基于物流视角的北宋粮食纲运分析

基于物流系统要素理论,从一般要素、功能要素、支持要素和物质基础要素四个方面分析了北宋粮食纲运系统,从纲制编排与纲运限程、纲运管押与催检、行运秩序与安全保障三个方面描述了北宋粮食纲运的管理过程,纲运过程存在着诸如纲物丢失、损坏、延期运抵等问题,造成这些问题的主要原因是在押纲、催检和起卸三个环节上的官吏腐败。     

英语标点符号用法浅析

熟练应用英语标点符号需要掌握其用法。常用的英语标点符号共15个。本文对这些标点符号的用法作了一一分析,旨在对英语学习者能清楚的认识英语标点符号的用法起到作用。     

强化政府养老保障责任的理论模式与路径分析

在人口老龄化的巨大冲击下,政府所能够生产并向社会成员提供的养老保障品资源和能力是有限的,首先应当明确养老保障是政府实现国家职能一个不能推卸的责任,并且政府拥有一系列其他非政府组织或盈利机构所不具备的执行能力和政策手段。文章建立了一个新型＂两期两圈＂政府养老责任理论依据,并认为政府养老责任的强化可以通过充分结合非政府组织、私营机构和公民个人的共同力量得以实现,构建一个积极的养老保障制度。     

产业结构调整的汇率驱动路径:价格穿越模型的解释

汇率作为宏观经济调节变量,在受到其它经济条件或经济因素影响的同时,其变动对国民经济也有着广泛而复杂的作用。通过对中国汇率制度历史演进的分析,可以发现人民币汇率的变动始终与中国产业结构的调整息息相关。文章以价格这一中间变量作为动力因素,建立价格穿越模型,分析汇率变动引起产业结构调整的传导路径与作用机理。     

Measuring the liquidity part of volume

Based on the concept that the presence of liquidity frictions can increase the daily traded volume, we develop an extended version of the mixture of distribution hypothesis model (MDH) along the lines of Tauchen and Pitts (1983) to measure the liquidity portion of volume. Our approach relies on a structural definition of liquidity frictions arising from the theoretical framework of Grossman and Miller (1988), which explains how liquidity shocks affect the way in which information is incorporated into daily trading characteristics. In addition, we propose an econometric setup exploiting the volatility–volume relationship to filter the liquidity portion of volume and infer the presence of liquidity frictions using daily data. Finally, based on FTSE 100 stocks, we show that the extended MDH model proposed here outperforms that of Andersen (1996) and that the liquidity frictions are priced in the cross-section of stock returns.     

Quote inefficiency in options markets

In an arbitrage-free economy with non-zero bid-ask spreads the existence of payoffs whose price is lower than the price of a dominated payoff cannot be discarded in general. However, when the former price corresponds to trivial portfolios which involve buying or selling one unit of the basis assets, its presence, although not an arbitrage, is a severe market anomaly which we refer to as an inefficient quote. In an empirical study, we report evidence that indicates that in options markets both the frequency and the magnitude of these anomalies are substantial and we document puzzling patterns in their behavior.     

Institutional failure or market failure?

We investigate the effect of the power of creditors, property rights protection, and institutional quality, on bank profits using a panel of 498 banks from 46 countries. Results show that better institutions and stronger property rights protection reduce bank profits, while stronger power of creditors drives up bank profits significantly. Results imply that better institutions and enhanced property rights protection lead to greater flow of credit allowing firms and investors to undertake more profitable ventures. By extension, stronger creditor rights erect steeper barriers to external finance for firms and investors. National indicators of economic freedoms may be more important to lowering the spread than strict creditor rights. Seemingly, credit markets fail when economic institutions fail or when governments intervene into these markets in ways that impede the safety and soundness of financial transactions and private contracting.     

Marx,Sraffa, and Surplus: Observations Prompted by Garegnani (2018)

ABSTRACT

In a posthumously published article, Pierangelo Garegnani (2018. ‘On the Labour Theory of Value in Marx and in the Marxist Tradition.’) depicts Marx’s project in Capital as that of ‘developing systematically the theory of Ricardo and [the] implications of social conflict’ implied by Ricardo’s ‘surplus approach to value and distribution’. This paper argues to the contrary that Marx’s theory of surplus value and exploitation differs from (neo-)Ricardian surplus theory in fundamental ways, and modifies Garegnani’s simple Sraffian model to illustrate the distinctive implications of Marx’s theory.     

On the global supply of basic research

In a two-country Schumpeterian growth model, we study the incentives for basic research investments by governments in a globalized world. A country׳s basic research investments increase with the country׳s level of human capital and decline with its own market size. This may explain why some smaller countries invest so much in basic research. Compared with the optimal investments achievable when countries coordinate their basic research policies, a single country may over-invest in basic research. However, the total amount of decentralized basic research investments is always below the socially optimal investment level, which justifies policy coordination in this area.     

以廉政勤政简政为指引全面提升政府公信水平

近年来,我国政府公信力建设取得了巨大的成就,但也存在政策之间的协调性和行政体制的结构矛盾十分突出、政府公共服务和信息公开不能满足民众要求等问题. 要全面提升政府公信水平,就要深化行政体制改革,建立政府信用水平评价体系,推进政府信息透明化,完善政府对自身债务的管理,积极引导网络舆情.