广州市展览业市场特征实证分析

本文以实地调研获得的第一手资料为基础,以广州主要展览场馆举办的展览会为研究对象,从展览业的行业类型、参展商和专业买家对展览会的认可度、参展商继续参展的意向等方面对广州市展览业的市场特征进行了数量分析,并在此基础上提出了改进和提升广州展览业的对策措施。     

《服装工艺》教学新思路

服装缝制工艺学是高校服装专业的一门专业性、技术性很强的学科,面对服装业发展对人才素质能力的新要求,要从教材、教学方法和考核方法三方面进行改革,注重学生动手能力和创新能力的培养。     

论全球碳市场机制的完善及中国的对策选择

本文在全球气候变化的大背景下提出一个可以将世界各国都纳入到减排体系的金融创新方法,在对全球碳市场现状和问题进行分析的基础上,通过引入碳期权来完善碳市场机制,并进一步探讨碳期权的定价策略,提出中国融入全球碳市场机制以及参加国际气候谈判的对策建议。     

Downward wage rigidity and business cycle asymmetries

The growth rates of wages, unemployment and output of a number of OECD countries have a strongly skewed distribution. In this paper we analyze to what extent downward wage rigidities can explain these empirical business cycle asymmetries. To this aim, we introduce asymmetric wage adjustment costs in a New-Keynesian DSGE model with search and matching frictions in the labor market. Increasing wages is less costly than cutting them. It follows that wages increase relatively fast and thus limit vacancy posting and employment creation, but they decline more slowly, leading to a strong reduction in vacancies and employment. The presence of downward wage rigidities strongly improves the fit of the model to the observed skewness of labor market variables and the relative length of expansions and contractions in the output and the employment cycles. The asymmetry also explains the differing transmission of positive and negative monetary policy shocks from wages to inflation.     

Explaining the accounting disclosure index of stock exchanges by foreign exchange market activity

In this article, researcher-created accounting disclosure index of 23 stock exchanges for the year 1992 and its relationship with variables including foreign exchange turnover, economic and financial indicators were investigated. The accounting disclosure index of global stock exchanges crafted by Adhikari and Tondkar (1992) was regressed on foreign market turnover which was utilized as a proxy for foreign exchange market activity. The OLS results supported that along with the activity of foreign exchange market; GNI per capita, market capitalization, energy and electric consumption, number of listed companies were significantly related with the accounting disclosure index. The foreign market turnover was found to be positively influencing the accounting disclosure index. The models explained about 73% of the variation in the index with an F-ratio of 26.56 indicating the overall significance of the model.     

SWOT分析法研究济南市商品出口中亚市场的潜力及物流成本最小的路径选择

通过分析济南市商品和中亚市场的互补性,找出济南市商品在中亚市场比较有发展潜力的商品,运用SWOT分析法对中亚市场进行潜在分析发现了中亚市场的潜在市场,通过调查发现中亚国家将对其电网改造的相关产品的需求会增加。运用比较的方法确定了济南市出口商品运输到中亚市场的物流成本最小的路经。在新疆办厂再出口到中亚国家也是一个较佳的选择。     

INDIFFERENCE PRICE WITH GENERAL SEMIMARTINGALES

Using duality methods, we prove several key properties of the indifference price π for contingent claims. The underlying market model is very general and the mathematical formulation is based on a duality naturally induced by the problem. In particular, the indifference price π turns out to be a convex risk measure on the Orlicz space induced by the utility function.     

BOOK REVIEW

Abstract

THE POLITICAL ECONOMY OF POST-SOVIET RUSSIA, Vladimir Tikhomirov, New York: St. Martin's Press; London: Macmillan Press, 2000. xii + 360 pp., ISBN 0-312-23086-9, JEL: P2, P3. reviewed by Bruno S. Sergi     

Renminbi exchange rate exposure: evidence from Chinese industries

This paper investigates sensitivity of stock returns of industry-sorted Chinese firms with respect to renminbi exchange rate movements. Strong evidence of significant exposure is documented for 7 out of 16 Chinese industries. Evidence is also found of the size asymmetry effects. In addition, we explore the characteristics of the exposure, and detect evidence of significant exposure among non-exporters in some of the industries. Special attention is given to examining the time-varying exposure under the impact of the new Chinese exchange rate regime in place since 2005, in which even stronger exchange rate exposure is reported. The conditional exposure estimated in this paper also reveals the close relation between stock returns and changes of the renminbi exchange rate.     

2014年上半年中国货币市场运行报告

2014年上半年，中国人民银行继续执行稳健货币政策，适时主动地进行预调微调，有效稳定市场预期。货币市场平稳运行，成交规模稳步扩大，市场利率震荡下行，波动幅度逐步收窄，各子市场发展速度出现分化。银行业金融机构融出意愿有所增强，非银行市场主体参与度不断提升，货币市场流动性管理功能进一步发挥。