The non-inclusive nature of ‘all inclusive’ economics: Paradoxes and possibilities of the resort complex

The ‘All Inclusive’ (AI) concept has revolutionized package hospitality services and captured the attention of many industry stakeholders. Scholars have mostly investigated AI from the marketing perspective, whereas the economic ramifications of this type of product, for both hospitality operators and local communities, are still a barren landscape. Using a mixture of quantitative analysis techniques, including a two-step cluster analysis and econometric modeling, the study aims to enhance our conceptual capital pertaining to the economic impact of AI for local communities. The study focuses on overall tourists' spending, both within and outside their accommodation, with expenditure segmented into seven study-specific categories that highlight the economic specificities of AI. Findings, of interest to industry stakeholders, revealed the problematic and ambiguous status of AI provision in Cyprus, whereas actions, espousing the principles of cluster theories, that could maximize the economic contribution of AI to local economies are suggested.     

Monetary and Financial Cooperation Between China and the One Belt One Road Countries

ABSTRACT

Based on the theory of optimal currency area (OCA), we calculate the OCA index between China and the OBOR partners with the expressed objective of identifying which partners exhibit monetary and financial compatibilities, and hence present the best potential in terms of cost and benefits. Our findings suggest that among South East Asia region, Malaysia exhibits the highest compatibility and profit potential, followed by Thailand and Vietnam. For the East European area, Poland and Croatia show the best potential in terms of monetary and financial cooperation; with the Czech Republic as close third. Based on our computation, currently Central Asia and the Middle East do not possess the condition or potential for beneficial financial and monetary collaboration.     

基于内部控制(IC)的高速公路企业风险管理分析

本文从企业控制环境、风险评估、控制活动以及信息沟通四个方面针对广东省高速公路交通企业开展实地问卷调研。并对调研结果进行统计分析。调研结果显示:目前在交通企业目前内部控制体系中普遍存在组织架构不健全、资金、债务管理不善等问题。立足于调研结果,通过分析交通企业风险产生的环节,总结得出交通企业风险产生机制。结果表明,交通企业风险产生环节主要是1工程准备和施工环节;2融资信贷环节;3市场开拓、项目合作与并购环节。而这些环节之所会引发风险的产生最根本的原因是企业内部控制失调。鉴于此,本研究结合交通企业自身的特点,运用全面风险管理论,提出改善企业内部控制,并与风险管理相结合的方法。     

Accessibility and Transit-Oriented Development in European metropolitan areas

This study investigates how urban form is related to accessibility. In particular, it explores the relationship between Transit-Oriented Development (TOD) and rail-based accessibility in a metropolitan area. The following overarching questions are addressed: Does a TOD-informed urban spatial structure correlate with high rail based accessibility? Which features of TOD are correlated to rail-based accessibility? These questions are answered through a comparative analysis of six metropolitan areas in Europe. The “TOD degree”, operationalized as the extent to which urban development is concentrated along rail corridors and stations, is correlated with a cumulative opportunity measure of rail-based accessibility to jobs and inhabitants.The comparison demonstrates that rail-based accessibility is higher in urban areas where inhabitants and jobs are more concentrated around the railway network and in lesser measure in urban areas with higher values of network connectivity. No correlation is found between rail-based accessibility and average densities of inhabitants and jobs.     

TEN YEARS OF GENERAL OLIGOPOLISTIC EQUILIBRIUM: A SURVEY

In this paper, I survey the recent and rapidly increasing theoretical literature using the brand‐new approach in embedding oligopolistic competition in general equilibrium, as designed by J. Peter Neary. First, I introduce the reader to Neary's approach, by describing the main ingredients. Then, I present a comprehensive set of studies that, over the last decade, apply this approach in different contexts, most of which are in open economy, and I examine the relevant outcomes. Although the theoretical literature has generously advanced, there is a lack of research on the empirical side, which would be an important area for future research besides theoretical extensions, some of which I highlight in the conclusions.     

The impact of mandatory trans fat labeling on product mix and consumer choice: A longitudinal analysis of the U.S. Market for margarine and spreads

The impact of changes in food labeling policy on food consumption depends on how market participants—both firms and consumers—react to the changes across all products in the market. We investigate how both responded to the U.S. Food and Drug Administration’s 2006 rule mandating that the quantity of trans fat in food products be separately labeled on the mandatory Nutrition Facts Panel across an entire differentiated product category. Using a longitudinal data set tracking both product offerings and consumer purchases in the market for margarine and spreads for over a decade, we analyze how product mix and consumer purchase behaviors were influenced by the new regulatory requirement. We find that the number of products bearing voluntary “trans fat free” labels increased after the labeling regulation was implemented. However, a large number of the newly introduced products exited the market within five years. As a result, the FDA’s 2006 rule had a stronger short-run than long-run effect on product offerings. Even after the introduction of additional “trans fat free” labeled products, such products remained only a small percentage of margarine and spreads product offerings, increasing from a pre-regulation level of 2.3% of the market to a peak of 6.5% in 2007 before dropping to 3.1% by 2011. In addition to firm response, we examine demand-side reactions to the 2006 rule and find that consumers significantly increased their expenditures on “trans fat free” labeled products soon after the labeling changes were implemented, increasing from about 1.2% of the market in 2001 to a peak of 5.9% in 2007, before returning to 1.8% in 2011. We further explore variations in responses across different demographic characteristics. Although long-run effects are small, the market for “trans fat free” labeled margarine and spreads settled into a new equilibrium with a somewhat higher level of products in the market than prior to the 2006 rule taking effect and a somewhat higher share of expenditures in the category. Overall, our category-wide analysis of both firm and consumer behavior indicates that the effects of the labeling policy change were smaller in the longer run in this market than would be indicated by an analysis of only new product introductions in response to the policy change.     

我国中小企业三维差异化特征比较研究

作为推动国民经济增长和促进社会稳定的基础力量,中小企业在市场中扮演着最活跃的经济主体。与大企业相比,中小企业有其鲜明的成长特征,从动态演进视角选取体量规模、生命周期、要素需求三个维度,系统探讨了中小企业的差异化特征。结论显示:体量规模特征反映在个体与群体以及经济板块之间;生命周期特征体现在死亡陷阱和空间格局演变上;要素需求特征会根据阶段创新内容的不同做出适时调整。     

Pareto-undominated and socially-maximal equilibria in non-atomic games

This paper makes the observation that a finite Bayesian game with diffused and disparate private information can be conceived of as a large game with a non-atomic continuum of players. By using this observation as its methodological point of departure, it shows that (i) a Bayes–Nash equilibrium (BNE) exists in a finite Bayesian game with private information if and only if a Nash equilibrium exists in the induced large game, and (ii) both Pareto-undominated and socially-maximal BNE exist in finite Bayesian games with private information. In particular, it shows these results to be a direct consequence of results for a version of a large game re-modeled for situations where different players may have different action sets.     

How useful is an Asian Currency Unit (ACU) index for surveillance in East Asia?

An Asian Currency Unit (ACU) index is constructed using an alternative procedure which minimizes a basket or portfolio of assets expressed in terms of national currencies. Using this estimated ACU index and an ACU deviation indicator, the main finding of this study based on the current trajectory of East Asian currencies relative to this regional ACU benchmark is that there is a formation of two contrasting groups of countries in the region—one group of strong currencies and one group of weak currencies. We emphasize that this contrasting trajectory in East Asian intra-regional exchange rates implies disturbed competitive trading relationships in the region, which may result in wasteful beggar-thy-neighbor policies. As emphasized in other recent studies (e.g., Kawai and Takagi, 2012), the region needs a framework for exchange rate policy coordination that will promote intra-regional exchange rate stability. We suggest two important ways in which the region can capitalize on using an ACU index for surveillance purposes in the immediate term. One way is to assess “over- and undervaluation” of individual currencies from the regional ACU average. The other is to use it as a monitoring device for excessive flows of international capital within the region.     

Optimal rebalance rules for the constant proportion portfolio insurance strategy – Evidence from China

The constant proportion portfolio insurance (CPPI) strategy is one of the most popular asset allocation strategies employed by guaranteed-return financial products investors. Rebalance disciplines play an important role in determining the CPPI performance in practice. This paper examines whether the selection of rebalance rules affects CPPI strategy performance in the context of Chinese equity markets and, if so, in what pattern, and whether an optimal parameter of rebalance exists. We find that, (1) the three alternative rebalance disciplines – time discipline, market move discipline and lag discipline – are indifferent in affecting the performance of CPPI strategy; (2) in terms of optimal parameters of each rebalance rule, the optimal rebalancing period for the time discipline is 3 trading days, the optimal trading threshold of the market move discipline 4%, and the optimal lag factor of the lag discipline 6%. These optimal parameters are not influenced by the length of investment.