马克思与李嘉图的地租理论比较研究

马克思的地租理论是在批判、继承、发展李嘉图地租理论基础上形成的，两者在地租理论方面有相同之处更有不同之处。李嘉图地租理论是建立在劳动价值论的基础上的，马克思对其给予了高度的评价，但也批判了李嘉图地租理论中的许多错误之处，并阐述了李嘉图错误的原因，在批判的同时继承、发展了他的地租理论，使地租理论成为一个科学和完善的理论。     

Loan price modelling for local governments using risk premium analysis

Previous studies have highlighted the question of government loan interest as one of great current importance. Government borrowing levels are high, and reducing interest payments would generate savings to meet other spending needs and/or to lower taxation, thus supporting the sustainability of public finances. However, no previous study has presented a method for a local government to calculate its own credit risk and thus be in a position to negotiate lower interest rates on its borrowing. This article defines a financial model that enables local governments to estimate the interest rate payable on a bank loan, based on their credit risk premium, in accordance with the Basel II rules and the findings of our empirical study of large local governments.     

Habit Formation in an Overlapping Generations Model with Borrowing Constraints

We introduce habit‐formation in the three‐period OLG borrowing‐constrained framework of Constantinides et al. (2002) by allowing the utility of the middle‐aged (old) to depend on consumption when young (middle‐aged). This specification enables us to separate the effect of the two habit parameters (middle‐aged and old) since each representative age‐group can face different levels of habit persistence. The two‐habit setup underlines some important issues with regards to savings and security returns which do not always conform to the standard findings in the literature. In addition, the model produces equity premium consistent with US data for relatively small levels of risk aversion.     

A model of medium term exchange rate forecast in an open economy The case of the mexican peso

Keynes (1930) and Samuelson (1965) proposals open the possibility of matching predictability and efficiency, as evidenced by the seminal study by Fisher (1930). Recent findings suggest that the foreign exchange market gradually incorporates relevant information allowing the formation of prices in a rational manner but not randomly. Models of exchange rate by term based on asset valuation suggest that the inclusion of risk in the spot rate increases the degree of predictability. The results show that after incorporating an accurate measure of risk, predictability of medium term foreign exchange rate increases.     

Optimal reinsurance arrangements in the presence of two reinsurers

In this paper, we investigate the optimal form of reinsurance from the perspective of an insurer when he decides to cede part of the loss to two reinsurers, where the first reinsurer calculates the premium by expected value principle while the premium principle adopted by the second reinsurer satisfies three axioms: distribution invariance, risk loading, and preserving stop-loss order. In order to exclude the moral hazard, a typical reinsurance treaty assumes that both the insurer and reinsurers are obligated to pay more for the larger loss. Under the criterion of minimizing value at risk (VaR) or conditional value at risk (CVaR) of the insurer's total risk exposure, we show that an optimal reinsurance policy is to cede two adjacent layers, where the upper layer is distributed to the first reinsurer. To further illustrate the applicability of our results, we derive explicitly the optimal layer reinsurance by assuming a generalized Wang's premium principle to the second reinsurer.     

Motivations and performance of public to private transactions： An international study

This article deals with the motivations and the different sources of value from public to private transactions in Europe, USA and Asia from 2000 to 2007. We determine eight main motivations （tax savings, incentive realignment, control, free cash flow, growth of prospects, transaction costs, takeover defence and undervaluation）. Then, we evaluate the shareholder wealth by measuring the offered premiums and the CAAR （cumulative average abnormal return）. Finally, we analyse the impact of public to private to the wealth shareholder. The main sources for firms from going private are incentive realignment, free cash flow （mostly for Asia）, the economy of cost transaction and undervaluation. Furthermore, taxation benefit is a source of wealth effects for Asia and family blockholder （for the control hypothesis） is significant for Europe. Premiums and CAAR are the most important for the USA and Asia. The main observation that we have made is that Asia gets the same behavior as the USA.     

New tips from TIPS: Identifying inflation expectations and the risk premia of break-even inflation

This paper decomposes the break-even inflation rates derived from inflation-indexed bonds into inflation risk premia, liquidity risk premia, and inflation expectations. I estimate a common factor model with autoregressive conditionally heteroscedastic (ARCH) errors that extracts co-movements from twenty-two monthly and quarterly indicators to identify these three components. The results indicate that the sharp declines in the 10-year and 5-year break-even inflation rates in 2009 reflect a substantial increase in liquidity risk rather than a decrease in inflation expectations. Break-even inflation rates underestimate inflation expectations over nearly the entire sample due to the liquidity risk premia carried by the inflation indexed bond yields. Also, the model-implied inflation expectations show better forecast performance for the average annual inflation rates than raw break-even inflation rates, the Survey of Professional Forecasters, and the Surveys of Consumers inflation forecasts.     

Futures prices and inflation information

This study examines the timing and speed with which inflation futures prices absorb inflation information. Results of the study show that inflation futures prices already reflect the expected inflation. Moreover, 71% of unexpected inflation has been reflected in futures prices about 25 business days prior to the Consumer Price Index (CPI) announcement, which usually coincides with the end of the CPI measurement period. Reaction to the remaining 29% occurs on and shortly after the CPI announcement date, especially on day 0 and day 2. The inflation risk premium that investors are willing to pay to avoid uncertain inflation is estimated to be 1.41% per annum.     

International Rent Sharing and Domestic Labour Markets: A Macroeconomic Analysis

Compared to international trade relations relatively little is known about the role foreign direct investment linkages play in the transmission of disturbances from one country to the next. Inspired by the microevidence on profit sharing within multinational corporations and within industries, we investigate for six countries whether a cross-border rent-sharing phenomenon can be identified at the macroeconomic level. The rent-sharing hypothesis implies that an increase in foreign profitability should boost wages and/or employment in the domestic economy. We find corroborative evidence for Belgium, France, Germany, the Netherlands and the United Kingdom. US labour market conditions, by contrast, are not affected by changes in profitability in other countries. JEL no. E32, F23, F40, J23, J31     

Free trade, factor returns, and factor accumulation

A model of development is studied in which physical capital and unskilled labor are good substitutes, and skilled labor is complementary to the resulting aggregate. Growth in a closed economy is compared with two open regimes. Inflows of physical capital only reduce the interest rate and raise both wage rates. The skilled wage rises more sharply, however, increasing the skill premium and accelerating human capital accumulation. Full integration with a larger and more developed neighbor also reduces the interest rate and raises both wage rates, but in this case the skill premium falls and human capital accumulation changes very little.