METROPOLITAN HOUSE PRICES IN SOUTH AFRICA: DO THEY CONVERGE?

The question this paper investigates is whether or not different metropolitan areas each constitute a separate housing market or whether or not there is a single South African housing market. Theory on the Law of One Price suggests that if products or geographic areas belong in the same market, their absolute prices must converge, so that their relative prices are stationary. By using cross-sectional time series data of five metropolitan areas, the paper tests for the Law of One Price by applying the Im, Pesaran and Shin panel unit root test. The paper finds strong evidence of convergence in large middle-segment house prices and weaker support for convergence in medium middle-segment house prices. In addition, the paper finds no evidence for convergence in small middle-segment house prices. This suggests the existence of a national market for large and possibly middle-segment houses in metropolitan areas, but separate metropolitan markets for small middle-segment houses. In addition, the paper estimates the speed of convergence and finds that large middle-segment house prices converge within two to seven quarters, while the speed of convergence for medium middle-segment house prices in three of the five areas is five to eight quarters.     

一种新型高速数字锁相环的研究

本文针对传统方法实现的数字锁相环(DPLL)工作速率低的问题,通过对一种典型的DPLL的分析,找出影响其工作速率的主要因素,研究并提出了一种全新的高速实现方法,并在实验室进行了数据传输位同步提取实验。     

回顾"十五"成就展望"十一五"蓝图重庆站在新的历史起点上

重庆市第二届人民代表大会第四次会议和中国人民政治协商会议重庆市第二届委员会第四次会议，承载了全市人民的期望，绘就了重庆“十一五”发展的宏伟蓝图，昭示了重庆未来的发展前景，一个人气旺盛、活力进发、创业机会日益增多的重庆已站在新的历史起点上。[编者按]     

Wage and Price Inflation in Poland in the Period of Transition: The Cointegration Analysis

The paper focuses on the long run relationships between wages, prices and labour productivity in the Polish economy by applying recent developments in the field of multivariate cointegration analysis. We followed modeling strategy which is suggested by Greenslade et al. (1999) and present all stages of the analysis which leads to the fully economically identified system of equations representing long run relationships. The investigation is based on the quarterly data from 1992.1 to 1999.2 which covers the period of transition of the Polish economy from the centrally planned system towards the market one. Basing on the empirical results we can argue that wages (costs) were one of the main forces driving inflation in Poland during that period. Also labor productivity proved to be stimulated by the increase of the real wages. On the other hand the hypothesis concerning the relationship between wages and unemployment was rejected by the data.     

Optimal Patent Protection in a Two-Sector Economy

This article addresses the issue of optimal patent protection in an economy with a downstream and an upstream sector. The key insight is that higher patent protection in the downstream sector raises the incentives of agents to do R&D in that sector but discourages innovation in the upstream sector because of a market size effect. Hence, higher patent protection in the upstream sector accelerates growth whereas higher patent protection in the downstream sector slows it down. If some innovation is socially desirable, optimal patent protection is necessarily higher in the upstream than in the downstream sector.     

第三方物流企业内部控制要素的建立策略

第三方物流企业作为一种新型行业，企业的发展已越来越受到企业内部控制薄弱瓶颈的制约．借鉴企业内部控制理论最新成果——企业风险管理框架（ERM）八要素理论建立和完善第三方物流企业内部控制，对该行业做优做强有着深刻的现实意义。     

个人用户网络安全刍议

在互联网飞速发展的今天，网络频发的病毒和攻击事件使人们对个人用户的网络安全问题广泛关注。个人用户安全防范意识的淡薄，电子邮件、网络应用程序和操作系统的安全漏洞都为网络安全埋下了诸多隐患。要正确认识这些网络安全隐患，提高个人防范意识，采取积极的预防、检测和修补措施来保护网络系统安全。