Crossing the river by feeling for stones: a new approach to exporting creative content to China?

We have all heard the statistics about China\u27s stellar growth and the large market for UK creative industries. But the trade numbers paint a different picture, suggesting that the UK is punching below its weight. This is not altogether surprising. Doing business in emerging markets like China is fraught with risk and uncertainty which can overwhelm even the most canny operations.  This paper examines what more can be done and highlights the novel role that digital social networks could play in overcoming these obstacles and helping UK creative businesses unlock export opportunities to China. ------------------- We have all heard the statistics. About how China is forecast to overtake the US to be the largest economy in the world by 2027.1 How China already has 277 million mobile web users, of which 45 per cent use their handsets to access music and 21 per cent video games.2 How more than 300 million Chinese are studying English.3 How Chinese e–commerce is predicted to triple by 2015, when sales could hit $420 billion – 20 per cent higher than the projection for the US market.4 And how, at 67,300, China sends more students to UK universities than any other country in the world.5 These dizzying numbers should mean there is a particularly large market for the UK’s creative industries, right? The trade statistics suggest not. According to UNCTAD, in 2010 the UK’s share of creative goods exports to China was just 1.4 per cent, compared with a 4.8 per cent share in world creative goods exports.6 UK exports of creative goods to China totalled$140 million, lower than not only Japan ($900 million), the US ($800 million) and Singapore ($520 million), but also France ($224 million), Germany ($325 million) and Italy ($474 million).7 With the exception of Japan and Germany, the value of UK exports of creative goods grew at a slower rate than in all these countries between 2002 and 2010. These trade statistics are not without their problems – they exclude all creative services, for example – nonetheless they indicate that the UK’s creative industries are punchingbelow their weight in Chinese markets.   &nbsp

Structural Change in Canadian Agriculture and the Impacts on Canadian Farm Income and Farm Households

Agricultural and Food Policy,

The Phillips Curve Under State-Dependent Pricing

This paper is related to a large recent literature studying the Phillips curve in sticky-price equilibrium models. It differs in allowing for the degree of price stickiness to be determined endogenously. A closed-form solution for short-term inflation is derived from the dynamic stochastic general equilibrium (DSGE) model with state-dependent pricing originally developed by Dotsey, King and Wolman. This generalised Phillips curve encompasses the New Keynesian Phillips curve (NKPC) based on Calvo-type price-setting as a special case. It describes current inflation as a function of lagged inflation, expected future inflation, and current and expected future real marginal costs. The paper demonstrates that inflation dynamics generated by the model for a broad class of time and state-dependent price-setting behaviours are well approximated by the popular hybrid NKPC (with one lag of inflation) in a low-inflation environment. This provides an explanation of why the hybrid NKPC performs well in describing inflation dynamics across industrial countries. It implies, however, that the reduced-form coefficients of the hybrid NKPC may not have a structural interpretationState-dependent pricing, inflation dynamics, Phillips curve.

Is There Supply Distortion In The Green Box? An Acreage Response Approach

The shift of the farm subsidies toward programs classified as being decoupled income supports in the WTO’s URAA raises the question of their true impact on production and trade. In this study, we measured the acreage effects of the Canadian whole farm programs under uncertainty. Based on the theoretical discussions regarding the role of the insurance effect in acreage decisions, we extend the theoretical restrictions examined by Chavas and Holt (1990)which enables us to include this effect in our model specification. Hence, we modified the expected utility maximization framework (under the hypothesis that farmers are risk averse) developed by Chavas and Holt (1990) and derived three distinct effects: market effects, the wealth effect, and the insurance effect.WTO, decoupled, green box, area, production, Agricultural and Food Policy, Crop Production/Industries, International Relations/Trade, Production Economics,