城市工人与农民工的收入差距研究

本文选择2008年社会状况综合调查数据中城市工人和农民工样本,使用布朗分解方法解析城市工人与农民工收入差距,重点解答城市工人与农民工收入差距形成的原因和过程。研究发现单位之间的收入差异是总体收入差距的主要部分,而入职户籍门槛是阻碍农民工进入公有制单位,获取较高收入的重要原因。在同一所有制性质单位内部,城市工人与农民工同工不同酬占总体收入差距比例不大。人力资本差异能够解释收入差距的36.2%,说明人力资本要素虽然能够影响到收入状况,但统一、竞争的劳动力市场并未完全形成。     

EVALUATING CHANGES IN THE DISTRIBUTION OF CAPITAL WEALTH

A small-scale general equilibrium model in which the distribution of capital wealth is a key parameter is employed to examine the potential economic consequences of greater capital wealth equality. Every performance indicator examined – aggregate income, consumption equality, social welfare in the sum-of-utilities sense, and aggregate saving –is improved by greater capital wealth equality. However, the bottom-line social welfare gain, relative to the present high-inequality situation – even from the maximum achievable level of complete equality in capital wealth distribution – would be numerically rather modest.     

The Role of Foreign Banks in Poland

The paper examines the process of the Polish banking sector's internationalisation, with a particular intention of describing incentives and the impact of foreign banks entry. In order to carry out an assessment of changes in the banking market structure and banks' performance, the study introduces arguments and motivations of foreign capital inflow into local financial systems with implications for the stability and the development of the banking sector. The role of foreign capital in the Polish economy derives from an analysis of the effects of foreign banks penetration, in terms of changes in competitiveness, efficiency, and stability of the banking sector. An assessment of concentration level and development prospects have also been included.     

Is social capital as a determinant of community attachment?

Abstract

Previous studies have shown population size, population density, length of residence, neighboring, and friendship networks are effective indicators of community attachment. Few studies, however, have used social capital to predict community attachment even though social capital has showed as an important indicator of community success. This study investigated the effects of social capital on community attachment and their reciprocal effects. Using the data of Iowa Small Town Poll in 2014, the results showed that the increases of bonding social capital, bridging social capital, and trust result in a higher level of community attachment. Further, a cross-lagged panel analysis, based on three waves of data in 1994, 2004, and 2014, indicated that while social capital has lasting effects on community attachment over time, no reciprocal effect between them. This analysis suggested a feasible way to enhance community attachment through developing social capital.     

Rating System as a Banking Performance Regulator in the Conditions of Transition Economy

Taking into consideration the importance of having a strong banking system, the issue of bank performance evaluation and analysis becomes essential for the bank regulation process in the countries with an emerging economy. For banking performance evaluation and analysis various methods are used in international practice. These methods have many disadvantages and are unusable for the banking systems in the countries with transition economy. In this article a new and complex system of analysis and evaluation of bank performance is described. This is a multidimensional system of bank performance indicators. This system enables to analyze bank performance through integrated indicators, viewing them in corresponding surfaces. Implementation of this system will allow to efficiently analyze bank performance by different directions, to reveal existing problems in the bank, to make corresponding regulation decisions for each bank, and to and group banks according to different criteria.     

The Structure of the Chinese Banking System and Credit Access Problems for SMEs

This paper examines the structure and the main characteristics of the Chinese banking industry. In particular, the paper analyses the problematic aspects of credit relations of small and medium enterprises (SMEs). The SMEs are facing several problems in accessing the bank loans market, dominated by the political and contractual weight of state-owned enterprises. However, some recent reforms have improved the situation, a fundamental condition for additional positive results. Nevertheless, further and more pervasive modernization efforts are needed to consolidate these results and to develop the relationships between banks and SMEs.

From Boom to Bust: How Different Has Microfinance Been from Traditional Banking?

This article presents in‐depth analysis of developments in the microfinance sector before and after the collapse of Lehman Brothers in 2008, by comparing them with developments in the traditional banking sectors of emerging markets and developing countries. Its findings indicate that microfinance has been part of the same credit boom observed in the traditional banking sector, and that the boom was also fostered by substantial inflows of foreign capital. Further, that risks associated with credit booms in the traditional sector also evolved in the microfinance sector. The article comes to the conclusion that, by becoming part of the global financial system, microfinance has lost one of the characteristics distinguishing it from traditional banking, namely, its greater resilience to crises in domestic and global financial markets.     

Regulatory Problems of Commercial Banks in the Context of the European Sovereign Crisis

This study aims to find whether regulatory measurement of banking risks proposed by the Basel Committee provide a framework that allows an adequate reflection of these risks in banks’ capital requirements. The analysis is carried through the prism of financial crisis that started in 2007 and current sovereign crisis in some European countries. In the study we investigated the problems attached to Standardized Approach and risk measurement of a financial instrument based on the rating of issuer. As a result we revealed contradiction in the current regulation, according to which risk free assets provide a better return than riskier assets. We found evidences of the gaps attached to Standardized Approach, which in current sovereign crisis can become problematic not only for commercial banks, but also for the issuers of financial instruments in which commercial banks have investments. Finally, we offered a different method of risk measurement that, we argue, provides a better measurement of banking risks as such.     

BETWEEN SCYLLA AND CHARYBDIS: INCOME DISTRIBUTION,CONSUMER CREDIT,AND BUSINESS CYCLES

We introduce a macroeconomic model with heterogeneous households and an aggregate banking sector in order to analyze the impact of rising income inequality under different credit scenarios. Growing inequality produces debt‐led consumption boom dynamics when the banking sector is characterized by a lower capital requirement and a higher willingness to lend. Instead, when inequality rises but the banking sector is highly regulated, aggregate demand and output fall. Our results also yield new insights on the appropriate fiscal policy reaction to stabilize the economy: acting on the progressivity of the tax system seems more effective than a proactive countercyclical fiscal policy. (JEL C63, D31, E62, G01)     

Safety and Soundness and the CRA: Is There a Conflict?

Ordered probit regressions of the supervisory ratings assigned to banks point to a conflict between the credit enhancement objectives associated with the Community Reinvestment Act (CRA) and financial safety and soundness standards. Aggressive banking strategies tend to help CRA ratings but hurt safety and soundness ratings. In addition, banks with financial problems are more likely to receive substandard CRA ratings, even though their condition may require a retrenchment from CRA objectives. Finally, there is some limited evidence to suggest that a greater focus on lending in low-income neighborhoods helps CRA ratings but at the expense of safety and soundness.     

全球金融风险及中国的对策

当前,全球金融危机深层次影响正逐步显现,全球经济和金融体系的风险还在积聚,经济复苏的基础仍很脆弱,危机远远没有结束。在全球金融危机持续发酵的过程中,按照G20峰会确定的改革方向,金融稳定理事会、巴塞尔委员会等国际组织正共同努力推动金融监管改革,但金融体系长期积累的问题短期内难以消化,还需要全球政策制定者和监管当局加强政策协调,凝聚共识,在刺激经济增长和实施长期结构化改革之间寻求平衡。针对金融领域存在的风险隐患,中国为坚守不发生系统性和区域性金融风险的底线,必须完善相关配套政策,全面构建中国银行业的审慎监管体系。     

China's Way of Economic Transition

China started economic transition in 1978 to implement a Chinese type of socialist market economy system, i.e., a market-oriented economy consisting of collectively community-owned enterprises (CCOE) and state-owned enterprises (SOE) in a totalitarian political system with the Communist Party of China as the ruling power. The main contents of the economic transition can be briefly described as follows: (1) gradual decentralization of economic decision from central economic planning to market-oriented decision by delegating competence to managers of SOE and CCOE without privatization of public ownership, (2) liberalization of cross border economic activities (open-door policy), (3) allowance for Chinese to erect private enterprises (PE) on the one side and foreigners to set up foreign invested enterprises (FIE) on the other side, as well as (4) reorganization of SOE and CCOE. In comparison to the former Soviet Union and the Central and Eastern European countries, the following points of China's way of economic transition are of special interest. First, China's way of transition is a ``gradual trial and error' approach without a transition program set for long term but flexible and gradual way which is called a ``touch stones to cross river' approach. Field experiments have been carried out at first. A reform will be implemented after successful experiments. Second, the rural community becomes reorganized by breaking down communes, implementing a ``household responsibility system' in the agricultural sector and setting CCOE in the rural areas to carry out industrialization without movement out of rural labor (the slogan for this kind of transition is lee tuh puh lee shian [``move out from agriculture but not out of rural area']. Third, China's economic development is characterized by a huge expansion of CCOE in the eighties and newly founded PE consisting of FIE since the nineties, while only a very limited share of SOE has been privatized via the reorganization of the sector. China's way of economic transition has been a process of decentralization of the economic system from a central planning economy to one of decentralized market-oriented decision by delegating competence to management of SOE and CCOE without privatization of the ownership to increase efficiency. Fourth, China has been heavily loaded by a fragile banking system with a huge amount of nonperformance loan which implies a high risk of banking system crisis. Fifth, China's economic transition has been seen as a tool to keep the power of the Communist Party China with a periodically instable totalitarian political system and has permanently been confronted with risk of a political collapse. Human rights have not been protected in China. The FIE have crucially contributed to the growth of industrial production, export, and also the economic growth in China since 1979, especially since 1992. Economic special zones have significantly induced the rapid growth inflow of FDI which has financed the establishment of new enterprises instead of financing privatization of the SOE in China. Thus, it is not exaggerated to say that the FDI inflow has mainly contributed to the performance of the Chinese economic transition and the FIE have been the engine of the Chinese economic development.     

从第三方支付发展看上海国际金融中心建设

互联网时代第三方支付的发展,揭示了企业"控制用户信息流以控制支付流,控制支付流以控制资金流;获得用户网络接入权胜过获得资本所有权,获得数据投入量胜过获得资金投入量"的新规则。大平台日益成为金融机构控制用户信息流、获得用户网络接入权的重要载体,在平台组合上加载信用有关数据流日益成为形成金融机构风险管理能力的重要生产资料。在互联网时代推进上海国际金融中心建设,既要继续重视金融机构集聚,更要注重鼓励企业赢得全国性用户网络接入权,加强平台组合,增强信用数据流。上海应依托自贸试验区推进互联网金融监管创新;牵头建立长三角征信联盟集团公司;搭建本地金融机构网聚平台。     

Promoting women entrepreneurs in Lebanon: the experience of UNIFEM

The work of the United Nations Development Fund for Women (UNIFEM) in West Asia began in 1994 with a regional program to strengthen women-owned enterprises in Jordan, Syria, and Lebanon. In Lebanon, a survey of 100 women entrepreneurs, as well as nontraditional credit programs and banks, was conducted prior to program design. A second survey assessed micro-entrepreneurs' demands for financial and other services. Since gender analysis was a new concept in Lebanon, UNIFEM organized a gender awareness workshop for representatives of government, nongovernmental organizations, and the banking sector, followed by a strategic planning workshop. The surveys confirmed that women were concentrated mainly in the less profitable economic sectors, producing handicrafts and food products or running small service or trading companies. Women were less likely than men to get bank loans or to register their businesses. Women's problems accessing credit--the main obstacle limiting their ability to develop their businesses--were compounded by their lack of information, male-oriented collateral requirements, and discriminatory banking regulations. UNIFEM decided to channel counseling of women entrepreneurs on legal matters, marketing, and credit sources through the Ministry of Social Affairs. It is expected that knowledge of gender-related employment issues and the use of gender-specific analysis will become integral to the Ministry's program as a result.     

Finance capital markets and corporate decision-making processes: The case of W. T. Grant Company's bankruptcy

The effect of capital markets on corporate decision making has been a focus of scholarly attention for more than a century. The existing literature has remained sparse, however, in detailed analyses of the processes and effects of organized finance capital markets on managerial discretion. The case of W. T. Grant Company's bankruptcy illustrates the mechanisms by which the banking community's organized control of the finance capital markets posed a constraining influence on the firm's decision-making processes. This influence extended to the decision to throw the company into involuntary bankruptcy. The case also illustrates finance capital to be both a unique resource (having no alternatives) and a special relationship that, unlike material capital supplier relationships, has long-term consequences for the borrowing firm.     

A theory of prudential values and a rule utilitarian theory of morality

Ethics can be divided into a theory of prudential values and a theory of morality in a narrower sense. My paper proposes a utilitarian — a rule-utilitarian — theory of morality. But it deviates from most of the utilitarian tradition by rejecting the hedonistic and subjectivistic accounts of prudential values favored by many utilitarian writers. While economists tend to define people's utility levels in terms of their actual preferences, ethics must define them in terms of their informed preferences. To prefer A over B does not mean to have a stronger desire for A than for B. Rather, it means to regard one's access to A as being more important than one's access to B. Even though different people often have quite different preferences, their basic desires seem to be much the same. We must choose our moral rules, and our society's moral code as a whole, by their social utility. An important factor in determining their social utility are their expectation effects. Unlike the rule — utilitarian more code, the act — utilitarian moral code would be unable to give proper weight to these expectation effects. It would also unduly restrict our individual freedom. Finally, I shall argue against Kant that morality is primarily a servant of many other human values rather than itself the highest value of human life.     

Urbanization, Disadvantage, and Petty Entrepreneurship: Street Peddling among African American Men in Southern and Northern Cities during the Early Twentieth Century

Two theories attempt to explain why minority groups are often involved in small-scale entrepreneurial activities. The urban adjustment hypothesis holds that when such groups urbanize, their members establish themselves economically through self-employment in pursuits that require little start-up capital. The disadvantage theory argues that exclusion from the labor market impels members of oppressed groups to become self-employed in marginal enterprises. Applying these theories, I use census data to analyze the participation of African American men in street peddling during the pre-World War II era. Consistent with the urban adjustment hypothesis, the involvement of African American men in street peddling increased markedly when African Americans urbanized during the period from 1890 to 1940. Consistent with disadvantage theory, the involvement of African American men in street peddling was positively associated with labor market disadvantage. Finally, in southern cities, African American men were overrepresented in street peddling, a finding that suggests that these men had a niche in the petty-trading sector of the South's informal economy.     

上海市属国企整体上市后国有资本退出机制研究

上海市属国企整体上市后国有资本的退出,是完善国资有进有退、有序流动机制的重要内容,也是落实横向收缩国资行业跨度、纵向收缩国资管理层级、点上收缩国有股权比重的内在要求。在符合国家有关法律、行政法规的前提下,坚持"总体设计、突破瓶颈、稳步实施、形成制度",公平、公正、公开地操作整体上市公司退出部分国有资本,做到把握退出的资本、退出的标准、退出的途径和退出的时机。     

Entry-level jobs: First rung on the employment ladder or economic dead end?

The ability of young workers to move from dead-end jobs into higher-wage jobs which have better career prospects is greatly influenced by the individual’s characteristics, local labor market conditions, and his or her human capital. This paper examines the characteristics of entry-level jobs of young workers in the 1980s with emphasis on how education and training influence the types of jobs held. The incidence of post-school training is quite low even though all types of post-school training raise wages significantly. Company-provided training reduces the probability that a young worker will leave his or her employer, while off-the-job training increases the ability of employees, especially young women, to move out of a dead-end job.     

A Case Study of Mortgage Refinancing Discrimination: African American Intergenerational Wealth*

A case study approach is taken to examine differences between African Americans and white Americans in their respective approval/denial rates for home mortgage refinancing. Data from a regional banking institution is used for the case analysis. These data indicate that African Americans are significantly more likely to be turned down for mortgage refinancing than their white American counterparts. We suggest that refinance discri‐mination is one contributing factor to the continuing wealth or net worth gaps between blacks and whites. The inability to access the potential capital resident in one's home impedes the ability of African Americans to transmit advantage from one generation to the next.