我国外汇储备货币组合的实证分析

截至2006年2月我国外汇储备达8536亿美元,超过日本成为世界外汇储备持有量第一大国,其后我国外汇储备也呈不断增长的态势,到2007年3月已达12020.31亿美元.外汇储备的持续增加意味着面临的风险也在持续增加.因此,如何确定合理的外汇储备币种组合成为目前需要迫切研究的课题.本文根据国内外已有研究确定了外汇储备货币结构的影响因素,结合因子分析法,得出了我国外汇储备币种组合的新选择,提出了我国外汇储备货币组合的对策建议.     

当前我国货币供给内外生性辨析及政策启示

清晰认识当前货币供给的内生性与外生性有利于货币当局把脉货币政策的有效性和可控性,有助于制定正确的货币政策,确定金融体制改革的取向。作者结合我国银行业现实的货币供给状况,构造符合转轨时期现实国情的理论模型,找出影响货币供给的诸因素,然后分析它们为央行所控制的程度,得出我国货币供给目前内生性较明显的结论,并且就内生性下如何提高央行货币调控能力提出了建设性建议。     

Has the Fed improved U.S. economic performance?

This paper finds that U.S. economic performance has not generally improved under the Federal Reserve, with the possible exception of the Great Moderation. We analyze the Fed and pre-Fed periods in terms of the rates and volatilities of inflation and real GDP growth. Comparing the pre-Fed periods to the post-World War II period and the Great Moderation, we find that real GDP growth has been lower under the Fed, while inflation has been higher. The volatilities of inflation and GDP growth have both declined under the Fed, but the reductions occurred mostly during the Great Moderation.     

Constructing landscapes of value: Capitalist investment for the acquisition of marginal or unused land—The case of Tanzania

The current global wave of land acquisition – variously debated as land grabbing or investment in land – is promoted by the World Bank and the FAO as creating win–win-situations for local populations and investors alike. Common policy recommendations suggest expanding the production of export crops, by making use of marginal or unused land. Considerable potentials for such an expansion are assumed. Taking Tanzania as a case study, the evidence for such types of land is assessed by using a broad range of statistics. We will argue firstly, that the terms marginal and unused land serve as a manipulative terminology for the benefit of attempts to commercially valorize and commodify African landscapes, from biofuel to large-scale food production and tourism. However, they relate to different rationalities of domination. Unused land refers to a state-bureaucratic narrative, which excludes user groups deemed irrelevant for national development, while marginal land refers to a capitalist-economic narrative that excludes what is not profitable. Secondly, the terms are analyzed as categories central for state simplification of social relations attached to land. Modelling of these land use categories based on remote sensing is an attempt to compensate weak state capacities to enhance the legibility of the landscape by constructing it as a landscape of commercial value.     

公司股东违反出资义务民事责任之探析

本文在分析股东出资义务的性质及其表现形式的基础上,重点论述了公司股东违反出资义务所应承担的民事责任。     

Relationship Between Human and Nature In America Literature

Nature is one of an important themes in America literature.This article mainly analyzes Ralph Emerson,Henry David Thoreau, Nathaniel Hawthorne,Jack London,Ernest Hemingway and Robert Frost's different representative stylistic works on nature;inquires into nature's various forms in America literature,such as its personification,objectification,deification and so on;elaborates on its significant meanings;expounds and proves the relationship between and nature in different writer's works and points out nature's profound impact on human.     

西部大开发中的资源分析

西部地区有着丰富的自然资源 ,庞大的劳动力市场 ,而与之相应的却是短缺的技术与资金资源 ,因此要实现西部的经济发展 ,就必须充分利用现有的资源优势 ,采用积极的政策 ,吸引短缺资源 ,达到资源的最优配置     

自然保护区中的生态产业链系统模型构建——基于自然保护区发展转型期的市场保护分析

自然保护区发展方式的转变是我国自然保护区当前面临的重大理论与现实问题,合理利用市场、提高自然保护区市场保护力度,是缓解我国自然保护区保护过程中日益增大的资金压力、生态需求压力的必然选择。我国自然保护区发展已经到了瓶颈期和转型期,亟须市场参与、企业加入、产业链式发展来推动自然保护区的市场保护模式。自然保护区市场保护模式是我国生态文明建设进程的现实选择,在对自然保护区核心区严格保护的基础上,我国逐步在缓冲区和实验区进行资源合理利用和生产经营的探索,发展了基于生态产品概念的自然保护区产业,而其得以有效运行的关键因素是自然保护区生态产业链的形成和稳定。生态产业链的系统结构是自然保护区生态产业链形成与稳定的基础要素,文章在分析自然保护区产业发展的产品背景和产业独特性基础上,通过对自然保护区生态产业链系统模型的构建及分析,以期为解决生态产品供给难、自然然保护区市场保护和自然保护区平衡性的可持续发展提供有效的发展思路。     

基于SVAR模型的法定存款准备金率对宏观经济各变量的影响分析

准备金率是央行近年来使用频率最高的货币政策工具,它直接影响货币供应量,间接影响价格水平、利率以及股市。文章通过自回归模型（SVAR）、脉冲响应函数以及方差分解技术考察准备金率对宏观经济变量的影响,结果显示：存款准备金率的变动对三个变量的影响是不同的,其中对M1影响最大,对CPI影响较小,对于股市影响也较小且比较短暂。     

The value of 1800 MHz and 2100 MHz spectrums in India and implications for auction design

The sequence of events leading up to the upcoming auction of 1800 MHz spectrum in India has led to the auctions acquiring an extraordinary significance for the future of the Indian mobile industry. A key feature of the auction design proposed by the regulator TRAI is the benchmarking of the reserve price of 1800 MHz to the price of 2100 – 3G spectrum revealed in the 2010 auction. In the context of the low number of LTE devices available and the fragmentation in the 1800 MHz band, this paper proposes reducing the duration of spectrum holding to ten years (from the current level of twenty years), and calibrating the reserve price of 1800 MHz with its value with GSM deployment. An economic model is used to compute the value of startup and incremental 1800 MHz spectrum. The estimated values are shown to differ from the value of 2100 MHz spectrum at a pan-India level and also in their distribution across circles. A new set of reserve prices are computed based on the estimation. The estimated values are also shown to be close to the AGR-adjusted price revealed in the 2001 auction. A reserve price based on the 2001 auction is also provided. Concomitant features of the auction are suggested to give coherence to the auction design.