North–South terms‐of‐trade trends from 1960 to 2006

The composition of exports of developing countries is increasingly dominated by manufactured goods. This has not changed the fact that their major trading partners continue to be the developed countries. In order to properly assess the distribution of gains from trade, there is a pressing need to analyze the movements in the terms of trade of developing countries with respect to the developed ones. A statistical analysis of the North–South terms of trade reveals that the terms of trade have turned against the South since the 1960s. However, the terms‐of‐trade deterioration is neither continuous nor evenly distributed over different country groupings. The existence of a structural break in the mid‐to‐late 1970s together with the greatest adverse terms‐of‐trade movements against the highly indebted and least developed countries attest the discontinuity and unevenness of this process.     

(De)Politicization Dynamics in Public–Private Partnerships (PPPs): Lessons from a comparison between UK and Flemish PPP policy

This article analyses the (de)politicization dynamics in complex and technical matters like public–private partnerships, which is necessary given its social impact and budgetary consequences for the years and generations to come. The global financial crisis provides an excellent window of opportunity to present this argument, because PPP policy needs to reinvent itself. We argue that PPP policy needs to be (re)politicized at the broader societal and discursive levels, which means that their public nature is recognized and that policy alternatives are debated in the public forums. The ‘Private Finance Initiative’ reassessment process in the UK may serve as an example.     

服务出口与实际汇率动态关系分析:基于美国数据的考察

基于代表性家庭追求效用最大化,文中构建了一个由外国实际收入、汇率水平、货物出口以及经GARCH(1,1)模型估计所得条件方差作为汇率风险代理变量组成的服务出口方程.采用自回归分布滞后估计方程参数,并将汇率变动影响货物出口进而传导至服务出口的间接效应纳入分析框架.估计结果显示,汇率水平变动与服务出口之间存在负相关关系,而...     

Explaining the accounting disclosure index of stock exchanges by foreign exchange market activity

In this article, researcher-created accounting disclosure index of 23 stock exchanges for the year 1992 and its relationship with variables including foreign exchange turnover, economic and financial indicators were investigated. The accounting disclosure index of global stock exchanges crafted by Adhikari and Tondkar (1992) was regressed on foreign market turnover which was utilized as a proxy for foreign exchange market activity. The OLS results supported that along with the activity of foreign exchange market; GNI per capita, market capitalization, energy and electric consumption, number of listed companies were significantly related with the accounting disclosure index. The foreign market turnover was found to be positively influencing the accounting disclosure index. The models explained about 73% of the variation in the index with an F-ratio of 26.56 indicating the overall significance of the model.     

澳洲多元文化共融对义乌的启示

随着国际贸易的不断发展,义乌多元文化交流格局已形成,且现阶段义乌在政治管理、经济、文化教育生活等多元文化交流活动中取得了一系列的成就,但毫不借鉴外国多元文化政策的宝贵经验仅凭自身不断摸索涌现出来的不和谐因素也是不能忽视的。澳洲政府所推行的一系列多元文化政策在澳洲获得了成功实践且蜚声国际,这对义乌多元文化建设借鉴意义重大。     

货币性外汇储备资产的多层次优化配置

在中国拥有巨额外汇储备并急需寻求储备资产管理模式创新的背景下,本文以货币性外汇储备和资本性外汇储备的划分为前提,将多层次、系统的管理思想引入到外汇储备资产优化配置中。通过构建基于多层次需求的货币性外汇储备币种结构优化的AHP模型,测算出外汇储备货币性资产的最优币种权重。在币种结构确定的基础上再建立修正的资产结构优化AHP模型,并最终计算出货币性资产权重,从而实现了币种结构和资产结构优化的真正结合。研究结果表明：美元在币种权重中的领导地位还难以撼动,货币性存款在资产组合权重中也具有明显优势。因此,在货币性资产优化配置中,不宜将币种盲目多样化,同时应充分考虑货币性储备资产的功能和特性,选择流动性强、安全性高的金融资产。     

人民币汇率定价的逆周期因子：启用时间、驱动因素与实施效果*

本文对2017年5月—2019年9月期间人民币汇率定价过程中逆周期因子的使用进行了测算,并构建非限制性VAR模型分析了中国央行两次启用逆周期因子的驱动因素和实施效果。研究发现：第一,相对于官方公布时间,两次逆周期因子调节均呈现出提前开始和滞后结束的情况,且调整幅度呈现逐渐收窄的趋势;第二,第二次逆周期因子的调节幅度大于第一次;第三,人民币汇率波动是第一次逆周期因子调节的主要驱动因素,而离岸在岸汇价差和汇率政策不确定性是第二次逆周期因子调节的主要驱动因素;第四,两次逆周期因子调节均对人民币汇率波动产生了抑制作用,但加剧了离岸市场人民币贬值预期。     

Are you really doing good things in your boss's eyes? Interactive effects of employee innovative work behavior and leader–member exchange on supervisory performance ratings

Organizations increasingly depend on employee efforts to innovate. However, the quality of relationships between leaders and employees may affect the recognition that employees receive for their innovative work behaviors. Drawing from a social cognition perspective, we tested a model in which leader–member exchange (LMX) moderates the impact of employee innovative work behavior on supervisory ratings of employee performance. Results from two multisource studies combining self, colleague, and supervisor ratings consistently showed that employees receive more favorable performance ratings by engaging in innovative work behavior when they have high‐quality LMX relationships. Moreover, we found that this interactive relationship was mediated by leader perceptions of innovative employee efforts, providing support for a moderated mediation model. Implications for the literatures on performance appraisal, LMX, and innovation are discussed.