This paper discusses the model construction and the association between the Italy and the Germany＇s stock markets. The period of study data is from January 3, 2000 to June 30, 2008. This paper also utilizes Student＇...This paper discusses the model construction and the association between the Italy and the Germany＇s stock markets. The period of study data is from January 3, 2000 to June 30, 2008. This paper also utilizes Student＇s t distribution to analyze the proposed model. The empirical results show that the two stock markets are mutually affected each other, and the dynamic conditional correlation （DCC） and the bivariate asymmetric-GARCH （1, 2） model is appropriate in evaluating the relation between them. The empirical result also indicates that Italy and Germany＇s stock markets show a positive relationship. The average value of correlation coefficient equals to 0.8424, which implies that the two stock markets return volatility have a synchronized influence on each other. In addition, the empirical result also shows that there is an asymmetrical effect between Italy and the Germany＇s stock markets, and demonstrates that the good news and bad news of the stock returns＇ volatility will produce the different variation risks for Italy and the Germany＇s stock price markets.展开更多
In the year of 2006, China produced and sold over 7.2 million automobiles, representing a year-on-year growth of more than 25%. In this regard, China has become .the second largest market only to the U.S. for new auto...In the year of 2006, China produced and sold over 7.2 million automobiles, representing a year-on-year growth of more than 25%. In this regard, China has become .the second largest market only to the U.S. for new autos. By the end of last year, the w total amount of autos owned by China stood around 40 million, and it was predicted that this figure would roar to 70 million 3 years later.展开更多
The objective of the paper was to examine the relationship between the world rice price and the rice price in Togo using the linear and nonlinear co-integration tests. The author used the monthly prices for Togo local...The objective of the paper was to examine the relationship between the world rice price and the rice price in Togo using the linear and nonlinear co-integration tests. The author used the monthly prices for Togo local rice market and international market. The results show that the rice prices on the local market are integrated to international market. The elasticity of the long-term transmission is high. The threshold autoregression （TAR） model reveals an asymmetric transmission with a magnitude that varies depending on the nature of shock. Price increases in international markets are transmitted more rapidly to the local markets than price reductions. These results might be explained by the market power of traders, transport costs and government intervention.展开更多
China is the leading importer of soybeans in the world. If China adopts high yield biotech soybean varieties, China＇s soybean production would increase significantly and this would impact global soybean markets. This...China is the leading importer of soybeans in the world. If China adopts high yield biotech soybean varieties, China＇s soybean production would increase significantly and this would impact global soybean markets. This paper assesses the possible effects of adoption of herbicide-tolerant, biotech soybeans in China and its impact on the world soybean trade. Results indicate that under a low technology fee and high adoption rate, China would be able to satisfy its soybean food demand. Urban consumers＇ strong preference for non-biotech soybean oil may lead to increase in imports of non-biotech soybeans.展开更多
Agricultural market creation was critical for rural growth in Africa. How to achieve this based on crops other than major staples （e.g. maize） and traditional export crops （e.g., tea, coffee, cotton） remained a pr...Agricultural market creation was critical for rural growth in Africa. How to achieve this based on crops other than major staples （e.g. maize） and traditional export crops （e.g., tea, coffee, cotton） remained a problem since most African countries did not give them policy attention. This study used a three-tier-model, developed based on successful strategies in Nigeria and Zimbabwe, to develop multi-level soybean market creation in Kenya. Data were from secondary sources, formal and informal interviews, farm-level data, and participant observations. Analysis was carried out using Microsoft Excel and SPSS. Result showed increasing in farmers＇ confidence to produce, process, consume, and sell more soybeans than before. Trained farmers＇ groups were developing new soybean products for cash, poverty reduction and improvements in livelihoods. Net returns had been increased from 4 to 14 times from processed products. Selected farmers＇ groups had begun to supply large-scale processors with soybean grains, substituting imports. The overall project＇s impact on number of participating farmer groups and the actual land area devoted to soybean cultivation ranged from a factor of 2.3 to a factor of 77.4 between the long rainy seasons of 2005 / 2006 and the short rainy seasons of 2009. Farmers had given testimonies on live improvements.展开更多
The coexistence of the slowing-down economy and the buoyant employment market has been the pattern in China in recent years, and the service sector has played an important role in this regard. This paper uses empirica...The coexistence of the slowing-down economy and the buoyant employment market has been the pattern in China in recent years, and the service sector has played an important role in this regard. This paper uses empirical analysis to prove that the service sector has a long-term mechanism to promote employment growth： first, the verification of the Baumol-Fuchs hypothesis shows that the income elasticity of demand for services in China is greater than 1. As the current development of the services is lagging behind, this sector has great development potential. Second, the revised employment equation shows that the employment elasticity of the service sector is much higher than that of the industrial sector, and its employment adhesiveness is stronger as well. The employment of the service sector can not only create more jobs for the national economy, but also help stabilize the job market. The employment pressure in China is mainly caused by migrant workers and college graduates. To solve the employment problems of these two groups, China has to promote the development of traditional services and speed up the upgrading of emerging services at the same time, and should neglect neither. This paper provides recommendations accordingly.展开更多
In Italy, and particularly in its southern area, super-markets and hyper-markets still represent an expanding retailing format, as they were introduced years later than in other western countries. Today, they have bec...In Italy, and particularly in its southern area, super-markets and hyper-markets still represent an expanding retailing format, as they were introduced years later than in other western countries. Today, they have become large retailers capable of influencing local development from an economic, social and urban perspective. The literature concerned with their effects on the local economy has focused on labour markets, price dynamics, and inter-type competition, neglecting their impact on macroeconomic factors such as GDP, value added specific sectors--agriculture, industry and services. This study tries to contribute to fill this gap by empirically investigating associations between key characteristics of these retailers and specific macroeconomic value added factors展开更多
文摘This paper discusses the model construction and the association between the Italy and the Germany＇s stock markets. The period of study data is from January 3, 2000 to June 30, 2008. This paper also utilizes Student＇s t distribution to analyze the proposed model. The empirical results show that the two stock markets are mutually affected each other, and the dynamic conditional correlation （DCC） and the bivariate asymmetric-GARCH （1, 2） model is appropriate in evaluating the relation between them. The empirical result also indicates that Italy and Germany＇s stock markets show a positive relationship. The average value of correlation coefficient equals to 0.8424, which implies that the two stock markets return volatility have a synchronized influence on each other. In addition, the empirical result also shows that there is an asymmetrical effect between Italy and the Germany＇s stock markets, and demonstrates that the good news and bad news of the stock returns＇ volatility will produce the different variation risks for Italy and the Germany＇s stock price markets.
文摘In the year of 2006, China produced and sold over 7.2 million automobiles, representing a year-on-year growth of more than 25%. In this regard, China has become .the second largest market only to the U.S. for new autos. By the end of last year, the w total amount of autos owned by China stood around 40 million, and it was predicted that this figure would roar to 70 million 3 years later.
文摘The objective of the paper was to examine the relationship between the world rice price and the rice price in Togo using the linear and nonlinear co-integration tests. The author used the monthly prices for Togo local rice market and international market. The results show that the rice prices on the local market are integrated to international market. The elasticity of the long-term transmission is high. The threshold autoregression （TAR） model reveals an asymmetric transmission with a magnitude that varies depending on the nature of shock. Price increases in international markets are transmitted more rapidly to the local markets than price reductions. These results might be explained by the market power of traders, transport costs and government intervention.
文摘China is the leading importer of soybeans in the world. If China adopts high yield biotech soybean varieties, China＇s soybean production would increase significantly and this would impact global soybean markets. This paper assesses the possible effects of adoption of herbicide-tolerant, biotech soybeans in China and its impact on the world soybean trade. Results indicate that under a low technology fee and high adoption rate, China would be able to satisfy its soybean food demand. Urban consumers＇ strong preference for non-biotech soybean oil may lead to increase in imports of non-biotech soybeans.
文摘Agricultural market creation was critical for rural growth in Africa. How to achieve this based on crops other than major staples （e.g. maize） and traditional export crops （e.g., tea, coffee, cotton） remained a problem since most African countries did not give them policy attention. This study used a three-tier-model, developed based on successful strategies in Nigeria and Zimbabwe, to develop multi-level soybean market creation in Kenya. Data were from secondary sources, formal and informal interviews, farm-level data, and participant observations. Analysis was carried out using Microsoft Excel and SPSS. Result showed increasing in farmers＇ confidence to produce, process, consume, and sell more soybeans than before. Trained farmers＇ groups were developing new soybean products for cash, poverty reduction and improvements in livelihoods. Net returns had been increased from 4 to 14 times from processed products. Selected farmers＇ groups had begun to supply large-scale processors with soybean grains, substituting imports. The overall project＇s impact on number of participating farmer groups and the actual land area devoted to soybean cultivation ranged from a factor of 2.3 to a factor of 77.4 between the long rainy seasons of 2005 / 2006 and the short rainy seasons of 2009. Farmers had given testimonies on live improvements.
基金supported by the Renmin University of China Research Fund Project(Grant No.10XNJ015)the outcomes of the Fourth China Macroeconomic Forum 2013 of Renmin University of China
文摘The coexistence of the slowing-down economy and the buoyant employment market has been the pattern in China in recent years, and the service sector has played an important role in this regard. This paper uses empirical analysis to prove that the service sector has a long-term mechanism to promote employment growth： first, the verification of the Baumol-Fuchs hypothesis shows that the income elasticity of demand for services in China is greater than 1. As the current development of the services is lagging behind, this sector has great development potential. Second, the revised employment equation shows that the employment elasticity of the service sector is much higher than that of the industrial sector, and its employment adhesiveness is stronger as well. The employment of the service sector can not only create more jobs for the national economy, but also help stabilize the job market. The employment pressure in China is mainly caused by migrant workers and college graduates. To solve the employment problems of these two groups, China has to promote the development of traditional services and speed up the upgrading of emerging services at the same time, and should neglect neither. This paper provides recommendations accordingly.
文摘In Italy, and particularly in its southern area, super-markets and hyper-markets still represent an expanding retailing format, as they were introduced years later than in other western countries. Today, they have become large retailers capable of influencing local development from an economic, social and urban perspective. The literature concerned with their effects on the local economy has focused on labour markets, price dynamics, and inter-type competition, neglecting their impact on macroeconomic factors such as GDP, value added specific sectors--agriculture, industry and services. This study tries to contribute to fill this gap by empirically investigating associations between key characteristics of these retailers and specific macroeconomic value added factors
