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The current study focused on the Bortala River - a typical inland river located in an oasis of arid area in northwestern China. The sediment and soil samples were collected from the river and drainage basin. Results showed that: (1) the particle size of the sand fraction of the sediments was 78-697 µm, accounting for 78.82% of the total samples; the average(More)
We estimate the equilibrium exchange rate (EER) of the Chinese renminbi (RMB) visa -vis the U.S. dollar from 1992 to 2008. In contrast to the recent empirical studies on the EER employing a large crosscountry analysis, we focus on the supply side real factors in estimating the EER by extending the Yoshikawa (1990) model. To better reflect China's processing(More)
In this paper we use a structural VAR model with block exogeneity to investigate if external shocks originating from the USA played a dominant role in influencing the macroeconomic fluctuations in East Asia during the period 1978-2007. The empirical results show a dynamic effect of external shocks, implying that, even though regional integration appears to(More)
a r t i c l e i n f o This paper examines the relationship between option trading activity and stock market volatility. Although the option market is uniquely suited for trading on volatility information, there is little analysis on how trading activity in this market is linked to stock price volatility. The bulk of the discussion tends to focus on whether(More)
a r t i c l e i n f o JEL classification: C22 F31 F37 G12 G15 Keywords: Stock return Chinese stock market Conditional heteroskedasticity Leverage effect Regime persistence In recent years the Chinese stock market has experienced an astonishing growth and unprecedented development , but is also viewed as one of the most volatile markets, which has been(More)