Historical analysis of the market economy indicates that soft budget constraint is becoming increasingly pervasive and broad-rooted. Using an analysis of micro-level entities in the market economy, this paper describe...Historical analysis of the market economy indicates that soft budget constraint is becoming increasingly pervasive and broad-rooted. Using an analysis of micro-level entities in the market economy, this paper describes how soft constraint derives from interdependence among corporations, banks, and the government. Soft constraint is explained in relation to changes in concentrated shareholding ownership, the increasing dominance of the financial sector, and financial insurance. We conclude： 1） concentrated shareholding ownership and institutionalized soft budget constraint create sub-optimal allocation of resources in the market economy; 2） neoclassical microeconomic principles cannot explain the economic actions of organizations in the market economy and should be revised; 3） externalities associated with soft budget constraint have spread across the globe to become both the cause and primary effect of cyclic global financial and economic crises. Hence, the government, banks, and the corporate sector must work together to overhaul supervisory mechanisms. On a global level, governments must collaborate to build a new international economic order. Correcting imbalances in international reserve currencies and fortifying administration of cross-national economic organizations will mitigate the effects of soft budget constraint.展开更多
Optimal allocation of financial resources is a critical factor in investment decisions. A proper action in this regard requires the existence of appropriate bases and investing tools and techniques in the capital mark...Optimal allocation of financial resources is a critical factor in investment decisions. A proper action in this regard requires the existence of appropriate bases and investing tools and techniques in the capital market. One of these effective methods which is considered as the basis of new investment strategies, in addition to multiple unique features, is called index tracking. By considering the undeniable role of this approach in the future of capital markets, its investigation and implementation have been considered in this research and so the problem of optimal Tehran Exchange Dividend Price Index （TEDPIX） tracker fund selection is studied using a hybrid approach of genetic algorithm and quadratic programming. Neural network was applied to simulate unavailable data. Results illustrate the exactness and acceptable performance of the formed portfolios in several iterations such that achieving similar and even better performance compared to the index is a distinctive characteristic of the proposed algorithm.展开更多
The social security fund investment operations of the social security system of a country or even the whole economy has a very important role in recent years, although China＇s social security fund management has made...The social security fund investment operations of the social security system of a country or even the whole economy has a very important role in recent years, although China＇s social security fund management has made great progress, but China＇s social security fund investment operations in increasing the value of the pursuit of this goal, while also facing tremendous pressure. After years of practice of reform, China＇s old-age, unemployment and medical insurance and minimum living focused on the social security system has taken shape, but also the corresponding social security fund was established. Part of the problems of social security funds and other investment operations are increasingly apparent. How to achieve the social security fund is necessary to ensure payment, but also realize the accumulation, it is necessary to increase the value, but also to avoid risks, it has become an urgent task of China＇s reform and development. Social Security Fund Investment Management became the central task of the Social Security System.展开更多
Economic decide taxes and taxes have an adverse effect on the economy. To achieve a sustained development of economy, we must require the taxes which are closely related to economy meet the requirements of its own dev...Economic decide taxes and taxes have an adverse effect on the economy. To achieve a sustained development of economy, we must require the taxes which are closely related to economy meet the requirements of its own development. That is tax receipts raised by government meeting functional needs as much as possible, while reducing the facts that will damage the future needs and development of economy. Therefore, we need to analyze various factors that affect revenue. If we make a very good understanding on how structure impacting on tax revenues, that will help us to use policy tools tax making impacts on revenue and optimize the structure of the tax. For this theme, many domestic scholars have done correlation research, and their research paper provides a good reference, but we believe their research can be further refined. Through theoretical analysis, we can select appropriate indicators letting tax revenue to be explained variable. Each possible influencing factor of tax revenues establish measurement model for explaining variable using stepwise regression models, and make a rigorous statistical test on the model. On the base of fully proving the effectiveness of the model, we can make relevant economic analysis.展开更多
The ＂new normal＂ is the current stage of development of China＇s economy. The ＂new＂ in new normal means different to past; the ＂normal＂ means relatively stable. For a period of time in the future, the decrease o...The ＂new normal＂ is the current stage of development of China＇s economy. The ＂new＂ in new normal means different to past; the ＂normal＂ means relatively stable. For a period of time in the future, the decrease of potential growth rate has become an indisputable fact. Social security fund is an important source of funds for the protection of people＇s livelihood, whose every movement often attract much attention. Under the situation of new normal economy, how to ensure the preserving or increasing value of social security funds on the premise of security is the core task in the operations management of social security fund investment. At present, there are some difficulties in the development of the social security funds, such as the management system and operation mechanism are not perfect, some institutional measures have not been fully implemented and the progress of the law and regulations is slow. In this paper, we will put forward some corresponding improvement measures, such as expand the scope of social security fund investment, accelerate the implementation of the nominal account system and strengthen the actuarial management of social security fund.展开更多
In recent years the European Union （EU） has struggled to become the leading force in the Knowledge Based Economy （KBE）. For that purpose, the EU defined the so-called ＂Lisbon Strategy＂. Additionally, since the s...In recent years the European Union （EU） has struggled to become the leading force in the Knowledge Based Economy （KBE）. For that purpose, the EU defined the so-called ＂Lisbon Strategy＂. Additionally, since the sixties the EU （formerly European Communities （ECs）） invested in human resources and in knowledge using the European Social Fund （ESF）. This research tries to assess analyse critically those ECs＇ and EUs＇ investments in knowledge in the light of the economic analysis of the knowledge market. It concludes that there is evidence that the ESF has been an important provider of knowledge in Europe, contributing to the increase of knowledge levels. However, it could be concluded that the economic consequences of that effort were not assessed properly; therefore, it is not clear what the effects of the investment were. The few studies I found that may base the sort of analysis I want to make point to small, if existing effects of the ESF were small. This in itself is an interesting finding that deserves careful consideration.展开更多
This paper presents the argument that the security of strategic industries is more important than financial security and lies at the heart of economic security. It further identifies the following industries as strate...This paper presents the argument that the security of strategic industries is more important than financial security and lies at the heart of economic security. It further identifies the following industries as strategic industries： sustenance industry, infrastructure industry, equipment industry, environmental industry and information industry. For the health and security of the national economy, this paper proposes that a priority must be placed on researching the security of strategic industries.展开更多
The essence of empirical test of Wagner characteristic in new public management countries＇ tax revenue is to test the influence of economic growth on tax growth since new public management movement. Under IMF statist...The essence of empirical test of Wagner characteristic in new public management countries＇ tax revenue is to test the influence of economic growth on tax growth since new public management movement. Under IMF statistical framework, by using E-G two-step method in co-integration test and Granger causality test and empirically testing of the gross tax revenue and classified tax revenue in Australian, Canada, France, America, Britain these five countries, we can find that most indicators in most countries do not confirm to Wagner＇ s law. With the growth of GDP, tax revenue as a percentage of GDP rises periodically but not permanently. This period can be called the validity period of Wagner＇ s law in financial scale.展开更多
In this paper, a novel method that integrates the improved empirical mode decomposition （EMD） and signal energy algorithm is proposed to estimate the dominant oscillation parameters and corresponding mode shape. Fir...In this paper, a novel method that integrates the improved empirical mode decomposition （EMD） and signal energy algorithm is proposed to estimate the dominant oscillation parameters and corresponding mode shape. Firstly, the EMD with symmetrical extrema extension （SEE） is utilized to decompose the measured data from wide area measurement system （WAMS） into a finite set of intrinsic mode functions （1MFs）. Then, the signal energy algorithm is used to calculate the approximate oscillation parameters of the IMFs. The nodes involved the dominant oscillation mode are classified based on the calculated frequency and reasonable threshold. Furthermore, for the dominant oscillation mode, the IMF with maximum mean amplitude is defined as the reference. Next, the relative phases （RPs） between the reference IMF and other 1MFs are calculated in order to identify the negative and positive oscillation groups. According to the values of RPs, the coherent group and corresponding node contribution factor （NCF） can be identified, and the dominant approximate mode shape （AMS） can also be determined. The efficiency of the proposed approach is tested by applying it to synthetic signal and measured data from the simulation model.展开更多
The persistence of beta oscillations generated in the basal ganglia is typical pathological characteristic of Parkin-son's disease.In this paper,we construct a new network model,which is mainly composed of the sub...The persistence of beta oscillations generated in the basal ganglia is typical pathological characteristic of Parkin-son's disease.In this paper,we construct a new network model,which is mainly composed of the subthalamic nu-cleus and the globus pallidus.Based on theory analysis,we obtained the beta shock conditions in the proposed model.It is shown that numerical simulations are in good agreement with analytical results.At last,the effects of cortex and striatum inputs on the generation of oscillations are also discussed.We hope that the obtained results may find applications to treatment of Parkinson’s disease and study of neural oscillations produced in other parts of the brain neural network.展开更多
Chatter often poses limiting factors on the achievable productivity and is very harmful to machining processes. In order to avoid effectively the harm of cutting chatter,a method of cutting state monitoring based on f...Chatter often poses limiting factors on the achievable productivity and is very harmful to machining processes. In order to avoid effectively the harm of cutting chatter,a method of cutting state monitoring based on feed motor current signal is proposed for chatter identification before it has been fully developed. A new data analysis technique,the empirical mode decomposition(EMD),is used to decompose motor current signal into many intrinsic mode functions(IMF) . Some IMF's energy and kurtosis regularly change during the development of the chatter. These IMFs can reflect subtle mutations in current signal. Therefore,the energy index and kurtosis index are used for chatter detection based on those IMFs. Acceleration signal of tool as reference is used to compare with the results from current signal. A support vector machine(SVM) is designed for pattern classification based on the feature vector constituted by energy index and kurtosis index. The intelligent chatter detection system composed of the feature extraction and the SVM has an accuracy rate of above 95% for the identification of cutting state after being trained by experimental data. The results show that it is feasible to monitor and predict the emergence of chatter behavior in machining by using motor current signal.展开更多
文摘Historical analysis of the market economy indicates that soft budget constraint is becoming increasingly pervasive and broad-rooted. Using an analysis of micro-level entities in the market economy, this paper describes how soft constraint derives from interdependence among corporations, banks, and the government. Soft constraint is explained in relation to changes in concentrated shareholding ownership, the increasing dominance of the financial sector, and financial insurance. We conclude： 1） concentrated shareholding ownership and institutionalized soft budget constraint create sub-optimal allocation of resources in the market economy; 2） neoclassical microeconomic principles cannot explain the economic actions of organizations in the market economy and should be revised; 3） externalities associated with soft budget constraint have spread across the globe to become both the cause and primary effect of cyclic global financial and economic crises. Hence, the government, banks, and the corporate sector must work together to overhaul supervisory mechanisms. On a global level, governments must collaborate to build a new international economic order. Correcting imbalances in international reserve currencies and fortifying administration of cross-national economic organizations will mitigate the effects of soft budget constraint.
文摘Optimal allocation of financial resources is a critical factor in investment decisions. A proper action in this regard requires the existence of appropriate bases and investing tools and techniques in the capital market. One of these effective methods which is considered as the basis of new investment strategies, in addition to multiple unique features, is called index tracking. By considering the undeniable role of this approach in the future of capital markets, its investigation and implementation have been considered in this research and so the problem of optimal Tehran Exchange Dividend Price Index （TEDPIX） tracker fund selection is studied using a hybrid approach of genetic algorithm and quadratic programming. Neural network was applied to simulate unavailable data. Results illustrate the exactness and acceptable performance of the formed portfolios in several iterations such that achieving similar and even better performance compared to the index is a distinctive characteristic of the proposed algorithm.
文摘The social security fund investment operations of the social security system of a country or even the whole economy has a very important role in recent years, although China＇s social security fund management has made great progress, but China＇s social security fund investment operations in increasing the value of the pursuit of this goal, while also facing tremendous pressure. After years of practice of reform, China＇s old-age, unemployment and medical insurance and minimum living focused on the social security system has taken shape, but also the corresponding social security fund was established. Part of the problems of social security funds and other investment operations are increasingly apparent. How to achieve the social security fund is necessary to ensure payment, but also realize the accumulation, it is necessary to increase the value, but also to avoid risks, it has become an urgent task of China＇s reform and development. Social Security Fund Investment Management became the central task of the Social Security System.
文摘Economic decide taxes and taxes have an adverse effect on the economy. To achieve a sustained development of economy, we must require the taxes which are closely related to economy meet the requirements of its own development. That is tax receipts raised by government meeting functional needs as much as possible, while reducing the facts that will damage the future needs and development of economy. Therefore, we need to analyze various factors that affect revenue. If we make a very good understanding on how structure impacting on tax revenues, that will help us to use policy tools tax making impacts on revenue and optimize the structure of the tax. For this theme, many domestic scholars have done correlation research, and their research paper provides a good reference, but we believe their research can be further refined. Through theoretical analysis, we can select appropriate indicators letting tax revenue to be explained variable. Each possible influencing factor of tax revenues establish measurement model for explaining variable using stepwise regression models, and make a rigorous statistical test on the model. On the base of fully proving the effectiveness of the model, we can make relevant economic analysis.
文摘The ＂new normal＂ is the current stage of development of China＇s economy. The ＂new＂ in new normal means different to past; the ＂normal＂ means relatively stable. For a period of time in the future, the decrease of potential growth rate has become an indisputable fact. Social security fund is an important source of funds for the protection of people＇s livelihood, whose every movement often attract much attention. Under the situation of new normal economy, how to ensure the preserving or increasing value of social security funds on the premise of security is the core task in the operations management of social security fund investment. At present, there are some difficulties in the development of the social security funds, such as the management system and operation mechanism are not perfect, some institutional measures have not been fully implemented and the progress of the law and regulations is slow. In this paper, we will put forward some corresponding improvement measures, such as expand the scope of social security fund investment, accelerate the implementation of the nominal account system and strengthen the actuarial management of social security fund.
文摘In recent years the European Union （EU） has struggled to become the leading force in the Knowledge Based Economy （KBE）. For that purpose, the EU defined the so-called ＂Lisbon Strategy＂. Additionally, since the sixties the EU （formerly European Communities （ECs）） invested in human resources and in knowledge using the European Social Fund （ESF）. This research tries to assess analyse critically those ECs＇ and EUs＇ investments in knowledge in the light of the economic analysis of the knowledge market. It concludes that there is evidence that the ESF has been an important provider of knowledge in Europe, contributing to the increase of knowledge levels. However, it could be concluded that the economic consequences of that effort were not assessed properly; therefore, it is not clear what the effects of the investment were. The few studies I found that may base the sort of analysis I want to make point to small, if existing effects of the ESF were small. This in itself is an interesting finding that deserves careful consideration.
文摘This paper presents the argument that the security of strategic industries is more important than financial security and lies at the heart of economic security. It further identifies the following industries as strategic industries： sustenance industry, infrastructure industry, equipment industry, environmental industry and information industry. For the health and security of the national economy, this paper proposes that a priority must be placed on researching the security of strategic industries.
文摘The essence of empirical test of Wagner characteristic in new public management countries＇ tax revenue is to test the influence of economic growth on tax growth since new public management movement. Under IMF statistical framework, by using E-G two-step method in co-integration test and Granger causality test and empirically testing of the gross tax revenue and classified tax revenue in Australian, Canada, France, America, Britain these five countries, we can find that most indicators in most countries do not confirm to Wagner＇ s law. With the growth of GDP, tax revenue as a percentage of GDP rises periodically but not permanently. This period can be called the validity period of Wagner＇ s law in financial scale.
文摘In this paper, a novel method that integrates the improved empirical mode decomposition （EMD） and signal energy algorithm is proposed to estimate the dominant oscillation parameters and corresponding mode shape. Firstly, the EMD with symmetrical extrema extension （SEE） is utilized to decompose the measured data from wide area measurement system （WAMS） into a finite set of intrinsic mode functions （1MFs）. Then, the signal energy algorithm is used to calculate the approximate oscillation parameters of the IMFs. The nodes involved the dominant oscillation mode are classified based on the calculated frequency and reasonable threshold. Furthermore, for the dominant oscillation mode, the IMF with maximum mean amplitude is defined as the reference. Next, the relative phases （RPs） between the reference IMF and other 1MFs are calculated in order to identify the negative and positive oscillation groups. According to the values of RPs, the coherent group and corresponding node contribution factor （NCF） can be identified, and the dominant approximate mode shape （AMS） can also be determined. The efficiency of the proposed approach is tested by applying it to synthetic signal and measured data from the simulation model.
基金supported by the National Natural Science Foundation of China(Grant Nos.11325208,11172017)the Research Fund for the Doctoral Program of Higher Education(Grant No.20121102110014)
文摘The persistence of beta oscillations generated in the basal ganglia is typical pathological characteristic of Parkin-son's disease.In this paper,we construct a new network model,which is mainly composed of the subthalamic nu-cleus and the globus pallidus.Based on theory analysis,we obtained the beta shock conditions in the proposed model.It is shown that numerical simulations are in good agreement with analytical results.At last,the effects of cortex and striatum inputs on the generation of oscillations are also discussed.We hope that the obtained results may find applications to treatment of Parkinson’s disease and study of neural oscillations produced in other parts of the brain neural network.
基金supported by the Major State Basic Research Development of China (Grant No. 2011CB706803)National Natural Science Foundation of China (Grant No. 50875098)Important National Science & Technology Specific Projects of China (Grant No. 2009ZX04014-024)
文摘Chatter often poses limiting factors on the achievable productivity and is very harmful to machining processes. In order to avoid effectively the harm of cutting chatter,a method of cutting state monitoring based on feed motor current signal is proposed for chatter identification before it has been fully developed. A new data analysis technique,the empirical mode decomposition(EMD),is used to decompose motor current signal into many intrinsic mode functions(IMF) . Some IMF's energy and kurtosis regularly change during the development of the chatter. These IMFs can reflect subtle mutations in current signal. Therefore,the energy index and kurtosis index are used for chatter detection based on those IMFs. Acceleration signal of tool as reference is used to compare with the results from current signal. A support vector machine(SVM) is designed for pattern classification based on the feature vector constituted by energy index and kurtosis index. The intelligent chatter detection system composed of the feature extraction and the SVM has an accuracy rate of above 95% for the identification of cutting state after being trained by experimental data. The results show that it is feasible to monitor and predict the emergence of chatter behavior in machining by using motor current signal.
