Sharp fluctuation of soybean prices in international and domestic markets has caused big risks for both domestic soybean producers and processing enterprises in recent years. It also increases the difficulties in impl...Sharp fluctuation of soybean prices in international and domestic markets has caused big risks for both domestic soybean producers and processing enterprises in recent years. It also increases the difficulties in implementing price stabilization policy for the government. This paper analyzes the volatility spillovers in soybean prices between international and domestic markets using the multivariate VAR-BEKK-GARCH model based on the data set from December 22,2004 to December 19,2014. The estimate results indicate that there are volatility spillover effects from domestic futures market to spot market and bilateral spillover between international futures market and domestic spot market. In order to prevent market manipulation and to reduce the impacts of price volatility in international soybean market on Chinese market,this paper proposes the following policy measures such as establishing early warning mechanism for soybean price fluctuations,improving soybean futures contract design and strengthening trading risk management mechanism,amplifying information disclosure system,and regularizing speculation activities of big traders.展开更多
The current global financial crisis's severity is rarely seen once in a century. Due to a lack of liquidity-attracting new industries, the economic adjustment might be prolonged; and the multiplier effects of inte...The current global financial crisis's severity is rarely seen once in a century. Due to a lack of liquidity-attracting new industries, the economic adjustment might be prolonged; and the multiplier effects of international finance and international trade call for joint rescue plans on a global basis. China's recent price adjustment has proven a failure and its domestic consumption-stimulating policy is ineffective. Investments and exports remain the growth engine for China's economy. So the country should make efforts to maintain export competitiveness with output adjustment, restoration of interest rate parity and reduction of the tax rate parity. Internationalization of the U.S. dollar-permeated renminbi is not a sensible choice, as the renminbi is not, in essence, an international currency, and it lacks a micro-foundation.展开更多
After the reform and opening, the economic relationship between China and the world is strengthened heavily. Theoretically, international factors have impact on the domestic general price level through a set of channe...After the reform and opening, the economic relationship between China and the world is strengthened heavily. Theoretically, international factors have impact on the domestic general price level through a set of channels. This paper employed a sample including monthly data of five representative indicators, to explore the influence of international factors on Chinese price level. The empirical results showed that there is an obvious lag for Chinese CPI reacting to international shocks, while the PPI reacts immediately. The impact of international factors on Chinese CPI and PPI usually lasts 12 months at least and they always exhibit a different transmission mechanism for international shocks.Besides, a further study revealed that some structure-breakpoints in the influence mechanism of international factors exist, and great changes of the impact direction and significance for different factors have taken place in the subsample periods.展开更多
基金Supported by National Social Science Foundation of China(13BJY141)
文摘Sharp fluctuation of soybean prices in international and domestic markets has caused big risks for both domestic soybean producers and processing enterprises in recent years. It also increases the difficulties in implementing price stabilization policy for the government. This paper analyzes the volatility spillovers in soybean prices between international and domestic markets using the multivariate VAR-BEKK-GARCH model based on the data set from December 22,2004 to December 19,2014. The estimate results indicate that there are volatility spillover effects from domestic futures market to spot market and bilateral spillover between international futures market and domestic spot market. In order to prevent market manipulation and to reduce the impacts of price volatility in international soybean market on Chinese market,this paper proposes the following policy measures such as establishing early warning mechanism for soybean price fluctuations,improving soybean futures contract design and strengthening trading risk management mechanism,amplifying information disclosure system,and regularizing speculation activities of big traders.
文摘The current global financial crisis's severity is rarely seen once in a century. Due to a lack of liquidity-attracting new industries, the economic adjustment might be prolonged; and the multiplier effects of international finance and international trade call for joint rescue plans on a global basis. China's recent price adjustment has proven a failure and its domestic consumption-stimulating policy is ineffective. Investments and exports remain the growth engine for China's economy. So the country should make efforts to maintain export competitiveness with output adjustment, restoration of interest rate parity and reduction of the tax rate parity. Internationalization of the U.S. dollar-permeated renminbi is not a sensible choice, as the renminbi is not, in essence, an international currency, and it lacks a micro-foundation.
基金Supported by Project of National Social Science Fund of China(14ZDA047,13AZD086)Humanities and Social Science Project of the Ministry of Education(13YJA630005)the Fundamental Research Funds for the Central Universities(2012WZD02)
文摘After the reform and opening, the economic relationship between China and the world is strengthened heavily. Theoretically, international factors have impact on the domestic general price level through a set of channels. This paper employed a sample including monthly data of five representative indicators, to explore the influence of international factors on Chinese price level. The empirical results showed that there is an obvious lag for Chinese CPI reacting to international shocks, while the PPI reacts immediately. The impact of international factors on Chinese CPI and PPI usually lasts 12 months at least and they always exhibit a different transmission mechanism for international shocks.Besides, a further study revealed that some structure-breakpoints in the influence mechanism of international factors exist, and great changes of the impact direction and significance for different factors have taken place in the subsample periods.
