Current Issue : January-March Volume : 2024 Issue Number : 1 Articles : 5 Articles
The paper analyzes how capital gains due to a reduction in the market discount rate affect life-cycle consumption choice. The analysis is done in a simple general equilibrium model with cohorts of workers and retirees all with constant relative risk aversion preferences. Simulation results show capital gains due to a fall in market discount rates make workers worse off with the exception of those with less than 7 years to retirement. The analysis has policy implication for the taxation of capital gains....
Over the past few decades, the bilateral trade relationship between China and the Philippines has experienced significant transformations. The development of this trade relationship holds immense importance for fostering people-to-people exchanges, promoting economic and social development in both countries, and contributing to regional peace and development. The objective of this study is to investigate methods for enhancing the growth of bilateral trade between China and the Philippines, while analyzing the impact of factors such as tariffs, non-tariff measures, trade policies, and currency considerations. Through a combination of literature review and content analysis, data were collected and utilized to conduct a comprehensive and objective analysis of the historical and current state of bilateral trade between the two countries. The proposed framework for this research aims to utilize a wide range of data to examine and identify strategies for promoting trade development. Currently, the overall scale of bilateral trade between China and the Philippines remains limited, characterized by an imbalance in trade, low levels of bilateral trade, a narrow range of traded commodities, and insufficient complementarity between industries....
Given the significance and complexity of forecasting the crude oil price volatility, this paper introduces the Heston model to predict volatility dynamics of crude oil price. The high-frequency intra-day data of the West Texas Intermediate (WTI) market serves to model the problem. Furthermore, the study used the Euler-Maruyama scheme to simulate Heston model using an error analysis. On the other hand, the study used the mean square error (MSE), the mean average error (MAE), and the root means square error (RMSE) for the forecast accuracy of the GARCH-type models. The results of the error analysis indicated that Heston’s stochastic volatility model is more consistent with oil performance data than traditional GARCH-class models. The study’s findings demonstrated that the Heston model is more economical in terms of setup and is capable of handling stylized facts....
With the development of economic globalization, the trade between China and other countries has become increasingly close, but the sudden outbreak of COVID-19 pandemic has had a huge impact on the world economy. In the face of emergencies, China organized quickly and immediately controlled the further spread of COVID-19 pandemic, effectively reducing its negative impact. Among them, Zhejiang Province has also done a very good job in prevention and control. However, other countries did not pay attention to COVID-19 pandemic in the early stage, and did not take measures to prevent and control it until the global epidemic broke out. Using the small commodity trade data between Zhejiang Province and 10 major export partner countries from 2017 to 2021, this paper studies the impact of the COVID-19 pandemic shock on the trade of small commodities in Zhejiang Province, so as to provide reference suggestions for maintaining a good trade situation of small commodities in Zhejiang Province. The main conclusions of this paper are: 1) COVID-19 pandemic has hindered the trade of small commodities in Zhejiang Province. The more severe the epidemic situation in export partner countries, the greater the resistance to exports to this country. 2) The severity of COVID-19 pandemic in Zhejiang also has a certain impact on small commodity exports, but it is far less than the negative impact caused by the spread of the epidemic in major export partner countries....
Tourism is primarily a social phenomenon in which different cultures connect. Great economic importance can be added to the phenomenon of tourism, especially for the development of the tourist economy, its dynamic development, growth, and complexity. With its development, tourism has become a necessity, a way of life, and a sign of class and interest. The subject of the paper is the place and the role of space in the tourism in Croatia. Examples are given for the city of Trogir and Dubrovnik according to the opinion of visitors to the “Trogir cultural summer” manifestation in Trogir and “Dubrovnik summer games” manifestation in Dubrovnik. The main goal is to point out the importance of space as a precondition for the development of tourism and its significance balance between tourism development and the need for long-term conservation space. The purpose of the paper is to provide a theoretical relationship between tourism and space, and then to investigate what this relationship is like on the example of the city of Trogir and Dubrovnik, using grades from the visitors’ opinion about the place and the role of the space. In order to examine the satisfaction of visitors with the event “Trogir cultural summer” in Trogir and “Dubrovnik summer games” in Dubrovnik, which would help define the importance of cultural and historical attractions and other elements of manifestations significant for overall tourist valorisation of the Trogir and Dubrovnik destination, based on a survey questionnaire primary data were collected. The results of the research, on average and cumulatively, indicate a high and average satisfaction of visitors with “Trogir cultural summer” as well as “Dubrovnik summer games” with aesthetic, ecological and cultural values. Reasons for the lower rating of the ecological value of the old core of Trogir is the proximity of the airport Resnik, which has negative implications for the environment in Trogir and for Dubrovnik is the fact that city itself is crowded with the tourists and cruisers. Croatia is a country in which tourism plays one of the most important roles and it has become very important source of income for its inhabit-ants, especially on the coast. The space and the environment are the inherent notions of tourism and, conversely, the concept of tourism is inconceivable without the components of space and environment. Tourism helps to bring people closer together and to raise awareness of the value of the natural and cultural heritage, while promoting respect for different cultures. Physical planning has a specific role to play here, particularly regarding tourism planning in a long-term perspective....
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