The Impact of Macroeconomic Fluctuations on Stock Exchange Markets： A Comparative Analysis on CEECs

Stock exchange market responses to macroeconomic fluctuations show deviations between countries in terms of direction, magnitude and duration due to the idiosyncratic characteristics of the countries. The paper empirically searches for the identification of these variations for CEECs, namely Czech Republic, Hungary, Poland, Slovak Republic and also Turkey for the period of December, 1999 to December, 2009. The empirical analyses demonstrate that for each CEEC, stock exchange market responds positively to industrial production and to appreciation of local currency. Czech Republic and Hungary display negative and the rest display positive response to M1, whereas the response of stock market to CB policy rate shows mixed results for each country. Besides, foreign exchange market returns are found to be the variable with the highest significance in explaining the stock exchange market returns. These findings point out to arbitrage opportunities for investors and give insight to Monetary Policy Authorities about the Monetary Transmission Mechanisms of the countries.

Effects of exchange interaction and spin-fluctuation on the magnetic and magneto-optic properties of NdF_3

The exchange interaction between the electrons in the different magnetic ions and the spin-fluctuation of the magnetic ions exist in the paramagnetic media NdF3. The exchange interaction between the electrons in the different magnetic ions may be equivalent to an effective field Hin that is in direct proportion to the magnetization M. The spin-fluctuation of the magnetic ions leads the coefficient of the effective field to vary with temperature. The effective field is given as Hin = -（0.75 ＋ 0.22T） × 10^-5M in NdF3. When the secondary crystal field effect is taken into account, the magnetic susceptibility and Verdet constant are calculated for NdF3 by means of the effective field Hin and the applied field He. The calculated results are in agreement with the measured ones.

Electromagnetism and the Arc Efficiency of Electric Arc Steel Melting Furnaces

Results of analytically studied effect of electromagnetic blowing and the slag height on the arc efficiency are stated. An arc is blown from under an electrode toward the furnace walls under an electromagnetic force, arc radiation on the wall and roof increase and effective output, absorbed by the metal decreases. EAF (electric arc steel melting furnace) with independently powered arcs, eliminating its electromagnetic blowing is proposed. When arcs are powered independently, its efficiency increases significantly, and specific energy consumption decreases.

Exchange Rate Volatility： Effect on Turkish Tourism Incomes

The Turkish economy has been facing account deficit problems in recent years and tourism revenues play an important role in financing this deficit. Tourism revenues are affected by exchange rate volatility and the effects of exchange rate volatility on tourism revenues need to be researched. The purpose of this study is to examine the effects of exchange rate volatility on tourism revenues. These effects were analyzed by using multivariate co-integration model and monthly data from January 2003 to December 2011. Findings suggest that exchange rate volatility has a negative effect on tourism revenues. Additionally, a weak relationship was detected in the long term between exchange rate and tourism revenues.

人民币实际汇率波动的新视角——基于NOEM模型的实证研究

论文基于新开放经济宏观经济学框架建立了一个具有微观基础的实际汇率决定模型,基于理论模型和国内外的现实进行扩展,实证检验了五类因素对人民币实际汇率波动的影响。实证结果表明,人民币名义汇率的浮动弹性对人民币实际汇率波动具有最强的解释力,贸易条件和国内外相对货币供应量次之,相对生产率由于巴萨效应在中国的传导渠道不畅通,因而对人民币实际汇率波动的解释力有限,净外部资产的解释力最弱,仅能引起人民币实际汇率小幅波动。本文认为,目前人民币不适合过度自由的浮动弹性,应继续渐进放开弹性以保持实际汇率相对稳定,货币政策和产业结构优化政策都可以成为调节人民币实际汇率的手段。

Global Value Chain Participation and Firms'Responses to Exchange Rate Fluctuations

Greater participation in global value chains(GVCs)has highlighted the impact of exchange rate shocks on international trade.This paper examines how such participation influences firms'responses to exchange rate movements,focusing on the relationship between firms'pricing and value-added in exports.This study,using detailed Chinese firm-level data,demonstrates that firms with a high degree of GVC participation reacted to currency appreciation by lowering their export prices more substantially and reducing their export volumes less.This is mainly attributable to the"cost-hedging effect"within the marginal cost channel and the"pricing inhibition effect"within the markup channel.By categorizing export firms by trade models and product types,this study further demonstrates that processing trade firms at the low end of the value chain and those with low product differentiation were more inclined to absorb exchange rate shocks.This study adds to the existing theoretical framework and provides strong evidence for China in deepening GVC integration and supporting the development of high-quality export firms.

Changing Comparative Advantage, Real Exchange Rate Impact and Sino-Japanese Trade Fluctuations

China, as an important source country in the global value chain, especially in the East Asian production networks, has exerted significant influence on Sino-Japanese trade fluctuations. This paper explores the real factors that lead to the fluctuations in Sino- Japanese trade. Using the Hodrick-Prescott filter technique and OECD-WTO Statistics on Trade in Value Added from 1995 to 2011, the impact of the changing comparative advantage between the two countries is also examined. The empirical results indicate that determinants of the fluctuations in Sino-Japapese trade include changing comparative advantages, the volatility of the real exchange rate and quite a few external shocks. Some policy suggestions are put forward in regards to the stability of trade between the two countries.

Spin fluctuations and orbital-selective superconductivity in Ba_(2)CuO_(4-y):A FLEX study

Recently discovered Ba_(2)CuO_(4-y)provides new perspectives to the study of high-temperature superconductivity.Whereas,little is known about the spin dynamics of this material.In this work,we employ the fluctuation exchange(FLEX)approximation within the framework of spin-fluctuation mediated superconductivity to examine the behavior of the spin fluctuations of a two-orbital Hubbard model for Ba_(2)CuO_(4-y).Our calculations reveal an extraordinary spin resonance mode coupled to the superconducting state in the hole-underdoped regime.Furthermore,we confirm that the coupling between the electrons and this resonance mode can lead to a dip-like feature in the electronic spectrum as a feedback effect.In the hole-overdoped regime,by incorporating self energy into our calculations,we obtain orbital-dependent renormalizations and show how these self-energy effects can lead to the detailed gap structures and the orbital-selective superconductivity,which could not be obtained in a previous study using random phase approximation(RPA).This research may shed new light on searching for unconventional superconductors with higher transition temperatures.

全球经济政策不确定性、人民币汇率与中国经济波动——基于非对称视角的理论与实证分析

随着全球经济一体化的加深,全球经济政策不确定性和人民币汇率对中国经济波动产生越来越大的影响。基于非对称影响的视角,构建一个融入全球经济政策不确定性、人民币汇率和经济波动的Mundell-Fleming模型,从理论上分析各要素的非对称影响机制。实证结果表明:短期内人民币升值对物价水平的抑制效应大于贬值对物价水平的促进效应,长期内人民币升值对经济增长的抑制效应大于贬值对经济增长的促进效应;此外,无论在短期还是长期,全球经济政策不确定性降低对物价水平和经济增长的促进作用都大于经济政策不确定性上升的抑制效应。以上结果均通过稳健性检验。因此,央行需要加强对汇率与全球经济政策不确定性对物价水平和经济增长的非对称效应的关注,以实现中国经济的平稳运行。

连退炉烟气NO_(x)的产生过程及降低方法

随着人们对环境保护意识的增强,我国对环境保护的重视程度不断增加,对企业生产污染物排放的指标也愈加严格,尤其对于钢铁企业中钢铁生产过程中造成的烟气污染物排放要求更加明确。因此,通过采取有效的手段控制钢厂退火炉烟气NO_(x)的排放,成为钢铁企业亟待解决的问题。通过对钢厂连续退火生产线退火炉排烟系统的介绍和分析,总结了降低烟气NO_(x)的操作方法,为钢铁企业的生产提供参考和借鉴。

汇率波动如何影响企业数字化转型

使用2007—2016年中国上市企业数据和海关出口数据,考察人民币汇率波动对中国企业数字化转型策略的影响。研究发现,汇率波动的加剧显著促进了企业的“数字技术应用”类转型,而对“底层技术架构”类转型没有显著影响,并且该影响效应在杠杆率高的企业、出口强度大的企业以及融资约束大的企业中更明显。进一步的研究发现,人民币汇率波动通过影响企业面临的市场竞争程度和经营风险水平影响企业数字化转型,倒逼企业选择相适应的转型策略,加快数字化转型进程。

电炉变电站集控中心告警信息远程聚合方法研究

电炉变电站集控中心的告警信息远程聚合可以帮助集中监控和管理多个电炉变电站的设备,识别潜在风险或故障,及时采取预防或修复措施。由于不同类型的电炉变电站设备采用的远程监控系统存在较大差异,产生的告警信息具有不同的格式、结构和语义,导致告警信息具有异构性,缺少衡量异构性信息的统一特征。为此,提出一种基于关联度特征的电炉变电站集控告警信息远程聚合方法。根据关联关系度量标准计算异构数据之间的直接关联关系度。通过计算不同告警信息的关联度,联合时间变异系数分析告警信息时间波动特征,根据告警数据的这两种属性将其划分为时间约束属性和相似度约束属性,实现电炉变电站集控告警信息远程聚合。实验结果表明:所提方法能够有效提升告警信息量,且能够显著优化远程获取告警信息的聚合率。

还原磁化焙烧竖炉冷却系统研究

某氧化铁矿石属于难选铁矿石,磁化焙烧工艺是处理此类铁矿石最有效的方法之一。竖炉磁化焙烧工艺加工成本相对较高,其中竖炉冷却系统是竖炉加工成本的重要组成部分,通过对竖炉冷却系统冷却水速、水箱梁水垢、水箱梁冷却水量等方面的研究,探索高效、节能的竖炉冷却系统.

土壤温度季节性波动与热扩散率跃变对地埋管群取热性能的影响及其调和

为研究地质结构分层下不同影响因素对地埋管群取热性能的影响,建立了考虑土壤温度季节性波动的地埋管群数值传热模型,分析了土壤温度季节性波动、土壤热扩散率、钻孔间距、回填材料热扩散率和管群布置形式对管群取热性能的影响。结果表明,忽略土壤温度季节性波动将高估管群热效率和钻孔的单位管长换热量。管群位于多层土壤中,热扩散率高的土壤层冷堆积严重,钻孔间热相互作用更强,其中管群中心钻孔受热相互作用的影响最大。以矩形布置的钻孔群为例,当钻孔间距由3 m增加到5 m时,管群热效率可提升6.6%。同时,增大钻孔间距或使用高热扩散率回填材料均可增加单个钻孔的换热能力。然而,对确定的钻孔间距和管群构型,使用过高热扩散率的回填材料将降低管群的热效率。此外,线形布置的管群更适于短期连续运行的场景。

双膜日光温室土壤-空气换热器土壤温度试验研究

为了解双膜日光温室土壤-空气换热器对周围土壤及根系的影响,对兰州市一个新建双膜日光温室和单膜普通温室进行测试对比。结果表明:阴天时,土壤温度受换热器影响较大;晴天时,土壤温度受太阳辐射影响较大。双膜日光温室的浅层土壤温度高于单膜普通温室,单膜普通温室土壤表面温度的波动幅度明显强于双膜日光温室。双膜日光温室能有效提高土壤温度,并且双膜温室的室内热环境稳定性强于单膜温室。

电炉企业收益变化与经济波动关系研究

经济衰退对电炉企业收益具有较强的负面影响。在市场经济环境下,电炉企业是我国国民工业经济结构的重要组成部分,电炉企业的发展不仅促进了国内的工业转型升级,还提高了中国的技术水平和创新能力。电炉企业收益的波动同品牌树立、产品研发、甚至生存都具有较高的关联性,这些因素直接影响企业的销售额、市场份额和利润率,从而对企业的盈利能力产生影响。为此,研究电炉企业收益变化与经济波动关系。从多个方面分析了电炉企业收益变化与经济波动之间的关系,探讨了经济波动对电炉企业收益产生差异性影响,详细描述了电炉企业收益在经济波动情况下的变化规律,以及电炉企业收益变化同经济波动下产业结构调整的关系,研究发现电炉企业发展促进经济的快速发展。

梅钢5号高炉炉墙结厚的原因及炉况恢复

对梅钢5号高炉炉墙结厚的原因及炉况恢复进行了总结。5号高炉开炉以来首次炉墙结厚,主要征兆是全炉水温差下降和炉身静压力曲线值出现偏差。结厚的主要原因:一是焦炭质量劣化,入炉焦炭CRI最高上升至23.6%左右,灰分在12.5%左右;二是烧结矿质量劣化,品位降至57.0%左右,FeO含量降至8.5%左右;三是炉渣(Al_(2)0_(3))最高上升至19.0%左右;四是入炉有害元素含量超标,锌负荷升至0.36 kg/t,碱金属负荷最高上升至3.0 kg/t;五是炉况持续恶化。通过采取发展边沿气流、提高入炉风量、提高炉温加锰矿洗炉等措施,炉况得到恢复。

关于EDC裂解装置TLE结焦及换热控制问题的探讨

针对采用美国西方化学技术的EDC裂解装置,分析了在高负荷(设计负荷的105%~110%)运行条件下,影响TLE管侧内壁结焦及换热的主要因素,并总结了对应的控制措施,实施后达到了延长EDC裂解装置良性运行周期的目的。

安钢3号高炉炉况失常分析

通过对炉况波动时各工艺参数的变化和原燃料使用情况进行分析研究,得出炉况波动的原因:入炉含铁原料品种多,并且持续采取优化煤气利用的措施,导致高炉气流分布发生变化,中心及边沿气流均明显减弱。压量关系变得紧张后,产生局部气流,最终引起炉况失常。通过改善料柱透气性,疏导两股气流,减少入炉含铁原料种类等措施,高炉炉况迅速恢复。

中国纺织外贸企业面临的多重冲击及应对策略

随着近年来国际贸易环境的变化和国际市场竞争的加剧,中国纺织外贸企业面临诸多困境和挑战,如原料成本增大、汇率波动起伏、国际船运紧张、市场需求不稳定等。但各种稳外贸措施的出台、对东盟及“一带一路”沿线各国进出口贸易的持续增长、海外仓及多式联运货运方式的发展也给中国纺织外贸企业带来新机遇。鉴于此,政府应加强对纺织行业的规范管理,建立解决贸易壁垒的专门机构,中国纺织外贸企业要建数字外贸平台、树品牌形象、开拓多元市场、利用好海外营商环境等,多措并举,才能转危为机,更好地在全球纺织行业站稳脚跟。