The welfare impacts of a revenue-neutral switch from tariffs to VAT with intermediate inputs and a VAT threshold

The debate about replacing tariffs with value-added tax (VAT) in developing countries has paid little attention to the role of VAT as an input tax on the informal sector and has overlooked the usefulness of changing the VAT threshold in a revenue-neutral switch from tariffs to VAT. This paper contributes to the literature by addressing these two issues via a heterogeneous firm model of a small open economy with endogenous firm entry and VAT compliance. The results found indicate that the VAT collected on intermediate inputs consumed by the informal sector not only reduces the benefits of evading VAT, but also diminishes the production distortion between the formal and the informal sectors. The use of a change in the VAT threshold to offset lost tariff revenue leads to welfare gains; however, the source of such gains is different from that of a change in the VAT rate. While an increase in the VAT rate expands informality, a revenue-equivalent decrease in the VAT threshold reduces informality. These novel results suggest that the VAT threshold plays an important role in the design of revenue-neutral tax reforms.     

Contextualizing the Intermediate Financial Accounting Courses in the Global Financial Crisis

This paper represents an attempt to incorporate concepts and issues stemming from the global financial crisis (GFC) into the typical Intermediate Accounting, two-course sequence as taught in North American colleges and universities. The teaching approach which the authors advocate embeds the GFC throughout these courses. The main expected outcome from this project is a greater appreciation on the part of the accounting and finance majors that other business disciplines ‘matter.’ Put differently, those disciplines, including economics, banking, and management, interface with accounting and finance. Therefore, to understand accounting, students must be conversant with the other disciplines. The principal interrelating concepts we cover in this approach are as follows: capital maintenance, liquidity, solvency, financial leverage, efficient market hypothesis, transparency in disclosure, derivatives, fair valuation, moral hazard, and ethics.

Editor's Note : The continuing repercussions of the GFC were felt on the day when the final version of this paper was submitted (8 August 2011) due to Standard & Poor's downgrading the credit rating of the USA for the first time ever (from AAA to AA+) and this, coupled with problems relating to financial stability across the Eurozone, triggered huge falls on stock markets throughout the world.     

旅游饭店中级职业经理人胜任特征模型研究

研究在文献分析和行为事件访谈基础上,设计旅游饭店中级职业经理人胜任特征调查问卷,对南京市旅游饭店中级职业经理人群体实施抽样调查,采用探索性因子分析和验证性因子分析方法探索和检验胜任特征模型的合理性和有效性。探索性因子分析结果表明,旅游饭店中级职业经理人的胜任特征由"沟通与团队建设"、"职业道德与特质"、"自主学习力"、"自我控制和执行力"、"管理思维"五个维度22个特征要素构成;验证性因子分析表明,"沟通与团队建设"、"职业道德与品质"、"自主学习力"、"自我控制和执行力"、"管理思维与工作绩效"的标准化路径系数分别为0.60、0.50、0.48、0.60、0.59,模型能够预测和反映工作绩效。     

Vertical Specialization and International Business Cycle Synchronization*

We explore the impact of vertical specialization—trade in goods across multiple stages of production—on the relationship between trade and business cycle synchronization across countries. We develop an international business cycle model in which the degree of vertical specialization varies with trade barriers. With perfect competition, we show analytically that fluctuations in measured total factor productivity are not linked across countries through trade. In numerical simulations, we find little dependence of business cycle synchronization on trade intensity. An extension of the model to allow for imperfect competition has the potential to resolve these shortcomings.     

Exporting versus Direct Investment under Local Sourcing

This paper examines a setting where foreign direct investment (FDI) shifts demand for an intermediate good from the source to the host country. A domestic and a foreign firm choose between exports or FDI, always sourcing the intermediate locally. We show that by increasing the price of the intermediate, outward FDI can act as a cost-raising strategy for a firm and that attracting FDI can raise host country welfare. Two-way FDI is the equilibrium when the countries have similar market sizes. However, such FDI reduces global welfare relative to two-way exporting since it eliminates indirect competition between suppliers. JEL no. F12, F13, F23, L13     

货币政策中介目标选择的理论研究与实践

货币政策中介目标在货币政策传导机制中处于非常关键的位置,货币政策中介目标的选择在理论和实践中都是一个十分重要的问题。本文讨论了货币政策中介目标的选择标准,货币政策中介目标选择的理论,然后通过对国外中介目标选择实践的考察,分析了中国中介目标选择的理论争论和实践,最后讨论了一国货币政策中介目标的选择主要应考虑的几个因素。     

论商业银行发展中间业务

商业银行中间业务的发展在欧美国家发展迅速,而我国才刚刚起步。这种状况对我国银行业来讲,既是机遇,也是挑战。笔者试从我国商业银行开展中间业务的现状、制约我国商业银行发展中间业务的主要因素、我国商业银行发展中间业务应对策略等三个方面探索发展我国商业银行发展中间业务的方法,研究、设计适合我国客户的金融产品,以增强我国商业银行的创新能力和国际竞争力。     

我国商业银行面临的主要问题及解决对策

目前，我国商业银行发展迅速，初步形成了银行体系，同时经营范围扩大，资金规模增加标志着银行发展进入了全新的时代。但不容忽视的是，我国商业银行面临着诸多问题亟待解决，在金融市场逐步对外开放的背景下，机遇与挑战并存。只有解决存在的问题，全面提升银行的实力才能使银行得到全面发展。     

最终需求侧中国工业环境效率测算及影响因素分解

本文基于WIOD数据库的数据,引入投入产出法测算了中国工业行业最终需求侧环境效率以及中 国分行业对工业总体环境效率变动的贡献度,对分行业环境效率变动进行了增加值系数效应 、中间需求效应、排放强度效应3种影响因素的SDA分解。得出结论：中国环境效率较低,改 善环境质量刻不容缓;食品、饮料和烟草制造业等5个行业环境效率相对较低;对整体效率 贡献率大的行业,有电气机械及器材制造业,通信设备计算机及其他电子设备制造业,交通 运输设备制造业;1995～2009年环境效率变动中排放强度贡献率最大,增加值系数和中间需 求贡献较小甚至为负。最后从行业层面提出了改善环境效率的政策建议。     

高校预科初、中级阶段写作课教学探索与实践

提高少数民族学生的汉语写作能力意义重大,而预科初、中级阶段的写作课教学又有其自身的特点。本文从教学目标、教学内容及教学方式等方面探讨如何开展对预科初、中级阶段的写作课教学,以期引起汉语教学界对预科阶段写作课程教学的重视,不断改革和创新教学方法。