酒液在舌尖起舞

本杰明·弗兰克林曾经说过这样一句话:啤酒就是上帝爱我们并且希望我们快乐的证明。晶莹剔透的液体,满溢杯口的白色泡沫,仿佛带着欲言又止的表情,就像是一位神秘的都会女子,浑身上下散发着一股成熟的气质,使人忍不住想一亲芳泽。     

Contagion across Eurozone’s sovereign spreads and the Core-Periphery divide

This paper investigates the causes of disproportionate increases of sovereign yields with respect to the interest rate on the 10 years German Bund within the Eurozone. Empirical evidence drawn from the Bank for International Settlements dataset on banks’ portfolios shows that rapid financial integration, following the launch of the monetary union, resulted in excess exposure of Core countries’ banks in the Peripheral countries’ financial assets. In order to endogenize the possibility of contagion effects, we conduct econometric estimates through a Global Vector Autoregressive model, where each country’s spread depends upon all Eurozone countries’ spreads. Results show that after the burst of the financial crisis the Core countries’ sovereign yields are essentially determined by the international risk aversion, whereas the spreads of Peripheral countries mainly depend on fundamentals, namely the public debt/GDP ratio and the Real Effective Exchange Rate values with respect to the Eurozone average. These results are supported by the estimate of an impulse response analysis. Macroeconomic failures in public finances and competitiveness seem to originate the exceptional increases in sovereign spreads of the Periphery, through a contagion effect which is limited to this group of Eurozone countries.     

领略时尚尤物

诺基亚新推出的音乐手机、安装在你的自行车上的高科技仪表板……各种各样让人眼花缭乱的小玩意儿不但为时尚增添了色彩,更为我们的生活提供了便利。     

马洛里人类冲击珠峰的先驱

1924年6月8日,38岁的英国探险家马洛里和他年轻的同伴欧文在从珠穆朗玛峰北坡冲顶的时候不幸失踪,就此留下了登山史上一个盘桓数十载的不解之谜他们究竟有没有到达峰顶?恐怕只有死去的马洛里本人和沉默的珠峰才会知道。     

天梭表——150年的创新和开拓

从隐藏在侏罗山区里的小镇到今天名声遍及世界五大洲150多个国家,天梭表如今已经成为瑞士产品的品质 和精密度的象征。     

Is It True Love? Altruism Versus Exchange in Time and Money Transfers

This paper investigates what motivates intergenerational inter-vivos time and money transfers. We consider a model in which transfers may be driven not only by altruism, but also by exchange considerations. We use data from the Survey of Health, Ageing and Retirement in Europe to discriminate between the two motives. We show that both if we consider money transfers from parents to children and time transfers from children to parents, the empirical evidence rejects pure altruism in favor of exchange. This result has important policy implications on the effectiveness of formal care provision as a substitute for informal care and on the impact of taxation on transfers.     

发掘明星的花花公子

汤米·莫托拉从布朗克斯区的街道上一路攀升为索尼音乐娱乐公司的老板,他始终坚持着自己的信条。     

Public‐private partnership: Elements for a project‐based management typology

The polysemic concept of public‐private partnership (PPP) covers a great diversity of institutional arrangements. In this paper, we propose a typology based on the management of public projects that constitute partnerships with private firms. Our typology is founded on two key variables: (1) the proximity of the target and (2) the capacity to generate projects. We can then identify four distinct models of PPP: situational, elementary, symbiotic, and forward‐looking. The management challenges, the risks, and the major issues particular to each type of PPP are described in order to enlighten management teams and contribute to the production of useful knowledge in the field.     

Ageing and unused capacity in Europe: is there an early retirement trap?

We address the issue of how early retirement may interact with limited use of financial markets in producing financial hardship later in life, when some risks (such as long-term care) are not insured. We argue that the presence of financially attractive early retirement schemes in a world of imperfect financial and insurance markets can lead to an 'early retirement trap'. Indeed, Europe witnesses many (early) retired individuals in financial distress. In our analysis we use data on 10 European countries, which differ in their pension and welfare systems, in prevailing retirement age and in households' access to financial markets. We find evidence that an early retirement trap exists, particularly in some Southern and Central European countries: people who retired early in life are more likely to be in financial hardship in the long run. Our analysis implies that governments should stop making early retirement attractive, let retirees go back to work, improve access to financial markets and make sure long-term care problems are adequately insured.
— Viola Angelini, Agar Brugiavini and Guglielmo Weber