Simulation Analysis of Public Debt and Fiscal Deficit in Austria – Optimal Economic Policies for the Past and the Future

The macroeconometric simulation model AMOD1 and the optimization algorithm OPTCON are used to evaluate fiscal policies for Austria since the late seventies. In particular, the question of optimal (debt stabilizing) fiscal policies for the past and for the future is analyzed within the framework of a medium-scaled simulation model. The first set of optimization experiments aims to assess optimal fiscal policies for debt stabilization for the historical period 1978–2000 while trying to maintain reasonable growth rates of approximately 2 percent of real GDP. Optimal values of the instruments and the targets are compared to empirical data for Austria. A second set of simulations calculates optimal paths for the fiscal instruments for the period 2001-2010, particularly with respect to the criteria of the Stability and Growth Pact, which is mandatory for member states of the Euro zone.     

转轨中国公共品导出机制中的政府行为分析

本文从政府角度出发,对公益品和私益品的特性进行了重新思考,从偏好、福利二分、绩效衡量难易、制度环境、意识形态等角度考察政府行为的独特性.并以我国体制转轨的特殊时期为背景,分析了不同于西方代议制的政体下,在公共品导出机制中政府行为的复杂性,指出了制度上的缺陷和由此导致的一系列现实问题.     

公共投资与私人投资在我国农业增长中的作用及关系研究

在我国农业投资比重面临不断下降的形势下,本文考察了1985-2002年间我国农业投资对农业产出增长的作用,并进一步分析了农业公共投资与私人投资之间的关系,结果表明,农业投资对我国农业增长具有重要作用,农业公共投资与私人投资之间具有长期稳定的均衡关系,并且二者存在单向的因果关系.在此基础上,对结果进行了分析并给出了相应的政策含义.     

用企业精神改革政府--论政府如何提供公共产品

本提出用企业精神改革政府，将政府塑造成所提供公共产品与公众偏好相一致的政府、把竞争机制注入到提供服务中来的政府、讲究效率的政府、只掌舵而不划桨的政府。     

Unit initial public offerings: Staged equity or signaling mechanism?

We investigate the use of unit (i.e., package) initial public offerings by Australian industrial firms and conclude that their use reflects their role as a signaling mechanism (Chemmanur and Fulghieri, 1997), as distinct from the agency–cost explanation offered by Schultz (1993). From a sample of 394 IPOs between 1976 and 1994, the 66 firms making unit offerings are typically riskier, use less prestigious underwriters and have a lower level of retained ownership than other IPO firms. While these results are also consistent with Schultz's agency cost explanation, other results we report are not. We find no difference in underpricing etween unit IPOs and other IPO firms, nor are there any significant differences in the planned uses of proceeds reported in the prospectus, post–listing failure rates or secondary equity offerings of the type predicted by Schultz. We do however, report evidence consistent with a prediction unique to the signaling explanation. After controlling for the level of ownership retained by insiders, the proportion of firm value sold as warrants is increasing in IPO firms' riskiness.     

Term Structures in the Office Rental Market in Stockholm

This paper contains an empirical study of the rental term structure in a property market that included a dramatic boom and bust cycle. The study is applied to office leases in commercial properties located in Stockholm CBD, Sweden. The time period under study is 1977–1991. The number of observations (lease contracts) that we were able to make full use of in the regression analyses is n=861. For seven out of fifteen years studied, a significant term structure was observed. The estimated hedonic rent equation was also used to construct an office rental index.     

实现社会公平是政府财政不可推卸的责任

当前我国在收入分配上出现了比较严重的分配不公现象,分配不公问题已经严重的影响了我国经济和社会的发展,分析其产生的原因,除了经济方面以外,还有其他方面,本文主要从政府行为方面做一些分析,以求在政府财政政策方面做一些探讨。     

在西部民族地区完善财政生态补偿机制的对策建议

我国目前已经形成中央政府主导的对西部民族地区生态环境建设的财政补偿机制,但现行补偿机制具有很大的不稳定性、补偿不充足性、非长期高效性的特点,本文探讨如何为生态环境建设建立一种长效、稳定的兼容政府纵向和省区际间、流域间政府横向的财政补偿机制.     

提高政府公共服务能力的财政思考

党的十六届六中全会提出了社会和谐是中国特色社会主义的本质属性,而在构建和谐社会的过程中,赋予财政的任务是“健全公共财政体制,调整财政支出结构,把更多的财政资金投向公共服务领域”。本文将对政府公共服务的内涵与政府职能调整、公共服务的理念、财力保障及其提供方式等问题作一探讨。     

英国的非公开权益资本和风险投资

英国是欧洲风险投资和非公开权益资本的发源地。在欧洲国家中,英国的风险投资和非公开权益资本起步最早,发展也最快。从1979年算起,英国风险资本投资额和非公开权益资本增长了100多倍。2005年,在欧洲的风险投资市场上,英国的风险资本总额占欧洲风险投资额的40￣50%,在欧洲是当仁不让的“大哥大”,在世界范围内仅次于美国。本篇文章主要介绍了风险投资(VentureCapital,VC)及非公开权益资本(PrivateEquity,PE)的最新概念和从属关系以及英国的风险投资及非公开权益资本的历史、结构、规模、投资趋势、投资阶段、投资领域、地理特征、知名风险企业、投资表现等,以此从数据和分析的角度使中国的风险投资领域及非公开权益资本领域的从业人员以借鉴、启迪的作用。