时尚

韩国釜山展出世上“独一无二”珍珠项链 The World Unique Pearl Necklace 韩国釜山海云台新世界Centumcity近日展出世上独一无二的珍珠项链。这款项链使用高级钻石23克拉和19颗南阳珍珠制作而成。     

The Demand for Excess Reserves

This paper provides an estimate of the demand for excess reserves in the United States. It finds that excess reserves are negatively related to the Federal funds rate and positively related to transactions deposits. It also finds that clearing needs significantly affect the demand for reserves with increases in excess reserves coming in response to lower required reserve balances and higher clearing volume. Some implications for monetary policy are discussed.     

The Demand for Money in Brunei

Based on data for the 1974–95 period this paper estimates demand for narrow money and broad money in Brunei using the error-correction specification. Short-run and long-run elasticities are estimated with respect to real income, interest rate, expected price level and liquidity. Narrow money is quite responsive to changes in real income and interest rate in both the short and long terms. Broad money is income inelastic regardless of the time horizon, however, it is interest inelastic in the short run but interest elastic in the long run. Price elasticity of money demand is negligible in the short run but quite significant in the long run. Changes in the proportion of commercial bank assets placed in foreign money markets do not seem to affect demand for narrow money but their effect on the demand for broad money is both direct and significant.     

Sport as Business

There is both a popular and academic literature suggesting thatowners of sports teams do not profit maximize. The alternativeformulation entails either win or utility maximization, usuallysubject to a break-even constraint. Another line of economicanalysis holds that team owners do fundamentally profit maximizeor that profit maximization provides a useful benchmark againstwhich to assess actual performance. There has been some empiricalwork attempting to decipher the true objective function of teamowners. These results are inconclusive. Objective functions,however, remain important because they affect both owner behaviourand league performance. In practice, owners' objectives varyby team, league, and country and are strongly affected by howthe team relates to an owner's other assets. The next task formodelling the behaviour and performance of sports leagues isto take fuller account of the diversity of ownership objectiveswithin a given league.     

Sport and Gambling

We review the relationships between gambling and sport. Britishsports and sports infrastructure have benefited considerablyfrom funding through the National Lottery. We argue that thereis an implicit sports tax on lottery products and that thispolicy may be neither efficient nor equitable. We suggest thatfurther research, employing contingent valuation methodology,would be required before any firm conclusion could be made overwhether the spending facilitated by the tax represents an efficientallocation of resources. Betting on events and outcomes in sport,especially team sports, has become a high-growth sector; weexplore the potential for sports to capture some of this bettorspending and discuss associated public-policy issues. Whilesport may extract revenue from betting, there are also costs.We focus especially on betting corruption in sports, developingan expected utility framework to show where the risk of corruptionis most likely to arise and what regulatory options are opento sports governing bodies and government.     

Broadcasting and Sport

The broadcasting of sport is heavily regulated. Our main findingis that common trends, and differences, in the quality, quantity,and price of televised sport across Europe and USA cannot beadequately explained without reference to policy interventionsby national and supranational government, and by competitionand regulatory authorities. These interventions have a significantimpact on the organization and governance of sports, as wellas the structure of broadcasting markets and the conduct ofbroadcasting companies. Foreclosure of broadcasting marketsthrough exclusive, long-term contracts, bundling and verticalintegration, access of viewers to major sporting events, andcollective selling stand out as the most significant policyissues. We conclude by noting a number of policy implications.     

青岛迎奥体育街与城市一起运动

笼式足球场内"球员们"挥汗如雨,自发而成的球队虽然缺少统一队服和默契的配合,却丝毫没降低足球迷的热情.装备精良的滑板高手,在波浪起伏、路障颇多的专业滑道中冲刺、腾空、翻转,精湛的表演引来喝彩不断.     

United States Demand for Indonesian Plywood 1

Indonesia's exports of plywood are the largest in the world and a leading source of foreign exchange earnings. Although the industry's growth has been rapid, several studies indicate that it has been subsidised both directly and indirectly. What are the prospects for Indonesia to offset these subsidies by raising plywood prices as its share of key import markets grows? This paper sheds light on this question by analyzing econometrically the United States' imports of Indonesian plywood from July 1979 to December 1986, using a monthly import demand model. The results suggest that Indonesia's rapid expansion into the US plywood market has been due primarily to its low plywood prices, and that attempts to raise prices relative to those of competing export regions would result in significant reductions in market share.     

Structural Changes in the Demand for Labor

This paper investigates why labor demand has shifted away from low-skilled toward high-skilled labor in The Netherlands. We focus on the role of changes in relative wages and technological progress. A flexible functional form, proposed by Diewert and Wales, the Symmetric Generalized McFadden cost function, is estimated for the exposed and sheltered sectors. The estimates are based on time-series data for the period 1972–1993, which recently became available. Labor-saving technological change explains most of the displacement of low-skilled workers. The computed elasticities suggest that substitution between labor as a whole and capital is small. However, substitution plays a modest role in the shift from low-skilled toward high-skilled labor, especially in the sheltered sector. Skill-capital complementarity seems relevant in both sectors.     

Contest Theory and Sport

Contrary to most sports fans economists tend to view tournamentsnot only as a mechanism to identify the most able and most talentedathlete(s) but also as an instrument to increase the athletes'effort levels by designing an adequate compensation system thattakes into account the specificities of the contest under consideration.The paper proceeds in two different steps: First, it reviewsthe available evidence on sports contests and identifies somepuzzles that have not yet been resolved in the literature (theempirical separation of selection and incentive effects andthe impact of incentive pay in team settings). Second, it addressesthese puzzles and offers some new evidence supporting the basicassumptions offered by economic theory.     

Demand for reinsurance： Evidence from Australian insurers

Reinsurance is widely recognised as important in insurer risk and capital management. This paper examines the factors that determine insurer demand for reinsurance using Australian data. The Australian situation is interesting because of the tax imputation system and the prudential regulations that were in force during the period of the study. As far as the authors are aware, this is the first paper to empirically analyse the demand for reinsurance in Australia. A panel-data set （1996-2001） is used, which provides 543 observations. The authors provide a careful approach to econometric diagnostic testing and the choice of the most appropriate panel-data model and the authors show how failure to do so may generate misleading results. Based on a robust estimation procedure, the authors find strong evidence of a positive relation between variables related to company size and the demand for reinsurance in Australia. The impact of leverage, taxes, and return on investments are not statistically significant.     

A Dual-Price Demand Theory for Economies under Transition

China adopted a dual-price system shortly after the economic reform started in 1978 to liberalise its price control. This led to the coexistence of both plan and market prices for an identical good in the economy. The conventional demand theory developed based on the pure market economies is not useful in explaining consumers' behaviour in the transitional economies such as China in which both plan and market prices are prevalent. This study develops an alternative demand theory for a dual-price (or dual-track) economy and derives the dual-price Slusky equation that identifies a replacement effect of price liberalisation. This demand theory distinguishes itself from the conventional demand theory and explains the ways in which consumers respond to the price liberalisation during the reform period. The new demand theory shows that the gradual approach to reform is superior to the ‘Big Bang’ approach in terms of reducing the ‘corrected inflation’ during the transition period. The new theory also suggests that the price elasticity of demand is higher in the dual-track system than that in a full market economy, implying that the price elasticity diminishes over the process of price liberalisation. This theory is tested using the Chinese aggregate consumption data.     

Demand for cash balances in a cashless economy

We study the demand for cash balances in the year 2050, when people exclusively use debit cards for all transactions. Money no longer serves as a medium of exchange. However, money still retains its roles as unit of account, numeraire and store of value. We capture these roles in a multi-period model with intertemporal uncertainty regarding prices and the interest rate on bonds, the alternative asset. A key result of our analysis is that the standard negative relationship between money demand and the bond interest rate is seen to be part of a larger economic reality encompassing a broader range of empirically testable implications, including the possibility that the relationship may be positive. We develop formal structural restrictions under which the positive relationship between cash balance demand and the bond interest rate is not only a possible outcome, but an explicit prediction of the model.     

有效推进需求侧管理的政策建议

面临疫情大流行带来的国际格局变化,以及供需双侧发展不平衡等发展新趋势,需要我们在构建"双循环"新发展格局过程中,除了要继续做好供给侧结构性改革以外,也要注重需求侧管理.需求侧管理要以有效扩大国内需求,推动消费结构升级,优化产品供给质量,构建更高水平开放型新体制,构建全球利益共同体等为重点,着力提高中等消费群体比重、促进消费升级,激发城乡居民消费意愿、优化内需结构,以供给创造需求、以投资撬动消费,推动更高水平开放,使我国经济更好地循环畅通.     

湛江市住宅需求的灰关联分析

住宅产业无论对整个房地产业,还是对其相关产业、人居环境和社会经济的影响都非常明显。本文运用灰关联的理论对影响湛江住宅需求的因素做关联分析,得出影响湛江住宅需求相关因素的主次关系。