新生代农民工的城市创业与国家政策

创业是劳动者对自身或他人拥有的资源进行优化整合,以独立自主的方式创造出更大经济或社会价值的过程。国家的相关政策会对创业过程产生重要影响。当前,国家对海外归国人员和大学生创业给予了众多政策优惠,但对新生代农民工群体创业却鲜有政策支持,不符合公共政策公平公正的价值理念。创业对新生代农民工的城市适应等方面发挥了巨大作用,但因为"流动的劳动力体制"及附着其上的其他政策的存在,造成了劳动力市场的户籍分层,新生代农民工创业过程也遭遇瓶颈。为此,在短时间内无法改变"流动的劳动力体制"的情况下,应对的办法是放松其他现有政策限制,为新生代农民工创业提供更好的政策平台。     

中央对手方清算国际监管的改革与发展

针对场外衍生品市场在本次国际金融危机中所暴露出的风险和问题,国际社会进行了广泛而深入的探讨,对尽快在场外衍生品市场引入CCP清算机制达成共识。文章以美国、欧盟和国际组织为主要考察对象,回顾了国际上实施CCP清算和对CCP监管改革的进展情况,从对CCP风险管理、财务资源监管、信息披露监管和利益冲突监管等方面对CCP具体监管要求进行了阐释和比较,以全面反映CCP清算国际监管改革的发展历程与政策要点。     

从变迁历史看人民币汇率制度改革新思路

本文介绍了人民币汇率制度的变迁历程,主要包括改革开放前的起步阶段、可调整固定汇率钉住制、钉住货币篮子和改革开放后的汇率双轨制及两种不同的有管理的浮动汇率制度。通过对历史上汇率制度的探讨和我国现状的分析,笔者认为我国汇率制度的改革应沿着"有管理的浮动汇率制—爬行钉住制—浮动汇率制"这条道路稳步发展,随着人民币汇率波动的逐步加大,人民币汇率制度最终过渡到浮动汇率制度。     

政府监管行为的制衡机制

政府监管行为是一种集准立法权、准司法权、执行权于一体的行政行为,因此监管机构享有广泛的权力。 如没有建立相应的制衡机制,就会导致政府监管权的滥用,如合谋、收买、寻租乃至监管权的争夺。管制分权可以作 为一种内部制衡;听证制度是一种过程制衡;司法审查则是一种外部制衡。     

资本账户开放和人民币汇率制度选择——基于升值压力下的中国特色IS-LM-BP模型分析

基于中国特色的IS—LM—BP模型分析人民币升值压力下的资本账户开放和汇率制度的选择所得出的结论都将与经典理论有很大差别。最终结论指出如果汇率制度先变革,财政货币政策应该反方向运作,或保持货币政策独立性,短期产量下降,由于资本账户的开放程度不同,长期产量增减不确定,完全浮动汇率制度不适用于中国。如果先开放资本项目,为保持内外均衡,必须保持汇率稳定,需要同方向实行扩张性的财政货币政策,短期和长期产量都大幅度增加。     

An Agenda for Reforming Economic Theory

In this article, Nobel Prize Laureate Joseph Stiglitz argues that the standard macro-economic paradigm has failed not only to predict the crisis but also to provide insights into the design of a regulatory framework that would make a recurrence less likely. He points out that many of the underlying assumptions of the standard paradigm always seemed implausible and many of its predictions, such as those concerning the micro-economic behavior of the constituents (firms and households), are inconsistent with the empirical evidence. He then identifies a number of key modeling challenges, what he views as key ingredients that have to be incorporated in any model that is going to describe economic fluctuations or be the basis of a well-designed regulatory or monetary framework.     

PFIs involving multiple public partners: a case study from the Italian healthcare sector

The financial crisis experienced by many countries since 2008 has given new importance to private finance initiatives (PFIs) for providing public services. This paper analyses the relationships between multiple public and private sector actors participating in a PFI in the healthcare sector in order to better understand the motives and behaviour of public and private sector partners. High levels of trust and the active participation of a regulatory body were found to be significant factors in terms of creating a partnership that benefits all sides.     

CEO regulatory focus and myopic marketing management

This study details the mechanisms on how CEO regulatory focus affects the salience of the gains versus losses involved in myopic marketing decision-making, and how such CEO psychological attributes interact with internal equity-based compensation, external pressure from equity analysts, and environmental turbulence to affect firms’ myopic marketing management propensities. We find that when faced with short-term earnings pressure to meet earnings expectations and when time is no longer a resource, predominantly promotion-focused are more likely to engage in myopic marketing management to benefit from the temporary stock price increase, which comes from meeting or beating earnings expectations. Conversely, predominantly prevention-focused CEOs are less prone to such short-termist actions which results in long-term value loss. For the moderating variables, we find that: (1) equity-based compensation tends to attenuate myopic marketing tendencies of promotion-focused CEOs but have no impact on prevention-focused CEOs, (2) whether equity analysts improve monitoring or aggravate short-term earnings pressure depends on the CEO’s regulatory focus, and (3) environmental turbulence does not increase the myopic marketing management tendencies of predominantly promotion-focused CEOs but rather intensifies the relunctance of prevention-focused CEOs to take short-termist actions. We further find that myopic marketing management mediates the impact of CEO regulatory focus on future firm performance. These findings have important implications for firms and boards when selecting new CEOs and structuring the compensation of existing CEOs. Firms need to simultaneously consider the fit between the CEOs’ regulatory focus, firms’ needs, the business environment, as well as CEO compensation structure.     

The exchange regime and trade balance in Turkey

Over the last 15 years, high trade deficits have become a source of external vulnerability for the relatively stabilized Turkish economy. This corresponds to the period where authorities have been following a floating exchange rate regime. Thus, this study aims to empirically show whether the adopted exchange rate regime has an impact on the trade balance for the period of 1987 Q1 to 2015 Q2. Estimation results indicate that there is a long-run relationship between the real effective exchange rate and trade balance under both fixed and floating regimes in Turkey, but there is no evidence for the J-curve hypothesis.     

Trade-threshold Effect on Inflation in Tunisia: New Evidence Resulting from a Nonlinear Approach

Trade openness is an important determinant of the inflation process. The effect of trade openness on inflation, however, is still an issue of debate at both theoretical and empirical levels. This study tried to provide a contribution to the literature by examining the relationship between inflation and trade openness in Tunisia over the period 1975Q1-2015Q4 using a nonlinear model. The originality of this study stems from the fact that it is the first investigation considering both the Residual-Based Tests for Cointegration in Models with the Regime Shifts and Threshold Regression model. The linear model confirms the existence of a positive relationship between inflation and trade in Tunisia. Yet, considering the nonlinear model, trade openness growth and Consumer Price Index (CPI) inflation growth show a statistically significant negative link as long as the trade openness evolution does not exceed the threshold. Nevertheless, if the trade openness growth is higher than the threshold, integrating the trade positively affects CPI inflation. Furthermore, a positive influence of Money supply growth on this type of inflation was noticed in Tunisia in all the considered regimes proving the effect of monetary factors on inflation level. Consequently, trade openness could be used to control inflation in Tunisia.