The macroeconomic relevance of bank and nonbank credit: An exploration of U.S. data

This paper exploits the Financial Accounts of the United States to derive long time series of bank and nonbank credit to different sectors, and to examine the cyclical behavior of these series in relation to (i) the long-term business cycle, (ii) recessions and recoveries, and (iii) systemic financial crises. We find that bank and nonbank credit exhibit different dynamics throughout the business cycle. We also examine the role of bank and nonbank credit in the creation of financial interconnections and illustrate a method to conduct macro-financial stability assessments.     

陈云在财经领域中的思想政治教育思想述论

陈云是我国社会主义经济建设的开创者和奠基人之一。陈云在经济领域中的杰出贡献,也与他高度重视思想政治工作是分不开的。陈云在财经领域中的思想政治教育思想主要表现在:经济建设中的勤俭节约,艰苦奋斗;克服经济工作中的事务主义倾向;整顿财经工作作风,严肃财经纪律;尊重经济客观规律,按照规律办事。在全面深化改革、扩大开放、一心一意谋发展、聚精会神搞建设的当下,重温陈云在财经领域中的思想政治教育思想具有重大意义。     

An Exploratory Study on Nonlinear Causality Among the MILA Markets

According to conventional portfolio theory, an increase in the interconnectedness of international financial markets may reduce the potential for constructing diversified portfolios. This article explores the implications of the creation of the Latin American Integrated Market (MILA)¹ over the dependence structure of its members using correlation and cointegration analysis as well as linear and nonlinear Granger causality tests. The creation of MILA aimed to enhance the integration process that Latin American financial markets “naturally” present while still providing diversification opportunities to investors. The results of our empirical analysis suggest that such objective is being achieved. Evidence of a rise in cross-country linear correlations and their linear causal relationship supports the idea of an increasing financial integration process in the region, while the absence of cointegration and the weakening of the nonlinear causal relationship favors the creation of diversified regional portfolios. These findings provide valuable insights for investment portfolio designers, regulators, and supervisors.     

Activation and variation of the United Nation’s cluster coordination model: a comparative analysis of the Haiti and Japan disasters

The coordinated response to extreme events is critical as illustrated by recent disasters in Haiti and Japan. As a way for coordinated provision of international humanitarian assistance to disaster-hit countries, the Office for the Coordination of Humanitarian Affairs (OCHA) developed cluster coordination model (CCM). With content analysis and network analysis of OCHA situation reports, this study checked four premises regarding activation of CCM, interaction between national and international actors, roles of proximity country, and level of cluster coordination. This study found that there were meaningful variations in implementing the CCM for 2010 Haiti and 2011 Japan disasters. From the analyses, we found that the current CCM may be vulnerable to black swan disasters; thus, extensive and active estimation of national disaster management capacities should be conducted to prevent collapse of national disaster management system. However, the reconciliation of state sovereignty and international humanitarian assistance also should be considered.     

Constructive and computable Hahn–Banach theorems for the (second) fundamental theorem of welfare economics

The Hahn–Banach Theorem plays a crucial role in the second fundamental theorem of welfare economics. To date, all mathematical economics and advanced general equilibrium textbooks concentrate on using non-constructive or incomputable versions of this celebrated theorem. In this paper we argue for the introduction of constructive or computable Hahn–Banach theorems in mathematical economics and advanced general equilibrium theory. The suggested modification would make applied and policy-oriented economics intrinsically computational.     

Cross-Cultural Consumer Behavior: Use of Local Language for Market Communication—A Study in Region Friuli Venetia Giulia (Italy)

Cross-cultural consumer behavior is of market interest due to globalization of marketplaces, migration, multicultural marketplaces, and diffusion in the EU of many languages. The objective of this study is to check whether the local language used in a marketing communication could affect the consumers’ preferences for food products. The theoretical foundation is the consumer motivational approach that goes deeper into motivations interfering with the consumers’ preference order. The multivariate conjoint analysis is used to evaluate the preferences for attributes described in different languages. A number of students from the University of Udine (located in the northeastern part of Italy) have been submitted to interviews to examine their preferences for a simulated sandwich package reporting information in different languages, distributed by vendor machine. The results suggest that the consumer’s reaction to local language depends on sociodemographic profile, cultural background, language knowledge, and family education, and the local language could actually be used as a market tool for market segmentation. These results are of interest to many EU countries with bilingual communities such as Spain, Belgium, the UK, Switzerland, and most of the Italian regions where local languages are still alive.     

Career Patterns of Supply Chain Executives: An Optimal Matching Analysis

This exploratory study analyzes the careers of 307 supply chain executives (SCEs). Motivated by career theory, our findings create new knowledge about the educational backgrounds and career paths that lead to SCE positions. Based on an optimal matching analysis, we are able to distinguish among six career patterns for SCEs. They differ in terms of the individuals’ previous professional experience, educational background, and the time they needed to arrive in an executive position. By characterizing the backgrounds and career paths of SCEs, we show that supply chain management (SCM) is truly a cross‐functional profession. Our findings suggest that previous staff responsibility appears to be a more important hiring criterion than extensive SCM experience. While 56% of the executives had prior staff responsibility, only 12% of the cumulated careers were actually spent inside the SCM function.     

大学生就业现状与高校教育收费的相关关系研究

近些年,大学生就业难已经成为社会所密切关注的问题之一.最近在对大学生就业难问题原因的探讨上,部分学者认为源于教育高收费,“成本困境”才是困扰大学生就业的真正致因抑或“瓶颈”.针对此种观点,本文在实证分析的基础上发现教育收费高并不是导致我国大学生就业难的根源,教育收费并不是大学生就业难的Granger原因,它只与我国大学生就业存在一定程度的负相关,并且这种相关性较弱,而学费高问题应由我国政府投入加以解决.     

Ka频段双模航空客舱宽带卫星通信系统总体设计

针对民航市场对客舱宽带卫星通信的迫切需求，提出了一种基于Ka频段高通量卫星的双模解决方案。研究了系统设计的诸多方面，包括卫星资源选择、网络结构、技术体制和适航性。详细介绍了机载设备的组成和双模工作原理，分析了几个与设计实现密切相关的技术指标。方案设计和技术指标分析结果对实际工程应用有一定的参考价值。     

我国主要粮食产品国际竞争力分析

我国主要粮食产品产量在国际上排名靠前,但是国际市场占有率较低,国际竞争力长期处于劣势地位。当前国际经济形势缓慢复苏,正是着力提升我国主要粮食产品国际竞争力的大好时机。文章基于我国主要粮食产品国际贸易现状,重点通过相关指数和回归模型对我国主要粮食产品国际竞争力进行分析,从而得出若干结论及建议。