Japan＇s Bubble,the USA＇s Bubble and China＇s Bubble

This paper compares the three recent episodes of boom and bust cycles in asset prices: Japan in the late 1980s to the 1990s; the USA since the mid‐1990s; and China during the past decade. Although we have not yet seen a collapse of Chinese property prices, their increases so far are comparable to those in the other two episodes and a careful comparative study is warranted. The present paper first examines the behavior of asset prices, of property prices in particular, in the three cases, and highlights some similarities. The paper emphasizes the role played by extremely easy monetary policy in generating bubble‐like asset price behavior in the three cases. The reason for easy monetary policies is investigated. In the US case, the monetary authority was concerned about the risk of deflation in the early to mid‐2000s. The experiences of Japan and China are quite similar in that the monetary authorities of both countries were seriously concerned about the possible deflationary effects of exchange rate appreciation on the economy. The implications of such a finding for the future of Chinese macroeconomic policy are discussed.     

Sport and Queensland Aboriginal reserves in the 1920s and 1930s: Ideology,revenue, and exploitation

Rugby league flourished in the Aboriginal settlements run by the Queensland government in the 1920s and 1930s, as officials relaxed policies of segregation and isolation to allow Aboriginal teams to travel within the state. Revenue from the games, at times significant sums, went to government trust accounts and not directly to the settlements. Available data on this sporting income and government spending policies reveals an exploitative system, ethically comparable to Stolen Wages and reflecting the dispossession of Aboriginal Queenslanders in this era. While sport bolstered community pride, these exploitative dimensions qualify its contribution to Aboriginal wellbeing.     

Railways and the Exploitation of Victoria's Forests, 1880s–1920s

Railways made a large contribution to the expansion of Victoria's economy, and in the process enabled and drove environmental change. This article focuses on one industry, forestry. It first examines railway demand for timber in construction and maintenance, particularly for sleepers. This demand caused tensions – a bitter dispute in the 1890s between the Railways Department and the Conservator of Forests, George Perrin, over timber cut on state land led to uneasy co-existence after the turn of the century. Railways not only required timber but also carried commercial quantities in bulk, providing forest industries with access to profitable markets – in particular firewood, the significance of which has been underappreciated previously. Forest products contributed substantially to railway revenue, representing a more stable source of income than other major categories of freight such as wheat, wool, and coal.     

Fundamentals,regime shifts,and dollar behavior in the 1980s

I provide an economic interpretation of the long swings of the dollar in the 1980s. I use the fully modified estimator method to analyze the long-run behavior of the dollar/sterling exchange rate over the period 1979–1989, detecting a structural shift in February–March 1985. In the 1979–1985 subperiod economic agents have reacted to a reduced set of fundamentals only, a finding that might corroborate the irrational behavior interpretation of the dollar upswing. In the 1985–1989 subperiod economic agents have associated the equilibrium value of the dollar with the behavior of a more balanced set of fundamentals.     

China’s Growth,Stability, and Use of International Reserves

Since the onset of the global financial crisis, China and the U.S. have reduced their current-account imbalances as a share of GDP to less than half their pre-crisis levels. For China, the reduction in its current-account surplus post-crisis suggests a structural change. Panel regressions for a sample of almost 100 countries over 1983–2013 confirm that the relationship between current-account balances and economic variables changed in important ways after the financial crisis. China’s rebalancing has been accompanied by a decline in its reserves-to-GDP ratio and greater outward FDI that, in turn, has mitigated reserve hoarding.     

Russia’s public catering: Characteristics,profitability, and dynamics

Public catering in the Soviet period is compared to that at present. Official statistics and alternative assessments of the industry’s financial results in 2001 and its dynamics over the period 2000–2005 are presented. The gross value added of public catering is updated on the basis of the revealed turnover underestimation. The industry’s shadow incomes are shown; a case for raising tax payments is made; and the possible size of increased tax payments is shown.     

Entitlements,destitution, and emigration in the 1930s Singapore great depression

This article uses an entitlements approach to analyse the divergent impacts of the 1930s great depression on the diverse population groups of Singapore and its Malay Peninsula hinterland. Contrary to a revisionist argument in the literature that the depression had comparatively little effect on South‐east Asia, Singapore was considerably affected. This arose more from the externality of migration of unemployed hinterland workers to the city than from a shift in the terms of trade against Singapore producers. Only the ‘safety valve' of mass emigration, promoted by colonial policy, enabled Singapore to escape the depression with a sharp, if relatively brief, drop in welfare and serious distress for its inhabitants.     

Time Flexibility,Women’s Wages,and the Gender Wage Gap

Atlantic Economic Journal - Paid jobs providing more time flexibility may appeal to workers who have primary responsibility as a caregiver for young children or for sick, handicapped, or elderly...     

Fannie Mae, Freddie Mac, and the Freedman’s Savings Bank

The experiences of Fannie Mae and Freddie Mac during and prior to the Financial Crisis of 2007–09 call to mind the history of the Freedman’s Savings and Trust Company, a prominent bank founded for the benefit of former slaves just after the Civil War. This paper notes similarities concerning the initial motivation for the creation of all three institutions and draws parallels between their mismanagement and subsequent failures. The paper also discusses the government’s response to the institutions’ downfalls and the legacies that the institutions left behind.     

通货膨胀、通货膨胀不确定性与中国实际产出增长

基于中国1993年1月至2010年12月的月度数据,本文采用双变量GARCH模型测量了中国通货膨胀不确定性,并借助于传统的Granger因果检验以及基于马尔科夫区制转移向量自回归(MS-VAR)模型下Granger因果检验等方法对通货膨胀、通货膨胀不确定性与中国实际产出增长进行了实证研究.本文研究发现:中国通货膨胀和通货膨胀不确定性之间存在着Granger意义上的双向因果性,在作用机制上支持了Okun-Friedman理论假说以及Holland论断;传统的Granger因果检验表明中国通货膨胀、通货膨胀不确定性对中国实际产出增长之间存在Granger意义上的因果性,但是基于MS-VAR模型的Granger因果检验研究则表明上述因果性仅存在于特定的机制下.     

我国社会化团购的特点、问题及其对策

社会化团购作为创新的B2C模式,是整合了电子商务、Web2.0、线下消费、互联网广告等要素,广泛利用包括微博客、SNS等在内的各种社会性网络提供在线团购的互联网应用。美国著名的社会化团购网站Groupon的成功引发全球模仿热潮,充分展示了其清晰的盈利模式和较大的市场应用潜力。我国的互联网行业在短短1年涌现出数百家社会化团购网站,但由于简单复制所致的同质化现象严重,引发激烈竞争;在团购网站消费者保障和诚信体系建设等方面也存在问题和质疑。对此,本文提出了相关的对策和建议。     

休闲汇·游城记

夏天的尾巴，遇见市南，于是驻留下来。看她的美景，享她的生活，伴她吹风、陪她晒日，游走在她的活色生香中，静静地品她的香……     

经济增长与经济结构、财政收入、居民收入之间的关系

理清我国经济增长与经济结构、财政收入、居民收入之间的影响力度和关系,找准影响经济增长、财政收入、居民收入增收,经济结构合理转变所面临的具体问题,对进而挖掘各因素增收潜力有重要意义。