Full-cost pricing in the classical competitive process: A model of convergence to long-run equilibrium

In the last 10–15 years a lot of attempts has been devoted to study the calssical process of convergence of market prices toward natural prices. The two forces that one has thought could achieve this target were capital mobility, that determines the dynamics of output, and demand-supply forces, that determine the dynamics of prices. In this article a model of classical competition is proposed in which a full-cost pricing mechanism is adopted in the rule of evolution of market prices. An asymptotical stability result of long-run equilibrium is proved for a two-commodity model with and without a final demand.     

城区特征对房贷的影响

城区特征通过多种途径影响商业银行住房抵押贷款决策.商业银行可以根据城区特征判断一个城区的住房抵押贷款违约风险,进而确定对该城区的最低首付款比例或拒贷率.通过分析国外城区特征对商业银行住房抵押贷款决策的影响机制,联系我国实际情况,指出我国商业银行根据城区特征进行住房抵押贷款决策具有合理性,建议商业银行密切关注城区住房价格波动率,并建议政府限制中低收入城区商业银行的数量.     

外生冲击与房地产真实价格波动--对1998～2003年中国31省(市、区)的实证研究

文章首先根据经济学模型界定了两个重要指标:自相关系数与收敛系数.认为不同的外生冲击对这两个系数有不同的影响,而它们决定了房地产真实价格波动形态的差异.在此基础上,文章利用1998～2003年中国31个省(市、区)的面板数据对中国房地产市场进行了实证研究,其结论是,在真实人均可支配收入和真实建筑成本较高、真实税后住宅抵押贷款利率较低的地区有较大的自相关系数和较小的收敛系数,从而房地产真实价格具有更大的波动性.为使房地产真实价格在均衡价格附近平稳运行,降低开发成本和提高消费者购买成本能收到较好的效果.     

Can oil shocks explain asymmetries in the US Business Cycle?

We consider whether oil prices can account for business cycle asymmetries. We test for asymmetries based on the Markov switching autoregressive model popularized by Hamilton (1989), using the tests devised by Clements and Krolzig (2000). We find evidence against the conventional wisdom that recessions are more violent than expansions: while some part of the downturn in economic activity that characterises recessionary periods can be attributed to dramatic changes in the price of oil, post-War US economic growth is characterized by the steepness of expansions. First Version Received: December 2000/Final Version Received: September 2001     

Wealth and sustainable development: the role of David Pearce

Green net national product was thought to be one way of measuring sustainable income. However, David Pearce understood that a better measure of sustainable development was to look at what a generation is leaving in form of capital assets to later generations. In this article, his arguments and insights are highlighted against recent theoretical advances.     

我国旅游价格管理：现状、改革背景与政策分析

旅游业发展是一项复杂的系统工程，需要各相关行业和各项政策措施的配套协调。由于旅游价格的杠杆效应，如何应对入世给我国旅游业带来的挑战，改革并完善与国际接轨的旅游价格管理新体制是每一个旅游价格管理工作者应当思考的现实问题。     

中国城镇家庭住房来源与产权的省际差异——基于2000年人口普查资料的分析

根据中国2000年人口普查资料,分析了中国城镇家庭住房来源与产权的省际差异。住房来源与产权选择省际差异不明显;基本是沿海经济发达地区住房来源中商品房来源与产权选择中租赁商品房比重高。相关分析表明:地区市场化指数与市场型住房正相关,收入和产权关系不明显,国有经济比重与行政型住房正相关,城市化率与购商品房比正相关,价格和住房产权负相关。这说明了制度变迁和地区经济差异对住房选择的影响。     

The Political Economy of Rental Housing in Spain: The Dialectics of Exploitation(s) and Regulations

ABSTRACT

This paper analyses how the exploitation of tenants in Spain is boosting income for banks, hedge funds and pension funds. It does so by tracing the origins of the money invested in a Tres Cantos housing project in Madrid. The paper makes the following claims: First, the exploitation taking place in households -referred in this paper as secondary- is increasingly related to worker exploitation, and thus this particular type of exploitation is increasingly relevant to the dynamics of capital accumulation. Second, the key role of secondary exploitation of tenants in the revenue-making strategies of pension funds, hedge funds and banks is augmented and mediated by a myriad of regulations being implemented at the national and supranational scales. Theoretically, the paper contests the Marxian claim that household exploitation is ‘secondary’ to the exploitation taking place in the production process.     

Forecasting UK house prices: A time varying coefficient approach

Previous studies of UK house prices, developed from the demand and supply ofhousing or from the asset market approach have been poor in terms of robustness and ex-post forecasting ability. The UK housing market has suffered a number of structural changes, particularly since the early 1980s with substantial house price increases, financial market deregulation and the removal of mortgage market constraints through competition. Consequently, models which assume that the underlying data-generating process is stable and apply constant parameter techniques tend to suffer in terms of parameter instability. This article uses the Time Varying Coefficient (TVC) methodology where the underlying data-generating process in the UK housing market is treated as unstable. The estimation results of the TVC regression of UK house prices is compared with those obtained from three alternative constant parameter regressions. Comparisons of forecasting performance suggest the TVC regression out-performs forecasts from an Error Correction Mechanism (ECM), Vector Autoregressive (VAR) and an Autoregressive Time Series regression.     

Valuing ecosystem goods and services: a new approach using a surrogate market and the combination of a multiple criteria analysis and a Delphi panel to assign weights to the attributes

A new approach to valuing ecosystem goods and services (EGS) is described which incorporates components of the economic theory of value, the theory of valuation (USappraisal), a multi-model multiple criteria analysis (MCA) of ecosystem attributes, and a Delphi panel of experts to assign weights to the attributes. The total value of ecosystem goods and services in the various tenure categories in the Wet Tropics World Heritage Area (WTWHA) in Australia was found to be in the range AUD$188 to $211 million year⁻¹, or AUD$210 to 236 ha⁻¹ year⁻¹ across tenures, as at 30 June 2002. Application of the weightings assigned by the Delphi panelists and assessment of the ecological integrity of the various tenure categories resulted in values being derived for individual ecosystem services in the World Heritage Area. Biodiversity and refugia were the two attributes ranked most highly at AUD$18.6 to $20.9 million year⁻¹ and AUD$16.6 to $18.2 million year⁻¹, respectively.