货币政策传导的信贷渠道：理论与中国的现实

我国货币政策传导机制中,由于利率市场化程度不高、货币市场不发达等因素,制约了利率传导机制、资产价格机制、汇率传导机制的有效性。在回顾货币政策传导机制各种理论的基础上,分析我国货币政策的信贷渠道,并通过实证检验,揭示出目前信贷渠道仍然是我国货币政策传导的主要途径。     

促进西藏太阳能资源开发利用的财政支持——基于西藏经济发展方式转变的视角

党的“十八大”提出建立美好中国的生态建设理念,西藏是我国太阳能资源最丰富的地区,发展太阳能产业既是建设小康西藏的需要,又是建设生态西藏的需要.要大力发挥财政对资源配置的职能,支持西藏太阳能产业的发展.     

Investment decision-making under economic policy uncertainty

It is widely established that economic policy uncertainty (EPU) affects investment decisions and performance, yet research in this area has overlooked the direct property investment market. This article seeks to rectify this and proposes a multistage multilevel analytical framework to offer new insights and a richness of findings. Using a news-based measure of EPU in the United Kingdom, and controlling for economic conditions, a national-level analysis reveals some evidence of Granger-Causality between EPU and total returns, indicating that pricing is responsive to uncertainty. These findings suggest that EPU is an important risk factor for direct property investments, with pricing implications. Differences in data and performance measure are important, however, with income returns unresponsive. A micro-level investigation begins to reveal some of the asset-pricing decisions underpinning the national results, indicating investors’ concerns for income streams are consistently high, regardless of varying EPU. Pricing can also cause changes in EPU, such as in the retail and industrial markets (increasingly linked through logistics) reflecting sector-specific stakeholder groups and newsworthy issues. This evidence highlights how important it is for policy-makers to understand the complex and bi-directional relationship, that indecision can undermine investment confidence and cause investment market volatility, in turn raising EPU.     

中国生物质利用政策演变与展望

介绍了中国生物质利用政策的背景:保障能源安全,保护环境,促进经济社会可持续发展。阐述了中国生物质利用政策发展演变的四个阶段:早期的生物质利用政策、能源需求增长下的生物质利用政策、能源安全下的生物质利用政策、全球气候变化下的生物质利用政策。展望了中国生物质利用政策的发展前景和方向:非粮,非耕地,立足国内,并注重保护环境。     

Can tourism be part of the decarbonized global economy? The costs and risks of alternate carbon reduction policy pathways

Global leaders agree on the need to substantially decarbonize the global economy by 2050. This paper compares potential costs associated with different policy pathways to achieve tourism sector emission reduction ambitions (?50% by 2035) and transform the sector to be part of the mid-century decarbonized economy (?70% by 2050). Investment in emissions abatement within the tourism sector, combined with strategic external carbon offsets, was found to be approximately 5% more cost effective over the period 2015–2050 than exclusive reliance on offsetting. The cost to achieve the ?50% target through abatement and strategic offsetting, while significant, represents less than 0.1% of the estimated global tourism economy in 2020 and 3.6% in 2050. Distributed equally among all tourists (international and domestic), the cost of a low-carbon tourism sector is estimated at US$11 per trip, equivalent to many current travel fees or taxes. Exclusive reliance on offsetting would expose the sector to extensive and continued carbon liability costs beyond mid-century and could be perceived as climate inaction, increasing reputational risks and the potential for less efficient regulatory interventions that could hinder sustainable tourism development. Effective tourism sector leadership is needed to develop a strategic tourism policy framework and emission measurement and reporting system.     

Policies to increase business tourism income: A dynamic panel data model

This article aims to identify the determinants that influence business tourism income and that may be controlled by economic agents and policy makers of destination countries. For the development of the empirical study, a dynamic panel model by the Generalized Method of Moments (GMM) was estimated using the Gretl 2016a software, and a sample of 122 countries for the period 2002–2013 (12 years) was used. The study reveals that, for the development of policies to stimulate the growth in the short and long-term of business tourism income, countries should develop measures that encourage capital investment in tourism and foreign direct investment.     

Low carbon transport strategy in Europe: A critical review

ABSTRACT

The purposes of this article are to depict ongoing trends regarding the transport system in Europe, to introduce readers to the challenges that Europe (and the rest of the world) will face in the future, to show which strategies Europe plans to deploy to mitigate the negative impacts the transport system imposes on the overall system, and finally to discuss the potential of these suggested strategies to contribute to the objectives of the European Union in the long run.     

The effects of beach characteristics and location with respect to hotel prices

This paper measures the effects of beach characteristics and hotel location with respect to the beach on sun-and-beach hotel prices by using a well-established hedonic perspective. The paper’s main results are that, after controlling for the relevant variables, location in front of a beach increases the price of a room in costal hotels of Catalonia by a figure between 13 and 17%, and that a Blue Flag increases the price by around 11.5%. The effects on hotels’ prices of other beach characteristics (such as beach length, width, sand type or beach services) are also estimated. With these estimates, the paper ranks beaches according to their characteristics and provides a setting to assess different policies regarding beaches from the point of view of hotels, such as regeneration, maintenance or achieving a Blue Flag award.     

The cyclical behaviour of fiscal policy: evidence from the OECD

This paper addresses the topic of cyclicality in fiscal policy. In particular, we show that the level of cyclicality varies across spending categories and across OECD countries. In line with leading theories of fiscal cyclicality, we show that countries with volatile output and dispersed political power are the most likely to run procyclical fiscal policies. Wage government consumption is highlighted as the most important channel by which these variables affect fiscal cyclicality.