Did foreign exchange holding influence growth performance during the global financial crisis?

In a context of increased foreign exchange reserves holding from emerging and developing countries, this paper investigates the diminishing return of reserves holding assumption over the most severe phase of the global financial crisis (2008Q1–2010Q4). Relying on a Panel Smooth Transition Regression model, we highlight the differential effect of the accumulation of foreign exchange reserves for a set of financial vulnerabilities variables. In a specific manner, although reserves accumulation is effective above a critical threshold to cope with vulnerabilities related to the financial channel, we show that it becomes less effective beyond a certain threshold for domestic bank vulnerabilities. Our results are robust to alternative specifications.     

HUMAN CAPITAL INEQUALITY AND THE KUZNETS CURVE

This paper develops a Mincerian measure of human capital distribution and applies it to evaluate national and global human capital inequality and compare them with education inequality measures. It is shown that using education inequality as a proxy of human capital inequality is problematic due to the nonmonotonic relationship between them. We find that the inconsistent evidence on education and human capital Kuznets curves in the literature is due to the use of different inequality measures. In particular, human capital Kuznets curves are evident when relative inequality measures are used, whereas education Kuznets curves are found when absolute inequality measures are used. It is also observed that while global education inequality has been declining over the past four decades, global human capital inequality remains largely steady, as the decrease in between‐country human capital inequality is largely balanced by the increase in within‐country human capital inequality.     

Five Points in One Line——Liaoning Costal Economic Zone

To promote the economy in Liaoning and to revitalize the industry base in Northeastern China, we need to improve the competing ability of coastal industrial clusters in Liaoning Province. Through the industrial cluster around the projected Northeast Asia Shipping Center in Liaoning, the province will boost the development and construction of coastal area step by step： join these ports there into a line and form a cluster and then realize the overall prosperity.     

Leadership,power and racism: lifeguards’ influences on Aboriginal people’s experiences at a Northern Canadian aquatic facility

Using a Foucauldian and postcolonial lens, this case study examines the ways in which leadership styles used by lifeguards and supported by the structure, rules and regulations at a northern Canadian swimming pool influenced Aboriginal people’s experience of the facility. Participant observation, semi-structured interviews and a focus group were used to identify the ways in which Eurocentric lifeguard training, exercises of power, institutional racism and an absence of cultural competency can intersect to influence Aboriginal people’s use of a local pool and their considerations of lifeguarding as a potential employment opportunity. On the basis of these findings, the study suggests that the development and implementation of anti-discriminatory policies and procedures for swimming pools and the inclusion of cultural competency teachings in lifeguard training are necessary measures to enhance Aboriginal people’s experiences at northern swimming pools, to foster opportunities to become lifeguards and to augment Euro-Canadian lifeguards’ capacity to maintain a safe and welcoming aquatic environment in a cross-cultural context.     

Demand for dairy products in the EU

In the EU dairy sector, given the remaining high protective tariffs and the quota system, the main factor that drives dairy product market prices is the demand. This paper evaluates the development of demand in the EU and presents estimates of consumption trends and forecasts for the future as well as estimates of elasticity with respect to prices and income in two major EU consumer countries: France and Italy. We use two methods to estimate the development of demand for dairy products, one based on a multi-stage demand system and another based on a single trend equation. The two methods generally lead to the same qualitative results but trend projections are larger using the demand system approach which is based on a shorter data period. This difference is thus partly explained by the fact that high trend projections are not sustainable over a long period. The results show a decreasing consumption of butter and fluid milk and an overall growth in protein and fat consumption. Nevertheless, the increase in fat consumption should be more moderate than the consumption of protein. The results also show that the demand for dairy products is relatively price inelastic but is more sensitive to changes in income (especially for butter and cheese categories). As shown by the use of a partial equilibrium model of dairy markets, the likely impact of the CAP reform strongly depends on the development of demand for dairy products in the EU. More research effort on demand analysis is therefore crucial in order to assess the impact of reforms or trade negotiations more accurately and effectively.     

Egypt Aiming at Attracting Investment from China

Jointly with China Economic ＆ Trade Counselor Office in Egypt, the General Authority for Investment （GAFI） and the General Authority for Special Economic Zone North-West Gulf of Suez （SEZone） held China-Africa Development Fund Conference in Cairo, Egypt on March 16, 2009. The Minister of Investment Egypt Dr. Mahmoud Mohieldin, Chinese Ambassador to Egypt Mr. Wu Chunhua, Chairman of GAFI and SEZone Mr. Assem Ragab, Vice President of China-Africa Development Fund Mr. Lu Qingchen, Economic and Trade Minister Counselor of the Chinese Embassy in Egypt Mr. Cao Jiachang, as well as over 100 Chinese/Egyptian businessmen attended the conference.     

Opportunities for A Low Carbon Future——China's Clean Revolution Ⅱ

Despite economic downturn,China's domestic markets continue to scale up low carbon technology.A new report that was released in Beijing in August by the Climate Group shows that in an incredibly short time China has taken the lcad in the race to develop and commercialize a range of low carbon technologies.On the back of ambitious government policies and a new breed of entrepreneurs,Chinese businesses are amongst the top producers of electric vehicles,wind turbines,solar panels and energy efficient appliances.     

To Expand Beneficial Cooperation in Agriculture and Finance with Pakistan

At the invitation of the Chinese government, Pakistani President Asif Ali Zardari visited .China from February 20 to 23. This was his second China visit after he paid his first visit to China in mid-October last year. As the introduction from Ambassador Khan on February 13, this time the President didn＇t visit Beijing, but chose three stops： Shanghai and two cities in Hubei Province, Wuhan and Yichang. His tour focused on expanding mutually beneficial cooperation in agriculture and finance, for instance between the two sides in hybrid seed and water conservancy.     

Ancient and Modern Architecture Emanate-The Vigor of New Beijing

Beijing,with a 3,000-year history, is the combination of Chinese traditional Culture and the modern fashion. The 2008 Beijing Olympic Games undertakes millions of people's passion and dreams. At the start of the preparing the grand pageant,three concepts were put forward, in which, culture-highlighted Olympics embodies the culture of great splendor of Beijing.