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DOI: http://dx.doi.org/10.18686/fm.v3i2

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Original Article

by Nunzia Carbonara
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The aim of this paper is to identify possible competitive strategies that guarantee the survival of a declining industry.  To reach this aim an explorative empirical research based on a multiple case study design has been developed. The research focuses on the textile and clothing industry and studies seven target companies operating in different textile and clothing subsectors. Empirical results allow to define a strategic business framework consisting of three competitive strategies each one characterized by a strategic goal and implemented by three macro-strategic actions: deindustrialization, internationalization, and leverage networking.

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Original Article

by Yan He
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The paper focused on improving the measurement methods about the scale of international capital flow and putting forward the Comprehensive Measuring Method by which to analyze and compare the abnormal flows of international capital of 11 countries in which currency crises occurred by the empirical tests. In addition, the author studied the influence factors and ways of abnormal flow of capital from three aspects, and tried to provide scientific early-warning tool and countermeasures for preventing currency crises.

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Original Article

by Antonin Rusek
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The upturn in the world economy brought with it the renewed attention to the issues of current account imbalances. Whereas large part of it is political, the issue still attracts some economic attention. In this paper the empirical side of the current account dynamics is addressed. We enquire of the relationships between the current account and savings dynamics, with the emphasis on the role of the “high savings” demographic cohorts (the population and/or labor force between 40 and 64). With the emphasis on the EUs “large” countries, we conclude that there is a significant role of this “high saving” population group in determining the current account dynamics for the consistent “high” surpluses countries of Germany and Netherlands.

The role of this population group is, however, rejected for France, Italy and Spain. In those countries the current account dynamics is dominated by (seemingly unexpected) liberalization of capital flows and the subsequent need for stabilization policies.  Similarly, the dominant role of the demographic dynamic is rejected for the comparison, floating exchange rate countries of USA and Japan.

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Original Article

by A. A. Kaganovich, S. P. Prisyazhnyuk, A. S. Prisyazhnyuk, A.A. Petrov
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On the basis of ongoing research and development the authors substantiate the need to improve the theoretical and methodological foundations of self-development processes for equilibrium and non-equilibrium economic multi-level systems.Particular attention is paid to the analysis of the functioning of the so-called «microscopic open nonequilibrium systems»

In the article, the economic system is viewed from the point of view of synergy - as dual entities consisting of a continuous and discrete sphere.Classification of possible evolutionary changes in the kinetic and constitutional spheres in the process of self-development for economic equilibrium and nonequilibrium systems.Particular attention is paid to the continuous self-organization of microscopic open systems.

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Original Article

by Yanhong Zhao
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The logistics industry plays an important role as a pillar industry in the national economy. As a new communication technology, "Internet +" and the integration of the logistics industry will create a good foundation for the transformation and upgrading of the logistics industry with its advanced development concepts and models, the logistics industry is booming. Therefore, the country should attach great importance to promote the progress of China's logistics industry. Based on the idea of "Internet Plus" and the integration of the logistics industry, this article elaborates the countermeasures for promoting the development of the integration of the "Internet +" and the logistics industry for reference

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Original Article

by Guang Yang, Jinhua Li
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Abstract: Firstly, inspired by the theoretical mechanism of housing prices on consumption and savings, this paper summarizes three kinds of mechanisms of housing prices on labor supply in China: the wealth effect, the mortgage slave effect and the home mortgage effect and then empirically analyzes the influence and heterogeneity of housing prices on the quantity and quality of labor supply using Chinese General Social Survey (CGSS). Finally, to observe the difference of the influences of housing prices on labor supply of different groups, it distinguishes between households with and without houses, young and old groups. 

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Original Article

by Keshab Bhattarai, Vasi Margariti
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A structure of the statistical tests motivated by Cromwell, Labys&Terraza[23]has been used to build linear and nonlinear predictability models.Most importantly, the variance ratio test and that of AR-GARCH model is used to test the dual hypotheses of the random walk and efficiencyin stock markets. Whilein all or nothing condition of market efficiency, the variance ratio tests show weak signs of predictability and in contrast to the AR-GARCH model that shows strong signs of predictability. Testing efficiency over time shows that price-fluctuations between periods of predictability and unpredictability and theseare not correlated through indices. This study then contributes to the empirical evidence that the efficient market hypothesis should not be an all or nothing condition but be stated as a time varying condition where prices fluctuate between periods of efficiency and inefficiency. It is found that market microstructure can cause problems for certain measuring frequencies and a sufficiently risk averse investor may be happy to pay a premium to avoid any unforecastable asset price volatilities as inLeroy[11]andLucas[12]. Three random walk models also do not prevent questioning the validity of predictability of stock prices.

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