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| 1 |
ID:
176998
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| Summary/Abstract |
This article investigates the linkages of the movements in Renminbi (RMB) to volatility of exchange rate returns of other currencies before and after the yuan devaluation on 11 August 2015. A comparison between the onshore Chinese yuan (CNY) and the offshore Chinese yuan (CNH) is made. Standard regression methods underestimate the tail dependence between yuan and other exchange rate volatility, as financial data are non-normally distributed, especially when extreme event occurs. We apply Gumbel copulas to capture the presence of tail dependence between RMB returns and the volatility of exchange rate returns for 13 selected currencies, and found dependencies not revealed by the standard ARCH models. The tail dependence has increased after the RMB devaluation, suggesting that RMB depreciation is associated with higher downside risks in these currencies. This is most obvious in the currencies of Asian and ASEAN-5 countries that have strong trade and financial linkages with China. The dependence structure has shifted away from the dominance of onshore CNY rates before the devaluation to the growing importance of more volatile offshore CNH rates after the devaluation. Hence, any large depreciation in CNH will lead to a higher volatility in the other exchange rate returns, and the corresponding downside currency risks are higher than those of the CNY.
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| 2 |
ID:
086209
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| Publication |
2009.
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| Summary/Abstract |
China's regional inequality is a hotly debated topic in the literature, but the fundamental issue of measurement has somehow escaped from the deliberations. In this paper, we select several commonly used income indicators, inequality indices and concepts to measure China's inter-provincial inequality and compare the results. We find China's inter-provincial inequality is very sensitive to different measurements. These sensitivity analyses help us to understand the ongoing debates on China's regional income inequality. We also conduct a cross-country comparison to illustrate the broad ranking of China's regional inequality in the world. We find that China's regional inequality appears not to be as high as usually perceived, despite approaching an alarming level.
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| 3 |
ID:
130771
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2013.
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| Summary/Abstract |
This paper describes formulation of plastic bonded explosives (PBXs) compositions based on 2,4,6- triamino-1,3,5-trinitrobenzene (TATB), Octahydro l,3,5,7-tetranitro- 1,3,5,7-tetrazocine (HMX) by varying their relative amounts with Viton A as polymeric binder by slurry coating technique. These PBXs compositions are studied for mechanical and detonic properties. It has been observed that sensitivity and explosive performance of PBXs based on mixture of HMX and TATB were varied over a wide considerable range by varying relative amounts of TATB and HMX. The detonation study revealed there was increased in velocity of detonation (VOD) and detonation pressure with increasing amount of HMX from 10-80 % by weight. The sensitivity test results exhibited that insensitivity to impact for PBXs compositions was found to decrease with increasing HMX amount. Friction sensitivity study showed that no reactions were observed upto 36 kg load for PBXs compositions namely HT6030, HT5040, HT4050, HT3060, HT2070 and HT1080. The compressive strength of these PBXs compositions was found within the range of 9-11 MPa.
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