绍兴中小纺织企业转型升级的路径微探

纺织业是绍兴的支柱产业之一,占绝对比重的中小纺织企业更是对绍兴的经济贡献起到了不可忽视的作用。但是新形势下,中小纺织企业在发展中暴露出种种弱点,为了走出困境,绍兴中小纺织企业必须尽快完成产业转型升级。本文主要从"微笑曲线"观点的角度,就绍兴中小纺织企业的转型升级的路径进行了一些探讨。     

The Role of Life Experiences on Perceptions of Leisure During Adulthood: A Longitudinal Analysis

This study examined the life experiences of adults and their effect on perceptions of leisure. Data for this study came from A Study of Leisure during Adulthood (ASOLDA), a 10-year study of the values, attitudes, and perceived freedom in leisure of 84 adults. Individual growth curve modeling was used to explore patterns and change within leisure domains for the sample. Life structure predicted adults’ perceived freedom in leisure while life events were predictive of adults’ leisure attitudes. Data from interviews were used to supplement the survey data to provide a better understanding of the predictors of leisure perceptions in this study.     

Estimating liquidity premia in the Spanish government securities market

This paper investigates the presence of liquidity premia in the relative pricing of assets traded on the Spanish government securities market. First, a classification of bonds into four different categories based on their degree of liquidity is proposed. Second, liquidity premia are estimated introducing liquidity parameters in the estimation of the zero-coupon yield curve. Results suggest the existence of a liquidity premium for post-benchmark bonds (both strippable and non-strippable). The size of this premium is relatively small. In the case of pre-benchmark bonds, the lack of liquidity does not seem to be priced. It is also shown that these pricing discrepancies are robust to the impact of taxes on bonds.     

The Most Beautiful Variations on Fair Wages and the Phillips Curve

This paper explores the connection between inflation and unemployment in two different models with fair wages in both the short and the long runs. Under customary assumptions regarding the sign of the parameters of the effort function, more inflation lowers the unemployment rate, albeit to a declining extent. This is because firms respond to inflation—which spurs effort by decreasing the reference wage—by increasing employment, thus maintaining the effort level constant as implied by the Solow condition. A stronger short‐run effect of inflation on unemployment is produced under varying as opposed to fixed capital, given that in the former case the boom produced by a monetary expansion is reinforced by an increase in investment. Therefore, I provide a new theoretical foundation for recent empirical contributions that find negative long‐ and short‐run effects of inflation on unemployment.     

Measuring the natural yield curve

We generalize the concept of the natural rate of interest (Laubach and Williams, 2003; Woodford, 2003) by defining and estimating the natural yield curve (NYC) – the term structure of natural interest rates. Our motivation stems i.a. from the observation that at times when central banks attempt to directly affect long-term interest rates (e.g. via quantitative easing) the gap between the short-term real and natural rate is no more a good indicator of the monetary policy stance. We estimate the NYC on US data, document its main properties and show i.a. that in the period 2008 to 2011 the NYC allows to better capture the US monetary policy stance than the short-term natural rate.     

Dynamics of environmental quality and economic development: the regional experience from Yangtze River Delta of China

This article investigates the dynamic relationship between economic progress and environmental quality at a regional level. An important economic intuition in this context is that environmental degradation will be limited by human behaviour if costs and benefits of such degradation are local since economic agents will then be incentivized to choose appropriate corrective action. Therefore, we note the likelihood that regional economic development can help regions ‘grow out of’ environmental problems. Using a new data set from Yangtze River Delta of China, we find a strong confirmation of the intuition that human can and will resolve the environmental problem by altering the damaging behaviour of economic agents. A very interesting finding of this study is that the relationship between environmental quality and economic progress measured by per capita income can display a wave-like function in the case of water pollution, as opposed to the much dramatized environmental Kuznets curve, with significant policy implications.     

Strategic visualisation tools for managing technological information

In an information economy, the effective management of a massive amount of technological information is inevitable when attempting to facilitate the decision-making process. It is an important part of selecting R&D projects and allocating budgets to promising technology development. Information visualisation is thus regarded as a critical tool in technological information management because it can provide decisive implications that the intelligence of humans cannot produce. This paper proposes six graphical forms, including a technology tree, a technology map, a technology network, a technology matrix, a technology curve, and a technology dictionary, presenting the generic form and concept of each method. Moreover, the principles and applications of such visualisation tools are suggested in order to enhance their use in practical circumstances. A case study of TFT-LCD (thin film transistor-liquid crystal display) technology will help to explain how to apply visualisation tools to strategic technology management.     

Bond pricing with a surface of zero coupon yields

We present a new method for consistent cross‐sectional pricing of all traded bonds in the fixed income market. By applying thin plate regression splines ( Wood, 2003 ) to bootstrapped zero coupon bond yields ( Hagan and West, 2006 ), the method decomposes traded yields into a risk‐free component plus premia for credit and liquidity risks, where the decomposition is consistent with the market valuations and underlying cash flows of the bonds. We apply the framework to end of quarter yield data from 2008 to 2011 on Australian dollar denominated semi‐government, supranational and agency (SSA) bonds, and find that the surface provides an excellent fit to the underlying zero coupon yield curves. Further, the decomposition of selected yield time series and cross‐sections demonstrates how credit premia increased for Australian SSA bonds through the Global Financial Crisis (GFC), but were counterbalanced by liquidity discounts as investors sought safe haven securities.     

Health benefits of tunneling through the Chinese environmental Kuznets curve (EKC)

In this paper, we first add to what is a growing literature on the existence and nature of the environmental Kuznets curve (EKC) model for developing countries, by testing for the existence of an EKC for China using a panel data set of city-specific, annual ambient levels of SO₂ pollution. We find some support for both the typical inverted-U-shaped relationship and an N-shaped, cubic configuration. More significantly, we then explore the possibility of China's “tunneling” through the EKC, by using newer, cleaner technologies, and thereby avoiding some of the environmental degradation that had often accompanied economic growth. Specifically, we estimate and economically value the health benefits realizable to Chinese cities from successful efforts to “tunnel” under the EKC over the next generation.     

旅游经济园区的建设及空间模式

旅游经济园区兼具旅游功能与园区集聚功能,表现出"一体二翼"和"S曲线效应"的发展特征,成为当前景区发展的重要形式。按照空间关系,旅游经济园区可分为景区包容型、景区外扩型、景区交错型、产业区包容型四种模式。旅游经济园区建设必须遵循国家、地方土地利用法令、法规,坚持景区近邻性原则和地域性原则,以资源禀赋特点为基础,走产业多样化道路,促进旅游经济与区域产业经济良性互动,并以浙江天目山国家自然保护区为例进行了实证分析。