JOURNAL OF ZHONGNAN UNIVERSITY OF ECONOMICS AND LAW

A New Integrated Method for Selecting Indices on Evaluation of the Macro-economy Performance;A Survey of Transaction Cost Measurement;Study on Aggregate Demand Shocks of Public Emergencies Based on Long-run Recursive Identification;     

THE AMERICANIAZTION OF TOYOTA

The world's most profitable car company is adding some red, white, and blue to its corporate culture.     

CHINA'S REFORM OF THE LABOUR SYSTEM AND ITS TREND OF DEVELOPMENT

China's economic structural reform is a revolution aimed at emancipating and developing the productive forces. Reform of the labour system as an important part of the economic structural reform run through its whole process. In Reeping with the overall progress of the economic structural reform, reform of the labour system has achieved substantial results in the last 15 years.     

THE SECRETS OF EXECUTION

Whyisitsohardtoreachagoal?Let’sfaceit:Weusuallyknowwhatdoto,it'sjustthatweloseourfocussomewherebetweenthoughtandaction.Littlesurprise,then,thatmanycompanieshaveexactlythesameproblem.Andthatsuccessfulcompa-niesturnouttobebetteratturningtheoryintopractice.…     

TURKU-CITY OF THENORTHERN ARCHIPELAGO

TurkuislocatedinSouthWestFinlandatthepointwheretheBalticandtheGulfofFinlanddivideandonthebanksoftheRiverAura,whichflowsthroughthecity.Throughoutthecenturiesthearchipelago,whichcomprisesthousandsofislands,hasshelteredTurku,Finland'soldestcity,andatthesametimeithasfunctionedasafairwayforthePassageofbothgoodsandideas.Theseaandshippinghavealsoinfluencedthedevelopmentofthecity'sindustry,asshipbuildinghasbeenadominantindustryforalmost200year's.Turkuhas,however,alwaysaimedatself-sufficien-cyinalm…     

DRIVERS OF PAYMENT PATTERNS AT THE POINT OF SALE: STABLE OR NOT?

This research shows that it is key to have up‐to‐date information on payment behavior per type of point of sale (POS) and on how this behavior is driven by sociodemographic factors and perceived payment instrument attributes. Based on 2004 and 2014 data of the Netherlands, we find substantial shifts in the drivers of payment behavior. The sociodemographic factors behind the adoption of the credit card and debit card have changed, especially for the latter payment card. In addition, there are substantial shifts in the effects of sociodemographic factors and perceived relative payment attributes on which payment instrument consumers most often use. Shifts in payment behavior depend on the type of POS. Overall, we find that safety has become more important for payment behavior. The extent to which payment behavior depends on user‐friendliness and speed has somewhat decreased. (JEL C25, D12, E42)     

THE EFFECTS OF TECHNOLOGICAL CHANGE ON THE QUALITY AND VARIETY OF INFORMATION PRODUCTS†

Anecdotal evidence suggests that producers of information products (TV programs, movies, computer software) may respond to potentially cost-saving technological change by increasing, rather than reducing, their total production investments in the ‘first copy’ of each product, possibly at the expense of product variety. Comparative statics show that under reasonable assumptions about consumer demand and production technology, competitive firms in a monopolistically competitive industry are in fact induced to increase first-copy investments as a result of either what we define as ‘quality-enhancing’ or ‘cost-reducing’ types of technological advance, whereas product variety either falls or stays the same. Results suggest that contrary to often held expectations, potentially cost-saving technological advances in information industries may result in greater market concentration.     

TURKU - CITY OF THENORTHERN ACHIPELAGO

TurkuislocatedinSouthWestFinlandatthepointwheretheBalticandtheGulfofFinlanddivideandonthehanksoftheRiverAura,whichflowsthroughthecity.Throughoutthecenturiesthearchipelago,whichcomprisesthousandsofislands,hasshelteredTurku,Finland'sOldestcity,andatthearetimeithasfunctionsasafairwayforthepassageofbothgoodsandideas.Theseaandshippinghavealsoinfluencedthedevelopmentofthecity'sindustry,asshipbuildinghasbeenadominantindustryforalmost200years.Turkuhas,however,alwaysaimedatself-sufficiencyinalmosta…     

TOYOHASHI OF THE 21ST CENTURY

AN OUTLINE OF TOYOHASHIToyohashi lies in the center of Japan and is rich with nature and blessed with a mild climate. With efficient transportation provided by the Tokaido Shikansen super - express train service as well as access to the Tomei Expressway, agriculture,manufacturing, and service industries all flourish in Toyohashi with a pleasant balance. With a population around 360,000people, it is the 2nd largest city in Aichi prefecture.Reflecting back at ancient history, evidence…     

FEAR OF FLOATING IN EAST ASIA?

Abstract.  We examine the de facto exchange rate arrangements in eight East Asian countries during the post-Asian crisis period. The empirical results suggest that three countries adopted a hard peg or a peg with capital account restrictions, whereas five countries moved toward a more flexible exchange rate arrangement in the post-crisis period. Three of these five countries (Korea, Indonesia and Thailand) achieved a level of exchange rate flexibility close to the level accomplished in a free floater such as Australia. These results suggest that 'fear of floating' in East Asia is not prevalent in the post-crisis period, supporting the bipolar view of the optimal exchange rate regime.     

PUBLIC–PRIVATE PARTNERSHIP TO DEVELOP TECHNOLOGY INFRASTRUCTURE: A CASE STUDY OF THE ECONOMIC RETURNS OF DNA DIAGNOSTICS

This paper presents a quantitative case analysis of one US Advanced Technology Program (ATP) public–private partnership that advanced the technology infrastructure of molecular diagnostics, resulting in substantial downstream economic and public health benefits. Biotechnology R&D is generally characterized by technologies requiring substantial investments in time, money, and effort to develop and sustain concepts through long incubation times. Public sponsorship of a partnership between two companies who would have not otherwise collaborated, Affymetrix and Molecular Dynamics, accelerated the development of DNA microarrays and DNA sequencing technologies and induced innovation at competitor firms. Public sponsorship of private-company research accelerated the completion of the Human Genome Project and improved both the quality and rapidity with which the biotechnology industry and medical science acquire genetic information. Counterfactual scenarios were used to quantify net public benefits by estimating the hypothetical costs of achieving the same outcomes as using the processes and technologies the ATP-cofunded innovations superseded.     

THE ECONOMIC GROWTH OF LEUVEN(BELGIUM)

Leuven'soriginsdatebacktoaroundtheyear1000andthetownwasathrivingsettlementbythe12thcentury.Thepopu1ationincreasedsteadilyandtotalled20000inhabitantsbyaroundtheyear1340,thankstoasoundlocalindustry.Afterthat,Leuvenremainedasmallprovincialtownforcenturieswithafluctuatingpopulationthatwentbackupto20000forthefirsttimetowardstheendofthe18thcentury.However,afterthe1977amalgemation,thepopulationimmediate1ysoaredto87000andtodayLeuyenhasapproximately86000inhabitants.TheeconomicgrOwthofLeuyenasaregiona…     

IS THE DEMISE OF M2 GREATLY EXAGGERATED?

The early 1990s in the United States were years of sluggish economic growth alongside a sharply lowered federal funds rate, leading analysts to conclude that monetary policy must have been rendered ineffective by external influences. One previously popular monetary policy indicator not used to analyze the period was real M2, as it was widely considered to have been distorted since the early 1980s. This paper argues that it was a serious mistake to ignore M2 in the early 1990s since it never forecast (relatively or absolutely) better and helps explains this otherwise puzzling period very well. (JEL E32, E51, E52)     

JYVSKYL-A CENTRE OF EXPERTISE IN FINLAND

MayorofJyvaskylaSituatedintheheartofFinland,theJyvdskylaregionisamoderncentreofindustryandlearningwithapopulationofcloseto130000.Theregionenjoyslivelyinternationalcontactsinawiderangeoffields.Servedbyanextensivenetworkofcommunications,theareahasestablisheditselfasanationalhubofhightochnologyandbusiness.Thebeautiful,versatileanduntouchednaturesurroundingthecityofJyvds-kyla,offersalltheelementsoftheFinnishlandscapewithinasmallarea.JyvaskylaisthecapitaloftheProyinceofCentra1Finland.Onefifthof…     

DO INSTITUTIONS MITIGATE THE RISK OF NATURAL RESOURCE CONFLICTS?

The resource curse, as manifested by an increased likelihood of conflict over rents, can be mitigated by institutions. Lei and Michaels find that discoveries of “giant” oil fields increase the likelihood of violent conflict, but they find no evidence that democratic institutions mitigate this risk. We test whether institutions mitigate the resource curse by reducing the risk of natural resource conflicts. Our results indicate that high quality economic institutions reduce the likelihood of territorial (separatist) conflicts following natural resource rent windfalls. Highly autocratic and highly democratic institutions also reduce the likelihood of territorial conflict after natural resource rent windfalls. (JEL Q34, O13, P48, D74)     

CAN UNIONS HURT WORKERS? A POSITIVE ANALYSIS OF IMMIGRATION POLICY

This paper studies the determinants of immigration policy in an economy with entrepreneurs and workers where a trade union has market power over wages. The presence of the union induces a social welfare maximizing government to implement a high level of immigration, leading to a welfare loss not only from an aggregate point of view but also from the workers' point of view. When interest group politics prevails and workers' ability to influence the policy-maker is strengthened by existence of the union, we show the conditions under which workers may benefit from the presence of the union.