县乡财政困境与财政立宪主义

中国县乡财政困难背后蕴含着深刻的政府与社会、政府之间的关系的矛盾。以往在技术层面上修修补补式的改革不能从根本上解决问题。因此,本文主张采取财政立宪的制度创新思路。包括两个方面的内容,一方面是通过完善法治和建立有效的民主决策监督机制,实现纳税人对政府的根本约束和监督;另一方面是规范政府间的财政分配关系,抑制政府间的过分自利倾向,实现政府间的合理分权与制衡。     

商业年金消费决策的行为经济学分析

商业年金是我国养老保险体系的重要组成部分,虽然近年来我国在政策层面不断推动商业年金的发展,但是我国居民的商业年金需求仍然十分低,存在“年金谜题”现象。本文从行为经济学的视角展开对商业年金消费决策的分析,首先从理论层面阐述了行为因素对商业年金消费决策的影响机制,随后设计调查问卷收集个体数据,从实证层面进行了验证。结果发现,主观概率、心理账户、信息感知、金融素养等行为因素会显著影响个人的商业年金消费水平,其他客观因素如性别、年龄、婚姻状况、风险态度以及收入水平等也会显著影响个人的商业年金消费水平。基于本文研究结果,认为未来商业年金回归保障属性、弱化个人账户概念以及发展保险咨询服务等可以带来商业年金需求的提升。     

Saving–investment Correlations in Response to Monetary Policy Shocks: New Insights into the Feldstein–Horioka Puzzle?

In this paper, it is argued that the observed high positive correlation between national savings and investment which is found in the data can in part be explained by shocks to monetary policy. This hypothesis, which is established by reviewing some empirical findings, is tested in a two-country DSGE-model framework in the tradition of the New Open Economy Macroeconomics. The simulation results obtained support the idea that shocks to monetary policy might contribute to the explanation of the Feldstein-Horioka puzzle.

An explanation for the price puzzle: Asymmetric information and expectation dynamics

Using theoretical and empirical analyses, this paper shows that the expectation dynamics induced by information asymmetry between the Central Bank (CB) and the public can cause the price puzzle. The signalling and learning dynamics between the CB and a representative private-sector agent under asymmetric information is investigated. Inflation positively reacts to contractionary monetary policy because the change in the interest rate is perceived as a signal of the CB’s private information about higher future inflation and output by the public. The empirical section of the paper validates this theoretical argument using a VAR specification about the US economy. Besides providing an explanation for the price puzzle, the results of this paper has practical implications about transparency and monetary policy. The theoretical and empirical findings indicate that asymmetric information causes significant frictions in the transmission mechanism of monetary policy. These frictions induce short-run undesired effects like increase in expected inflation and actual inflation as a response to contractionary monetary policy which is identified as “the price puzzle”.     

商业银行效率、风险与技术进步——基于18家国际大银行的实证分析

本文运用非参数DEA方法对2006～2008年18家国际大银行的效率变化情况进行了实证研究。在选取投入产出指标上,与传统方法不同,本文考虑风险投入,利用利润法选取指标。通过运用两种DEA模型,分别对效率进行静态与动态分析,探讨引起国内外银行效率变动的原因,并且对技术退步现象首次作出可能的解释。本文主要结论为,不论从国际银行业,还是中国银行业来看,全要素生产率的减少主要是由技术退步引起的。而技术变动的原因在于风险的变动。     

中小企业战略性融资困境与最优融资策略

中小企业战略性融资困境是在特定阶段由于融资目标与企业家控制权和治理结构等目标相冲突所引发的,它往往伴随着地区性金融压抑而产生。中小企业的融资选择是一个动态问题,企业在不同阶段面临的内外环境和追求目标组合不同而使得其融资偏好不同。     

特质风险能够被定价吗？——基于“特质波动之谜”现象的文献评述

传统的资产定价理论认为特质风险不应被定价,即便无法完全分散掉,与股票收益也应是对应权衡关系。但AHXZ（2006,2009）发现的＂特质波动之谜＂现象对标准金融学理论再次提出严峻的挑战,也使得公司特质风险定价行为逐渐成为金融经济学研究的新兴领域。本文从特质风险的测度、＂特质波动之谜＂现象的实证检验、异质性现象的形成机理三个方面进行研究综述,并提出进一步的研究展望,从而为今后研究提供借鉴和参考之用。     

马克思与斯密:关于投机行为的不同看法

本文强调马克思与斯密对投机的认识存在分歧,主张把这种分歧追溯到他们秉持的不同的个人观念。斯密在对个人进行抽象时只强调了自利性和理性,马克思则把相互依赖、相互制约也看作个人的行为特征。因为强调人们彼此间的依赖和制约,马克思没有忽视彼此依赖和制约着的任意一方行为主体,他正视选择投机的资本家的存在,承认投机还会对资产价格进而对日常生活和生产经营活动造成冲击,在他笔下,选择投机的资本家、选择投资的资本家和雇佣工人总是结成一定的关系借以制约彼此的行为选择。因为没有把个人理解为彼此依赖和制约着的。斯密轻易忽视了选择投机的资本家的存在,他否认投机及其对资产价格进而对日常生活和生产经营活动造成的冲击,无法正确理解选择投机的资本家与他人结成的关系。     

Early Smithian economics in the Spanish empire: J. H. Vieytes and colonial policy *

Juan Hipolito Vieytes (1762–1815)was a hero of the May 1810 Revolution in Buenos Aires and one of the early economists in the River Plate area. Although Robert Sidney Smith dismissed Vieytes as a very minor figure in Spanish economic thought, this article attempts to show that Vieytes, an entrepreneur and journalist and only self-taught in political economy, was an early and able follower and divulgator of Smithian economics. He advocated free trade and liberal economic reforms, pointing at the competitiveness of the domestic workshops or ‘popular industry’ in a country with scanty population and extensive and cheap land.