投资银行市场风险管理的VaR方法研究

风险价值方法(V alue at R isk)是近几年发展起来的用以度量和控制金融风险的计量模型。文章使用V aR模型度量了投资银行证券投资业务中的市场风险,应用上海证券交易所的实际数据,具体计算出上证指数的V aR时间序列,论证了应用该时间序列来评估风险大小的方法,为风险价值法在我国投资银行市场风险管理中的推广应用提供参考。     

城市景观河流生态修复的产出研究及有效性可靠性检验——基于上海城市内河水质改善价值评估的实证分析

意愿价值评估法(CVM)为具有显著外部性的生态环境服务的价值评估提供可能,但只有经过有效性和可靠性检验的CVM成果才能应用于环境公共政策与治理。本文以CVM评价上海市城市景观内河——漕河泾港的生态恢复的产出,在国内经常采用的线形对数模型基础上,加入二值响应的Logit概率模型对受访者社会经济变量进行回归分析,验证本次CVM应用的理论有效性。回归中首次引入反映我国特殊社会结构的户籍变量、收入差距变量两者的交互项,并纳入间接反映环境问题历史成因的居民沿河居住期变量,以验证调查结果与一般经济理论的相容性和与我国特殊社会构成、经济态势以及环境历史成因的吻合性。以预调查和正式调查为试验—复试样本验证了研究结果的可靠性。结果表明:平均支付意愿是160元/(a.户),改善漕河泾水环境的年经济效益至少在6.1×106元。     

城市化与产业发展的匹配机制研究--基于比较优势的理论视角

城市化与产业发展是相互促进、互为因果螺旋上升的关系,城市是产业发展的载体,城市化的推进引致巨大的消费需求和投资需求,而产业是城市化的动力和支撑。城市化进程可以看成是资源、基础设施、制度和环境等一系列要素禀赋的动态变化,并在此基础上形成比较优势,吸引特定产业的投资和促进产业演进,在一个静态时点上,城市化与产业发展处于一般均衡状态,二者之间存在一种相互匹配关系。因此,在我国新型城镇化建设中要树立大、中、小不同规模城市协同发展的理念,在分析城市要素动态变化基础上,实施科学有效的产业政策。     

中国-东盟自由贸易区农产品贸易格局分析

考察2004～2013年间,中国－东盟农产品贸易的总量特征、市场结构及进出口集中度,并利用净出口显示性比较优势指数和贸易互补性指数测度了双边农产品贸易的竞争性和互补性。研究结果表明：（1）2004年以来中国与东盟农产品贸易额快速增长,但双边农产品贸易逆差也逐渐扩大。（2）中国在东盟的农产品出口目的地较分散而进口来源地则集中于马来西亚、印尼和泰国;中国出口的农产品多是劳动密集型产品,而进口的主要为土地密集型农产品;出口结构相对多元化。（3）中国农产品总体上不具有比较优势,而越南、泰国、印尼等国的农产品国际竞争力则较为显著。（4）中国对东盟7国的农产品进口互补性指数要略高于出口互补性指数,这也印证了东盟是中国重要的农产品进口来源地。     

月度工业生产发展速度指标解读：差异比较与经验启示 ——以OECD国家为例

 正确解读统计指标是准确理解和把握统计数据意义的关键所在。本文从指标的名称、定义、计算方法、空间规定和基础指标获得方式等方面,对OECD国家的工业生产发展速度指标进行了全面解读,以期从中得出经验与启示。     

印欧语系的起源及特点

比较语言学将人类语言分为29个语系,印欧语系是其中影响最大、分布最广的语系之一。印欧语系包括10个语族,50多种语言。印欧语系以北欧为中心向欧洲大陆东、西两端延伸,在南亚次大陆及非洲南端等地区也有分布。从进化论的角度分析,印欧语系的祖先可能是库尔干人、盖尔·凯尔特人、亚利安人或土耳其人。印欧语系的辅音系统的发音方式主要有爆破音、鼻音、延续音和半辅音,其发音部位主要有唇、齿、硬腭和软腭。     

The Best and Worst Times of Life: Narratives and Assessments of Subjective Well-Being by Anamnestic Comparative Self Assessment (ACSA) in the Eastern Cape,South Africa

The Anamnestic Comparative Self Assessment (ACSA) measure of subjective well-being (SWB) aims to reduce the problems of cultural bias and relativity to external standards by allowing people to define the endpoints or ‘anchors’ of the measurement scale. In medical terminology anamnestic denotes ‘based on memory’. The ACSA uses subjects’ memories of the best and worst periods in their lives to define the anchors of the scale. They then assess their current quality of life relative to these personal anchors. The South African pilot study tested the match between self-assessment of SWB with ACSA and the conventional single-item measures of life satisfaction and happiness used in the South African Quality of Life Trends Study and analysed the narratives of the best and worst times of life. The quota sample of 46 consisted of 26 residents of Makana district in the Eastern Cape Province, South Africa, and 20 patients undergoing treatment in the local TB hospital. Mean SWB ratings with all three measures of life satisfaction, happiness and ACSA were between 5 and 6 on a 0–10-point scale. Ratings on all three scales were positively correlated. However, on ACSA the TB patients rated their current SWB 1.84 points lower than the community respondents, suggesting a greater sensitivity of this measure. It was observed that the starting points of the life stories produced by respondents to define the anchor periods for ACSA were related to their current assessment of SWB. A typology was developed that combined the starting point of the life stories with current SWB. The majority of community respondents matched the ‘Achiever’ type who scored positively on ACSA (i.e., above the mid-point of the scale) and whose life stories started with the worst period of their lives and proceeded to the best period. The TB patients were the only respondents to represent the ‘Survivor’ type whose morale had recovered after misfortune in life. ‘Survivors’ started their narratives with the best period in their lives, then moved to the worst (often health-related) one, and gave positive ACSA ratings. Based on the qualitative analysis of narratives, it is concluded that ACSA is a sensitive measurement instrument and therefore particularly useful for monitoring the effects of treatments and social interventions in longitudinal studies. However, further research is required to verify its cross-cultural validity.

Individual and institutional determinants of multidimensional poverty: A European comparison

In this article we evaluate to what extent between-country differences in the probability of being ‘multidimensional’ poor can be explained by a range of ‘domain-specific’ indicators of welfare regime arrangements. To this end, a so-called micro-macro model is estimated, testing the ‘independent’ effect of institutions, as opposed to alternative explanations such as between-country differences in population composition and economic affluence. Although we conclude that institutional arrangements do influence the risk of multidimensional poverty in the expected direction, we also find that bringing the ‘economy’ back into the analyses has a non-trivial impact. Our results point at several avenues for further discussion and research. First, although the more elaborate welfare regimes generally do a better job in preventing poverty, the level of transfers is not always ‘proportional’ to the general standard of living in these countries. Second, we only find partial confirmation for the often cited ‘negative’ impact of labour market flexibility and the related equality-jobs trade-off. While stricter employment regulations do reduce the poverty risk (be it only after controlling for economic affluence), flexibility in terms of the availability of fixed-term labour seems to be preferable to unemployment, even if at the individual level, labour market flexibility increases the likelihood of being poor quite severely.

论比较利益原理与发展中国家的贸易政策选择

比较利益原理为国际贸易理论研究和政策选择提供了统一的基础性分析框架。然而 ,发展中国家贸易政策选择却长期背离比较利益原理 ,到 2 0世纪 70年代后才逐渐向比较利益原理回归 ,90年代亚洲金融危机后又对比较利益原理的运用重新进行思考。反思上述历史过程 ,我们应注意以下问题 :在贸易理论研究中 ,要使贸易政策理论具有可操作性 ,不能将贸易纯理论简单地等同于贸易政策理论 ,系统的比较研究和实证研究具有重要意义 ,对理论研究中的意识形态因素应加以重视 ;在贸易政策实践中 ,要尽可能排除利益集团的干扰 ,注意汇率制度的配合 ,安排好各项改革措施的先后次序 ,并充分认识国家大小因素对政策规划的影响。     

A lost family-planning regime in eighteenth-century Ceylon

Based on Dutch colonial registers (thombos), this paper reconstructs fertility for two districts in Ceylon, 1756–68. It overcomes challenges in data quality by establishing the outer bounds of plausible estimates in a series of scenarios. Among these, total fertility rates (TFRs) averaged 5.5 in one district, but only 2.7 in the other. These figures exclude the victims of infanticide, a custom noted in European travelogues between about 1660 and 1820. Sex ratios among children differed depending on the number of older siblings, and overall, 27?per cent of girls are missing in one district and 57?per cent in the other. There was little significant variation either in the TFR or the sex ratio by socio-economic status, suggesting that poverty was not a key factor in motivating infanticides. Instead, we argue that at least parts of Ceylon had a forward-looking culture of family planning in the eighteenth century, which was lost in subsequent decades.