The role of uncertainty in the euro crisis – an application of liquidity preference theory

The world financial crisis triggered a rediscovery of the active role fiscal policy can play as a remedy in such situations. During the euro crisis, escalating funding costs in a number of southern eurozone member states and Ireland have called this strategy into question. One interpretation of the euro crisis concentrated on the public debt trends in those countries. Opposing this view, the main point of this contribution is to elaborate the link between rising interest rates on sovereign bonds in the euro crisis and a major feature of the financial crisis – a subdued degree of investor confidence after the Lehman collapse. Theoretically, this link is developed with reference to Keynes’ liquidity preference theory. The high explanatory power of measures for the degree of confidence in financial markets as well as detrimental effects of fiscal austerity on the evolution of sovereign yield spreads are demonstrated empirically by means of panel regressions and supplementary correlation analyses.     

The empirical application of a small open economy model: Greece 1954–81

A small macroeconometric model designed to analyse the major macroeconomic aggregates in the open economy of Greece is presented. The specification of the model is based on the assumptions of the ‘Monetary Approach to the Balance of Payments and Exchange Rate determination’. Also, it contains an Expectations Augmented Phillips Curve and consists of seven equations. The empirical findings suggest that for the period 1954–81, the Greek economy did not behave consisently with the particular theoretical or other persuasion model. However, the empirical model tracks reasonbly well the historical values of the endogenous variables and it captures the cyclical behaviour of the economy. The evidence suggests that monetary policy had no significant influence on output growth with its role being confined on determining the balance of payments. On the contrary, fiscal policy played a dominant role in output determination and prices variation.     

Analysis on inbound tourists＇ satisfaction in China： an empirical study based on the investigation of 5 cities

In China, the tourism industry is regarded as one means of fostering local economic development. This paper tries to examine inbound tourism development in China in the last decade and analyze inbound tourism＇s satisfaction of their travel experience with tourist attractions, facilities, services and price by an empirical study based on the investigation of Lanzhou, Wuhan, Guangzhou, Shanghai and Beijing. This paper discusses the demographic characteristics of visitors from Hong Kong, Macao and Taiwan, US. Korea and Japan by surveying a .sample of 528 visitors in five different cities. The survey showed that four provinces/autonomous region in western China ranked the top 10 popular destinations. Chinese natural landscape, culture and food were highly regarded by the tourists. At the same time, tourists expressed less satisfaction with tourist language convenience, tourist facility and nightlife in China. It was also found that only 7.4% of the tourists thought travel in China was far more than what they had paid, that 6.5% regarded they got what they paid for, and that 34.9% thought the travel cost was reasonable. Most tourists were satisfied with their travel experience in China： many of them would like to return to China and would like to recommend China. For the sustainable development of tourism, Chinese tourism authorities should strengthen the construction, propaganda and management of scenic spots, improve tourist facility and tourist education. especially language convenience, and strengthen the supervision of tickets, souvenir and hotel price.     

The effect of MADD on drinking–driving activities: an empirical study

Since its establishment in 1980, MADD (Mothers Against Drunk Driving) has been instrumental in directing our nation's attention to the problems associated with drinking and driving activities. Through its legislative lobbying efforts, educational and victim support activities, MADD strives to increase the expected costs and reduce the expected benefits of driving under the influence of alcohol. The object of this paper is to develop and estimate a model which assesses the consequences of MADD's efforts on the incidence of drinking and driving. Using extensive data collected in California, a simultaneous equations model is estimated. The results suggest that MADD does have a deterrent effect upon the incidence of alcohol related accidents. Moreover, the effect is found to be stronger for alcohol related accidents with a non-fatal injury relative to those with a fatality.     

The incentive effects of levelling the playing field – an empirical analysis of amateur golf tournaments

Levelling the playing field is an important policy instrument to guarantee an equitable competition among heterogeneous individuals. However, the incentive effects of those policies are usually not explicitly addressed in empirical studies. In this article the performance in amateur golf tournaments is analysed to gain insights into the incentive effects of those types of policies. The empirical analysis takes advantage of the fact that tournaments in amateur golf are of two distinctive types that apply different scoring rules: while one scoring rule is based on gross scores, i.e. the total number of strokes of a player, the second scoring rule is based on net scores where the total number of strokes is normalized with respect to the respective player's handicap. Performance comparisons of players who participated in both types of tournaments suggest that levelling the playing field, as in tournaments based on net score, has positive and significant performance effects.     

Study on the price co-movement among the Asia Pacific,European and Chinese coal markets – based on the empirical analysis of MS-VEC model

In this article, based on weekly data of the three major coal markets (the Asia Pacific, Europe and China) from March 2008 to November 2014, an empirical research on their mutual influence and price co-movement effect among the three major coal markets is conducted by using the Co-integration Theory, Granger Causality Test and markov switching-Vector Error Correction (MS-VEC) model. The conclusions are as follows. (1) There exists a long-term cointegration relationship and bidirectional causality relationship between coal prices at home and abroad, and the influences of foreign coal markets on the domestic coal markets are stronger than the influences of domestic coal markets on foreign coal markets, and thus the interaction between the two markets leads to asymmetric linkage effects. (2) Compared with the VEC model, the MS-VEC model can reflect the nonlinear feature of price co-movement effects. (3) There exists an inherent adjustment mechanism between domestic and foreign coal markets, i.e. the coal prices will be self-revised continuously until a long-term equilibrium state is achieved when a deviation from the equilibrium state occurs. (4) There exists a co-movement effect which varies with the change of regime among the three coal prices, and the self-maintenance is strong and the status transfer phenomenon is clear in different regimes.     

The effects of land market development on economic growth： an empirical analysis based on Chinese panel data, 1999-2005

Optimized land resources allocation is important for economic growth because land is one of the basic elements for economic development. And urban land resources allocation has had an increasingly important influence since the Chinese socialist market economy system was established. This paper estimates the production function of both the secondary and the tertiary industries of China＇s 31 provinces, autonomous regions and municipalities directly under the central government through an analysis of the panel data of the total output value of the secondary and the tertiary industries, invested capital, invested labor jorces and the land market-jeatured management of the above-mentioned regions during the period of 1999-2005. and examines the positive influence of the above- mentioned factors on regional economic output, This study concludes that urban economic output is positively related with the level of urban land resources market-featured management, since the rate of economic growth of those regions approximates 14. 7% under the condition of urban land market running during the period of 1999-2005.     

The symbiosis of scientific and technological innovation efficiency and economic efficiency in China — an analysis based on data envelopment analysis and logistic model

In this study, data envelopment analysis (DEA) is used to estimate the scientific and technological innovation efficiency and economic efficiency of China’s provinces and cities from 2000 to 2016. Based on these two efficiency measures, a logistic model is used to calculate their symbiosis. The results show that, while the high scientific and technological innovation efficiency are concentrated in the eastern coastal areas, the high economic efficiency spread from the eastern coastal zones to the inland regions. Further, these efficiencies have gradually shifted from independent development to symbiotic development between 2000 and 2007. From 2008 to 2011, the symbiotic point largely spread, emphasising the difference between regions. After 2012, the symbiotic point gathered around 0 again, indicating that external influences greatly influenced the symbiotic patterns in all regions. Finally, we introduce relevant policy recommendations based on the symbiotic condition.     

Policy variables affecting marginal level of low carbon employment：an empirical study based on provincial data of China

Low Carbon Employment is an inevitable choice for the purpose of ＂energy-saving and emission reduction＂ and ＂promoting employment＂. By Multi-variable Linear Backward Regression method, this study presents an empirical analysis of the emplovment impact of policy variables indexes that involves economic pull, industry upgrading, population development, technical inputs and so on. The paper demonstrates that wide range offactors will affect low carbon employment, that industry upgrading will affect how carbon employment remarkably, that to increase years of people education will notably improve low carbon employment level of secondary vocational-technical labor, and that to raise technical inputs will significantly enhance college students＇ low carbon employment.     

The unequal distribution of unequal pay – An empirical analysis of the gender wage gap in Switzerland

In this paper we analyze the distribution of the gender wage gap. Using microdata for Switzerland we estimate conditional wage distribution functions and find that the total wage gap and its discrimination component are not constant over the range of wages. At low wages an overproportional part of the wage gap is due to discrimination. In a further analysis of specific individuals we examine the wage gap at different quantiles and propose a new measure to assess equal earnings opportunities. These additional results reveal that it is primarily low education that causes the large discrimination component at low wages. First version received: April 1999/Final version accepted: July 2000     

Estimation of the value of the marginal product of emission in a country where emissions output is regulated — an empirical study

Emissions resulting from the production process can be characterized as use of the elimination and disposal services of the ecological system. Hence, they are use of natural resources and thus an input to production. The present paper discusses an approach to evaluate the returns of these kind of services as a production factor.First, four main types of industrial emission are chosen —SO ₂,CO ₂,NO _xandparticulate matter — and integrated in a Cobb-Douglas production function. With this approach, the production elasticities and the marginal product of these types of emission can be estimated.Based on these results and assuming that marginal product equals price, the demand curve for emission is estimated. With this demand curve the consequences of different kinds of environmental policy are considered. Under further assumptions of optimal behaviour it can be shown that the demand curve for emission is equal to the curve of marginal costs of avoidance (MCA). Thus, the estimates of the demand curves can be considered as estimates of the MCA-curves. Furthermore the price elasticities of these four types of emission are estimated with this approach. The method used in the paper is suggested for calibration of CGE models.     

The effect of religiosity and religious festivals on positional concerns – an experimental investigation of Ramadan

This article examines the effect of religion on positional concerns using survey experiments. We focus on two of the dimensions of religion – degree of religiosity and religious festivals. By conducting the experiments during both the most important day of Ramadan (the Night of Power) and a day outside Ramadan, we find that Ramadan overall has a small and negative impact on positional concerns. Detailed analyses based on the sorting of individuals’ degree of religiosity reveal that the decrease in the degree of positional concerns during Ramadan is mainly explained by a decrease in positionality among individuals with a low degree of religiosity.     

Influence of consumption experiences on customers'''' satisfaction:an empirical study on fresh farm products in Wuhan, China

Which factors influence customers’ satisfaction? Which way or path does each factor influence and decide customers’ satisfaction? These problems are the focuses of the research on customers’ satisfaction. This paper analyzes the survey data from some customers in the fresh farm food supermarket of Wuhan City with factor analysis method, multiple linear regression method, etc. The analysis results reveal that: 1) the consumption experiences decide custom- ers’ satisfaction degree through influencing the customers’ expectation and the perceived performance, namely the consumption experiences is the important factor which decides customers’ satisfaction; 2) the consumption experiences that influence customers’ satisfaction is a multi-dimensional construct, including such four dimensions as product consumption experience, service experience, shopping convenience experience, supermarket environment experience; furthermore, the degree that different consumption experiences influence customers’ satisfaction is diverse, and the product consumption experiences are the most important factor. This paper is of realistic significance to a certain extent to enrich the theoretical research on customers’ satisfaction and promote the practice of agricultural product marketing.     

The impact of science and technology parks on firms’ product innovation: empirical evidence from Spain

Science and Technology Parks (STP) have attracted considerable attention and public funds in recent years. However, the conclusions on their effectiveness remain mixed. This work evaluates the impact of STP on firm product innovation in the Spanish context, as an example of a less developed innovation system in which regional and national governments are prioritizing STP initiatives. This work draws on a large sample of firms provided by the Spanish Survey on Technological Innovation that is conducted annually by the National Statistical Institute. We explore alternative econometric methods to obtain average treatment effects for firms located in 22 Spanish STPs. Our results show that Spanish STPs have a strong and positive impact on the probability and amount of product innovation achieved by STP located firms. These results hold when the endogeneity of STP location is taken into account.     

The process of dynamic capability emergence in technology start-ups – an exploratory longitudinal study in China

This study examines what exactly dynamic capabilities look like in technology start-ups and how they emerge and evolve in the emerging market of China. Employing a case-based research method, our findings reveal that the evolutionary path of these start-ups is different than that of well-established firms. Specifically, for a start-up, (1) capabilities of sensing opportunities are shaped by the entrepreneur's existent knowledge and past experience, as well as swiftly adapted in response to external feedback over time; (2) unique competences and fast-acting capabilities at seizing opportunities rely heavily on the mobilisation and orchestration of external complementary resources; (3) a start-up is more nimble in reconfiguring internal resources and external contacts to embrace opportunities to change directions and address threats during the exploration phase and (4) capabilities of sensing, together with capabilities of seizing and transforming or/(re)configuring, form a cycle for the development of dynamic capabilities in a start-up. These results contribute to the research of dynamic capability by empirically grounding the conceptual discussion of dynamic capabilities in technology start-ups and advancing our understanding of the emergence of dynamic capabilities from scratch.     

Influence of consumption experiences on customers＇ satisfaction： an empirical study on fresh farm products in Wuhan, China

Which factors influence customers＇ satisfaction？ Which way or path does each factor influence and decide customers＇ satisfaction？ These problems are the focuses of the research on customers＇ satisfaction.This paper analyzes the survey data from some customers in the fresh farm food supermarket of Wuhan City with factor analysis method,multiple linear regression method,etc.The analysis results reveal that： 1） the consumption experiences decide customers ＇ satisfaction degree through influencing the customers＇ expectation and the perceived performance,namely the consumption experiences is the important factor which decides customers＇ satisfaction; 2） the consumption experiences that influence customers＇ satisfaction is a multi-dimensional construct,including such four dimensions as product consumption experience,service experience,shopping convenience experience,supermarket environment experience; furthermore,the degree that different consumption experiences influence customers＇ satisfaction is diverse,and the product consumption experiences are the most important factor.This paper is of realistic significance to a certain extent to enrich the theoretical research on customers＇ satisfaction and promote the practice of agricultural product marketing.     

The study＇of the decomposition model to quantify low- carbon economy ＂decoupling＂ based on Kaya identity

在IPAT方程基础上运用LMDI分解法构建了低碳经济＂脱钩＂量化分解模型,并以山西为例进行分析。结果表明,1999～2009年间山西低碳经济已从＂扩张负脱钩＂和＂无脱钩努力＂阶段逐步改善为＂弱脱钩＂发展阶段;能源强度降低对低碳经济发展起到了关键性作用,产业结构和能源结构调整等其他措施效果并不明显。该模型的建立对科学评价减排措施和低碳经济发展具有重要的方法论意义。     

The Interaction of Wage Bargaining Institutions and an Independent Central Bank – A Methodological Reflection on Current Theories

The paper analyses the increasingly popular literature on strategic interactions from a methodological viewpoint. These political economy approaches focusing on interactions between wage bargaining institutions and an independent central bank do not follow unified methodological rules and so cannot be categorised under a single particular paradigm. Moreover, the literature remains in a way circumscribed by the limits of our logical capacities and of mathematical tractability and therefore relates to the 'real world' of wage bargaining and economic policy institutions in a very limited way only. A consideration of the vast complexity of institutional conditions that impact economic performance in EMU reminds and cautions one that actual economic policy research is able to cover only very few of the numerous conditions responsible for the overall outcome.