Money,Bitcoin, and Monetary Policy

A search-theoretic model is constructed, where money and Bitcoin can be used as mediums of exchange. We investigate how each currency facilitates transactions and how they compete with each other. Quantitative analysis shows that welfare in an economy with both money and Bitcoin is lower than in a money-only economy due to congestions in the confirmation of Bitcoin transactions and that the welfare gap between the two economies expands as inflation rises. Moreover, an increase in transaction fees for Bitcoin can increase welfare by reducing inefficient Bitcoin transactions.     

环境不确定性对渐进式创新和突破式创新的影响研究

文章探讨了环境不确定的三个维度(需求不确定性、技术不确定性和竞争强度),分别对企业渐进式创新和突破式创新的影响。并通过对404家中国企业的实证研究发现:环境不确定性的三个维度对渐进式创新和突破式创新影响不尽相同,其中需求不确定性对渐进式创新和突破式创新的影响不显著;技术不确定性与渐进式创新负相关,与突破式创新正相关;竞争强度对渐进式创新的影响不显著,与突破式创新负相关。     

Local municipality productive efficiency and its determinants in South Africa

This paper assesses the technical efficiency of 231 local municipalities in South Africa for 2007 and investigates the potential determinants of efficiency gaps using the non-parametric data envelopment analysis technique. Efficiency scores are explained in a second-stage regression model using a Tobit regression model. To the best of our knowledge, this is the first attempt, using such a technique, to assess technical efficiency at the local government level in the African context. The results show that, on average, B1 and B3 municipalities could have theoretically achieved the same level of basic services with about 16% and 80% fewer resources respectively. Furthermore, fiscal autonomy and the number and skill levels of the top management of a municipality's administration were found to influence the productive efficiency of municipalities in South Africa. Perhaps most importantly, the results depict a bleak picture of the democratic behaviour at the local level in South Africa. It appears that higher income and highly educated households do not feel the incentive to be active participants in public decision-making processes. The paper findings raise concerns over the future of local municipalities in the country, especially about their capability to efficiently deliver expected outcomes on a sustainable basis.     

浅析绿色建筑的经济性评价

在可持续发展思想的指导下,绿色建筑顺其自然成为建筑业的发展未来。文章将着手构建绿色建筑经济效益评价模型,为促进绿色建筑的发展奠定基础。详细剖析绿色技术的各项增量成本、增量效益,更加准确的评价绿色建筑的经济性。     

Travel behaviour among inbound medical tourists in Kuala Lumpur

Despite recording the highest growth among tourism sub-sectors [Dhesi, D. (2009, March 25). Medical tourism rises in Malaysia despite economic downturn. The Star Online. Retrieved from http://www.malaysiahealthcare.com/; Leonard, T. (2009, July 24). Medical tourists to bring in RM 540 million by 2010. Retrieved from http://www.malaysiahealthcare.com/; Tourism Malaysia. (2008). Profile of tourist by selected markets 2008. Kuala Lumpur: Tourism Malaysia], little is known empirically with regard to travel behaviour among inbound medical tourists in Malaysia. This study examined the demographic profile, travel motivation, healthcare consumption, and expenditure behaviour among them in Kuala Lumpur. Using the combination of purposeful and convenience sampling, a total of 138 questionnaires were completed, returned, and analysed. The majority of the respondents were female, middle aged, travelling with two others and Indonesians. Their main travel motivation factors were ‘value for money’, ‘excellent medical services’, ‘supporting services’, ‘cultural similarity’, and ‘religious factor’ in descending order of importance. Medical treatment, cosmetic procedure, surgical procedure, and medical check-up were important healthcare services sought after by the respondents. On average, medical tourists spent MYR 26,844.19 per visit, with females and tourists of European descent contributing significantly more. Tourists from ASEAN had stronger motivation of ‘cultural similarity’ compared with other tourists. This paper is unique in providing the empirical evidence of the city's unique selling points (pull factors) in attracting inbound medical tourists. It also highlights the potential economic contribution and some managerial implications in terms of marketing and product development.     

中国式“荷兰病”与中国区域经济发展

文章从实证角度深入探讨了中国式"荷兰病"通过"支出效应"、"资源转移效应"和"人民币汇率效应"等渠道,对中国区域经济发展特别是对西部大开发的影响.文章建议适时扩大人民币汇率浮动区间,加大中央政府对中西部地区在政策和资金等方面的支持力度,以及鼓励中西部内陆地区更积极主动地改善投资环境和培育优势产业,从而减少中国式"荷兰病"对中国区域经济发展的不利影响,促进我国区域经济的协调发展.     

金融危机影响下清洁发展机制及其相关产业发展

本文以福建东乌礁湾30MW风力发电项目、中国龙源电力集团公司为案例,探讨了我国风电企业在金融危机背景下的发展问题,并展望了清洁发展机制和新能源等相关产业在我国的发展前景,为进一步发展我国的清洁发展机制提出了若干策略建议。     

The long-run determinants of inequality: What can we learn from top income data?

This paper studies determinants of income inequality using a newly assembled panel of 16 countries over the entire twentieth century. We focus on three groups of income earners: the rich (P99–100), the upper middle class (P90–99), and the rest of the population (P0–90). The results show that periods of high economic growth disproportionately increases the top percentile income share at the expense of the rest of the top decile. Financial development is also pro-rich and the outbreak of banking crises is associated with reduced income shares of the rich. Trade openness has no clear distributional impact (if anything openness reduces top shares). Government spending, however, is negative for the upper middle class and positive for the nine lowest deciles but does not seem to affect the rich. Finally, tax progressivity reduces top income shares and when accounting for real dynamic effects the impact can be important over time.     

Does excessive buying for self relate to spending on pets?

Using two studies, this article explores how a tendency to buy excessively for self relates to spending on one's pet. Existing research on excessive buying reports that these buyers spend money primarily on themselves. Excessive buying is the tendency to be preoccupied with buying and, consequently, to buy relatively more and more often than others. The first study, using a qualitative research approach, provides insights into the relationship of excessive buying for self and for pets. This study reveals that excessive buyers consider their pets as full family members and extensions of themselves. The second study, a national survey conducted via the Internet, provides a quantitative test of the relationship between excessive buying for self and spending on pets. Respondents who score high on an excessive buying index also tend to spend more on their pets for toys, food treats, clothing, accessories, and grooming products.     

论区域性物流中心的建设

结合物流业的发展,对区域物流与区域经济的关系、区域性物流中心的功能,我国目前区域性物流中心建设中存在的问题及今后的发展对策进行了初步探讨。