新疆农村土地整治的特点和对策

新疆以其独特的地理区位、重要的战略地位和丰富的自然资源禀赋成为我国土地整治的重点地区和国家土地整治重大项目工程的实施地区。2001年以来,新疆累计投入资金50×108元,实施土地开发整治项目292个,新增耕地面积7.15×104hm2。要结合新疆土地利用,树立环保优先、生态立区的理念,坚持走资源开发可持续、生态环境可持续的道路,以改善民生为目标,围绕高标准基本农田建设、安居富民、定居兴牧等民生工程,积极探索有效利用土地资源的新机制,扎实有效推进新疆土地整治工作。     

Modeling Conditional Yield Densities

Given the increasing interest in agricultural risk, many have sought improved methods to characterize conditional crop-yield densities. While most have postulated the Beta as a flexible alternative to the Normal, others have chosen nonparametric methods. Unfortunately, yield data tends not to be sufficiently abundant to invalidate many reasonable parametric models. This is problematic because conclusions from economic analyses, which require estimated conditional yield densities, tend not to be invariant to the modeling assumption. We propose a semiparametric estimator that, because of its theoretical properties and our simulation results, enables one to empirically proceed with a higher degree of confidence.     

Bond pricing with a surface of zero coupon yields

We present a new method for consistent cross‐sectional pricing of all traded bonds in the fixed income market. By applying thin plate regression splines ( Wood, 2003 ) to bootstrapped zero coupon bond yields ( Hagan and West, 2006 ), the method decomposes traded yields into a risk‐free component plus premia for credit and liquidity risks, where the decomposition is consistent with the market valuations and underlying cash flows of the bonds. We apply the framework to end of quarter yield data from 2008 to 2011 on Australian dollar denominated semi‐government, supranational and agency (SSA) bonds, and find that the surface provides an excellent fit to the underlying zero coupon yield curves. Further, the decomposition of selected yield time series and cross‐sections demonstrates how credit premia increased for Australian SSA bonds through the Global Financial Crisis (GFC), but were counterbalanced by liquidity discounts as investors sought safe haven securities.