Financial System and Housing Price

The 2007/2008 US financial crisis is related to the securitization of mortgage loans and the housing-price boom and bust. In this article, we test the hypothesis that housing-price change is related to the development of the financial system. Using panel data for 23 countries from 1988 to 2012, we have found that the housing-price growth rate increases as the financial system moves a bank orientation to a market orientation. The policy implication is that the government should beware sudden increases in the capital market relative to the banking sector. Especially, more sophisticated financial supervision with respect to housing-price movement is required when a bank-based financial system progresses quickly to a market-oriented financial system.     

Dynamic Currency Linkages and Their Determinants: An Empirical Study for East Asian Economic Community Region

In this article, Copula GARCH models have been employed to study the inter-temporal process of currency market co-movements between ASEAN+6 countries (referred to in this study as East Asian Economic Community) and ASEAN+6 currency market index. Empirical results show that the sample countries of the region exhibit varying levels of currency co-movements with the Asian benchmark. Markov regime switching results show that many of the countries which had high dependences with the regional currency index as was found in copula estimations had also overlapping currency market cycles. Using Principal Component Analysis, we find that three statistical factors explain exchange rate co-movements which came out to be trade linkages, economic risk, and currency market openness in our dynamic panel data estimation.     

Export Sophistication: A Dynamic Panel Data Approach

In this article, we analyze export sophistication based on a large panel dataset (2001–2015; 101 countries) and using various estimation algorithms. Using Monte Carlo simulations, we evaluate the bias properties of estimators and show that GMM-type estimators outperform instrumental-variable and fixed-effects estimators. Based on our analysis we document that GDP per capita and the size of the economy exhibit significant and positive effects on export sophistication; weak institutional quality exhibits negative effect. We also show that export sophistication is path-dependent and stable even during a major economic crisis, which is especially important for emerging and developing economies.     

Incumbency advantage and its value

Markets with network effects are typically concentrated. The aim of this paper is to discuss some recent work on “incumbency advantage.” That is, the fact that firms already installed generate higher profits than entrants even if the latter offer identical or even better terms (in terms of price and quality) to consumers. In particular, we review recently known sources of the advantage and potential mitigating factors and point to a number of open issues.     

技术创新对安徽区域经济增长的影响分析

地区经济增长的主要动力是建立在技术创新基础上的产业结构调整.文章首先分析技术创新与经济增长的关系,接着通过三次产业劳动生产率的转变以及重点企业和企业集团研发费用的投入分析安徽技术创新的基本现状.为了进一步了解安徽技术创新对经济增长的影响,运用实证研究的方法,将中部六省的技术创新情况加以对比,具体说明技术创新与经济增长的关系.最后结合实际,提出了利用区域创新促进经济增长的一些建议.     

高分1号冬小麦解译面积核算方法研究

[目的]以高分1号(GF-1)融合2m卫星遥感影像为基础数据源,结合土地利用现状数据、高分多源遥感影像和地面样方等数据,对冬小麦分类提取中存在的面积误差问题进行研究和分析。[方法]文章以河南省永城市为研究区,在冬小麦提取结果聚类处理基础上,基于线性地物缓冲区数据,采用GIS空间运算实现线性地物面积扣除,接着分析了样方数据和土地利用现状数据再扣除零星地物面积比例上的差异,并采用样方零星地物平均扣除系数对全市各乡镇耕地与非耕地中冬小麦提取面积进行了相关统计和误差分析。[结果]永城市冬小麦最终解译面积11. 29万hm~2,其中线性地物和零星地物扣除面积分别为6 613. 08hm~2和3 875. 22hm~2,占研究区冬小麦解译面积的5. 86%和3. 32%,与统计上报数据相比,其处理前后误差由14. 12%降低至4. 41%,有效地提高冬小麦提取面积精度。[结论]误差来源分析与修正对冬小麦解译面积核算精度具有重要影响,该研究为县级区域尺度下冬小麦面积提取核算提供了思路和借鉴。     

金融业面对大数据的机遇与挑战

指出大数据开启了一次重大的时代转型,给金融业带来了难得的机遇和巨大的挑战。建议金融企业积极加强风险管理、构建分析平台、创新服务模式、改善用户体验、培养专业人才、打造大数据时代的“互联网金融”。     

银行信贷顺周期性的微观行为特征与优化控制——基于青岛市大数据平台

银行信贷管理具有明显的周期性,尤其是在经济下行期银行的＂避险＂行为比较突出。基于青岛市大数据平台,本文对经济下行期银行信贷管理行为进行研究,力图总结出银行的微观行为特征。本文认为银行的风险敏感度和预见度并不高,行为多表现出短期应激性,主要表现是前置性强势和风险处置弱势的双重特征,并且银行在对待周期性行业和非周期性行业方面呈现出较大差异。银行的行为特征有其内在组织和市场根源因素,通过对根源因素开展可控性分析,对其优化控制可以缓解银行信贷的顺周期性。     

质量流量计在原油集输系统中的应用

对油田企业分区块计量问题的现状进行了分析,指出了目前存在计量误差的主要原因,针对费希尔Ex8300质量流量计在使用中存在的缺陷,重新引进了新型CMF纯油质量流量计,报告了在多个原油集输站的试验情况,通过试验比对,找出了产生系统误差的根本原因,提出了在分队、分区块计量中质量流量计的应用是可行的,并告戒仪表管理人员对质量流量计的输入参数的动态变化要进行适时调整,以保证仪表的计量准确。     

普光气田地面集输系统腐蚀监测技术

为了对普光高含硫气田地面集输系统实施有效的腐蚀监测,针对普光气田地面集输系统的特点,从腐蚀监测目的出发,设计腐蚀监测方案,确定腐蚀监测点,运用腐蚀挂片、电阻探针、水分析等先进的监测技术和分析手段,对普光气田地面集输系统进行综合的腐蚀监测。根据监测数据显示:普光气田地面集输系统主要在硫沉积与积液部位发生了点蚀,但整体腐蚀速率控制在标准允许范围以内,防止存在积液和沉积物的压力容器及压力管道的局部腐蚀是目前腐蚀与防护工作的重点和难点。