武汉市固定资产投资与经济增长关系的实证分析

固定资产投资是经济增长的一个重要因素,对经济增长具有直接的拉动作用,同时对投资的调节也成为国家宏观调控的一个重要手段。以武汉市为例,选取了年固定资产投资与国内生产总值的数据进行协整分析,并建立了误差修正模型,得出了二者之间存在长期均衡关系。     

The Stability of Social Groups in Childhood and Adolescence: The Role of the Classroom Social Environment.

This study provides a developmental analysis of childhood and adolescent social relationships within the school context. The social groups of 220 fourth graders and 475 seventh graders were tracked over a one year interval. The initial results indicated that approximately 30% of the social groups were identified as stable in that they maintained at least 50% of their membership over the one year interval. However, the stability in group affiliations was a function of the stability of the composition of the classroom. When schools did not promote classrooms as a unit, only 6.8% of social groups were stable, as compared to 55% of groups being stable when the school did promote classrooms as a unit. This school effect in group stability was demonstrated by a high correlation (rs = .97) between classroom stability and group stability. Even in unstable classrooms, individuals were more likely to maintain affiliations when group members were assigned to the same classroom. This work suggests that stable environments promote stable relationships, which in turn, may promote greater continuity in the organization of behavioral patterns.     

矿产资源资产化管理创新研究——以湖南省为例

改革开放以来,市场经济的发展迫切需要我国矿产资源管理体制进行改革和创新。借鉴矿产资源资产化管理的国际经验,创新性地提出湖南省矿产资源资产化管理的“321”模式：构建三级矿权,优化矿产资源产权安排;健全两级市场,优化矿产资源的配置机制;优化一级控管,完善矿产资源宏观调控和管理。希望能为湖南省及其他省市矿产资源管理体制的改革和创新提供参考借鉴。     

Macroeconomic asymmetry in the Eurozone before and after the Global Financial Crisis: An appraisal of the role of the ECB

The launch of the euro in 1999 was assumed to enhance macroeconomic convergence among EMU economies. We test this hypothesis from a comparative perspective, by calculating different indices to measure the degree of macroeconomic dispersion within the Eurozone, the UK and the USA (1999–2019). We use common factor models to produce a single index for each monetary area out of different measures of dispersion. These indices can be used to inform on the degree of optimality of a monetary area. Our results show that macroeconomic dispersion in the Eurozone increased notably even before 2007 and it took significantly longer to return to pre-crisis levels, as compared to the UK and the USA. The paper shows the critical role played by the ECB’s asset purchases programmes in reducing macroeconomic divergences among EMU member states since 2015.     

论上海发展面临的虚拟经济膨胀问题

今年上海经济增量部分出现的高度依赖股市、房市的新现象,是与国际大环境特别是全球流动性过剩高度相关的,而当前虚拟经济扩张对上海发展而言是一把双刃剑,既给经济发展带来一定机遇,也可能加剧资产泡沫的风险。从实现"四个率先"的战略高度出发,虚拟经济膨胀不利于上海转变增长方式。上海未来要加快经济增长转型,就必须聚焦发展服务经济,通过服务升级与创新,完善城市功能,进一步推动三、二、一产业的融合发展。同时,面对目前较复杂的经济发展环境,本文还提出了化解风险,加快经济转型的相关对策建议。     

河南省上市公司资本结构与绩效研究

以河南省上市公司为样本,用资产负债率和负债与股东权益比作为财务杠杆的代表变量,净资产收益率和总资产收益率作为公司绩效的代表变量,分析研究公司资本结构与资产结构、成长性、公司规模、获利能力和风险之间的相关性,以及公司绩效与资本结构之间的相关关系。研究结果显示公司资产结构和获利能力对资本结构有显著的影响,资本结构对公司绩效无显著影响。     

构建证券公司客户资产管理的风险控制体系

为了有效地提高券商客户资产管理业务的抗风险能力,增强其核心竞争力,本文尝试构建完整的风险管理体系。本文对证券公司的客户资产管理风险采用VaR进行量化度量,并试图建立一个完善的组织体系,按照严密规范的风险控制制度,由独立、专门化的风险管理组织对客户资产管理部门进行监督和管理,从而保证风险控制技术的准确实施。在风险管理实践中,风险控制意图、风险控制技术和风险控制制度这三者的动态互动构成了风险管理体系。     

Foreclosing Fluidity at the Intersection of Gender and Sexual Normativities

Binary gender and sexuality are socially constructed, but they structure thought at such a deep level that even those critical of sexism and homophobia can unwittingly reproduce them, with consequences felt most profoundly by those whose gender/sexual identity defy binary logic. This article outlines a generic pattern in the reproduction of inequality we call foreclosing fluidity, the symbolic or material removal of fluid possibilities from sexual and gender experience and categorization. Based on 115 responses from people who are both sexually and gender fluid and a reading of existing sociologies of gender and sexualities from a fluid standpoint, we demonstrate how lesbian/gay/straight, cisgender, and transgender women and men—regardless of intentions—may foreclose fluidity by mobilizing cisnormative, transnormative, heteronormative, and/or homonormative beliefs and practices. Examining patterns of foreclosing fluidity may provide insight into (1) the further incorporation of fluid people and standpoints into symbolic interactionism, and (2) the reproduction and persistence of sexual and gender inequalities.     

Public income transfers and wealth accumulation at the bottom: Within and between country differences in Canada and the United States

Both Canada and the United States are considered liberal welfare states, yet exhibit notable differences in income poverty attributed to social policy. While a more generous welfare system lifts many above income poverty, models of household financial behaviour suggest that more income from the state should displace private savings via a substitution effect. Using nationally representative wealth surveys from Canada and the US from 1998/1999 to 2016 we extend knowledge on the relationship between the welfare state and private wealth accumulation. Specifically, we study household asset poverty defined as financial asset levels that fall below three-month adjusted income poverty threshold. Asset poverty rates varied over time in the two countries and were higher in the less generous US welfare state. Further, income transfer share was positively related to asset poverty in Canada but not in the US. Counterfactual estimates offered evidence of the substitution effect in Canada, where higher levels of transfers may crowd out private asset accumulation. Results invite further consideration of the concept of asset poverty and its relationship to welfare state characteristics.     

企业年金积累期的最优动态资产配置策略

替代率是评价企业年金基金投资效果的重要指标之一.本文构建了与替代率挂钩的目标基金,建立了基于目标的企业年金基金最优资产配置模型,利用随机动态规划方法获得了年金基金最优投资策略的解析解,并通过蒙特卡洛模拟技术对所得结果进行数值模拟,考察了不同市场环境及不同群体的最优配置策略和最优策略对可控制参数的敏感性.结果表明:模型中参数对年金基金的最优配置策略各有不同影响,不同群体和不同金融市场中的最优策略也有差异,但总体而言最优资产配置策略具有高风险资产权重随着时间推移而降低的动态特征.