Global GDP shares in the 21st century — An equilibrium approach

Using a 9-region model of the world economy, we investigate the implications of the diffusion of total factor productivity (TFP) for global GDP shares during the 21st century. The nine regions are: Africa, Asia (excluding China, India and Japan), China, Europe, India, Japan, Latin America, North America and Oceania. According to our projections, TFP catch-up at a plausible rate implies that the share of the high-income regions will more than halve by 2050 and almost halve again in the subsequent 50 years. These projected shares are little affected by variations in demographic outcomes, saving behaviour and international capital flows, but are reduced substantially should TFP catch-up be slower.     

Power, Development, and Institutional Change: Participatory Governance in the Lower Mekong Basin

One of the central challenges for the multitude of actors concerned with the governance of transboundary river basins is how to produce meaningful mechanisms for promoting the participation of a broad cross-section of actors in resource planning and management decisions. This paper elucidates recent efforts to enhance policies of public participation within the context of governance in the Lower Mekong basin. The paper concludes that while the obstacles to institutionalizing public participation are substantial, some modicum of genuine participation, that may in time contribute to a broader project of transformation, can emerge within intergovernmental development institutions, albeit through surprising means.     

Stigma and Settling Up: An Integrated Approach to the Consequences of Organizational Misconduct for Organizational Elites

In this article, I address the question of the apportionment of the consequences of organizational misconduct to individual members of the organizational elite. I argue that this process can be best understood by marrying the behavioral aspects of stigma theory to the economic mechanisms of ex post settling up. Viewed in conjunction with stigmatization, ex post settling up following organizational misconduct can be seen as the result of attempts to avoid stigma by association. Efforts at stigma avoidance on the parts of various stakeholders produce the diminished social interaction associated with ex post settling up: departure from the focal firm, and loss of seats on other boards. This also suggests that the process of stigmatization, and hence ex post settling up, can be influenced by characteristics of social interaction unrelated to the misconduct itself. Jo-Ellen Pozner’s research addresses the social processes that differentiate what is legitimate from what is illegitimate in organizational practice, and how changing definitions of legitimacy affect organizations and individuals.     

Solving models with external habit

Habit utility has been the focus of a large and growing body of literature in financial economics. This study investigates ways of accurately and efficiently solving the Campbell and Cochrane [1999. Journal of Political Economy 107, 205–251] external habit model. Solutions for this model based on a grid of values for the state variable are shown to converge as the grid becomes increasingly fine. Convergence is substantially faster if the price–dividend ratio is computed as a series of “zero-coupon equity” claims rather than as the fixed point of the Euler equation. Fitting the model to the term structure as well as to equity moments (as in [Wachter, J.A., 2005. A consumption-based model of the term structure of interest rates. Journal of Financial Economics, in press]) also results in faster convergence.     

论地方技术监督部门在西部大开发中职能的强化与开拓

扼要阐述了西部大开发能地方技术监督部门带来的机遇，针对西部开发中的主要内容，提出地方技术监督部门应该着力强化和开拓的领域。     

论我国生产者责任延伸制度的实施

文章从生产者责任延伸制度的内涵出发,深入分析了生产者责任延伸制度的三要素,结合我国当前固体废物的管理现状,论证了实施生产者责任延伸制度的必要性和重要意义,并联系实际,为构建适合我国国情的生产者责任延伸制度体系提出了一些对策和建议。     

高校后勤公司设立中的法律问题

高校后勤法人型公司可以选择多种类型，但有限责任公司是最佳选择，公司股权结构有多种模式，高校应该尽量避免对公司控股；公司股东出资形式有多种，采取现金出资方式，可以满足公司流动资金的需求，避免国有资产的流失；原后勤职工安置的方式有多种，但各有利弊，应因校、因时制宜。     

The Price Impact of Lending Relationships

This study analyzes the impact of bank relationships on a firm's borrowing costs. We find that a firm's borrowing costs decrease with relationship strength, proxied by the share of bank debt provided by the lender. Borrowing costs, however, rise with relationship length. While the increase over time is weak on average, bank‐dependent borrowers face a substantial premium after several relationship years. Switching the lender initially leads to only a small price discount on average. However, the discount is considerable for borrowers that switch and had a strong relationship with their previous lender. Our results suggest that close lending relationships lead to benefits for the firm, but may also imply hold‐up costs in the long term.     

试论我国对外开放新思维

我国的对外开放已经走过了二十多年的历程,取得了巨大成就。本文认为,随着我国经济实力迅速提升,国际地位日益提高,我们应总结、反思和提出新形势下我国的对外开放新战略。文章从政府作用新定位、国内外经济双平衡、引进外资平常心等三个方面探讨了我国对外开放的新思维:政府在制定经济政策时要具有国际经济大视野,要从维护国际规则向制定国际规则转变;要从追求国际收支顺差向追求国际收支平衡转变,实现国内外经济综合平衡;要从大规模招商引资向以平常心对待外商转变,对内外资企业一视同仁,鼓励技术创新。     

析我国外汇占款对冲策略

根据我国的经济运行情况,分析固定汇率、资本流动与货币政策自主的“三元困境”在我国的具体表现。指出在经常项目和资本项目持续顺差的情况下,货币政策与外汇储备增长的矛盾。说明为控制流通中的货币而被动进行的单向对冲操作的成本昂贵,并且是以牺牲货币政策自主为代价的,还易积蕴金融风险,酿致恶性后果。证实了外汇占款对冲策略的不可持久性,为此必须改革现行的固定汇率制度,并放松资本管制。