CEV模型下两值期权的数值解

假设标的股价服从不变方差弹性（CEV）模型下，推导出两值期权的定价公式。利用有限差分格式，给出具体的数值算法，并将其应用于实例中，通过对此算例做的一系列数值实验，验证了算法的有效性。     

汕头市城市定位与发展模式选择研究

本文系统地分析了汕头市城市发展的基本条件,在此基础上提出汕头市城市定位为“区域中心城市、现代化港口城市、滨海生态城市和国家经济特区”,并从产业发展、空间配置、要素整合、城市创新和城市特色等方面进行了思考。     

我国金融监管模式的现实选择

一个合理有效的金融监管模式应该在既尊重传统与现实的同时又考虑到理想和未来金融发展趋势的基础上,符合经济学意义的成本——有效性原则。本文认为在设计我国未来金融监管模式,或者对现行监管模式进行适当调整的过程中,我们应以从本国国情出发为原则,借鉴国外先进经验和教训,坚持低成本与高效率、协调性与独立性、前瞻性与历史性的有机结合为前提条件,改革现行金融监管模式,通过金融监管专业化水平的不断提高,循序渐进地完善向混业监管过渡的演进路径：第一阶段,协调式金融监管委员会；第二阶段,牵头武金融监管委员会；第三阶段,金融监管局。     

我国股票市场与国民经济运行关系的实证研究

本文从分析上证指数及与股票市场密切相关的国民经济运行变量的时间序列入手,依据现代动态计量学的理论与方法,对我国股市和国民经济运行之间的关系进行了具体的分析,从而建立了一个向量自回归(VAR)模型,并在此基础上得出我国股市与经济运行之间的长期均衡关系和短期变动的向量误差修正(VEC)模型。实证研究的结果表明,目前股市背离国民经济运行只是暂时的现象,在一段较长的时期内,我国的股市发展依然受到国民经济运行状况的制约。     

上海港对区域经济贡献的实证分析

航运中心服务于经济发展的作用,可以通过港口促进当地城市经济的发展来体现。本文拟通过投入—产出法来分析上海港对区域经济的贡献。     

农村劳动力转移模型:基于中国制度背景的构造

本文在对经典的农村劳动力流动模型进行理论梳理的基础上,引入中国的制度变量,试图构建适合中国制度背景的农村劳动力转移模型,同时,运用经验事实对其作进一步的实证检验,并分析了模型的政策含义。     

安徽省耕地保护前景分析

随着社会经济的发展，安徽省耕地供需矛盾日益突出，科学地分析安徽省耕地保护前景，探寻合理的耕地保护对策．具有重要的现实意义。本文立足于安徽省耕地资源现状，从粮食生产、非农建设占地两方面探讨安徽经济发展对耕地的需求前景，并采用灰色系统模型对耕地的供给变化进行预测，通过耕地供需形势的分析，针对性地提出保护耕地的相应对策。     

A Classification of Dutch Manufacturing based on a Model of Innovation

Summary The paper studies the degree of homogeneity of innovative behavior in order to determine empirically an industry classification of Dutch manufacturing that can be used for policy purposes. Defining homogeneity in terms of an economic model distinguishes our classification from existing taxonomies such as those of the OECD, Pavitt and the various classifications based on a principal components analysis. We use a two-limit tobit model with sample selection, which explains the decisions by business enterprises to innovate and the impact these decisions have on the share of innovative sales. The model is estimated for eleven industries based on the Dutch Standard Industrial Classification (SBI 1993). A likelihood ratio (LR) test is then performed to test for equality of the parameters across industries. We find that Dutch manufacturing consists of three groups of industries in terms of innovative behavior, a high-tech group, a low-tech group and the industry of wood. The same pattern shows up in the three Dutch Community Innovation Surveys. The empirical part of this study has been carried out at the Centre for Research of Economic Microdata at Statistics Netherlands. The authors wish to thank Statistics Netherlands, and in particular Bert Diederen, for helping us in accessing and using the Micronoom data set. The views expressed in this paper are solely those of the authors. The authors also wish to thank Fran?ois Laisney, Patrick Waelbroek and participants at presentations in Maastricht, Strasbourg, Leuven and Lille for their helpful comments. The first author acknowledges financial support from METEOR.     

Exploring the Intensive and Extensive Margins of World Trade

World trade evolves at two margins. Where a bilateral trading relationship already exists it may increase through time (intensive margin). But trade may also increase if a trading bilateral relationship is newly established between countries that have not traded with each other in the past (extensive margin). We provide an empirical dissection of post–World War II growth in manufacturing world trade along these two margins. We propose a “corner-solutions version” of the gravity model to explain movements on both margins. A Tobit estimation of this model resolves the so-called “distance puzzle”. It also finds more convincing evidence than recent literature that WTO-membership enhances trade. JEL no. F12, F15     

Does Gravity Matter in a Service Economy?

This paper estimates gravity equations for bilateral services trade in a sample of 28 countries. It finds that the standard gravity variables of economic size and geographic proximity are significant factors in services trade. It also reveals positive effects of linguistic ties on services trade. There is evidence of a positive link between regional trade arrangements and services trade. Much of that effect appears to reflect the impact of bilateral goods trade on services trade. This implies that efforts to enhance goods trade—bilateral or multilateral—should lead to more services trade as well. JEL no. F13, F15, L80