INTRAINDUSTRY SPECIALIZATION AND THE UNITED STATES–CENTRAL AMERICA–DOMINICAN REPUBLIC FREE TRADE AGREEMENT

This paper examines changes in intraindustry specialization indicators over the 1992–2004 period to assess the potential for structural adjustment problems that may arise in the United States with growth in trade resulting from the United States–Central America–Dominican Republic Free Trade Agreement (CAFTA‐DR) between the United States and six Central American countries—Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica, and the Dominican Republic. CAFTA‐DR will expand market access for US exporters. Few US industries are likely to encounter structural adjustment problems. Given the relatively large size of the US economy, and the small number of industries that face potential adjustment pressures, the United States should have liberalized all trade immediately. When potential adjustment pressures are indicated, long tariff phaseouts, complex rules of origin, and import safeguards are used to delay factor adjustments in import‐sensitive industries.     

Rice Price under Pressure

Early in April, the FOB (Free on Board) value of rice exported from Bangkok, Thailand, the biggest rice exporter of the world, surged to a new high of US$730per ton, representing an increase of 70 percent in recent years, and setting a new record over the past 34 years of Thailand rice exports.     

Trade liberalization and industrial restructuring through mergers and acquisitions

This paper analyzes mergers and acquisitions (M&As) as a channel of industrial restructuring after trade liberalization. Using the Canada-United States Free Trade Agreement (CUSFTA) of 1989 as a source of exogenous variation in trade barriers, I show that trade liberalization increased domestic Canadian M&A activity (Canadian firms buying other Canadian firms) by over 70%. There is no robust link between tariff reductions and either domestic U.S. or cross-border M&As. I also provide evidence that domestic M&As transferred resources from less to more productive firms and that the magnitude of the overall transfer was quantitatively important.     

The Location of Comparative Advantages on the Basis of Fundamentals Only

We propose a new way to locate the comparative advantages of two economies linked by international trade. We construct a competitive benchmark based only on the fundamentals of the two economies: endowments, preferences and technologies. The direction of trade is endogenously determined by a linear program with an input-output core. The factor contents of that trade are compared with factor endowments to test the Heckscher-Ohlin model in the presence of different technologies and preferences. We can also evaluate the gains of free bilateral trade. The model is applied to a customs union between Europe and Canada. The Heckscher-Ohlin factor abundance specialization hypothesis is supported by the data.     

自由现金流、控制结构与投资——对A股和香港上市公司的比较研究

文章从控制结构和市场环境角度对A股和香港上市公司的投资—现金流敏感性作了比较研究。本文的研究发现,A股和香港上市公司的投资与自由现金流存在显著的正相关关系。控制结构是投资—现金流敏感性的影响因素,多数制衡控制、多数独占控制和少数状态依存控制结构的投资—现金流敏感性依次增加。处在不同的市场环境中,投资—现金流敏感性水平也会表现出差异。香港本地股的投资与自由现金流之间的相关关系最强,其次为A+H股和A股。     

城乡要素自由流动促进新发展格局形成的路径研究

城乡要素自由流动是畅通国民经济循环、构建“双循环”新发展格局的内在要求。从需求端看,城乡要素自由流动既有利于劳动力等要素流向城市、推进新型城镇化;也有利于高端要素回流乡村,激发乡村蛰伏的发展潜能、促进乡村振兴,从而为构建“双循环”新发展格局拓展新的内需空间。从供给端看,城乡要素自由流动有利于畅通生产、分配、流通和消费各环节,平衡城乡要素结构,提升要素配置效率,为构建“双循环”新发展格局培植新动能。因此,要发挥“有效市场”在要素配置中的决定性作用,深化城乡要素市场化配置改革,消除阻碍城乡要素自由流动和高效配置的各种体制障碍,打通“双循环”新发展格局中城乡要素流动的关键堵点。要发挥“有为政府”在乡村基础设施和政策体系制度供给中的作用,深化户籍、土地等制度改革,使城乡人口流动摆脱户籍制约,构建城乡统一的建设用地出让机制。要加大对要素返乡的支持力度,全面推进城乡新型基础设施建设,为形成“双循环”新发展格局提供有力的要素支撑。     

建立中国-东盟自由贸易区对海南旅游业的影响及对策

中国——东盟自由贸易区的建立，对在旅游资源和旅游产品上与东盟各国较为接近的海南旅游业来说，不可避免地会受到较大影响。本文通过对海南旅游业现状及自由贸易区建立后对海南旅游业的有利与不利因素的比较分析，提出海南旅游业应立足于国内市场，实施创新战略来面对挑战。     

巨灾债券与巨灾保险风险分散

巨灾债券,作为一种债权合同,相对于巨灾再保险而言,虽然是一个两极端产品,但在分散风险方面具有其不可比拟的优势。在大额损失时,巨灾债券是巨灾再保险的一种很好的替代产品。另外,巨灾风险债券的发行对巨灾再保险免赔额具有积极影响。     

The Effect of Industry Concentration on Free Riding

The conventional wisdom regarding industry concentration and cooperative behavior has not been fully supported by the empirical literature. This paper develops a game-theoretic model to explain these mixed results. In the context of an industry that lobbies the government for tariff protection, the model shows that the difficulty of enforcing a cooperative agreement is a function of not only the number of firms in the industry but also the rate of return to lobbying. Thus, when the rate of return to lobbying expenditures is high, the expected relationship may break down.     

宣贯SY／T6143—1996应当注意的几个问题

本文概括性地介绍了修订SYL04-83的技术背景和新标准的主要特点,同时也较为详细地阐述了该标准在宣贯过程中的几个常见问题及其解决办法.