MACROPRUDENTIAL POLICY – A LITERATURE REVIEW

The recent financial crisis has highlighted the need to go beyond a purely micro approach to financial regulation and supervision. As a consequence, the number of policy speeches, research papers and conferences that discuss a macro perspective on financial regulation has grown considerably. The policy debate is focusing in particular on macroprudential tools and their usage, their relationship with monetary policy, their implementation and their effectiveness. Macroprudential policy has recently also attracted considerable attention among researchers. This paper provides an overview of research on this topic. We also identify important future research questions that emerge from both the literature and the current policy debate.     

An Application of an Integrated Transport Network– Multiregional CGE Model: a Framework for the Economic Analysis of Highway Projects

This paper develops a framework for the economic analysis of highway projects that is then used to estimate the dynamic economic effects of a highway project on the economic growth and the regional disparity in Korea. The framework is composed of a transport model and a multiregional Computable General Equilibrium (CGE) model. The transport model measures a change in interregional shortest distances and the accessibility due to the highway project. The CGE model estimates the spatial economic effects of the project on GDP, the price, exports, and the regional distribution of wages and population. The simulation allows policy makers to determine which highway development deserves the priority for investment, based on consideration of economic growth and regional economic equity in the long run. The simulation found that all the highway projects have positive effects on GDP and export growth as well as regional equity in terms of wage and population.     

Changing EU agricultural policy discourses? The discourse analysis of Commissioner’s speeches 2000–2007

This paper is a combination of political economy and critical discourse analysis of public texts about the common agricultural policy (CAP) by concerned agents and the EU’s agricultural Commissioner in the period of November, 2004 until October, 2007. The analysis reveals how concerned agents articulated three competing discourses (neomercantilism, multifunctionality, and neoliberalism). It also shows that elements of the discourse of neoliberalism in the Commissioner’s speeches, despite her use of different discourses for different audiences, are becoming more and more important in order to facilitate further reforms and liberalisation of the CAP.     

北美农业一体化趋势及影响因素分析

自上世纪90年代以来,美国、加拿大和墨西哥的农业一体化趋势不断加强。北美三国的农业政策的一致性趋向日益加强．各种类型的农产品价格的趋同程度与产品的贸易自由化程度戍正相关。北美地区内部FDI的发展进一步说明北美农业一体化程度的不断增加。在此过程中,北美自由贸易协定（NAFTA）、乌拉圭农业协定（URAA）、宏观经济环境与国内政策的变革起了重要作用。     

创新困境与市场结构——我国制药工业缺乏创新的产业经济学解释

我国制药工业正面临着技术创新困境。通过对制药工业技术创新特征的研究和国外企业的经验,文章发现进行高成本技术创新行为的产业组织根源是寡头竞争的市场结构。在此结论基础上,提出了我国制药工业摆脱技术创新困境所需要的产业组织政策。     

The involvement of utilities in the development of broadband infrastructure: A comparison of EU case studies

Energy companies and other utility providers have been often involved in the provision of telecommunications services. Nevertheless, their contribution to broadband development has varied significantly over time. In the late 1990s, both local and national utilities in the European Union (EU) engaged in the provision of broadband networks, but only few of them managed to establish themselves as major broadband providers. More recently, new projects involving national utilities have been announced in several EU countries, opening new scenarios for utilities’ contribution to Next Generation Access (NGA) development. This paper identifies and explores the factors affecting the entry and the success of utilities in the EU broadband market, through the comparison of four case studies from four EU countries (Germany, Italy, Sweden and the UK). The evolution of utility involvement in the EU broadband markets is assessed against the interaction of market, technology and policy factors, focusing on the impact of policy and regulatory measures. As a result, this paper provides fruitful insights into the relevance and effectiveness of public interventions in broadband markets. Across the four case studies, public support and public ownership emerged as the main drivers for the involvement of utilities in EU broadband markets, with regulatory measures and economies of scope exerting a limited and decreasing influence. However, the contribution of utilities has varied significantly across the cases studied, reflecting the different approaches taken at national and local level to support broadband development, in spite of the common regulatory framework.     

关于《功率因数调整电费办法》的修订建议

介绍了现行的<功率因数调整电费办法>,指出其中部分规定不够完善和细致,对采用动态无功补偿装置缺少相关的规定等,客观上形成对用电企业在功率因数达标后继续增加电容器进行无功补偿的鼓励力度不足,提出了供用双方共赢的修订思路.     

日本能源政策演变的经验

分析了日本不同发展时期的能源政策调整动因以及能源政策对能源结构的影响;介绍了日本能源政策调整的最新动态。日本政府注重制定着眼未来、目标明确的能源总体战略,大力推进节能措施,建立全方位的能源国际合作、加强政府与民间合作及培育强大的能源公司等经验值得我国借鉴。     

Do Court Decisions Drive the Federal Trade Commission’s Enforcement Policy on Merger Settlements?

Mergers are generally conglomerate in nature with only minor (if any) horizontal overlaps. Under U.S. law, an enforcement agency may challenge any anticompetitive aspect of the merger and the consequent delay associated with litigation would impose costs on the firm. These costs may give the enforcement agency “leverage” to extract a settlement even when the firm would prevail in court. This paper explores whether the FTC’s decisions to challenge transactions approximate the case law. We find that the representative enforcement regimes of the FTC and the courts are remarkably similar, although the FTC credits efficiencies, while courts consider buyer sophistication as a mitigating factor.     

Money,Bitcoin, and Monetary Policy

A search-theoretic model is constructed, where money and Bitcoin can be used as mediums of exchange. We investigate how each currency facilitates transactions and how they compete with each other. Quantitative analysis shows that welfare in an economy with both money and Bitcoin is lower than in a money-only economy due to congestions in the confirmation of Bitcoin transactions and that the welfare gap between the two economies expands as inflation rises. Moreover, an increase in transaction fees for Bitcoin can increase welfare by reducing inefficient Bitcoin transactions.