信息技术时代的黄金市场与金矿业浅析

当今IT时代 ,新兴高科技产业持续高速发展 ,股市、汇市异常活跃 ,黄金的货币功能虽大不如前 ,但它所惯有的货币、商品两重性使其在经济中仍然扮演着重要角色。 1996年以来全球黄金产量相对黄金需求有较大缺口 ,世界金价却依然徘徊于 1996年乃至 1979年底以来的最低位。但是 ,金价已跌近生产成本 ,高成本金矿山的倒闭与世界黄金的减产以及日益高涨的黄金需求必将最终导致金价上升。中国相对世界其他主要产金国劳动成本低 ,黄金市场逐步走向开放与完善 。

Price linkage between Chinese and international nonferrous metals commodity markets based on VAR-DCC-GARCH models

Using VAR-DCC-GARCH model,the literature on commodity price was extended by exploring the co-movement between Chinese nonferrous metal prices and global nonferrous metal prices represented by the nonferrous metal prices from London Metal Exchange(LME).The results show that LME nonferrous metals prices still have a greater impact on Chinese nonferrous metals prices.However,the impact of Chinese nonferrous metals prices on LME nonferrous metals prices is still weak except for lead price.The co-movement of nonferrous metal prices between LME and China presents hysteretic nature,and it lasts for 7-8trading days.Furthermore,the co-movement between LME nonferrous metals prices and Chinese nonferrous metals prices has the characteristics of time-varying,and the correlation of lead prices between LME and China is the more stable than all other nonferrous metals prices.

报刊精萃

报刊精萃质量型金融增长是中国银行业跨世纪的战略选择１、解开企业改革与银行改革相互牵制的死结，关键在于重新认识“公有制”的主体地位。２、建立现代银行完备的内部控制制度，建立对银行管理者的约束机制，全面提高我国银行业经营管理水平。３、减少地方政府干预，构...