Stock Markets and Household Wealth: Can a Stock Market Crash Cause a Recession in The U.S. Economy?

Stock market wealth effects on the level of consumption in the United States economy have been constantly debated; there is evidence for arguments for and against its prominence and its symmetry. This paper seeks to investigate the strength of its negative effect by creating models to analyze unexpected shocks to the Standard and Poor's 500 index. First, a transmission mechanism between the stock market and GDP is established through the use of second-order vector autoregressive models. Following which, theory from the life cycle model and adaptations of previous researchers' models are used to create a structural model. This paper finds that stock market wealth effects are small, but important to consider, especially if markets are overpriced; this claim is corroborated by evidence from simulation of 'alternative scenarios' and the historical experiences of 1987 and 2001.

A PRELIMINARY HABITAT SUITABILITY ANALYSIS FOR THE RESTORATION OF SOUTH CHINA TIGERS IN THE HUPINGSHAN RESERVE, CHINA

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A Preliminary Habitat Suitability Analysis for the Restoration of South China Tigers in the Hupingshan Reserve, China

The South China tiger, Panthera tigris amoyensis, once roamed the greater part of southern China. However, expanding human populations and other anthropogenic effects have resulted in the extinction of the wild population. The Chinese government has expressed interest in a reintroduction program for this species of tigers. Recent studies suggest that the Hupingshan preserve is potentially a good candidate for a tiger reintroduction program. Hupingshan is located on the border of the Hunan and Hubei provinces in Southern China. This study was a preliminary habitat suitability analysis, for the restoration of South China tigers in the Hupingshan reserve, China. ArcGIS 9.0 was used to develop a model that combined roads, railroads, slope, land cover, park classification, and population density. The tiger habitat suitability analysis was performed by weighting and combining the various layers. Preliminary results suggest that the Hupingshan reserve is suitable habitat for the reintroduction of South China tigers.