On the Confirmation of the Goodwill

The goodwill is widely existing in modem corporation＇s management, and becoming a corporation＇s important and economic resources more and more, it has become a commonplace that goodwill can bring the corporation the competence that exceeds the average profit horizontal of the industry and economic benefits. Therefore, the goodwill also becomes the important contents that accountancy checks increasingly, among them; the confirmation of goodwill is a basic problem in the accountancy.     

Promoting the Reforming of the Processing Trade

On April 4th, 2006, Beijing City Bureau of Commerce issued it would apply for the logistics function for Shunyi District Tianzhu Export Area of Beijing City, build the Konggang freetrade logistics center, and declare to the Beijing Economic development zo…     

On the choice of an anchor for the GCC currency: does the symmetry of shocks extend to both the oil and the non-oil sectors?

This paper assesses the costs of forming a monetary union among the Gulf Cooperation Council (GCC) countries by looking at economic linkages within the GCC, and between the GCC and the potential anchors (the US, and major European countries such as France, Germany and Italy) for their proposed new currency. We investigate the importance of the US dollar compared to the Euro by focusing on aggregate demand (AD) and aggregate supply (AS) shock symmetry across these countries. We differentiated between oil and non-oil sector by estimating structural vector autoregression (SVAR) models with a combination of variables: oil output, non-oil output, total output, nominal/real price of oil and overall price level. One set of models was identified with the long-run restrictions of Blanchard and Quah (Am Econ Rev 79(4):655–673, 1989), whereas the set that assesses the robustness of the findings was estimated with the short-run restrictions of Sims (Eur Econ Rev 36(5):975–1000, 1992). We find overwhelming support for AD shock symmetry across the GCC countries and between the GCC and the US, but none for the major European countries with the GCC. Non-oil AS shocks are mostly asymmetric, but oil AS shocks are mostly symmetric when the real price of oil is included. This agrees with the view that GCC countries are subjected to common oil shocks. It also suggests that previous VAR models estimated to pass judgment on the feasibility of monetary union across GCC countries may have suffered from problems of mis-specification if the real price of oil was not considered. We surmise that the US dollar is a better anchor candidate for anchoring the new GCC currency than the Euro, since US monetary policy can at least help smooth demand shocks in these countries.     

Unsustainable sovereign debt—is the Euro crisis only the tip of the iceberg?

As a direct effect of the financial crisis in 2008, public debt began to accumulate rapidly, eventually leading to the European sovereign debt crisis. However, the dramatic increase in government debt is not only happening in European countries. All major G7 countries are experiencing similar developments. What are the implications of this kind of massive deficit and debt policy for the long term stability of these economies? Are there limits in debt-ratios that qualitatively change policy options? While theory can easily illustrate these limits, where are these limits in real economies? This paper examines the relationship between sovereign debt dynamics and capital formation, and accounts for the effects of the 2008 financial crisis on debt sustainability for the four largest advanced economies. We contribute to the literature on fiscal sustainability by framing the problem in an OLG model with government debt, physical capital, endogenous interest rates, and exogenous growth. For the calibration exercise we extract data from the OECD for Germany as a stabilization anchor in Europe, the US, the UK, and Japan for almost two decades before the 2008 crisis. Except for intertemporal preferences, all parameters are drawn or directly derived from the OECD database, or endogenously determined within the model. The results of the calibration exercise are alarming for all four countries under consideration. We identify debt ceilings that indicate a sustainable and unsustainable regime. For 2011 all four economies are either close to, or have already passed the ceiling. The results call for a dramatic readjustment in budget policies for a consolidation period and long-term fiscal rules that make it possible to sustain sufficient capital intensity so that these economies can maintain their high income levels. Current conditions are already starting to restrict policy choices. However, the results also make it very clear that none of these economies would survive a second financial crisis such as the one in 2008.     

Statistic Study on the Influence of the Private Enterprises Property Right on the Operation Performance

The statistic analysis based on the listing private enterprises shows that the biggest shareholder is the dominant one among all the share holders in the property structure in these enterprises. Because the ownership and management is convergent, which blocks the enlargement of the enterprises＇ scale and operation performance badly.     

On the Strategic Cost Management Goal of the Enterprise

Strategic cost management goal of the enterprise is a kind of basic element for strategic cost management of the enterprise. It plays an important part in many ways to establish strategic cost management goal Strategic cost management goal of enterprise can be classified by different multi-standards. Enterprise strategic cost management goal is of characteristic with the basic features such as forward looking, effectiveness, innovation and consistency. Basic principle of establishing enterprise strategic cost management goal includes both orincioles of comorehensive consideration and optimization.     

Dealing with the Contagion： China and India in the Aftermath of the Subprime Meltdown

What began as a downturn in the US housing sector in the summer of 2007 had mushroomed into a global financial crisis by September 2008： the most severe since the 1930s. Developing countries, including China and India, at first seemingly sheltered from the worst of the turmoil, have not been immune to the contagion＇s spillover effects. What are China and India＇s precise vulnerabilities, and what can each do to better insulate their economies from the vagaries of global financial marker turmoil？ Equally important, what long-term strategies must each country adopt to make their economies more resilient to global market downturns？     

Crowd Psychology and the Complexity of the Security Market

The security market is a complex system. To explore the mechanism of complexity of the security market helps people understand the dynamics and the nature of its development, so as to better adapt to, regulate and control the security market. In terms of the science of complexity, investors＇ crowd psychology results in the complexity of the security market. This paper first confirms the existence of a crowd with empirical evidence gathered from the security market, then empirically demonstrates the existence of crowd psychology with a questionnaire, and finally analyses the influence of crowd psychology on the security market from the two angles of the correlation persistence and system evolution.     

Currency substitution and the stability of the Italian demand for money before the entry into the monetary union, 1972–1998

A money demand function for M2 is estimated for Italy for the period 1972–1998 within an error correction framework. This period has been characterized by major structural changes in the Italian financial system and by major changes in monetary policy. This study takes these changes into account. Moreover, currency substitution, especially between Italy and Germany is incorporated into the model. By accounting for structural breaks and currency substitution a stable money demand function can be found.Financial support from the Deutsche Forschungsgemeinschaft, SFB 373, is gratefully acknowledged. We thank Uwe Hassler, Goethe Universität, Frankfurt, and Carsten Trenkler, SFB 373, Humboldt-Universität zu Berlin, for helpful comments. An earlier version has been presented at the ESEM 2001, Lausanne.     

What Futures for the People of the Tropical Forests?

The importance of forest products to households living in or near forests has been increasingly recognized. Estimates of numbers of people who in some way rely on forests, for survival or livelihoods, vary widely. Yet numbers alone do not reveal the forests' importance to diverse users. A typology that recognizes the varied relationships of people to forests and forest products permits assessment of the impacts of economic, cultural, and social changes. Understanding these relationships is crucial for institutions to adapt to changing patterns of demand, use, and supply, and to support both “forest-dependent” and “forest-related” peoples.     

Greasing the wheels of rural transformation? Margarine and the competition for the British butter market

This article considers an example of the impact of a new good on producers of close substitutes: the invention of margarine and its rapid introduction into the British market from the mid‐1870s. This presented a challenge to the traditional suppliers of that market, butter producers from different European countries. We argue that the capacity to react quickly to the appearance of this cheap substitute by improving quality and establishing product differentiation was critical for the fortunes of butter producers. This is illustrated by a discussion of the different reactions to margarine and quality upgrading in Ireland, Denmark, and the Netherlands. A statistical analysis using monthly data for Britain from 1881–7 confirms that margarine had a greater impact on the price of poor quality butter than that of high quality butter, presumably because it was a stronger substitute.     

Explaining the reduction in the gender wage gap during the 1990–94 economic recession in Spain

Many studies reveal that male-female wage differentials increase with the level of unemployment, suggesting that women are hurt by a recession more than men. However, the 1990–94 economic recession in Spain contributed to reduce the gender wage gap by almost 5 percentage points (from 83.94 percent in 1990 to 90.44 percent in 1994). This was mainly due to the relative increase in services industry employment, the activity where the gender wage gap is the lowest.     

Thoughts on the Reformation of the Enterprises＇ Financial Concept

Financial concept is the guiding ideology of all kinds of financial behaviors, and it is the foundation of enterprise financial culture. Now, Chinese enterprises have some low-efficiency, none - efficiency and even negative - efficiency financial behaviors. These block the enterprise from developing, and they are due to these none-rational financial concepts. To enhance firm＇s financial efficiency, and promote firm＇s sustainable development, we should set up scientific financial concepts. This paper discusses that scientific financial concepts should include： stakeholder benefits, trustworthy financial concept, green financial concept, risk management conceot and human -orientation, and so on.     

The euro—the experience of the past 2 years

The article analyses the experience of the first 2 years of the euro, focusing on the monetary policy of the ECB and explaining why it should be considered a success story. As a starting point, it gives a look at “what is” the euro area and the structure of its economy. It then reviews the institutional setting of the single monetary policy, the monetary policy strategy of the ECB and the monetary policy instruments at the disposal of the Eurosystem. The article then analyses the conduct of monetary policy in the years 1999–2000 and highlights the importance attached by the ECB to the transparency of the decision making process. Finally it is explained why the euro should be seen as a success story.     

Scaling risk and the square-root-of-time rule in the emerging markets： Evidence from the Chinese stock market

This paper examines the square-root-of-time rule that frequently used in volatility estimation to the Chinese stock market that comprises Shanghai and Shenzhen stock market. The Jarque-Bera test conclusively rejects normal distribution of both stock market returns, while the Hurst analysis indicates both stock market returns does not follow a random walk. Furthermore, the tests for volatility scaling indicate volatility of both stock market returns do not scale according to the square-root-of-time rule and lead to bias in risk estimation. Henceforth, the study urges more alternative methods in risk management that suitable for the emerging Chinese stock market.     

From the transatlantic banking crisis to the euro crisis?

The Transatlantic Banking Crisis has strongly raised debt-GDP ratios in many OECD countries and this is undermining the economic recovery. As regards the euro zone there are special problems which are partly related to lack of fiscal discipline in Greece and to the Irish economic crisis which—largely unknown—basically reflects total failure of prudential supervision to apply EU directives and legislation, respectively. In this context the issue is raised whether or not there are structural problems with the Euro and monetary integration. Moreover, the debt dynamics of governments are analyzed and specifically the issue of whether there is a need for restructuring the debt of Greece. Taking a closer look at the figures for government assets in Greece, it seems possible to strongly reduce the debt-GDP ratio mainly by privatization. As regards Ireland, one may propose that the European Commission or the European Parliament take the country before the European Court of Justice. Finally, a new approach for determining the optimum debt-GDP ratio is presented.     

What if the UK had Joined the Euro in 1999?

The issue of whether the UK should join the European single currency has been fiercely debated for the past two decades. However little research has been devoted to forecasting hypothetical projections for important UK economic variables, assuming that the UK had in fact joined the euro at its inception in 1999. This paper focuses on estimating counterfactual series for two key macroeconomic variables: unemployment and output. We do this by estimating Phillips curves for the UK, which we then use to compute counterfactual series for what unemployment and output may have looked like for the UK had they adopted the single currency in 1999. Based on the comparison of our forecasts with observed data, we find that the UK was correct in not joining the euro; had they adopted the European single currency in 1999, unemployment would have been higher and output would have been lower.     

Does the Environmental Kuznets Curve Exist in the Chinese Regions?

ABSTRACT

This paper disentangles the existence of Environmental Kuznets Curve across the Chinese regions as autonomous areas. First it makes use of the time-varying method to measure that strand for thirty Chinese regions over the period 1997–2012. The influence of income on CO₂ emissions diminishes steadily from Western regions to Middle and Eastern regions. Lastly, we can observe that the validity of Environmental Kuznets Curve is exerted for one region, whilst the N-shaped curve is valid for the majority of the rest of the Chinese regions.     

Saving the Old Stores

Like human beings, a city has its own memory. A city without memory will only be an empty one without spirit. Every outdated street, every aged house and every old famous brand records the unforgettable memory of the city. Almost every old store contains a history of carving out and has witnessed the development of the trade, which blends with the development of the city. And it becomes the representative of the attractive charm of this city, even of Chinese culture.