When trade hurts: Consumption indivisibilities and labor market distortions

We present a simple model where complementarities between wages and demand due to factor market distortions can make a transition economy worse off from trade. Prior to trade, a virtuous circle prevails: high wages in industry support a high demand for indivisible industrial goods, which in turn supports high wages. However, factor market distortions in the transition economy create a comparative disadvantage in industry. Opening up to trade results in the import of indivisibles and a fall in manufacturing wages, breaking this virtuous circle. Consequently, trade liberalization without structural reform can have serious adverse effects in a transition economy.     

Market shares analysis: The Case of French Tourism Demand

This paper examines the magnitudes and determinants of changes in destinations’ shares of a major tourist origin market. The Almost Ideal Demand System model is used to quantify the responsiveness of French tourism demand in Italy, Spain, and the United Kingdom to changes in relative prices, exchange rates, tourists’ expenditure budget, and external events. The results indicate that effective price competitiveness is a key variable driving changes in market shares. Policymakers who wish to maintain their shares of the French market should pay particular attention to tourism pricing policies, as well as to improving the tourism offer.     

An Empirical Investigation of Trade Credit Demand

This paper investigates the motivations for a firm's demand for trade credit. Demand for credit is modelled as a function of transaction costs motivations, financing motivations, operational considerations, seller compliance issues and supplier marketing, whilst controlling for the firm's business environment and for firm characteristics such as size and industry. This paper builds on previous studies by considering a wider range of factors that can affect trade credit demand holistically on a single sample. It appears that the use of trade credit is widespread, and that it is generally perceived as an important short term financing option, although the availability of trade credit is not a major influence on supplier choice. The level of a firm's trade credit demand is found to be significantly influenced by transaction costs, financing, operational issues, marketing activities by suppliers, the firm's investment in trade debtors and firm size.     

我国第三产业的供需矛盾及政策取向

经过改革开放20多年的发展,我国第三产业从原来明显的需求大于供给转变为弱的需求大于供给的矛盾,但结构性供需不平衡的问题仍然较为突出.为了刺激服务需求上升,政策取向应该是设法增加城乡居民收入,进一步降低服务产品价格,加速城市化进程,进一步提高城市人口密度,调整工作和休假时间,促进生产社会化和专业化程度的提高,支持和鼓励服务产品出口.为了增加服务供给,政策取向要进一步在资金上向第三产业倾斜,提高第三产业从业人员素质,充分发挥技术、制度等综合要素对第三产业发展的促进作用,有选择、有重点地鼓励对国外服务产品的消费.     

货币需求稳定性、货币目标制与中国货币政策框架改革

稳定的货币需求是货币目标制有效发挥作用的前提条件。文章首先从理论上阐述了货币需求与货币目标制的内在关联。其次,基于协整理论与误差修正模型,利用1996-2011年季度数据实证检验了中国货币需求函数的稳定性。实证研究结果表明,中国长期货币需求函数和短期货币需求函数的系数都缺乏稳定性。货币需求函数的不稳定势必增加中国以货币供应量为中间目标的货币政策操作难度,从而导致现行货币目标制的有效性和适宜性不断降低。最后提出为提高货币政策框架的有效性,中国应择机引入通胀目标制。     

A model of demand,productivity and foreign location decision among Taiwanese firms

We develop a theoretical framework to examine the relative importance of firm demand and productivity in firm decisions to export and where to locate foreign direct investments. The model shows that the equilibrium firm decision depends on product technology, consumer preference for product quality, fixed investment costs of establishing a foreign subsidiary, transportation costs and relative wages. Our empirical results confirm the predictions of the theoretical model. Firm-level demand and productivity components are important in explaining the decision to participate in foreign markets with their relative importance depending on the firm's organizational form (exports versus FDI) and the destination of the investments. In general, FDI firms are more productive than exporting firms regardless of FDI destinations. FDI firms also have a higher demand component than exporters and this demand component is stronger than productivity. Finally, among FDI firms, while those with a high demand index and productivity have a significantly higher propensity to invest in high-income countries, firm productivity is the sole determinant of firms undertaking FDI in low-income countries.     

基于货币因素的我国大宗商品价格波动影响机理——铜市场实证

基于长期与短期两个视角,采用2001~2013年的月度数据,通过构建协整检验、广义脉冲响应函数及方差分解等方法,考察了主要货币因素：货币供应量与利率对我国期铜价格的动态影响,结果表明：货币供应量、利率与期铜价格之间存在长期均衡关系;在短期内,货币供应量对期铜价格具有正向影响,而利率对期铜价格的影响总体为负,且利率的影响作用相对较大。     

高校科技成果转化问题及对策研究——基于经济学视角

近些年我国在高校科技成果转化方面取得了一些成绩,但是从客观上来说,目前我国高校科技成果转化率还很低。本文以经济学最基础的供需理论为分析框架,通过分析目前高校科技成果转化存在的问题、症结,提出解决高校科技成果转化问题主要着力点为均衡各方利益诉求问题,结合政府干预和市场自行调节,实现科技成果加速转化。     

Estimating the price elasticity of demand in the London stock market

The hypothesis that demand curves for individual stocks slope downwards is typically investigated by empirical analysis of stock price movements following events that cause shifts in demand or supply. However, it is difficult to attribute observed price movements between downward sloping demand curves and information conveyed by the event. In this paper an econometric approach, based on market-maker response to unexpected changes in inventory, is used to separate out the slope of the demand curve from information effects and estimate the slopes of the demand curves for twenty stocks included in the Financial Times-Stock Exchange 100 Share Index (FTSE100). The analysis suggests that downward sloping demand curves would decrease the price by about 7.5% for a 1% increase in the number of outstanding shares.     

Cournot Oligopoly Conditions under which Any Horizontal Merger Is Profitable

Findings in economic theory suggest that horizontalmergers involving firms with aggregate market shareless than 50% are unlikely to be motivated by theconsequent reduction in competitivity. The resultsarise because, absent cost efficiencies, quantity-settingfirms in small mergers are impoverished by the merger.We demonstrate that this conclusion is a consequence ofthe strong restrictions imposed on the demand function,and we identify a well-behaved demand function suchthat any set of merging firms benefits from the reductionin competition even when there are no cost efficiencies.