The New Characteristics of the International Capital Circulation and the Strategic Readjustment of China＇s Utilizing Foreign Capitals

This essay proposes the concrete view that China＇s strategy of utilizing foreign capitals to adjust again on the foundation of explaining new characteristics of international capital circulation, namely, expanding the foreign investments of the service trade, strengthening efforts to attract outside investment of the Midwest, attracting trans-corporation＇s investment, etc., Chinese enterprises actively move towards overseas investment and create the policy environment that can contribute to absorbing the foreign capitals as well as making national economy benefit from it.     

Adjustment Costs,Inventories and Output

This paper analyzes the optimal adjustment strategy of an inventory‐holding firm facing price‐ and quantity‐adjustment costs in an inflationary environment. The model nests both the original menu‐cost model that allows production to be costlessly adjusted, and the later model that includes price‐ and quantity‐adjustment costs, but rules out inventory holdings. It is shown that the firm's optimal adjustment strategy may involve stockouts. At low inflation rates, output is inversely related to the inflation rate, and the length of time demand is satisfied increases with the demand elasticity but decreases with the storage cost and the real interest rate.     

Some Evidence on the Adjustment of Producer Prices*

We document producer price adjustment using a low‐inflation micro price dataset. On average 24% of prices adjust each month, with an average increase/decrease of 6%. Producer prices adjust more frequently than consumer prices, but their size of adjustment is typically smaller. Sectoral heterogeneity in the frequency of price adjustment is strongly related to heterogeneity in the cost structure. Fluctuations in aggregate producer price inflation occur to a large extent through variation in the relative share of upward and downward price adjustment.     

干预行为——经济法中的“法律行为”

在我国法学界,"法律行为"有两种不同含义,一是民法上的含义,意指意思效果行为。这也是法律行为的原初含义。另一是法理学上的含义,意指具有法律效果的行为。经济法的法律行为应采何意?从相关的论述看,多是在法理学意义上使用的。笔者之见,法律行为应回归其原初含义,而最能反映经济法特征的法律行为就是"干预行为",即公共经济组织的"公意"表示及执行行为,包括宏观调控和市场规制行为。     

Political feasibility of structural adjustment in africa: an application of SAM mixed multipliers

The implementation of structural adjustment programs (SAPs) has often been undermined by opposition from politically powerful groups who are favored by existing policies. To assess the political sustainability of SAPs this paper uses social accounting matrices for three African countries to model the income effects of stylized SAPs on different socioeconomic groups. The analysis reveals wide variation in the likelihood for typical SAPs to be acceptable to political elites while generating growth in the rest of the economy. The presence of a rural elite or strong farm-nonfarm linkages can enhance the political sustainability of SAPs.     

The ‘new public management’ and the reform of public services to agriculture in adjusting economies: the role of contracting

This paper outlines the conditions under which contracting of different types succeeds in the provision of public services to agriculture. It observes that performance contracting has been widely attempted in adjusting countries but generally with little success, since it is demanding of resources, flexibility and motivation in government under conditions where these are scarce. Examples are drawn from agricultural marketing. Given the largely private nature of the services to agriculture currently provided by the state, the long-term reform strategy should be market development. Contracting out and management contracting may have a role in this strategy, particularly in better managed adjusting economies.     

Adjustment, Stabilisation and the Analysis of the Employment Structure in Turkey: An Input- Output Approach

The aim of the paper is to examine the effects on employment of the large-scale structural adjustment programme undertaken by Turkey from the early 1980s onwards. In this respect, we particularly analyse how appropriate the choices of factor intensity after structural adjustment programme have been in the domestic production in comparison with the availability of domestic factor endowment. Our findings show that foreign trade in intermediate goods creates extra use of domestic labour, which can be considered as the labour cost of importing intermediate goods. This is the case in the majority of industries in the pre- and post-liberalisation period in Turkey. However, the capacity of using extra labour as a result of importing intermediate goods appeared to have decreased in the post-liberalisation period.     

Do small businesses adjust their capital structure? Evidence from the global financial crisis in Japan

We investigate the extent to which small businesses adjust their capital structures to target levels when their leverage increases substantially during a financial crisis. We examine Japan's Emergency Credit Guarantee (ECG) program during the 2008 global financial crisis. The increased leverage from the use of the ECG program during the crisis increased the probability of default. Additionally, small businesses adjusted their leverage ratios to the target range before the crisis. However, such adjustments were weak during and after the crisis, particularly for target firms in the ECG program.     

中国遭受反倾销的现状分析及法律对策

中国加入世界贸易组织后，外国对我国出口产品的反倾销指控越演越烈，已经成为我国对外贸易发展的实质性障碍。其原因是多方面的，既有我国产业结构自身的原因，也有法规建设滞后、企业应诉消极等原因。我国应对国外反倾销指控的法律对策是应该在WTO法律框架下尽快完善《反倾销条例》和相关的部门法，健全反倾销应诉机制。     

我国公办高校实行股份制改革的法律思考

股份制作为一种新型的高等教育办学模式,有助于解决我国高等教育经费短缺与教育资源不足等问题。本文在分析了我国高等学校特别是公办高校实行股份制的政策和法律依据的基础上,从高校产权界定、教育公益性和资本寻利性的关系、高校法人治理结构等角度,探究了对公办高校股份制改革进行法律规制应注意的问题以及相应的解决办法。