Government Deficit, Public Investment, and Public Capital in the Transition to an Aging Japan

This paper examines the effects of government deficits, public investment, and public capital on welfare in the transition to an aging Japan by applying a simulated general equilibrium growth model. One of the main results of this paper is that targeting only high economic growth would mislead us as to economic policies, and that a policy to reduce future government deficits is most preferable for almost all generations, even though a cut in future deficits must be followed by a decrease in public investment, thus a decrease in public capital in the future. J. Japan. Int. Econ., December 2002, 16(4), pp. 462–491. Faculty of Economics, Shiga University, Japan; and Management School, Imperial College, United Kingdom. © 2002 Elsevier Science (USA).Journal of Economic Literature Classification Numbers: H55, H54, H62, C68, J10.     

Consistency of UK Pension Fund Investment Performance

Transition matrix techniques are used to relate the past and present performance of pension fund portfolios. In particular, funds are ranked to study the tendency of portfolios to remain in the same quartile of the ranking as they were in the previous period. For raw returns, funds in both of the top quartiles are found to be more likely to remain in the same quartile than would be expected by chance. This result can be taken as limited evidence for the consistency of performance. Similar systemic effects are observed on a risk-adjusted basis. There appears to be clear evidence that some fund managers can offer a degree of consistent good performance.     

养老保险媒体宣传的差异及助推效应分析

借助文本分析技术,基于国家级与省级官方媒体大数据,构建了媒体宣传指数,并分析其对养老保险的助推效应。研究发现,媒体对不同支柱养老保险的宣传重视差异较大,对第二和第三支柱关注较少,且在中西部地区尤为突出;媒体宣传对养老保险发展有明显的助推效应,能扩大参保广度,但对参保深度的提升有限。据此,政府应加大第二和第三支柱的媒体宣传力度,促进养老保险三支柱的平衡发展,筑牢全民养老保障基础。     

基层人民银行应急预案体系建设存在的问题及建议

本文在专题调查的基础上,系统总结反映了人行西安分行辖区应急预案体系建设的总体情况和取得的主要成效,同时从规划论、预案质量、优化机制等五个方面,指出了现有应急预案体系存在的突出问题。针对这些问题,提出了相应的改进建议。     

解读企业所得税“两法合并”及相关政策的调整——从税收筹划的角度兼论企业的应对措施

我国旧有的企业所得税按内资、外资企业分别立法、分别征收的制度一共实施了10多年,期间伴随着我国经济社会情况发生的巨大变化,此种分立模式所固有的弊端也逐渐暴露出来,因此对企业所得税进行"两法合并"及相关政策的调整势在必行。本文拟从论述新形势下分立模式所暴露的弊端入手,有针对性地对最新出台的新企业所得税法相关政策进行解读,并就企业如何从税收筹划的角度应对调整的政策提出措施意见。     

关于重大工程编制移民安置规划并建立监测制度的思考

在移民安置量较大的建设工程准备阶段和实施阶段,可以考虑参照工程建设审批程序和实施过程中的质量监理制度,建立规范的移民安置规划审批制度和移民安置监测制度.移民安置规划制度从程序和内容对移民安置准备工作提出具体要求.对移民安置的实施要引入独立的外部监测机构,对安置工作进行监测评估.     

关于编制"十一五"规划的几点见解

"十一五"规划编制的体制背景发生了根本的变化。传统计划经济下的计划以生产为中心,是配置社会资源的主要手段,所以计划不仅内容繁细,而且具有很强的指令性;市场经济下市场在配置社会资源中起着基础性作用,政府只是弥补或纠正"市场失灵"领域,并主要靠间接调控方式规范市场和引导企业。 因而,市场经济体制下的"十一五"规划必须突破传统计划理念,力求在体系、内容、重点、方法等方面有所创新。     

国家主体功能区规划实施的几个关键问题

全国主体功能区规划已获得国务院通过并开始实施。作为一项国家空间战略布局规划,主体功能区规划的实施必将作为“十二五”时期及今后一段时期内经济社会工作的重点。为推动主体功能区规划的顺利实施,各级政府需要对主体功能区规划实施的关键问题形成共识。在主体功能区规划实施中,对主体功能区的认识、主体功能区规划实施的主体、主体功能区的划分、主体功能区的协调与调整、主体功能区的监测与评价、主体功能区政策措施落实、主体功能区的考核、主体功能区实施的组织保障、主体功能区规划实施的技术支撑、主体功能区实施的挑战与机遇等是需要重点关注的问题。     

The optimal portfolio for the two-pillar mandatory pension system: the case of Poland

In the recent decade, there has been observed across the Central and Eastern European states the regulatory trend towards the increase of the non-financial (first) pension pillar size at the expense of the financial (second) pillar. It tends to question the consequences of this shift for the future retirement benefits. Applying the portfolio approach we address this issue by running a series of simulations to find out how to allocate pension contributions between both pillars in an optimal way. Our study contributes to the existing literature as follows. First, we do not perform the assessment of the predetermined regulatory solutions, but we look for an optimal one. Moreover, we allow our optimal rule to be time-varying, if necessary, which would be a true novelty in this research area. Second, we do not base our estimates on historical trends; rather, we apply the long-term economy’s projection to account for the society’s ageing impact, which is a crucially important factor for the solvency of the pension system. Adapting some of the simulation assumptions to fit the Polish case, our results confirm that current regulations underestimate the role of the capital pillar and the optimal allocation between both pillars should be time-varying.     

股权类激励方案成本的因素分析

股权激励作为调整企业经营者和所有者之间利益关系的重要手段 ,其方案的制订受多种因素的影响 ,认清这些因素如何作用于股权类激励方案成本 ,是降低代理成本的关键。