Contagion or Inductance? Crisis 1997 Reconsidered

We provide the simple example of a refinancing game with incomplete information, where the lack of transparency is both necessary and sufficient for the propagation of local financial distress across disjoint financial networks. JEL Classification Number: F4.
And the truth shall make you free. John 8: 32     

《技术制图》新旧标准对照

以对照方法介绍了《技术制图》与《机械制图》中三个基础标准的适用范围、采标情况及基本内容。     

Fragmentation, Engel's Law, and Learning

This paper outlines the conditions under which trade is beneficial for a developing country's growth. A developing country suffers from two disadvantages: low income and a comparative disadvantage in the production of modern manufactured goods—goods which allow a high rate of human capital accumulation through learning by doing. Low income together with Engel's law imply that developing countries consume and produce very few modern goods in autarky and hence grow slowly. With international fragmentation of production, a developing country may find comparative advantage in the production of some stages of modern goods despite an absence of comparative advantage in the production of modern goods under “100% local content.” More resources can then be allocated to the modern goods sector leading to greater learning externalities and hence growth under free trade than in autarky.     

The mean-variance investment problem in a constrained financial market

This paper extends the mean-variance analysis and the two-fund separation theorem to a market with some constraints, such as, the incompleteness, prohibition of short-selling, and partial information, with stochastic interest rate, and with stochastic volatility for risky assets. By maximizing a quadratic utility of terminal wealth, we show that the efficient frontier for the problem is a straight line in the mean-standard-deviation diagram. The quadratic utility function exhibits mean-variance efficiency. Our results apply to portfolios of claims in a single period, multiperiod, and continuous time.     

浅论加入WTO后深圳利用外资对策的调整

一、加入WTO后深圳投资环境的变化。改革开放之初，由于市场不完备，只能选择经济转轨较容易的地区对外开放，并指定一定的税收政策以补偿市场不完备对投资者带来的不便。深圳特区作为改革开放的排头兵，享有很多独有的和先发的优势。加入WTO后我国利用外资的形势发生了很大的变化，就投资环境而言，根据最惠国待遇原则和国民待遇原则，我们将对所有外商投资企业和内资企业实行一致的无差别的优惠、特权和豁免等政策。随着部分对外资限制措施的取消和国民待遇原则的落实，将使外商投资企业获得更加公平的竞争环境。2003年3月2日起，外资进入进出口领域的限制得以放宽。外商可以设立合资公司进行进出口业务的地区由原来仅有的上海浦东地区和深圳经济特区的两地6家试点扩展至全国。由此可见深圳不可能再享有特殊优惠政策。进入21世纪之后，新一轮创业浪潮前所未有，年轻的深圳正进入不同于以往的发展阶段，最大的不同之处是：随着我国加入世贸组织和全国改革的总体推进，深圳享有的政策优势将不复存在。全国的改革呈现千帆竞发、万马奔腾的景象，特别是长江三角洲和环渤海湾城市发展势头强劲，发展空间广阔，具有很大的后发优势，西部大开发的全面展开。这些都是深圳利用外资形势所发生的引人注目的变化。深圳已经被历史的浪潮推上了一个新的、较高的起点上，在这样的形势面前，深圳犹如逆水行舟，不进则退，稍有懈怠，就会落后。     

关于加速长春市循环经济发展的现实思考

发展循环经济是实施可持续发展战略的最重要和最现实的选择.目前,长春市发展循环经济还处在探索和起步阶段,在取得明显成效的同时,也存在一些需要亟待解决的困难和问题.长春市在"十一五"乃至更长时期,加速发展循环经济的意义重大而深远.今后,加速长春市循环经济发展需要关注以下几个方面:思想认识上应高度重视,规划纲要出台要及时,经验推广操作应科学,技术资金支持要倾斜,政府政策管理落实要到位.     

A Stochastic Frontier Production Function with Flexible Risk Properties

This paper considers a stochastic frontier production function which has additive, heteroscedastic error structure. The model allows for negative or positive marginal production risks of inputs, as originally proposed by Just and Pope (1978). The technical efficiencies of individual firms in the sample are a function of the levels of the input variables in the stochastic frontier, in addition to the technical inefficiency effects. These are two features of the model which are not exhibited by the commonly used stochastic frontiers with multiplicative error structures.An empirical application is presented using cross-sectional data on Ethiopian peasant farmers. The null hypothesis of no technical inefficiencies of production among these farmers is accepted. Further, the flexible risk models do not fit the data on peasant farmers as well as the traditional stochastic frontier model with multiplicative error structure.     

现代建筑及室内设计中传统文化的体现

针对当前一些现代建筑及室内设计中传统文化的展示流于表面化庸俗化的现象,提出对传统文化的一点看法,并认为应在深入了解传统文化的精髓之后,在设计中避免这一倾向.     

会计计量与企业债券信用评级关系的应用分析——基于2006年新会计准则的思考

企业债券信用评级是企业发行债券的重要步骤,债券评级对会计信息具有依赖性,而会计信息的计量属性会直接影响会计信息,不合适的会计计量属性会对债券评级造成负面影响。本文结合2006年的新会计准则的相关规定和企业债券信用评级的特点,通过分析会计计量对信用评级的误导因素,认为借鉴国际先进经验,可以提高债券评级的可靠性和客观性,促进企业融资市场的公平性和公正性。     

上海A股市场股价波动相互影响能力实证研究

股票市场中股票价格的波动是相互影响的,但不同的股票其价格波动时对其他股票价格行为的影响能力是不同的。本文通过对我国上海A股市场的实证分析表明,有少数股票其价格波动时对其他股票价格行为有很强的影响能力,而大多数股票的这种影响能力很小。此外,单个股票价格波动时引起其他股票价格涨、跌的能力一般都有显著差异。