Impact of exchange rate regime reform on asset returns in China

Employing monthly data over the period 1999–2010, this paper examines the impact of China's exchange rate regime reform in July 2005 on three major asset markets: house, land, and stocks. We test whether the reform, which switches from a fixed exchange rate regime to a managed floating one, has brought forward structural changes to asset return dynamics. The results suggest that the exchange rate regime switch exerted the most significant impact on house and land returns at the national level, in terms of both returns and their volatilities. In contrast, its impact on China's stock market was moderate, with no structural change being detected in its returns and only weak structural change being found in the dynamics of its volatility. We also find that in comparison with other popular explanatory variables, broad money supply and inflation have the largest explanatory power on housing and land returns in China after the policy reform.     

Structural changes and regional disparity in China's inflation: a revisit

The study re-examined the time series properties and regional disparities in Chinese inflation by extending the work of Chong, Zhang, and Feng (2011 Chong, Tai-Leeung, Terence, Ning Zhang and Feng, Qu. 2011. Structural Changes and Regional Disparity in China's Inflation. Economics Bulletien, 31(1): 572–583.  [Google Scholar]). For this purpose we employed the Lagrange Multiplier (LM) unit root test with one structural break and two structural breaks suggested by Lee and Strazicich (2003 Lee, Junsoo, Mark, C. and Strazicich. 2003. Minimum LM Unit Root Test with Two Structural Breaks. Review of Economics and Statistics, 85(4): 1082–1089. [Crossref], [Web of Science ®] , [Google Scholar], 2004 Lee, J. and Strazicich, M. 2004. Minimum LM unit root test with one structural break. Working Paper 04–17, Boone, North Carolina: Department of Economics, Appalachian State University.  [Google Scholar]) and a recently developed ADF type unit root test with two structural breaks of Narayan and Popp (2010 Narayan, Paresh Kumar and Stephan Popp. 2010. A New Unit root test with Two Structural Breaks in Level and Slope at Unknown Time. Journal of Applied Statistics, 37(9): 1425–1438. [Taylor & Francis Online], [Web of Science ®] , [Google Scholar]). We found that national, urban and rural series of the overall inflation series, clothing, and food, national series of education and residence and the rural series of residence and education are stationary. We also found regional disparity in Chinese inflation, but the disparities existed only in education inflation series.     

买卖不破租赁产生的法律效果

买卖不破租赁的适用产生一定的法律效果,这种法律效果因当事人在法律关系中地位不同而区别。在受让人与承租人、受让人与原出租人、原出租人与承租人之间的法律关系中,当事人分别形成不同内容的权利义务关系。     

工程项目施工阶段的工程造价控制策略研究

本文首先阐述了工程造价的基础理论知识及工程造价管理流程;然后就YN工程实例分析了该工程项目施工阶段工程造价控制中存在的问题;最后针对这些问题提出了施工阶段工程造价控制的策略。     

工程各阶段造价控制目标体系构建与控制措施

伴随着我国不断深入的经济改革,国民经济出现了迅速发展的趋势,我国每年投资固定资产上的资金在不断累加,我国经济发展中起到了重要支撑作用的就是建筑业。目前,我国对工程各阶段造价控制进行了进一步的研究,并且对其积极推广应用,可是同世界发达国家之间依然存在着一定的距离。造价控制方法方面依然缺乏一定的配合能力。因此,我国应不断加快工程造价控制管理,提升建筑行业的竞争能力,最大程度的节省社会资源。本文以工程各阶段造价控制目标体系构建与控制为例,分析了工程各阶段造价控制管理意义,工程各阶段造价控制目标的构建,工程各阶段造价控制目标措施。     

岩滩水力发电厂500 kV高压并联电抗器的投运分析

通过在岩平线岩滩电厂侧安装高压并联电抗器,有效地改善了机组低谷时段的进相问题,提高了机组运行的稳定性,有效地解决了母线电压偏高和机组进相问题,文章分析了高压并联电抗器在运行过程中产生的影响,为今后制定控制对策提供了参考,对岩滩水力发电厂的安全性和经济运行起到了重要作用.     

EPO在PEG/(NH4)2SO4双水相体系中的分配研究

探讨了采用PEG/(NH4)2SO4双水相体系纯化EPO的可行性和工艺条件,实验考察了PEG相对分子质量、成相物质质量分数、pH值和NaCl质量分数对EPO分配的不同影响。     

气相色谱法测定水果、蔬菜中多种拟除虫菊酯类农药残留

【目的】建立快速、准确测定水果、蔬菜中4种拟除虫菊酯类农药残留量的方法。【方法】微波加速反应系统提取农药残留,固相萃取（SPE）柱净化,毛细管柱气相色谱法-μECD检测器测定。【结果】可同时分离检测4种拟除虫菊酯类农药残留,检出限均可达到0．00μg／mL,甲氰菊酯在0．001-5μg／mL范围内、其他3种菊酯在0．001～10μg/mL范围内线性关系良好,相关系数r〉0．9990;回收率为76．2％-105．9％,相对标准偏差为3．4％-12．0％。【结论】本方法灵敏度高、净化效果好、节省时间。     

China's Auto Industry Steps Forward

Last year,the volume of China's auto trade reached US$66.878 bil- lion,of which imports accounted for US$25.982 billion,a year-on- year increase of 24.45 percent;while ex- ports totaled US$40.896 billion,growing by 45.31 percent.The China Association of Automobile Manufacturers(CAAM) predicts that the number of autos sold in 2008 will break the 1 million barrier for the first time in history,representing an increase of about 20 percent.     

X频段介质谐振振荡器的设计

介绍一种适合X频段并联反馈型介质谐振振荡器的设计方法及其相关理论,采用计算机仿真技术分析影响振荡器相位噪声的一些因素,并设计了一个X频段的并联反馈型介质谐振振荡器,验证了采用减小介质谐振器耦合的方法来改善输出相位噪声的可行性。