Trade‐led growth hypothesis in Cuban commercial regimes since 19601,2

This study examines the impact of trade on Cuban growth during different commercial policy regimes spanning the period from 1960 up to 2004, encompassing two essential economic structural transformations: the Cuban revolution and the fall of the Berlin Wall. For this purpose, the Granger causality is used by means of the modified Wald test for augmented‐level vector autoregressive model with integrated and cointegrated processes introduced by Toda and Yamamoto (1995) and Dolado and Lutekepohl (1996) . We show an import‐led growth hypothesis during the Soviet‐oriented pattern that is rejected after 1990, when exports are not only responsive to growth expansion but also to imports’ behaviour.     

Nonlinear stochastic effects of substitution — an evolutionary approach

Technological innovations have been investigated by means of substitution and diffusion as well as evolution models, each of them dealing with different aspects of the innovation problem. In this paper we follow the well known research traditions on self-organisation models of complex systems. For the first time in the literature we show the existence of a specific niche effect, which may occur in the first stage of establishment of a new technology. Using a stochastic Master equation approach, we obtain analytical expressions for the survival probabilities of a new technology in smaller or larger ensembles. As a main result we demonstrate how a hyperselection situation might be removed in a stochastic picture and thresholds against the prevailing of a new technology in a step-by-step process can be overcome.     

房地产投资决策中实物期权方法的应用

传统的净现值投资决策方法将不确定性视为一种损失,忽略了项目投资的灵活性和战略性,往往造成项目价值的低估,而实物期权弥补了NPV法的不足。本文将实物期权方法}J入房地产投资决策中,对比分析了传统净现值法的一些不足,介绍了实物期权的基本理论,并采用了B-S期权定价模型对房地产投资决策过程中蕴含的迟延期权进行了案例分析。     

Using reputation for corporate sustainability to tackle banks digitalization challenges

The new landscape in the financial sector, characterized by fierce competition and the entrance of new technological players, has forced banks to speed up their digital transformation. However, for banks, digitalization entails challenges that can hinder the potential benefits and compromise their survival. In this context, we argue that the reputation generated by corporate sustainability (RCS) may offset these digitalization drawbacks. In particular, we find that the combination of RCS and digitalization facilitates in transforming the organizational nature of banks by simultaneously narrowing their boundaries and expanding their scope. We empirically confirm our hypotheses by analyzing a panel of 110 multinational banks from developed countries.     

垄断竞争市场下的中国银行卡产业收单费定价研究

通过全面综述银行卡产业的主要定价理论以及国内研究现状,本文首次对中国银行卡产业收单市场的收单费定价问题进行规范性研究.在放松收单市场完全竞争的假定下,结合经济学效用函数理论思想,运用双边市场理论,通过建立统一定价与差别定价模型,研究如何定价能使效用最大化.研究表明:在收单费定价时,不仅应该根据成本原则调整收单费在扣率的比例,而且要细分不同的行业类别、卡基支付工具、经济区域以及消费习惯观念等影响因子,从而实现收单市场的效用最大化.     

Existence of steady – state equium in an overlapping-generations model with production

Summary This paper establishes an existence theorem of a non-trivial (positive capital stock) steady-state equilibrium in Diamond's (1965) overlapping-generations model with production by employing the steady-state consumption curve introduced in Ihori (1978). The assumptions on preferences and production technologies that ensure the existence of a nontrivial steadystate equilibrium are separated from each other, unlike in Galor and Ryder (1989). We also provide two simple examples which illustrate the importance of two conditions in the theorem.Detailed comments by Tomoichi Shinotsuka and the referees of the journal were quite helpful. We also thank Marcus Berliant, Mark Bus, John H. Boyd III, Ban Chuan Cheah, Rajat Deb, Jim Dolmas, Oded Galor, Greg Huffman, Toshihiro Ihori, Radhika Lahiri, Lionel McKenzie, Arundhati Sen, and the seminar participants at the Midwest Mathematical Economics Conference in Ann Abor and at University of Rochester. The second author gratefully acknowledges the financial supports from the European Community Human Capital Mobility Program.     

Foreign Direct Investment and Trade: A Causality Analysis

In this article, we analyze the relationship between outward foreign direct investment (FDI) and exports, using Spanish quarterly data for the period 1977–1998, by means of Granger causality tests in a cointegration framework. Our results point to the existence of a relationship of complementarity between both variables, with Granger causality running in the short run from outward FDI to exports, and bilateral Granger causality in the long run.     

企业公民

早在2003年．身为商务部研究院跨国公司研究中心主任的王志乐就开始对跨国公司如何强化公司责任进行了调查研究，当时．国内学术界媒体对于“公司责任”这个领域的研究报道几乎是一片空白。     

京津冀循环农业生态产业链的构建与思考

京津冀协同发展已成定局,严重的雾霾天气迫使京津冀产业转型升级,鉴于三地在农业发展上具有很强的互补性,培育和构建京津冀循环农业生态产业链将成为京津冀未来农业发展的方向。然而,目前产业链的构建中存在着区域层面的产业链尚未形成、顶层设计与协作机制严重缺失等突出问题,应加强从总体布局、工农循环相结合等五个方面的培育和引导。     

Critical issues in health and wellness tourism: an exploratory study of visitors to wellness centres on Gran Canaria

The growing commodification of health care and therapeutic landscape, as well as the recent growth in international demand for wellness services and treatments, has led to the proliferation of destinations and enterprises that have selected health and wellness tourism as part of their corporate strategy, including coastal tourism destinations such as the Spanish island of Gran Canaria. This study discusses the commodification of health care and landscape, the relationship between everyday life and going on holiday, as well as the motives for medical and wellness tourism. Wellness tourism development on Gran Canaria is also analysed as a case study that could prove useful for those working on diversification within coastal tourism. An exploratory study of European visitors to wellness centres on the island is also presented. Major findings and contributions relate to socio-demographic characteristics, motives for the visit to the island, the importance of the wellness offer, tourist and travel behaviour and wellness behaviour both at the destination and at the place of residence. Another contribution refers to differences in the use of wellness centres and treatments among visitors, based on their place of origin, gender, age, marital status and job situation. Management and marketing implications are also suggested.