Gold is regarded as a strategic mineral in many countries and its price is a key indicator of global business confidence. There is need for dynamic modelling of the world gold market, which would enhance understanding...Gold is regarded as a strategic mineral in many countries and its price is a key indicator of global business confidence. There is need for dynamic modelling of the world gold market, which would enhance understanding of the world market conditions, especially the long-term tendency of world gold prices, and hence facilitate long-term planning. This study incorporates inventories into the world market model and uses simultaneous equation approaches to estimate the model. From this estimation, the paper derives the time-path for the world annual price of gold. Results show that the price time-path converges without oscillations, from below, towards an intertemporal equilibrium. This equilibrium is estimated at about US$105,000.00 per kilogram based on a projected average world income. If the assumption of average income is relaxed, the intertemporal equilibrium price becomes variable dependent on the actual values of world income at a given time, which however, does not alter its dynamic characteristics. The results, therefore, show that gold price is dynamically stable. Short-term fluctuations, which are sometimes extreme, have no long-term effect on gold attractiveness.展开更多
This paper contributes to establish a new method to review （X） inefficiency of state owned enterprise. It set up an index system of （X） inefficiency to evaluate by Analytic Hierarchy Process （AHP）. Based on this...This paper contributes to establish a new method to review （X） inefficiency of state owned enterprise. It set up an index system of （X） inefficiency to evaluate by Analytic Hierarchy Process （AHP）. Based on this review result, this paper also put forward relative appraising of two times about （X） inefficiency of state owned enterprise by means of Data Envelopment Analysis （DEA）. At last, a major conclusion is that this method is very helpful to review X inefficiency of state owned enterprise.展开更多
文摘Gold is regarded as a strategic mineral in many countries and its price is a key indicator of global business confidence. There is need for dynamic modelling of the world gold market, which would enhance understanding of the world market conditions, especially the long-term tendency of world gold prices, and hence facilitate long-term planning. This study incorporates inventories into the world market model and uses simultaneous equation approaches to estimate the model. From this estimation, the paper derives the time-path for the world annual price of gold. Results show that the price time-path converges without oscillations, from below, towards an intertemporal equilibrium. This equilibrium is estimated at about US$105,000.00 per kilogram based on a projected average world income. If the assumption of average income is relaxed, the intertemporal equilibrium price becomes variable dependent on the actual values of world income at a given time, which however, does not alter its dynamic characteristics. The results, therefore, show that gold price is dynamically stable. Short-term fluctuations, which are sometimes extreme, have no long-term effect on gold attractiveness.
基金The project is supported by National Natural Science Foundation of China（70131010） the National Philosophy Social Science Innovation Base of Technology, Policy and Managment.
文摘This paper contributes to establish a new method to review （X） inefficiency of state owned enterprise. It set up an index system of （X） inefficiency to evaluate by Analytic Hierarchy Process （AHP）. Based on this review result, this paper also put forward relative appraising of two times about （X） inefficiency of state owned enterprise by means of Data Envelopment Analysis （DEA）. At last, a major conclusion is that this method is very helpful to review X inefficiency of state owned enterprise.
