How Has Globalisation Affected Inflation in China?

This paper investigates how globalisation has affected inflation in China. We estimated standard Phillips curve inflation equations and examined whether globalisation has affected the structure of inflation dynamics as captured by the Phillips curve. Empirical results suggest that the globalisation of the Chinese economy has changed the behaviour of inflation dynamics. In particular, the impact of domestic and global output gaps on domestic inflation in China has changed significantly since 1994. Before 1994, the domestic output gap was a major factor in driving domestic inflation. After 1994, however, the global output gap plays a significant and more important role in affecting domestic inflation. The finding implies that Chinese monetary authorities should specifically take into account the developments in global output in their monetary policymaking process.     

Foreign Investors Can Have a 75 Percent Share of a Joint Venture in China

Foreign investors in China can haveat most 75 percent of the totalinvestment of a joint venture after thecountry lifts the restrictionS on thepercentage of the foreign investment.Asusual,the percentage of foreign investmentwas allowed not more than 49 percent. On November 19.2002,the InternationalCargo Shipping Consignment Corporation,aioint venture between a Germany—basedcorporation and Beijing InternationalTechnological Cooperation Center,wasfounded,with the German partner sharing 70     

Who Will Trigger the Bomb of Price in the Auto Market in 2003 in China?

Despite China's auto market is till immersed in the afterglow of its "great eruption of oil well," as if every model of cars, costing a high price or low price, would all sell well on the market, yet it can be predicted that the year 2003 will, no doubt, be a year of price for China's auto industry. As soon as a big equivalent "bomb of price" would blow off in the beginning of the year, the pricing in China's auto market is sure to go through a sweeping reshuffle, and an effect of the theory of domino is inevitable to follow. No wonder, the market will be shaken by a price downslide of some key model of car produced by a solid-founded enterprise, with a drastic price down of RMB50000 for each car!     

2000 Forecast of the Electrical Appliance Market in China

The electrical appliance market spent 1999 steadily and dully. During this year, the output of household electrical appliances grew steadily and their sales were stable. In the new year,the market tendency will not be optimistic. On the output of household electrical appliances, most products grew by a wide margin in 1999. Of them, the output of color TV sets, refrigerators, washing machines and airconditioners grew by 26.9%, 15.9%, 11.7% and 28% over the previous year. And that of hi-fi equ…     

Input Pricing and Market Share Delegation in a Vertically Related Market: Is the Timing Order Relevant?

This paper adds to the literature on the strategic use of managers’ contracts in competition by examining whether market‐share delegation, in which managers receive rewards based on a combination of profits and market share, and the order of moves affect input pricing in a vertically related market. It shows that: (i) input pricing is not affected by delegation form and the order of moves between upstream and downstream firms under quantity competition; (ii) downstream firms obtain the same profit as in the simple Nash equilibrium regardless of delegation forms in a delegation–input price–quantity competition game; and (iii) the upstream monopolist will set input price beforehand regardless of the delegation form. Since the outcomes in our model create higher quantity and lower price in a Cournot product market, it lessens the double‐marginalization problem in such a vertically separated industry.     

How Do the Asian Economies Compete With Japan in the US Market? Is China Exceptional? A Triangular Trade Approach

We apply a trilateral trade approach to examine how Japanese exports and investment to China, or seven other Asian economies, affect Chinese, or the seven Asian economies', exports to the US market. The results suggest that while Chinese and Japanese exports are directly competitive in US markets, Chinese exports to the US are supported partly by Japanese exports to China. The positive correlation between Japanese exports to China and Chinese exports to the US is explained by vertical trade between Japanese multinationals and their affiliates in China. Indonesian and Philippine exports are also competing with Japanese exports in US markets, though the extent of the competition is much higher for China than for these countries.     

The Determinants of SMEs' Market Share in 1991 – Taiwan Manufacturers

Small and medium-sized enterprises (SMEs) have become increasingly popular in recent decades, having caused concern among scholars of various areas. Our line of research focuses on the determinants of SMEs' market share. This study explores the topic base on Taiwan's manufacturers' data collected in 1991. Our empirical results indicate that Taiwan has witnessed SMEs becoming prosperous in manufacturing industries with higher relative labor productivity, low entry barriers, prosperous subcontracting activities, and young ages. Our results indicate that, in the transitory process of industrial development, Taiwan's SMEs no longer can afford high wage payments when at the same time the quality of labor does not increase accordingly. As Taiwan approaches the status of a developed economy, the beneficiaries of export activities have changed. Unlike 1986, in 1991 there was a smaller share of SMEs in Taiwan's export oriented industries. Furthermore, SMEs benefited from their efforts to increase their automation status. The emphasis on issues concerning environmental protection proved to be another source of entry barrier that kept SMEs from prospering. Certain similarities arise when comparing our conclusions with those of the U.S., Canada, Germany, and Japan, all of whom represent industrialized countries. We can conclude that as Taiwan matures in her industrial development process, SMEs also struggle to a certain maturity in theirs.     

Has the acceleration of privatization become inevitable in Bahrain?

Bahrain remains the most vulnerable Gulf country due to its limited savings and sharp rise in debt levels, leaving it exposed to high financing risks. The financial crisis has been deepened by the economic double blow of the decline in oil prices and the effects resulting from the outbreak of the coronavirus pandemic. Bahrain has decreased subsidies and increased taxes on many products. Those measures seem, however, insufficient to mitigate the negative impacts on the economy. This paper presents a model based on a comparison between fast privatization and gradual privatization strategies undertaken in some Bahraini economic sectors. It shows that the contribution of privatization to economic restructuring is only as effective as the commitment of the government to maintain a high pace of privatization. This condition can provide needed revenues, and can particularly foster private investments and initiatives. Therefore, it may represent an appropriate context to elevate Bahrain out of the present equilibrium characterized by slow privatization and government dominance on the economy.     

Let the World to Share the Development Result of China Automobile Industry

On the occasion of the departing of "2006 China International (Syria) Auto Exhibition Tour", which is organized by China Machinery Industry Federation and co-organized by the relevant department of CCPIT, on behalf of the organized party, I would like to express my congratulations to this Exhibition Tour.     

Digital Computer in China Market

Orders for more than 200 computers were received in just two months after a purchasing agreement was signed in the first half of last year between the American-owned Digital Company and the Power Science Academy of the Ministry of Power Industry. The Alpha AXP system computers, recently freed     

How Does the Market Value Corporate Sustainability Performance?

This study provides empirical evidence on how corporate sustainability performance (CSP), as proxied by membership of the Dow Jones sustainability index, is reflected in the market value of equity. Using a theoretical framework combining institutional perspectives, stakeholder theory, and resource-based perspectives, we develop a set of hypotheses that relate the market value of equity to CSP. For a sample of North American firms, our preliminary results show that CSP has significant explanatory power for stock prices over the traditional summary accounting measures such as earnings and book value of equity. However, further analyses suggest that we should not focus on corporate sustainability itself. Our findings suggest that what investors really do is to penalize large profitable firms with low level of CSP. Firms with incentives to develop a high level of CSP not engaging on such strategy are, thus, penalized by the market.     

How Have the Emerging Stock Exchanges in Africa Responded to Market Reforms?

Abstract

In this paper, we focus on how the stock markets in Africa have responded to the reform process. We identify three main types of reforms implemented in these markets since the 1990s, namely revitalization of the regulatory framework, modernization of trading systems, and relaxation of restrictions on foreign investors. We invoke market microstructure theory to hypothesize the expected response of the markets in terms of efficiency and volatility to the three types of reforms. Econometric methods are applied to test the hypotheses on a sample of ten stock exchanges, for the period 1988:01-1999:12. The evidence generally suggests that there are benefits of investments to improve market microstructure. For example, a comparative analysis across the sample demonstrates that markets with advanced trading technology, tight regulatory system and relaxed foreign investors' participation show greater efficiency and lower market volatility. Although direction of causality between efficiency and volatility varies across the markets, in general, we infer that reforms, which reduce volatility, reap higher efficiency. However, in some markets, the effects of the reforms are too recent to show any clear response pattern.     

How Do You Consume in China?

On the topic of Chinese consumption style,China's Foreign Trade held a gossip salon to listen to the truest voices from common Chinese residences living in different backgrounds and cities,also foreign expats in China.     

The Performance of Europe-wide Businesses: Has the Single Market Led to Scale Economies?

This article follows up earlier research which had found that in the 1970s and 1980s the incentives to invest in Europe-wide businesses had often been lacking or even negative: for example, the most profitable Europe-wide businesses were less likely to be European market leaders and were likely to have lower market shares than their principal competitors; they were less likely to be innovative, having entered the market as follower rather than leader. The author finds evidence that this started to change even before the single market and that the change has continued. The key success factors for profit in European business are coming closer into line with the success factors for growth – innovation, quality and intellectual property.     

What Has Become of China''''s Rural Household Electronic Appliance Market?

Reporter: In recent years, somename brand household electronicappliances enteIPrise have been exploringthe rural market, but with not much effect.But certain inferior small enterprises havebeen successful in the rural areas. InShandong and Jiangsu, people queued upto buy inferior brand washing machines.Was it because the brand name enterpriseshave not made enough eftbrts, or theinferior brands were too strong?Dong Yunting (Director of theDevelopment Research Institute of theElectronics in…     

Commodity Market of China will Continue Increasing in 2005

According to the latest prediction from Ministry of Commerce, the commodity market of China will continue keeping steady growth in 2005 on the basis of fast growth in 2004. It is estimated that the total volume of retail sales of the Chinese social consumer goods will increase by about 10% and the growth of total sales amount of production means will be about 12% in 2005.It is predicted that for major agricultural products, in case of no natural     

America Sees Important Market in China

Premier Wen told us that the best solution to the bilateral trade imbalance is not to reduce Chinese exports to the US, but to increase Chinese imports from the USA.     

How Large Is the Risk of Stagflation in the Eurozone?

The rapid recovery of demand combined with supply constraints has led to rising prices during the past months. This is evident in oil and gas markets, but also in international trade, which has been thrown out of step by bottlenecks at Asian ports. This situation creates a trade-off for the European Central Bank, because a more expansionary monetary policy cannot mitigate the supply bottlenecks and supply-side restrictions, while a more restrictive monetary policy would slow down the economic recovery. For this reason, key interest rate hikes in the eurozone are not to be expected for 2022. If the supply-side factors become persistent and wage policy tries to pass the price effects on, monetary policy will be forced to become restrictive.