What is the major determinant of cross-border banking flows?

This study examines the major determinant of cross-border credit flows through global banks across 70 countries. Employing a Bayesian dynamic latent factor model, we decompose volatilities of banking flows into the contribution of a global common factor, regional common factor, and country-specific factor. The results indicate that the global and regional common factor explains about 40–50 percent of volatility in overall cross-border banking flows. In particular, the contribution of the global common factor increased in the 2000s. Simultaneously, main determinants are largely heterogeneous across countries: this implies that the desirable policy response to credit inflows may differ for each host country.     

Trade Liberalization and Environmental Taxation in Federal Systems

The literature on trade liberalization and environment has not yet considered federal structures. In this paper, we show how the design of environmental policy in a federal system has implications for the effects of trade reform. Trade liberalization leads to a decline in pollution taxes, regardless of whether pollution taxes are set at the federal (centralized) or local (decentralized) level, and it increases social welfare. The effect under a decentralized system is smaller than if these taxes are set by the federal government, and pollution emissions therefore decline in this case. Moreover, majority bias interacts with trade liberalization if federal taxes are used.     

Defining Capitalism

This article aims to incorporate the essential features of capitalism in an operational definition that identifies capitalism per se (pure laissez‐faire capitalism), and clearly excludes variations such as welfare capitalism and crony capitalism. By concisely highlighting the fundamental structures and mechanisms of capitalism, this essential definition facilitates defences of it that are more robust than those ordinarily offered. It also clarifies the relation between capitalism and phenomena with which it is frequently associated, and suggests a straightforward way of identifying and measuring the extent of capitalism in mixed economies.     

Fire sales by euro area banks and funds: What is their asset price impact?

The assets under management of investment funds have soared in recent years, triggering a debate on their possible implications for financial stability. We contribute to this debate assessing the asset price impact of fire sales in a novel partial equilibrium model of euro area funds and banks calibrated over the period between 2008 and 2017. An initial shock to yields causes funds to sell assets to address investor redemptions, while both banks and funds sell assets to keep their leverage constant. These fire sales generate second-round price effects. We find that the potential losses due to the price impact of fire sales have decreased over time for the system. The contribution of funds to this impact is lower than that of banks. However, funds’ relative contribution has risen due to their increased assets under management and banks’ lower leverage and rebalancing towards loans. Should this trend continue, funds will become an increasingly important source of systemic risk.     

浅谈铁路建设项目资格预审申请文件、商务标编写方法及建议

2014年以来,铁路固定资产投资每年基本稳定在8000亿元左右,对施工企业而言,要抓住当前的有利机会,争取更多的施工任务。结合当前铁路建设项目资格预审及招标的特点,简要介绍资格预审申请文件、商务标的编写方法,提出相关建议,以期为从业人员提供借鉴。     

Cost-effectiveness analysis of exenatide once-weekly versus dulaglutide,liraglutide, and lixisenatide for the treatment of type 2 diabetes mellitus: an analysis from the UK NHS perspective

Objective: To assess the cost-effectiveness of exenatide 2?mg once-weekly (EQW) compared to dulaglutide 1.5?mg QW, liraglutide 1.2?mg and 1.8?mg once-daily (QD), and lixisenatide 20?μg QD for the treatment of adult patients with type 2 diabetes mellitus (T2DM) not adequately controlled on metformin.

Methods: The Cardiff Diabetes Model was applied to evaluate cost-effectiveness, with treatment effects sourced from a network meta-analysis. Quality-adjusted life years (QALYs) were calculated with health-state utilities applied to T2DM-related complications, weight changes, hypoglycemia, and nausea. Costs (GBP £) included drug treatment, T2DM-related complications, severe hypoglycemia, nausea, and treatment discontinuation due to adverse events. A 40-year time horizon was used.

Results: In all base-case comparisons, EQW was associated with a QALY gain per patient; 0.046 vs dulaglutide 1.5?mg; 0.102 vs liraglutide 1.2?mg; 0.043 vs liraglutide 1.8?mg; and 0.074 vs lixisenatide 20?μg. Cost per patient was lower for EQW than for liraglutide 1.8?mg (?£2,085); therefore, EQW dominated liraglutide 1.8?mg. The cost difference per patient between EQW and dulaglutide 1.5?mg, EQW and liraglutide 1.2?mg, and EQW and lixisenatide 20?μg was £27, £103, and £738, respectively. Cost per QALY gained with EQW vs dulaglutide 1.5?mg, EQW vs liraglutide 1.2?mg, and EQW vs lixisenatide 20?μg was £596, £1,004, and £10,002, respectively. In the probabilistic sensitivity analysis, the probability that EQW is cost-effective ranged from 76–99%.

Conclusion: Results suggest that exenatide 2?mg once-weekly is cost-effective over a lifetime horizon compared to dulaglutide 1.5?mg QW, liraglutide 1.2?mg QD, liraglutide 1.8?mg QD, and lixisenatide 20?μg QD for the treatment of T2DM in adults not adequately controlled on metformin alone.     

流行病应急响应的国际合作——联合国领导下的禽流感防疫机制透析

随着跨国公共卫生安全在全球治理中分量日益加重,流行病应急响应（Epidemic preparedness and response）的国际合作逐步被提上了全球日程。2005年,人感染高致病性禽流感在全球范围内的大规模传播,国际社会尤其是联合国领导下的相关组织如何构建防疫机制来应对这一形势成为焦点。经过多年的努力,联合国领导下的禽流感防疫机制日臻完善,该机制主要包括核心领导机构、法理基础、重要应急措施以及相关国际行为体参与4个方面。同时,该机制的有效性与局限性并存,值得引起人们的注意。     

秦汉内官职能辨正

秦汉内官的主要职能与逮捕罪人、看押囚犯等狱律令法事务有关。秦汉时的内官机构应是专门管理皇室宗亲及外戚成员的机构，可独立办理涉及皇室宗亲的案件，有相对独立的执法权。内官和廷尉分别负责皇室宗亲外戚和整个国家的司法事务，除涉及对象有别外，其职能基本相同。     

Discapacidad y absentismo. Análisis empírico sobre seis países europeos

A partir de datos del Panel de Hogares de la Unión Europea (PHOGUE) sobre Austria, España, Grecia, Irlanda, Italia y Portugal de 1995–2001 se examina la influencia de la discapacidad en el absentismo laboral utilizando tres variables: el estado de salud autoevaluado, el número de visitas al médico y el número de noches de ingreso en hospital. Según los resultados, el absentismo entre los trabajadores con discapacidad es mayor. La gravedad de la discapacidad también tiene influencia. El efecto total de la discapacidad en el absentismo representa un incremento marginal de entre 6 y 26 días de ausencia al año (dependiendo del país).