对我国上市公司计提无形资产减值准备的实证分析

通过对2001-2003年上市公司计提无形资产减值准备的实证研究,分析了我国上市公司计提减值准备的具体情况,尤其是在会计政策变更当年准备的计提情况和以后年度的表现,发现上市公司有利用无形资产减值准备进行盈余管理的动机,并指出了无形资产减值准备今后应规范的问题.     

当前人民币汇率升值压力解析--从国际收支状况所进行的分析

本文从国际收支的角度对当前人民币面临的升值压力进行了分析,认为在我国目前情况下,外汇储备的管理重在结构而非单纯是总量,并从建立和完善调节国际收支的市场机制和管理体制等方面,提出了缓解人民币升值压力的对策建议.     

市场结构、汇率转嫁与出口

汇率变化是影响出口贸易的重要因素。在传统的国际贸易理论中,虽然对汇率变化影响出口贸易的机制进行了详细分析,但它没有考虑到市场结构的影响。本文从市场结构的角度出发,分析在不完全竞争的市场结构下,拥有市场势力的企业的决策怎样影响到汇率的变动和产品的出口。本文的研究结果表明,在不完全竞争的市场结构下,汇率转嫁是不完全的,因此,只有大的持久的汇率贬值或升值才会对出口贸易量产生明显的效应。     

外资进入对本土企业风险承担的影响：资本逐利还是风险规避

外资自由化作为我国资本市场开放的重要内容,在促进境内外资本要素互联互通的同时,也深刻影响着微观企业行为。以我国2007—2017年A股上市公司作为研究样本,实证检验外资进入对我国本土企业风险承担的影响。研究发现：外资进入能够显著提升企业的风险承担水平。进一步地,外资进入对企业风险承担的促进效应在融资约束严重、股权集中度更高和市场化进程缓慢地区的企业中更加显著。此外,在不同资本市场开放水平,外资进入对企业风险承担的作用存在明显差异。     

Economic liberalization and welfare in a model with an informal sector

The paper reexamines the conventional results relating to inflow of foreign capital, removal of protectionism and structural reform programmes, in a small open economy in terms of a two-sector general equilibrium model with an informal sector. The paper shows that in the presence of labour market distortion and a protectionist policy, inflow of foreign capital may be desirable irrespective of the pattern of trade of the economy due to its favourable impact on welfare. But the welfare implications of tariff reductions and/or structural adjustment programmes, such as deregulating the formal sector labour market, depend crucially on the economy's trade pattern. The paper provides an answer to the question as to whether in a developing economy labour market reform and tariff reform should go hand-in-hand or whether one should precede the other for welfare improvement.
JEL classification: F10, F13, F21, O17.     

汇率决定理论的新近发展:文献综述

传统汇率决定理论对于现实经济中汇率实际变动情况的解释能力十分低下.20世纪80年代以来,学术界不断寻求突破,以期为汇率如何决定这一基本命题提供更为合理的解释.在这一过程中,不断有新的文献出现,从不同的方面对传统的汇率理论进行补充、发展和替代.鉴于此,本文试图对汇率决定理论的新近发展进行梳理和介绍,借以为国内经济学界研究汇率决定问题提供一个理论参考.     

我国绿色食品出口贸易中存在的问题及对策探析

20世纪90年代以来,绿色食品贸易在全球兴起并已成为人类社会可持续发展的必然选择。然而,尽管在国内绿色食品生产日益社会化、市场化、国际化的背景下,我国绿色食品已经呈现出蓬勃发展的良好态势,但出口数量和出口规模还是偏低。本文在分析我国绿色食品出口中存在的问题及原因的基础上,探索相应的对策,以期为我国绿色食品竞争优势的提升提供有益的思路。     

The Real Equilibrium South African Rand/US Dollar Exchange Rate: A Comparison of Alternative Measures

This article indicates how different measures of the real exchange rate, i.e., the exchange rate adapted for cost inflation, price inflation and labour costs, influence the equilibrium view and misalignment of the South African rand/US dollar exchange rate. The approach followed is based on the behavioural equilibrium exchange rate approach by Clark and MacDonald (1998), where the exchange rate is influenced by a number of fundamental and transitory factors. The real equilibrium exchange is estimated by using a single equation regression and a number of key explanatory variables. To determine the long-run relationship a Vector Error Correction Mechanism is used.     

The long-run effects of the real exchange rate on employment and wages in Canadian manufacturing

ABSTRACT

The literature on real exchange rate effects on the labour market is dominated by short-run analysis showing that there is heterogeneity in the responses of firms or industries to a real exchange rate shock. Analysing data on Canadian manufacturing industries, I conclude that there is a common long-run equilibrium across all manufacturing industries controlling for their openness to trade after varying adjustments to a real exchange rate shock have taken place. This conclusion is important from the perspective of policy making because it helps to form expectations about the effects of a real exchange rate movement on the labour market. The results suggest that real appreciation leads to economically significant reductions in employment in manufacturing in the long run. Real wages decrease in industries that are highly engaged in international trade and somewhat increase in industries that are relatively closed to international trade. Both employment and real wages converge quickly to the long-run equilibrium.     

On wage- and profit-led demand regimes: learning from the evidence

Abstract

This paper contributes to the empirical research around the “wage-led” or “profit-led” demand regimes. It first reviews how Kalecki, and then Steindl, approached the relationship between economic growth and income distribution. Then, empirical analysis carried out under the probabilistic approach to econometric modeling shows statistical evidence, estimated through cointegration analysis, that in the long run, in three very open economies—Mexico, France, and Korea—the wage share is positively associated with demand and output. It finally discusses the macroeconomic dilemma that almost all countries have to face, i.e., a positive effect of a high-wage policy on demand and employment may diverge from a negative effect on output compatible with external equilibrium.