Forest resources, as one of the most important natural resources, have high ecological value. The calculation of their ecological value is an important part of improving the accounting of natural resources assets. Based on the analysis of the basic situation of China's forest resources, this paper starts from the economic theory of forest resources, discusses the principle of forest resources in national economic operation, analyzes the output, value, price and other issues of forest resources, and probes into the necessity of studying forest resources. Then, based on the purpose of compiling the balance sheet of natural resources, the forest resources accounting theory was studied from the aspects of subject and object, scope, table design and so on. On the basis of relevant theoretical research, the main ecological functions of different types of forest resources are discussed. In practical calculation, the parameters of some accounting methods are adjusted to adapt to the local situation. Some methods of ecological value calculation such as soil conservation and water conservation are put forward, and some ideas for further improvement are put forward. Finally, taking Qiandao Lake as an example, the ecological value of its forest resources is calculated. Through calculation, the annual soil conservation value of Qiandao Lake forest resources was obtained. Combined with the research conclusion and practice progress, the future research prospect is put forward.

The business world is a competitive place, and enterprises must cultivate sustainable relationships with their clients to gain customer loyalty. Concepts of relationship marketing (RM) are becoming vital in the service industry. Different RM strategies are used to attract customers, but some of these strategies do not achieve customer loyalty as easily as predicted due to customers’ changing behaviour patterns. This paper investigates the impact of RM strategies on customer loyalty through relationship qualities (customer satisfaction and trust) by concentrating on the high-end hairdressing sector in Auckland. Additionally, this research investigates the expectations of customers of high-end hair salons formed by RM strategies, which influence their satisfaction, trust, and customer loyalty to their service provider. The results indicate that brand image shows a significant relevance to trust, satisfaction, and customer loyalty claiming that brand image is an essential element of RM. Additionally, this investigations revels that, hair salons in Auckland are looking forward to ascertaining a sustainable relationship with their clients through a spectrum of strategies such as positive brand image, good service quality, reasonable price, and good value deals to earn optimistic relationship quality, which will ultimately escalate to customer loyalty. Findings of this research will be useful in supporting hair salons to gain a greater understanding of their customers by adopting effective RM strategies.

The Weibull distribution is extensively useful in the field of finance, insurance and natural disasters. Recently, It has been considered as one of the most frequently used statistical distributions in modelling and analyzing stock pricing movement and uncertain prediction in financial and investment data sets, such as insurance claims distribution. It is well known that the Bayes estimators of the two-parameter Weibull distribution do not have a compact form and the closed-form expression of the Bayes estimators cannot be obtained. In this paper and the Bayesian setting, it is assumed that the scale parameter of the Weibull model has a gamma prior under the assumption that its shape parameter is known. A simulation study is performed using random claims amount to compare the performance of the Bayesian approach with traditional maximum likelihood estimators in terms of Root Mean Square Errors (RMSE) and Mean Absolute Error (MAE) for different sample sizes, with specific values of the scale parameter and shape parameters. The results have been compared with the estimated result via the maximum likelihood method. The result revealed that the Bayesian approach behaves similarly to the maximum likelihood method when the sample size is small. Nevertheless, in all cases for both methods, the RMSE and MAE decrease as the sample size increases. Finally, applications of the proposed model to the insurance claim data set have been presented.

Global distributions of net factor income from abroad (NFI) during 1990-2019 have witnessed that (1) the United States is the top one country accounting for 40% of surpluses of the global total, while a surge in China’s deficit with its GDP increase; (2) GDP growth in emerging economies has a price scissors with NFI deficits; (3) asymmetric NFI has covered up the severity of rich countries’ global arbitrages especially from emerging economies; (4) China’s economic power is exaggerated by the PPP-based GDP implemented by the World Bank. It concludes that (1) developing countries have paid for huge hidden cost for their emergence; (2) the statement of the United States suffering losses absolutely does not hold; (3) GDP is not a universal tool for measuring what matters. It suggests that (1) emerging economies countries should beware of the potential misleading of GDP on economic measurement and economic power comparison ; (2) GDP should be critiqued from the applicability perspective of economies’ types; (3) it is urgent to clarify some misjudgment and misleading concepts in the economic affairs surrounding the global value chain patterns; (4) the construction of national governance capacity in emerging economies should focus on “social infrastructure”, of which one of the important parts is an effective economic statistics system; (5) emerging economies should carry out the strategic layout of international economic statistics talents to enhance their soft powers.

Gold has been traditionally well recognized as a safe heaven for financial markets. Lately, Bitcoin has been gradually considered as a popular alternative. Since the outbreak of COVID-19 in early 2020, it has become even more necessary and critical to examine the diversification capability of them to hedge financial risks associated with an unexpected crisis comparable to the pandemic. This paper hence employs the wavelet analysis, complemented by the multivariate DCC-GARCH approach, to measure the coherence of the gold and Bitcoin prices with six representative stock market indices, three for developed economies and three for emerging economies, all of which are heavily affected by the pandemic. To have a more balanced and comprehensive analysis, two-year data are used, spanning from 12th April 2019 to 15th April 2021, which covers approximately one year before and one year after the announcement of the COVID-19 pandemic. The results suggest that the returns of both gold and Bitcoin are generally not strongly correlated with the market returns of all six indices, particularly for short-term investment horizons. That is, investors in all six indices can benefit through gold, as well as Bitcoin, in terms of hedging. Meanwhile, compared with Bitcoin, gold shows to be less correlated with the indices, particularly for long-term investment horizons. The findings hence suggest that gold and Bitcoin offer diversification benefits to investors in the market indices during a crisis such as the COVID-19 pandemic, especially for short-term investment horizons. The study also reminds policymakers thinking beyond the pandemic about the future of the earth, including air pollution and health, for sustainable development of the whole world.

Many of Keynes´s ideas and concepts are proven correct in this paper. The demand side, mainly business investments, drives the economy. Business firms steer the business cycle via profit expectations and animal spirits. Injections to and withdrawals from the circular flow of income are multiplied throughout the economy in accordance with Keynes´s multiplier. A sudden and sharp rise in households´ saving rates has a detrimental effect on aggregate demand, in line with Keynes´s paradox of thrift. Finance, not saving in the S=I sense, is the necessary condition for business investments and economic growth to be realized. Keynes´s finance motive thus makes money endogenous, contradicting the textbook result that exogenous money steers aggregate demand, contradicting the mainstream loanable funds theory and putting into question the Keynesian theory of sticky prices as a condition for real growth. However, a crucial omission in Keynes´s productive writings is the lack of an accelerator tying income to investment. Some of his followers such as Paul Samuelson tried to remedy that by developing multiplier-accelerator models. The problem with them is that the accelerator lacks micro foundations, in specific disregarding business confidence. Linking macro accounting identities with empirical national accounts data for five major economies produces the finding that business firms explain more than all aggregate expenditure growth during a 25-year period. Thus, it is concluded that business confidence is the root of the business cycle. Making the accelerator account for business confidence casts new light on the perhaps most well-known Keynesian “truth”: active fiscal policy as a main force stabilizing the business cycle. With business confidence being the endogenous and ubiquitous variable driving the business cycle, it turns out that any exogenous factor has the possibility to affect it. Policy needs to be viewed as a competing factor to the factor(s) driving the cycle in the other, destabilizing direction. The more powerful those factors are (e.g., a deadly virus), the tougher it gets for policy to “win” the competition, turning business confidence around. This leads up to the paper´s main conclusion: the worse the economy, the stronger is the case for active fiscal policy, but the lesser is the chance for it to succeed.