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Objective: As a world tourist destination, Macao is inevitably under the impact of the COVID-19 pandemic. However, the market of integrated resorts in Macao are shared by only a few casino concessionaries, together forming an oligopoly. While the firms attempted to adjust price, quantity and quality of their hotel services in response to the pandemic, they could not overlook the strategic interactions with other players in the market. Hence, this paper aims to investigate the possible impact of the pandemic on the oligopolistic strategies in the integrated resort market in Macao. Methodology: Application of a theoretical model of differentiated oligopoly to this six-firm case shows that price differences across firms depend on their quality differentiation. In order to analyze these price differences empirically, this paper collects data of hotel room rates of the integrated resorts from November, 2019 to mid-August, 2020, covering the periods before and after the outbreak of COVID-19. Originality: In the existing literature, there is a lack of studies of the oligopoly in the hospitality industry of Macao. Furthermore, the effect of COVID-19 is still ongoing, so this present paper is one of the first to perform such analysis. Results: The regression of each of the hotel price differentials on the COVID-19 dummy variable shows that COVID-19 has statistically significant impacts on almost all the price differentials. Intuitively, MGM and Wynn were in the high-price segment before and after the outbreak, while other firms switched positions in the low-price segment during the pandemic. One obvious downstream movement was by Conrad. According to the proposition derived from the theory, these imply that COVID-19 should have significant impact on the quality differentiation of the firms. Practical implications: The results are in line with the observations that the integrated resorts have rolled out staycation packages according to preferences of local residents. These quality adjustments observed in Macao’s hospitality industry currently only involved variable inputs rather than fixed inputs of production; therefore, the impact of COVID-19 should be seen as short-term effects. Keywords: Covid-19; Differentiated oligopoly; Hospitality industry; Hotel room rate; Oligopolistic market structure; Pricing strategy.

The fifth Sustainable Development Goal of the United Nations targets achieving gender equality by 2030, but recent progress has been sluggish. Gender inequalities in the labor markets may have been exacerbated by the Covid-19 recession. This paper aims to investigate the effects of the Covid-19 pandemic on gender inequalities in the labor markets by...

An increasing number of countries have launched their central bank digital currencies (CBDC) in recent years, but the economic impacts of CBDC adoption are underexplored. To empirically assess how CBDC adoption influences regional economic integration, this paper investigates the Greater Bay Area, where China carried out one of its first digital renminbi pilot programs. The Greater Bay Area provides a good example because the growing acceptance of digital renminbi in the area can potentially mitigate transaction costs and risks due to the exchange rate volatility of the Chinese renminbi, Hong Kong dollar, and Macao pataca. CBDC adoption can lead to greater real and financial integrations by facilitating cross-border trade in goods and services. This paper evaluates deviations from uncovered interest rate parity, purchasing power parity, and real interest rate parity across Guangdong, Hong Kong, and Macao based on monthly interest rate and price data from January 2016 to December 2022. The time series have mean values near zero, which validate the parity conditions and indicate high degrees of financial, real, and economic integrations. The Markov regime-switching regression model identifies three regimes: (1) pre-Covid, (2) post-Covid, and (3) post-CBDC. The Covid-19 outbreak brought lower integration and stability, but the launch of the CBDC restored some of the pre-Covid integration and stability. Regimes 1 and 2 are persistent, and transitions from Regime 3 back to Regime 1 are probable. Hence, this study finds evidence that CBDC adoption improves regional economic integration in the short and long run.

Integrating financial technologies with green initiatives is critical to the sustainable development agenda. This is particularly true for newly developed smart cities like Tongzhou, the sub-city center of Beijing. To assess the adoption of green fintech in Tongzhou, this paper extends the EnergyAugmented Technology Acceptance Model (EA-TAM) to incorporate two green factors – environmental awareness and green knowledge. This paper applies structural equation modeling techniques to analyze data from 403 respondents who live, work, or study in Tongzhou and finds allhypothesized constructs significant. Since green knowledge is significant to the adoption of green fintech, this paper further divides the sample into a high-education group (162 respondents with university-or-above degrees) and a low-education group (251 respondents with post-secondary-orlower degrees) to evaluate the impact of education. All the hypothesized factors are significant to the high-education group,but environmental awareness and perceived usefulness are insignificant to the low- education group. Hence, the results provide evidence that people in the newly developed smart city adopt green fintech due to their environmental sensitivity. The adoption of green fintech is more environmentally sensitive for people with high education levels.

Integrating financial technologies with green initiatives is critical to the sustainable development agenda. This is particularly true for newly developed smart cities like Tongzhou, the sub-city center of Beijing. To assess the adoption of green fintech in Tongzhou, this paper extends the EnergyAugmented Technology Acceptance Model (EA-TAM) to incorporate two green factors – environmental awareness and green knowledge. This paper applies structural equation modeling techniques to analyze data from 403 respondents who live, work, or study in Tongzhou and finds allhypothesized constructs significant. Since green knowledge is significant to the adoption of green fintech, this paper further divides the sample into a high-education group (162 respondents with university-or-above degrees) and a low-education group (251 respondents with post-secondary-orlower degrees) to evaluate the impact of education. All the hypothesized factors are significant to the high-education group,but environmental awareness and perceived usefulness are insignificant to the low- education group. Hence, the results provide evidence that people in the newly developed smart city adopt green fintech due to their environmental sensitivity. The adoption of green fintech is more environmentally sensitive for people with high education levels.

The Guangdong-Hong Kong-Macau Greater Bay Area (GBA) was first conceptualized in 2016, which aimed to facilitate trade and finance liberalization among the three regions. The trade and financial environment of the GBA is unique. Due to the “one country, two systems” principle, Mainland China, Hong Kong and Macau are considered to be trading partners bounded by WTO rule, but bilateral free trade agreements have been signed between Mainland China and Hong Kong, and between Mainland China and Macau, but not between Hong Kong and Macau. Furthermore, each of the three regions circulates a local currency subject to its own exchange rate policy, with Hong Kong Dollar and Macau Pataca currently pegged to the US Dollar. These affect the mobility of trade and capital flows in the area. Hence, this paper applies the widely-used price-based approach due to Cheung et al. [5] to analyze the degrees of real and financial integration in the GBA based on interest rates, exchange rates, and price indexes data from January, 2016 to November, 2021. The real interest differential (RID), uncovered interest differential (UID) and the deviation from purchasing power parity (PPD) between each regional pair have means that are statistically and economically close to zero, implying high real and financial integration in the GBA. The unit root tests for stationarity also confirm that the time series are mean-reverting, so the economic integration in the GBA in the long run is foreseeable.

This paper aimed to build up the theorical and conceptual understanding of future forecasting study of Macau’s GDP and Gross Gaming Revenue (GGR) by co-movement of economic indicators. Macau GDP and GGR showed co-movements with a number of time series economic indicators, including China’s exports and imports, China’s manufacturing PMI, non-manufacturing PMI, China's electricity production growth, share price of some Macau’s gaming operators, etc. These time series data can be found in statistics departments of China, Macau and Hong Kong, stock exchanges, and international organizations such as the International Monetary Fund (IMF), the World Bank, the World Trade Organization (WTO). Burns and Mitchell’s study in 1946 identified co-movements between economic indicators and being further carried out and developed leading, coincident and lagging indicators, which is essential for future econometric models and nowcasting techniques developments to study these co-movements. In particular, with the proper application of nowcasting techniques, future studies can exploit the data of leading and coincident economic indicators to forecast Macau’s GDP and GGR within an acceptable level of error. Since Macau is a “monotown,” where the gaming revenue makes a significant contribution to the economy. The forecasting of gaming revenue is crucial as it aids the gambling and tourism industries in preparing supply and provides information to policymakers to plan for the near future. This research also contributes to understand Macau’s economy by investigating its internal and external economic variables.

Intended as an economic and development hub, the Hengqin Cooperation Zone aims to foster collaboration and integration between mainland China, Hong Kong, and Macao, serving as a platform for economic development and innovation among the three regions. The zone's development has increased demand for financial services, often offered through fintech. There is, however, a lack of interoperability between the fintech services currently used in Macao and Hengqin. This may hinder Macao users' adoption of the technology. Thus, our research objective is to identify the factors determining Macao residents' adoption of fintech services in the area and provide insights for service providers, developers, and policymakers. A framework based on the Technology Acceptance Model (TAM) and Theory of Planned Behavior (TPB) was used for this purpose. The responses of 103 Macao residents provided evidence that ease of use significantly and positively impacts the usefulness of the technology. This in turn influences attitudes towards fintech usage. Subjective norms and perceived behavioral control positively impact fintech adoption intentions. The fintech industry and the governments of Macao and Hengqin can work on improving technology's ease of use and usefulness. They can also promote them to Macao users, and provide the resources required for better access to fintech in the zone

This study assesses Tesla's marketing strategies and their effectiveness in the Chinese market. Given Tesla's leading position in the global electric vehicle sector and the importance of the Chinese market, this study aims to analyze in-depth how Tesla has succeeded in China with its unique marketing tactics, and to suggest improvements to enhance its competitiveness. By utilizing analytical tools such as PEST, Porter's Five Forces Model, SWOT, and STP, this study comprehensively evaluates Tesla's marketing environment and thoroughly analyzes its marketing mix of products, prices, channels, promotions, etc., combined with consumer feedback and market research data. The study reveals that the key factors for Tesla's success include innovative design, unique branding, effective marketing strategies and digital marketing applications. Nevertheless, Tesla still needs to face the challenges of localization, pricing strategy, channel adjustment and promotion innovation. In order to maintain its leading position, Tesla should continue to innovate, strengthen its localization strategy, improve service quality, and adapt to policy changes. The optimization suggestions proposed in this study will help Tesla overcome challenges and achieve sustained growth, and they will also provide valuable references for other new energy vehicle companies

As international tourism continues to flourish and airlines are eager to expand their fleets, the demand for civil aircraft has continues to grow in the global market. The market has been a duopolistic one, shared by Boeing and Airbus. However, the recent entry of the Chinese company, Comac, had the potential to turn it into a triopoly within certain segment of the product line. This observation motivates the research objective to analyze the impact of Comac's entry on the production strategies of the incumbents. Specifically, this dissertation studies the impact on each firm’s allocation of production capacity toward different civil aircraft in the product line in response to how Comac’s entry, which can also impact the effects of capacity increase and market expansion on the product line rivalry. This dissertation is based on a multi-product, oligopolistic model of Boeing and Airbus. To provide insights on the strategy and behavior of each firm in the evolving competitive environment, this dissertation solves and extends the mathematical model to incorporate Comac as the entrant and compares model results with data of orders and deliveries of the three companies in the past 15 years. This model finds that when Comac's C919, a relatively small plane, enters the global civil aircraft market, Boeing and Airbus will increase the production of their small planes and decrease the production of the relatively large planes under the production capacity constraints. If the production capacity increases, both Boeing and Airbus will produce more planes, but will allocate more additional capacity to large planes than to small planes compared to the duopolistic competitive environment. When the market demand increases, despite the entry of the C919, Boeing and Airbus iv will continue to increase the production of both large and small planes, but the response is greater to an increase of demand for large planes than that for small planes. The orders and deliveries data provide some but insufficient support for the model predictions. As the market participation of Comac continues to grow, future researchers can re-assess the models’ propositions with more available data

Against the backdrop of escalating global climate change and China being the world’s largest carbon emitter, this study explores the impact of the carbon trading system on green finance in Chinese power sector. This study uses a quantitative research method, namely a difference-in-differences (DID) model, to investigate power companies that participated or had the potential to participate in carbon trading in 2019 and 2022. The key finding is that companies that participated in carbon trading had significantly higher green finance than those that did not participate, indicating that the carbon trading system has a positive impact on promoting green finance. However, the impact does not significantly intensify after the national carbon trading scheme was implemented in mid-2021. The green finance of listed companies and state-owned enterprises were less affected by carbon trading, possibly because these companies rely on alternative financing options and government financial support. Due to the findings, this study recommends that policy makers should strengthen the promotion of the carbon trading scheme and provide more support for non-listed companies and non-state-owned enterprises. At the same time, the companies should actively participate in the carbon market to take advantage of the industrial policies to enhance green finance, and ultimately promote environmental protection and their own sustainable development

The increasing contribution of Generation Z (Gen Z) to Macao’s economy may be the driving force behind the recent changes in Macao’s consumption patterns. This dissertation analyzes how consumption patterns of Macao’s Gen Z differ from other generations. To investigate the types of goods and services consumed, the shopping modes, and the factors that influence the consumption decisions of different generations of Macao, this study conducts a survey to collect primary quantitative data from 296 Macao residents. This study found that the most Macao residents consumed 21%-60% of their income, showing a balance between consumption and saving. They spent most on food and non-alcoholic beverages, healthcare, and education. In terms of receiving information about new products, many Macao consumers learned from family and friends and social media, such as the Red Book and TikTok. Electronic payments have become increasingly popular, such as the local payment system, MPay. The t tests for statistically significant differences show that Gen Z was more likely to make online purchases when buying beauty products and electronic devices than other generations. Compared to other generations, Gen Z was more concerned with the level of fun of the brand, impacts on the environment, society, and local community of the product, personal preference and research, and the recommendations of online reviewers, influencers, and salesperson. Based on the findings of this study, businesses can develop up-to-date marketing strategies to introduce their products to different generations in Macao

"Macau's rapid economic development in recent decades and relatively low usage of public transportation have put considerable pressure on the city's carrying capacity. Improving the transportation system has been a major policy goal of Macau's urban planners. To deepen the understanding of the perspectives of local road users, this dissertation's main research question is: what factors determine the satisfaction of local road users of Macau? After collecting responses using an online questionnaire, quantitative research methods were adopted to analyze travel patterns, satisfaction toward different road usage dimensions, and sociodemographic characteristics of local residents. 145 responses were collected and quota samples were generated to match the distribution of each sociodemographic feature of the population. Most respondents used private vehicles to travel during peak hours on weekdays for work or for school and to travel during the entire afternoon and evening on weekends for shopping necessities and for leisure. The most traveled districts were Baixa de Taipa, Costa & Ouvidor Arriaga, and Baixa de Macau. It was found that the mean overall satisfaction score inclined to the dissatisfaction side (below 3). Only clarity of traffic lights and number of road signs (measuring infrastructure) and temperature and price of fares (measuring public transportation) had mean satisfaction scores that were significantly higher than 3, indicating higher satisfactions. Meaningful hypotheses regarding the differences of different road user groups were set out, then Kruskal-Wallis ANOVA tests and Mann-Whitney U tests were run. The significant findings were such that the elderly aged 65 or above were less satisfied and the unemployed were more satisfied with road usage. The better educated were more satisfied with the environment, and the unemployed were more satisfied with the public transportation. Drivers were less satisfied with transportation costs, and peakhour road users were less satisfied with the infrastructure. The Spearman correlation analyses found that infrastructure had moderately positive correlation with facilities and with travel safety. Based on the findings and their policy implications, policy suggestions could be made. The policies suggested in this study should have favorable short-term and long-term effects on more than one road usage aspects."

The development of green financial products like green bonds and industry financing has gained momentum, showing positive impacts on sustainable economic development, renewable energy investment, and greenhouse gas emission reduction. As the research problem is inadequately explored, this dissertation aims to fill the research gap to evaluate the impacts of green finance on economic development. Furthermore, this study assesses the differences between Asian and non-Asian economies in the impacts of green finance on economic development. Two empirical measures are analyzed in this study.Green finance is measured with the Global Green Finance Index (GGFI), a composite index that captures over 100 instrumental variables, covering the business environment, human capital, infrastructure, and sustainability aspects of a financial center. Growth rate of gross domestic product (GDP) per capita reflects economic development. The dataset encompasses 83 international financial centers from 2018 to 2022. The regression model finds a significant negative relationship between growth rates of GGFI and GDP per capita in the full sample, the Asian subgroup, and the non-Asian subgroup. GGFI growth is confirmed to have Granger caused GDP per capita growth, but GDP per capita growth did not Granger cause GGFI growth. Combined with the insights of the previous studies, this study justifies the findings as a short-term negative impact of green finance on economic growth. However, the Asian region, with many emerging economies, could transition faster, so the regression derives a less negative coefficients for Asian financial centers. The policy implication 5 is that continued government support to improve the effectiveness of green finance is necessary for the long-term benefit of green finance to be fully realized

This dissertation explores Macao residents' experiences and perspectives regarding Macao's public policies and infrastructure for electric vehicles. It delves into residents' viewpoints on the effectiveness of electric vehicle policy implementation, the layout and convenience of public facilities such as charging stations and designated parking spaces for electric vehicles, and their actual experiences and feedback while using electric cars. This study is significant because it provides valuable insights into Macao residents' fundamental attitudes and needs toward electric vehicle policies and public facilities. By understanding these perspectives, policymakers can make more informed decisions to optimize electric vehicle policies and improve public facilities, ultimately promoting the healthy development of the electric vehicle market in Macao and facilitating the construction of a green transportation system. In terms of research methods, this study primarily employed questionnaires to collect data from road users in Macao. The questionnaires were designed to gather comprehensive information on their experiences and feedback related to electric vehicle policies, infrastructure, and usage. The findings of this study are intriguing. Firstly, it was discovered that Macao residents have a relatively low awareness of electric vehicle policies, but generally, they believe these policies contribute to environmental protection. Secondly, regarding public facilities, some residents reported issues such as uneven distribution and insufficient number of charging stations, as well as inadequacies in using and managing designated parking spaces for electric vehicles. Additionally, residents provided specific opinions and suggestions regarding the purchase costs of electric vehicles and government subsidy policies. Based on these findings, my conclusion is that there is an urgent need to optimize and improve Macao's electric vehicle policies and public facilities. Policymakers should increase publicity efforts to raise residents' awareness of electric vehicle policies and reasonably plan the layout of charging stations and designated parking spaces for electric vehicles to enhance their convenience and availability. Furthermore, the government could consider providing more subsidies and preferential policies for purchasing electric vehicles to reduce the financial burden on residents. These measures will help promote the further development of the electric vehicle market in Macao and facilitate the construction of a green transportation system