央行资本盒与货币政策的有效性

2007年次贷危机后,各国央行都承担起“最后贷款人”的职责,救助金融机构,央行自身资产负债表的质量不断恶化,引发对中央银行资本金的关注。央行在履行维持物价稳定和一些“准财政”职能时,资本金可能遭受损失,资本金的损失会影响到央行的公信力和独立性,以及货币政策的有效性。充足的央行资本金对于货币政策的有效执行来说是一种有力的保障。     

Covid-19, Economic Growth and South African Fiscal Policy

Following years of fast-rising debt levels, we show that the Covid-19 crisis worsened an already deteriorating fiscal position in South Africa. To restore fiscal sustainability in the aftermath of the crisis some commentators argue that higher government expenditure will grow GDP sufficiently to stabilise the debt/GDP ratio. We reject this, showing that although a real increase in expenditure stimulates economic growth (a short-run, once-off effect), the public expenditure/GDP ratio exceeds the level at which an increase in the ratio positively impacts growth. We then explore the past efforts of government to maintain or restore fiscal sustainability by estimating a fiscal reaction function using a Markov-switching model. Following the impact of the Covid-19 crisis on the budget, we subsequently establish the deficit, expenditure and revenue adjustments that the government will have to make to restore fiscal sustainability. Finally, we consider the merits of introducing a debt ceiling.     

开展地方国库现金管理的动因与模式选择研究—以宁夏为例

在当前流动性趋紧的形势下,开展地方国库现金管理有利于激活财政存量资金、增加地方财政收益,尤其是欠发达地区对实施国库现金管理的意愿日益高涨。本文探讨分析了开展地方国库现金管理的现实动因,认为现阶段宁夏回族自治区本级国库现金管理的模式应为“商业银行定期存款方式”,并通过Baumol扩展模型测算区级最佳库存现金余额。以期为开展地方国库现金管理提供有益参考。     

论企业商业秘密权与劳动者自主择业权的冲突与平衡

对于现代企业发展而言,商业秘密权是一项尤为重要的财产权利,它类似于企业的知识产权,是企业的巨额无形资产,具有很高的市场价值。在商战中,保护企业的商业秘密非常重要。在我国,企业往往通过与员工签订竞业禁止协议的方式,要求离职员工保守其商业秘密。但是自主择业权是宪法赋予劳动者的一项基本权利,关系到劳动者的生存及发展,属于基本人权范畴,具有宪法权利的属性,应该予以很好的保护。因此,需要解决好劳动者的自主择业权与企业的商业秘密权二者之间的冲突关系。     

余额宝和城市商业银行的转型研究

随着信息技术的飞速发展和电子商务的不断创新,以余额宝为代表的互联网基金产品,利用云计算、大数据和搜索引擎等先进的信息技术,以创新的服务理念和销售模式极大提升了客户体验,推进了互联网金融的迅速发展,同时给商业银行的传统业务带来了冲击。城市商业银行是商业银行体系中的重要组成部分,应积极转型以应对互联网金融带来的挑战。     

Sources of time-varying trade balance and real exchange rate dynamics in East Asia

A sticky-price model with minimal assumptions for identification is used to motivate a time-varying model that allows for state dependent innovations to explore the trade balance dynamics of a group of East Asian economies. This paper shows that the correlation between the trade balance and the real exchange has historically been highly conditional on the type of macroeconomic shock. Permanent (transitory) shocks have historically produced a positive (negative) correlation between the trade balance and real exchange rate over the last 20 years. Second, since the Asian financial crisis the real exchange rate dynamics of the East Asian countries have been dominated by persistent component(s), while the dynamics of the trade balance have been more influenced by transitory factors.     

对少年儿童短道速度滑冰运动员的选材及科学训练

本文就如何选材及少儿短道速滑训练中平衡支撑能力、力量、柔韧性的训练方面做以详细的阐述。     

Firms’ demand for work hours: Evidence from matched firm-worker data in Japan

Using information on Japanese males’ work hours and the matched firms’ characteristics, this paper investigates whether the number of hours worked is determined by demand-side factors and tries to offer a possible explanation of why Japanese males tend to work longer on average, than their counterparts in other countries. Based on an empirical framework in which each firm sets a minimum boundary of work hours and where workers hired by the firm are required to put in at least the minimum hours, we found that the minimum requirement depends on each firm’s fixed costs of labor. Specifically, firms that tend to hoard labor during recessions, presumably because of higher fixed costs, require incumbent workers to work longer hours during normal times. Since Japanese firms have long been considered as incurring high fixed costs to train workers, we interpret the long work hour requirement as a rational strategy for Japanese firms in protecting high-skill-accumulated workers from dismissal. In other words, the long work hours of Japanese males reflect firms’ long-term employment practices, a typical feature of the Japanese labor market.     

论经济发展与结构变迁

本文认为 ,经济发展与结构变迁相关 ;经济结构的正向变迁推动经济发展 ;要实现经济结构的正向变迁就必须使变迁的成本与收益均衡。     

上市公司各利益群体的nash均衡与重构

多年来,我国股市乱象丛生,这与我国股市有效性差和利益关系失衡有很大关系,也是监管不到位和群体利益协调措施不当产生的后果。为了建立公平有效的资本市场,使投资者、上市公司等各利益群体回归理性,诚实守信,实现多方共赢,共同维护健康均衡的资本市场是当务之急。