This paper studies the trading behavior of an irrational insider and its influence on the market equilibrium in the presence of market regulation.We find that the market with only one insider with private information ...This paper studies the trading behavior of an irrational insider and its influence on the market equilibrium in the presence of market regulation.We find that the market with only one insider with private information is almost close to a strong efficient market,under the condition of market regulation.In the equilibrium,the probability of the insider being caught trading with private information is zero,which shows that the reasonable behavior of the regulator is to essentially give up regulation.But the market efficiency and the irrational trader’s trading intensity all greatly improve because of the existence of the market regulation.展开更多
With a flurry of recent property market controls,Chinese authorities have demonstrated their will to keep a lid on housing prices,not just in large metropolises but also in smaller cities.Over 40 cities unveiled prope...With a flurry of recent property market controls,Chinese authorities have demonstrated their will to keep a lid on housing prices,not just in large metropolises but also in smaller cities.Over 40 cities unveiled property market regulations a total of 50 times in May,a monthly record,according to the latest statistics展开更多
Article 1. The regulations are promulgated in order to improve and develop the foreign exchange adjustment market, speed up the horizontal circulation of capital in foreign exchange and strengthen the macro-control of...Article 1. The regulations are promulgated in order to improve and develop the foreign exchange adjustment market, speed up the horizontal circulation of capital in foreign exchange and strengthen the macro-control of the foreign exchange market. Article 2. The State Exchange Control Administration is the governing body of the foreign exchange adjustment market.展开更多
Environmental regulation and industrial upgrading are the key to achieve win-win results for both economy and the environment. After environmental regulation tools are divided into market incentive and command control...Environmental regulation and industrial upgrading are the key to achieve win-win results for both economy and the environment. After environmental regulation tools are divided into market incentive and command control types,based on the provincial-level data of 30 provinces( cities and regions) in China from 2004 to 2016,the impact of environmental regulation on industrial upgrading and its transmission paths are empirically tested through an intermediary effect model. Technological innovation,FDI and capital market development all meet intermediary conditions,and the market incentive type is more dependent on technological innovation,while the command control type is more dependent on FDI and capital market development.The impact of the two environmental regulation tools on industrial upgrading is further studied. The results show that there is an " inverted U-shaped" relationship between the command control type and industrial upgrading,while there is a " U-shaped" relationship between the market incentive type and industrial upgrading,and there are also certain regional differences in the impact of environmental regulation on industrial upgrading.展开更多
This paper analyzes the oligopolistic equilibria of multiple price-maker agents in performance-based regulation(PBR)markets.In these markets,there are price-maker agents representing some frequency regulation(FR)provi...This paper analyzes the oligopolistic equilibria of multiple price-maker agents in performance-based regulation(PBR)markets.In these markets,there are price-maker agents representing some frequency regulation(FR)providers and a number of independent price-taker FR providers.A model of equilibrium problem with equilibrium constraints(EPECs)is employed in this paper to study the equilibria of a PBR market in the presence of price-maker agents and price-taker FR providers.Due to the incorporation of the FR providers’dynamics,the proposed model is reformulated as a mixed-integer linear programming(MILP)problem over innovative mathematical techniques.An optimal equilibrium point is also selected for the market,where none of the agents is the unique deviator and the dynamic performance of power system is improved simultaneously.The effectiveness of the proposed optimal equilibrium point is evaluated by comparing the outputs with the conventional optimal dispatches of the FR providers.展开更多
In answering three important questions related to natural law,this paper offers a coherent explanation of the market.We argue that the market,rather than a mechanism that simply serves narrow self-interests,finds its ...In answering three important questions related to natural law,this paper offers a coherent explanation of the market.We argue that the market,rather than a mechanism that simply serves narrow self-interests,finds its legitimacy in the ethical origins of the market order.The need for law to support and sustain the market,including by imposing necessary limits on the freedom of the market players,flows from those ethical origins.展开更多
China＇s securities markets have been experiencing high growth this year. The Shanghai Stock Exchange is now ranked as the fourth largest stock exchange of the world. So, who is protecting the Chinese investors in thi...China＇s securities markets have been experiencing high growth this year. The Shanghai Stock Exchange is now ranked as the fourth largest stock exchange of the world. So, who is protecting the Chinese investors in this fast growing and potentially volatile market？ The Incomplete Law Theory of Pistor and XU contends that regulators, as they are more efficient, play a more dominate role than the judiciary in protecting investors in the securities markets. This theory to some extent explains why the China＇s judiciary has been inactive in protecting investors in China, the host of the third largest securities market in the world. However, this article finds that the theory is not able to adequately explain the investor protection mechanism in China. We find that by deploying various political resources, the Chinese state plays a direct role in protecting the interest of investors that is often more significant than that played by judicial or regulatory authority action.展开更多
China’s Ministry of Land and Resources on Feb. 18 has issued an urgent notification on regulating the country’s real estate market. The notification has been already released to all of the Chinese provincial land an...China’s Ministry of Land and Resources on Feb. 18 has issued an urgent notification on regulating the country’s real estate market. The notification has been already released to all of the Chinese provincial land and resources bureaus, autonomous regions and municipalities, requires the strict control of land development for the building of commercial housing.展开更多
The economy as a whole and most of its constituent parts, like markets, government institutions, firms, or households, are inherently complex conceptual constructions. Micro-level diversity,decentralized interaction, ...The economy as a whole and most of its constituent parts, like markets, government institutions, firms, or households, are inherently complex conceptual constructions. Micro-level diversity,decentralized interaction, self-organization, adaptation and learning, emergence, and evolution, are some of the fundamental features that the above entities share and that allow to classify them as being complex entities. In a complex economic system, existing structures of interaction are in constant mutation as individual agents contact and influence one another and, by doing so, reshape the macro environment in which socio-economic relations unfold. Notwithstanding the observed pervasiveness of complexity in economics, there are a few areas of economic thought where the discussion on the theme has gained an exceptional relevance. In this article, six of such areas are identified and their complex nature is highlighted and scrutinized. These pertain to:(i) Knowledge interactions and technological innovation;(ii) Corporate design and organizational learning;(iii) Public policies directed at market regulation;(iv) Banking and financial markets;(v) Environmental economics, sustainability,and climate change;and(vi) income inequality.展开更多
基金supported by the National Natural Science Foundation of China (No. 11971097, 11201060,11126107)Fundamental Research Funds for Central Universitiesthe financial support from the General Project of Science and Technology Plan of Beijing Municipal Commission of Education (No. KM202010017001)
文摘This paper studies the trading behavior of an irrational insider and its influence on the market equilibrium in the presence of market regulation.We find that the market with only one insider with private information is almost close to a strong efficient market,under the condition of market regulation.In the equilibrium,the probability of the insider being caught trading with private information is zero,which shows that the reasonable behavior of the regulator is to essentially give up regulation.But the market efficiency and the irrational trader’s trading intensity all greatly improve because of the existence of the market regulation.
文摘With a flurry of recent property market controls,Chinese authorities have demonstrated their will to keep a lid on housing prices,not just in large metropolises but also in smaller cities.Over 40 cities unveiled property market regulations a total of 50 times in May,a monthly record,according to the latest statistics
文摘Article 1. The regulations are promulgated in order to improve and develop the foreign exchange adjustment market, speed up the horizontal circulation of capital in foreign exchange and strengthen the macro-control of the foreign exchange market. Article 2. The State Exchange Control Administration is the governing body of the foreign exchange adjustment market.
文摘Environmental regulation and industrial upgrading are the key to achieve win-win results for both economy and the environment. After environmental regulation tools are divided into market incentive and command control types,based on the provincial-level data of 30 provinces( cities and regions) in China from 2004 to 2016,the impact of environmental regulation on industrial upgrading and its transmission paths are empirically tested through an intermediary effect model. Technological innovation,FDI and capital market development all meet intermediary conditions,and the market incentive type is more dependent on technological innovation,while the command control type is more dependent on FDI and capital market development.The impact of the two environmental regulation tools on industrial upgrading is further studied. The results show that there is an " inverted U-shaped" relationship between the command control type and industrial upgrading,while there is a " U-shaped" relationship between the market incentive type and industrial upgrading,and there are also certain regional differences in the impact of environmental regulation on industrial upgrading.
文摘This paper analyzes the oligopolistic equilibria of multiple price-maker agents in performance-based regulation(PBR)markets.In these markets,there are price-maker agents representing some frequency regulation(FR)providers and a number of independent price-taker FR providers.A model of equilibrium problem with equilibrium constraints(EPECs)is employed in this paper to study the equilibria of a PBR market in the presence of price-maker agents and price-taker FR providers.Due to the incorporation of the FR providers’dynamics,the proposed model is reformulated as a mixed-integer linear programming(MILP)problem over innovative mathematical techniques.An optimal equilibrium point is also selected for the market,where none of the agents is the unique deviator and the dynamic performance of power system is improved simultaneously.The effectiveness of the proposed optimal equilibrium point is evaluated by comparing the outputs with the conventional optimal dispatches of the FR providers.
文摘In answering three important questions related to natural law,this paper offers a coherent explanation of the market.We argue that the market,rather than a mechanism that simply serves narrow self-interests,finds its legitimacy in the ethical origins of the market order.The need for law to support and sustain the market,including by imposing necessary limits on the freedom of the market players,flows from those ethical origins.
文摘China＇s securities markets have been experiencing high growth this year. The Shanghai Stock Exchange is now ranked as the fourth largest stock exchange of the world. So, who is protecting the Chinese investors in this fast growing and potentially volatile market？ The Incomplete Law Theory of Pistor and XU contends that regulators, as they are more efficient, play a more dominate role than the judiciary in protecting investors in the securities markets. This theory to some extent explains why the China＇s judiciary has been inactive in protecting investors in China, the host of the third largest securities market in the world. However, this article finds that the theory is not able to adequately explain the investor protection mechanism in China. We find that by deploying various political resources, the Chinese state plays a direct role in protecting the interest of investors that is often more significant than that played by judicial or regulatory authority action.
文摘China’s Ministry of Land and Resources on Feb. 18 has issued an urgent notification on regulating the country’s real estate market. The notification has been already released to all of the Chinese provincial land and resources bureaus, autonomous regions and municipalities, requires the strict control of land development for the building of commercial housing.
基金supported by the Portuguese National Funding Agency for ScienceResearch and Technology(FCT)+1 种基金under the Project UID/SOC/04521/2020by the Instituto Polit′ecnico de Lisboa as a part of the IPL/2019/MacroV irtu/ISCAL and IPL/2020/MacroRates/ISCAL Projects。
文摘The economy as a whole and most of its constituent parts, like markets, government institutions, firms, or households, are inherently complex conceptual constructions. Micro-level diversity,decentralized interaction, self-organization, adaptation and learning, emergence, and evolution, are some of the fundamental features that the above entities share and that allow to classify them as being complex entities. In a complex economic system, existing structures of interaction are in constant mutation as individual agents contact and influence one another and, by doing so, reshape the macro environment in which socio-economic relations unfold. Notwithstanding the observed pervasiveness of complexity in economics, there are a few areas of economic thought where the discussion on the theme has gained an exceptional relevance. In this article, six of such areas are identified and their complex nature is highlighted and scrutinized. These pertain to:(i) Knowledge interactions and technological innovation;(ii) Corporate design and organizational learning;(iii) Public policies directed at market regulation;(iv) Banking and financial markets;(v) Environmental economics, sustainability,and climate change;and(vi) income inequality.
