Sterilization of short-term capital inflows—through lower interest rates?

Reductions in international interest rates are a major cause of capital flows to emerging economies. Increases in domestic interest rates are a frequent policy response to the resulting price increases. This is often unsuccessful. The paper suggests a theoretical explanation based on distinctive features of emerging financial markets, including imperfect asset substitutability and imperfect capital mobility for some sectors of the economy. It concludes that the appropriate policy response to capital inflows may be lower interest rates.     

试论人力资本的投资回报路径

人力资本与物质资本虽然在生产经营过程中关系密切,但由于两者的投入性质和方式不同,投资回报的性质和路径也不同。研究和区分人力资本与物质资本的不同投资回报路径,把握人力资本投资回报路径的特性,有利于政府在公共管理中推动人力资本的生成,有利于完善激励机制,发挥人力资本的潜能。     

Money, endogenous fertility and economic growth

This paper analyzes the issue of money superneutrality through an intertemporal optimizing model of capital accumulation with endogenous fertility, i.e. endogenous population growth. Two elements of this setup invalidate money superneutrality: (i) a demand for fertility that depends on real money balances, and (ii) an inverse relation between capital–labor ratio and population growth. Higher monetary growth increases fertility, since it reduces its opportunity cost, and hence diminishes capital intensity, and per capita output. This reverse Tobin effect is matched by an increase in aggregate capital and output growth rates. In this framework, the optimal monetary growth rule is a “distorted Friedman rule”.     

我国资本市场存在的制度功能缺陷与对策

我国资本市场是在新旧体制转换中建立起来的，先天就存在着制度和市场功能方面的缺陷，亟需要采取有效应对策略以弥补，使我国资本市场的发展走上正常轨道。     

Competitive effects of Basel II on US bank credit card lending

We analyze the potential competitive effects of the proposed Basel II capital regulations on US bank credit card lending. We find that bank issuers operating under Basel II will face higher regulatory capital minimums than Basel I banks, with differences due to the way the two regulations treat reserves and gain-on-sale of securitized assets. During periods of normal economic conditions, this is not likely to have a competitive effect; however, during periods of substantial stress in credit card portfolios, Basel II banks could face a significant competitive disadvantage relative to Basel I banks and nonbank issuers.     

Capital market trading volume: an overview and some preliminary conclusions

This paper suggests an explanation for the heavy trading volumeobserved on the US capital markets, the world's largest. Heterodoxeconomic theory puts much of this volume down to speculation.Mainstream theory tends to support this thesis, either directlyor indirectly, by giving space to the idea that trading activityis for the most part exogenous to the functioning of the capitalmarkets. The central hypothesis of this paper is that the tradingvolumes observed are an endogenous feature of the capital markets,because they are to a great extent determined by the needs ofthe institutional investors who predominate on these markets.This endogeneity of trading is posited in connection with theemergence of a new ‘core–satellite’ paradigmin institutional investment, a development that essentiallymanifests the asset-management industry's transformation froma small industry serving a few wealthy clients to a mass industryserving large sections of the population.     

人力资源管理与农村信用社可持续发展的关系

实现可持续健康发展是农村信用社摆脱困境、赢得主动的第一要务,而实现可持续发展与人力资源战略密切相关。文章通过分析人力资源管理与农村信用社可持续发展的关系,和相互协调作用。阐明了人力资源管理推动农村信用社发展的积极方面和效应,提出现代农村信用社可持续发展对现代人力资源管理的要求。     

金融资本国际化绩效与条件分析

金融资本国际化一方面促进利率水平提高,从而促进储蓄增加;另一方面影响投资规模和投资效率,进而影响经济绩效。一国实施金融资本国际化的条件可以分为国内条件,即初始条件和对外条件,即可实施条件两个方面。     

市场拥挤、财政支出和税后资本平均产出关系分析

税后资本平均产出的高低对私人部门投资决策产生重要影响,但是我国自1994年分税制改革以来,税后资本平均产出处于不断下降趋势,与此同时,财政支出规模呈不断扩大趋势。本文在财政支出解决市场拥挤框架下分析了财政支出对税后资本平均产出的影响,在理论分析中,说明财政通过增加支出缓解市场拥挤来影响税后资本平均产出,其影响程度由税率、财政支出的产出弹性、市场拥挤程度决定。在实证分析中,计量检验了世界范围内和中国地方政府财政支出对税后资本平均产出的影响,并结合现实对计量结果给予解释。     

Human capital and the internationalisation of venture capital firms

We examine the neglected area of internationalisation by VCs. Using a representative sample of 195 VCs, we show that the decision of a European VC firm to invest internationally is driven by its human resources. Having more VC executives in general and more VC executives with previous international experience in specific, results in a higher probability of investing internationally. In contrast, more VC executives with experience in the VC industry or with an engineering background lead to a higher probability of remaining domestic.