European financial market dependence: An industry analysis

This paper uses a copula model to investigate the degree and determinants of European market dependence across 10 industries in 12 Euro zone and 8 non-Euro zone stock markets during the period 1992–2011. Most of the industries in Euro countries show a dependence increase with the Euro-area after the introduction of the Euro. The effects are strongest in countries with larger market capitalization and in the Financials, Industrials, Consumer Goods, Utilities, Technology and Telecommunications industries. Overall, the export intensity, interest rate sensitivity and competitiveness of an industry and the financial development and economic openness of a country are the most important determinants of changes in equity market dependence. The period around the Lehman collapse also shows higher equity market dependence between European countries, while the lower dependence increase during the period of the recent European sovereign debt crisis suggests that country-specific factors may matter more than before.     

China in transition: institutional change at work in inland waterway transport on the Yangtze River

Chinese national fiscal reforms and the transfer of power from the central government to local governments impact the governance of inland waterway transport (IWT). In this paper we argue that the development of IWT on the Yangtze River is strongly influenced by institutional changes at different levels of government in line with the path dependent transformation of the Chinese centrally planned economy. This paper deduces how institutional change of IWT on the Yangtze fails to fulfil its purposes because of institutional legacies and conflicts of interests among the various levels of government and the persistent interwovenness of the state with private enterprises (via SOEs). In order to further stimulate IWT on the Yangtze more institutional changes are on the cards, in particular a need for more (foreign) private involvement and more independent SOEs, but these changes will not necessarily break out of the development path.     

Analysis of ruin measures for the classical compound Poisson risk model with dependence

In this paper, we consider an extension to the classical compound Poisson risk model. Historically, it has been assumed that the claim amounts and claim inter-arrival times are independent. In this contribution, a dependence structure between the claim amount and the interclaim time is introduced through a Farlie–Gumbel–Morgenstern copula. In this framework, we derive the integro-differential equation and the Laplace transform (LT) of the Gerber–Shiu discounted penalty function. An explicit expression for the LT of the discounted value of a general function of the deficit at ruin is obtained for claim amounts having an exponential distribution.     

Forest incomes and rural livelihoods in Chiradzulu District, Malawi

This paper examines forest income among rural dwellers in one of Malawi's most densely populated districts, Chiradzulu. 160 households were interviewed in two sites, only 20 km apart, purposely selected on the basis of access to a forest reserve. People are extremely poor, with 97% having incomes of less than 1 USD/day. Forest income constitutes around 15% of total income; only non-farm income (47%) and agriculture (28%) rank higher. The poorest segment depends more on forest income than the least poor group, but the medium income group exhibits the highest dependence. Fuelwood constitutes the major source of such income followed by fodder. The incomes mainly support current consumption. People with better access to the forest reserve have higher total income, forest income, and relative forest income. As revealed through a Gini-coefficient analysis, forest resources have an important income equalizing effect across rural households. A particular group of resource poor farmers (8.1% of sample), with little access to agricultural land and a high representation of female heads, derives an average of 65% of their income from the forest. An important policy lesson is that restricting people's access to forest resources can have substantial effects on household livelihoods and welfare, and would serve to increase income inequalities in the area. Livelihood researchers should now recognize the substantial income from forest resources.     

Multivariate models for operational risk

Böcker and Klüppelberg [Risk Mag., 2005, December, 90–93] presented a simple approximation of OpVaR of a single operational risk cell. The present paper derives approximations of similar quality and simplicity for the multivariate problem. Our approach is based on the modelling of the dependence structure of different cells via the new concept of a Lévy copula.     

相互依赖、信任对企业关系导向合作的影响分析

关系导向合作主要是基于效率动机、稳定动机和互惠的动机。关系导向合作是企业之间相互依赖和信任的结果;信任与企业关系导向合作之间的关系受到依赖程度的调节影响,信任对关系导向合作的影响因不同的依赖水平而不同;相互依赖程度和关系导向合作之间的关系受到信任水平的调节影响,当信任水平较低时,依赖不对称程度对关系导向合作的影响是反向的;当信任水平较高时,依赖不对称程度对关系导向合作的反向影响就会变得不明显或者甚至是正向的影响;对称的相互依赖和信任之间的互动,有利于企业长期的关系导向合作。     

对外贸易依存度与现阶段我国贸易战略调整

针对目前我国外贸依存度是否合理的争论,本文从概念本身出发,一方面对有关我国外贸依存度较高原因进行综述,另一方面对外贸依存度指标本身存在的定义缺陷给予说明.并在对外贸依存度与外贸贡献率不一致性的论证中指出,近年来,我国粗放式贸易增长不断强化的倾向,不利于我国经济增长方式的转变和经济质量的提高,因此贸易战略调整势在必行,外贸增长方式转变必须提到议事日程.     

浅析金融危机中我国外贸企业的困境及出路

2006年开始的美国次贷危机很快演变成一场蔓延全球的金融危机,给世界各国的经济带来很大的影响,我国也不例外。本文正是基于这种情况,通过分析金融危机对我国外贸企业的影响原因入手,并提出一些应对建议,以期为我国外贸企业带来更好的思考及应对措施。     

上海外贸依存度快速增长的原因及建议

本文在介绍上海外贸依存度现状的基础上,运用Eviews统计分析软件对上海外贸依存度的影响因素进行回归分析,然后在实证分析的基础上根据主要影响因素对上海构建适度的外贸依存度提出一些政策建议。