Chinese Demand for Gold Surges

Chinese demand for gold is surging and the annual demand in 2011 hit 761.05 tonnes (t).This amount is up 33.2 percent over the previous year according to recent data released by the China Gold Association.     

Surges

This paper examines when and why capital sometimes surges to emerging market economies (EMEs). Using data on net capital flows for 56 EMEs over 1980−2011, we find that global factors, including US interest rates and investor risk aversion act as “gatekeepers” that determine when surges of capital to EMEs will occur. Whether a particular EME receives a surge, and the magnitude of that surge, however, depends largely on domestic factors such as its external financing need, capital account openness, and exchange rate regime. Differentiating between surges driven by exceptional behavior of asset flows (repatriation of foreign assets by domestic residents) from those driven by exceptional behavior of liability flows (nonresident investments into the country), shows the latter to be relatively more sensitive to global factors and contagion.     

Determinants of the Physical Demand for Gold: Evidence from Panel Data

Although the role of gold in the world economy has declined since the gold standard was abandoned, it remains important as a central bank reserve, a hedge against risks, a barometer of geopolitical uncertainty, and an input for jewellery. While portfolio demand for gold has been well studied, determinants of physical demand are less understood. Certain emerging‐market countries such as China and India import substantial amounts of gold, with several factors that may contribute: low financial development, need for precautionary savings and/or strong cultural valuation of gold itself. This article uses panel data on gold imports of 21 countries to examine determinants of physical demand. We find that determinants of physical demand differ from those of portfolio demand, and that they differ between the developed and developing worlds.     

Chinese Workers' Real Demand

A new generation different from their etders Cheap labor has buik Chinas economic miracle. As China＇s economy has bounced back, wages have followed suit. But, for the new generation of Chinese migrant workers, wages are not enough to meet their needs.     

中国进口需求弹性的再计算

本文基于Kee等(2008)提出的半弹性超越对数GDP函数分析法,利用2003-2012年40个国家(地区)的3510种HS-6编码产品数据,对中国各产品和行业的进口需求弹性进行了不同于陈勇兵等(2014)的再计算,并且利用弹性估计值测度了中国贸易限制指数和由关税引起的无谓损失。结果表明:中国的大多数进口产品并不缺乏弹性;最终产品无论是消费品还是资本品都较初级产品和中间产品更富有弹性;贸易限制指数和无谓损失都呈现出先低后高的走势,2008年金融危机是趋势改变的转折点,贸易保护宽度是影响它们的最主要因素。     

中国蜂蜜在日本市场的需求弹性

日本是中国蜂蜜出口的最大市场,占中国蜂蜜出口总额的40%,对中国蜂蜜贸易的发展至关重要。本文以日本蜂蜜市场1995年5月至2004年12月的进口数据为基础,运用近似线形需求系统模型(LA-AIDS)估计中国蜂蜜在日本市场的收入弹性、自价格弹性和交叉价格弹性,分析中国蜂蜜在日本市场的贸易地位与竞争策略。研究结果表明,在日本蜂蜜进口市场,中国蜂蜜的价格对来自阿根廷的蜂蜜进口量有较大的影响力,但实施价格战会使中国蜂蜜的利润损失大于阿根廷。最优的竞争策略是努力维持市场份额,通过质量与安全水平的提升来获取较高的价格和利润率。     

China-U.S.Trade Surges

Astable China-U.S.economic and trade relationship is more important than ever."The U.S.commits to accord China fair reatment in the reform of its export control regime and relax high-tech exports control towards China," Chinese vice-premier Wang Qishan said at the China-U.S.Strategic and Economic Dialogue held in Washington from May 9 to 10, which is bound to usher in new opportunities for greater cooperation between the world's two largest economies.     

管窥中国消费者对汽车广告的心理需求

今年6月上海大众PO LO新车在地铁投放的张贴广告引起轩然大波,因其在细节上忽视受众心理和情感要素,出现鄙视地铁族的字眼引发广大受众声讨,事件最终以广告匆匆撤下收尾。如果投放广告之前邀请消费者对广告脚本进行评估,这场风波原本是可以避免的。通常,广告创意形成脚本之后会     

论我国黄金市场对外开放与发展

黄金固有的特殊性质和国际黄金市场的特点,决定了我国黄金市场不可能脱离国际黄金市场而成为独立的市场。我国黄金市场必然要对外开放,与国际黄金市场接轨,同时,加快黄金市场对外开放,也是我国现阶段金融体制改革的必然要求。因此,研究我国黄金市场对外开放的必然性、必要条件和具体操作模式等具有重大的理论和现实意义。     

我国发展巨灾保险所面临的供需不足分析及建议

印度洋海啸所引起的灾难,让我们清醒地认识到发展巨灾保险的重要性与迫切性。巨灾保险对于维护社会稳定,保证经济的平稳发展具有不可替代的作用。但是我国当前的巨灾保险发展却非常迟缓。从巨灾保险的供给与需求两个方面分析我国巨灾保险发展所面临的问题,为我国巨灾保险的发展做出有意的探索。     

组合预测法在我国汽车市场需求预测中的应用

组合预测理论是对同一个预测对象采用不同的单项预测模型,并对各个单项模型施以适当权重。因而,利用多个单项预测模型有效组合更多有用的信息资源,使组合预测模型具有较高的预测精度和预测稳定性,能比较合理地描述系统的客观现实。依据中国民用汽车保有量1985-2003年的历史数据及汽车市场需求系统的复杂特性,分别采用灰色系统、多元回归、三次指数平滑方法建立单项预测模型。根据组合预测理论建立中国汽车市场需求组合预测模型;运用组合预测模型对我国汽车市场的未来需求进行了预测。     

对我国目前会计信息供需市场的研究

<正>会计信息是依附于一定载体的、由有关单位提取或加工的与经济管理活动相关的财务会计方面的信息。会计信息作为一种特殊的商品起到了重要的作用。然而会     

我国城镇居民消费需求分析与预测

根据《中国统计年鉴》中的相关数据,采用扩展线性支出系统方法对我国1998—2002年城镇居民的消费需求情况进行实证分析,以揭示近年来我国城镇居民消费支出情况及特点,运用时间序列线性回归模型对未来我国城镇居民的消费需求变化趋势、消费热点进行预测。     

黄金市场,亟待立法保障

<正>上海黄金交易所的正式成立,宣告了我国黄金市场的正式启动。从整个金融市场的完善性来看,黄金市场与证券市场、外汇市场和期货市场共同构成上海国际金融中心建设的“四架马车”。有关规范黄金市场茁壮健康成长的法律法规,无论在立法的效力等级,还是立法的超前程度和立法的规模,都不如其他三个市场的法制建设,仍有不少可以探讨的空间。     

Capital flow waves: Surges,stops, flight,and retrenchment

This paper analyzes waves in international capital flows. We develop a new methodology for identifying episodes of extreme capital flow movements using data that differentiates activity by foreigners and domestics. We identify episodes of “surges” and “stops” (sharp increases and decreases, respectively, of gross inflows) and “flight” and “retrenchment” (sharp increases and decreases, respectively, of gross outflows). Our approach yields fundamentally different results than the previous literature that used measures of net flows. Global factors, especially global risk, are significantly associated with extreme capital flow episodes. Contagion, whether through trade, banking, or geography, is also associated with stop and retrenchment episodes. Domestic macroeconomic characteristics are generally less important, and we find little association between capital controls and the probability of having surges or stops driven by foreign capital flows. The results provide insights for different theoretical approaches explaining crises and capital flow volatility.