China and international market integration: Evidence from the law of one price in the Middle East and Africa

We model market integration in the Middle East and Africa by analyzing price dispersion and testing the law of one price (LOP) on highly-comparable actual local retail prices of 135 goods and services across 23 countries in the region over the period of 1990–2016. Second-generation panel estimators are applied to four price benchmarks: Regional average, South Africa, China, and US prices. Cross-regional price dispersion diminishes considerably over time up to 2008, particularly for non-tradeables around China price. The test of LOP indicates the percentage of convergent prices is highest in China price benchmark, followed by US, South Africa, and regional average benchmarks. Direct estimation of the convergence speed confirms this order. Overall, the results show evidence of increasing market integration in Middle East and Africa but it appears to be driven by global forces and, especially, the rise of China as a new economic power. The results show that some emerging market economies, such as China, can step up and promote integration while traditional economic powerhouses, such as the USA and UK, disengage from international economic relations.     

用基变换方法求多项式的泰勒公式

通过分析多项式函数f(x)在不同点处的泰勒公式与线性空间基变换的联系,得到了多项式在同点处泰勒公式的一种求解方法。     

外推型预期公式的检验与评价

经济学中的很多变量需要预测,其中的一个方法是运用外推型预期公式。由于外推型预期公式有 其自身特点和规律,即趋势值的选择是影响预测效果的一个主要变量,因此使用该公式进行经济预测时, 短期预测应选择较小的趋势值,长期预测应选取中间的趋势值。     

“五位一体”教学法及其在电子商务专业教学中的应用

“五位一体”的教学模式是为适应现代社会对经济管理类人才培养的要求而提出的一种新的教学理念和方法。本文系统地阐述了“五位一体”教学模式的内容及其内涵,并结合该教学模式在电子商务专业教学中的具体应用,就“五位一体”教学法的实质及其现实意义进行了深入的分析。     

浅谈现代企业的财务管理目标

企业财务管理目标（又称企业理财目标），是财务管理的一个基本理论问题，也是评价企业理财活动是否合理有效的标准。目前，我国企业理财的目标有多种，其中利润最大化、股东权益最大化或企业价值最大化等目标最具有影响力和代表性。笔者认为现代财务管理目标应是体现相关者利益的企业价值最大。     

中国共产党领导下的百年审计事业发展与作用发挥

中国共产党自1921年建党以来,就一直高度重视审计在党的事业发展中的重要角色。审计事业在百年党史中获得蓬勃发展,并且在党和国家事业发展不同阶段中发挥了重要作用。审计在新时代背景下应对现存问题做出进一步改革,从而更好地发挥审计在国家治理中的监督作用。     

基于CRM理念的企业电子商务实施

通过CRM理念指导企业电子商务实施，帮助企业建立更加完善的客户关系，提高客户满意度，进而提高企业核心竞争力。本文从CRM理念和CRM软件两方面阐述CRM理论并分析电子商务与CRM之间的关系。研究如何以CRM理念指导企业电子商务的实施，并针对实施的不同阶段提出相应的措施。     

Valuing Mortgage Insurance Contracts in Emerging Market Economies

We develop a new option-based method for the valuation of mortgage insurance contracts in closed form in an economy where agents are risk neutral. While the proposed valuation method is general and can be used in any market, it may be particularly useful in emerging market economies where other existing methods may be either inappropriate or are too difficult to implement because of the lack of relevant data. As an application, we price a typical Serbian government-backed mortgage insurance contract.     

Consistency conditions for affine term structure models

Sufficient conditions for the application of the Feynman-Kac formula for option pricing for wide classes of affine term structure models in the jump-diffusion case are derived by generalizing earlier results for bond pricing in the pure-diffusion case The author is grateful to Mikhail Chernov and Darrel Duffie for useful discussions and suggestions.     

New development: Regression-to-the-mean explains the otherwise puzzling coefficients in NHS England’s formula for funding CCGs

This paper reviews NHS England’s recent report on the formula that guides the allocation of tens of billions of pounds to clinical commissioning groups (CCGs). It finds deficiencies and errors in the unprincipled construction of the formula and substitutes Sir Francis Galton’s logical concept of ‘regression to the mean’ for the report’s ad hoc conjectures about striking patterns of certain coefficients.