THE IMPACT OF THE EU EMISSIONS TRADING SYSTEM ON COMPETITIVENESS AND CARBON LEAKAGE: THE ECONOMETRIC EVIDENCE

This paper carefully surveys the econometric literature that tests for competitiveness effects and related carbon leakage caused by the EU Emissions Trading System (EU ETS). The results of this literature tell us that to date there is no evidence of the EU ETS having had widespread negative or positive effects on the competitiveness of regulated firms, nor is there evidence of significant carbon leakage. However, the paper also identifies three important caveats to this general conclusion. Firstly, the evidence we have still largely refers to the first two trading periods, namely Phases I (2005–2007) and II (2008–2012). Secondly, some heterogeneity of estimated effects is observed, but patterns, notably sectoral patterns, hardly emerge. Thirdly, very little explored is whether the EU ETS has had long-term effects on the economy via investment leakage or firm dynamics. Further empirical studies investigating these long-term effects are particularly desirable.     

Interbank tiering and money center banks

This paper provides evidence that interbank markets are tiered rather than flat, in the sense that most banks do not lend to each other directly but through money center banks acting as intermediaries. We capture the concept of tiering by developing a core-periphery model, and devise a procedure for fitting the model to real-world networks. Using Bundesbank data on bilateral interbank exposures among 2000 banks from 1999 to 2012, we find strong evidence of tiering in the German banking system. This extent of tiering is unlikely to arise in standard random networks. Indeed, we show that bank specialization and balance sheet variables predict how banks position themselves in the interbank market. This link provides a promising avenue for understanding the formation of financial networks.     

Measurement of competitiveness in smallholder livestock systems and emerging policy advocacy: An application to Botswana

Farm level cross sectional data of 556 randomly selected livestock producers were used to investigate the competitiveness of smallholder beef farmers in Botswana. The results show the presence of inefficiency, with about 74% of the variation in actual profit from maximum profit (profit frontier) between farms mainly arising from differences in farmers’ practices rather than random variability. Further the mean profit efficiency level of 0.58 suggests that there is a substantial scope to improve beef profitability in Botswana. Significant profit efficiency drivers include, among others, education, distance to market, herd size, access to information and access to income from crop production. Considering the importance of livestock sector for wealth creation and poverty eradication in the rural areas where poverty is more pronounced, there is a need for appropriate development strategies and policies directed towards addressing these factors. In particular there is need to invest in market infrastructure in order to improve market access, hence profit efficiency of smallholder livestock farmers.     

How managerial attitudes toward the natural environment affect market orientation and innovation

This study investigates natural environmental attitude linkages held by strategic decision makers and hypothesizes that the interaction between market orientation and managerial natural environmental attitudes serves to enhance the effect of market orientation on firm innovativeness. Using questionnaire responses from 284 owners or chief executive officers residing in the food processing industry, the findings establish evidence of (1) a positive linkage between market orientation and firm innovativeness, and (2) the moderating effect of managerial attitudes of top managers toward the natural environmental in the market orientation to firm innovativeness relationship. The results provide insight into the nature of the cultural values on which a market orientation is based in relation to the natural environment.     

外国直接投资与我国对外贸易的实证研究

目前关于外国直接投资(FDI)与一国出口贸易间关系的研究已由最初的定性向定量发展,但多数定量分析集中在直接投资与出口的相关因果关系上。本文则利用我国改革开放以来到加入世贸组织之前的数据,对FDI与我国的出口规模、出口产品结构、出口产品竞争力等进行相关性分析。     

Market integration and convergence to the Law of One Price: evidence from the European car market

This paper exploits the unique case of European market integration to investigate the relationship between integration and price convergence in international markets. Using a panel data set of car prices, we examine how the process of integration has affected cross-country price dispersion in Europe. We find surprisingly strong evidence of convergence towards both the absolute and the relative versions of the Law of One Price (LOOP). Our analysis illuminates the main sources of segmentation in international markets and suggests the type of institutional changes that can successfully reduce it.     

The market microstructure of central bank intervention

How quickly do central bank intervention operations impact the foreign exchange market? And, do intra-daily market conditions influence the effectiveness of central bank interventions? This paper uses high-frequency intra-daily data to examine the relationship between the efficacy of intervention operations and the “state of the market” at the moment that the operation is made public. The results indicate that some traders typically know that the Fed is intervening at least 1 h prior to the public release of the information in newswire reports. Also, the evidence suggests that the timing of intervention operations matters—interventions that occur during heavy trading volume, that are closely timed to scheduled macro announcements, and that are coordinated with another central bank are the most likely to have large effects.     

乙醛酸的生产、市场及其衍生物的开发

介绍了国内外乙醛酸的主要合成方法,着重简述了乙醛酸在香料、医药中间体、农药中间体等方面的应用.同时分析了乙醛酸的市场情况,最后对我国乙醛酸的发展提出了一些建议.     

The effects of entrepreneurial orientation, market orientation, and marketing subunit influence on firm performance

The study investigates how an organization’s entrepreneurial orientation moderates the interplay between market orientation and marketing subunit influence on firm performance. The hypothesized model predicts that the positive interaction between market orientation and marketing subunit influence has a weaker effect on firm performance under conditions of high entrepreneurial orientation. The regression and supplementary analyses provide support for most predictions and, most importantly, for a negative three-way interaction effect: At higher levels of entrepreneurial orientation, the positive moderating effect of marketing subunit influence on the market orientation–business performance relationship is reduced. The authors discuss the managerial and theoretical implications of their findings and provide a number of directions for further research.

“两岸共同市场”的特殊构架与机制设计

“两岸共同市场”是基于两岸经贸合作已有的基础、区域一体化中“共同市场”模式的特征和当前海峡政治生态的特殊性相结合而产生的构想或概念性体制方案,它是符合两岸关系发展内在要求的体制构架。实现这一构架的关键在于构建持续、常规化的协调机制,以扩大两岸经贸交流的规模和领域,提升合作层次,实现两岸经济的有效融合和资源的优化配置。