Based on the assumptions of ＂information transfer＂ and ＂information creation＂, this paper educes the multiplied growth mechanism of network information： that the gross quantity of network information （Im） is ab...Based on the assumptions of ＂information transfer＂ and ＂information creation＂, this paper educes the multiplied growth mechanism of network information： that the gross quantity of network information （Im） is about n times as much as the quantity of real network information （Ir）. According to this theoretical model, we give a uniform explanation to all kinds of information growth models in existence, and put forward some proposals, such as ＂forbidding information transfer＂ and ＂building up the central information base＂, to control the repeated information flooding on the network and facilitate the full use of network information.展开更多
Central Asian Economies(CAEs)have diverse exchange rate policies.They have recorded higher volatility in the foreign exchange market since inception.High volatility of the transition era has drifted these economies to...Central Asian Economies(CAEs)have diverse exchange rate policies.They have recorded higher volatility in the foreign exchange market since inception.High volatility of the transition era has drifted these economies towards partial dollarization.Monetary authorities in CAEs,(already have a challenge of maintaining monetary policy autonomy)have a gigantic task of price stability and stopping the spread of dollarization.This study is directed towards assessing the drivers and the determinants of foreign exchange market pressure in CAEs.The results,based on panel data analysis and the System GMM model,have provided useful insights about the exchange market pressure determinants particularly USD,Euro,Ruble,and Renminbi.The results show that China and Russia exchange market pressure has a negative effect on the exchange market pressure of CAEs.While the dollar index shows a positive impact on the exchange market pressure of CAEs.Overall,the findings imply that China and Russia currency appreciation results in a trade deficit across CAEs.The policy implication suggests that the floating exchange rate regime(inflation targeting regime)is not in favor of CAEs,and they must use managed-float to reduce their trade deficits.展开更多
基金This work was supported by the National Natural Science Foundation of China （Grant No. 70273032）.
文摘Based on the assumptions of ＂information transfer＂ and ＂information creation＂, this paper educes the multiplied growth mechanism of network information： that the gross quantity of network information （Im） is about n times as much as the quantity of real network information （Ir）. According to this theoretical model, we give a uniform explanation to all kinds of information growth models in existence, and put forward some proposals, such as ＂forbidding information transfer＂ and ＂building up the central information base＂, to control the repeated information flooding on the network and facilitate the full use of network information.
文摘Central Asian Economies(CAEs)have diverse exchange rate policies.They have recorded higher volatility in the foreign exchange market since inception.High volatility of the transition era has drifted these economies towards partial dollarization.Monetary authorities in CAEs,(already have a challenge of maintaining monetary policy autonomy)have a gigantic task of price stability and stopping the spread of dollarization.This study is directed towards assessing the drivers and the determinants of foreign exchange market pressure in CAEs.The results,based on panel data analysis and the System GMM model,have provided useful insights about the exchange market pressure determinants particularly USD,Euro,Ruble,and Renminbi.The results show that China and Russia exchange market pressure has a negative effect on the exchange market pressure of CAEs.While the dollar index shows a positive impact on the exchange market pressure of CAEs.Overall,the findings imply that China and Russia currency appreciation results in a trade deficit across CAEs.The policy implication suggests that the floating exchange rate regime(inflation targeting regime)is not in favor of CAEs,and they must use managed-float to reduce their trade deficits.
