About the Economic Psychology of Public Debt

Intereconomics - Among the various means of public financing, public debt is a significant as well as controversial instrument. Previous economic research has mainly focused on different...     

The Economic Psychology of Stock Market Bubbles in China

The Chinese stock markets were extremely volatile during the period 2005–08. The Shanghai Stock Exchange (SSE) Composite Index increased more than sixfold from 1,012 in 2005 to 6,124 by the end of 2007. It then declined continuously to reach a low of 1,929 on 17 September 2008, or a drop of 70 per cent from its peak in less than 10 months. Although the market downturn may have been affected by the financial crisis in the United States and the rest of the world, the extreme fluctuations of stock prices signify a big market bubble, and the burst of that bubble must be explained by intrinsic characteristics or the economic psychology of Chinese investors. Based on a detailed market data analysis, this paper attributes the development of the stock market bubble to three key psychological factors: ‘greed’, ‘envy’ and ‘speculation’, and the burst of the bubble to three contrasting factors: ‘fear’, ‘lack of confidence’ and ‘disappointment’. It concludes that only after Chinese companies become really commercialised and profitable and investors become rational can the stock markets become stable without extreme volatility as seen in the past. Government policies can play a role in soothing market volatility detrimental to shareholders and the wider economy, but investors should not depend on government for making their own investment decisions.     

经济危机如何影响城镇居民就业心态

<正>中国社科院刚刚发布的"社会蓝皮书"——《2010年社会形式分析与预测》中,公布了零点研究咨询集团最新完成的《2009年中国居民生活质量指数调查报告》,报告指出:2008年年底开始的经济危机,带给城镇居民的影     

Differences in Information Requirements among European Citizens: More Psychology than Socio-Demographics

A review of recent research indicates that the socio-demographic characteristics of the citizens of the EU countries can explain differences in the attitudes towards the new common currency, the euro, only to a quite limited extent, and that the relationship between particular demographic characteristics, such as age, and attitudes varies substantially from one country to the next. Thus, in choosing target groups for information campaigns in connection with the introduction of the euro as well as in choosing the themes for the campaigns, other considerations have to brought to the fore. It is suggested that more attention be paid to national values, including the role that the currency plays as a source of national identity and pride; also here, substantial differences are found among countries. Furthermore, former behavioural experiences -- which also vary among countries -- must be taken into account. Likewise, information about micro-economic and macro-economic consequences has to be adapted to the the different attitudes and beliefs prevalent in the various European countries.     

Economic insights and deficits in European biotechnology patent policy

The decisive statutory provision of the EU for patent protection of genetic engineering inventions is the so-called directive on biotechnological patents (DBP). Its objective is the encouragement of research and development in the genetic engineering sector. The following exposition shows that the DBP has two major flaws from the economist's point of view, under which particularly small and medium-sized enterprises, the driving force of this young line of business, suffer.     

欧洲经济一体化过程中法律趋于一致及其启示

欧洲经济一体化不仅在经济、贸易合作方面取得令人瞩目的成就,同时在内部法律趋于一致方面也作出了富有成效的探索.欧洲共同体通过提出解决法律冲突的原则,确立特殊司法程序,制定对各成员具有拘束力的规则等方式,使成员之间、成员与共同体之间不同的法律制度趋于一致,有效地保障了经济一体化的进程.欧洲经济一体化过程中积累的经验,不仅对传统的立法、司法制度产生了重大的冲击和影响,对于正在实施中的中国内地、香港、澳门的更紧密经贸关系也具有借鉴意义.     

欧共体竞争法与欧洲经济一体化

欧洲共同体是在其成员国经济结构和发展水平存在着明显差距、私人垄断和国家垄断不断加强、各国保护竞争立法又有较大差异的背景下建立的,因此,在共同体大市场内制订统一的竞争法,是经济一体化的必然要求.欧洲经济一体化的不断深入,促使欧共体竞争法不断扩展其调整范围,完善其自身的制度和规则.欧共体竞争法的适用协调了成员国的竞争政策,建立了统一的竞争秩序;规范企业的竞争行为,促进了共同市场有序发展;禁止境外企业的不当竞争行为,创设了良好的国际发展环境,保障了经济一体化的健康、有序的发展.     

Economic Policy within a European Monetary Union

A European Monetary Union (EMU) and the complete transfer of the responsibility for monetary policy to a European central bank are no longer utopian ideas, but a politically highly relevant possibility. The question how economic policy goals can be achieved within such a monetary union is therefore gaining in importance.     

欧洲经济体的新货币

即将加入欧洲经济和货币统一体的国家,已经进入使用欧元的倒计时阶段.     

Economic and political risks of European Monetary Union

As demonstrated by the last European Union summit meetings, the heads of government and of state of the EU's member states appear firmly intent on starting the planned monetary union on schedule on 1st January 1999. The statements they make, and also any pamphlets and advertisements published by their governments and the European Commission, tend to concentrate one-sidedly on the purported advantages of monetary union. Nevertheless, in most EU countries plans for monetary union are greeted with scepticism or disapproval by a large section of the general public. There are good reasons for this reaction because, as will be explained below, European Monetary Union is in fact associated with serious economic and political risks.     

European Economic Governance – Wirtschaftspolitik jenseits der Nationalstaaten

Die Globalisierung erschwert die Bereitstellung öffentlicher Güter innerhalb nationaler Grenzen. Ein System der politischen Zusammenarbeit könnte aber eine mögliche Unterversorgung mit öffentlichen Gütern verhindern. Wie wird in der Europäischen Union die Wirtschaftspolitik einzelner Länder koordiniert? Welche Koordinierungsmethoden kommen zu den besten Ergebnissen?Prof. Dr. Arne Heise, 44, lehrt Volkswirtschaftslehre an der Universität Hamburg.     

The road to European Economic and Monetary Union

The debate on the concrete shape of the second stage of European economic and monetary union ist in full swing. What are the benefits that may be expected from EMU? What risks have to be avoided?     

The Transition to the Euro: Some Perspectives from Economic Psychology

The reactions of EU consumers to the arrival of the euro are likely to be far more complex than people's typical pragmatic and expedient adaptations to everyday economic change. This article discusses the major problems and psychological issues that are likely to arise in domains where the euro can be expected to have a major impact. More specifically, the domains considered include the following: the symbolic meanings of money; learning, remembering and information- processing; judgement and decision-making; expectations, concerns, and beliefs of EU citizens (consumers); and, propaganda, communication and attitude change. The article concludes with a number of tentative policy recommendations.     

Economic constraints and ethical decisions in the context of European ventures

Relying on personal experience of political European venture during the last four years, this paper aims at illustrating the role of ethics in public policy-making.Crucial importance of ethics is stressed upon at three different stages of the decision-making process: shaping a vision, devising strategy and choosing options in everyday life.Assuming that these stages could apply also to business management, the paper focusses finally on conditions for ethic's effectiveness: providing cohesion but no definite legitimacy, enforcing courage for taking risks in uncertainty but offering no insurance, it needs to be subject to mutual questioning.Jerôme Vignon belongs to the Cellule de Perspective (Central Advisory Group of the Commission), Brussels. Before joining the Commission of the European Communities, he held the rank of Civil servant at the French Ministry for Economy and Finance, Paris.     

The first stage of European Economic and Monetary Union

After two false starts, the first stage of European Economic and Monetary Union began on 1st July 1990. The following two articles discuss the consequences that the inauguration of EMU will have for economic policy co-ordination in the European Community. The views stated here are only those of the author and can on no account be attributed to the Commission of the European Communities.     

The Economic Impacts of Turkish Accession to the European Union

Half a century has passed and Turkey is no further toward achieving EU membership. Under the mandate of the Barcelona Declaration, EU–Turkish industrial tariffs will be abolished, whilst agro‐food protectionism remains largely intact. Consequently, the direct impacts from a hypothetical EU accession scenario will be concentrated in agro‐food sectors, whilst their share of economic output in Turkey implies ‘secondary’ macro impacts. To this end, a computable general equilibrium (CGE) framework is employed to quantitatively reassess full Turkish accession. Unlike previous CGE studies, agriculture, fishing and food sectors are disaggregated, whilst significant advancements to the ‘standard’ model code are incorporated to capture the vagaries of agricultural factor, input and product markets. In addition, a realistic ‘baseline’ scenario is constructed including ‘up to date’ trade and domestic agricultural policy reforms prior to Turkish entry to the EU. The results show that trade‐led gains in Turkey are moderated due to tariff liberalisation prior to EU entry, whilst Turkey receives significant budgetary transfers from the CAP budget, which are ‘mirrored’ as EU‐27 costs. With additional migration effects, Turkish (EU‐27) production possibilities fall (rise), whilst real income per capita rises (falls).     

中原经济区各地经济发展差异研究

区域经济发展差异是区域经济学研究的核心问题之一。本文以中原经济区核心地带为例,通过考察地区生产总值、产业结构、城镇化水平、涉外能力以及经济社会发展指数,综合比较分析表明2005年后中原经济区核心地带区域经济差异呈现整体缩小态势,但经济增长的拉动力主要靠基础设施和实物资本等有形资本投入,经济可持续发展能力和居民收入差距仍在持续。因此,中原经济区应统筹协调、借力发展,提升"虹吸"辐射能力;大力培育和发展战略新兴产业,加快区域产业整合与升级;推进新型城镇化,扩大对外水平,构建共同市场。