Ageing of population is an advantage of demographic structure in China.Ageing level will cause labor population be fewer and older,the social production and government revenue will decline.At the same time,ageing leve...Ageing of population is an advantage of demographic structure in China.Ageing level will cause labor population be fewer and older,the social production and government revenue will decline.At the same time,ageing level will increase more pressure on social pension and medical security.Therefore,ageing ofpopulation has effects on the common resource and public expenditure which may cause financial risks.This paper will determine the relationship between the ageing and financial risk,then give the relevant countermeasures,such as population policy adjustment,diversification of social service system of the old and so on.展开更多
EXPLORING low-carbon energy sources,developingalow-carbon mode of production and popularizing low-carbon lifestyles are the anchors of China’s new economy-in-the-making. However, after great effort
This paper constructs a dynamic model of household consumption decisions and accordingly designs empirical analyses to identify how infrastructure investment affects private consumption.The estimation results of provi...This paper constructs a dynamic model of household consumption decisions and accordingly designs empirical analyses to identify how infrastructure investment affects private consumption.The estimation results of provincial panel data reveal that infrastructure investment can not only indirectly promote household consumption through the income channel but also directly promote household consumption expansion through the expectations channel,with a significant"crowding-in"effect.However,the effect is significantly weaker in provinces with a lower housing supply elasticity,showing the"crowding-out"pattern through the wealth channel.Household survey data provide an explanation for individual heterogeneity.Infrastructure investment has a greater pushing effect on house prices in provinces with a lower housing supply elasticity.Rapid house price growth has significant"crowding-out"effects on the consumption of wealthy households.This not only significantly weakens the driving effect of infrastructure investment on aggregate household consumption,but also increases wealth inequality in the long term.This paper explains how infrastructure investment affects household consumption and the corresponding role played by house prices,providing empirical evidences for theoretical studies related to macro-regulatory policies in China.展开更多
When Delta joined the code share between Continental and Northwest in 2003, these three legacy carriers formed the only three-way U.S. domestic code sharing partnership. In 2008, Delta and Northwest announced their in...When Delta joined the code share between Continental and Northwest in 2003, these three legacy carriers formed the only three-way U.S. domestic code sharing partnership. In 2008, Delta and Northwest announced their intention to merge. The merger was granted by the Department of Justice six months later. This paper analyzes the effects of the three-way code share and the effects of the merger between these two previous code sharing partners. I find both competitive effects and anti-competitive effects of code sharing, i.e., mean market price decrease in non-hub markets and price increase in hub-to-hub markets. Meanwhile, passenger volume increases significantly. Moreover, rivals＇ responses are to move price in the same direction as code sharing partners. I find an increase in Herfindahl-Hirschman Index （HHI） and a reduction in traffic after the merger. Specifically, HHI increases for over 1,000 points in markets where merging airlines were either duopolistic or with a third carrier. Pre-merger code sharing markets experience an increase in HHI due to the disappearance of the code sharing contract. Low cost carrier entry mitigates merger effects.展开更多
文摘Ageing of population is an advantage of demographic structure in China.Ageing level will cause labor population be fewer and older,the social production and government revenue will decline.At the same time,ageing level will increase more pressure on social pension and medical security.Therefore,ageing ofpopulation has effects on the common resource and public expenditure which may cause financial risks.This paper will determine the relationship between the ageing and financial risk,then give the relevant countermeasures,such as population policy adjustment,diversification of social service system of the old and so on.
文摘EXPLORING low-carbon energy sources,developingalow-carbon mode of production and popularizing low-carbon lifestyles are the anchors of China’s new economy-in-the-making. However, after great effort
文摘This paper constructs a dynamic model of household consumption decisions and accordingly designs empirical analyses to identify how infrastructure investment affects private consumption.The estimation results of provincial panel data reveal that infrastructure investment can not only indirectly promote household consumption through the income channel but also directly promote household consumption expansion through the expectations channel,with a significant"crowding-in"effect.However,the effect is significantly weaker in provinces with a lower housing supply elasticity,showing the"crowding-out"pattern through the wealth channel.Household survey data provide an explanation for individual heterogeneity.Infrastructure investment has a greater pushing effect on house prices in provinces with a lower housing supply elasticity.Rapid house price growth has significant"crowding-out"effects on the consumption of wealthy households.This not only significantly weakens the driving effect of infrastructure investment on aggregate household consumption,but also increases wealth inequality in the long term.This paper explains how infrastructure investment affects household consumption and the corresponding role played by house prices,providing empirical evidences for theoretical studies related to macro-regulatory policies in China.
文摘When Delta joined the code share between Continental and Northwest in 2003, these three legacy carriers formed the only three-way U.S. domestic code sharing partnership. In 2008, Delta and Northwest announced their intention to merge. The merger was granted by the Department of Justice six months later. This paper analyzes the effects of the three-way code share and the effects of the merger between these two previous code sharing partners. I find both competitive effects and anti-competitive effects of code sharing, i.e., mean market price decrease in non-hub markets and price increase in hub-to-hub markets. Meanwhile, passenger volume increases significantly. Moreover, rivals＇ responses are to move price in the same direction as code sharing partners. I find an increase in Herfindahl-Hirschman Index （HHI） and a reduction in traffic after the merger. Specifically, HHI increases for over 1,000 points in markets where merging airlines were either duopolistic or with a third carrier. Pre-merger code sharing markets experience an increase in HHI due to the disappearance of the code sharing contract. Low cost carrier entry mitigates merger effects.
