如何有效降低银行对小微企业抵押物要求——基于贷款技术的视角

在理论分析抵押物作用机制的基础上,实证研究能够有效替代抵押物的贷款技术,并进一步分析某些贷款技术难以发挥替代作用的可能原因,以降低银行对小微企业抵押物要求,从而缓解小微企业信贷配给。研究结论表明：抵押率与借款企业违约风险显著负相关,抵押物作用机制中客户选择效应占主导地位;关系型和担保型贷款技术可以显著降低银行对抵押物要求,而财务报表型和信用评级型贷款技术对抵押物的替代效应十分微弱;随着金融基础设施的完善,信用评级型贷款技术对抵押物的替代效应逐渐显现,但财务报表即使经过审计亦难以对抵押物形成有效替代。在此基础上,提出了完善金融基础设施、提高贷款技术事前甄别能力的政策建议。     

On a generalization of a class of production functions

In Appl. Econ. Lett. 18 (2011), 1777–1784, as a natural generalization of some famous production models with two inputs, C.A. Ioan and G. Ioan introduced a new class of production functions with constant return to scale, called sum production function, and proved three theorems of characterization for such production models. In this article, we give new and more simple proofs of these theorems, extending also the results to the case of increased/decreased return to scale. The generalization to the case of an arbitrary number of inputs is also discussed.     

Superneutrality, indeterminacy and endogenous growth

In this paper, we explore the possibility of having money as a source of indeterminacy in endogenous growth models. We adopt the simple Ak model of endogenous growth to be the main analytical vehicle whose balanced growth paths do not display local indeterminacy. Money is introduced via either a general cash-in-advance (CIA) constraint or a pecuniary transactions costs (PTC) technology. It is shown that local indeterminacy of the dynamics is due to the presence of an intertemporal substitution effect on capital accumulation that works against and dominates the conventional inflation effect of Tobin [1965, Money and economical growth. Econometrica 33(4), Part 2, 671]. If money is growth-rate superneutral, then the intertemporal substitution effect is absent so that local indeterminacy cannot occur. Finally, the strength of the intertemporal substitution effect depends positively on the intertemporal elasticity of substitution in consumption.     

固定生产要素对经济增长的作用研究——基于扩展的拉姆齐模型

在标准的拉姆齐模型中引入一种固定生产要素(例如土地)来进行模型扩展。固定生产要素是指那些总量固定的要素,但随人口的增加这类要素的人均数量会减少。模型分析得出的主要结论是固定要素对经济的长期增长起着重要作用,人均固定要素的减少对经济的负面影响在一定程度上可通过人均资本的增加来弥补,这种程度取决于固定要素与资本的替代弹性。     

Income and substitution effects of fiscal policy on work effort

The focus of this paper is twofold. First, it examines the impact on work effort of changes in government purchases financed with lump‐sum taxes, in a neoclassical framework, with respect to four industrialised countries. Second, it reconsiders the expenditure–work effort relationship in a broader conceptual context that allows for distortionary taxation and a disaggregation of the income and substitution effects. Our findings are shown to cast doubt on the empirical plausibility of the prevailing (neoclassical and New Keynesian) models which seem to rely heavily on the lump‐sum tax notion, thus ignoring the substitution effects of distortionary taxation.     

Are mobile and fixed broadband substitutes or complements? New empirical evidence from Italy and implications for the digital divide policies

The literature on broadband policies has been focusing on the possible role of mobile broadband as a means for addressing geographical digital divide in areas with no or inadequate fixed broadband infrastructure coverage. Broadband plans designed by most of the industrialized countries take the substitutability between fixed and mobile technologies for granted, with restrictions essentially relating only to bandwidth performance. We explore the determinants of individuals' private access (away from work) to the Internet with the smartphone through a mobile broadband connection, focusing on the role played by Internet uses and taking into account the availability of a fixed broadband connection at home. The results of our econometric exercise, carried out on microdata referred to Italian individuals, provide original and interesting evidence: a complementarity effect between mobile and fixed broadband is found for browsing, video streaming, gaming and cloud services; a substitution effect emerges for social networking and music streaming. Such increasing complexity of individuals’ broadband usage patterns should be acknowledged in the way broadband coverage is mapped and policies designed, adopting a more ecosystem-oriented approach which integrates supply- and demand-side features. A first step in this direction is the inclusion of some, so far neglected, key-attributes of the demand (data traffic allowance, latency, ease of interconnection with Internet capable devices) among the relevant dimensions of policy design.     

抽样调查中无回答误差的分析与调整

分析无回答误差产生的原因和影响,在抽样调查的过程中,结合市场调查的次序和方式采取无回答误差的预防措施。对已经产生无回答的数据,用样本替代法和加权调整法对缺失数据进行调整,这两种方法都提高了调查数据的可靠性和准确性,有效降低无回答率。     

Is the Dutch consumer a true ricardian?

Summary In this paper the intertemporal optimization approach is adopted in order to estimate an empirical version of Blanchard's (1985) overlapping generations model. The observed sluggishness in consumption is incorporated into the model by recognizing both durability and habit formation as relevant determinants of total consumption. The model is estimated using quarterly data for The Netherlands from 1969:I to 1990:IV. The empirical estimates suggest that the status of the Dutch consumer as a true Ricardian is unambiguously rejected. The results furthermore suggest that this rejection is due to the existence of both liquidity constraints and finite planning horizons.Comments by Peter Broer, Jeroen Kremers, Debora Molenaar, Rick van der Ploeg, Frans Spinnewyn, Casper de Vries, Ed Westerhout and two anonymous referees are very much appreciated. Elbert Dijkgraaf has provided invaluable research assistance. We also thank participants of the OCFEB workshop and the CES seminar at the K.U. Leuven for their comments.     

Rooted in Place: Understanding Camper Substitution Preferences

This study examines recreationists using primitive roadside campsites on Forest Preserve lands in the Adirondack Park. The primary objective of this study was to explore psychological factors (experience use history, enduring involvement, place bonding) that contribute to visitors’ substitution preferences and their willingness to make a resource substitution for roadside camping in the Adirondack Park. Two discriminant function analyses indicate that experience use history variables and the rootedness dimension of place bonding can significantly discriminate between substitution preference groups and willingness to substitute for roadside camping. Enduring involvement in the activity of camping, however, was not a significant predictor of substitution variables.     

Fungicide resistance and misinformation: A game theoretic approach

Fungicide resistance is a serious problem for agriculture today. This analysis provides additional insight into the strategic behavior of farmers when their fungicide use generates a negative intertemporal production externality in the form of fungicide resistance. We find that when farmers encounter this type of externality, they choose fungicide levels that exacerbate fungicide resistance. We examine a compensation mechanism in which a farmer reduces fungicide use in exchange for a transfer. This mechanism reduces fungicide use; however, misinformation about the severity of fungicide resistance generates distortions. We find that one-sided misinformation could lead a farmer to choose socially optimal fungicide levels, which makes the compensation mechanism less necessary. In addition, we show that when both farmers are misinformed, the mechanism could lead farmers to choose fungicide levels below the socially optimal level depending on their pessimistic beliefs about the severity of fungicide resistance.