This paper examines the impacts of market-oriented electricity reform on macroeconomic variables. It develops an ad hoc econometric model for this purpose, using a panel data of 19 developed countries plus seven Austr...This paper examines the impacts of market-oriented electricity reform on macroeconomic variables. It develops an ad hoc econometric model for this purpose, using a panel data of 19 developed countries plus seven Australian States for the period of 1970-2008. Significance of the impacts is firstly tested against three distinct institutional features of electricity reform, namely： （1） organizational restructuring （i.e., functional unbundling of traditionally vertically integrated industry）; （2） market restructuring （introduction of mandatory bid-based spot market）; and （3） privatization. The extents of the impacts are, then, quantified in terms of relative contribution of such institutional changes to aggregate output growth in short-run, medium-run and long-run. The results reveal that only functional unbundling has made significant contribution to output growth. The results, further, specify that functional unbundling has made, on average, an additional 0.06% and 2.7% contribution to output growth rate in medium-run and long-run respectively.展开更多
This paper analyzes empirically the relationship between recent Japanese stock prices and macroeconomic variables For the Japanese stock prices, the level and rate of that are both used for analysis. The results show ...This paper analyzes empirically the relationship between recent Japanese stock prices and macroeconomic variables For the Japanese stock prices, the level and rate of that are both used for analysis. The results show that exchange rates have not been a significant determinant of the ＂level＂ of Japanese stock prices, but on the other hand, have been a significant determinant of its ＂rate＂. The ＂rate＂ has been used to analyze determinants of the stock prices. However, it is dangerous to use it without taking into account its level. Many stock traders usually look at the level. Interest rates, especially the domestic interest rate, have not impacted the Japanese stock prices. Japanese interest rates have been quite low as the Bank of Japan has implemented quantitative easing instead of interest-based policies. Recently, the U.S. stock prices, particularly in the first few days after a change, have been significantly influencing the Japanese stock prices.展开更多
On the basis of research conducted by Long and Plosser(1983),this paper carries out an in-depth analysis on the relationship between real interest rates,real wage,and macro-economy and economic structure by simulating...On the basis of research conducted by Long and Plosser(1983),this paper carries out an in-depth analysis on the relationship between real interest rates,real wage,and macro-economy and economic structure by simulating a dynamic stochastic general equilibrium(DSGE) model and comes to the following conclusions:(1) Increasing the level of real interest rates will expand the share of consumption in GDP,improve the macroeconomic structure,and promote steady economic development;(2) Increasing the level of real wages will enhance economic growth but will not change the economic structure of consumption and investments;(3) Increasing wages will enhance economic growth and expand its share in national income;(4) Increasing wages will not lower output level but will be favorable to the improvement of economic structure.Therefore,this paper argues for interest rates liberalization to achieve long-term,steady economic development in China.展开更多
To study the effect of cultivation system （conventional and organic） on potato tuber components, 42 parameters （anti-nutritives, micro- and macro-elements and 23 metabolites） were studied in three multi-resistant ...To study the effect of cultivation system （conventional and organic） on potato tuber components, 42 parameters （anti-nutritives, micro- and macro-elements and 23 metabolites） were studied in three multi-resistant Hungarian potato varieties for three years in 2007-2009. Discriminant analysis of data proved that all investigated factors （farming technology, genotype and season/year） had significant effect on metabolites. Reversed phase high performance liquid chromatographic （HPLC-DAD, HPLC-MS） and elemental analysis methods have been adapted to quantify the major components, i.e., steroidal alkaloids, nitrite, nitrate, sugars, amino acids and micro-elements, in potato tubers. The absolute amount and changes of tuber components were influenced differentially by the technology, genotype and season in a complex manner. Any examined component, except nitrate content, was found to be significantly higher or lower consistently in relation to the production practice （organic or conventional） during the three years trials. Under the examined circumstances, no consequent positive effect of organic fanning on the total amount of anti-nutritive components, vitamins or micro- and macro-elements of potato tubers could be proven.展开更多
文摘This paper examines the impacts of market-oriented electricity reform on macroeconomic variables. It develops an ad hoc econometric model for this purpose, using a panel data of 19 developed countries plus seven Australian States for the period of 1970-2008. Significance of the impacts is firstly tested against three distinct institutional features of electricity reform, namely： （1） organizational restructuring （i.e., functional unbundling of traditionally vertically integrated industry）; （2） market restructuring （introduction of mandatory bid-based spot market）; and （3） privatization. The extents of the impacts are, then, quantified in terms of relative contribution of such institutional changes to aggregate output growth in short-run, medium-run and long-run. The results reveal that only functional unbundling has made significant contribution to output growth. The results, further, specify that functional unbundling has made, on average, an additional 0.06% and 2.7% contribution to output growth rate in medium-run and long-run respectively.
文摘This paper analyzes empirically the relationship between recent Japanese stock prices and macroeconomic variables For the Japanese stock prices, the level and rate of that are both used for analysis. The results show that exchange rates have not been a significant determinant of the ＂level＂ of Japanese stock prices, but on the other hand, have been a significant determinant of its ＂rate＂. The ＂rate＂ has been used to analyze determinants of the stock prices. However, it is dangerous to use it without taking into account its level. Many stock traders usually look at the level. Interest rates, especially the domestic interest rate, have not impacted the Japanese stock prices. Japanese interest rates have been quite low as the Bank of Japan has implemented quantitative easing instead of interest-based policies. Recently, the U.S. stock prices, particularly in the first few days after a change, have been significantly influencing the Japanese stock prices.
文摘On the basis of research conducted by Long and Plosser(1983),this paper carries out an in-depth analysis on the relationship between real interest rates,real wage,and macro-economy and economic structure by simulating a dynamic stochastic general equilibrium(DSGE) model and comes to the following conclusions:(1) Increasing the level of real interest rates will expand the share of consumption in GDP,improve the macroeconomic structure,and promote steady economic development;(2) Increasing the level of real wages will enhance economic growth but will not change the economic structure of consumption and investments;(3) Increasing wages will enhance economic growth and expand its share in national income;(4) Increasing wages will not lower output level but will be favorable to the improvement of economic structure.Therefore,this paper argues for interest rates liberalization to achieve long-term,steady economic development in China.
文摘To study the effect of cultivation system （conventional and organic） on potato tuber components, 42 parameters （anti-nutritives, micro- and macro-elements and 23 metabolites） were studied in three multi-resistant Hungarian potato varieties for three years in 2007-2009. Discriminant analysis of data proved that all investigated factors （farming technology, genotype and season/year） had significant effect on metabolites. Reversed phase high performance liquid chromatographic （HPLC-DAD, HPLC-MS） and elemental analysis methods have been adapted to quantify the major components, i.e., steroidal alkaloids, nitrite, nitrate, sugars, amino acids and micro-elements, in potato tubers. The absolute amount and changes of tuber components were influenced differentially by the technology, genotype and season in a complex manner. Any examined component, except nitrate content, was found to be significantly higher or lower consistently in relation to the production practice （organic or conventional） during the three years trials. Under the examined circumstances, no consequent positive effect of organic fanning on the total amount of anti-nutritive components, vitamins or micro- and macro-elements of potato tubers could be proven.
