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Multidimensional Quantum Dynamics
The first book dedicated to this new and powerful computational method begins with a comprehensive description of MCTDH and its theoretical background. There then follows a discussion of recent extensions of MCTDH, such as the treatment of identical particles, leading to the MCTDHF and MCTDHB methods for fermions and bosons. The third section presents a wide spectrum of very different applications to reflect the large diversity of problems that can be tackled by MCTDH. The result is handbook and ready reference for theoretical chemists, physicists, chemists, graduate students, lecturers and software producers.
Macroeconomic Impact of Foreign Exchange Intervention: Some Cross-country Empirical Findings
Based on VAR analyses across 26 countries, we show that, although foreign exchange intervention (FXI) is effective in stabilizing the nominal exchange rate in the short run, its impacts on the real exchange rate are less significant: Limitations on nominal exchange rate flexibility may induce adjustments to the real exchange rate through domestic prices. We find that countries that intervene more heavily in response to external shocks experience greater general and asset price volatility, which is not conducive to countering the impact of external shocks. We show that China’s macroeconomic responses to external shocks are broadly consistent with international experiences among intervening countries. The simple methodological framework adopted in this paper is meant to examine a broad set of macroeconomic variables and bears limitations; our findings serve to motivate more structural analysis on FXI’s macroeconomic impacts going forward.
Renminbi from Marketization to Internationalization
This study looks into the significance of a floating exchange rate regime, further development of the foreign exchange derivatives market, and concurrent internationalization of the Renminbi (RMB) for a resilient, open, and growing Chinese economy. The first chapter analyzes the macroeconomic impact of foreign exchange intervention based on empirical studies on 26 economies, explaining why most countries favor a floating exchange rate regime under the existing international monetary system. The second chapter discusses the macroeconomic and microeconomic conditions that would facilitate a successful transition to a floating exchange rate. The final two chapters discuss the importance of furt...
Establishing a Foreign Exchange Futures Market in China
During China’s transition toward a more flexible exchange rate, it is essential to further develop its foreign exchange (FX) derivatives markets to meet the growing hedging needs associated with greater exchange rate fluctuations. Although over-the-counter (OTC) FX derivatives markets already exist in China, it lacks a FX futures market that offers critical complementarities. With standardized products, greater transparency and centralized oversight, a FX futures market can better satisfy the hedging needs of small and medium-sized enterprises and enhance regulatory efficiency. To address concerns regarding whether FX futures market will amplify the volatility of spot exchange rates, this ...
Central Bank Balance Sheet Policies and Spillovers to Emerging Markets
We develop a theoretical model that shows that in the near future, the monetary policies of some key central banks in advanced economies (AEs) will have two dimensions—changes in short-term policy rates and balance sheet adjustments. This will affect emerging market economies (EMs), especially those with a pegged exchange rate, as these EMs primarily use a single monetary policy tool, i.e., the short-term policy rate. We show that changes in policy rates and balance sheet adjustments in AEs may differ in their respective financial spillovers to pegged EMs. Thus, it will be difficult for EMs to mitigate different types of spillovers with a single monetary policy tool. In that context, we use the model to show how EMs might use additional tools—capital controls and/or macro-prudential policy—to complement their monetary policy and financial stability toolkit. We also discuss how balance sheet adjustments that affect long-term interest rates may percolate to influence short-term interest rates via financial plumbing.
Advances in Gas Phase Ion Chemistry
Gas-phase ion chemistry is a broad field which has many applications and which encompasses various branches of chemistry and physics. An application that draws together many of these branches is the synthesis of molecules in interstellar clouds. This was part of the motivation for studies on the neutralization of ions by electrons and on isomerization in ion-neutral associations. The results of investigations of particular aspects of ion dynamics are presented in this volume. Solvation in ion-molecule reactions is discussed and extended to include multiply charged ions by the application of electrospray techniques. This volume also provides a wealth of information on reaction thermodynamics which is critical in determining reaction spontaneity and availability of reaction channels. More focused studies are also presented towards the end of this volume, relating to the ionization process and its nature.
Advances in Chemical Physics, Volume 131
This series provides the chemical physics field with a forum for critical, authoritative evaluations of advances in every area of the discipline. Volume 131 includes chapters on: Polyelectrolyte Dynamics; Hydrodynamics and Slip at the Liquid-Solid Interface; Structure of Ionic Liquids and Ionic Liquid Compounds: Are Ionic Liquids Genuine Liquids in the Conventional Sense?; Chemical Reactions at Very High Pressure; Classical Description of Nonadiabatic Quantum Dynamics; and Non-Born Oppenheimer Variational Calculations of Atoms and Molecules with Explicitly Correlated Gaussian Basis Functions.
The Revised EBA-Lite Methodology
The Methodology review identified three broad areas for improving the EBA-Lite methodology: (1) expanding the fundamentals and policy determinants in the CA and REER regressions to better capture the external balance of EBA-Lite countries; (2) identifying alternatives to regression models for external assessments of large exporters of exhaustible commodities; and (3) a revised approach for the assessment of external sustainability in highly indebted economies. Accordingly, the revised methodology consists of three modules: 1) Regression Module 2) Module for External Assessments of Exporters of Exhaustible Commodities 3) Module for the Assessment of External Sustainability
New Insights into ECCU's Tourism Sector Competitiveness
Tourism has become the main driver of economic growth and employment and the most important source of income in the ECCU. Preserving and, possibly, enhancing the competitiveness of the tourism product is key for these countries. Unfortunately, the evidence shows that tourism arrivals to the ECCU have been declining slightly while global demand for tourism is on the rise. The objective of this paper is to study the structural determinants of competitiveness for the ECCU, defined as the relative cost advantage over other touristic regions (Di Bella, Lewis, and Martin 2007). Using a gravity model, we show that proximity to North American and European markets is indeed an important competitive advantage for the ECCU. However, despite this advantage, and, in some cases, specialization in high-end tourism, regression analysis shows that arrivals to the ECCU are sensitive to relative prices. Our simulations show that mitigating supply-side constraints would improve the ECCU’s competitiveness and allow the region to regain global market shares.
Back to Marx
Without a doubt Karl Marx’ philosophical work had a huge impact on “western” concepts of society and economics that still reverberates in the philosophical discourse. In the analysis of this ongoing discourse however the work of Chinese scholars is underrepresented. This book is a translation of the reference work «Back to Marx» first published in 1999 in the PRC. The book is a serious inquiry into the interrelationships between Marx‘s political and economic philosophy, based on careful and systematic reading of a wide range of textual sources, including—in particular—the newly published second edition of the Complete Works of Marx and Engels (MEGA2), which collects notes, drafts, manuscripts, and excerpts previously unavailable to the scholarly community. The author Zhang Yibing teaches philosophy at the University of Nanjing and is one of the foremost scholars of Marxism in the PRC, a Marxist analyst of contemporary philosophical issues. At the same time he is the Vice Chancellor of the University.
