Keynes's theory of liquidity preference and his debt management and monetary policies

This paper seeks to bolster the view that Keynes was a monetaryeconomist concerned primarily with monetary and not fiscal policy.His most fundamental policy conclusion for national economieswas that the authorities could control the long-term rate ofinterest and should do so to promote investment, growth andemployment. Keynes's theory of liquidity preference is presentedas a theory of money as a store of value that leads to thisfundamental policy conclusion. The theory is then applied toexplain the debt management, monetary and international financialpolicies that were adopted in World War II.     

监管宽容条件下的存款保险定价研究

监管宽容是存款保险定价中的一个重要的制度因素，文章分析了监管宽容对存款保险费率的影响，以Merton的存款保险定价的看跌期权模型为基础，根据监管宽容的定义重新建立了描述存款保险价值的偏微分方程的边界条件，并给出了商业银行存款保险定价公式。结果表明，适度的监管宽容可以降低存款保险的费率水平。文章的结论对正在酝酿的存款保险制度具有一定的借鉴意义。     

Exchange rate volatility and regime change: A Visegrad comparison

We analyze exchange rate volatility in the Visegrad Four countries during the period in which they abandoned tight regimes for more flexible ones. We account for path dependency, asymmetric shocks, and movements in interest rates. In addition, we allow for a generalized error distribution. The overall findings are that path-dependent volatility has a limited effect on exchange rate developments and that the introduction of floating regimes tends to increase exchange rate volatility. During the period of flexible regimes, volatility was mainly driven by surprises. Asymmetric effects of news tend to decrease volatility under the floating regime. Interest differentials impact exchange rate volatility contemporaneously under either regime, although we find no intertemporal effect of interest differentials. Journal of Comparative Economics 34 (4) (2006) 727–753.     

论我国商业银行中间业务的发展

随着全球一体化不断深化,中间业务迅速发展,并已成为世界各国银行扩大收入、分散风险的主要手段.由于我国商业银行盈利模式单调,在国际竞争中常处于不利位置.本文主要从中间业务自身特点出发,论述中间业务的发展对我国商业银行的重要性,初步勾画出发展中间业务的总体思路,试图为我国商业银行寻找新的盈利增长点.     

Joint-Product Export Smuggling and Export Tax Policy

The effect of smuggling on tax revenue collection and the revenue-maximizing tax rate is an unresolved issue in the smuggling literature. Clandestine and joint-product smuggling models arrive at different conclusions concerning smuggling's effect on tax revenue collection and the revenue-maximizing tax rate. Clandestine (joint-product) smuggling is consistent with the assumption that legal and illegal trade are substitutable (complementary) activities for the exporting firm. The effect of smuggling on the tax rate and tax revenue is shown to be dependent on whether smuggling and legal trade are assumed to be complementary or substitutable activities.     

人格化交易习俗下我国存款保险制度的现实选择

本文采用历史制度分析方法,论述了我国由于受到人格化交易习俗文化约束,政府信用对市场信用具有重要的替代效应。存款保险制度是由政府提供的一种有别于商业保险的“准公共”保险产品。隐性存款保险制度和显性存款保险制度具有同质性,隐性存款保险制度是我国维持金融体系稳定的一种次优选择。所以我国暂时没有必要引入显性的存款保险制度。     

CLOSED-FORM SOLUTIONS FOR OPTIMAL PORTFOLIO SELECTION WITH STOCHASTIC INTEREST RATE AND INVESTMENT CONSTRAINTS

We examine the portfolio choice problem of an investor with constant relative risk aversion in a financial market with partially hedgeable interest rate risk. The individual shadow price of the portfolio constraint is characterized as the solution of a new backward equation involving Malliavin derivatives. A generalization of this equation is studied and solved in explicit form. This result, applied to our financial model, yields closed-form solutions for the shadow price and the optimal portfolio. The effects of parameters such as risk aversion, interest rate volatility, investment horizon, and tightness of the constraint are examined. Applications of our method to a monetary economy with inflation risk and to an international setting with currency risk are also provided.     

论适度保护关税税率

面对日益加速的经济全球化进程,各国仍然在普遍使用关税措施来保护本国产业的发展.在这方面,发展中国家需要解决的问题是设定一个适度的保护关税税率,以让国内产业既有生存和发展的空间,同时又有足够的竞争压力来提高效率.根据国内与国际平均生产成本的差异来确定保护关税的税率是一个可行的办法.进一步削减关税是我国加入WTO后需要承担的义务,应当按照适度保护关税的原则把平均关税的税率稳定在一个合理的水平上,并根据国内不同产业的发展状况,提供必要而有效的保护.     

Using volume to prove Sperner’s Lemma

We provide a novel proof of Sperner’s Lemma that is intuitive and elementary if certain simple properties of Lebesgue measure are known. The research of A. McLennan is partly funded by the Australian Research Council grant DP0773324. This paper was partly written while he was a member of the Discipline of Economics, The University of Sydney. McLennan also gratefully acknowledges the hospitality of the Economic Theory Center of the University of Melbourne. The research of R. Tourky is partly funded by the Australian Research Council grant A00103450. This paper was partly written while he was a member of the Department of Economics, Purdue University.     

关于固定资产减值问题的思考

固定资产减值的判断与减值损失的确认和计量是一项比较复杂且专业性极强的工作,固定资产减值准备的计提还会影响到折旧的计提,企业要合理使用固定资产减值会计必须拥有优秀的会计师、建立完善的企业法人治理结构和企业内控制度。