Money, endogenous fertility and economic growth

This paper analyzes the issue of money superneutrality through an intertemporal optimizing model of capital accumulation with endogenous fertility, i.e. endogenous population growth. Two elements of this setup invalidate money superneutrality: (i) a demand for fertility that depends on real money balances, and (ii) an inverse relation between capital–labor ratio and population growth. Higher monetary growth increases fertility, since it reduces its opportunity cost, and hence diminishes capital intensity, and per capita output. This reverse Tobin effect is matched by an increase in aggregate capital and output growth rates. In this framework, the optimal monetary growth rule is a “distorted Friedman rule”.     

Macroeconomic interdependence under incomplete markets

This paper uses a two-country, flexible-price model with overlapping generations of infinitely lived households to study the role of net foreign asset dynamics in the propagation of productivity shocks. Absence of Ricardian equivalence ensures existence of a unique steady-state level of net foreign assets, to which the economy returns following temporary shocks. Model dynamics are significantly different from those of a setup in which terms of trade movements perform all the international adjustment and net foreign assets do not move. The difference relative to a complete markets economy in which net foreign asset movements play no role in shock transmission is smaller. It is amplified if the substitutability across goods rises and if shocks are permanent.     

我国资本市场存在的制度功能缺陷与对策

我国资本市场是在新旧体制转换中建立起来的，先天就存在着制度和市场功能方面的缺陷，亟需要采取有效应对策略以弥补，使我国资本市场的发展走上正常轨道。     

基于“行为经济学理论”的旅游者行为分析

传统的旅游者行为分析方法,主要是进行定性的分析,将各个因素进行框架分析,而对旅游者行为的影响因素分析深度不够。借助行为经济学的理论和分析方法,从旅游者的心理活动角度入手,注重旅游者的心理变量分析,应用前景理论和心理账户分析旅游者行为,充分考虑了情境因素和体验因素,使得关于旅游者的行为分析更加细化和接近现实生活。     

Competitive effects of Basel II on US bank credit card lending

We analyze the potential competitive effects of the proposed Basel II capital regulations on US bank credit card lending. We find that bank issuers operating under Basel II will face higher regulatory capital minimums than Basel I banks, with differences due to the way the two regulations treat reserves and gain-on-sale of securitized assets. During periods of normal economic conditions, this is not likely to have a competitive effect; however, during periods of substantial stress in credit card portfolios, Basel II banks could face a significant competitive disadvantage relative to Basel I banks and nonbank issuers.     

Capital market trading volume: an overview and some preliminary conclusions

This paper suggests an explanation for the heavy trading volumeobserved on the US capital markets, the world's largest. Heterodoxeconomic theory puts much of this volume down to speculation.Mainstream theory tends to support this thesis, either directlyor indirectly, by giving space to the idea that trading activityis for the most part exogenous to the functioning of the capitalmarkets. The central hypothesis of this paper is that the tradingvolumes observed are an endogenous feature of the capital markets,because they are to a great extent determined by the needs ofthe institutional investors who predominate on these markets.This endogeneity of trading is posited in connection with theemergence of a new ‘core–satellite’ paradigmin institutional investment, a development that essentiallymanifests the asset-management industry's transformation froma small industry serving a few wealthy clients to a mass industryserving large sections of the population.     

施工项目的成本控制--信誉付款

施工企业的资金大都匮乏，由此对施工项目的管理带来了一定的困堆，同时也带来了一定的风险，如何进行施工项目的成本管理，如何降低施工项目管理的风险一直是施工企业管理者关注的问题。     

审计责任与会计责任界定初探

审计责任与会计责任是两个容易混淆的概念。由于目前两种责任界定还不清楚，常常使人们误认为二者可以混同，导致针对注册会计师的审计诉讼案件越来越多。本文从二者的基本概念入手。分析了造成二者混同的原因，并提出了科学界定审计责任和会计责任的几点建议。     

金融资本国际化绩效与条件分析

金融资本国际化一方面促进利率水平提高,从而促进储蓄增加;另一方面影响投资规模和投资效率,进而影响经济绩效。一国实施金融资本国际化的条件可以分为国内条件,即初始条件和对外条件,即可实施条件两个方面。     

市场拥挤、财政支出和税后资本平均产出关系分析

税后资本平均产出的高低对私人部门投资决策产生重要影响,但是我国自1994年分税制改革以来,税后资本平均产出处于不断下降趋势,与此同时,财政支出规模呈不断扩大趋势。本文在财政支出解决市场拥挤框架下分析了财政支出对税后资本平均产出的影响,在理论分析中,说明财政通过增加支出缓解市场拥挤来影响税后资本平均产出,其影响程度由税率、财政支出的产出弹性、市场拥挤程度决定。在实证分析中,计量检验了世界范围内和中国地方政府财政支出对税后资本平均产出的影响,并结合现实对计量结果给予解释。