韩国高速铁路投融资体制和运营管理模式

研究韩国高速铁路投融资模式和运营管理模式,系统总结韩国高速铁路建设发展的特点和经验。韩国是通过引进国外先进技术并进行再创新的途径发展高速铁路,深入研究韩国高铁建设运营的实践经验,对于推动我国铁路现代化建设、实现高速铁路可持续发展具有重要的参考价值。     

Renminbi＇s Potential to Become a Global Currency

This paper is a tentative endeavor to delineate the potential of the renminbi to become a global currency. It first analyzes the critical economic, financial and policy attributes that are required to support a currency to gain an international role. It then examines whether China has the potential to acquire these attributes. The paper concludes by offering some provisional observations on the implications for Asia and the global economy, should the renminbi evolve into a world currency in the coming decades.     

The impact of formal processes for market information acquisition and utilization on the performance of Chinese new ventures

The authors examine the performance impact of formal market information processes. Specifically, a theoretical model is developed that hypothesizes that formal processes for market information acquisition and utilization have direct and positive main effects on new venture success and is then tested using a sample of 222 new ventures located in China. Findings indicate that new venture success is positively correlated with the use of formal processes for market information acquisition and use. Moreover, the relative importance of formal processes to the acquisition and use of market information depends on whether the new venture serves an emerging or established market. In particular, the impact of formal processes for information acquisition is higher among new ventures that serve emerging markets. In contrast, the impact of formal processes for information use is higher among new ventures that serve established markets. We present managerial implications of our results. For example, a new venture with a strong market orientation can respond quickly to emerging marketplace needs, and can even seize the advantage from incumbents. If it is in an emerging market, however, the new venture management team should strive to excel at information acquisition; in an established market, it is important for the management team to excel at information utilization.     

The Making of Pro‐Poor Growth

A system of three endogenous equations is used to estimate the determinants of poverty dynamics. The system incorporates: (i) the direct effect of growth and income inequality on poverty, (ii) the feedback effect of poverty on inequality and growth, and (iii) different channels through which economic policies can contribute to poverty reduction. Results suggest that countries tend to move towards one of two possible equilibria. The positive (virtuous) equilibrium is characterized by fast growth, decreasing inequality, and rapid poverty reduction. The negative (vicious) equilibrium involves slow (or even negative) growth, sharpening inequalities, and resilient poverty. The policy mix is critical in determining to which of the two equilibria a country converges.     

The Meaning(s) of Trust. A Content Analysis on the Diverse Conceptualizations of Trust in Scholarly Research on Business Relationships

Scholarly research largely converges on the argument that trust is of paramount importance to drive economic agents toward mutually satisfactory, fair, and ethically compliant behaviors. There is, however, little agreement on the meaning of trust, whose conceptualizations differ with respect to actors, relationships, behaviors, and contexts. At present, we know much better what trust does than what trust is. In this article, we present an extensive review and analysis of the most prominent articles on trust in market relationships. Using computer-aided content analysis and network analysis methods, we identify key, recurring dimensions that guided the conceptualization of trust in past research, and show how trust can be developed as a multifaceted and layered construct. Our results are an important contribution to a convergence of research toward a shared and common view of the meaning of trust. This process is important to ensure the body of trust research’s internal theoretical consistency, and to provide reliable and common principles for the management of business relationships – a context in which opportunism and imperfect information may induce economic actors to cheat and stray from fair and ethically compliant behaviors.     

Past price ‘memory’ in the housing market: testing the performance of different spatio-temporal specifications

Recent methodological developments provide a way to incorporate the temporal dimension when accounting for spatial effects in hedonic pricing. Weight matrices should decompose the spatial effects into two distinct components: bidirectional contemporaneous spatial connections; and unidirectional spatio-temporal effects from past transactions. Our iterative estimation approach explicitly analyses the role of time in price determination. The results show that both spatio-temporal components should be included in model specification; past transaction information stops contributing to price determination after eight months; and limited temporal friction is exhibited within this period. These findings highlight the decidedly non-linear temporal patterns of such information effects.     

东亚区域经济周期及其同步性研究

本文运用动态因子模型和B-B算法,以1993q1-2008q3时间段内GDP季度数据为基础,考察了东亚十国(地区)共同经济周期及其具体特征.再根据动态因子模型得到的参数,比较了东亚各国(地区)和共同经济周期的相关性.我们发现,除中国和共同周期的关系不大,东亚其他国家(地区)和共同周期的关系比较紧密.     

The Valuation of Insurance under Uncertainty: Does Information about Probability Matter?

In a laboratory experiment we test the hypothesis that consumers' valuation of insurance is sensitive to the amount of information available on the probability of a potential loss. In order to test this hypothesis we simulate a market in which we elicit individuals' willingness to pay to insure against a loss characterised either by known or else vague probabilities. We use two distinct treatments by providing subjects with different information over the vague probabilities of loss. In general we find that uncertainty about probabilities has a weak impact on consumers' valuation of insurance. However, additional information about probabilities tends to marginally increase the price individuals are willing to pay to insure themselves. Implications for the insurance market are derived.     

A trivariate model of participation,fertility and wages: the Italian case

Italy has unusually low fertility by OECD standards, accompaniedby unusually low female participation in paid work. This paperaddresses the issue of the empirical relationship between fertility,female participation in the labour market and wages with theseItalian 'peculiarities' as a backcloth. A trivariate model ofparticipation, fertility and wages has been constructed andestimated using three pooled cross-sections of Italian microdata, allowing for the identification of cohort effects. Thismodel follows a 'purist' approach: the participation and fertilitydecisions, as well as the wage equation, are modelled as completelyjoint. The cohort effects turn out to be significant: the pointestimates do not appear to confirm actual trends, which arenegative for fertility and positive for participation. The femalewage is the most important variable influencing the propensityto have children and the propensity to participate in the labourmarket, casting doubt on suggestions that observed trends arethe products of shifts in women's 'tastes'.