中国货币政策区域效应差异及其原因研究——结构VAR模型下的实证分析

对于中国这样一个地域广阔、经济发展日渐不平衡的国家来说更应该重视货币政策区域影响的差异问题。采用2000年4月至2005年12月期间的月度数据,运用结构VAR模型和脉冲响应函数,通过对中国东、中、西三大经济区域的货币政策效应的实证研究表明,尽管货币政策对三大经济区域的影响方向相同,但是在影响程度以及滞后期的表现上仍然存在明显差异,区域间的产业结构、企业规模及产值构成等方面的差别能够在一定程度上给予解释。     

Consequences of further opening of the Korean dairy market

This paper develops a simulation of Korean dairy policy that is tailored to the data, institutions, and policies in South Korea. It compares potential effects of changes in trade and domestic policy to baseline projections to 2015. Beverage milk continues to be supplied from domestic sources, implying imports compete in the manufacture of tradable products. We model manufactured dairy product supply, demand, and trade on a milk fat and non-fat-solid component basis reflecting product fungibility over the 10-year horizon used for our trade policy analysis. We find that if the domestic price support is removed with no change in trade policy, the market price of raw milk falls by about 2% and raw milk production declines by 4.5%. Under substantial tariff cuts of 30–40% with no effective change in domestic dairy policy, Korean fat and non-fat-solid prices fall by 7% and 11%, fat and non-fat-solid imports rise by 9% and 7% and Korea raw milk production falls by about 2% relative to the baseline. Prices of Korean farmer-owned dairy inputs, labor, and capital fall by about 1%.     

会计政策选择问题探讨

本文从对会计政策的涵义论述出发,阐述了企业会计人员应如何选择会计政策,如何披露会计政策.     

THE PRICE LEVEL, THE QUANTITY THEORY OF MONEY, AND THE FISCAL THEORY OF THE PRICE LEVEL

This paper examines price‐level determination from the perspective of portfolio choice. Arbitrages among money balances, bonds, and investment goods determine their relative demands. Returns to real balance holdings and after‐tax returns to investment goods determine the relative values of nominal and real assets. Because expectations of government policies ultimately determine the expected returns to both nominal and real assets, the price level depends on interactions among current and expected future monetary and fiscal policies. The quantity theory and the fiscal theory emerge as special cases produced by restricting both the margins and the policies considered.     

Growth empirics with institutional measures for transition countries

This paper investigates the importance of institutions as a determinant of growth and foreign direct investment (FDI) in 25 transition countries for 1990–1998. It introduces some novel institutional measures, performs extensive sensitivity tests, and checks for reverse causation. Estimation results suggest that state institutions in particular are quite robustly important for growth and FDI. The relationship between institutions and growth is likely to be a causation, that between institutions and FDI less so. The significance of macroeconomic stabilization and liberalization is also confirmed, but multicollinearity problems make it impossible to properly judge their importance relative to that of institutions.     

Political entrepreneurship and bidding for political monopoly

An analytical framework for dealing with political entrepreneurship and reform is proposed which is based on some new combinations of Schumpeterian political economy, an extended version of Tullock's model of democracy as franchise-bidding for natural monopoly and some basic elements of New Institutional Economics. It is shown that problems of insufficient award criteria and incomplete contracts which may arise in economic bidding schemes, also – and even more so – characterise political competition. At the same time, these conditions create leeway for Schumpeterian political entrepreneurship. The same is true for various barriers to entry in politics. These barriers affect a trade-off between political stability and political contestability which will be discussed with special emphasis on incentives and opportunities for political entrepreneurship in the sense of risking long-term investments in basic political reforms.     

Context sensitive policy instruments: A multi-criteria decision analysis for safeguarding forest habitats in Southwestern Finland

Environmental and conservation decisions are often complex, which results in complexity also in policy assessments. Conservation decisions have implications for different stakeholders and typically draw on multidisciplinary knowledge bases, incorporating natural, physical and social sciences, politics and ethics. Multi-Criteria Decision Analysis (MCDA) is a potentially important tool for supporting conservation policy decisions. This article reports a spatially referenced MCDA of policy instrument scenarios for conserving forest biodiversity in Southwestern Finland. The effects of the realistic policy instruments designed in dialogue with stakeholders included voluntary permanent conservation, enforced spatially concentrated permanent conservation, voluntary permanent conservation with active nature management, and voluntary temporary conservation. These instruments were compared by combining forest-owner survey, MCDA and ex ante impact evaluation. The main objective was to find the forest biodiversity conservation instrument that would produce the highest total benefit. The effects of the different instruments were evaluated with ecological, economic, social, and institutional criteria after a 20-year time period. The results showed minor differences between the instruments, with voluntary permanent and voluntary temporary conservation producing the largest total benefit. Despite the small differences, the analysis was robust in showing that voluntary instruments were more favourable than enforced permanent conservation.     

科技政策研究机构演进、图景与特征：基于37个机构的分析

在分析科技政策研究机构历史演进特征的基础上，选取国内外37个具有权威性和代表性的科技政策研究机构，分别从机构独立性、战略定位、机构职能、研究概况、出版物、组织结构、人员构成、经费来源8个维度对其发展情况进行整体描述，并从与隶属部门关系、自身研究特色及机构影响力3个方面概括其基本特征。     

货币传导异质性与实体经济流动性配置的“马太效应”

货币政策支持实体经济高质量发展的关键在于疏通货币政策传导机制,引导流动性进入重点领域和薄弱环节,因此货币资金的配置效率至关重要。本文基于交互效应面板分位数回归,测度货币政策对实体企业流动性的异质性效应。研究发现:在样本期内,实体经济流动性配置陷入了资金越充裕的企业越易于获得融资,越易于获得融资的企业资金越充裕的窘境。这种流动性配置的“马太效应”具体表现为,货币政策对尾部企业的支持力度不及头部企业的一半;虚拟经济对尾部企业的“分流效应”高达头部企业的3倍,从而强化了流动性配置的失衡。因此,当前密集出台的一系列普惠政策有助于提升流动性配置效率,进一步完善调控模式的关键在于健全现代化金融体系,增强货币政策的靶向性和针对性。     

The three faces of China: Strategic alliance partner selection in three ethnic Chinese economies

It is generally understood that firm strategy is linked to both internal firm resources and external, competitive industry forces. More recently, studies have suggested that firm strategy is also influenced by the formal and informal institutions of the institutional environment. Culture and commercial conventions represent important informal institutions – the norms and values shared by a group of individuals – whereas more formal institutions include the regulatory, economic, and political forces in the environment. We explore the effects of formal and informal institutions on strategic alliance partner preferences in Mainland China, Taiwan, and Hong Kong. Although the three share a broad lineage, their institutional development differs in some respects. Utilizing a policy capturing study, we explore alliance preferences of senior managers from each of the three economies to demonstrate how similarities and differences in the institutional environment can produce variation in alliance partner preferences. This paper contributes empirically by comparing alliance partner preferences in three different ethnic Chinese communities in East Asia. We add to the nascent but growing literature on institutions and strategy, with practical implications for understanding alliance partner preferences of managers in China, Taiwan, and Hong Kong, which represent major centers of strategic alliance activity.