论权力在市场经济条件下的变化及定性

权力作为一种社会控制力量,在市场经济条件下必然发生从集中到分散,从直控到间控、从弱约束到强约束等一系列变化.与此相适应,领导者正确认识权力在市场经济条件下的应有定性,具有至关重要的意义.     

Federal Intervention in the Municipal Bond Market: The Effectiveness of the Build America Bond Program and Its Implications on Federal and Subnational Budgeting

The American Recovery and Reinvestment Act of 2009 (ARRA) included several new federal programs intended ostensibly to “unfreeze” the credit markets as a result of the global financial crisis. One such program, the Build America Bond (BAB) program, aimed to lower the borrowing costs for state and local governments by increasing their access to capital and providing a more generous federal subsidy than the traditional indirect tax exemption subsidy. BABs are taxable bonds sold by subnational governments, which carry a 35 percent direct federal payment subsidy to the borrower. In creating this program, the federal government hoped that the large direct federal subsidy along with greater potential investor interest in taxable securities would result in lower borrowing costs for state and local governments vis‐à‐vis traditional tax‐exempt bonds. This research study examines the relative effectiveness of the BAB program and details the various quantitative and qualitative implications on federal and subnational budgeting by moving from an indirect to a direct federal subsidy approach in facilitating state and local government capital raising.     

市场经济与资本主义——论资本主义的反市场经济实质

自由、平等和互利合作是市场经济的基本价值理念和内在需求。资本主义在实现剩余价值最大化的目的驱动下,最终走向非平等的剥削和非自由的垄断,资本主义的实质是反市场经济。资本主义从私人垄断到国家垄断,再到国际垄断的发展过程,也是为应对和缓和与市场经济价值理念和内在要求日渐冲突的过程。把市场经济等同于资本主义或认为资本主义是市场经济适宜的社会制度,都是一个误区。     

Do State Bond Banks Have Cost Advantages for Municipal Bond Issuance?

State bond banks are created to extend management expertise, subsidies, and economies of scale to local government issuers, but bond banks incur issuance and program costs. This research examines whether state bond banks appear to achieve lower than average borrowing costs, once the costs of issuance are controlled for. We find that bond banks are associated with significantly lower borrowing costs for two of the three programs we examine, and determine that these savings are due largely to reductions in costs of issuance.     

Is Management Performance a Factor in Municipal Bond Credit Ratings? The Case of Texas School Districts

Municipal bond ratings are an important determinant of interest costs that a bond issuer must pay. The three major bond rating firms profess that economic and management factors are considered in assigning a bond rating. The management component is of particular interest to public administrators because they can exert more direct control over management factors. Management factors have not been studied empirically in the literature because management performance is generally difficult to quantify. However, the public education sector has seen advances in performance measures and at the same time has increasingly relied on municipal bonds to finance construction. The ordered probit estimation provides support that management performance, as measured in the districts performance on standardized test scores and success in student college admission rates, does influence Texas school district bond credit ratings.     

Municipal Bond Sales in Foreign Markets: Experience and Results

This article reviews the issue of state economic development financial incentives and the more development specific issue of engaging foreign capital markets as a source of funds for state industrial incentive in the post-TRA86 environment. An ex post empirical analysis of such a transaction is provided by revisiting the KDFA yen bond transaction. Observations and policy conclusions are also discussed.     

市场经济实质是民主经济--对“市场经济实质是法制经济”提法的思考

近年来,围绕市场经济与法制建设同步发展的思路与实践,我国法学界提出了市场经济就是法制经济的命题,并成为普遍承认流行的观点.毋庸置疑,市场经济是法制经济的提法在我国传统的大背景下,在改革向深层次推进的过程中,曾经对于法制的完备、经济的发展起过积极的作用.但结合我国市场经济和依法治国实践的进一步发展,我们就会发现这一提法有着许多方面的局限性.本文拟就此谈点个人看法.     

Competition and Selection in Municipal Bond Sales: Evidence from Missouri

This article describes the results of an interest cost analysis of local government debt issuance in the State of Missouri. In Missouri the vast majority of municipal bonds are sold on a “no bid” basis. We discuss the theoretical arguments for and against competition and selection. Then we determine the degree to which cost differences exist while correcting for any potential selection bias. We use data on local government general obligation bonds sold from May 2004 to May 2005 provided by the Missouri State Auditor's office. We find that this substantial lack of competition imposes significant costs on Missouri governments.     

Accounting for Natural Disasters: The Impact of Earthquake Risk on California Municipal Bond Pricing

While Katrina has raised awareness of the potential impact of hurricanes on municipalities along the Gulf Coast, it remains unclear if the municipal bond market considers other types of natural disaster risk in other areas. We attempt to fill this gap by conducting an analysis to determine if underlying geologic earthquake risk affects interest costs for municipal bond issuers in California. We find that earthquake risk does matter in determining the interest costs for municipalities issuing debt, but not universally—only for municipal bonds issued after Hurricane Katrina and only in relation to underlying geologic earthquake risk.     

Testing the Effects of Sale Method Restrictions in Municipal Bond Issuance: The Case of New Jersey

Can state governments save money by restricting the practice of selling tax‐exempt bonds through negotiation, or do such regulations impose additional costs? Circumstances in New Jersey recently created a natural experiment to test this proposition. This study finds significant cost savings for those issues sold through competition both before and after such restrictions were put in place. All else equal, issues sold competitively after the policy change did not have significantly higher interest costs, despite a shift in volume toward competitive sales, suggesting that there exists room for increased use of competitive sales without incurring a cost penalty.     

An Empirical Examination of the Determinants of Insured Municipal Bond Issues

Research demonstrates that there are interest cost savings associated with municipal bond insurance, and yet only half of the bonds are issued with insurance. The theoretical determinants of bond insurance are discussed and evaluated empirically through logistic regression. Statistically significant bond attributes are the underlying credit risk, maturity, par value, and a call option. In addition, regional market characteristics at the time of issue and market segmentations are determinants of bond insurance. These findings strengthen the hypotheses that insurance mitigates market segmentation and that insurers function as delegated monitors of bond quality.     

谈谈信用与诚信

信用和诚信两个概念有联系也有区别.有些讲诚信的文章不加区分,把它们看作等同的道德概念,有些不妥.对这两个概念应该加以讨论,以推进社会主义市场经济的信用建设和诚信道德建设.     

State Mandated Accounting, Auditing and Finance Practices and Municipal Bond Ratings

The accounting, auditing, and finance practices of municipal governments often are legally constrained by regulations imposed by state governments under whose jurisdiction cities are created. These practices may impact on municipal security risks and returns, either directly in the bond market or indirectly through such market intermediaries as bond rating agencies. The purpose of this article is to assess the impact of state mandates on municipal bond ratings.     

社会保障与市场经济

社会保障是指国家和社会对公民在生、老、病、残而丧失劳动能力或因自然灾害而面临生活困难时给予的物质帮助 ,以此来保障每个公民的基本生活需要和维持劳动力再生产而建立的一种制度。社会保障对建立社会主义市场经济体制意义重大。它是市场经济的重要支柱 ,是市场经济的“安全网” ,是市场经济的“助推器” ,尤其是社会保障对于扩大内需、启动消费所起的作用 ,我们应予以足够的重视。