技术性贸易壁垒与中国高技术产品出口——基于扩展贸易引力模型的经验分析

本文基于扩展的贸易引力模型，使用2000~2015 年中国同22 个贸易伙伴国的面板数据，并引入和技术性贸易壁垒以及高技术产品密切相关的知识产权保护这一变量，实证考察进口国TBT 对中国高技术产品出口的影响。结果表明：（1）进口国实施 TBT 或进行知识产权保护均会抑制中国高技术产品的出口，但抑制作用并不显著；（2）若进口国将TBT 和知识产权保护相结合形成更为隐蔽的技术性贸易壁垒，将会显著抑制中国高技术产品的出口；（3）中国高技术产品出口呈现行业差异，其中医药制造业受到的抑制效应最大；（4）由于技术模仿和产品同质化现象的存在，中国高技术产品出口会在中高收入国家遭遇更为严重的TBT，对出口的抑制效应会更大。中国应将知识产权保护政策作为应对进口国TBT的一种补充，在保证高技术产品贸易健康发展的同时推动出口产业向中高端发展。     

Carry trade strategies based on option-implied information: Evidence from a cross-section of funding currencies

We document carry trade returns based on the moments extracted from options on the underlying currencies. We establish three important results. First, a currency pair is predicted to have greater excess returns if option-implied returns are more volatile, are more left-skewed, and have fatter tails than the returns of other currency pairs. Second, strategies based on option-implied information improve on benchmark strategies based on realized market returns and macroeconomic data. Third, if the option-implied returns of a currency pair are more left-skewed than in the past, anti-carry trades rather than carry trades perform better.     

基于不同时期典型案例比较分析的货物贸易外汇业务违规趋势及建议

在不同外汇管理时期，货物贸易违规业务呈现多样化的特点。本文通过对四个外汇管理时期的典型案例比较，总结出贸易项下违规业务的动机、专业化水平和规避监管手段的变化趋势，揭示当前形势下货物贸易外汇监管难点，并提出针对性建议。     

Information technology and consumer behavior in travel and tourism: Insights from travel planning using the internet

Sustaining business success hinges upon a firm׳s ability to understand and capitalize on consumer behavior trends. Synthesizing information from a variety of sources, this paper discusses the nature of use of the Internet by American travelers. In general, the adoption of the Internet has reached a level of saturation and some traditional channels such as online travel agencies (OTAs) continue to dominate travel planning. While traditional means of Internet use for travel planning appears to be widespread across all customer segments, higher-order Internet uses (i.e., social media) are now prevalent among some segments, particularly among travelers of Generation Y. Also, there seems to be an important bifurcation in the traveler population in that the traditional online consumers remain unchanged with their pattern of use of online tools while sizable groups are adopting emergent information sources and transaction channels. This article details the particulars of these trends and offers managerial implications and future research directions.     

Consumers' reaction to fair trade motivated price increases

Consumer perception of price increases and their reactions are a topic of great relevance for marketing research and practice. We investigate consumers' acceptance of price increases justified by higher costs due to company's corporate socially responsible activities by conducting two experimental studies. In the first study we examine perceived fairness and intentions following a price increase justified by a fair trade commitment. To assess the green attitude–behavior gap in consumer behavior our second study incorporates a real world experiment to explore actual consumer behavior against stated intentions. Our investigation adds nuance to our understanding of the effects of corporate social responsibility on consumer response to price increases. Our results reveal that a price increase due to a fair trade commitment is perceived as fair and does not have a negative impact on purchase behavior. We contrast our findings with a price increase due to higher taxes and due to profit increase. Our results demonstrate that fair trade justified price increases can skim twice the amount compared to tax justified increases. Furthermore, consumers' actual buying behavior reveals no difference to their stated intentions. Hence, prior research proclaiming an attitude–behavior gap in the context of consumers' socially responsible buying behavior has to be called into question.     

Tourism expenditure patterns in China

Using China’s urban household survey data for 2002–2009, this study compares the impacts of the socio-economic and demographic characteristics of urban household expenditure on tourism in different age cohorts. The life cycle age profiles of group-tour and non-group tour expenditures are obtained by decomposing total household expenditure. The results show that the age profile of total tourism expenditure is hump-shaped, which conforms to consumers’ income discretionary expenditure cycles. The age profile of group-tour expenditure is hump-shaped whereas that of non-group tour expenditure is S-shaped, corresponding to the substitution of group and non-group tours as children grow older. The implications are discussed in the context of tourism marketing with a view to providing useful segmentation information for tourism decision makers.     

Anticipated guilt and pleasure in a healthy food consumption context

Recognizing the increasing importance of healthiness in food-related businesses, this study attempted to investigate the role of consumers’ affective responses in a healthy food consumption context. To achieve its objectives, this study incorporated anticipated emotional constructs in a decision-making model and investigated the relationships among perceived healthiness, anticipated guilt and pleasure, and behavioral intentions (e.g., purchase, spreading positive word-of-mouth, and recommending the food) in a quick service restaurant setting. The results of this study suggest that anticipated pleasure positively influenced behavioral intentions and mediated the relationship between perceived healthiness and behavioral intentions, whereas anticipated guilt did not influence behavioral intentions. Additionally, this study investigated the moderating role of dietary concerns in consumers’ decision-making processes and found that the low dietary concerns group was more susceptible to anticipated pleasure compared to the high dietary concerns group. Further findings and implications are provided in the main body of the paper.     

Cointegration and causality among the onshore and offshore markets for China's currency

China has taken steps to develop offshore markets for renminbi trading and to liberalize exchange-rate determination in its onshore market. We examine the interaction between onshore and offshore markets with attention to how the interaction has been affected by widening of the onshore trading band first in April 2012 and further in March 2014. Ties between the onshore and offshore markets were closest before the first band widening and steadily loosened thereafter. We further study the cointegration and lead-lag effects between offshore and onshore spot and forward markets and show that there is a long-term equilibrium relationship between any pair of them. Our results suggest stronger causality running from the spot onshore rate to the spot offshore rate than vice versa. Between the spot and forward markets, there is evidence of bidirectional linear and nonlinear causality, which implies foreign impulses have had an influence on the domestic market.     

Trade Diversification and Crisis Transmission: A Case Study of Thailand

The international trade literature suggests trade concentration is an important factor in the amplification of the global financial crisis. However, the relationship between trade concentration and transmission of the subprime crisis is empirically weak. Thailand is one of the countries with declining reliance on the advanced economies, yet it was greatly affected by the recent crisis. This might result because the formation of global supply chains creates both direct and indirect trade linkages. In this paper, the authors include the effects of both linkages to examine their connection to the transmission of external shocks, as experienced by the Thai economy. If total trade linkages are calculated, Thailand is still found to be highly exposed to advanced markets. Simulation using a computational general equilibrium model also indicates that the country was seriously affected by the financial crisis through indirect channels.     

基于环境保护问题的政府与企业博弈优化分析及对策建议

在中国特色社会主义生态文明建设中,环境保护是当今社会重大课题;而环境保护关乎经济发展、社会责任等多个方面,涉及政府、企业、公众多个群体.因此,如何通过有效的机制均衡各群体以做好环境保护工作一直是国家所关注的.通过分析当今情境下政府和企业的博弈过程,研究政府与企业博弈的优化问题,并在此基础上提出相应的解决环境保护问题的对策建议.