Transaction costs and recorded remittances in the post-Soviet economies: Evidence from a new dataset on bilateral flows

Labour migrants' remittances are a rapidly growing phenomenon in the countries of the former Soviet Union. The size and growth of remittances in the countries of the recipients brought the issue under the scrutiny of researchers and policymakers. In this paper we investigate the main factors behind the growing volume of remittances in the post-Soviet space. By applying panel data techniques we found that a reduction in transaction costs and a depreciation of the currency in the host country were the main factors that influenced the growth of recorded remittances. The size of transaction costs remains a significant predictor of the volume of formal remittances, even after correcting for endogeneity using an instrumental variable estimator. The inverse relationship between transaction costs and recorded remittances suggests that migrants switch from informal channels to formal channels to send remittances when costs are low. Thus lower transaction costs may help curb the proportion of informal flows and lead to increased use of remittances in the formal economy.     

中欧班列沿线贸易--物流网络结构优化分析

分析中欧班列节点城市贸易-物流网络结构,有利于推进现代化物流枢纽的建设。运用熵权法测算中欧班列国内节点城市物流绩效指数,通过修正引力模型分别测算2010年、2014年和2019年中欧班列沿线主要节点城市间贸易-物流联系强度,并采用地理可视化展现中欧班列驱动下沿线贸易-物流网络演变,结合网络结构分析得出中欧班列沿线主要节点城市的贸易-物流网络中心性和凝聚子群,为沿线集货中转枢纽的选取提供理论依据。结果显示,中欧班列有效改善了中欧城市间的经济关联格局,显著推动了沿线贸易-物流网络结构的优化。     

A Turnpike Theorem in the Closed Dynamic Leontief Model with a Singular Matrix of Capital Coefficients

The paper refers to the well-known Tsukui turnpike theorem on convergence of optimal growth trajectories in the closed dynamic Leontief model to the maximum balanced growth trajectory, called turnpike. In the original proof of this theorem, the assumption that the matrix B of capital coefficients is non-singular plays an essential role. For many reasons this assumption, very convenient for theoretical analysis, is not always satisfied in input-output systems built for empirical purposes. This paper fills the gap between theory and empirical studies, presenting a proof that convergence of optimal trajectories towards the turnpike is also a characteristic feature of the closed Leontief model in the case when matrix B is singular. The general idea of the proof is based on the approximation of a singular matrix B by an infinite sequence of non-singular matrices.     

社会转型期高校德育面临的主要问题与对策

社会转型期高校德育面临价值观多元化、高校扩招负面影响、网络信息技术冲击、学生身心突变等主要问题，学校必须立足于培养德智体美劳全面发展的社会主义劳动者和建设者，树立大德育观，注重教育教学改革，整合课内外、校内外的德育资源，构建高效、立体、全方位的教育网络，奏响转型期高校德育的新篇章。     

Income Inequalities and International Trade in Goods and Services: Short- and Long-Run Evidence

In this article, we study the short- and long-run effects of trade openness in services on wage inequalities. The sample covers ten Organization for Economic Cooperation and Development (OECD) countries from 1980 to 2005. We find a differentiated impact of trade in goods compared to trade in services: while trade in goods has a short- and a long-run impact on inequalities, trade in services has only long-run effects. Moreover, we also find that international trade in services has a stronger impact on inequalities than international trade in goods, and this effect does not concern only inequalities between top incomes and low incomes but also between top incomes and median incomes.     

Affective responses to consumer situations

The behavioural perspective model of consumer choice (bpm) proposes three structural components of consumer situations from which consumers' verbal responses to consumption environments can be predicted. These are utilitarian reinforcement, informational reinforcement and behaviour setting scope. It is argued that pleasure, arousal and dominance, presented by Mehrabian and Russell as environmentally determined affective reactions, are respectively feasible verbal responses to these structural components. Consumers (N = 561) completed Mehrabian and Russell's measures of these affective reactions and of approach-avoidance for one of four ranges of verbally expressed consumption situations derived from the model. The results indicate that, for these theoretically grounded ranges of consumer situations, approach-avoidance is satisfactorily explained by pleasure, arousal and dominance. Further, mean differences in these affective variables between situations which, the bpm argues, show distinct patterns of reinforcement and behaviour setting scope are successfully predicted.     

Investment strategies by foreign automobile firms in China: A comparative study of Volkswagen,Honda, and Hyundai

The paper uses rolling sample tests to investigate time-varying calendar effects in the Chinese stock market, based on the GARCH (1, 1)-GED model. The Friday effect existed with low volatility at the early stage, but it seems to have disappeared since 1997. The positive Tuesday effect began to appear then. There is a small-firm January effect with high volatility. The turn-of-the month effect has also disappeared in the Chinese stock market since 1997.     

Macroeconomic implications of voucher privatization in a model with incomplete information

Voucher privatization implies a significant wealth transfer from state to private agents who, in turn, would increase consumption. This paper investigates the consequences of this wealth effect on the macroeconomic equilibrium in a high unemployment economy. The model builds on a two-stage sequential game between the government and private agents. We verify the existence of a pooling equilibrium in which private agents cannot guess whether a policy of fast privatization will be continued in the future or not. This configuration presents an endogenous probability of privatization slowdown; as a consequence, the wealth effect is moderated and the genuine fast privatizer government bears an “undue” credibility cost in terms of employment     

Asymmetry in the jump-size distribution of the S&P 500: Evidence from equity and option markets

This paper studies alternative distributions for the size of price jumps in the S&P 500 index. We introduce a range of new jump-diffusion models and extend popular double-jump specifications that have become ubiquitous in the finance literature. The dynamic properties of these models are tested on both a long time series of S&P 500 returns and a large sample of European vanilla option prices. We discuss the in- and out-of-sample option pricing performance and provide detailed evidence of jump risk premia. Models with double-gamma jump size distributions are found to outperform benchmark models with normally distributed jump sizes.     

Calibration to American options: numerical investigation of the de-Americanization method

American options are the reference instruments for the model calibration of a large and important class of single stocks. For this task, a fast and accurate pricing algorithm is indispensable. The literature mainly discusses pricing methods for American options that are based on Monte Carlo, tree and partial differential equation methods. We present an alternative approach that has become popular under the name de-Americanization in the financial industry. The method is easy to implement and enjoys fast run-times (compared to a direct calibration to American options). Since it is based on ad hoc simplifications, however, theoretical results guaranteeing reliability are not available. To quantify the resulting methodological risk, we empirically test the performance of the de-Americanization method for calibration. We classify the scenarios in which de-Americanization performs very well. However, we also identify the cases where de-Americanization oversimplifies and can result in large errors.