国库集中支付制度下的高校专项经费管理创新

国库集中支付制度改革,给高校的财务管理带来了许多新的课题,也给高校的专项经费管理带来了新的挑战。高校专项经费管理中存在的一些共性问题,在国库集中支付制度下应加强专项资金管理。     

U.S. Real Interest Rates and Default Risk in Emerging Economies

This paper empirically investigates the impact of changes in U.S. real interest rates on sovereign default risk in emerging economies using the method of identification through heteroskedasticity. Policy‐induced increases in U.S. interest rates starkly raise default risk in emerging market economies. However, the overall correlation between U.S. real interest rates and the risk of default is negative, demonstrating that the effects of other variables dominate the anterior relationship.     

我国居民收入份额下降的原因分析及对策建议——基于1992—2008年资金流量表数据分析

随着我国经济的快速发展，政府、企业和居民三大经济主体都在分享着经济发展带来的成果。然而，各经济主体分享的程度相差甚远，作为生产和消费主体的居民，其收入份额却呈现出持续下降的趋势。文章主要以我国1992--2008年资金流量表数据为依据，从影响居民收入来源的劳动者报酬、财产性收入和转移性收入等三个方面来分析居民收入份额下降的原因，并提出了相应的对策建议。     

对比解题——辩证分析动静法

动静法产生和发展于人们对静力学较为了解,但对动力学知之甚少的年代,其精髓在于通过引入虚加惯性力将动力学转化为静力学问题来解决,相对于后期发展起来的动力学知识而言,它有着自身的一些特点和优势,但同时也暴露出一些缺点,本文以动静法与近代动力学方法的对比为线索,通过两种方法的对比解题,就动静法的优势与缺点进行辩证分析与研究,旨在给动静法一个客观公正的评价。     

中国主权债务的现状分析及其风险防范对策

20世纪70年代以来,国际债务危机频繁发生,陷入危机的国家都遭受了重大损失。2007年由次贷危机所引发的经济衰退使一部分发达国家和发展中国家陷入债务危机,造成了全球的金融动荡。为此,改革国际货币体系、控制外债流动性风险、增强中国在国际市场上的融资能力具有重要的意义。     

Do Family Firms Have Better Reputations Than Non‐Family Firms? An Integration of Socioemotional Wealth and Social Identity Theories

We draw from socioemotional wealth and social identity research to develop a theory on reputational differences among family and non‐family firms. We propose that family members identify more strongly with their family firm than non‐family members do with either a family or non‐family firm. Heightened identification motivates family members to pursue a favourable reputation because it allows them to feel good about themselves, thus contributing to their socioemotional wealth. We hypothesize that when the family's name is part of the firm's name, the firm's reputation is higher because family members are particularly motivated for their firm to have a better reputation. Family members also need organizational power to pursue a favourable reputation; thus, we hypothesize that the level of family ownership and family board presence should be associated with more favourable reputations. We find support for our theory in a sample of large firms from eight countries with disparate governance systems and cultures.     

Re-evaluating the association between housing wealth and aggregate consumption: New evidence from Sweden

This paper extends the VECM cointegration model and PT (permanent-transitory) variance decomposition framework proposed by Lettau and Ludvigson [Lettau, M., Ludvigson, S.C., 2004. Understanding trend and cycle in asset values: reevaluating the wealth effect on consumption. American Economic Review 94 (1), 276–299.] and applies them to Swedish data from 1980q1 to 2004q4. There is strong statistical evidence that the long run movements of aggregate consumption, disposable income, housing wealth, and financial wealth are tied together. However, the evidence also suggests that short run variations in the Swedish housing market are largely dissociated with consumer spending. Meanwhile, it is shown that the strength of the linkage between consumption and housing wealth is not sensitive to different model specifications and various measures of key variables.     

金融危机中的主权养老基金:困境与抉择——南非"政府雇员养老基金"的经验、启示与借鉴

金融危机给世界各国的主权养老基金造成了巨大的投资损失。但作为全球十大主权养老基金之一的南非政府雇员养老基金的基金规模和投资收益却都出现了正的增长,这归功于其相对比较稳健的投资战略和灵活的投资策略相结合、分权化的投资管理以及公司化治理结构的有效调整。南非的经验能够为其他遭受挫折的主权养老基金从金融危机中振作起来提供信心和有效的治理经验的借鉴,也能为中国的社会保障改革提供有益的启示,即尽快完成社会保障基金的改造以及以建立一只主权养老基金的方法来推动机关事业单位养老保险改革。     

International Evidence for Return Predictability and the Implications for Long‐Run Covariation of the G7 Stock Markets

Abstract. Temporary fluctuations of the US consumption–wealth ratio do not only predict excess returns on the US but also international stock markets at the business cycle frequency. This finding is the reflection of a common, temporary component in national stock markets. Exposure to this common component explains up to 50% of the pairwise covariation among long‐horizon returns on the G7 stock markets for the time period from 1970 to 2008. This latter finding is less pronounced in the post‐1990s period.     

社会保障制度双层X-低效率现象研究

X-效率理论同样适用于再分配领域,"漏桶理论"天然地诠释了社会保障X-低效率存在的原因。由于政府失灵、制度设计管理缺陷、道德风险与负面激励等客观诱因的存在,社会保障制度作为社会的稳定器和安全阀,其效率目标在运作过程中会产生一定漏出量,引发社会保障制度双层X-低效率现象。希腊主权债务危机的实质是福利国家福利过度化的危机,是希腊社会保障制度X-低效率引发的危机。