Factor decomposition of sub-provincial fiscal disparities in China

With the help of fiscal statistics on sub-provincial public finances in the second half of the 1990s, this paper explores the hotly debated issues pertaining to fiscal disparities in China during this period, and the various factors driving the changes in fiscal disparities. Among them are economic factors (e.g., GDP per capita, economic structure), and institutional factors (e.g., urban–rural dichotomy, ethnic issues).We adopt Morduch and Sicular's general, regression-based approach to decompose fiscal disparity with respect to per capita fiscal expenditure (Morduch & Sicular, 2002). The empirical results indicate that among all the statistically significant factors, GDP per capita and urban–rural dichotomy are the two most important variables that affects fiscal disparities, with a total contribution of 60%. Other relatively important factors are economic structure and population density. Several features of fiscal expenditure in China identified by our empirical findings together with their corresponding policy implications are discussed.     

Is Country Diversification better than Industry Diversification?

In this paper, we develop a framework in which one can examine the source of industry and country diversification by examining their underlying return components. We find that the global cash flow factor explains on average 39% of the variation of country cash flows and global discount rates explain 55% of the variation of country discount rates. These are much less than the explanatory power of the two factors over industry cash flow and discount rate variations, which are 72% and 78% respectively. This suggests that global factors are much less important for return components at country level than at the industry level. As a result, both better diversification of expected returns and cash flows across countries determine the larger benefits of country diversification versus industry diversification. Moreover, emerging markets tend to have much smaller co‐movements of both dividends and expected returns with those of the world, suggesting a lower degree of integration with the world goods and financial markets. Our results cast doubt on the prevailing wisdom that country diversification should be replaced by industry diversification.     

Empirical Analysis of Wealth Distribution Disparity of Chinese Residents and Its Changes

I. Introduction The widening wealth gap between the rich and the poor is currently becoming a focus of attention in China. It has two implications: excessive income gap and huge wealth disparity.A number of research papers have appeared on the subject of Chinese people’s income gap. However, there has been limited research on the distribution of people’s wealth. The already published research papers show especially a lack of empirical study of the dramatic changes in wealth distribution in…     

中国金融创新对货币需求影响的实证分析

本文对1999～2006年的季度数据进行回归分析,采用协整研究和方差分解的计量经济学的研究方法,就我国金融创新的变化对货币需求的影响进行了详细的实证研究,得出下列结论:a.国民收入,市场化进程和金融创新是影响货币需求的主要因素;b.金融创新对货币需求的影响从长期来看呈上升趋势,且不稳定。     

THE EARLY EXERCISE PREMIUM REPRESENTATION OF FOREIGN MARKET AMERICAN OPTIONS1

The note deals with the pricing of American options related to foreign market equities. the form of the early exercise premium representation of the American option's price in a stochastic interest rate economy is established. Subsequently, the American fixed exchange rate foreign equity option and the American equity-linked foreign exchange option are studied in detail.     

同时开市背景下AH股的股价联动性分析

文章选取57支A+H股票编制开盘价指数和收盘价指数,以2011年3月7日为分界点分为两个阶段,对A股和H股的股价之间的联动性,采用计量经济学方法进行实证研究。研究表明:同时开市之后A股和H股的股价联动性有所增强,H股股价对A股股价的影响更加明显。     

我国海洋产业碳排放核算研究

立足于海洋经济可持续发展的基本目标,探讨发展海洋产业低碳化核算问题。尝试运用改进的Kaya等式和LMDI分解法,对海洋产业CO2排放量变动的影响因素进行了测算与贡献率分析,运用碳排放系数核算了海洋产业碳排放值及碳排放强度,并根据核算结果提出海洋产业低碳化的实现思路。     

一种子带分频段信道估计算法

针对当前高速率通信中信道阶数很长导致信道估计和均衡困难的问题,利用子带 滤波器组近似完全重构的特点,提出一种在子带内进行分频段信道估计、在全频带综合信道 参数的估计方法。该方法较全频带信道估计收敛速度快,收敛误差小,能很好适应恶劣的信 道情况。虽然总的计算量大于全频带信道估计,但由于采用并行计算,所以能大大减少运算 时间。仿真试验表明,在重构误差足够小的情况下,子带数目越多,收敛越快,收敛残差比 全频带信道估计小5 dB左右。     

中国、日本、美国生产性服务业出口增长的效应分解及其对比分析——基于 CMS模型的分析

中国、美国、日本三国作为全球主要的经济实体和贸易大国,其生产性服务贸易出口近年来呈现出不同的绩效特点。本文通过借鉴固定市场份额(CMS)模型,把中、日、美三国生产性服务业出口绩效分解成国际需求引致效应、结构性效应和产业竞争力效应,并探讨各种效应对生产性服务贸易出口增长的真实影响。最后,提出改善中国生产性服务业出口绩效的政策建议。     

基于格规约辅助的MIMO系统GMD-TH预编码方案

现有的GMD-TH(Geometric Mean Decomposition-Tomlison Harashima)预编码方案在发射 端未对获得MIMO（Multiple-Input-Multiple-Output）信道增益矩阵优化,因而 其误码率和分集增益无法获得令人满意的效果。为此,在原有MIMO系统GMD-TH预编码的基础 上,提出一种基于格规约辅助的GMD-TH预编码方案。该方案采用基于格规约的算法对信道 矩阵进行优化,经过优化的信道矩阵其列向量之间具有更好的正交性并且向量的长度更短, 并且采用优化的信道矩阵提高了GMD-TH预编码MIMO系统的分集增益。仿真结果表明：相比于 传统的线性预编码方案,该预编码方案有效地提高了MIMO分集增益,相同误码率下,信噪 比降低3 dB以上,具有实用价值。