How does capital control spur economic growth?

This paper provides a conceptual and empirical framework for evaluating the effect of capital controls on long‐term economic growth. In a small open economy which relies on successful investment projects to provide capital goods, taking out short‐term loans has two contradictory impacts: (i) it reduces the interest costs of financing investment projects; and (ii) it also leads to larger asset losses in the scenario of short‐term debt run. In this work, we hypothesise that private financing decisions made by domestic investors are distorted towards excessive risk‐taking, leading to ineffective capital formation. Thus, capital control policies, particularly regulations on short‐term loans, can be socially beneficial as they alter the debt composition, promote capital formation and achieve a higher output level. Using a panel data set covering 77 countries from 1995 to 2009, we employ a system generalised method of moments (GMM) estimator to sequentially test three hypotheses and find strong empirical evidence that supports our theory.     

加强期刊利用调研 优化书刊资源结构

期刊呆滞和图书不足是高校图书馆的两大难题。通过期刊利用调研,按期刊的利用频度进行合理分配, 可使呆滞期刊转变为素质教育图书、科研图书、电子期刊和电子检索期刊,促进馆藏书刊资源的优化。     

铁路运输成本结构分析

铁路运输是物流系统中成本支出非常大的子系统。如何在维持甚至提高客户服务水平的前提下削减运输成本,是摆在物流管理者和决策者面前的重要问题。文中首先重点分析了铁路运输成本的构成及计算,接着从公司角度介绍了公司应支付给国家铁路部门的费用,最后针对如何降低运输成本,提出了一些措施和建议。     

Product‐Marketing Innovation,Skills, and Firm Productivity Growth

The role of product and marketing innovation for productivity growth is addressed using survey and register data for the Danish economy. It is hypothesized that product and marketing innovation are complementary inputs and that innovation activities are skill‐intensive. It is established that product and marketing innovation in skill‐intensive firms results in significantly faster productivity growth. Moreover, product and marketing innovation have independent roles in productivity growth, which cannot be attributed to organizational changes. Finally, we apply an instrument variable approach for firms, innovation choices to study endogeneity. The results strongly support the idea that product–marketing innovation leads to faster productivity growth in skill‐intensive firms.     

资本有机构成上升的实证研究

本文基于中国数据,用计量经济学方法检验了马克思资本有机构成上升的命题。结论表明,中国已经处在技术进步导致资本有机构成提高的阶段,实际工资和教育人力资本投资的上升也并没有改变这一趋势。     

QoS-aware middleware for web services composition: a qualitative approach

Web services exhibit major industrial benefit by their ability to participate in composition processes. Web services composition allows for automated exchange of information among remote processes through the service interface. A well-established end-to-end QoS infrastructure among the involved processes precludes confusion among the developers, vendors and consumers. Most of the research work conducted in this domain has focused on functional QoS requirements such as service response time, delay, cost, etc. This paper elaborates the QoS of web services from the perspective of data freshness and accuracy. Towards this aim, the ‘Region Switching’ (RS) algorithm is introduced in this paper. Within the context of the multiple web services composition scenario, the RS-algorithm allows for accurate identification of the point of information change and the appropriate re-computation over the subset of the pre-established, global service execution plan. Thereafter, a mathematical model is presented to verify the need for re-computation based on certain estimated factors, computed thresholds, and the model design. Such a selective re-computation is worth considering since some services may take a significant amount of time to produce results where a slight change to the information set might not alter the outcome of the service. The proposed concept is implemented by utilising and extending the WS-Notification specification in order to elaborate a middleware that is capable of sensing and routing information change at the level of web services using the publish-subscribe mechanism. The contribution of this paper is threefold. First, it highlights the importance of qualifiable QoS aspect related to the issue of web services composition and monitoring. Second, it describes an algorithm capable of capturing and reflecting the state of web services involved in a composition process, thereby achieving higher QoS. Finally, the paper illustrates the use and extension of the WS-Notification concept in building such systems that would deliver up-to-date information to the user through selective re-computation of the web services composition plan.     

An Evaluation of a Developmental Economic Education Project Given Limited Data

The Joint Council on Economic Education's Developmental Economic Education Program (DEEP) has been subjected to evaluations, both on a nationwide basis and in terms of the effects of a given project in a local area. Usually, the results have been positive, but too few of the evaluations have employed rigorous statistical analysis. Furthermore, the lasting effects of the program have not been sufficiently considered. The authors of this article recognize important limitations in their study, but present interesting evidence of the possible impact of the DEEP project in one city (Minneapolis) and suggest the policy implications of their findings.     

循环经济标准化模式的理论探讨

循环经济标准化对于提高资源利用效率和减少污染物排放具有重要作用。文章应用系统科学的理论，界定了循环经济标准化模式的内涵，总结了循环经济标准化模式的特征。在此基础上，重点分析了循环经济标准化模式的要素构成。最后，提出了循环经济标准化的相对理想的GBCS模式。     

Are Information Attributes Priced?

A seminal model in finance links cost of equity capital to information precision, composition and dissemination. Using realized returns to proxy for cost of equity capital and the probability of an informed trade (PIN) to proxy for composition, prior research documents results consistent with the model's prediction regarding composition. Nonetheless, prior research that examines the construct validity cautions against the use of future realized returns to proxy for cost of equity capital and recommend r_{DIV_PREM} or r_{PEG_PREM} instead. The authors speculate but do not demonstrate how the results in existing research might be incorrect due to their use of realized returns. This paper provides such evidence. We find that the authors inference regarding PIN is dependent on their choice of realized returns to proxy for cost of equity capital. We also estimate a more complete specification of the model that includes precision and dissemination, and we decompose PIN into its component parts to isolate that portion of PIN that varies with dissemination. These refinements allow for new insights regarding the veracity of the model's predictions. We conclude that cost of equity capital is increasing in composition, and decreasing in dissemination, and find some, albeit not conclusive support, for the prediction that cost of equity capital is decreasing in precision.     

基于WEB的服务组合系统设计与实现

服务组合是通过重用已有的Web服务满足用户高质量的应用需求的一种技术手段,是面向服务架构研究领域的热点问题。本文采用基于业务流的服务组合方式,设计并实现基于Web的服务组合系统,并结合校园用户需求给出并讨论了服务组合的实际案例。