“中产阶级”：数字化界定？

翻开报纸，打开电视，走上街头，有关“中产阶级”的生活方式令人浮想联翩：豪宅、私家车、时装、珠宝、名表、晚宴、高尔夫球场、酒吧等等。所有新潮、时尚、享受、几近奢华的消费方式都被商家全力赋予“中产阶级”的印记。在当今中国，人们对于经济进一步的发展充满了期待，“中产阶级”也逐渐引起众人的兴趣。     

知识经济与香港经济转型

本文介绍了知识经济的内含及近年的发展情况，分析了香港发展知识经济的条件，包括强项，弱项，以及面对的机遇与挑战。文章认为提升网络设施的普及化及社会文化资源的利用率、鼓励企业创新的运用新科技，以及发展知识型政府是现阶段香港推动知识经济发展需要加强的工作。而香港的深化知识经济发展中面对的棘手难题是低能劳动人口的就业问题。从北欧及瑞士的经验看，除透过教育及再培训的途径提升人口的就业技能外很难有更有效的办法。因此加强教育与培训是香港成功向知识转型的重要配合条件。     

香港房地产业务初探

自60年代起,香港政府对建筑物条例进行修改,放宽了屋地的比例,允许在市区内修建高层楼宇,现代化的摩天大楼拔地而起,城市面貌焕然一新,楼宇房价也一路上升,为此而导致的消费膨胀又促使人们更希望购置住房,以求货币保值升值。根据1991年6月份香港田土厅记录,全港登记的楼宇业主总数为1382264人。     

The Hong Kong Fish Marketing Organization

This essay provides an explanation of the phenomenon of an apparent secular fall in captured fisheries outputs in Hong Kong transacted through the Fish Marketing Organisation. The latter is a government monopoly, with the power to compel sale of landed fish through its licensed buyers, established and protected by law. The institutional characteristic of this organisation can also explain the evolution of marine fish culture industry in the area that is not subject to the forced‐sale regulation of the Organisation, and the diversity of species commonly observed in the consumer market of cultured fish. The observed reduction in fisheries output in Hong Kong can be the consequence of regulation rather than a lack of regulation, as the ‘the tragedy of commons’ would seem to imply. Our analysis also demonstrates why the Fish Marketing Organisation has suffered from a growing budgetary deficit in recent years.     

Free Banking in Hong Kong

Hong Kong has no central bank and its paper currency is issued by two private commercial banks. Cointegration tests and an error-correction model are used to examine the stability of the money supply process under pegged and floating exchange rates. Empirical evidence suggests feedback between the price level and money supply during the floating rate period but stability under a pegged rate. [E 42]     

The behaviour of Hong Kong stock prices

The primary function of a stock market is to allocate resources to the most profitable investment opportunities. If stock prices provide accurate signals for resource allocation, firms are able to make correct production–investment decisions, and investors are able to choose the most suitable stocks for investment. These choices are only possible if the market is efficient, that is, if stock prices ‘fully reflect’ all available information.

Hong Kong is now an international financial centre. Although Hong Kong's stock market is ranked as one of the five largest in the world in terms of turnover, little research has been devoted to the behaviour of its stock prices. This is a study of the efficiency of Hong Kong's stock market. It is based upon two widely accepted statistical tests, namely, serial correlation analysis and runs tests. Data used cover the daily prices of 28 major Hong Kong stocks over a period of four years from 1977 to 1980. The evidence is mixed; it does not provide clear support for the efficient market hypothesis.     

试论香港转口贸易面临的主要问题

转口贸易曾经是香港经济的重要支柱之一。近年来，由于香港码头费用高昂、中国入世后全面对外开放、内地企业转变出口方式等重大因素，香港的转口贸易受到严重的影响。本文分析了其中的5个主要原因，指出香港的转口贸易将进一步转向离岸贸易。并成为主要贸易形式之一，香港作为贸易转口港的传统角色也将逐步淡化。香港必须适应这种大趋势。采取切实措施打破垄断。降低费用，提升服务。以保持香港第一货柜港的地位。     

The natural rate of interest of Hong Kong

We measure the natural rate of interest of Hong Kong in a flexible VAR model. We find that the natural rate of interest of Hong Kong fell below zero after the SARS shock in 2003 and reached the lowest after the great recession in 2007–2009. Variance decomposition shows that mainland China, instead of the USA, has a larger impact on the natural rate of interest of Hong Kong.     

Hong Kong: The Fragile Economy of Middlemen

The paper shows that standard trade models can be adapted to address crucial policy issues in our dynamic, imperfect-information world. It also shows that intermediated trade is essential to the modernization of the 1.2 billion-person Chinese economy; yet, notwithstanding sincere intentions in Beijing and Hong Kong, subtle changes may deny Hong Kong its irreplaceable catalyst role, leaving China ultimately to technical stagnation.     

“仙股除牌”风波

<正> 香港交易所最近提出的“仙股除牌”(即股价在0.5港元以下的股份要被除牌)建议因触发低价股“股灾”而引起有关上市公司及股民强烈不满,虽然交易所随后已宣布撤回有关的建议,但事件余波未了,有市场人士及团体声称要追究事件发生的责任,特区政府也对香港交易所的做法表示批评,并宣布成立独立小组专门就此事件展开调查。一件本来看似不大的事情,为何掀起如此大的风波? 回顾事件的前前后后,或许能找出一些值得玩味的东西。香港交易所于7月25日发出一份名为“首次上市及持续上市资格/及除牌程序有关事宜/之上市规则修订建议”的咨询文件,其中在除牌机制部分中提到“若     

The direct medical cost of rheumatoid arthritis in Hong Kong

Summary

Rheumatoid arthritis (RA) is an autoimmune disorder of unknown aetiology. Both treatment and rehabilitation for RA are costly. Knowledge of the cost of management of RA is important for better planning for allocation of medical resources, and the present study aimed to evaluate and describe the direct medical cost of the management of RA from the perspective of a public health organisation in Hong Kong.

A retrospective study was performed of RA patients at the Prince of Wales Hospital in Hong Kong. The study cohort consisted of randomly selected RA patients from the 1st January 2002 to the 31st December 2002. Cost items studied included hospital stay, outpatient clinic visits, diagnostic tests, medications, auxiliary care, and cost for management and prophylaxis of side effects induced by the drugs for RA management.

A total of 147 patients were included in the study. The average age and duration of disease of the subjects was 54.7 years (standard deviation 10.9 years) and 12.6 years (standard deviation 7.0 years), respectively. The annual direct medical cost per RA patient was HK$18,657 (US$1 = HK$7.8). Inpatient care contributed the highest proportion of the total cost (43.8%). The annual direct medical cost for the management of RA in Hong Kong was HK$443 million, which comprised 1.4% of the total healthcare budget in the year 2002.

The cost of RA has an economic impact on the healthcare budget in Hong Kong. Early and more aggressive measures could reduce the need for hospitalisation and hence reduce costs.     

从香港与内地的贸易关系看香港经济的明天

近年来,香港正经历着备受关注的第三次经济结构转型,香港的贸易形态也发生了很大变化,对香港经济产生了重大影响.究竞这次经济转型的前景如何?香港经济的明天路在何方?本文立足于香港与内地的贸易发展与现状,从两地经贸关系近年呈现出的新趋势出发,分析了在香港经济转型过程中与内地经贸关系的新特点,定位了香港未来在亚太经济圈中的功能,并指明了香港经济的发展方向.