MARKET DEVELOPMENT AND THE RISE AND FALL OF BACKYARD HOG PRODUCTION IN CHINA

With economic growth, the share of backyard hog production has declined in China over the past two decades. However, as backyard hog production fell in the rich, coastal regions, the backyard hog production from less wealthy, inland provinces has increased. In this paper, we illustrate the linkage between market development and patterns of household livestock production in rural China. The results indicate that rural labor and grain market developments have significant effects on household hog production. Using household‐level survey data, we find a distinctive inverted‐U relationship between backyard livestock production and the stage of market development. Hence, market developments might foster the contraction of hog production in rich coastal areas and at the same time lead to an expansion in hog production in poor inland areas.     

Volatility Transmission in Asian Bond Markets: Tests of Portfolio Diversification

The 1997 Asian crisis illustrated the need to develop local bond markets to reduce vulnerabilities to future mismatches in currency and maturity. This article examines a regional initiative – the Pan-Asian Bond Index Fund – and tests the implications for portfolio diversification. Intra- and inter-regional transmission of bond market volatilities between Hong Kong, Singapore and South Korea and from the United States and Japan is investigated. The results show that since Hong Kong and Singapore are highly integrated into global capital markets, the prospects of diversification of investment become undermined. The study provides evidence to assist policy makers in designing bond-index funds as a strategy for portfolio diversification to promote regional bond markets.     

Study of food preferences of an elderly population receiving meals on wheels in Nottinghamshire

A survey of 900 meals on wheels (MOW) recipients (20% total client sample) in all areas of the county of Nottinghamshire (East Midlands of England with a population approximately one million) aimed to evaluate consumer food preferences in the existing MOW provision of both main and sweet courses. A self-completed questionnaire was administered by Nottinghamshire County Council Social Services Department in November 1992. A response rate of 52% allowed calculations of preference rating on a scale of 1 to 5 (poor to excellent) to be made for the seven districts and two city areas of the county. Overall for the whole county there was a distinctive pattern of main course preference, the most popular being the sliced meat courses but in different areas of the county and city of Nottingham there was a very big range in preference rating for various types of main meal provision. In a similar manner the sweet courses provided an overall distinctive preference pattern across the county with apple pie and ‘Blackwell’ tart achieving the highest grades. Across the various districts and areas of Nottingham, however, these preference ratings were very variable with some areas giving almost all dishes scores above average while others gave nearly all dishes scores below average. The reasons for these variations in food preference are not known in the various areas but if poor preference rating leads to low food intake then these elderly people are very likely to be at nutritional risk.