The Reform on RMB Exchange Rate System

The Chinese currency, the yuan, which was pegged to the value of US dollar in the past, will now be a managed currency. Its value will be set in relation to a basket of currencies. China is taking the first big step toward a free-floating currency. This analysis explores the impacts on Chinese banking, Chinese companies and international monetary market.     

The Appreciation Pressure on RMB Yuan and the Adjustment of RMB Exchange Rate Policy

China has maintained RMB exchange rate nearly unchanged since 1998. However, with the relaxation of capital control, a crawling peg, a more flexible RMB exchange rate regime, is inevitable. Based on improving the current formation mechanism of RMB exchange rate, Chinese government could widen the floating band around the central parity; in the long run, switching the peg from USD alone to a basket of currencies may be a better choice.     

Analysis on the Option of RMB Exchange Rate Regime

This paper analyses four effects of pegging exchange rate regime： effects on government policymaking, nominal anchor, domestic currency appreciation expectation, and currericy speculative attacks. Based on this, the paper concludes that China should give up RMB pegging exchange rate regime at present, carry out RMB floating exchange rate regime in the long term and RMB exchange rate target zone regime in the mid and short term.     

The Research on the Life Cycle of Merger ＆ Acquisition

Over the years much has been written about the industry life cycle and corporate life cycle, yet there has been remarkably little attention given to the relation between them and M＆A, or why this relationship exists. Based on reviewing the industry life cycle and the corporate life cycle, we find the relationship between M＆A and these life cycles, and then propose the life cycle of M＆A. At last, we use the M＆A life cycle to explain the characters of the merger waves over last 100 years.     

The Research of Project Evaluation System of R＆D Based on Cycle Economy

The evaluation system of R＆D project beforehand, in the course and afterwards embodies the principle and standard of the cycle economy, which can not only avoid the negative effects caused, by the utilization of the achievements of R＆D project in the industry but also point out the direction and criterion of R＆D activities for the enterprises, which also provides the ＂model＂ that can be used for reference for maintaining the durable competitiveness of the enterprises.     

The Long-Drawn Process of reform of the Exchange Rate Regime and the Evolution of China’s Exchange Rate Policy

ABSTRACT

An inflexible exchange rate not only brings the traditional problem of impossible trinity but also contributes to the formation of China’s irrational international balance of payments structure characterized by the so-called twin surpluses (current account and capital account surpluses). As a result, though China has some 2 trillion USD net foreign assets, it runs investment income deficits for more than a decade. Furthermore, when the RMB is under appreciation pressure, the inflexibility brings about inflows of hot money. When the RMB is under depreciation pressure, the inflexibility facilitates the unwinding of carry trade and capital flights. On the whole, China is too cautious in reforming its exchange rate regime. Instead of designing various cumbersome central parity rate-setting rules, China should make up its mind to float the RMB as soon as possible.     

The Review of the Research Paradigm of Capital Structure Based on the Theory of Industry Organization

Capital structure is one of the important research aspects of corporate finance. According to methodology, the capital structure research can be classified into two categories： the paradigm of uni-corporation and the paradigm of industry organization. Traditional capital structure research can be attribute to uni-corporation aspect. This paper reviews all literatures concerning the paradigm of industry organization and illustrates the inter-relationship among the feature of industry, the feature of suppliers and customers, the competitive strategy, product life cycle and capital structure.     

The Recent Development of International Exchange Market and its Effects on China

1. The Key Points of Recent Development of International Exchange Market The unusual fluctuation of international exchange market lies in the following three facts： firstly, there are irreconcilable contradictions in current international monetary system, caused by USA which is the core of cttrrent int#rnational monetary system and has been carrying out irresponsible economic policies for a long time. Secondly, thel economic structure of USA loses balance seriously. Thirdly, the balance of payments （BP） becomes a tough problem for the USA government.     

A Research on the Domain of Sport Tourism

Sport-based travel has grown dramatically over the past two decades but it has only recently become the focus of concentrated academic inquiry. This paper contributes to the emerging body of literature by conceptualizing sport in the context of tourism＇s activity, spatial and temporal dimensions. The context of this paper includes current lines of inquiry, the domain of tourism and the domain of sport.     

The Research on Regional Public Management＇ s Evaluation Based on the Theory of DEA ： Date from the Pan- Pearl River Delta

将在理论经济学中应用的DEA理论推广到公共管理研究中,通过实证分析研究指出泛珠江三角洲区域公共管理中存在的优势及不足,为在中国整体区域推进公共管理能力提升提出了建设性意见。     

The Exchange Rate: A Shock Absorber or Source of Shocks in Turkey?

This study investigates the role of the exchange rate as shock-absorber as opposed to a source of its own shocks in Turkey during the period from 1990 to 2009 by employing a structural VAR framework with long-run and short-run restrictions. We find that the economic shocks have predominantly been asymmetric relative to one of the largest trading partner, the US. Our results provide evidence of the fact that while the major source of variability in exchange rates in the pre-2001 crisis period is mainly nominal shocks, a large proportion of the exchange rate variability can be attributed to supply and demand shocks in the post-2001 crisis period. This suggets that, rather than reacting to shocks to the foreign exchange market, such as shifts in risk premia, the exchange rate moves mainly in response to the real shocks during the post-2001 crisis period. Hence, there is a sizeable role for exchange rate stabilization during this period, absorbing those shocks and therefore requiring opposed monetary policy responses.     

The Monetary Approach to the Exchange Rate Determination for a “Petrocurrency”: The Case of Norwegian Krone

This paper, by following vector error correction modeling, empirically investigates some of the popular monetary models of the NOK/USD rate. The empirical results suggest that there is some scope for the monetary approach to explain the development of the NOK/USD during the period from 1997 to 2008. The coefficients in the co-integration equation of both money and output differentials are statistically significant and consistent with any of the forms of the monetary models. Moreover, empirical evidence for the proportionality between the exchange rate and relative money is provided. Our findings are robust across different measures of inflation expectations. Although there is no clear evidence regarding the exact version of the monetary model, the estimated unrestricted error correction models can fit the actual NOK/USD exchange rate. Finally, the short-term dynamics of the exchange rate are significantly affected by changes in crude oil prices.     

The Political Economy of Real Exchange Rate Behavior: Theory and Empirical Evidence for Developed and Developing Countries, 1960–2010

Empirical results of testing the PPP hypothesis have constantly shown that relative prices do not converge to the same level, either in the short or the long run. Therefore, the PPP explanation of the real exchange rate does not provide a reasonable measure of competitiveness at the international level. This article puts forth a different approach based on the works of Ricardo, Marx, Harrod and Shaikh. It argues that the real relative unit labor cost is the main factor explaining the long-run behavior of the real exchange rate. The second section of the article explains the theoretical underpinnings of our approach. The third section analyzes the role of the real interest rate differential in explaining real exchange rate misalignments. In the fourth section, we present a graphical analysis of the interrelation among the real effective exchange rate, the real unit labor cost ratio, the short-run real interest rate differential and the trade balance for 16 OECD countries, Taiwan and three developing countries for the period 1960–2010. The fifth section investigates the long-run relationship between the latter three indexes through co-integrating and error correction models using the ARDL–ECM framework. The last section provides our conclusions.     

A Literature Review of Household Finance： Based on the Perspective of Model,Empirical and Simulation

Household finance is an emerging field of financial research in recent years. With the change of income distribution structure and the development of financial markets in China, the structure and behavior of household assets have obvious changes, in which microscopic structural problems of household assets, such as uneven total assets distribution and unbalanced structure, become more serious. These issues not only involve the welfare of the residents, but also have great significances in enhancing consumer demand, developing financial markets and adjusting macroeconomic structural in China. Studies on household finance are committed to meeting the escalating family assets demand, guiding the family assets rational allocation, improving the structure of household assets, and proposing strategic recommendations on expanding consumer demand and adjusting the structure of macroeconomic.     

The Research on the Contribution of Rural Tourism to Peasants＇ Income --Based on the empirical analysis of Chengdu

在乡村旅游发展的过程中,农民由于自身素质不同,他们参与乡村旅游的程度、对旅游发展的认识都有所不同,并且从中获得的收益也有差异。通过利用对应分析法进行实证研究发现,在乡村旅游中,打工获得的薪金对农民增收影响显著,为农家乐提供农产品获得的收入对农民增收影响有限。     

A Research on Approach to the Development Strategy of Tourism Economic Growth

As the tourism is improving, the economy growth can be obtained. Therefore, to improve tourism is to improve the economy. In fact, some supplies of tour could not meet the demands, which brings out conflict. It is obvious that solving the problem of supply and demand of tour is the approach to the development strategy of tourism economic growth.     

The Research on the Socialization Identification Models of Private Enterprises＇ Business Culture

In the development process of private enterprises, their business culture is formed in the process of the society＇s identification. Using the analytical method： CMM （Capability Maturity Model for Software）, we can divide the process into five levels： initial, internalized, extended, balanced and optimizing. For the sake of the sound development of the private enterprises, the enterprises＇ culture should be cultivated by the society standard.     

A Political Economy Application of the “Tragedy of the Anticommons”: The Greek Government Debt Crisis

The tragedy of the anticommons unfolds when separate social agents—be they private owners of a property who intend to use the property for their own economic benefit or political actors who pursue their political objectives—do not hold effective rights to use their economic or political power for their own purposes without consent of the other players of the economic or political game. I shall discuss the Greek government debt crisis and the Eurozone countries’ policies toward Greece within the analytical framework of the tragedy of the anticommons in this paper. I do not intend to dig deep into the structure and long-term trends of public and private finances in Greece. I shall only show that the successive bail-out programs of the Eurozone countries were doomed to fail because of these countries’ competitive and non-cooperative approach to the Greek financial problems. I shall also show that a coordinating agency, say the IMF, can foster the coordinated outcome only under strict informational conditions.     

Regional Innovation Policies for High-Technology Firms： The Importance of the Cluster Life Cycle

The present work makes an in-depth analysis of an aspect not yet sufficiently examined by the studies into regional innovation systems, relating to why the policy makers must adopt regional innovation policies in accordance with the development cycle of the active clusters in the territory. The analysis carried out in the course of the work contributes towards understanding the validity of an evolutionary-type development model for which the regional innovation policies for the growth of high-tech firms should dynamically change in relation to the various cluster stages. The development model proposed provides a framework for the policy makers in order to state more efficiently through time the regional innovation strategies.