Interventions in Markets with Adverse Selection: Implications for Discount Window Stigma

I study the implications for central bank discount window stigma of a workhorse model of adverse selection in financial markets. In the model, firms (banks) need to borrow to finance a productive project. There is limited liability and firms have private information about their ability to repay their debts, which gives rise to the possibility of adverse selection. The central bank can ameliorate the impact of adverse selection by lending to firms. Discount window borrowing is observable and it may be taken as a signal of firms' credit worthiness. Under some conditions, firms borrowing from the discount window may pay higher interest rates to borrow in the market, a phenomenon often associated with the presence of stigma. I discuss these and other outcomes in detail and what they suggest about the relevance of stigma as an empirical phenomenon.     

高科技社会我国风险沟通重塑

高科技社会衍生“人为风险”，西方发达高科技国家倡导新型风险沟通，而后发场域由于系统落差，呈现出迟滞型风险沟通。通过构建全球化高科技风险社会、全球本地化风险沟通的新分析框架，发现高科技社会我国风险沟通面临着风险的社会放大、气泡结构、路径互动阙如、手段叠加、目标战略缺失、过程碎片化等迟滞困境。通过创新理念、吸纳型风险沟通、复合式路径、平衡化手段、连续统、政府学习和政府职能的“七位一体”再造，可有效重塑高科技社会我国风险沟通，推进国家风险治理体系和治理能力现代化。     

Larger,counter-intuitive and lasting – The PSM role in responding to the COVID-19 pandemic,exploring opportunities for theoretical and actionable advances

PSM has played an important role in the initial mitigation of risks caused by the COVID-19 pandemic. We explore the nature and scope of this role and develop a roadmap for PSM contributions towards greater supply chain resilience. We find that the role of PSM is (1) multidimensional; responding to supply risks but also to demand and logistics risks, (2) counter to game theory; collaboration increased instead of decrease, (3) multi-stage; beyond the initial response the hardest change efforts are still ahead. The pandemic is accelerating the journey towards future-proof PSM but not necessarily revolutionizing the future of PSM.     

Financial development,economic growth and convergence clubs

To study the role of financial development in economic growth, we apply an array of convergence tests designed to capture nonlinear transitional dynamics to real outputs per capita. Strong evidence of multiple convergence clubs is observed, implying that the clubs are formed based on the initial level of real output per capita and average growth rate. Our empirical results show that the stage of economic growth of each country plays an important role for the composition of the convergence clubs. Furthermore, financial development emerges to be a significant determinant, albeit plays differently in the economic growth of each convergence club.     

葛洲坝水利枢纽泄水建筑物进水口冲磨与修复

葛洲坝水利枢纽工程已运行20余年，近年水下检查中发现泄水建筑物进水口存在不同程度的冲磨，有些已威胁到建筑物安全运行，分析冲磨原因和探讨修复材料和手段是非常重要的，本文就此问题提出一些看法和建议供参考。     

宁夏宁东供水工程主机设备形式参数选择与国际招标

宁东供水工程供水水泵共有卧式和立式离心泵2种方案可供选择,也是工程论证时争论的焦点,经综合比较及主机设备的国际招标,最终确定了奥地利安德里兹公司的卧式双吸中开式离心泵为宁东供水工程的供水水泵。     

恢复邢台百泉泉水流量可行性研究

通过百泉泉区天然状态与超采状态下的水环境对比分析,并对岩溶水补给量和开采量进行计算,阐述恢复邢台百泉泉水流量的可行性,随着“引朱济邢”和“南水北调”供水工程的实施,邢台百泉水生态环境的恢复将变为现实。     

不同管距时玉米渗灌效果的试验研究

在运城市夹马口灌区和红旗灌区进行了1996,1997两个年度的玉米渗灌试验,研究了不同毛管间距条件下渗灌对其产量及水分生产率等的影响。结果表明,玉米渗灌毛管间距采用0.8~1.0 m较为适宜。毛管间距愈大,产量愈低;渗灌较地面灌平均减产7.23%,较旱地平均增产30.8%;玉米生长期内总耗水量地面灌最大,渗灌次之,旱地最小。渗灌可明显提高玉米水分生产率,渗灌处理水分生产率平均为1.65 kg/m3,是地面灌的1.2倍,是旱地的1.33倍;两年度渗灌较地面灌平均节水44.4%。     

曲沃县水资源开发利用现状及对策

文中对曲沃县水资源开发利用现状进行了认真分析，并从思想观念、管理体制、管理模式上提出了问题，为解决问题提出了相应对策。     

重力坝模型的尺寸效应

利用两个不同比尺预制缝重力坝模型的试验成果，以有限元富集技术进行非线性断裂分析，建立了极限承载力和长度比尺的确定性尺寸效应公式。混凝土重力坝的断裂尺寸效应满足指数衰减关系，用三次指数衰减公式可以准确地预测原型的极限承载力。断裂过程区的相对长度是引起模型试验尺寸效应的主要原因。数值计算结果表明，断裂过程区相对长度不仅是与材料有关的参数，能否充分发展还取决于结构尺寸和几何形状；断裂过程区相对长度的尺寸效应不同于统计尺寸效应和断裂参数尺寸效应，具有尺寸范围效应。断裂过程区相对长度在小试件、大试件和相对无穷大试件的发展程度不同。