房价对居民消费的跨空间影响*——基于中国278个城市空间面板数据的实证研究

本文首先基于住房财富效应，构建了房价变动对居民消费的跨空间影响的分析框架。该框架阐释了住房财富效应的区域差异：不同地区间房价的空间传导、居民的异地消费以及消费的示范效应，使得本地房价变动可能引起周边地区居民消费的连锁反应。其后，本文利用中国278个地级市2000—2018年数据，通过空间面板杜宾模型，实证考察了不同地区住房财富效应的差异，以及房价变动对居民消费的跨空间影响。结果显示：（1）虽然中国整体上存在住房财富效应，但西部城市财富效应并不显著，并且核心城市还存在负财富效应。（2）不同城市间房价对消费存在跨区影响。东部城市和核心城市对周边城市消费的正向影响很显著，而边缘城市则对周边城市消费有显著的负向影响。（3）不同城市间的消费也具有空间上的示范效应。最后，本文从房价和居民消费空间联动的视角，为政府扩大内需、调控房地产市场提供了相关政策建议。     

推动消费升级 引领经济发展——创新江苏消费经济发展新阶段

2018年9月,中共中央、国务院联合发布《关于完善促进消费体制机制,进一步激发居民消费潜力的若干意见》文件。文件根据习近平中国特色社会主义思想,认为“消费是最终需求,既是生产的最终目的和动力,也是人民对美好生活需要的直接体现。”对消费在国民经济中的重要作用进行了深入阐述,将扩大和升级消费放在战略高度来进行谋划和部署,为今后如何进一步发展国民消费指明了前进方向。改革开放以来,江苏省的消费与全国一样发生了巨大变化,但是我们也应看到,江苏消费虽然增长较快,但是与党和国家的要求还存在一定的差距,消费能力、消费意愿、消费供给消费三要素的发展不充分,在消费水平、消费规模和消费结构等方面还存在一定的问题,在满足人民日益增长的需要方面还需要继续努力。特别是在推动江苏经济发展上要发挥更大的作用,通过消费对经济的调节、引领、带动机制促进江苏经济创新发展。因此,我们要继续贯彻党和国家“两个一百年”、江苏率先小康的“强富美高”战略目标,采取得力措施来解决消费矛盾,激发居民消费潜力,通过消费升级使江苏消费和经济均上升到一个新阶段。     

A multivariate time series analysis of energy consumption,real output and pollutant emissions in a developing economy: New evidence from Nepal

Mountain economies will have to play a central role in attaining the global pursuit of green economic growth as crucial bearers of ecosystems goods and services. However, these economies are not adequately represented in the development policy debates in spite of their fundamental importance towards global sustainable development. This study examines the inter relationships between energy consumption, output and carbon emissions in a developing mountainous economy using an augmented Vector Autoregression model. Time-series data over the period 1975–2013 is studied applying a multivariate framework using population and gross fixed capital formation as additional variables for Nepal. Testing for Granger causality between integrated variables based on asymptotic theory reveals a long-run unidirectional Granger causality running from GDP to energy consumption, and a unidirectional Granger causality running from carbon emissions to GDP. We suggest that the government of Nepal can address energy poverty by accelerating the adoption energy conservation policies such as rationing energy consumption and energy efficiency improvements to narrow the energy supply-demand gap. The opportunity to promote the uptake of decentralised off-grid renewable technologies in remote areas and the large scale development of hydropower at the national level also needs to be prioritized. Our results remain robust across different estimators and contributes to an emerging literature on the nexus relationships between energy consumption, income and carbon emissions in mountainous developing economies.     

The time-to-maturity pattern of futures price sensitivity to news

This paper examines the effect time-to-maturity has on how sensitive futures prices are to news flows. Unscheduled daily news flows that relate to the underlying asset of a futures contract are related to the daily realized volatility of futures to calculate a price-news sensitivity ratio. The observed pattern follows an inverted U-shape relationship and has a bearing on whether the maturity effect will be noticeable in a futures contract. This paper also shows that by examining the peak-to-maturity of the price sensitivity to news pattern, it is possible to better identify which contracts are more likely to yield higher volatility.     

The influence of personal and social identity on the clothing consumption of adolescents

We consider the influence of personal and social identity among adolescents on the importance they attach to clothing products and brands. The conceptual framework includes more conventional variables such as socialization (family, peers, media, and celebrities) and individual characteristics (gender and grade level). Based on a sample of 1,596 French high school adolescents, our results highlight: (i) the influence of identity on the importance attached to product and brand; (ii) the mediating effects of personal and social identities; and (iii) the moderating effects of gender and grade level. We conclude with an analysis of theoretical contributions, practical implications, and future research directions. Copyright © 2016 ASAC. Published by John Wiley & Sons, Ltd.     

Exploring consumer attitudes to online collaborative consumption: A typology of collaborative consumer profiles

Online collaborative consumption enhances peer networks, members of which communicate, collaborate, and even deliver services to one another via digital sharing platforms. Despite the tremendous increase in collaborative consumption, due in large part to the development of the Internet, the reality of the economic and social movements that underpin this trend is much less visible. Of course, not all consumers seek collaborative consumption or interact through online platforms. Using a qualitative approach, this paper aims to investigate motivational factors and barriers against collaborative consumption and to establish a typology of collaborative consumer profiles, identifying the most suitable type of online sharing platforms for each profile. The findings reveal the following collaborative consumer profiles: committed, pragmatists, intermittent, and skeptical, each demonstrating different preferences for the different type of online sharing platform.     

A happy experience of a dark place: Consuming and performing the Jallianwala Bagh

This article adopts a phenomenological, ethnographic approach to examine place consumption and place experience through visitors' practices in situ. It focuses particularly on an examination of the embodied practices and performances of both tourists and the local community. Viewing memorial places as ‘performative fields’, we argue that a set of processes are simultaneously at play: while consuming the place and its representations (place consumption), visitors are also producing the meaning of the place through their embodied practices (place production) and, simultaneously, form and project a construct of their own selves (self-identity construction), within wider social narratives (social/national-identity construction). The simultaneity of these processes is empirically illustrated and supported by the findings from the qualitative research in the Jallianwala Bagh Memorial in Amritsar, India, where British colonial forces massacred more than one thousand peaceful protesters in 1919.     

Discovering India's three levels of luxury consumption: An exploratory research to find a conceptual framework

Luxury marketing research has moved from functional product attributes to a ‘democratized’ view in emerging economies. This seems to be based on the development of interactive and digital communications. Luxury research studies have historically focused on the brand's and marketer's perspectives. Thus, little attention has been given to the consumer's view of what we consider to be the individual drivers, i.e., the ‘inner and outer self’ and how that impacts luxury consumption. This paper presents a framework of luxury and self, using concepts such as interdependent or outer, independent or inner, and a new concept of ‘digital self’. These appear as three levels of luxury consumption, i.e., conspicuous, individual, and interactive. The interdependent self is influenced by the external motives and leads to conspicuous luxury behavior. Individual self is affected by internal motives and thus influences individual luxury consumption. Digital self affects the networks of motive and relationships and thereby impacts interactive luxury consumption and behavior.