我国逃难资本外流的经济效应及其对策研究

近年来，我国误差与遗漏项目转为顺差，并不代表逃难资本外流现象的消失，而仅意味着热钱流入超过了逃难资本的外流的规模。逃难资本的外流包括“逃难资本”和“游资”两部分的内容，人民币的不断升值会减少游资的流出。但不会对逃难资本的外流产生明显的影响，多种迹象表明，逃难资本的外流仍在频繁发生。这种逃难资本的外流在微观和宏观两个层面都产生着极为不利的影响，本文正是从中国的现实出发，结合逃难资本的特点，对这两个层面的影响进行分析，并提出了符合中国实际的对策性建议。     

Childhood investments and skill formation

The skills needed to ensure good life chances are rising (and changing) and, despite decades of education reforms, there has been little progress in terms of equalizing opportunities. The impact of social origins on child outcomes persists, and may even strengthen. This suggests that the pursuit of more equality and future productivity come together. A major challenge is to minimize the dispersion of skills. The foundations of policy lie in the realization that learning abilities are formed during the first years of childhood. The pursuit of an optimal human capital policy needs to consider three issues: (1) the uneven capacity of parents to invest in children; (2) the impact of mothers’ employment on child outcomes; and, (3) the potential benefits of early pre-school programmes.     

产权、金融稳定政策与中央银行独立性

This paper builds a micro-behavior model of central bank and financial institutions from the perspective of property-rights. By analyzing the theoretical model and the practice, we conclude that, in the framework of the present financial stabilization policies in China, the central bank’s functions of monetary policy and financial stabilization are enslaved to financial institutions. Thus, central bank independence has been damaged because of the actual property-right relation between the central bank and the financial institutions. The policy implication is to cut off the property-right relation between the central bank and the financial institutions. __________ Translated from Caijing wenti yanjiu 财经问题研究 (Research on Finanical and Economic Issues), 2007, (6): 3–9     

Analysis on the integrated venture of corporate capital operation based on the venture coupling theory

The capital operation of an enterprise is an economical activity with mighty venture. Only identifying comprehensively all ventures of capital operation activities for the enterprise, can we set down more and more scientific and harmonious venture strategies to reduce and elude the capital operation venture. This paper firstly discusses the definition of capital operation venture for an enterprise and cognition towards the capital operation venture under the traditional risk management theory. Then it focuses on elaborating the fundamental theory of capital operation venture coupling based on the issues raised above, constructing the bran-new exhibit model for the integrating venture of enterprise＇s capital operation.     

Determinants of Swap Spreads in a Developing Financial Market: Evidence from Finland

This paper presents empirical evidence on the determinants of swap spreads in Finland using four years of data. Spreads exhibit a significant negative relationship with the amount of fixed rate deposits with banks, which reflects the importance of banks in the Finnish capital markets. Spreads are positively linked to business cycle and market risk factors such as the slope of the yield curve and the volatility of interest rates. The influence of hedging costs has become increasingly important over time, especially in longer dated swaps. A relationship is also observed between swap spreads and the external value of the currency.     

Railroad Development and Land Value

Land owners in the rural Midwest experienced significant capital gains during the late 1840s and early 1850s. A primary catalyst of increasing land values was the construction of new railroads. Land in close proximity to new railroads became more valuable because of decreased transportation costs. We use a straightforward model of land price determination to estimate the impact on land values of distance from the railroad. The estimates allow us to infer a lower bound for capital gains attributable to the construction of railroads in Knox County, Illinois, during the 1850s. Knox County landowners reaped capital gains of more than $270,000—9% of the value of land.     

DEVELOPING SOCIAL IDENTITY AND SOCIAL CAPITAL FOR SUPPLY CHAIN MANAGEMENT

Competition involves not firm against firm but rather supply chain against supply chain, but few studies explain theoretically the subsistence of a supply chain as a social entity or the operating mechanisms through which firms socialize to obtain better business performance. On the bases of social identity theory and social capital theory, the authors suggest that the salience of supply chain identity accumulates social capital in a supply chain, which then facilitates supply chain management and improves business performance.     

基子知识视角下的企业家精神

本文通过封国内外有关知识资本、企业家和企业家精神的文献研究和总结，在知识视角下封企业家理论进行简要回顾，得出企业家精神的实质是创新精神，更是识别创新机会、把握创新机会的过程的结论。使用信号传递模型，分离条件假设以及斯宾赛一莫裹斯条件建立模型，说明企业家的沟通成本对企业创新的影响。本文为企业家精神的研究提供一个新的视角或认识工具。     

Distance and trade: Disentangling unfamiliarity effects and transport cost effects

This paper provides evidence supporting Grossman's (Comments on Alan V. Deardorff, Determinants of bilateral trade: Does gravity work in a neoclassical world?. In: Jeffrey A. Frankel (Ed.), The regionalization of the world economy. Chicago: University of Chicago for NBER; 1996) claim that not only transport costs but also unfamiliarity can explain the negative correlation between geographic distances and bilateral trade volumes. A gravity model that controls for as many natural causes of trade as possible reveals that countries high in uncertainty-aversion (based on Hofstede's survey) export disproportionately less to distant countries (with which they are presumably less familiar). More important, this result is mainly driven by differentiated products, not by products with international organized exchanges or with reference prices. For transport costs alone to explain such a trade pattern, one would have to assume that distance-related ad valorem transport costs are higher when a trade route originates from a high uncertainty-aversion country, which is unlikely. This trade pattern is easy to explain, however, if one accepts that geographic distance is a proxy for unfamiliarity and that exporters in high uncertainty-aversion countries are more sensitive to informational ambiguity. A further result is that high uncertainty-aversion countries trade less and thus grow poorer in the long run, which suggests that cultural factors are as important as geographic ones in determining trade openness and prosperity.     

Creative Destruction, Investment Volatility, and the Average Age of Capital

In this article, a new numerical procedure is used to compute the equilibrium of a vintage capital growth model with nonlinear utility, where the scrapping time is nonconstant. We show that equilibrium investment and output converge nonmonotonically to the balanced growth path due to replacement echoes. We find that the average age of capital is inversely related to output, which is consistent with recent micro evidence reinforcing the importance of the embodied question. We also find that an unanticipated permanent increase in the rate of embodied technological progress causes labor productivity to slowdown in the short run.