试析越南近期的经济状况——以金融动荡为研究重点

2007年下半年至今,越南金融出现了较为动荡的局面.其表现为:通货膨胀居高不下、越盾贬值、股票和房地产暴跌等.其中,通货膨胀是导致其他一系列负面经济情况产生的根源.造成这次金融动荡的原因,除了受国际经济环境的影响外,还与越南政府的宏观经济调控不力、外贸逆差急增、投资效果差有着极大的关系.面临居高不下的通货膨胀,越南政府出台了一系列对应措施,这些措施已逐步取得成效.越南经济发展的潜力无疑是很大的,但是越南经济能否稳步、顺利地发展,很大程度上取决于政府的宏观调控能力及国际经济环境的影响.     

泰国和马来西亚通货膨胀影响因素比较

本文概述了通货膨胀的测度方法，比较分析了泰国和马来西亚通货膨胀的影响因素，其中共同驱动因素主要是惯性通货膨胀、亚洲金融危机引发的本币贬值和国际石油食品价格的上涨，不同之处是泰国通胀受国际油价的影响大于马来西亚，马来西亚的通胀压力很大一部分来自流动性过剩。     

迷失的货币与突发性通货膨胀

2003年下半年我国物价有明显抬头倾向,中国人民银行采取了紧缩的预防性货币政策,以期遏制可能出现的通货膨胀。然而,紧缩的预防性货币政策并没有稳住物价水平,2003年 9月后物价越过“拐点”以较大的幅度上涨,中国经济在经历了长期通货紧缩后突然面临通货膨胀的压力。本文试图以“迷失的货币假说”来解释突发性通货膨胀的深层原因,以丰富我国货币政策的理论研究,并为提高我国货币政策的有效性提供借鉴。     

通货膨胀对股市收益的非对称性影响———基于 PSTR 模型对成熟市场的经验研究

本文通过采用非线性面板PSTR模型,利用美国、英国、日本、法国和德国五个成熟市场的月度数据,对通货膨胀对股票市场的非对称性影响进行了实证研究。结果表明,在股市处于不同的状态下,通货膨胀对股票市场的影响存在较大的非对称性。在股市收益高涨的时期,通货膨胀对股市收益存在显著的正向影响;而股市处于低收益或者负收益时期,通货膨胀对股市收益存在显著的负向影响。此外,非线性检验还发现利率变动也是导致通货膨胀对股市收益的影响存在非对称性的一个重要原因。     

Partisan technocratic cycles in Latin America

Given their powerful positions in presidential cabinets, technocrats are an important transmission mechanism for explaining economic policy choices, but have received less attention compared to other well-established channels such as elections or democratic tenure. I incorporate the role of technocratic advisors into a domestic policymaking framework. Specifically, I contend that left governments tend to appoint technocrats, or ministers with mainstream economics training, to signal their commitment to sound governance to the electorate. This partisan technocratic pattern, however, is conditioned by a country's place in its business cycle. During periods of high growth, left governments are more likely to align with their partisan preferences and appoint heterodox advisors that drift from fiscal discipline. Employing an originally constructed data index, the Index of Economic Advisors, I conduct a statistical test of 16 Latin American countries from 1960 to 2011, finding partisan shifts in technocratic appointments and fiscal governance that are conditioned by national business cycles.     

2011年越南政治、经济与外交综述

2011年,越南在政治、经济、外交等各个方面都有不少值得关注的重要事件。越南召开了越共十一届党代会,进行了第十三届国会选举。在2011年里,越南完成了预定的经济计划,但仍面临诸多重大挑战。这些挑战构成了越南实现经济可持续发展的障碍。越南在外交方面注重与东南亚地区内外国家发展外交关系,其中尤为注重发展军事交往关系,积极参与国际事务,力图以此提高国际地位。但如何解决与邻国关系问题,已成为越南保持稳定的国际环境的关键因素。     

Modeling and testing the diffusion of expectations: An EITM approach

This paper uses the empirical implications of theoretical models (EITM) framework to examine the consequences of the asymmetric diffusion of expectations. In the spirit of the traditional two-step flow model of communication, less-informed agents learn the expectations of more-informed agents. We find that when there is misinterpretation in the information acquisition process, a boomerang effect exists. In this equilibrium the less-informed agents’ forecasts confound those of more-informed agents. We apply the EITM approach to a key economic variable known to have a relation to economic fluctuations – inflation expectations. Using surveyed inflation expectations data for the period, 1978–2000, we find the boomerang effect exists. One implication of this finding pertains to economic policy and economic volatility: because policymakers have more information than the public, the boomerang effect can lead policymakers to make inaccurate forecasts of economic conditions and conduct erroneous policies which contribute to economic instability.     

Reaching Out or Pulling Back: Macroeconomic Conditions and Public Support for Social Welfare Spending

In economic hard-times, do Americans call for increases in governmental assistance, or do they clamor for declines in government assistance? We address this question by identifying the impact of state-level macroeconomic conditions on public support for social welfare spending. We analyze individual-level data from the 1984–2000 National Election Studies, combined with state-level macroeconomic indicators of inflation, unemployment, and productivity. We find that state-level inflation, not state-level unemployment nor state-level productivity, consistently and consequentially shapes citizens’ support for social welfare. With rising inflation, Americans become more supportive of means-tested social welfare spending. Our analyses generally reaffirm the value Americans place on the social welfare safety net, especially during times of economic duress. When the going gets tough, Americans reach out, rather than pull back.     

中国货币政策扼制通货膨胀的效果——基于2005．7—2008．9样本的实证分析

实证分析的结果表明,2005年7月以后,中国实施紧缩性货币政策在调控方向上是正确的,有利于扼制通货膨胀.但由于前期通货膨胀的惯性和外汇占款的增加,紧缩性货币政策的效果被严重削弱,甚至出现了"紧缩性货币政策下的通货膨胀".只有各种经济政策特别是货币政策、财政政策和汇率政策本身有所改进,而且在方向、时间和力度上能够相互配合,才能提高中国货币政策扼制通货膨胀的有效性.     

Inflation targeting at the crossroads: Evidence from post-communist economies during the crisis

The objective of this paper is to assess if inflation targeting post-communist economies performed better, in terms of output growth, during the crisis than their non-inflation targeting counterparts. The paper also puts the issue in the context of the preconditions of inflation targeters to adopt this regime. 26 post-communist economies of Central and Eastern Europe and the Commonwealth of Independent States are analyzed during the ongoing economic crisis. Results suggest that inflation targeters of those countries performed worse than non-inflation targeters. The growth decline in inflation targeters post-communist economies has been estimated to be deeper by about four percentage points than that in non-inflation targeters. The study finds very limited role of the preconditions for growth decline. Only the lower amount of monetary financing of the budget may have contributed in inflation-targeting countries to have gone through the crisis better.