矩阵整流器功率特性研究

首先利用电路 dq转换技术，基于电流空间相量算法推导了一种三相AC-DC MC，即矩阵整流器系统的完整 dq变换模型，在此基础上进行了较为系统和全面的性能分析，包括功率特性分析，如电压利用率、输出电压极性、输入功率因数、有功功率、无功功率以及视在功率等性能指标，并绘制成图加以比较分析，便于对该变换器性能的认识。分析认为，该变换器是一种柔性的四象限三相AC-DC变换器，其特征为:①输出直流电压在负的最大值到正的最大值之间连续可调，最大值为输入相电压幅值的1.5倍，并依赖于输入电流位移和负载电阻;②功率开关电路部分等效成一个理想的变压器，能够调压和调流，同时能够进行前后级阻抗变换;③输入端有功功率、无功功率和输入功率因数都与输入电流调制度、输入滤波器参数、输入电流位移和负载电阻大小有关;④无功功率的调节能力依赖于有功功率的调节。还分析了单位输入功率因数的运行条件，划分了矩阵整流器四象限工作制及功率特性。     

从中美贸易差额观察我国经常项目失衡

对我国经常项目的持续顺差的解释一般是从人民币汇率低估、国民高储蓄率、大量FDI流入和过分优惠的对外资政策等方面来进行.本文认为在这些因素后面的一个共同原因是我国金融体系的不发达.在从理论上和国际经验上对金融发展和经常项目之间的关系进行说明后,本文进一步研究了我国不发达的金融体系对经常项目顺差影响的具体机制,并认为只有深化金融体制改革,大力发展我国金融业才能促进内外经济的和谐发展.     

我国财政赤字与经常项目动态关系的实证分析

本文采用Granger因果检验和脉冲反应函数计量技术,对我国财政赤字与经常项目之间的动态关系进行实证检验,结果表明,存在从财政赤字到经常项目的Granger单向因果关系,财政赤字的增加长期内会改善经常项目收支状况.进一步分析表明,财政赤字与经常项目顺差并存是我国改革开放以来特殊政策环境下形成的,并且随着我国宏观调控逐步由扩张性的积极财政政策转向中性财政政策,政府应密切关注财政政策的变化对经常项目的影响.     

Accrual Accounting and the Efficiency of the Core Public Sector

This paper evaluates the 'microeconomic' case for the extension of accrual accounting to the core government for the purposes of performance measurement, competitive tendering and asset management. Having found the microeconomic case to be weak, it suggests that it is the potential role of accrual accounting as an indicator of the fiscal stance of the public sector (particularly in respect to intergenerational equity) which provides a convincing rationale for its introduction in core government, and that this has significant methodological implications.     

Two-Rate Property Tax Effects on Land Development

Economists have long understood that the conventional property tax causes the housing stock to be smaller than it would be in the presence of a nondistortionary tax such as a land or site value tax. This article brings together the results from models of housing development timing and structural density with the results of a modern model of a graded property tax in an urban setting. The combination of results is used to investigate the effects of a communitys movement from a property tax to a two-rate tax system where land is taxed at a higher rate than structures. The conditions under which increasing reliance on a land or site value tax will increase housing structural density and speed of development are identified and examined. Policy implications are drawn.     

The information content of implied volatility, skewness and kurtosis: empirical evidence from long-term CAC 40 options

Implied standard deviation is widely believed to be the best available forecast of the volatility of returns over the remaining contract life (Jorion, 1995 ). In this paper, we take this result two steps further to the higher moments of the distribution (skewness and kurtosis) based on a Gram–Charlier series expansion of the normal distribution (Corrado and Su, 1996 ) using long-term CAC 40 option prices contract, named PXL. First, we found that implied first moments contain a substantial amount of information for future moments of CAC 40 returns although this amount decreases with respect to the moment's order. Secondly, we found that the different shapes of the volatility smile are consistent with different distribution of the underlying returns. Based on these results, we also observed that including other implied moments significantly improves the out-of-sample pricing performance of the Black–Scholes, (1973) model.     

Non-parametric estimation of operational risk losses adjusted for under-reporting

Not all claims are reported when a database for financial operational risk is created. The probability of reporting increases with the size of the operational risk loss, and converges towards one for big losses. Losses in operational risk have different causes, and usually follow a wide variety of distributional shapes. Therefore, a method for modelling operational risk based on one or two parametric models is deemed to fail. In this paper, we introduce a semi-parametric method for modelling operational risk that is capable of taking under-reporting into account and being guided by prior knowledge of the distributional shape.     

财政政策与经常项目赤字关系研究

经常项目赤字是货币危机或金融危机的主要原因之一。财政政策作为政府调控经常的一个重要政策工具，对经常项目有显著影响。本文从理论和实践上对财政政策与经常项目赤字之间的关系进行了深入研究。并且分析了当前我国所执行的扩张性的财政政策对我国经常项目的平衡可能产生的不利影响。最后对改善我国经常项目提出了一些财政对策。     

Currency Crisis in Korea – When and Why It Happened

Two possible causes of the Korean financial crisis are examined: (1)deterioration of the macroeconomic indicators andinconsistent policies and (2) sudden shifts in the market expectation andconfidence. Although the truthseems to lie between these causes, we conclude that the Korean currency crisisresulted from aserious mismanagement of foreign exchange rates and foreign currency reservesas well as theaccumulation of short-term foreign debts. Although it is generally believedthat the exchange rate ofthe won started depreciating drastically on 8 November 1997, depreciationstarted three monthsearlier when the international market conditions put the pressure on the won.