Consumption and stock markets in Asian economies

This paper investigates the causal links between stock market performance and consumption for five Asian economies by applying the bound tests of Pesaran et al. and lag augmented VAR of Toda and Yamamoto . We find two‐way causal relationships between stock market performance and consumption in the cases of Hong Kong and Taiwan in the long run. The existence of such two‐way causal links indicates that stock market performance and consumption mutually affect each other, implying that the previous studies may have overestimated the wealth effect of the stock markets without taking account of the reverse causation from consumption to the stock markets. The short‐run effect of the stock market on consumption is more visible than the long‐run effect in most of the sample economies, suggesting that changes in consumption directly reflect stock market fluctuations.     

抽油机井日常管理能耗节点标准的确定

Q/SY DQ0804-2002《采油岗位技能操作程序及要求》中规定抽油机井平衡率应达到85%以上;皮带上好后,皮带下按不超过二指为松紧适合;加完盘根后,应不渗不漏,光杆不发热。该标准定性给出了一个参考范围,没有定量给出具体参数,无法作为能耗节点控制参数标准执行使用。通过应用CDY-IA型抽油机井电机多参数测试仪,现场测试不同生产状况抽油机井在不同平衡率、皮带张紧力和盘根松紧度工作状态下的能耗值,对试验数据回归分析,确定出抽油机井最佳能耗调整范围平衡率在90%~100%之间;皮带张紧力在15~20N之间;盘根松紧度力矩值小于60N·m。研制了皮带和盘根松紧度测试仪,实现了皮带张紧力和盘根松紧度定量管理。经现场应用和效果评价,节电率达11.66%,取得了较好的经济效益。     

江苏省能源消费与经济增长的互动关系研究

本文依据1985~2009年江苏省能源消费总量和GDP的统计数据,运用协整理论,格兰杰因果关系检验,并在建立VAR模型的基础上进行脉冲响应函数和方差分析,对能源消费与经济增长的互动关系进行定量分析。结果表明,江苏省能源消费与GDP之间存在长期稳定的均衡关系,并存在从能源消费到经济增长的单向因果关系。为保持江苏省经济持续、快速、健康发展,必须运用各种措施,通过政策的有机组合实现能源消费与经济增长的协调发展。     

昆明市高校教师体育消费水平及动机分析

通过问卷调查、文献资料、数理统计等方法对昆明市高校教师的体育消费水平进行解读。昆明市普通高校教师体育消费的认知度比较高,体育消费的主要动机是获得健康的身体,但有向着多元化发展的趋势;体育消费的结构比较单一,以实物型的体育消费为主;男教师喜好选择身体性对抗为主的项目,女教师热衷于保健、养生、塑身等项目。为此,教师所属高校有关部门应大力支持并开放学校的体育资源设施等,优惠面向在校的教职员工,给教师们创造一个良好的体育消费环境;加大全民健身计划的宣传与实施,积极引导普通高校教师为健康投资,鼓励普通高校教师从事体育消费,特别是利用媒体宣传体育消费的作用和意义,逐步引导普通高校教师的体育消费合理化、科学化,优化普通高校教师的体育消费结构;深入的调查高校教师的体育需求,根据普通高校教师的实际情况、兴趣爱好等开发出多类型多层次的体育消费商品市场。     

Measuring resource inequalities: The concepts and methodology for an area-based Gini coefficient

Although inequalities in income and expenditure are relatively well researched, comparatively little attention has been paid, to date, to inequalities in resource use. This is clearly a shortcoming when it comes to developing informed policies for sustainable consumption and social justice. This paper describes an indicator of inequality in resource use called the AR-Gini. The AR-Gini is an area-based measure of resource inequality that estimates inequalities between neighbourhoods with regard to the consumption of specific consumer goods. It is also capable of estimating inequalities in the emissions resulting from resource use, such as carbon dioxide emissions from energy use, and solid waste arisings from material resource use. The indicator is designed to be used as a basis for broadening the discussion concerning ‘food deserts’ to inequalities in other types of resource use. By estimating the AR-Gini for a wide range of goods and services we aim to enhance our understanding of resource inequalities and their drivers, identify which resources have highest inequalities, and to explore trends in inequalities. The paper describes the concepts underlying the construction of the AR-Gini and its methodology. Its use is illustrated by pilot applications (specifically, men's and boys' clothing, carpets, refrigerators/freezers and clothes washer/driers). The results illustrate that different levels of inequality are associated with different commodities. The paper concludes with a brief discussion of some possible policy implications of the AR-Gini.     

Sustaining brand loyalty: The moderating role of green consumption values

Environmental issues are massively emerging in the current agendas of governments, businesses and consumers all over the globe. Consumers increasingly adopt a more energetic role in the environmental discussion and employ product consumption to manifest their contribution to the debate. Equally, a growing number of businesses try to affect positive social change, whereas others strategically approach green opportunities; at the same time, they persistently intensify their branding offerings to sustain loyalty. This article brings into discussion green consumption values as the authors aim to shed light into the way the latter moderate the effect of brand related factors, namely, brand experiences and brand personality, on brand loyalty. Based on data received from 413 participants and using the wearable technologies industry as the focal context, the study underscores the significance of green consumption values. Findings are discussed, and implications for managers are provided.     

供求冲击与我国经济外部失衡——基于DSGE两国模型的模拟分析

文章为分析我国经济外部失衡问题,运用当前国际经济学领域先进的动态随机一般均衡(DSGE)两国模型研究方法,模拟了在不同消费替代弹性下以技术冲击为代表的供给冲击和以货币冲击为代表的需求冲击对一国经济外部失衡的影响。研究结果表明这两种冲击发生后该国的外部资产和汇率水平会从初始的0均衡状态偏离,而到最终收敛大约需要10年到15年的时间。这可以很好地解释当前我国的经济外部失衡,文章也依此提出了相应的政策建议。     

Testing separability of public consumption in household decisions

In this paper we propose a sequential strategy, based on the microeconomic approach of the demand theory, in order to test for separability between private and public consumption. The aim of the present work is to verify, using a conditional almost ideal demand system, whether the different components of public consumption exert conditioning effects on the allocative structure of private spending. The empirical estimation of the model and the separability tests are developed for both a demand system in five functional categories of private spending, and for a demand system in six categories, where the private expenditures on those goods and services which can also be offered by the public sector are enclosed in a single functional category. The results of the separability tests, obtained using UK data for the 1974–2000 period, show that public individual consumption plays an important role in modifying consumer choices, while public collective consumption does not affect private consumption behaviours. The relationships between the different components of private spending and public individual consumption are both of substitutability and complementarity; in particular, we find that public individual consumption and the corresponding private expenditures on ‘Health, education, recreation and social protection’ are complements.     

Cross-sectional implications of dynamic asset pricing with stochastic volatility and ambiguity aversion

Building on recent research that highlights the importance of macroeconomic volatility and ambiguity aversion in explaining the dynamics of stock returns, in this paper we propose a dynamic asset pricing model that simultaneously accounts for stochastic macroeconomic volatility and ambiguity, assuming that investors deal with uncertainty about the mechanics of macroeconomic fluctuations using first-release consumption and revisions to aggregate consumption on vintage data. Our results show that the proposed model captures a large fraction of the cross-sectional variation of excess returns for a wide range of market anomaly portfolios. Furthermore, while the price of risk for ambiguity is positive and significant for the vast majority of assets under study, macroeconomic volatility yields ambiguous outcomes, although it significantly increases the explanatory power of the model for specific assets. Our results suggest that macroeconomic volatility and ambiguity complement each other in explaining the cross-sectional behavior of stock returns.     

简论收入分配差距在消费层面的表现

从我国居民消费与分配差距间实证关系、居民的消费倾向、年底人民币储蓄余额和最终消费支出等几个方面,表述了收入分配差距在消费层面存有不"和谐"因素.认为收入分配差距过大,对经济增长的影响主要表现在有效需求上,即当前我们所抓的国内需求上;而有效需求,尤其是有效需求中的消费需求,也从一个侧面体现着收入分配差距状况.