The composite iteration algorithm for finding efficient and financially fair risk-sharing rules

We consider the problem of finding an efficient and fair ex-ante rule for division of an uncertain monetary outcome among a finite number of von Neumann–Morgenstern agents. Efficiency is understood here, as usual, in the sense of Pareto efficiency subject to the feasibility constraint. Fairness is defined as financial fairness with respect to a predetermined pricing functional. We show that efficient and financially fair allocation rules are in one-to-one correspondence with positive eigenvectors of a nonlinear homogeneous and monotone mapping associated to the risk sharing problem. We establish relevant properties of this mapping. On the basis of this, we obtain a proof of existence and uniqueness of solutions via nonlinear Perron–Frobenius theory, as well as a proof of global convergence of the natural iterative algorithm. We argue that this algorithm is computationally attractive, and discuss its rate of convergence.     

Environmental,Social and Governance investing: Does rating matter?

In the last decade, the demand for sustainable and social investments has improved. The mutual funds industry has responded to market needs by offering a number of investment products focused on Environmental, Social and Governance (ESG) companies. The aim of this article is to understand if an ESG score can actually be considered a valid criterion that portfolio managers could adopt, along with traditional risk–return optimisation, in selecting asset portfolios. The paper analyses the link between the performance and the ESG score of different sectoral portfolios (one for each sector of the Global Industry Classification Standard), entirely composed of ESG assets, in the search for a clear and strong positive correlation that could suggest an overall advantage to focus on an ex ante choice of assets with high ESG scores.     

中国农村土地制度变迁:一个产权的视角

农地制度历来是中国农村变革的关键,其要义在于产权。本文从产权角度对建国后中国农地制度变迁作了简要分析。作者认为,产权的界定与实施决定着产权的经济绩效。土地改革以来各种农地制度创新形式的不同经济绩效都与产权清晰程度和实施机制有关。     

改革以来中国农村发展地区差距分析

本文在扩展农业部门新古典经济增长模型的基础上,构建了基于农业生产率指数和农村地区劳动力就业结构的农村发展指标,以此来衡量农村发展水平及其变化状况.为了考察中国农村发展地区差距的变化趋势,我们采用面板数据单位根检验的不同方法对其收敛性进行了严格的计量检验.检验结果显示,在考虑了时间和省份特殊效应、序列相关等因素的影响后,中国各省农村发展差距以及东中西部地区农村发展的内部差距均存在条件性β收敛.     

城乡人力资本投资行为关系研究——基于城镇示范性效应的分析视角

本文通过构建带有城镇示范性效应的农村人力资本投资理论模型,考察城镇人力资本投资对农村人力资本投资行为示范性影响效应。首先对模型中反映示范性效应的变量进行了ADF平稳性检验,初步判断出农村人力资本投资行为中城镇示范性效应影响的存在性。在此基础上构建基于OLS的误差修正模型分析检验城镇对农村人力资本投资的示范带动性效应及其程度。     

我国农村基础设施投入区域差异分析

本文分别从农村基础设施的投资总量、投资主体、投资去向及其投资需求四个方面对我国农村基础设施投入区域差异进行实证分析,研究表明:第一,农村基础设施发展水平和农村经济发展水平呈现显著的正相关关系,因而我国从东部往西部农村基础设施发展水平总体也呈现逐渐递减的状态。第二,各地区农村基础设施投入主体构成存在明显差异。东部经济发达地区非农户投资比重远远大于中西部不发达地区的非农户投资比重。第三,中西部地区在第一产业的投资比重远远大于东部地区,但第二产业的投资比重远远小于东部地区。第四,各地区农民对基础设施的投入需求存在明显差异。东部地区需求最强烈的主要是社会性基础设施,中西部地区需求最强烈的主要是经济型基础设施。     

农村金融发展与农村经济增长——一个动态演化分析视角

农村金融发展对于农村经济增长具有重要的推动作用.运用1978-2010年的相关数据和时变参数模型估计方法,就我国农村金融发展与农村经济增长之间的动态关系进行探寻.首先,协整检验与误差修正模型的估计结果显示:无论是长期还是短期,农村金融发展规模对于农村经济增长具有正向促进作用,而农村金融中介效率却对农村经济增长起到了负向抑制作用.时变参数模型的估计结果则进一步发现:农村金融发展规模对农村经济增长的促进作用在整体上呈现弱化趋势,当前的正向作用机制比较微弱;而农村金融中介效率对农村经济增长的抑制作用经历了一个先减弱后增强的“倒V”型变化过程.     

Economic Integration: Systemic Measures in an Input–Output Framework

Countries are linked through trade and for their mutual benefits they often group together. Consequently, trade blocs are formed in some form or another, examples of which are the EU, EFTA, ASEAN, NAFTA, and SAARC. Depending upon the form and the nature of the grouping, trade relations among countries obviously vary across the trade blocs. The pattern and the volume of trade of the participating countries are different and thus cause different impacts on the growth and development of the countries concerned. Also, the nature of integration changes over time. To examine the strength of integration within trade blocs, systemic measures of integration hitherto not available are formulated in an input–output framework. The measures are used, as a case study, to assess the inter-temporal variations in the degree of integration of SAARC.     

城乡公共服务均等化视角下地方公共财政体制改革

城乡公共服务均等化高级阶段实现城乡人均公共支出均等化,实质是保证普遍公平。城乡公共服务均等化初级阶段实现城乡基本公共服务均等化,实质是保证最低公平。我国目前处在实现城乡公共服务均等化的初级阶段。为此,地方公共财政体制改革的框架,是建立以城乡公共服务均等化为目标的公共预算体制,建立以实现最低公平为条件的农村公共服务内容体系,建立以平衡政府间公共财力为原则的转移支付体制,建立主体合理、机制完善的农村公共产品供给体制。     

农村公共产品供给地区差距的实证分析

本研究利用第二次全国农业普查数据,对我国东、中、西部农村公共产品供给的地区差距进行了实证分析,探讨了造成农村公共产品供给地区差距的原因,提出了通过改革农村公共产品供给制度、加大中央财政向中西部地区的转移支付力度、促进中、西部地区的经济发展等措施来缩小地区间基本公共产品和服务的差距,从而实现地区间基本公共产品和服务的均等化。