Does Monetary Policy Affect Income Inequality in the Euro Area?

This paper examines how the ECB's expansionary monetary policy affects income inequality in 10 euro area countries over the period 1999–2014. We distinguish two channels—labor-market and financial—through which monetary policy can have distributional effects. The labor-market channel is captured by wages and employment and the financial channel by asset prices and returns. We find that expansionary monetary policy in the euro area reduces income inequality, especially in the periphery countries. The labor-market channel enhances the equalizing effect: monetary expansion reduces income inequality stronger by raising wages and employment. There is limited evidence for the financial channel.     

中国银行业非利息收入与利息收入相关性研究

实现非利息收入和利息收入并重发展是中国商业银行经营战略转型的目标之一.在非利息收入快速发展的同时,关注非利息收入与利息收入之间的相关性,是实现缓解银行收入波动、加强银行稳健经营的重要前提.检测1990年至2006年之间中国14家商业银行非利息收入与利息收入之间的相关性的结果表明,中国银行业非利息收入与利息收入之间相关性基本为正,且不断增加.但其中大型国有银行的收入结构较股份制银行具有较好的熨平整体收入波动的效果.     

The Impact of SFAS No. 114 on the Linear Information Dynamic for Commercial Banks

Increase (decrease) in loan loss provisions would decrease (increases) bank earnings, but increase (decreases) regulatory capital. Previous studies have separately documented earnings and capital management behavior via loan loss provisions by commercial banks. However, it is difficult to isolate a bank's demand for increasing earnings from its demand for regulatory capital because earnings is a source of capital. Based on the objective bank function, this study investigates the impact of SFAS No. 114 on the information content of loan loss provisions in relation to both earnings quality and capital adequacy in a linear information dynamic framework. Test results show that the association between market value with loan loss provisions became significantly stronger for commercial banks in the post- than in the pre-adoption period. As a result, SFAS No. 114 is also found to positively affect the association of market value with both bank earnings and regulatory capital through the clean surplus relation because of the higher value relevance of loan loss provisions. The findings thus provide empirical evidence that SFAS No. 114 has significantly complemented banking regulations in enhancing (reducing) the (dispersion from the) accounting measurement construct of loan loss provisions.     

Would a Flat‐Rate Tax Stimulate Entrepreneurship in Germany? A Behavioural Microsimulation Analysis Allowing for Risk*

When potential income tax reforms are debated, the suspected impact on entrepreneurship is often used as an argument in favour of or against a certain policy. Quantitative ex‐ante evaluations of the effect of certain tax reform options on entrepreneurship are very rare, however. This paper estimates the ex‐ante effects of the German tax reform 2000 and of two hypothetical flat‐rate tax scenarios on entries into and exits out of self‐employment based on a structural microsimulation model with econometrically estimated transition rates under risk. The simulation results indicate that flatter tax systems do not encourage people to choose self‐employment, but rather discourage them from doing so. This is explained by the reduction of entrepreneurs' income risk through progressive taxation.     

北京市城镇无保障老人养老保险问题研究

近年来,城镇无保障老年人的养老问题日益受到政府和社会的关注。全国已有部分省市对城镇无保障老年人提供了一定的养老补贴待遇,但是,不同省市采用补贴形式各不相同,补贴标准也有一定的差异。目前,北京市城镇无保障老人主要是通过福利养老金制度覆盖,对满足年龄条件的无保障老人,每人每月都可以领取230元财政补贴。那么,在政府财力有限的条件下,如何提高无保障老人收入水平?本文提出了建立无保障老人个人缴费与政府补贴相结合的新制度,并依据2007年北京市城镇无保障老人调查数据,构建北京市无保障老人养老保险收支模型,计算并预测了未来10年的养老保险收支情况,通过这一模式表明,政府财政补贴在适度提高的前提下,无保障老人养老待遇会有较大幅度增加,而且该模式运行的稳定性较强。     

关于我国个人所得税征管信息化建设的对策建议

实现个人所得税的征管信息化 ,不但是国际潮流的大势所趋 ,也是摆在我国税务部门面前的当务之急。本文对我国税收信息化建设的现状、不足作了分析 ,并结合国外税收信息化建设的成功经验 ,对我国的个人所得税征管信息化建设提出了对策建议。     

Domestic or global imbalances? Rising income risk and the fall in the US current account

When default leads to exclusion from financial markets, the implied loss of consumption smoothing opportunities is more costly when income volatility is high. A rise in income risk thus makes default less attractive, allowing creditors to relax borrowing limits. I show how, in an open economy, this endogenous financial deepening may reduce aggregate foreign assets in response to a rise in individual income risk, against the precautionary savings intuition. Conditions for this depend on whether default constrains complete or uncontingent contracts. The post-1980 rise in US household income risk strongly reduces foreign assets when domestic markets are complete or world interest rates low.     

改革开放以来我国贸易条件的变动分析与预测

随着我国近几年来经济高速增长,产业结构的不断优化升级,在国际贸易问题上也遇到了许多新的问题。本文将以我国近年来我国制成品贸易以及我国商品贸易条件为研究对象,分析现阶段我国制成品贸易受商品贸易条件恶化和收入贸易条件变化改善的影响,同时对未来两年的商品贸易条件和收入贸易条件以及制成品的出口变动情况进行分析与预测。