Public Debt,Terms of Trade and Welfare: The Role of Capital Production Shares,External Balances,and Dynamic (In)efficiency

In view of still large external imbalances across the world economy and dramatically risen public debts in major advanced economies, this paper reconsiders the relationship between public debt, the terms of trade and welfare in a two-good, two-country overlapping generations model with technological differences across countries. We find that the terms of trade effect of a public debt shock depends only on international differences in capital production shares and the dynamic (in)efficiency of the world economy. As in a model with similar capital production shares, domestic welfare rises and foreign welfare decreases when Home has a positive external balance and the Golden Rule holds. Under dynamic efficiency, welfare decreases in the debt-expanding, net foreign creditor country if she has a relatively smaller capital production share, and if the welfare effect through the accumulation channel is negative. In contrast, under dynamic inefficiency she can increase her welfare by debt expansion.     

GDP growth in Russia: different capital stock series and the terms of trade

There are different academic assessments of the principal forces behind Russia’s GDP growth. Studies that reconstruct capital stocks using gross fixed capital formation and the perpetual inventory method find that total factor productivity growth has been paramount to GDP growth. On the other hand, capital services datasets that have recently been made available find that capital developments have been instrumental in driving economic growth. We reconstruct a capital stock series for Russia for 1995–2013 and compare the results to two capital services time series using the Solow growth model. We also take into account terms of trade developments that have lent strong support to Russia’s economy. The terms of trade is shown to have been an important factor behind the development of gross fixed capital formation and thus GDP growth.     

Variable Labor Supply,Terms of Trade Shocks,and Domestic Prices: A Note

This paper develops a two-good, small-country, general-equilibrium trade model with endogenous labor supply, where trade is restricted by a tariff or an import quota. Within this framework, it is shown that, contrary to Anam (1989), under an import quota domestic and world prices may vary in the same direction. This is due to the possibly positive employment effects of terms of trade shocks. In such a case, compared to fixed labor supply, variable labor supply is likely to make the domestic prices less sensitive to foreign price volatility. Received June 13, 2001; revised version received November 14, 2001     

对《物流术语》中托盘概念的商榷

托盘是物流中使用广泛的集装单元器具,在物流系统中发挥着重要作用。本文从我国物流生产中使用的托盘类别介绍入手,分析了在我国广泛使用的五种托盘的结构特点、使用场合和各自优缺点,主要分析和研究了《物流术语》中托盘概念描述的准确之处和欠缺之处,对于物流行业标准提出了质疑,本文必将对进一步准确界定什么是托盘起到积极的推进作用。     

《消法》修改视野下的格式条款浅析

随着社会主义市场经济的发展,格式条款在社会消费领域的使用愈发普遍,对社会经济生活产生了重大的影响。不公平、不合理的格式条款对广大消费者的权益造成了侵害。在消费者权益保护法修改过程中,应当从行政途径和司法途径两个方面加强对格式条款的规制,实现契约自由与契约正义的动态均衡,以更好地保障消费者权益,体现社会公平。     

Option pricing in the presence of natural boundaries and a quadratic diffusion term

This paper uses a probabilistic change-of-numeraire technique to compute closed-form prices of European options to exchange one asset against another when the relative price of the underlying assets follows a diffusion process with natural boundaries and a quadratic diffusion coefficient. The paper shows in particular how to interpret the option price formula in terms of exercise probabilities which are calculated under the martingale measures associated with two specific numeraire portfolios. An application to the pricing of bond options and certain interest rate derivatives illustrates the main results.     

反不正当竞争法及其他

我国现行反不正当竞争法对不正当竞争行为的规定缺少一般性条款,在具体条款的规定上也存在着不完善之处。修改本法可以借鉴建立世界知识产权组织公约以及欧洲国家和美国的先进做法。     

谈国际贸易术语的实际运用

本文针对高职经济类专业学生如何学好《进出口贸易实务》课程强调:理解,不死记硬背和生搬硬套;理论联系实 际;与市场接轨,与"灰领"接轨。     

双差数列的几个性质

讨论了双差数列与周期双差数列的通项公式以及求和公式。     

扩展式卡诺图对多变量布尔函数的化简

本文提出了卡诺图的一种改型结构─—扩展式卡诺图，给出了这种卡诺图的形成规则，讨论了运用护展式卡诺图化简多变量布尔函数的方法。