SHOPPING ON THE NET

WITH THE NET, WE LIVE AS RICHLY AS KINGS AND AS COMFORTABLY AS QUEENS. Zhou Xin kept on glancing over the doorway of her office, waiting for a pair of delicate blue pillows ordered on the Internet for 78 yuan, which, with side pockets for remote controls, are used on the bed. When the Dangdang courier came in holding the blue package, Zhou Xin flew into raptures and the whole office bubbled over for a while.     

ARE PRIVATE TRANSFERS ALTRUISTICALLY MOTIVATED? THE CASE OF THE REPUBLIC OF KOREA BEFORE AND DURING THE FINANCIAL CRISIS

Using household panel data from Korea for 1995–98, this paper shows that private transfers of Korean households were altruistically motivated. Although the altruistic motive of households seemed to be reinforced during the financial crisis, the amount of private transfers was still not sufficient to support households living in urban areas. Also, there had been a strong crowding‐out relation between private and public transfers. This suggests that the Korean government should have designed its public transfer scheme carefully in order to improve the effectiveness and efficiency of its social safety net programs.     

REPORT OF THE WORKING PARTY ON THE ACCESSION OF CHINA (Ⅳ)

2206. The representative of China confirmed that China also agreed to raise the limit within which investments in motor vehicle manufacturing could be approved at provincial government level only, from the current level of US$30 million, to US$60 million one year after accession, US$90 million two years after accession, and US$150 million four years after accession. The Working Party took note of this commitment. 207. With respect to the manufacture of motor vehicle engines, the representative of China ...     

REPORT OF THE WORKING PARTY ON THE ACCESSION OF CHINA (Ⅴ)

283.The representative of China stated that Article 10 of the Anti-unfair Competition Law provided that a business operator must not infringe upon trade secrets.Under the same Article.obtaining,using or disclosing another‘s trade secrets by a third party who clearly knew or ouqht to have known that the case fell under the unlawful acts listed in the preceding paragraph was deemed infringement upon trade secrets.Trade secrets referred to any technology information or business operation information which ...     

REPORT OF THE WORKING PARTY ON THE ACCESSION OF CHINA (Ⅲ)

119. The representative of China confirmed that the role of sub-national bodies would be limited to purely administrative operations, such as receiving applications from endusers and forwarding them to the central authority; receiving queries and transmitting these to the central authority; reporting on allocation and reallocation decisions made by the central authority and providing information regarding such allocations and reallocations upon request; checking the information in the applications to ve...     

UPGRADED THE VALUE OF BRAND

The sensation of many entrepreneur in China to brand is very complex. They doesn＇t understand that why their products could be sold in a high price after posting others＇ signs, though They had the same product, the similar quality and the same service？     

REPORT OF THE WORKING PARTY ON THE ACCESSION OF CHINA (Ⅱ)

7.Pricing Policies 50. Some members of the Working Party noted that China had made extensive use of price controls, for example in the agricultural sector. Those members requested that China undertake specific commitments concerning its system of state pricing. In particular, those members stated that China should allow prices for traded goods and services in every sector to be determined by market forces, and multi-tier pricing practices for such goods and services should be eliminated. Those members n...     

WHO DRIVES THE RUSSIAN FINANCIAL MARKETS?

By employing the EGARCH model using monthly data from September 1995 to March 2003, we found that financial indicators from Germany rather than the United States are the main drivers of Russian financial markets. In a one‐step prediction, the fluctuations of asset returns are well predicted that the prediction errors fall within the prescribed range of the confidence bands. However, EGARCH does not necessarily dominate the benchmark prediction of the random walk model, because with Russia's financial markets constantly in transition and adjusting to frequent changes in the financial system, the usefulness of past data is diminished.     

WILL THE MARKET KEEP BRAZIL LIT UP? OWNERSHIP AND MARKET STRUCTURAL CHANGES IN THE ELECTRIC POWER SECTOR

After achieving significant success until the 1970s, the Brazilian electric power sector stalled due to financial problems. The government promoted a shift toward a private ownership model and tried to entrust the market with creating a stable and efficient energy supply. However, the energy crisis highlighted the difficulties in this transition. This paper points out that the uncertainty inherent in the market‐based model increased information rent for the private companies and complicated the post‐privatization expansion scenario. Privatization driven by macroeconomic problems should be carefully reexamined, especially for public utilities with strong natural monopoly characteristics, since markets tend to fail to supply the socially optimal supply, thus directly affecting people's lives.     

HONG KONG'S INFLATION AND DEFLATION UNDER THE US DOLLAR PEG: THE BALASSA-SAMUELSON EFFECT OR EXPORT PRICE SHOCKS?

Hong Kong's US dollar peg, adopted in 1983, has failed to deliver price stability. Hong Kong experienced high inflation before the Asian financial crisis and prolonged deflation after it. The annual rate of inflation (GDP-deflator based) was 7.4% in the first period (1985–97) and −2.0% in the second (1998–2007). There was no clear trend for the inflation rate to converge to the US level. The nominal anchor via a fixed exchange rate in Hong Kong had an upward and downward drift in the order of 4% from the US inflation rate, casting doubt on the anchor's efficacy. Despite Hong Kong's high output growth relative to that of the United States, the Balassa-Samuelson effect was not the main factor behind the pre-Asian crisis inflation. Price shocks in service exports played a major role in Hong Kong's general prices through the two periods.     

沃尔沃THE VLVOS80家族再添新成员

今年10月，沃尔沃S80家族再添两个新成员，它们是2．5T智雅版和配设全新6缸涡轮增压发动机沃尔沃S80T6AWD，市场指导价分别为49．8万元和71．8万元。两款新车的推出，使沃尔沃S80系列可选车型增加到5款，价格在49．8—89．5万元这样一个极具竞争力的价格区间。据悉．近期在上海世贸沃尔沃展厅，新款的沃尔沃S80T6AWD和2．5T智雅版现已开始以现车销售，并且颜色齐全，消费者可随意挑选。     

新款沃尔沃THE VOLVO S40登陆上海

2007年11月15日晚,新款沃尔沃S40智美登陆上海世贸汽车沃尔沃展厅,同时这场精彩的时尚新品主题派对,也标志着新款沃尔沃S40在上海地区正式上市.     

文章选读THE INTERNATIONAL FINANCIAL SYSTEM(英文)

In many eountries domestie financial markets are ioadequate。Borrowers and investors in eountries with ineffieient or incomplete capital markets are often     

沃尔沃THE VOLVO S80家族再添新成员

今年10月,沃尔沃S80家族再添两个新成员,它们是2.5T智雅版和配设全新6缸涡轮增压发动机沃尔沃S80 T6 AWD,市场指导价分别为49.8万元和71.8万元.两款新车的推出,使沃尔沃S80系列可选车型增加到5款,价格在49.8-89.5万元这样一个极具竞争力的价格区间.据悉,近期在上海世贸沃尔沃展厅,新款的沃尔沃S80T6AWD和2.5T智雅版现已开始以现车销售,并且颜色齐全,消费者可随意挑选.     

DELAYS IN STABILIZATION OR IN REFORMS? THE DEBT CRISIS

Empirical analyses attributing the 1980s’ debt crisis to inconsistent stabilization policies rest on an inappropriate long‐run approach. Revising this long‐run approach yields opposite results: terms of trade shocks and foreign indebtedness explain this crisis, regardless of domestic stabilization policies. This prompts us to consider a new hypothesis, of delays in trade‐policy reforms, with a model in which terms‐of‐trade variation (under shocks) is endogenous to export structure and efficiency of resource allocation. Evidence from the structural equations model shows that allocation distortions negatively affect changes in terms of trade, which then explain this crisis. A political economy extension demonstrates that income inequality and regional trade policy determine the distortions, which in turn leads to this crisis.     

SHOULD THE SOUTHEAST ASIAN COUNTRIES FORM A CURRENCY UNION?

This paper examines some of the factors related to the formation of a currency union in Southeast Asia. The main part of the paper presents the results of our examination of the correlation of shocks for the Southeast Asian countries using a structural vector autoregression. The shocks are identified using restrictions on the long‐run coefficient matrix as suggested by Blanchard and Quah (1989). The correlations of shocks for the EU and NAFTA countries are used for comparison. The Southeast Asian countries are shown to have more strongly correlated shocks than the EU countries. Compared with the NAFTA countries, external shocks are more closely correlated for the ASEAN countries, but the supply and demand shocks are less correlated. Indonesia, Singapore, and Malaysia, in particular, exhibit a high degree of correlation of shocks. Other criteria for monetary union, such as intra‐regional trade, openness of the economy, and similarity of monetary policy are also examined.     

TRIPOD MADE OF THE DREAMER 三脚架上的造梦者

<正>很多人不欣赏拉卡贝尔,然而活跃在第一线的明星们对他的拍摄风格趋之若鹜。他对自己作品的评价是:超现实、唯美、隆重。他制造最奇异与最华丽的幻像。"影像都是虚幻的,我的镜头从不炫耀自己忠于现实,