Demographic and Economic Pressure on Emigration out of Africa*

Two of the main forces driving European emigration in the late nineteenth century were real wage gaps between sending and receiving regions and demographic booms in the low‐wage sending regions. Our new estimates of net migration for the countries of sub‐Saharan Africa show that exactly the same forces driving African across‐border migration are at work today. The results suggest that rapid growth in the cohort of potential young emigrants, population pressure on the resource base, and slow economic growth are likely to intensify the pressure for migration out of Africa and into high‐wage OECD countries over the next two decades.     

Trader Anonymity, Price Formation and Liquidity

Using data from the Frankfurt Stock Exchange we analyze price formationand liquidity in a non-anonymous environment with similarities to thefloor of the NYSE. Our main hypothesis is that the non-anonymity allows the specialist to assess the probability that atrader trades on the basis of private information. He uses this knowledgeto price discriminate. This can be achieved by quoting a large spread and granting price improvement to traders deemed uninformed.Consistent with our hypothesis we find that price improvement reflects loweradverse selection costs but does not lead to a reduction in the specialist's profit. Further, the quote adjustmentfollowing transactions at the quoted bid or ask price is more pronounced than the quote adjustment aftertransactions at prices inside the spread. Our results indicate that anonymity comes at the cost ofhigher adverse selection risk.     

存款保险制度的产生发展及其理论基础

本文通过对存款保险制度在国际上产生发展的背景分析 ,发现该制度在实践中有内在的必然性 ,在理论上有坚实的基础 ,银行的存在是金融效率所在 ,尽管挤兑可能会发生甚至迅速演化为银行危机 ,但不能否定银行的客观必要性。相反 ,需要防止挤兑和银行危机发生的制度安排 ,其中没有任何一种安排能够取代存款保险制度。中国现在比以往任何时候都需要采纳这一制度以适应市场化金融改革开放的需要 ,当然相应的技术问题仍需要解决。     

发展现代物流产业 构建武汉区域性商业分销体系

根据武汉市“十五”规划 ,武汉华中物流中心建设将进入实施阶段 ,它对武汉商贸产业的发展影响深刻 ,从战略层次上构建武汉商贸物流分销体系成为必然     

Option Trading and the Intervalling Effect Bias in Beta

Prior studies show that the beta coefficient of a security changes systematically as the length of measurement interval is varied. This phenomenon, which is called the intervalling effect bias in beta, has been attributed to the friction in the trading system that causes the delays in the price-adjustment process. This study shows that option listing is associated with a decline in the beta intervalling effect bias. The decline is most pronounced for small firms. We also find that our sample firms grow significantly after option listing. Since prior research indicates that market value is a major determinant of the magnitude of the intervalling effect, we re-examine our results using a subsample that controls for market value. The results indicate that the decline in the beta bias from the pre-listing to post-listing period is still prevalent after we control for the change in firm size. Overall, the evidence is consistent with the notion that option trading reduces the delays in the price-adjustment process, which in turn reduces the intervalling effect bias in beta.     

我国商品物流配送中心发展战略的探讨

论述了建设配送中心的重要意义，介绍了我国配送中心发展的现状及存在问题，对我国今后配送中心的建设与发展提出了建设性意见。     

The impacts of Hong Kong’s Currency Board reforms on the interbank market

Among the economies with a Currency Board System (CBS), Hong Kong (HK) is probably the one with the largest and most developed financial sector, as well as the highest capital mobility. Hence, studying HK’s CBS is not only crucial to HK, but also important for the understanding of the modern CBS. This paper outlines the major monetary reforms in HK since the late 1980s. The impacts of these reforms and the 1997–1998 Asian Financial Crisis are then examined empirically. We focus on the differentials between the US and HK interbank interest rates. We assume the conditional-mean equation follows an autoregressive process and the conditional-variance equation follows a generalized autoregressive conditional heteroscedasticity process. This model captures the time-varying level and volatility of the differential. In light of the empirical results we provide an assessment of the reforms in HK.     

关于新贸易理论与制度创新的思考

新贸易理论是在假定各国的市场制度基本健全的前提下，从市场运行的角度考察国际经济和贸易，所以造成其解释力有一定的缺乏；而制度创新理论可能对新贸易理论给出一些互补性思路。     

网上证券交易的国际比较和借鉴

网上证券交易是全球证券经纪业务发展的一大趋势，而我国在这方面尚处于初步发展阶段，文章主要阐述借鉴其他国家在网上证券交易的相关做法，结合我国现状提出对发展我国网上证券业务的建议。     

日本转移定价税制研究

转移价格是指跨国关联企业之间进行交易时使用的价格。70年代以后，随着日本经济实力的增强，日本企业经营国际化迅猛发展，出现了许多利用国际关联企业转移所得而避税的情况，而日本有关跨国公司转移定价的税制的实施，使这一避税现象得到了了的避免。随着我国加入WTO后外资的更多进入，加强转移定价的管理势在民行，学习发达国家的先进做法，将有助于我们在这方面少走弯路。