An econometric analysis of demand for food quantity and quality in urban China

This article offers an analytical framework for studying consumer demand for food quality based on a theory‐consistent demand model, namely, the Exact Affine Stone Index specification. Importantly, it accounts for unobserved consumer and regional heterogeneity, and allows for arbitrary Engel curves. The empirical value of our framework is illustrated in an econometric analysis of demand for food quality in China. Evaluating possible structural changes in consumer food expenditures in China is of paramount importance, given the ever‐increasing global role of China and the implications of the structural food preference changes for the global food system. The major findings emerging from this study indicate that income is an important determinant of demand for food quality and quantity with the relatively more affluent provinces having a higher affinity for food quality.     

Offshore Financial Centres in the Caribbean: Prospects in a New Environment

This paper reviews the development of offshore financial activities in the English‐speaking Caribbean islands and takes stock of the size of these sectors today, and analyses the future prospects. A number of Caribbean jurisdictions are market leaders in the offshore products they offer and have identified the growth of this sector as a development strategy. Established centres in the Bahamas, Barbados and Cayman Islands have managed to become global players and have generated sizeable gains in employment and income. However, in view of the heightened concerns by the international community about money laundering and more recently, terrorist financing, the costs of compliance and risks to countries of having or establishing offshore sectors have risen considerably. This is particularly relevant to the newer entrants, with significant regulatory differences from international standards. The paper assesses the risks, benefits and costs of compliance with international best practices for established and newer offshore jurisdictions. The paper asks the questions whether offshore jurisdictions constitute a sustainable development strategy and concludes that for nascent jurisdictions, the gains are very small.