THE EUROMARKETS AND THE NEW ZEALAND GOVERNMENT IN THE 1960S

The rapid development of the Euromarkets and the more gradual opening of the West German and other capital markets to external borrowers were significant events in the reglobalisation of financial markets beginning in the 1960s. Finding it increasingly difficult to borrow in the domestic British and US capital markets, the New Zealand government sought to take advantage of the Euromarkets. As well as providing an antipodean perspective on the early Euromarkets, this paper comments on developments in the City of London in the 1960s, and outlines the process by which a relatively inexperienced borrower set about building a communicating infrastructure that enabled relationships to be forged with overseas financial institutions.     

Gender Differences in the Giving and Taking Variants of the Dictator Game

We run between‐subject dictator games with exogenously specified “give” or “take” frames involving a balanced pool of male and female dictators and constant payoff possibilities. We find the following: Females allocate more under the taking frame than under the giving frame. Males allocate more under the giving frame than under the taking frame. In the taking frame females are more generous than males. But in the giving frame both are equally generous. Finally, when the combined population of males and females is considered, giving is found to be equivalent to “not taking,” because the opposing gender effects offset each other.     

A behavioral cobweb-like commodity market model with heterogeneous speculators

According to empirical studies, speculators place significant orders in commodity markets and may cause bubbles and crashes. This paper develops a cobweb-like commodity market model that takes into account the behavior of technical and fundamental speculators. We show that interactions between consumers, producers and heterogeneous speculators may produce price dynamics which mimics the cyclical price motion of actual commodity markets, i.e., irregular switches between bullish and bearish price developments. Moreover, we find that the impact of speculators on price dynamics is non-trivial: depending on the market structure, speculative transactions may either be beneficial or harmful for market stability.     

基于建立施工企业质量管理体系模式的研究——以GB/T50430与GB/T19001的要求为依据

GB/T19001-2008《质量管理体系要求》与GB/T 50430-2007《工程建设施工企业质量管理规范》相结合应用于建立实施施工企业质量管理体系,能更加有效的提高规范施工企业质量管理活动、提高工作质量和工程质量、提高顾客满意度的有效性和效率。     

论我国政策性金融体系的完善

政策性金融在资源配置中具有特殊作用,我国政策性银行的地位需进一步强化,体系待完善。应从加快建立政策性金融法规和专门的政策性金融监管机构、拓宽政策性银行的筹资渠道、加强现有政策性银行的建设及适时增设新的政策性金融机构几个方面出发,建立符合中国国情的较为完善的政策性金融体系。     

广西生态旅游的现状、问题和对策

生态旅游是我国也是广西正兴起的一种旅游活动,它鲜明的特点决定了它在旅游业中的重要地位,然而在开发中存在诸多问题。需采取相应对策：增强旅游意识,建立法规、条例,先规划后开发,合理控制旅游活动量,加强管理力度,注重信息、掌握动态和适度开发,才能使广西的生态旅游有序快速发展     

The effect of family welfare support on the likelihood of having another child and parents’ labor supply

Governments have recently attempted to reverse the below-replacement fertility rates in Europe by reducing child-rearing costs through child benefits, grants and paid leaves. This article examines the causal effect of family allowances on the likelihood of having another child, and on the extensive and intensive margins of labor supply. Evidence from Switzerland suggests that higher child benefits incentivize parents to have more children but do not affect their employment choice. The effect is larger for low-income families. These findings imply that policies aimed at improving the economic well-being of families are likely to increase fertility rates without distorting labor market outcomes.     

Do forecasters of major exchange rates herd?

This paper uses forecast data from 1995 through 2014 to examine, whether the market consensus of exchange rate forecasts has an effect on the forecasts of individual experts. Such an effect could take the form of herding or anti-herding. We use a very comprehensive data set to study experts' forecasts of three of the most important exchange rates. The results indicate that anti-herding vis-à-vis the consensus of forecasts occurs more often than herding. We also show how the increase in the forecasting horizon and financial crises affect the intensity of anti-herding behavior. Moreover, we report that the (anti-)herding behavior does not affect the forcasting performnce.     

What influences aggregate inflation expectations of households in India?

We analyse the factors influencing Indian households’ inflation expectations and draw out implications for inflation targeting. The literature finds news on inflation affecting expectations. Using quarterly data from India over 2008–2019, we find: (i) in estimated epidemiological models of learning in expectation formation, the response coefficient on inflation news in the shape of central bank forecasts exceeds coefficients estimated for advanced economies, implying official views having a relatively greater weight on expectations; (ii) error variance decompositions of expectations to shocks in variables including commodity and core inflations, demand and policy variables in a series of SVARs, also show policy communications affecting expectations in the short-term. Food inflation has a significant short-run effect on expectations, but demand determined core inflation dominates over the long run; (iii) impulse responses show a rise in the policy rate raising expectations. The above results show communications as more effective than policy rates in influencing inflation expectations.