我国金融消费者权益保护的法律规制思考

本文介绍了有关国家和国际组织金融消费者保护方面的成功经验,认为我国应在借鉴相关经验基础上,有针对性地加强法律规制,建立有效的金融消费者保护法律体系,完善保护机制,切实提高我国金融消费者保护水平。     

基于制度变迁的美国股票市场有效性分析

美国股票市场从最初的试点性交易到规范化改革,经历了一系列的制度变革。本文主要通过对美国股票市场及其相关制度发展进行概括,运用分形市场理论对股票市场指数进行分析,通过对不同时期市场有效性的实证分析对比得出美国股票市场仍然具有分形特性,并且在某些特定时期甚至处于无效率的状态,但是,此种状态随着制度变迁不断改善,市场有效性不断提高,越来越接近有效市场;同时还验证了美国股票市场的波动与制度变迁具有密切联系的结论,这对于探讨我国股票市场的有效性有一定的借鉴意义。     

危机后影子银行的国际监管改革及对我国的启示

本轮金融危机的爆发表明,影子银行天生具有的表外性、高杠杆性和证券化运行机理,一旦疏于监管就极易引发系统性风险和法律风险。危机后国际金融监管组织和美英欧等各大经济体纷纷出台强化影子银行监管的金融监管改革法案。我国应结合自身情况,探索和构建适合我国金融业发展实际的影子银行监管制度。     

Trade and regional growth in Spain: panel cointegration in a small sample

In this article, we test for the existence of a relationship between per capita Gross Domestic Product (GDP) and trade, for 15 Spanish Autonomous Communities between 1988 and 2004, using a panel cointegration methodology. In particular, we implement several panel unit root tests (Maddala and Wu, 1999; Levin et al., 2002; Im et al., 2003) and panel cointegration tests (Pedroni, 1999, 2004), with a special attention to their behaviour in a small sample. We also develop a Seemingly Unrelated Regression Estimation (SURE) residual based test, in order to explicitly take into account the cross regional correlation pattern. Appropriate confidence intervals are estimated with a sieve bootstrap designed for our small time sample, preserving the dependence structure among cross sectional units. Our cointegration tests reject the existence of a significant relationship between GDP per capita and exports. However, we do find some evidence of a significant relationship between GDP per capita and imports or with total trade.     

绿洲城市土地利用变化驱动机制分析——以新疆奎屯市为例

绿洲城市土地利用变化驱动机制的研究对于揭示其土地利用变化的原因、内部机制、基本过程以及优化都起着至关重要的作用。本文借用主成分法,从自然和人为两个角度对新疆典型绿洲城市奎屯市的土地利用变化驱动机制进行深入探讨,最终得出:自然因素和人为因素中的经济技术因子、政策制度因子是奎屯市土地利用变化的主导驱动因素,它们直接或间接地制约和影响着研究区域的土地质量、土地利用数量、土地利用结构及土地利用程度的变化。     

Job preferences as revealed by employee-initiated job changes

Many previous studies try to discover job preferences by directly asking individuals. Since it is not sure whether answers to these surveys are relevant for actual behaviour, this empirical examination offers a new approach based on representative German data. Employees who quit their job and find a new one compare the two jobs with respect to eight job characteristics: type of work, pay, chances of promotion, work load, commuting time, work hour regulations, fringe benefits and security against loss of job. It is argued that the observation of many improvements (and few declines) for a certain attribute indicates a particular relevance and high preference for this attribute. It turns out that pay and type of work are most important for employees in this sense. Differences across subgroups of employees with respect to individual characteristics, such as sex and age, are explored. Those between East and West Germany diminish over time.     

Are consumers more rational and informed purchasers during recession periods? The role of Private Labels and retailing strategies

This paper aims to investigate how economic crisis changes consumer behaviour and mass retailers’ strategies, the interrelationship of these changes, and how Private Labels (PLs) can influence and be used in this process. The authors analysed data collected from 535 consumers and carried out statistical processing (ANOVA, cluster, etc.) to detect changes in the selection of the retailer, potential variations in the selected brand for various categories of food and non-food products, changes in preparation activities and behaviours prior to and during the purchase (leaflets, internet, promotions, coupons, etc.). Results indicate that consumers have noticeably moved to discount and ELP-based retailers, to PL products, increased the use of Internet to prepare and make purchases and, furthermore, they feel good with the decisions they’ve taken even after the recession, and want to continue doing so. The rising sales of discounters and PLs confirm that economic crisis boosts changes both in consumer behaviour and the retailing sector. Findings highlight the importance of some retailers’ strategies to face adverse economic situations and how PLs can be used as game-breakers, as they are preferred by consumers in these situations.     

Modeling the volatility of real GDP growth: The case of Japan revisited

Previous studies [e.g., Hamori, S., 2000. Volatility of real GDP: some evidence from the United States, the United Kingdom and Japan. Japan and the World Economy 12, 143–152; Ho, K.Y., Tsui, A.K.C., 2003. Asymmetric volatility of real GDP: some evidence from Canada, Japan, the United Kingdom and the United States. Japan and the World Economy 15, 437–445; Fountas, S., Karanasos, M., Mendoza, A., 2004. Output variability and economic growth: the Japanese case. Bulletin of Economic Research 56, 353–363] find high volatility persistence of economic growth rates using generalized autoregressive conditional heteroskedasticity (GARCH) specifications. This paper reexamines the Japanese case, using the same approach and showing that this finding of high volatility persistence reflects the Great Moderation, which features a sharp decline in the variance as well as two falls in the mean of the growth rates identified by Bai and Perron's [Bai, J., Perron, P., 1998. Estimating and testing linear models with multiple structural changes. Econometrica 66, 47–78; Bai, J., Perron, P., 2003. Computation and analysis of multiple structural change models. Journal of Applied Econometrics 18, 1–22] multiple structural change test. Our empirical results provide new evidence. First, excess kurtosis drops substantially or disappears in the GARCH or exponential GARCH model that corrects for an additive outlier. Second, using the outlier-corrected data, the integrated GARCH effect or high volatility persistence remains in the specification once we introduce intercept-shift dummies into the mean equation. Third, the time-varying variance falls sharply, only when we incorporate the break in the variance equation. Fourth, the ARCH in mean model finds no effects of our more correct measure of output volatility on output growth or of output growth on its volatility.     

构建农业合作经济组织若干基础的思考

农业合作经济组织是建立在相关的经济、文化、法律、制度等基础之上的,分析把握现阶段这些基础的基本状况．从中寻找出影响其发展的有利条件和不利因素,有针对性地采取措施,扬长补短,对于促进农业合作经济组织的健康快速发展,充分发挥其在农业产业化、提高农民组织化程度方面的作用以及加快“三农”问题的解决有重要的意义。     

企业的组织边界：基于不同理论视角的重新审视

企业边界理论是21世纪企业管理研究的一个重要领域。众多研究文献对企业边界的界定和分类有较大的差异。文章分别从交易费用理论、企业能力理论和组织认同理论这几个不同的理论视角重新审视效率边界、能力边界和认同边界三种不同的边界视角,主要以法定边界作为参照,研究三种企业边界的确定标准;并对三种边界的未来发展趋势提出了看法。