中国与欧盟反倾销实体法的差别分析

我国《反倾销条例》与欧盟的反倾销法存在着不少区别,实体法中存在着非市场经济国家出口产品"正常价值"的确定、进口商品价格的可比性因素、损害确定方面、倾销与损害之间因果关系的确定方式、反规避措施、公共利益的界定等六个方面的主要区别。究其原因,有的是立法技术、经贸水平等方面的原因,还有的是立法价值取向的原因,欧盟反倾销调查的价值取向是满足资产阶级的经济利益,并不是追求贸易自由和中低收入者的利益。     

Into the Mussa puzzle: monetary policy regimes and the real exchange rate in a small open economy

Industrial countries moving from fixed to floating exchange rate regimes experience dramatic rises in the variability of the real exchange rate. This evidence, forcefully documented by Mussa [Nominal exchange regimes and the behavior of real exchange rates: evidence and implications. Carnegie-Rochester Conference Series on Public Policy 25 (1986) 117], is a puzzle because it is hard to reconcile with the assumption of flexible prices. This paper lays out a dynamic general equilibrium model of a small open economy that combines nominal price rigidity with a systematic behavior of monetary policy able to approximate a continuum of exchange rate regimes. A version of the model with complete exchange rate pass-through is broadly consistent with Mussa’s findings. Most importantly, this holds independently of the underlying source of fluctuations in the economy, stressing the role of the nominal exchange rate regime per se in affecting the variability of the real exchange rate. However, only a model featuring incomplete exchange rate pass-through can account for a broader range of exchange rate statistics. Finally there exist ranges of values for either the degree of openness or the elasticity of substitution between domestic and foreign goods for which the baseline model is also consistent with the empirical insensitivity of output volatility to the type of exchange rate regime, as documented by Baxter and Stockman [Journal of Monetary Economics 23 (1989) 377].     

Can negative interest rates really affect option pricing? Empirical evidence from an explicitly solvable stochastic volatility model

The profound financial crisis generated by the collapse of Lehman Brothers and the European sovereign debt crisis in 2011 have caused negative values of government bond yields both in the USA and in the EURO area. This paper investigates whether the use of models which allow for negative interest rates can improve option pricing and implied volatility forecasting. This is done with special attention to foreign exchange and index options. To this end, we carried out an empirical analysis on the prices of call and put options on the US S&P 500 index and Eurodollar futures using a generalization of the Heston model in the stochastic interest rate framework. Specifically, the dynamics of the option’s underlying asset is described by two factors: a stochastic variance and a stochastic interest rate. The volatility is not allowed to be negative, but the interest rate is. Explicit formulas for the transition probability density function and moments are derived. These formulas are used to estimate the model parameters efficiently. Three empirical analyses are illustrated. The first two show that the use of models which allow for negative interest rates can efficiently reproduce implied volatility and forecast option prices (i.e. S&P index and foreign exchange options). The last studies how the US three-month government bond yield affects the US S&P 500 index.     

The Policy Challenge with Floating Exchange Rates: Turkey’s Recent Experience

This paper evaluates the developments in the Turkish economy in light of the Central Bank of Turkey’s (CBT) policies during a recent period of floating exchange rate system (March 2001–July 2003). It is found that the CBT was effective in containing volatility and reducing the average inflation rate while there was a strong recovery of output. However, there are accumulated risks in the economy. Particularly, the extreme appreciation of the Turkish lira during this period and the record level of real interest rates give the impression that the current state of the economy is fragile. Unless the government accelerates the structural reform process and pursues sound fiscal policies to reduce the public sector borrowing requirement and the debt ratio, an adverse shock to the system may trigger a reversal of fortune.     

The Evolving Logic of the External Institutional Financial Organizations of China

Starting from the initial conditions of Chinese financial reform, the author tries to analyze the inherent logic why the External Institutional Financial Organizations （the EIFOs） steps into a tight comer. He points out that the financial marginal reform carried out by the country has no endogenous solution under the initial conditions such as the dominance of state-owned finance, lacking market basement for interest forming, no real finance price, the administrative approval system, and lacking market basement for financial supervision,     

Likelihood-based specification analysis of continuous-time models of the short-term interest rate

An extensive collection of continuous-time models of the short-term interest rate is evaluated over data sets that have appeared previously in the literature. The analysis, which uses the simulated maximum likelihood procedure proposed by Durham and Gallant (2002), provides new insights regarding several previously unresolved questions. For single factor models, I find that the volatility, not the drift, is the critical component in model specification. Allowing for additional flexibility beyond a constant term in the drift provides negligible benefit. While constant drift would appear to imply that the short rate is nonstationary, in fact, stationarity is volatility-induced. The simple constant elasticity of volatility model fits weekly observations of the three-month Treasury bill rate remarkably well but is easily rejected when compared with more flexible volatility specifications over daily data. The methodology of Durham and Gallant can also be used to estimate stochastic volatility models. While adding the latent volatility component provides a large improvement in the likelihood for the physical process, it does little to improve bond-pricing performance.     

Explaining divorce rate determinants: new evidence from Spain

This article examines the main determinants of divorce rates in Spain for the period 1995 to 2010. According to the results, the so-called Express Divorce Law (passed in 2005) seems to be positively associated with divorce rates in the short term. Income level and growth, female employment rate, and the proportion of foreign population are also positively related to divorce rates. However, as expected, the percentage of conservative vote seems to have a negative impact.     

村民投资村级公共物品的实践与理性思考

村民投资村级公共物品的前提是具有共同的利益,但共同利益的实现依赖于集体行动困境的有效破解.即克服搭便车问题。良好的村庄社会资本为投资行为提供了社会环境和基础,尤其是村庄精英及以其为中心形成的网络为村民投资的形成有积极的组织和动员作用;内部激励机制是村民投资的社会基础,能有效克服集体行动中的搭便车行为。     

浅谈工程施工投标技巧

面对日益激烈的市场竞争,企业如何提高中标率以及如何在投标中获取最大的利润等都已经成为人们较为关注的重点,其中投标的编制技巧与报价策略都成为投标单位较为关注的热门话题,而投标策略和技巧在中标率较高的施工企业中有着不可忽视的作用。投标技巧主要就是以投标人在投标过程中需要关注的问题为重点。     

关于提高课堂教学质量的几点体会

作者根据多年的教学实践和经验得出:提高课堂教学质量的关键是科学合理地选取教学内容;改进教学方法,突出重点、分解难点;注重教师与学生互动,调动学生的积极性,提高听课率。