Relationships of the Monetary Policy, Stock Market and Real Investment in China Based on Markov-Switching Model

This paper studies the relationships of the monetary policy, stock market and real investment in China based on Markov-Switching-Vector Error Correction Model. It shows that there is a cointegration relationship among the three ones. We disclose the riddle that the stock market is in recession, but the growth rate of economy is very high in recent years. We also find that Chinese economy operated stably most of the time during the past 8 years. But if the economy is difficult to continue its high growth, it is more likely to appear ＂hard landing＂ than ＂soft landing＂. The impulse response analysis indicates the asymmetry between the ＂too cold＂ economy regime and the ＂too hot＂ regime. And the economy will oscillate during the subsequent time when it is shocked under the ＂too hot＂ regime.     

A Case Study on Xiamen-TSA(1998)in China

1 Background of the ResearchSince the l990's, tourism activities have been spreading rapid1y and wide1y in China. As anew economic and social phenomenon, the tourism'S impact on the economy has beendrawn more attention from businesses and the central or local government. There is anurgent need for a new method to measure the importance of tourism on economy. It is onlyTSA that could bare the task with a much better credibility and a systematical perspective.This pi1ot research is the first …     

Sensor fault-tolerant observer applied in satellite attitude control

The observing failure and feedback instability might happen when the partial sensors of a satellite attitude control sys- tem (SACS) go wrong. A fault diagnosis and isolation (FDI) method based on a fault observer is introduced to detect and isolate the fault sensor at first. Based on the FDI result, the object system state-space equation is transformed and divided into a corresponsive triangular canonical form to decouple the normal subsystem from the fault subsystem. And then the KX fault-tolerant observers of the system in different modes are designed and embedded into online monitoring. The outputs of all KX fault-tolerant observers are selected by the control switch process. That can make sense that the SACS is part-observed and in stable when the partial sensors break down. Simulation results demonstrate the effectiveness and superiority of the proposed method.     

An Empirical Study of Effects of Chinese Government＇s Tax Revenue and Expenditure on Its GDP＇s Growth

Public spending is a major policy tool for the government to adjust the macro economic progress. This paper characterizes the effects of shocks in government spending and taxes on Chinese economy growth since 1978. It does so by using a mixed structural VAR （SVAR） approach. Identification is achieved by using institutional information about the tax and spending to identify automatic and discretionary response, and by implication, to infer fiscal shocks. The results show positive government spending shocks as having a positive effect on output, and positive tax shocks as having a negative effects.     

Monthly Monetary Planning for China via Applying Method of Constructing Objective Function

1 Introductionln 1979, China initiated its "reform and open policy'. Since then China'S economy hasgradually shifted from 'Central planning" to 'socialist marketn, and has achieved the fastesteconomic growth in the world. Mirroring such change, Chinese government hasendeavored to use more market instruments to regulate the economy instead of theadministrative tools to Hirect" the economy as before. ln 1984, the Chinese governmentestablished the People'S Bank of China (PBC) as the first …     

Long-term Energy Demand and CO_2 Problem in the PRC

The long-term energy demand in China and the-Chinese share in global CO2 emission are forecasted on the basis of scenarios of population growth and economy development up to 2050 proposed in view of the interaction of energy, economy, environment and social development. The total energy demand in 2050 will reach 4.4~ 5.4 billion tce. It is shown in energy supply analysis that coal is China's major energy in primary energy supply. The share of CO2 emission in the future Chinese energy system will be out of proportion to its energy consumption share because of the high persentage of coal to be consumed. It will reach about 27%. The nuclear option which would replace 30.7% of coal in the total primary energy supply will reduce the share by 9.8%. So the policy considerations on the future Chinese energy system is of great importance to the global CO2 issues.     

The Social Welfare Housing Project and Its Effects in China

It was planned to build 36 million units of social welfare housing during the twelve-five2011-2015 in China.This paper introduces the estimation of owner occupied dwelling sector and develops a dynamic computable general equilibrium model for China’s real estate and macro-economy,to simulate the policy effects.The simulation results show that this policy can meet the increased requirements of housing demand due to fast urbanization and improvement of living conditions,therefore it will effectively cool down the price boom of housing market.Meanwhile,although the investment on social welfare housing will reduce the investment on other sectors,it will still stimulate GDP growth.     

Study on China＇s Economic Vulnerability to Energy Import Using Decomposition Method

Vulnerability means the degree to which that a system is susceptible to suffer damage. This paper focuses on the economic vulnerability to risk of energy import by employing ratio of net energy import to GDP as indicator, and decomposes the vulnerability change into effects of energy import, structure and intensity in order to find out key factors that influence economic security to energy import. Decomposition analysis on China indicates that effect of rising energy import takes more than 90 percent of total vulnerability change during the last 10 years, along with insignificant effect of structural change and intensity decline. International analysis on cross- section data of net energy importers also presents the positive relationship between external energy dependence and economic vulnerability. However, results of America show that long-term effect of energy intensity is much larger than China from 1954 to 2007, which is 70.8% of its total vulnerability change. Experience from developed countries confirms the necessary and validity of improving energy efficiency on depressing economic vulnerability to energy import, which provides lessons for the energy development of China.     

Will Tax Burden Be a Stumbling Block to Carbon-Emission Reduction? Evidence from OECD Countries

The influence of taxation on the economy and society is everywhere. Given the fact that CO2 emission is closely connected with human activities, the question naturally arises whether the tax burden affects the carbon emissions. To address this issue, based on the data of 21 OECD countries over the period from 1991–2014, we use the ratio of tax revenue to GDP as a proxy of the tax burden and employ a panel quantile model with the non-additive fixed effects for analysis. The results suggest that the impact of the tax burden on carbon emissions is heterogeneous across countries based on the level of carbon emissions. Moreover, we find a stable U-shaped relationship between the tax burden and carbon emissions whether for countries with a high or low level of carbon emissions. Our findings suggest that moderate taxes could help reduce carbon emissions, but the effect of excessive taxation is the opposite.     

AN ANP/DNP ANALYSIS OF ECONOMIC ELEMENTS IN TODAY’S WORLD NETWORK ECONOMY

1. Introduction A network economy drives and is driven by the dramatic acceleration in technological innovation, and in information and communication technologies especially. New technologies provide quick feedback that enables quick responses to modify activities and therefore they fundamentally change business models. The analysis of the effects of the network economy is a particularly appropriate topic for doing challenging scientific research. Business process modeling uses models and meth…     

Report on the Second Chinese-Swedish Conference on Control

The Second Chinese-Swedish Conference on Control was held on October 15-18, 2004 in Beijing, China, which was jointly organized by the Academy of Mathematics and Systems Science (AMSS), Chinese Academy of Sciences (CAS), and the Royal Institute of Technology, Sweden. The conference was supported by the National Natural Science Foundation of China, the Academy of Mathematics and Systems Science(AMSS), the International Research Team on Complex Systems, the Laboratory of Systems and Control, AMSS, CAS, China, and the Royal Institute of Technology, Sweden.     

Operational Patterns of Industrial Symbiosis Network in Industrial Cluster District Based on Circular Economy Theory

Industrial symbiosis network （ISN） is an efficient organizational form for improving resource recycling and efficiency in industrial cluster district. Because of the variety of industrial cluster district formation model, the industrial symbiosis network is different with each other. Based on the circular economy theory, combing with international tendency of cluster district, the paper puts forward the relying-on-oriented industrial symbiosis network. Meanwhile, it also analyzes its organizational mechanism, operating pattern and environmental performance. Through the above efforts, we hope it could be helpful for industry cluster district sustainable development in China.     

Forecasting China’s Foreign Trade Volume with a Kernel-Based Hybrid Econometric-Ai Ensemble Learning Approach

Due to the complexity of economic system and the interactive effects between all kinds of economic variables and foreign trade, it is not easy to predict foreign trade volume. However, the difficulty in predicting foreign trade volume is usually attributed to the limitation of many conventional forecasting models. To improve the prediction performance, the study proposes a novel kernel-based ensemble learning approach hybridizing econometric models and artificial intelligence （AI） models to predict China＇s foreign trade volume. In the proposed approach, an important econometric model, the co-integration-based error correction vector auto-regression （EC-VAR） model is first used to capture the impacts of all kinds of economic variables on Chinese foreign trade from a multivariate linear analysis perspective. Then an artificial neural network （ANN） based EC-VAR model is used to capture the nonlinear effects of economic variables on foreign trade from the nonlinear viewpoint. Subsequently, for incorporating the effects of irregular events on foreign trade, the text mining and expert＇s judgmental adjustments are also integrated into the nonlinear ANN-based EC-VAR model. Finally, all kinds of economic variables, the outputs of linear and nonlinear EC-VAR models and judgmental adjustment model are used as input variables of a typical kernel-based support vector regression （SVR） for ensemble prediction purpose. For illustration, the proposed kernel-based ensemble learning methodology hybridizing econometric techniques and AI methods is applied to China＇s foreign trade volume prediction problem. Experimental results reveal that the hybrid econometric-AI ensemble learning approach can significantly improve the prediction performance over other linear and nonlinear models listed in this study.     

Optimal Grading Policies in the Online Acquisition of Used Products

Although online reverse commerce(recommerce)is convenient and efficient,it is not without caveats.It limits recommerce firms’flexibility to offer personalized prices and may cause mismatched grading between the firms and sellers of used products.This study examines a recommerce firm’s decision on grading criteria and prices.We find that the firm’s optimal policy exhibits two distinctly different patterns depending on the trade value of the product.We demonstrate that sellers’overestimate and underestimate errors have qualitatively different effects on firm profitability,and the effects crucially rely on the type of optimal policy.These findings can apprise firms on how to preset sorting criteria and prices as well as reduce grading errors.     

Structural Decomposition Analysis to Investigate the Changes in Energy Consumption in Pakistan

The world energy demand is increasing due to rapid growth in the global economy, industrialization, and urbanization. Pakistan is also confronted with increasing energy demand on one hand and is confronted with the challenge of energy demand-supply gap on the other hand. Since energy is the major driver for growth, it becomes important to investigate the trends of energy consumption in a country and the factors that are most affecting the changes in the use of energy. This particular study aims to investigate the use of energy by all the economic sectors of Pakistan during 2000–2012.The major contribution is the first time application of structural decomposition analysis(SDA) for energy usage along with using Input-Output data for the period of 2002–2012. The results show the fluctuation of the energy intensity of the sectors throughout the study period. Also, the overall effect of energy intensity is negative on energy consumption and it shows a negative contribution value of-80.90% for the study period. Furthermore, the focus on more energy-intensive products like cement,automobiles, iron, steel products and the increasing final demand of the economy contributes to the growth of energy consumption in Pakistan during 2000–2012.     

Manufacturing and services: From mass production to mass customization

Manufacturing and services constitute two of the five sectors of every country’s economy;depending on the maturity of the economy,they are-in terms of employment-typically the two largest sectors.The outputs or products of an economy can also be divided into goods products(due to manufacturing,construction,agriculture and mining) and services products.To date,the goods and services products have,for the most part,been mass produced;it is the premise of this paper that recent technological advances-including flexible manufacturing,cloud computing,nanotechnology and smart sensing-can better enable the transformation from mass production to mass customization.We regard mass customization as the simultaneous and real time management of supply and demand chains,based on a taxonomy that can be defined in terms of its underpinning component and management foci.From a components perspective,we first consider the value chain of supplier,manufacturer,assembler,retailer,and customer,and then develop a consistent set of definitions for supply and demand chains based on the location of the customer order penetration point.From a management perspective,we classify the methods that are employed in the management of these chains,based on whether supply and/or demand are flexible or fixed.Interestingly,our management taxonomy highlights a very critical research area at which both supply and demand are flexible,thus manageable.Simultaneous management of supply and demand chains sets the stage for mass customization which is concerned with meeting the needs of an individualized customer market.Simultaneous and real time management of supply and demand chains set the stage for real time mass customization(e.g.,wherein a tailor first laser scans an individual’s upper torso and then delivers a uniquely fitted jacket within a reasonable period,while the individual is waiting).The benefits of real time mass customization cannot be over-stated as goods and services become indistinguishable and are co-produced-as "servgoods"-in real time,resulting in an overwhelming economic advantage.     

Coping with the Bullwhip Effect Using Inventory or Cash: An Environment-Behavior-Performance Paradigm

The bullwhip effect is w idely found in business and exerts adverse effects on business activities.To investigate the influence of the bullwhip effect on firm s'performance and their responses,this study proposed an environment-behavior-performance analysis fram ework and offered a new perspective for studying the bullwhip effect.Using data collected from 1,734 listed manufacturers in China from 2002 to 2017,we adopted regression models to test the proposed m odel and conducted a series of robustness tests.We find that the bullwhip effect is positively related to operating risk,inventory,and cash holdings,and the moderate levels of inventory and cash are negatively associated with operating risk.Specifically,inventory and cash play different roles and work together to alleviate operating risk induced by the bullwhip effect.However,excess resource holdings are positively associated with operating risk.Therefore,firm swith different levels of resources should hold suitable levels of inventory,cash,or both as contingent responses to the bullwhip effect.     

Study on the control mechanism of China aerospace enterprises'' binary multinational operation

China＇s aerospace enterprises carry on the multinational operation and participate in the international competition and the international division of labor and cooperation positively. This article first analyzs China aerospace enterprises＇ binary multinational business control objective and constructes its model. Then the article analyzes the tangible and intangible control mechanism of China aerospace enterprises＇ binary multinational operation respectively. Finally, the article constructs the model of China aerospace enterprises＇ binary multinational operation mechanisms.     

Application reliability for communication networks and its analysis method

The network reliability is difficult to be evaluated because of the complex relationship among the network components.It can be quite different for different users running different applications on the same network.This paper proposes a new concept and a model of application reliability.Different from the existing models that ignores the effects of applications,the proposed application reliability model considers the effects of different applications on the network performance and different types of network faults and makes the analysis of network components relationship possible.This paper also provides a method to evaluate the application reliability when the data flow satisfies Markov properties.Finally,a case study is presented to illustrate the proposed network reliability model and the analysis method.     

How Does ESG Performance Impact Corporate Financing Costs? An Empirical Study in China

In the background of the green transformation of the economy and society, the ESG performance of enterprises has been paid more and more attention in the investment decision-making.However, previous studies have inadequately explored how the ESG performance affects corporate financing costs. Based on the information asymmetry theory, this paper analyzes the impact mechanism of ESG performance on corporate financing costs. Then, taking 1044 A-share listed companies in2016–2020 as a sample, throug...