China–Africa financial markets linkages: Volatility and interdependence

The China–Africa relationship has blossomed in recent years and the scale and scope of Chinese engagement and investment in the latter have expanded enormously in the last decade. The purpose of this paper is to analyse the dynamic linkages and volatility transmission mechanisms between Chinese and African stock markets in recent years while highlighting the relative importance of Chinese capital flows and investments. We utilise dynamic forecasting models including Bayesian VAR and BEKK GARCH to estimate both price and volatility behaviours of Chinese and 15 selected African stock markets. Our empirical results indicate strong evidence of spillover effects in terms of both price movement and volatility behaviour, implying that Chinese and African stock markets are showing signs of integration. For price movement, bidirectional feedback relationships between Chinese and most of the African stock markets are observed, suggesting that both Chinese and African stock markets could influence each other. China has been building a strong African partnership and, therefore, increasing its trade and investment influences in the region. Examining volatility transmissions, at least one spillover effect (shock and/or volatility) from China to most of the African stock markets is reported. This suggests that the Chinese stock market now plays an influential role across African stock markets given that it has major investments in 46 out of 54 countries. Our findings show important portfolio management implications as a surge in Chinese investments provide new portfolio diversification opportunities for international investors. Policy-wise, we believe further market-oriented reforms and carefully designed and long-term development policies are required to boost capacity for development and achieve sustainable trade and growth.     

Liberalization,crisis and growth in MENA region: Do institutions matter?

The main purpose of this study is to investigate the interaction between financial liberalization, banking crisis and economic growth by taking into consideration the role of institutions. Our sample covers 15 Middle East and North African observed during the period 2000–2013. Using a dynamic panel data framework, our findings reveal that financial liberalization contributed to improve economic growth in MENA countries while banking crisis had harmful effects on MENA economies. The quality of institutions did not have a clear impact except for rule and order and democratic institution. These results have important policy implications. To grow output and avoid the occurrence of banking crisis, MENA countries should reinforce their institutions quality by adopting good practice of governance and regulation.     

美国金融业的兼并潮与对外扩张

美国金融业在世纪之交掀起了前所未有的兼并潮,其特征是扩大现有银行的实力与规模,形成超级银行,而且这种兼并突破了美国30年代大萧条以来对金融业实行的分业经营的禁令.在美国有关金融机构的疏通下,美国国会起初是对这种突破性的兼并采取了默许的态度,继而修改法律,推出<金融服务现代化法案>,为新的金融业兼并作了铺垫.超级金融集团的凭借其雄厚的实力长驱直入欧日及至全球,进一步增强了美国金融业在世界金融领域的霸权地位.     

A customer view on the most preferred alliance structure between banks and insurance companies

Summary  In this paper, we have studied alternative alliance structures between banks and insurance companies from the point of view of Finnish customer representatives. Seven criteria were introduced for the evaluation of six alternative structure models for such alliances. The alliance models based on plain cross-selling agreements were considered most preferred. We also studied how familiar the customer representatives were with the alliance problem from the point of view of the bank and insurance executives and that of the supervisory authorities. We observed that the customer representatives did not recognize the problem as well from the point of view of the supervisors as that of the executives. The best compromise model from all three points of view could be the financial conglomerate on the condition that certain supervisory and customer criteria are satisfied to a sufficient degree.

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Zusammenfassung  In diesem Beitrag untersuchen wir alternative Allianzstrukturen zwischen Banken und Versicherungsgesellschaften aus der Sicht finnischer Konsumentenvertreter. Zur Bewertung sechs alternativer Strukturmodelle werden sieben Kriterien herangezogen. Dabei zeigt sich, dass diejenigen Allianzmodelle am meisten pr?feriert wurden, die einfache Leistungsverbünde darstellen. Zugleich wurde untersucht, inwieweit die Konsumentenvertreter mit der Sichtweise vertraut waren, unter der die Bank-und Versicherungsvorst?nde sowie die Aufsichtsbeh?rden Allianzprobleme analysieren. Dabei zeigte sich, dass die Konsumentenvertreter das Allianzproblem nicht in derselben Weise verstanden, wie die Aufsichtsbeh?rden und Vorst?nde. Um allen drei Sichtweisen gleicherma?en gerecht zu werden, besteht das beste Kompromissmodell darin, ein Finanzkonglomerat zu bilden, welches die Kriterien der Aufsichtsbeh?rde und der Konsumentenvertreter in hinreichendem Ma?e zufrieden stellend erfüllt.

     

混合整数分式多目标规划及其在企业计划管理中的应用

本文将修正的Dakin分枝定界法用于求解带有线性分式目标的混合整数多目标规划问题,提出了“弹性约束”的概念及其处理方法和交互型分枝定界的两步算法,并将其应用于实际问题中。     

《中华人民共和国人口与计划生育法》颁布后基层面临的难点问题探析

<中华人民共和国人口与计划生育法>的颁布使人口与计划生育工作走上了有法可依的轨道.但是,在执行的过程中广大的基层干部和群众面临着计划生育外延过于宽泛、免费服务难以兑现、考核机制需要更新等一系列难点问题.针对这一现实,提出了加强计生队伍建设,改革目标考核机制,综合社会力量解决难题的对策思路.     

论城市社区人口与计划生育管理体制的创新

探索建立适应社会主义市场经济和社区建设发展要求的新型社区人口与计划生育管理体制 ,是城市计划生育工作在新世纪初期面临的重要课题。在给出社区管理体制概念含义的基础上 ,将我国目前城市基层人口与计划生育管理归纳为三种模式 :“以块为主”的行政管理模式、“形似神异”的混合管理模式和“居民自治”与行政管理相结合的管理模式 ,并认为第三种模式的管理体制是今后一段时期城市社区人口与计划生育工作比较理想的管理体制。同时 ,讨论了社区计划生育管理体制创新应当遵循的基本原则 ,以及构建新型社区人口与计划生育管理体制的基本内涵。     

Wife's role in monthly insurance expenditures

This study investigates the wife's role in monthly insurance expenditures of couples who have been married almost 13 years. Although previous research has shown that husbands dominate decisions about insurance, this study indicates that wives are involved in monthly expenditures for insurance. A wife's involvement is greater if she is less sex-role traditional, if her earnings are lower, if her husband's earnings are lower, if her husband's parents shared financial roles, if she perceives that net worth increased over the past 3 years, if she expects finances to be worse off in 3 years, and if she has a high school diploma or less. Involvement also increases with increases in number of children. Further research is essential in enhancing women's economic well-being.This study was a part of Project No. 60-0362 of the Agricultural Experiment Station, College of Agriculture, University of Illinois at Urbana-Champaign. University of Illinois Survey Research Laboratory services were used in preparation of the data tapes. The author wishes to thank Lauren J. Leach for assistance with data preparation.Vicki Schram Fitzsimmons is Assistant Professor, Division of Family & Consumer Economics, University of Illinois, 905 S. Goodwin Avenue, Urbana, IL 61801. Her research areas include family financial management, economic well-being, and household production. She received her Ph.D. from the University of Illinois.     

Corporate financial performance and occupational stress

Although a great deal of research has been carried out in the occupational stress field, little work has focused on the link between corporate financial performance and corporate culture on individual stress. The sample comprised senior marketing managers working in 14 electronics companies selected on the basis of their recent profit/loss performance. It was found that corporate financial performance and culture variables were more strongly associated with many of the felt stresses than were the individual and role-related predictors.     

福建省建瓯市生殖健康/计划生育项目情景分析调查(上)

本文采用情景分析定性研究方法, 对联合国人口基金援华项目点福建省建瓯市的生殖健康／ 计划生育基础情况进行了全面的考察和深入的讨论, 并为进一步开展项目活动提出了相应的建议本文采用情景分析定性研究方法, 对联合国人口基金援华项目点福建省建瓯市的生殖健康／ 计划生育基础情况进行了全面的考察和深入的讨论, 并为进一步开展项目活动提出了相应的建议