社区医疗企业的经营策略研究

社区医疗经营的好坏关系到广大人民群众的切身利益,同时发展社区医疗存在大量的商机,但是目前许多问题阻碍了社区医疗的进一步发展。文章指出,如何去发掘潜力、发展壮大社区医疗,关键是要有创新的思维,目前社区医疗走与大医院联营或者与大医院直接经营的方式应该是一种值得尝试的途径。     

The Monetary Policy of the European Central Bank

The first six years of ECB monetary policy are examined using a general framework that allows central bankers to weight differently positive and negative deviations of inflation, output and the interest rate from their reference values. The empirical analysis on synthetic euro‐area data suggests that the objective of price stability is symmetric, whereas the objectives of real activity and interest‐rate stabilizations are not. Output contractions imply larger policy responses than output expansions of the same size, while movements in the interest rate are larger when the level of the interest rate is relatively high. The hypothesis of M3 growth‐rate targeting is rejected.     

Existence of Equilibria in Matching Models of Money: A New Technique

This paper develops a new technique for proving the existence and indeterminacy of monetary equilibria in money search models with divisible money. Our technique is substantially simpler than standard constructive proofs in the literature. This paper is based on the second half of Kamiya and Shimizu (2002). We are very grateful to the associate editor and an anonymous referee of this journal for their very detailed suggestions and comments. This research is financially supported by Grant-in-Aid for Scientific Research from JSPS and MEXT. The second author also acknowledges the financial support by Zengin Foundation for studies on Economics and Finance.     

The Effects of Public Ownership and Regulatory Independence on Regulatory Outcomes

We examine the effects of public ownership and regulatory agency independence on regulatory outcomes in EU telecommunications. Specifically, we study regulated interconnect rates paid by entrants to incumbents. We find that public ownership of the incumbent positively affects these interconnect rates, and suggest that governments influence regulatory outcomes in favor of incumbents in which they are substantially invested. However, we also find that the presence of institutional features enhancing regulatory independence from the government mitigates this effect. In order to study regulatory independence, we introduce a new cross-country time-series database—the European Union Regulatory Institutions (EURI) Database. This database describes the development of institutions bearing on regulatory independence and quality in telecommunications in the 15 founding EU member states from 1997 to 2003 *We thank Laurent Pipitone for superb research assistance. Geoff Edwards thanks the Sasakawa Foundation and the Institute of Management, Innovation and Organization at the Haas School of Business for generous financial assistance, and London Business School for non-financial support. Leonard Waverman thanks the Global Communications Consortium for support     

政府国库资金、货币供给与货币政策有效性

政府财政行为对货币政策效应的影响是宏观经济学的一个热点问题,文章从政府资产角度出发,运用1994～2005年中国国库资金季度数据,采用协整分析方法对政府国库资金、货币供给和货币政策有效性问题,作实证检验。研究表明:(1)国库资金增减导致基础货币收缩和扩张,短期内国库资金变动会使货币供应量发生显著的反向波动,国库资金是货币供应量的Granger因,国库资金对货币供应量波动有较高的解释力,央行的货币供给由于国库资金而产生被动性。(2)国库资金与货币政策有效性之间存在密切关系,货币当局将国库资金变量纳入货币政策中介目标监控体系,有助于提高货币政策的有效性,国库资金成为财政政策与货币政策新的结合点。     

Introduction to “Economic and Financial Governance in the European Union after a decade of Economic and Political Crises.”

ABSTRACT

This paper offers the Introduction to the Special Issue “Economic and Financial Governance in the European Union after a decade of Economic and Political Crises.” We introduce the five papers. We distill three important lessons they offer for EU integration.     

资产证券化对货币政策实效性的影响

资产证券化对货币政策的影响 ,是一个具有理论和实际意义的重要问题。本文从三个方面对此进行了表述。一是资产证券化对货币政策传导路径的影响 ,指出它并未降低利率政策的实效性 ,但对货币供应量这一货币政策的中间目标的实效性会有影响。二是资产证券化对利率期限结构的影响 ,指出资产证券化加强了短期利率影响长期利率的实效性 ;三是分析了资产证券化对银行监管的影响。     

Labour unions and leverage: evidence from firm-level union data

ABSTRACT

Using firm-level labour union data from Japan, this paper investigates the effect of labour unions on firm leverage. We find that as union coverage increases, both the level of and extent of change in leverage decreases. These relations remain robust when a firm falls into deficit. We also find that firms with higher union coverage have a higher interest coverage ratio. In addition, we find that firms with higher union coverage are less likely to choose issuing debt compared to issuing equity when they face financial distress. Our results imply that significant employee influence enhanced by labour unions increases fixed costs, crowds out the firm’s debt capacity and consequently reduces the firm’s leverage.     

中国货币政策传导机制分析——利率渠道的实证分析

市场经济条件下，在发达的货币市场和有效的金融机制基础上，货币政策主要通过利率、汇率、非货币资产和信贷传播四条途径影响宏观经济总量。本文重点通过对利率传导渠道的实证分析，说明中国由于利率管制等方面对货币政策传导的阻滞作用，中央银行的货币政策意图不能有效地指导实体经济，进而对疏导货币政策的传导机制提出对策建议。     

Doing Away with the Sovereign: Neoliberalism and the Promotion of Market Discipline in European Economic Governance

ABSTRACT

This article proposes a critical reading of market discipline and its limitations as a mechanism in European economic governance. Consistent with neoliberal beliefs about market-based governance, the Economic and Monetary Union (EMU) is premised on the functioning of the government bond market as a fiscal-policy discipliner. However, the operation of market discipline requires that neither governments nor their private creditors can rely on an authority to bail them out. It, therefore, precludes the kinds of intervention by Eurozone’s supranational institutions witnessed during the euro crisis. In the post-crisis context, efforts to strengthen market discipline continue to be frustrated by the growing reliance of financial institutions on government bond markets as well as the European Central Bank’s (ECB) active participation in those markets. Having undermined the credibility of the market as an autonomous and apolitical mechanism of discipline, European economic governance struggles to come to terms with the rise of a supranational ‘economic sovereign’ in the Eurozone.