Table of Content

16 May 2009, Volume 29 Issue 5

Previous Issue    Next Issue

THE INTERNATIONAL TRANSFER OF WEALTH AND THE ADJUSTMENT OF HIGH CONSUMPTION TIMES IN USA——ANALYSIS BASED ON THE EXTERNAL ASSETS AND LIABILITIES STRUCTURE

LEI Da, SUN Zhong-dong

2009, (5):  5-11. 

Asbtract ( )   PDF (1559KB) ( )  

References | Related Articles | Metrics

Both US dollar hegemony and the special external assets and liabilities structure of the United States provide the conditions for its seizing huge international transfer wealth.In addition,the special external assets and liabilities structure of the United States shows that both the global virtual economy and real economy are out of balance,so the double imbalances increase the difficulty of the global economy adjustment.Hereby,this crisis not only strikes the business banks and other financial institutions,but also hurts US dollar hegemony.The fight over international currency positioning will be intense and the international currency cooperation more difficult.The sustainability of the international transferred wealth in USA is also under attack,so its high consumption times are unlikely to escape major adjustments.

THE IMPACT OF GREATER FLEXIBILITY IN THE RMB EXCHANGE RATE ON INTEREST RATE STABILITY

LI Cheng, ZHAO Tian-rong

2009, (5):  17-23. 

Asbtract ( )   PDF (1644KB) ( )  

References | Related Articles | Metrics

The systematic changes of the dynamics between exchange rate and interest rate have taken place after the exchange rate reform.On average,greater flexibility of RMB exchange rate reduces the magnitude of interest rate fluctuations,and the feedback mechanism of the interest rate on the exchange rate is strengthened to a certain degree.The hypothesis that greater flexibility of RMB exchange rate can stabilize interest rate fluctuation is only valid in the long run,and in the short run it actually exacerbates the volatility of interest rates

A STUDY ON THE INFLUENCING FACTORS OF HOUSEHOLD CONSUMPTION FLUCTUATION IN CHINA

ZOU Ling, LUO Yun-hui

2009, (5):  24-30. 

Asbtract ( )   PDF (1416KB) ( )  

References | Related Articles | Metrics

Based on impulse-response function of the vector auto-regressive model and variance decomposition technique applied to empirically analyze the factors that affect the per capita consumption of China,it is found that the contribution-rate of China's per capita income growth to the fluctuation of the growth of China's per capita consumption is the largest.The growth of fixed-asset investment and per capita savings of China's residents also have relatively large contributions.Granger causality tests confirm the conclusions.China's fixed asset investment growth and per capita income growth of residents Granger causes each other;at the same time,growth in per capita consumption weakly affects the growth of China's per capita income.

THE IDENTIFICATION AND DEVELOPMENT OF RELEVANT MARKET——IMPLICATIONS FOR CHINA'S ANTI-TRUST LAW ADMINISTRATION IN THE FUTURE

LI Hong, ZHANG Xin-zhu

2009, (5):  31-36. 

Asbtract ( )   PDF (1467KB) ( )  

References | Related Articles | Metrics

Relevant market is conceptually different from the term "market" used in economics,as the former is defined merely for the purpose of anti-trust use.The theory on relevant market emerged later than judicial practice did,and then has further advanced as economic theory moves forward.The Harvard school of industrial organization theory has revealed the meaning of relevant market in the context of anti-trust,and constructed a systematic analytical framework on economic and legal issues in the area of anti-trust.The Chicago school later has consummated the theory on defining relevant market,and put forward the SSNP method which is milestone implication and wildly adopted in international practice.

THE DETERMINANTS OF NONTRADITIONAL ACTIVITIES OF CHINESE COMMERCIAL BANKS

DAI Li-juan, WANG Shu-ye

2009, (5):  48-54. 

Asbtract ( )   PDF (1823KB) ( )  

References | Related Articles | Metrics

Nontraditional business has positive effects on banks' overall capital gain,while banks which are more cautionary and with lower profitability and liquidity are more likely to engage in nontraditional business. Different kinds of ownerships have significant effects on non-traditional business.Urban commercial banks and foreign banks have performed better than the four major state-owned banks.However,the selection effect and dynamic effect of ownership changes in banking sector are not significant.

VALUES OF THE INSTITUTIONAL PRIME BONDS OF FANNIE MAE AND FREDDIE MAC

YANG Zhi-rong

2009, (5):  55-61. 

Asbtract ( )   PDF (1018KB) ( )  

References | Related Articles | Metrics

Fannie Mae and Freddie Mac have been trapped in recession,liquidity trap,technical bankruptcy and dwindling interest spread.The two companies have great trouble repaying the MBS bought by the US treasury.Consequently,the values of institutional prime bonds,which rank in a lower repaying order,virtually approach zero.

AN ANALYSIS ON THE ENVIRONMENTAL EFFECTS OF FDI WITHIN-INDUSTRY STRUCTURE

LI Hui-ru

2009, (5):  62-67. 

Asbtract ( )   PDF (1317KB) ( )  

References | Related Articles | Metrics

The international cross-border environmental pollution has been a known fact.On one hand,there exist theoretical basis which can be used to analyze how FDI contributes to cross-border environmental pollution via industrial preferences.On the other hand,judging from China's inflow FDI structure,FDI prefers industrial sector and especially the pollution-intensive industries,and thus consequently has some negative effect on the ecological environment.

A STUDY ON THE INTEGRATED FRAMEWORK OF ORGANIZATION THEORY——FROM MULTI-PERSPECTIVES TO INTEGRATION

WANG Li-ping, GE Jian-hua

2009, (5):  68-74. 

Asbtract ( )   PDF (742KB) ( )  

References | Related Articles | Metrics

A synthesized framework of integrated organization theory includes: a structural layer which is composed of societal,technological,and economic aspects;the restraints on organizations imposed by technological environment and institutional environment,and relevant strategies;the coordinating mechanism for objectives based on the interaction between inside and outside of organizations,and organizational management based on objectives.An organization should be defined as a functional and social existence with certain structures and functions,which is composed of at least two individuals and is suitable to meet technological,economic,and social demands.