<Emphasis Type="Italic">In</Emphasis>flexible Wages and Prices? Evidence in the Current Recession

The 2008/9 recession period brought the most massive and quickest response of fiscal and monetary policy in modern economic history. At the same time, small businesses (that produce half of private GDP) exhibited the most rapid adjustments in wages, prices, and inventories recorded in the past 35 years of data collected by the National Federation of Independent Business. The notion of “sticky” wages and prices plays a key role in arguments favoring government intervention to rebalance supply and demand for labor and output. The faster wages and prices (and therefore employment and output) adjust to a “shock” to the economy, the less the need for government intervention.     

Decomposing Lorenz and Concentration Curves*

We decompose the Lorenz curve (LC) and its associated concentration curve (CC) by population subgroups. To illustrate these decompositions, we examine changes in earnings inequality among West Germans, East Germans, and foreign guest workers during the recent German unification. We show that East German earnings have become less concentrated in the lower deciles of the overall German earnings distribution, whereas the earnings of West Germans and foreign guest workers have become more concentrated in the lower deciles.     

Interactive 3-D computation of fault surfaces using level sets

Deformable implicit surfaces, implemented with level set methods, have demonstrated a great potential in the computational sciences for applications such as modeling, simulation, and segmentation. They allow implicit handling of complex topologies deformed by operations where large changes can occur without destroying the level set representation. The use of level set techniques for the computation and segmentation of plane-like and high positive curvature features is nontrivial. We present a technique for representing and extracting fault surfaces from 3-D seismic attribute data such that 2-manifolds can be interactively computed and segmented. We present our approach as an interactive workflow that generates highly accurate fault surfaces.     

Volatility and Market Risk of Rubber Price in Malaysia: Pre- and Post-Global Financial Crisis

The volatility in rubber price is a significant risk to producers, traders, consumers and others who are involved in the production and marketing of natural rubber. Such being the case, forecasting the rubber price volatility is desired to assist in decision-making in this uncertain situation. The 2008 Global Financial Crisis caused some disruptions and uncertainties in the future supply or demand for natural rubber and thus leading to higher rubber price volatility. Using ARCH-type models, this paper intends to model the dynamics of the price volatility of Standard Malaysia Rubber Grade 20 (SMR 20) in the Malaysian market before and after the Global Financial Crisis. Additionally, Value-at-Risk (VaR) approach is implemented to evaluate the market risk of SMR 20. Our empirical result denotes the existence of volatility clustering and long memory volatility in the SMR 20 market for both crisis periods. Leverage effect is also detected in the SMR 20 market where negative innovations (bad news) have a larger impact on the volatility than positive innovations (good news) for post-crisis period. When tested with Superior Predictive Ability (SPA) test, FIGARCH model is the best model across five loss functions for short- and long-term forecasts for pre-crisis period. Meanwhile, over post-crisis period, FIGARCH and GJR GARCH indicate the superior out-of-sample-forecast results and better forecasting accuracy over short- and long-term horizons, respectively. In terms of market risk, the short trading position encounters higher risk or greater losses than the long trading position at both 1 and 5 % VaR quantile for pre-crisis period. In contrast, over post-crisis period, long traders of rubber SMR 20 tend to face limited gains but unlimited losses.

     

Isolating Cultural and National Influence on Value and Ethics: A Test of Competing Hypotheses

We live in an increasingly globalizing world, in which countries are closely linked by international trade and investment ties. Cross-cultural comparative studies of national values and ethics have attracted growing research interest in recent years, because shared practices, values and ethical standards depend on shared beliefs. However, the findings of such studies have been unable to reach a consensus on the impact of culture on ethics-related attitudes and behavior. Empirically, many “cross-cultural” differences reported by previous studies might actually stem from cross-national differences. In order to partially fill this gap, this study advocates an analytical framework that isolates the role of cultural and national differences in order to test their relationship to individual level variables. Within this framework, we test␣competing hypotheses based on both cultural and national contexts by comparing groups of Chinese and American respondents together with a “bridging group” of Chinese Chinese-Americans. Theoretically, this contextual approach helps resolve the debate on the role of␣culture, by showing that culture plays a far more important role in shaping value orientations than the national background. Specifically, the two ethnic Chinese groups had many cultural values in common, and differed significantly from the Caucasian group. Implications are discussed.     

关于创新流通方式、发展农村连锁业态的思考

一、当前我国农村商品流通存在的问题 改革开放20多年来,农村商品流通体制、机制、政策都发生了很大变化,传统计划经济下的流通模式正在向社会主义市场经济的模式转变,对农业生产的发展和农民生活水平的提高,起到了越来越重要的作用.2000年,全国县及县以下社会消费品零售额达到13042亿元,是1978年的12.4倍,占当年社会消费品零售总额的38%.但由于整个经济仍处在转型时期,农村商品流通中存在一些需要积极探索和尽快解决的问题:     

Evaluation of external market effects and government intervention in Malaysia's agricultural sector: A computable general equilibrium framework

The purpose of this study is to evaluate the effects of changes in the external trade environment and domestic economic policies on the agricultural development of Malaysia. The scope of this research also includes providing further insights into the strengths and weaknesses of the computable general equilibrium (CGE) methodology for agricultural policy analysis. The first analysis focuses on the export agriculture sector which encompasses Malaysia's two primary agricultural commodities, rubber and palm oil. Heavily dependent on exports of rubber in the 1950s and 1960s, Malaysia has since built a more diversified economy with strong emphasis on manufacturing. Export agriculture, however, is still an important component of the national economy. The second objective examines the influence of domestic policy on agricultural development. The simulation results demonstrate the growing resiliency of the Malaysian economy to external shocks. Also, they point to the domestic economy's ability to buffer internal Policy-induced distortions.