comparing the requirements of AASB 1049 with the responses from a survey of public sector stakeholders on the appropriate accounting treatment and presentation of selected financial items. The analysis suggests consensus with AASB 1049 on presentation issues but less consensus on accounting treatments.     

House price convergence in the euro zone: A pairwise approach

The adoption of the euro common currency was expected to lead to convergence for a number of economic and financial variables across national borders, including house prices. We apply a probabilistic pairwise approach to the question of whether home values converge across eight euro zone housing markets. Contrary to previous studies, we find only marginal evidence that euro housing markets converge. Moreover, for what convergence there appears to be, there is no evidence that the adoption of the euro itself played a role in creating such convergence. Finally, Germany, the largest and most dominant economy of the currency union, is rarely found to be convergent with other nations.     

An economic analysis of mixing wastes

Using a general equilibrium model with heterogeneous waste, this paper studies optimal waste policy when households have to exert separation effort to produce homogeneous waste streams suitable for recycling. Our model explicitly allows for changes in the composition (quality) of waste streams depending on how much effort households are willing to spend on separating different types of waste. Accordingly, we are able to generalize some earlier contributions to the waste management literature and demonstrate that with both mixing and effort included, a first-best optimum is feasible under reasonable conditions. In particular, we find that a (modified) deposit-refund system still provides the optimal incentives to guide recycling as well as legal disposal (landfilling) and illegal dumping. Both the number and level of taxes and subsidies needed to reach the first-best depend crucially on the socially optimal level of dumping as well as the socially optimal composition of the mix. We are grateful to two anonymous referees, Leon Bettendorf, Elbert Dijkgraaf, Don Fullerton and Matthieu Glachant for constructive comments and useful discussions on an earlier version of this paper.     

When inefficiency begets efficiency

Summary. Collective consumption decisions taken by the members of a household may prove inefficient. The impact on market performance depends on whether household inefficiencies are caused by inefficient net trades with the market or by inefficient distribution of resources within households. Inefficient internal distribution always results in inefficient equilibrium allocations. This leads us to consider competitive forces as disciplinary device for households. Competition of households for both resources and members can eliminate or reduce inefficient internal distribution.Received: 5 February 2003, Revised: 12 January 2004, JEL Classification Numbers: D10, D51, D62.This paper is an abbreviated and revised version of Gersbach and Haller (2003). It addresses issues raised during seminar presentations at the University of Texas, Austin, and the Center for Economic Studies (CES), Munich. The hospitality and financial support of CES, the Institute for Advanced Studies (IHS), Vienna, and the Institute of Economics, University of Copenhagen, is gratefully acknowledged. We thank Clive Bell for helpful comments and two referees for thoughtful suggestions.     

Factor price equalization beyond a “cubic” world

Summary. The importance of factor price equalization (FPE) is widely recognized in economics. The FPE theorem states that, absent any factor intensity reversal, factor prices are equal across countries with identical technologies and product mixes. In a two-factor-two-good-two-country Heckscher-Ohlin model this is equivalent to countries factor endowments being contained in the diversification cone defined by goods factor intensities. This paper identifies a condition, stated in terms of the allocation of factor endowments across countries relative to the demand for and the factor intensities of goods, that is necessary and sufficient for FPE in a world with arbitrary number of countries, goods and factors.Received: 16 July 2004, Revised: 10 January 2005, JEL Classification Numbers: F1.     

对我国高校教学管理改革的几点思考--来自澳大利亚高校教学管理的启示

与发达国家相比,我国高校在教学管理的方法与手段、服务理念等方面存在很大差距.我们应借鉴国外先进经验,在高校的教学管理机制和制度建设方面体现与时俱进、科学发展的理念.     

The improvement trajectory of PCR DNA replication and ERP software as general purpose technologies: an exploratory study of ‘anchor technologies’

As an effort to peek into the black box of large-scale general purpose technologies (GPTs) like biotechnology and information technology, we develop the concept of ‘anchor technologies’. An anchor technology is a core technology of a large-scale GPT (‘mega-GPT’) that opens a new era in the development and diffusion of the mega-GPT. We trace the historical evolution of two process-based, yet otherwise very different, anchor technologies: enterprise resource planning (ERP) software within the mega-GPT of information technology and polymerase chain reaction (PCR) DNA replication within the mega-GPT of biotechnology. The case studies reveal the utility of ‘productisation’ as an important means of commercialising innovations in anchor technologies; more generally, the interplay between improvement in process-based technologies and in complementary product-based technologies provides insight into how ERP and PCR were able to sustain a path of continued improvement within their respective mega-GPT.     

Computable general equilibrium with financial markets

Summary. There are a wide variety of theoretical general equilibrium models with incomplete security markets. In this paper we give a general recipe for using homotopy algorithm to compute equilibria in these models. In many models, taxes, transaction-costs or other market frictions introduce the additional difficulty that equilibrium prices or choices (but not equilibrium allocations) may be undetermined. In order to demonstrate how these difficulties can be dealt with, we develop a globally convergent algorithm to compute equilibria in a model with cash-in-advance constraints, several goods and incomplete financial markets. Furthermore we describe how to implement the algorithm using a publicly available suite of subroutines for homotopy-pathfollowing. Received: October 1, 1999; revised version: December 16, 2000