货币政策反应函数渠道对金融周期影响时变机制的实证研究

在关于货币政策影响经济主体风险承担水平,进而影响金融周期波动机制的研究中,基于风险承担渠道的相关研究较为成熟.区别于以往相关研究多关注货币政策实际采取的立场,文章基于货币政策反应函数渠道探讨了数量型与价格型货币政策反应函数对金融周期波动影响的时变机制.滚动回归的实证结果显示:无论数量型货币政策规则还是价格型货币政策规则,货币政策对信贷波动反应的敏感性主要影响金融周期的波动,但在价格型货币政策规则下,基于信贷视角观察金融周期波动时,货币政策信贷敏感性与货币政策资产价格敏感性对金融周期影响差异较小;较之于价格型货币政策规则,货币政策对信贷波动反应的敏感性在数量型货币政策规则下,对金融周期波动的影响更显著,并在一定程度上表现出随时间扩大的趋势.文章的创新之处在于:强调了货币政策通过政策反应函数渠道而非以往研究中较多关注的狭义风险承担渠道影响金融周期波动的事实,并构建计量模型对货币政策反应函数渠道影响金融周期波动的时变机制进行了详细刻画.     

中国“碳中和”目标的实现路径与模式选择

围绕中国碳中和目标的实现路径与模式选择问题，提出了一个中国应对气候变化整体治理模式，即多阶段混合主导型碳中和实现模式。这一模式是以国家为核心，在一定时期和内外环境约束下，通过减排和增汇路径，对中国境内由人类活动造成的CO2排放与人为CO2吸收量之间关系进行调整和平衡的过程；其内部由宏观、中观和微观三层结构组成，每层结构各不相同。多阶段混合主导型碳中和实现模式的提出，拓展和完善了气候变化整体治理理论，为气候变化治理提供了机制借鉴。     

A new financial stress index model based on support vector regression and control chart

Financial stress index (FSI) is considered to be an important risk management tool to quantify financial vulnerabilities. This paper proposes a new framework based on a hybrid classifier model that integrates rough set theory (RST), FSI, support vector regression (SVR) and a control chart to identify stressed periods. First, the RST method is applied to select variables. The outputs are used as input data for FSI–SVR computation. Empirical analysis is conducted based on monthly FSI of the Federal Reserve Bank of Saint Louis from January 1992 to June 2011. A comparison study is performed between FSI based on the principal component analysis and FSI–SVR. A control chart based on FSI–SVR and extreme value theory is proposed to identify the extremely stressed periods. Our approach identified different stressed periods including internet bubble, subprime crisis and actual financial stress episodes, along with the calmest periods, agreeing with those given by Federal Reserve System reports.     

“一带一路”沿线国家设施联通对贸易利益的影响

以全球价值链（GVC）参与为视角，基于2005—2015年40个“一带一路”沿线国家与我国的增加值贸易数据，采用静态面板固定效应模型实证分析交通基础设施和通信基础设施对“一带一路”沿线国家贸易利益的影响。结果发现，加强交通和通信基础设施建设有利于提高一国出口中所包含的国内增加值，增进该国的贸易利益。作用机制研究表明，交通基础设施和通信基础设施都能够通过降低贸易成本促进贸易利益的提升，其中通信基础设施还能够通过提高贸易的时间效率对贸易利益产生积极影响。因此，“一带一路”沿线国家应以设施联通为依托，加强本国的交通和通信基础设施建设，把握参与国际生产分工的主动权，以实现共同发展繁荣。     

Toward a sociology of global comparative placemaking

I call for a globally informed sociology of comparative placemaking that integrates historical and contemporary processes and includes the ephemeral, institutional, and personal. By placemaking, I am referring to the explicit or tacit cooperation among people to create, maintain, and give meaning to places in space through bodily occupation given differential resources and constraints. I review select place, space, and community-based literature about urban, Black, migrant, LGBTQ, and international populations to think about how we can build upon and integrate multiple theoretical, methodological, and epistemological insights to form an explicit placemaking research agenda. A US focus on neighborhoods contrasts with a comparative examination of global urban networks, social polarization, and transformation of the built environment in the interdisciplinary field of global urban studies (Ren, 2018). I argue for a placemaking research agenda that bridges insight from US Urban Sociology with Global Urban Studies to consider how various structures and actors constrain and facilitate place projects. With a globally reaching and comparatively informed sociology of placemaking, we can illuminate our multi-structured story of place and agency in context. We can answer questions about how and why we co-create and are simultaneously disciplined by the process of creation.     

影子银行、地方政府债务及金融发展动态关系研究——基于省级面板VAR模型

基于2004—2017年中国省级面板数据,运用面板向量自回归(PVAR)模型,使用系统GMM估计、脉冲响应函数、方差分解以及格兰杰因果关系检验等方法分析了影子银行、地方政府债务及金融发展之间的动态关系.结果表明:影子银行、地方政府债务与金融发展水平三者之间存在动态耦合关系.在地方政府融资能力受到约束的情况下,影子银行为地方政府提供了多元的融资方式,在增加政府融资能力的同时提升了政府债务水平;而地方政府债务需求显著推动了影子银行规模的快速发展.同时,影子银行过度扩张危害了金融市场的健康发展,降低金融发展水平,继而使地方政府的融资渠道受到约束.但金融发展并不能有效约束影子银行规模,原因在于,政府融资需求是影子银行的主要动力,若不能控制地方政府的借贷行为则无法从源头解决问题.监管机构在去杠杆的过程中,应该综合考虑影子银行与地方政府债务、金融发展之间的动态关系,如此才能够实现预期的政策效果.     

Transnational policy entrepreneurs and the cultivation of influence: individuals,organizations and their networks

ABSTRACT

The ‘policy entrepreneur’ concept arises from the Multiple Streams’ theory of agenda setting in Policy Studies. Through conceptual stretching’, the concept is extended to global policy dynamics. Unlike ‘advocacy networks’ and ‘norm entrepreneurs’, the discussion addresses the strategies of ‘insider’ or ‘near-governmental’ non-state actors. The analysis advances the policy entrepreneur concept in three directions. First, the discussion develops the transnational dimensions of this activity through a case study of International Crisis Group. Second, rather than focusing on charismatic individuals, the discussion emphasizes the importance of organizational resources and reputations for policy entrepreneurship and access into international policy communities. Organizations maintain momentum behind policy solutions and pressures for change over the long term when individuals retire or depart for other positions. Third, the discussion outlines four distinct entrepreneur strategies and techniques that both individuals and organizations cultivate and deploy to enhance their power and persuasion in global policy processes and politics.     

城市综合体建设面临的一系列问题探讨--以南通市为例

随着房地产调控和城市化进程的加快，商业地产越来越受到开发商的青睐。城市综合体作为商业地产的典型代表以其多结构多层级的功能组合迅速提升区域价值而拥有了“城中之城”的美誉，在东部地区二三线城市大量涌现。但城市综合体带动城市发展的同时，也引发了一系列风险亟待关注。     

The renationalisation of migration policies in times of crisis: the case of Norway*

Securing collective action in the field of asylum regulation is high on the European political agenda. In this article, we look at one country's partial pullback from the regional cooperation during the high influx of asylum seekers in 2015. We use Norway as a case to analyse the challenges to common European asylum regulations and the drivers of a region-wide tendency of what we call renationalisation. Against this background, we seek to contribute to the discussion on the dynamics of Europeanisation and the future of the Common European Asylum System. While the Europeanisation of migration policies has been well covered in the literature, tendencies of renationalisation have been less so. To contribute to the knowledge base, we create a typology of the drivers of renationalisation. These drivers include necessary political and institutional preconditions, resource limitations, triggers, expectations and aspects of time.     

论全球气候治理中城市的角色转型——兼论中国困境与出路

从全球气候治理的1.0时期、2.0时期到3.0时期，城市逐渐实现了从“幕后参与者”到“共同引领者”的角色转型。这一转型既得益于全球治理理论在气候变化领域的延伸，更受惠于城市外交理论的推动和全球气候治理中“集体行动的困境”之驱使。就目前来看，中国城市的这一“共同引领者”角色还无法完全体现出来——不仅在隐性的“南北分割”的权力结构和发展中国家的气候治理分歧中，面临着对外发展的困境；而且在中央政府对地方政府的气候治理行动的“单向”型构造及城市的“经济发展”和“治理责任”的两难抉择中，面临着对内优化的瓶颈。针对这些问题，中国可以采取“两条干路+六条支路”的“两轨并行”式路径来寻求合理的应对之策。国家可以在寻求发展中国家的集体身份认同之时，进一步完善国内温室气体减排政策和立法，并赋予城市以一定的自主性；而城市也可以在深化城市气候外交，加强与国家的“双向”型气候治理互动的同时，推动“韧性城市”的长效发展。