桂越边境贸易对广西经济增长作用的实证分析

利用1991～2009年间桂越边境贸易总额和广西GDP的相关数据进行计量分析,揭示了桂越边境贸易的发展对广西地区经济增长具有较大的拉动作用,指出广西经济增长的变化是桂越边境贸易的格兰杰原因,而桂越边境贸易的变化并不是广西经济增长的格兰杰成因,并在此基础上提出发展桂越边境贸易促进广西经济增长的建议。     

云南边境贸易发展现状、问题及对策

文章从边境贸易规模、贸易地位、贸易层次和贸易商品结构四个维度对云南边境贸易的发展现状进行了分析,认为云南边境贸易存在着贸易格局失衡、出口商品附加值低、对资源性产品的进口依赖性强、边境贸易方式单一和区域间的互补性未充分发挥等问题,并在此基础上提出相应的建议.     

新疆边境贸易发展及边贸政策变迁

一、新疆地区边境贸易四个阶段的发展及政策演变历程 （一）新疆边境贸易起步及边贸政策摸索阶段（1982--1987年） 1、边贸发展状况 1982年以后,新疆边境贸易逐步恢复。1986年新疆地区边贸总额仅为76万美元,1987年边贸总额1604万美元,仅占当年进出口总额的0．5％。     

俄入世对中俄边境贸易的影响研究

2011年底俄罗斯成功加入世贸组织,结束其18年的入世历程。2012年一季度我国对俄贸易增长迅速。本文首先对中俄边境贸易存在并发展的原因从理论层面和外部条件做了分析,然后分析了俄入世前中俄边境贸易存在的主要问题;最后,在俄入世这个背景下,分析了其对中俄边境贸易发展的积极影响。     

西藏边境贸易对经济增长的影响

西藏边境贸易开展多年,积累了一定经验。本文就西藏的边境贸易对经济增长的影响做了回归分析,具体分析了第一、二、三产业对经济增长的影响大小。为今后边贸发展提供产业作用意义。     

黑龙江省边境贸易与经济增长的实证研究

边境贸易是黑龙江省经济发展的重要拉动力量.改革开放以来,黑龙江省边境贸易的规模、水平都发生了很大变化,取得了长足发展.但在边境贸易发展中,存在着商品结构单一等问题.运用计量经济学的回归分析方法,使用Eviews5.0软件,建立回归模型,阐明边境贸易对黑龙江省经济增长的促进作用.并针对黑龙江省自身的特点和发展需要的实际,提出了优化进出口商品结构、扩大对俄投资等措施来促进对俄边境贸易发展.     

对朝贸易与其边境城市的经济发展

本文以1990年～2004年辽宁省丹东市对朝边境小额贸易进出口总额与其GDP的时间序列资料为样本,根据其对朝贸易与丹东市经济增长的运行轨迹,对经济增长与对朝边境小额贸易的关系进行了相关分析和回归分析,并实际测算了对朝边境小额贸易对丹东市经济增长的贡献。本文认为,对朝边境小额贸易对其城市经济增长的贡献是显著的,有利地牵动了丹东市的经济发展。据此,如何利用丹东独特的地理位置大力拓展对朝边境贸易,使其在改革开放、发展外向型经济的过程中发挥沿海、沿江、沿边的地域优势,以对外贸易引领本地的经济发展将是值得进一步研究的重要问题。     

边境贸易与广西沿边地区经济增长的影响研究

文章对2004-2014年广西边境边境贸易与沿边地区地区的相关数据进行时间序列分析,结果显示广西边境贸易与沿边地区经济增长存在长期的均衡关系.为通过边境贸易发展带动广西沿边地区经济增长,广西应充分利用“一带一路”发展机遇,提高贸易便利化水平,推动产业结构升级,大力发展产业内贸易.     

基于SWOT分析的中越边境贸易发展研究

在我国的边境贸易中,中越边境贸易一直扮演着极其重要的角色,而中越间的边境贸易又主要集中体现在云南、广西两省区与越南的边境贸易.如何发挥中越边境贸易作用,解决边境贸易中存在的问题,以使中越边境贸易驶入迅速发展的良性轨道,是中越边境地区经济发展中一个值得研究的议题.在前人研究的基础上,首先阐述了新中国成立以来,中越两国边境贸易的发展历程、贸易方式和发展特征,并运用SWOT分析法对中越边境贸易发展进行具体分析.最后针对中越边境贸易过程中存在的问题提出了具体对策,以期更好地促进中越边境地区经济的持续、快速增长.     

云南省经济增长与滇越边境贸易关系及发展前景展望

选取1993—2010年滇越边境贸易额及云南省GDP数据,建立区位优势模型并进行回归分析,结果表明:云南省GDP每增加1亿美元,滇越边境贸易总额增加20万美元;区位优势所带来的交易成本下降最终能降低交货成本,从而成为促进云南省与越南西北四省边境贸易发展的重要因素。依托区位优势,云南省经济继续保持稳步增长,同时在边境贸易促进政策下,未来云南省与越南西北四省边境贸易将会迎来快速发展期。     

The price impact of futures trades and their intraday seasonality

This study examines the price impact of futures trades and their intraday seasonality by analyzing the continuous trading session dataset of KOSPI 200 futures, including the opening and closing periods. For this purpose, the study analyzes the futures dataset that contains information on transaction times, trade directions, order sizes, and the types of investors initiating the transactions. The results suggest several novel findings. First, a substantial portion of the price impact of futures trades is persistent, indicating the presence of informed trading in the futures market. Second, informed trading is concentrated in the opening period and liquidity trading is concentrated in the closing period of the continuous trading session. Third, small trades usually have a greater price impact than large ones, supporting the existence of stealth trading by futures traders. Fourth, trades by institutional investors have a greater price impact than those by individuals, suggesting that institutional investors are better informed and/or more sophisticated than individual investors in the futures market.     

产业内贸易对中国农产品贸易影响的实证研究

文章以农产品产业内贸易为研究对象,利用G\|L指数,从分类和行业两个角度,对中国农产品产业内贸易的发展程度进行了评估。研究发现：虽然现阶段,中国农产品贸易仍然以由资源禀赋所主导的产业间贸易方式为主,但在某些农产品的贸易中,产业内贸易方式已经上升到了主要地位,并且未来有继续增长的趋势。进一步地,考虑产业内贸易的特殊性,建立中国农产品进、出口联立方程组模型进行实证分析,结果表明：农产品产业内贸易客观存在,并且其有助于促进中国农产品贸易的增长。因此,发展纵向一体化合作,力求在产品差异化竞争中取胜,是刺激产业内贸易增长,进而扩大农产品贸易规模的有效途径。     

Price Discovery and Trading after Hours: New Evidence from the World’s Largest Carbon Exchange

We investigate the impact of after-hours trading on magnitude and timing of price discovery over the close-to-close period on the world’s largest carbon trading platform, the European Climate Exchange (ECX). Low-volume trading in carbon financial instruments can lead to relatively high levels of price discovery, but the generated pricing has low efficiency levels. This is associated with high levels of informed trades and low levels of liquidity trades. Our results show higher trading volume per minute and greater price efficiency for after hours when compared with regular trading hours. As a result of a higher proportion of informed trades, adverse selection costs for trades after hours are significantly larger than those for trades during the regular trading day.     

中国—东盟自贸区建成后对广西边境贸易发展的影响及对策研究——以百色边境贸易为例

2010年中国—东盟自贸区建成后,广西边境贸易发展面临良好的发展机遇,边境贸易发展迅速,规模逐年增大,进出口产业结构不断优化。同时,也面临着产品出口压力增加,边境贸易优惠政策弱化等诸多挑战。以广西百色边境贸易为例,分析中国—东盟自贸区建成后带来的发展机遇与挑战,提出适应性的边贸发展对策。     

Price impact asymmetry of futures trades: Trade direction and trade size

By analyzing the high-quality intraday transaction dataset of KOSPI200 index futures contracts, one of the most actively traded index futures products in the world, this study examines price impact asymmetry between buyer- and seller-initiated trades and the difference in information content across the size of trades. To measure the permanent price impact incurred by each futures trade, which can be translated into the quality of information content of each trade, we use a modified version of the MRR model (Madhavan et al., 1997), which is appropriate for gauging the price impact and information content as well as analyzing the intraday price discovery issues that arise in purely order-driven markets.Consistent with the empirical results of previous studies on market microstructure issues in Korea's index derivatives market (i.e., KOSPI200 index futures and options market), we find that large trades generally incur greater permanent price impacts than small trades. This indicates that large trades generally have greater information content than the smaller ones. However, in contrast to the majority of empirical studies in this area, which have reported that buy trades are more informative than sell trades in global financial markets, we find that the permanent price impact of seller-initiated trades is clearly and substantially larger than that of buyer-initiated trades in the KOSPI200 futures market. This indicates that sell trades are more informed than buy trades in the index futures market, where informed investors can freely submit sell orders without any restrictions. The greater information content of sell trades is also apparent when trades are classified by their size. These results are quite remarkable considering that the sample period of this study (2003–2006) corresponds to a recovery period, during which the underlying stock index price and the futures price continued to increase.     

突破边界效应:城市化与边境民族地区外向型经济发展——以中越边境为例

文章在总结以往文献关于边界效应影响因素基础之上,以中越边境为例,具体分析了中越边界效应中各影响因素的正负效应。根据中越边境地区外向型经济发展的现实,分析了通过边境地区城市化的要素集聚、分工深化和市场制度建立等作用来促进边境地区外向型经济发展的机理,提出了把边境地区城市化作为经济发展的重点、取消要素自由流动限制和适度工业化的政策建议。     

基于外贸因素对西藏经济可持续发展的经验分析

西藏自治区自十一届三中全会以来,在对外贸易方面已经取得了可喜成绩。本文将西藏自治区的对外贸易分为边境贸易和对外贸易剔除边境贸易的部分,即调整贸易,利用脉冲响应函数和方差分解的方法进行动态实证研究。结果表明,在短期内,边境贸易和调整贸易均对西藏自治区经济发展存在正向的促进作用,从长期来看,边境贸易对西藏自治区的正向促进作用逐渐减弱,而调整贸易的正向促进作用逐渐增强。     

Can market frictions really explain the price impact asymmetry of block trades? Evidence from the Saudi Stock Market

We empirically examine the price impact of block trades, in the Saudi Stock Market over the time period of 2005–2008. Using a unique dataset of intraday data consisting of 2.3 million block buys and 1.9 million block sales, we find an asymmetry in the price impact of block purchases and sales. The asymmetry persists even when we account for the bid–ask bias in block trades, which is contrary to the previous literature. Overall, our findings suggest that in an emerging market where institutional trading is relatively scarce, market microstructure cannot explain the asymmetry in the price impact of large trades.     

论绿色壁垒与我国企业的国际营销策略

经济全球化和贸易自由化使得关税壁垒和传统的非关税壁垒作为贸易保护手段的作用逐渐减弱．绿色壁垒正日益成为发展中国家对外贸易的巨大障碍。我国出口企业应该在认识和弄清绿色壁垒实质的基础上,以积极的态度进行研究,采取突破绿色壁垒的有效的绿色营销战略,提高国际竞争力,促进可持续发展。     

中美储蓄率差异的原因及影响分析

中美两国是当今世界经济舞台中的两个最为重要的国家。中美经济结构的最大差异是储蓄率,两国的储蓄活动几乎是两个极端。储蓄率的巨大差异对中美经济与贸易影响深远。本文将对中美储蓄率差异的原因及影响进行深入分析。