INTERNATIONAL RESERVE MANAGEMENT: A DRIFT‐SWITCHING REFLECTED JUMP‐DIFFUSION MODEL

We study the cost of shocks, that is, jump risk, with respect to reserve management when the reserve process is formulated as a drift‐switching jump diffusion with a reflecting barrier at 0. Inspired by the Brownian drift switching model, our model results in a more realistic dynamic behavior of international reserves than the buffer stock model. The new model can capture both the jump behavior in reserve dynamics and the leptokurtic feature of the increment distribution which has a higher peak and two asymmetric heavier tails than the normal distribution. Through the selection of an initial distribution that reflects certain steady state behaviors, the reserve process becomes a regenerative process. This selection enables us to derive a closed‐form expression for the total expected discounted cost of managing reserves, thus helping us to numerically find management strategies that minimize costs. The numerical results show that shocks at the reserve level have a significant effect on reserve management strategies and that model misspecification can result in nonnegligible additional costs.     

我国移动电子商务发展中的问题及对策思考

近年来移动电子商务在我国发展非常迅速,但也暴露出很多问题,如人才匮乏、移动通信技术限制、业务经营不规范、企业信息化水平低等.对此,政府应该加紧人才培养,构筑健全的移动电子商务人才体系;加快移动网络设备和终端设备的升级换代;完善和出台相关的法律制度,规范移动业务市场;加快企业的信息化进程,为移动电子商务的进一步发展,创造良好的环境.     

An exceptional development pattern

This paper investigates India's exceptional development pattern, specifically the major importance of information technology services (ITS), and compares it with China's development pattern. Both countries want to develop capabilities for carrying out the innovation of technologies that compete at the state-of-the-art in the world market. The paper posits that technological/economic success in the contemporary world market requires the ability to innovate complex technologies and complex technology-related services. The share of trade represented by complex technologies is compared with the “high-tech” share. The trading patterns of the two countries are compared using United Nations data. Two case studies of Indian ITS companies are then compared with two case studies of Chinese manufacturing companies. Historical and cultural differences appear to explain some of the differences in the development patterns of the companies located in the two countries.     

对陕西省农村社会养老保险供求主体的分析与政府作用研究

陕西是西部的农业大省,农村社会养老保险制度发展缓慢,农村养老保险市场需要寻找供需双方的均衡点,政府作为制度的提供者和政策的制定者,必须在农村社会养老保险制度建立和运营中明确思路,发挥主导作用,以保证陕西省农村养老保险健康、有序地发展。     

经管类高职院校产学研结合的途径探析

产学研结合是高等职业教育发展的必然.进行产学研结合对培养应用型人才、提高教师素质和完善专业建设都有着重要意义.经管类高职院校可以从办学模式、教学活动、服务咨询、参与企业生产经营等方面开展产学研结合工作.     

城市污泥厌氧消化处理研究进展

对城市污泥利用厌氧消化处理的工艺前处理方法及其它相关相关研究进行了综述，并指出了城市污泥厌氧处理中今后要解决的问题和应用前景。     

预防液化石油气储罐应力腐蚀的初探

液化石油气储罐在工业和人民生活中有着广泛的应用,探讨液化石油气中所含H2S腐蚀介质对储罐的应力腐蚀及预防措施显得非常重要。     

试论我国湿地生态效益补偿制度框架构建

湿地是物种多样、资源丰富的生态系统,同时兼具经济、生态和社会三大价值。湿地生态效益补偿制度的建立,是稳定湿地周边经济,保障湿地有效保护和可持续发展的重要制度。在分析阐述我国湿地生态效益补偿制度建立的目的、原则的基础上,进一步确立了我国湿地生态效益补偿制度涉及的相关利益者和主客体,探讨了建立湿地生态效益补偿制度的补偿标准、补偿手段,初步构建了我国湿地生态效益补偿制度的补偿框架。     

西藏农业经济结构调整和河谷开发

西藏是我国五个少数民族自治区之一，全区225千公顷耕地，人均0．08公顷，农民人均纯收入1691元，居全国后10位。青藏铁路的建成开通，使得西藏与外界的交流更加迅速便捷，必然会对西藏的农业结构调整和农业经济的发展产生很大的影响。