Agricultural land is the key to large-scale agricultural management,and the transfer price is the key to the success or failure of land transfer. At present,there are many problems in the pricing of rural land transfe...Agricultural land is the key to large-scale agricultural management,and the transfer price is the key to the success or failure of land transfer. At present,there are many problems in the pricing of rural land transfer in China,such as low price,random pricing,and large price difference,which seriously hinder the development of rural land transfer. Drawing lessons from the research results of domestic and foreign scholars,combined with the actual situation of rural land transfer in China,this paper analyzes the influencing factors of land transfer price in the context of rural land reform. Finally,according to the influence of different factors on the behavior of agricultural land transfer,this paper proposes establishing and perfecting the evaluation system of contracted land,perfecting the evaluation institution of transferred land assets and establishing a unified dynamic monitoring system of land transfer price in the whole country,and then driving the broad masses of farmers to get rich together,which is of great significance to achieving the revitalization of China’s rural areas.展开更多
Under ultra-supercritical pressure, the heat transfer characteristics of water in vertical upward 4- head internally ribbed tubes with a diameter of 28.65mm and thickness of 8mm were experimentally studied. The experi...Under ultra-supercritical pressure, the heat transfer characteristics of water in vertical upward 4- head internally ribbed tubes with a diameter of 28.65mm and thickness of 8mm were experimentally studied. The experiments were performed at P = 25- 34MPa, G = 450- 1800kg/（m^2·s） and q = 200 600kW/m^2. The results show that the pressure has only a moderate effect on the heat transfer of uhra-supercritical water when the water temperature is below the pseudocritical point. Sharp rise of the wall temperature near the pesudocritical region occurs earlier at a higher pressure. Increasing the mass velocity improves the heat transfer with a much stronger effect below the pesudocritical point than that above the pesudocritical point. For given pressure and mass velocity, the inner wall heat flux also shows a significant effect on the inner wall temperature, with a higher inner wall heat flux leading to a higher inner wall temperature. Increasing of inner wall heat flux leads to an early occurrence of sharp rise of the wall temperature. Correlations of heat transfer coefficients are also presented for vertical upward internally ribbed tubes.展开更多
The factors influencing the water supply price of a hydraulic project include natural conditions and economic policies. This paper thoroughly demonstrates the water price of South-to-North Water Transfer Project from ...The factors influencing the water supply price of a hydraulic project include natural conditions and economic policies. This paper thoroughly demonstrates the water price of South-to-North Water Transfer Project from the viewpoint of economic policies. It is considered that if the project is assigned as a profitable one and built depending on commercial loan from bank completely or mostly, the water price will be too high to be undertaken by users,and if the project places the public good at first while considering the economic benefit, its investment mainly relies on the state (national or local governments) appropriation and self-raised funds and a little from the bank loan on favorable terms, the price determined according to the principle of satisfying the cost and reasonable profit will be relatively lower and can be undertaken by the users in the North China where water shortage is serious. The problem of higher water price of agricultural irrigation to the north of the Yellow River can be tackled by taking measures such as "compensating agriculture by industry" according to foreign practical experiences and relevant suggestions.展开更多
The internal flow of a droplet in the nonlinear extensional flow field will exhibit more than two internal circulations with the variation of nonlinear intensity(E).In this paper,the effect of positions and sizes of i...The internal flow of a droplet in the nonlinear extensional flow field will exhibit more than two internal circulations with the variation of nonlinear intensity(E).In this paper,the effect of positions and sizes of internal circulations on internal mass transfer rate of a single spherical droplet in a nonlinear extensional flow field is studied and compared with that in a linear extensional flow field.The simulation results show that when E≥0,there are two symmetrical internal circulations in the droplet,which is the same with that in a linear extensional flow.The limit value of mass transfer rate Sh is 15,which is equal to that in a linear extensional flow,no matter how large E is.When E≤-3/7,the number of internal flow circulation of a droplet increase to four and the transfer rate Sh increases.When E=-1,the maximum internal transfer rate Sh equals 30 which is twice of that in a linear extensional flow.The generation of new flow circulations in droplets and the circulation positions will enhance mass transfer when E≤-3/7,which provides a new idea for enhancing the internal mass transfer rate of droplets.展开更多
The transfer of the rural collective construction land is increasingly accelerating,and the factors affecting transfer price are manifold. In this paper,the research area is Yichang,and we establish hedonic price mode...The transfer of the rural collective construction land is increasingly accelerating,and the factors affecting transfer price are manifold. In this paper,the research area is Yichang,and we establish hedonic price model to explore and analyze the factors which affect the collective construction land transfer price. The simulation results show that in geographical factors,the higher degree of prosperity,road accessibility and soundness of infrastructure will result in higher collective construction land transfer price; in economic factors,the higher farmers' per capita net income and added value of the village's tertiary industry will lead to higher collective construction land transfer price; in ownership factors,the integrity of usufruct,disposition and possession has increasingly significant impact on collective construction land transfer price. In the process of establishing rural collective construction land circulation market,the government should gradually improve conditions of collective construction land; strengthen the construction of the rural economy,improve the economic attribute of the collective construction land; establish and improve China's rural collective construction land-related laws and regulations,make the rural collective construction land use rights clear,and give the whole rights of occupation,use,earning and disposition.展开更多
Accurate carbon price forecasting is essential to provide the guidance for production and investment.Current research is mainly dependent on plenty of historical samples of carbon prices,which is impractical for the n...Accurate carbon price forecasting is essential to provide the guidance for production and investment.Current research is mainly dependent on plenty of historical samples of carbon prices,which is impractical for the newly launched carbon market due to its short history.Based on the idea of transfer learning,this paper proposes a novel price forecasting model,which utilizes the correlation between the new and mature markets.The model is firstly pretrained on large data of mature market by gated recurrent unit algorithm,and then fine-tuned by the target market samples.An integral framework,including complexity decomposition method for data pre-processing,sample entropy for feature selection,and support vector regression for result post-processing,is provided.In the empirical analysis of new Chinese market,the root mean square error,mean absolute error,mean absolute percentage error,and determination coefficient of the model are 0.529,0.476,0.717%and 0.501 respectively,proving its validity.展开更多
Cars are regarded as an indispensable means of transportation in Taiwan.Several studies have indicated that the automotive industry has witnessed remarkable advances and that the market of used cars has rapidly expand...Cars are regarded as an indispensable means of transportation in Taiwan.Several studies have indicated that the automotive industry has witnessed remarkable advances and that the market of used cars has rapidly expanded.In this study,a price prediction system for used BMW cars was developed.Nine parameters of used cars,including their model,registration year,and transmission style,were analyzed.The data obtained were then divided into three subsets.The first subset was used to compare the results of each algorithm.The predicted values produced by the two algorithms with the most satisfactory results were used as the input of a fully connected neural network.The second subset was used with an optimization algorithm to modify the number of hidden layers in a fully connected neural network and modify the low,medium,and high parameters of the membership function(MF)to achieve model optimization.Finally,the third subset was used for the validation set during the prediction process.These three subsets were divided using k-fold cross-validation to avoid overfitting and selection bias.In conclusion,in this study,a model combining two optimal algorithms(i.e.,random forest and k-nearest neighbors)with several optimization algorithms(i.e.,gray wolf optimizer,multilayer perceptron,and MF)was successfully established.The prediction results obtained indicated a mean square error of 0.0978,a root-mean-square error of 0.3128,a mean absolute error of 0.1903,and a coefficient of determination of 0.9249.展开更多
As critical piece of China＇s gradualist economic transition, domestic price reform still faces major challenges. In particular, factor price, which is still tightlycontrolled and not market-based, is lower than marke...As critical piece of China＇s gradualist economic transition, domestic price reform still faces major challenges. In particular, factor price, which is still tightlycontrolled and not market-based, is lower than market equilibrium price. Factor price distortion not only reduces market efficiency but also affects wealth distribution. Subsequent wealth transfer has, over the past ten to fifieen years, created a powerful vested interests and spawned social resentment, both of which may constitute major hazards in China＇s future reform and development. Keeping in mind that China will have to address factor price distortion in its next step of reform, this paper takes stock of China＇s journey toward price rejorm; examines the relationship among factor price distortion, previous economic growth, and policy; and estimates＇ the size of resulting wealth transfer.展开更多
The synchronicity effect between the financial market and online response for time-series forecasting is an important task with wide applications.This study combines data from the about:blank index(BDI),Google trends(GT),an...The synchronicity effect between the financial market and online response for time-series forecasting is an important task with wide applications.This study combines data from the about:blank index(BDI),Google trends(GT),and transfer entropy(TE)to forecast a wide range of futures prices with a focus on China.A forecasting model based on a hybrid gray wolf optimizer(GWO),convolutional neural network(CNN),and long short-term memory(LSTM)is developed.First,about:blank and Google dual-platform search data were selected and constructed as Internetbased consumer price index(ICPI)using principal component analysis.Second,TE is used to quantify the information between online behavior and futures markets.Finally,the effective Internet-based consumer price index(ICPI)and TE are introduced into the GWO-CNN-LSTM model to forecast the daily prices of corn,soybean,polyvinyl chloride(PVC),egg,and rebar futures.The results show that the GWO-CNN-LSTM model has a significant improvement in predicting future prices.Internet-based CPI built on about:blank and Google platforms has a high degree of real-time performance and reduces the platform and language bias of the search data.Our proposed framework can provide predictive decision support for government leaders,market investors,and production activities.展开更多
Lithium iron phosphate batteries have been increasingly utilized in recent years because their higher safety performance can improve the increasing trend of recurring thermal runaway accidents.However,the safety perfo...Lithium iron phosphate batteries have been increasingly utilized in recent years because their higher safety performance can improve the increasing trend of recurring thermal runaway accidents.However,the safety performance and mechanism of high-capacity lithium iron phosphate batteries under internal short-circuit challenges remain to be explored.This work analyzes the thermal runaway evolution of high-capacity LiFePO_(4) batteries under different internal heat transfer modes,which are controlled by different penetration modes.Two penetration cases involving complete penetration and incomplete penetration were detected during the test,and two modes were performed incorporating nails that either remained or were removed after penetration to comprehensively reveal the thermal runaway mechanism.A theoretical model of microcircuits and internal heat conduction is also established.The results indicated three thermal runaway evolution processes for high-capacity batteries,which corresponded to the experimental results of thermal equilibrium,single thermal runaway,and two thermal runaway events.The difference in heat distribution in the three phenomena is determined based on the microstructure and material structure near the pinhole.By controlling the heat dissipation conditions,the time interval between two thermal runaway events can be delayed from 558 to 1417 s,accompanied by a decrease in the concentration of in-situ gas production during the second thermal runaway event.展开更多
In recent years,with the rapid development of China’s economy,a large number of people have flocked to the cities,which also brings more residential waste.The increased waste overloads transfer stations located near ...In recent years,with the rapid development of China’s economy,a large number of people have flocked to the cities,which also brings more residential waste.The increased waste overloads transfer stations located near residential areas,and the continuous noise and odour affect the daily lives of nearby residents.In addition,the neighbourhood avoidance facilities represented by the waste transfer stations also reduce the value of the surrounding residents’houses.Therefore,using the conditional value method and the Tobit and Double Hurder econometric models,this article investigates the implicit value of the Fuli Resort neighbourhood under the influence of the waste transfer station through a questionnaire survey on the willingness of the residents to accept the compensation,which can be regarded as the“aversion value”of the neighbourhood due to the aversion to the waste transfer station and analyses the impact of the aversion value of the neighbourhood.aversion value and analyses the impact on residents’willingness to accept compensation.The study found that the residents’willingness to accept compensation near the waste transfer station is 511.94 RMB/person/month,and the implicit value of the Fuli Resort neighbourhood under the influence of the waste transfer station in Qinhuai District,Nanjing,Jiangsu Province,China,is 147,950 RMB.The study found that residents are most interested in having the government rectify the waste transfer station and set sanitary standards and work norms.展开更多
Cyclical fluctuations in asset prices are closely related to the overall stability of the macroeconomy and have thus become a significant topic in academic and professional exploration.Among these fluctuations,changes...Cyclical fluctuations in asset prices are closely related to the overall stability of the macroeconomy and have thus become a significant topic in academic and professional exploration.Among these fluctuations,changes in the supply of the U.S.dollar,the global reserve,and primary settlement currency have a broad and far-reaching impact on international financial markets.Since COVID-19,asset prices across various countries have shown differing trends due to fluctuations in the U.S.dollar supply.Housing prices,a key focus in asset pricing research,have been affected to varying degrees.This thesis utilizes seven house price indices from representative cities worldwide from 2020 to 2023 to compare the differential impacts across various countries using an empirical approach.The results indicate that the impact of the U.S.dollar money supply(M2)diminishes in a gradient from the U.S.to East Asia,and then to Europe.展开更多
From the perspective of long-term and short-term, the methods of TY causality test, generalized impulse response function, variance decomposition were used to investigate the impacts of international oil prices and ma...From the perspective of long-term and short-term, the methods of TY causality test, generalized impulse response function, variance decomposition were used to investigate the impacts of international oil prices and macroeconomic variables on Chinese gold, silver and platinum prices, but also the feedback effects of Chinese precious metal prices under this impact. The results show that international oil prices play an important role in precious metal price variation both in long-term and short-term, and exchange rate only has an effect in short-term, while interest rate is ineffective in predicting precious metal prices. In addition, precious metal prices have some feedback effects on international oil prices and interest rate in short-term.展开更多
文摘Agricultural land is the key to large-scale agricultural management,and the transfer price is the key to the success or failure of land transfer. At present,there are many problems in the pricing of rural land transfer in China,such as low price,random pricing,and large price difference,which seriously hinder the development of rural land transfer. Drawing lessons from the research results of domestic and foreign scholars,combined with the actual situation of rural land transfer in China,this paper analyzes the influencing factors of land transfer price in the context of rural land reform. Finally,according to the influence of different factors on the behavior of agricultural land transfer,this paper proposes establishing and perfecting the evaluation system of contracted land,perfecting the evaluation institution of transferred land assets and establishing a unified dynamic monitoring system of land transfer price in the whole country,and then driving the broad masses of farmers to get rich together,which is of great significance to achieving the revitalization of China’s rural areas.
基金Supported by the High Technology Research and Development Programme of China （No. 2002AA526012 ）and the National Natural Science Foundation of China （No. 50323001）.
文摘Under ultra-supercritical pressure, the heat transfer characteristics of water in vertical upward 4- head internally ribbed tubes with a diameter of 28.65mm and thickness of 8mm were experimentally studied. The experiments were performed at P = 25- 34MPa, G = 450- 1800kg/（m^2·s） and q = 200 600kW/m^2. The results show that the pressure has only a moderate effect on the heat transfer of uhra-supercritical water when the water temperature is below the pseudocritical point. Sharp rise of the wall temperature near the pesudocritical region occurs earlier at a higher pressure. Increasing the mass velocity improves the heat transfer with a much stronger effect below the pesudocritical point than that above the pesudocritical point. For given pressure and mass velocity, the inner wall heat flux also shows a significant effect on the inner wall temperature, with a higher inner wall heat flux leading to a higher inner wall temperature. Increasing of inner wall heat flux leads to an early occurrence of sharp rise of the wall temperature. Correlations of heat transfer coefficients are also presented for vertical upward internally ribbed tubes.
文摘The factors influencing the water supply price of a hydraulic project include natural conditions and economic policies. This paper thoroughly demonstrates the water price of South-to-North Water Transfer Project from the viewpoint of economic policies. It is considered that if the project is assigned as a profitable one and built depending on commercial loan from bank completely or mostly, the water price will be too high to be undertaken by users,and if the project places the public good at first while considering the economic benefit, its investment mainly relies on the state (national or local governments) appropriation and self-raised funds and a little from the bank loan on favorable terms, the price determined according to the principle of satisfying the cost and reasonable profit will be relatively lower and can be undertaken by the users in the North China where water shortage is serious. The problem of higher water price of agricultural irrigation to the north of the Yellow River can be tackled by taking measures such as "compensating agriculture by industry" according to foreign practical experiences and relevant suggestions.
基金supported by the National Key Research and Development Program of China(2021YFC2902502)the National Natural Science Foundation of China(22078320,22035007)+4 种基金the NSFC-EU project(31961133018)the Shandong Provincial Key Research and Development Program(2022CXGC020106)the Shandong Key Research and Development Program(International Cooperation Office)(2019GHZ018)the Shandong Province Postdoctoral Innovative Talents Support Plan(SDBX2020018)the External Cooperation Program of BIC,Chinese Academy of Sciences(122111KYSB20190032)。
文摘The internal flow of a droplet in the nonlinear extensional flow field will exhibit more than two internal circulations with the variation of nonlinear intensity(E).In this paper,the effect of positions and sizes of internal circulations on internal mass transfer rate of a single spherical droplet in a nonlinear extensional flow field is studied and compared with that in a linear extensional flow field.The simulation results show that when E≥0,there are two symmetrical internal circulations in the droplet,which is the same with that in a linear extensional flow.The limit value of mass transfer rate Sh is 15,which is equal to that in a linear extensional flow,no matter how large E is.When E≤-3/7,the number of internal flow circulation of a droplet increase to four and the transfer rate Sh increases.When E=-1,the maximum internal transfer rate Sh equals 30 which is twice of that in a linear extensional flow.The generation of new flow circulations in droplets and the circulation positions will enhance mass transfer when E≤-3/7,which provides a new idea for enhancing the internal mass transfer rate of droplets.
基金Supported by National Social Science Foundation(12CGL092)
文摘The transfer of the rural collective construction land is increasingly accelerating,and the factors affecting transfer price are manifold. In this paper,the research area is Yichang,and we establish hedonic price model to explore and analyze the factors which affect the collective construction land transfer price. The simulation results show that in geographical factors,the higher degree of prosperity,road accessibility and soundness of infrastructure will result in higher collective construction land transfer price; in economic factors,the higher farmers' per capita net income and added value of the village's tertiary industry will lead to higher collective construction land transfer price; in ownership factors,the integrity of usufruct,disposition and possession has increasingly significant impact on collective construction land transfer price. In the process of establishing rural collective construction land circulation market,the government should gradually improve conditions of collective construction land; strengthen the construction of the rural economy,improve the economic attribute of the collective construction land; establish and improve China's rural collective construction land-related laws and regulations,make the rural collective construction land use rights clear,and give the whole rights of occupation,use,earning and disposition.
文摘Accurate carbon price forecasting is essential to provide the guidance for production and investment.Current research is mainly dependent on plenty of historical samples of carbon prices,which is impractical for the newly launched carbon market due to its short history.Based on the idea of transfer learning,this paper proposes a novel price forecasting model,which utilizes the correlation between the new and mature markets.The model is firstly pretrained on large data of mature market by gated recurrent unit algorithm,and then fine-tuned by the target market samples.An integral framework,including complexity decomposition method for data pre-processing,sample entropy for feature selection,and support vector regression for result post-processing,is provided.In the empirical analysis of new Chinese market,the root mean square error,mean absolute error,mean absolute percentage error,and determination coefficient of the model are 0.529,0.476,0.717%and 0.501 respectively,proving its validity.
基金This work was supported by the Ministry of Science and Technology,Taiwan,under Grants MOST 111-2218-E-194-007.
文摘Cars are regarded as an indispensable means of transportation in Taiwan.Several studies have indicated that the automotive industry has witnessed remarkable advances and that the market of used cars has rapidly expanded.In this study,a price prediction system for used BMW cars was developed.Nine parameters of used cars,including their model,registration year,and transmission style,were analyzed.The data obtained were then divided into three subsets.The first subset was used to compare the results of each algorithm.The predicted values produced by the two algorithms with the most satisfactory results were used as the input of a fully connected neural network.The second subset was used with an optimization algorithm to modify the number of hidden layers in a fully connected neural network and modify the low,medium,and high parameters of the membership function(MF)to achieve model optimization.Finally,the third subset was used for the validation set during the prediction process.These three subsets were divided using k-fold cross-validation to avoid overfitting and selection bias.In conclusion,in this study,a model combining two optimal algorithms(i.e.,random forest and k-nearest neighbors)with several optimization algorithms(i.e.,gray wolf optimizer,multilayer perceptron,and MF)was successfully established.The prediction results obtained indicated a mean square error of 0.0978,a root-mean-square error of 0.3128,a mean absolute error of 0.1903,and a coefficient of determination of 0.9249.
文摘As critical piece of China＇s gradualist economic transition, domestic price reform still faces major challenges. In particular, factor price, which is still tightlycontrolled and not market-based, is lower than market equilibrium price. Factor price distortion not only reduces market efficiency but also affects wealth distribution. Subsequent wealth transfer has, over the past ten to fifieen years, created a powerful vested interests and spawned social resentment, both of which may constitute major hazards in China＇s future reform and development. Keeping in mind that China will have to address factor price distortion in its next step of reform, this paper takes stock of China＇s journey toward price rejorm; examines the relationship among factor price distortion, previous economic growth, and policy; and estimates＇ the size of resulting wealth transfer.
文摘The synchronicity effect between the financial market and online response for time-series forecasting is an important task with wide applications.This study combines data from the about:blank index(BDI),Google trends(GT),and transfer entropy(TE)to forecast a wide range of futures prices with a focus on China.A forecasting model based on a hybrid gray wolf optimizer(GWO),convolutional neural network(CNN),and long short-term memory(LSTM)is developed.First,about:blank and Google dual-platform search data were selected and constructed as Internetbased consumer price index(ICPI)using principal component analysis.Second,TE is used to quantify the information between online behavior and futures markets.Finally,the effective Internet-based consumer price index(ICPI)and TE are introduced into the GWO-CNN-LSTM model to forecast the daily prices of corn,soybean,polyvinyl chloride(PVC),egg,and rebar futures.The results show that the GWO-CNN-LSTM model has a significant improvement in predicting future prices.Internet-based CPI built on about:blank and Google platforms has a high degree of real-time performance and reduces the platform and language bias of the search data.Our proposed framework can provide predictive decision support for government leaders,market investors,and production activities.
基金supported by the National Key R&D Program of China(2021YFB2402001)the China National Postdoctoral Program for Innovative Talents(BX20220286)+1 种基金the China Postdoctoral Science Foundation(2022T150615)supported by the Youth Innovation Promotion Association CAS(Y201768)。
文摘Lithium iron phosphate batteries have been increasingly utilized in recent years because their higher safety performance can improve the increasing trend of recurring thermal runaway accidents.However,the safety performance and mechanism of high-capacity lithium iron phosphate batteries under internal short-circuit challenges remain to be explored.This work analyzes the thermal runaway evolution of high-capacity LiFePO_(4) batteries under different internal heat transfer modes,which are controlled by different penetration modes.Two penetration cases involving complete penetration and incomplete penetration were detected during the test,and two modes were performed incorporating nails that either remained or were removed after penetration to comprehensively reveal the thermal runaway mechanism.A theoretical model of microcircuits and internal heat conduction is also established.The results indicated three thermal runaway evolution processes for high-capacity batteries,which corresponded to the experimental results of thermal equilibrium,single thermal runaway,and two thermal runaway events.The difference in heat distribution in the three phenomena is determined based on the microstructure and material structure near the pinhole.By controlling the heat dissipation conditions,the time interval between two thermal runaway events can be delayed from 558 to 1417 s,accompanied by a decrease in the concentration of in-situ gas production during the second thermal runaway event.
文摘In recent years,with the rapid development of China’s economy,a large number of people have flocked to the cities,which also brings more residential waste.The increased waste overloads transfer stations located near residential areas,and the continuous noise and odour affect the daily lives of nearby residents.In addition,the neighbourhood avoidance facilities represented by the waste transfer stations also reduce the value of the surrounding residents’houses.Therefore,using the conditional value method and the Tobit and Double Hurder econometric models,this article investigates the implicit value of the Fuli Resort neighbourhood under the influence of the waste transfer station through a questionnaire survey on the willingness of the residents to accept the compensation,which can be regarded as the“aversion value”of the neighbourhood due to the aversion to the waste transfer station and analyses the impact of the aversion value of the neighbourhood.aversion value and analyses the impact on residents’willingness to accept compensation.The study found that the residents’willingness to accept compensation near the waste transfer station is 511.94 RMB/person/month,and the implicit value of the Fuli Resort neighbourhood under the influence of the waste transfer station in Qinhuai District,Nanjing,Jiangsu Province,China,is 147,950 RMB.The study found that residents are most interested in having the government rectify the waste transfer station and set sanitary standards and work norms.
文摘Cyclical fluctuations in asset prices are closely related to the overall stability of the macroeconomy and have thus become a significant topic in academic and professional exploration.Among these fluctuations,changes in the supply of the U.S.dollar,the global reserve,and primary settlement currency have a broad and far-reaching impact on international financial markets.Since COVID-19,asset prices across various countries have shown differing trends due to fluctuations in the U.S.dollar supply.Housing prices,a key focus in asset pricing research,have been affected to varying degrees.This thesis utilizes seven house price indices from representative cities worldwide from 2020 to 2023 to compare the differential impacts across various countries using an empirical approach.The results indicate that the impact of the U.S.dollar money supply(M2)diminishes in a gradient from the U.S.to East Asia,and then to Europe.
基金Project(13&ZD169)supported by the Major Program of the National Social Science Foundation,ChinaProject(13YJAZH149)supported by Research Project in Humanities and Social Sciences Conducted by the Ministry of Education,China+2 种基金Project(2011ZK2043)supported by the Key Program of the Soft Science Research Project of Hunan Province,ChinaProject(2015JJ2182)supported by Natural Science Foundation of Hunan Province of ChinaProject(2009JYJR035)supported by Emergency Project "The Study of International Financial Crisis" of Ministry of Education of China
文摘From the perspective of long-term and short-term, the methods of TY causality test, generalized impulse response function, variance decomposition were used to investigate the impacts of international oil prices and macroeconomic variables on Chinese gold, silver and platinum prices, but also the feedback effects of Chinese precious metal prices under this impact. The results show that international oil prices play an important role in precious metal price variation both in long-term and short-term, and exchange rate only has an effect in short-term, while interest rate is ineffective in predicting precious metal prices. In addition, precious metal prices have some feedback effects on international oil prices and interest rate in short-term.
