This study utilizes two complementary models,the Time-Varying Parameter Vector Autoregressive Diebold–Yilmaz(TVP-VAR-DY)and the Time-Varying Parameter Vector Autoregressive Barunik–Křehlik(TVP-VAR-BK),to investigate...This study utilizes two complementary models,the Time-Varying Parameter Vector Autoregressive Diebold–Yilmaz(TVP-VAR-DY)and the Time-Varying Parameter Vector Autoregressive Barunik–Křehlik(TVP-VAR-BK),to investigate the dynamic volatility transmission between exchange rates and stock returns in major commodity-exporting and-importing countries.The analysis focuses on periods of quantitative easing(QE)and quantitative tightening(QT)from March 15,2020 to December 30,2022.The countries examined are Canada and Australia(major commodity exporters)and the UK and Germany(major commodity importers).An essential contribution of this paper is new empirical insights into the dynamics of stock market returns and the transmission of volatility between these markets and exchange rates during the QE and QT periods.The results reveal that causality primarily flows from stock markets to exchange rates,especially during the QT period across all investment horizons.The Toronto Stock Exchange(TSX)emerges as the principal net driver among the markets under study.Furthermore,the Canadian exchange rate(USDCAD)and the Australian Stock Exchange(ASX)are the most significantly affected indices within the network across various investment horizons(excluding the long-term).These findings underscore the importance for investors and policymakers to consider the interplay between exchange rates and stock market returns,particularly in the context of the QE and QT periods,as well as other economic,political,and health-related events.Our findings are relevant to various stakeholders,including governments,traders,portfolio managers,and multinationals.展开更多
This study investigates the international spillover effects of US unconventional monetary policy(UMP)-frequently called large-scale asset purchases or quantitative easing(QE)—on advanced and emerging market economies...This study investigates the international spillover effects of US unconventional monetary policy(UMP)-frequently called large-scale asset purchases or quantitative easing(QE)—on advanced and emerging market economies,using structural vector autoregressive models with high-frequency daily data.Blinder(Federal Reserve Bank of St.Louis Rev 92(6):465–479,2010)argued that the QE measures primarily aim to reduce US interest rate spreads,such as term and risk premiums.Considering this argument and recent empirical evidence,we use two spreads as indicators of US UMP:the mortgage and term spreads.Based on data from 20 emerging and 20 advanced countries,our empirical findings reveal that US unconventional monetary policies significantly affect financial conditions in emerging and advanced countries by altering the risktaking behavior of investors.This result suggests that the risk-taking channel plays an important role in transmitting the effects of these policies to the rest of the world.The extent of these effects depends on the type of QE measures.QE measures such as purchases of private sector securities that lower the US mortgage spread exert stronger and more significant spillover effects on international financial markets than those that reduce the US term spread.Furthermore,the estimated financial spillovers vary substantially across countries and between and within the emerging and advanced countries that we examine in this study.展开更多
Dear Editor,Varicocele is a common cause of male infertility,but in the course of a diagnostic infertility workup,other underlying problems are often found.Up to two-thirds of patients with nonidiopathic male infertil...Dear Editor,Varicocele is a common cause of male infertility,but in the course of a diagnostic infertility workup,other underlying problems are often found.Up to two-thirds of patients with nonidiopathic male infertility have at least two possible etiologies.展开更多
Ju et al first parcellated in detail the bed nuclei of stria terminalis according to its cyto-and chemoarchitecture.They found that the oval nucleus(OV)was rich in neurotensin(NT)-and corticotropin-releasing factor(CR...Ju et al first parcellated in detail the bed nuclei of stria terminalis according to its cyto-and chemoarchitecture.They found that the oval nucleus(OV)was rich in neurotensin(NT)-and corticotropin-releasing factor(CRF)like immunoreactivities.Using indirect immunohistochemical technique it has been shown in the present study that both neuropeptides show quite similar distribution pattern in OV of the Sprague-Dawley rat(180-250 g).展开更多
China’s forex regulator said recently that the country will properly ease and even cancel quota management for Qualified Foreign Institutional Investors(QFII)in a bid to further widen the investment scope for oversea...China’s forex regulator said recently that the country will properly ease and even cancel quota management for Qualified Foreign Institutional Investors(QFII)in a bid to further widen the investment scope for overseas investors.展开更多
This study investigates the dynamic relationships between the money supply (M2) and key commodity prices (Cocoa, Gold, and Crude) in the context of Ghana. Utilizing Vector Error Correction Model (VECM) analysis, we an...This study investigates the dynamic relationships between the money supply (M2) and key commodity prices (Cocoa, Gold, and Crude) in the context of Ghana. Utilizing Vector Error Correction Model (VECM) analysis, we analyze the short-term and long-term Granger causality relationships among these variables, aiming to shed light on the potential linkages between monetary policy and commodity markets. The analysis covers the period from December 1999 to April 2023, using lag structures of 1 and 8 to capture both short-term and more enduring effects. Our findings reveal significant Granger causality relationships between the money supply and various commodities, with nuanced patterns emerging across different lags. In the short-run, our results suggest bidirectional causal relationships between COCOA and M2, CRUDE and M2, and GOLD and M2. Additionally, M2 Granger causes changes in COCOA, CRUDE, and GOLD. However, the causal relationship between COCOA and GOLD appears to be unidirectional, with COCOA not significantly Granger causing changes in GOLD. The short-term findings highlight the intricate interplay between monetary policy and commodity markets. In the long-run (lag 8), our analysis unveils robust Granger causality relationships between the variables. Past values of COCOA, CRUDE, and GOLD Granger cause changes in M2, indicating a notable influence of commodity markets on the money supply. Similarly, M2 Granger causes changes in CRUDE and GOLD. Notably, the findings underscore a more comprehensive and intertwined relationship between monetary policy and commodity prices in the long-run. Based on these results, we derive several policy implications. Policymakers should carefully consider the potential impact of monetary policy decisions, such as quantitative easing, on commodity markets and price dynamics. Measures to stabilize commodity prices, promote export diversification, manage inflation expectations, and enhance economic resilience are recommended. Additionally, effective data monitoring, international collaboration, and proactive risk management strategies are essential components for navigating the complex interactions between monetary policy and commodity markets. This study contributes to a deeper understanding of the intricate connections between monetary policy and commodity prices in Ghana, offering insights for policymakers, researchers, and stakeholders seeking to promote sustainable economic growth and stability. Further research can delve into the mechanisms underlying these relationships and explore their broader implications for trade balances, economic performance, and policy formulation.展开更多
On Mar.23rd,2021,the Press Conference about Releasing New Products of Adolfo Timson Xinxiangfen Laundry Condensate was solemnly held in Guangzhou.Zhou Hongchun,(former)Director of Social Development Research Office of...On Mar.23rd,2021,the Press Conference about Releasing New Products of Adolfo Timson Xinxiangfen Laundry Condensate was solemnly held in Guangzhou.Zhou Hongchun,(former)Director of Social Development Research Office of Development Research Center of the State Council&energy-saving expert of National Government Offices Administration of the State Council,Wang Wanxu,Council President of China Daily Chemistry Industrial Association&Chief Expert of China Research Institute of Daily Chemical Industry,President Li Zhizhen,General Manager Liu Hong and Product Craftsman Chen Ya from Guangzhou Adolfo Personal Care Products Co.,Ltd and industry insiders and media journalists from all over the country attended this press conference.展开更多
Over 200,000 Chinese sturgeons in di"erent age groups ranging from infant to 15 years old were released into the Yangtze River on 28 March during the annual release event designed to bolster the population of thi...Over 200,000 Chinese sturgeons in di"erent age groups ranging from infant to 15 years old were released into the Yangtze River on 28 March during the annual release event designed to bolster the population of this endangered species and raise public awareness.The event,organised by the Ministry of Agriculture and Rural A"airs of China and China Three Gorges Group(CTG),took place in Yichang City,central China’s Hubei Province.展开更多
Every event that showcases Chinese intangible cultural heritage is one more opportunity to feel the beauty of artistry,craftsmanship,tradition and life.It is another experience in which we learn about our history and ...Every event that showcases Chinese intangible cultural heritage is one more opportunity to feel the beauty of artistry,craftsmanship,tradition and life.It is another experience in which we learn about our history and appreciate the culture of which we are all so proud.展开更多
A new housing law brings the hope of decent housing for everyone Legions of urban residents now pricedout of China’s booming housing market may soon get relief under a new law working its
On March 31,CSSC(Hong Kong)Shipping Leasing Co.,Ltd.announced that it achieved a profit of HK$1.114 billion in 2020,up 24.8%year-on-year(YOY),a record high,and maintaining high growth for many years.Annual revenue was...On March 31,CSSC(Hong Kong)Shipping Leasing Co.,Ltd.announced that it achieved a profit of HK$1.114 billion in 2020,up 24.8%year-on-year(YOY),a record high,and maintaining high growth for many years.Annual revenue was HK$1.862 bllion and operating profit was HK$1.026 billion,up 21% YOY.Earnings per share for the year were HK$0.181,with a dividend of HK$0.06 per share at the end of the year,plus interim dividend,the total dividend hits HK$552 million.展开更多
Data China’s consumer price index (CPI), a main gauge of inflation, dipped 1.8 percent in July from a year earlier to 98.2, the National Bureau of Statistics (NBS) announced on Aug. 11. Of which, the price of
The Philippine economy slowed in 2025 as domestic shocks,weaker investment,and soft global demand weighed on growth.However,a modest recovery is expected in 2026-2027,supported by resilient consumption and easing infl...The Philippine economy slowed in 2025 as domestic shocks,weaker investment,and soft global demand weighed on growth.However,a modest recovery is expected in 2026-2027,supported by resilient consumption and easing inflation,according to the World Bank's latest Phil-ippines Economic Update(PEU).展开更多
We often hear statements like“the market raises expectations for central bank interest rate cuts,resulting in higher commodity prices”.Given the current situation,the People’s Bank of China might adopt a more accom...We often hear statements like“the market raises expectations for central bank interest rate cuts,resulting in higher commodity prices”.Given the current situation,the People’s Bank of China might adopt a more accommodative monetary policy to mitigate the impact of the China-U.S.trade friction.Will this further easing of the monetary environment lead to an increase in natural gas prices?展开更多
In recent years,feature selection(FS)optimization of high-dimensional gene expression data has become one of the most promising approaches for cancer prediction and classification.This work reviews FS and classificati...In recent years,feature selection(FS)optimization of high-dimensional gene expression data has become one of the most promising approaches for cancer prediction and classification.This work reviews FS and classification methods that utilize evolutionary algorithms(EAs)for gene expression profiles in cancer or medical applications based on research motivations,challenges,and recommendations.Relevant studies were retrieved from four major academic databases-IEEE,Scopus,Springer,and ScienceDirect-using the keywords‘cancer classification’,‘optimization’,‘FS’,and‘gene expression profile’.A total of 67 papers were finally selected with key advancements identified as follows:(1)The majority of papers(44.8%)focused on developing algorithms and models for FS and classification.(2)The second category encompassed studies on biomarker identification by EAs,including 20 papers(30%).(3)The third category comprised works that applied FS to cancer data for decision support system purposes,addressing high-dimensional data and the formulation of chromosome length.These studies accounted for 12%of the total number of studies.(4)The remaining three papers(4.5%)were reviews and surveys focusing on models and developments in prediction and classification optimization for cancer classification under current technical conditions.This review highlights the importance of optimizing FS in EAs to manage high-dimensional data effectively.Despite recent advancements,significant limitations remain:the dynamic formulation of chromosome length remains an underexplored area.Thus,further research is needed on dynamic-length chromosome techniques for more sophisticated biomarker gene selection techniques.The findings suggest that further advancements in dynamic chromosome length formulations and adaptive algorithms could enhance cancer classification accuracy and efficiency.展开更多
The US economy has emerged from the recent financial crisis and embarked on a path of recovery. A key response of the US government to the crisis was to restore the health of crisis-ridden financial institutions throu...The US economy has emerged from the recent financial crisis and embarked on a path of recovery. A key response of the US government to the crisis was to restore the health of crisis-ridden financial institutions through direct fiscal relief and continuous quantitative easing and pumping sufficient liquidity into the financial markets. Fortunately, this process did not give rise to widely feared vicious inflation or post-crisis depression. Does this suggest that as long as the central bank offers unlimited loans or economic assistance to crisis-ridden entities to restore their health, a crisis can be averted？ If this conclusion holds true, does this mean that the theory of cyclical economic crisis has failed？ What is the new theoretical methodology to avoid economic crises？ The answers to these questions will guide us in preventing and responding to financial or economic crises in the future.展开更多
Chaihu plus Longgu Muli Decoction is the representative treatment method of harmonizing and releasing combined with easing for lesser yang disease proposed by famous physician Zhang Zhongjing.Through clinical cases,th...Chaihu plus Longgu Muli Decoction is the representative treatment method of harmonizing and releasing combined with easing for lesser yang disease proposed by famous physician Zhang Zhongjing.Through clinical cases,this paper firstly introduced the main framework of Chaihu plus Longgu Muli Decoction,to make the treatment method of harmonizing and releasing become more flexible in clinical application.Besides,it introduced the common changes in the learning and application of the decoction,to respond to various changes in the clinical diseases.展开更多
文摘This study utilizes two complementary models,the Time-Varying Parameter Vector Autoregressive Diebold–Yilmaz(TVP-VAR-DY)and the Time-Varying Parameter Vector Autoregressive Barunik–Křehlik(TVP-VAR-BK),to investigate the dynamic volatility transmission between exchange rates and stock returns in major commodity-exporting and-importing countries.The analysis focuses on periods of quantitative easing(QE)and quantitative tightening(QT)from March 15,2020 to December 30,2022.The countries examined are Canada and Australia(major commodity exporters)and the UK and Germany(major commodity importers).An essential contribution of this paper is new empirical insights into the dynamics of stock market returns and the transmission of volatility between these markets and exchange rates during the QE and QT periods.The results reveal that causality primarily flows from stock markets to exchange rates,especially during the QT period across all investment horizons.The Toronto Stock Exchange(TSX)emerges as the principal net driver among the markets under study.Furthermore,the Canadian exchange rate(USDCAD)and the Australian Stock Exchange(ASX)are the most significantly affected indices within the network across various investment horizons(excluding the long-term).These findings underscore the importance for investors and policymakers to consider the interplay between exchange rates and stock market returns,particularly in the context of the QE and QT periods,as well as other economic,political,and health-related events.Our findings are relevant to various stakeholders,including governments,traders,portfolio managers,and multinationals.
基金Funding was provided by Anadolu University Scientific Research Project Commission(Grant number:1605E282).
文摘This study investigates the international spillover effects of US unconventional monetary policy(UMP)-frequently called large-scale asset purchases or quantitative easing(QE)—on advanced and emerging market economies,using structural vector autoregressive models with high-frequency daily data.Blinder(Federal Reserve Bank of St.Louis Rev 92(6):465–479,2010)argued that the QE measures primarily aim to reduce US interest rate spreads,such as term and risk premiums.Considering this argument and recent empirical evidence,we use two spreads as indicators of US UMP:the mortgage and term spreads.Based on data from 20 emerging and 20 advanced countries,our empirical findings reveal that US unconventional monetary policies significantly affect financial conditions in emerging and advanced countries by altering the risktaking behavior of investors.This result suggests that the risk-taking channel plays an important role in transmitting the effects of these policies to the rest of the world.The extent of these effects depends on the type of QE measures.QE measures such as purchases of private sector securities that lower the US mortgage spread exert stronger and more significant spillover effects on international financial markets than those that reduce the US term spread.Furthermore,the estimated financial spillovers vary substantially across countries and between and within the emerging and advanced countries that we examine in this study.
文摘Dear Editor,Varicocele is a common cause of male infertility,but in the course of a diagnostic infertility workup,other underlying problems are often found.Up to two-thirds of patients with nonidiopathic male infertility have at least two possible etiologies.
文摘Ju et al first parcellated in detail the bed nuclei of stria terminalis according to its cyto-and chemoarchitecture.They found that the oval nucleus(OV)was rich in neurotensin(NT)-and corticotropin-releasing factor(CRF)like immunoreactivities.Using indirect immunohistochemical technique it has been shown in the present study that both neuropeptides show quite similar distribution pattern in OV of the Sprague-Dawley rat(180-250 g).
文摘China’s forex regulator said recently that the country will properly ease and even cancel quota management for Qualified Foreign Institutional Investors(QFII)in a bid to further widen the investment scope for overseas investors.
文摘This study investigates the dynamic relationships between the money supply (M2) and key commodity prices (Cocoa, Gold, and Crude) in the context of Ghana. Utilizing Vector Error Correction Model (VECM) analysis, we analyze the short-term and long-term Granger causality relationships among these variables, aiming to shed light on the potential linkages between monetary policy and commodity markets. The analysis covers the period from December 1999 to April 2023, using lag structures of 1 and 8 to capture both short-term and more enduring effects. Our findings reveal significant Granger causality relationships between the money supply and various commodities, with nuanced patterns emerging across different lags. In the short-run, our results suggest bidirectional causal relationships between COCOA and M2, CRUDE and M2, and GOLD and M2. Additionally, M2 Granger causes changes in COCOA, CRUDE, and GOLD. However, the causal relationship between COCOA and GOLD appears to be unidirectional, with COCOA not significantly Granger causing changes in GOLD. The short-term findings highlight the intricate interplay between monetary policy and commodity markets. In the long-run (lag 8), our analysis unveils robust Granger causality relationships between the variables. Past values of COCOA, CRUDE, and GOLD Granger cause changes in M2, indicating a notable influence of commodity markets on the money supply. Similarly, M2 Granger causes changes in CRUDE and GOLD. Notably, the findings underscore a more comprehensive and intertwined relationship between monetary policy and commodity prices in the long-run. Based on these results, we derive several policy implications. Policymakers should carefully consider the potential impact of monetary policy decisions, such as quantitative easing, on commodity markets and price dynamics. Measures to stabilize commodity prices, promote export diversification, manage inflation expectations, and enhance economic resilience are recommended. Additionally, effective data monitoring, international collaboration, and proactive risk management strategies are essential components for navigating the complex interactions between monetary policy and commodity markets. This study contributes to a deeper understanding of the intricate connections between monetary policy and commodity prices in Ghana, offering insights for policymakers, researchers, and stakeholders seeking to promote sustainable economic growth and stability. Further research can delve into the mechanisms underlying these relationships and explore their broader implications for trade balances, economic performance, and policy formulation.
文摘On Mar.23rd,2021,the Press Conference about Releasing New Products of Adolfo Timson Xinxiangfen Laundry Condensate was solemnly held in Guangzhou.Zhou Hongchun,(former)Director of Social Development Research Office of Development Research Center of the State Council&energy-saving expert of National Government Offices Administration of the State Council,Wang Wanxu,Council President of China Daily Chemistry Industrial Association&Chief Expert of China Research Institute of Daily Chemical Industry,President Li Zhizhen,General Manager Liu Hong and Product Craftsman Chen Ya from Guangzhou Adolfo Personal Care Products Co.,Ltd and industry insiders and media journalists from all over the country attended this press conference.
文摘Over 200,000 Chinese sturgeons in di"erent age groups ranging from infant to 15 years old were released into the Yangtze River on 28 March during the annual release event designed to bolster the population of this endangered species and raise public awareness.The event,organised by the Ministry of Agriculture and Rural A"airs of China and China Three Gorges Group(CTG),took place in Yichang City,central China’s Hubei Province.
文摘Every event that showcases Chinese intangible cultural heritage is one more opportunity to feel the beauty of artistry,craftsmanship,tradition and life.It is another experience in which we learn about our history and appreciate the culture of which we are all so proud.
文摘A new housing law brings the hope of decent housing for everyone Legions of urban residents now pricedout of China’s booming housing market may soon get relief under a new law working its
文摘On March 31,CSSC(Hong Kong)Shipping Leasing Co.,Ltd.announced that it achieved a profit of HK$1.114 billion in 2020,up 24.8%year-on-year(YOY),a record high,and maintaining high growth for many years.Annual revenue was HK$1.862 bllion and operating profit was HK$1.026 billion,up 21% YOY.Earnings per share for the year were HK$0.181,with a dividend of HK$0.06 per share at the end of the year,plus interim dividend,the total dividend hits HK$552 million.
文摘Data China’s consumer price index (CPI), a main gauge of inflation, dipped 1.8 percent in July from a year earlier to 98.2, the National Bureau of Statistics (NBS) announced on Aug. 11. Of which, the price of
文摘The Philippine economy slowed in 2025 as domestic shocks,weaker investment,and soft global demand weighed on growth.However,a modest recovery is expected in 2026-2027,supported by resilient consumption and easing inflation,according to the World Bank's latest Phil-ippines Economic Update(PEU).
文摘We often hear statements like“the market raises expectations for central bank interest rate cuts,resulting in higher commodity prices”.Given the current situation,the People’s Bank of China might adopt a more accommodative monetary policy to mitigate the impact of the China-U.S.trade friction.Will this further easing of the monetary environment lead to an increase in natural gas prices?
基金funded by the Ministry of Higher Education of Malaysia,grant number FRGS/1/2022/ICT02/UPSI/02/1.
文摘In recent years,feature selection(FS)optimization of high-dimensional gene expression data has become one of the most promising approaches for cancer prediction and classification.This work reviews FS and classification methods that utilize evolutionary algorithms(EAs)for gene expression profiles in cancer or medical applications based on research motivations,challenges,and recommendations.Relevant studies were retrieved from four major academic databases-IEEE,Scopus,Springer,and ScienceDirect-using the keywords‘cancer classification’,‘optimization’,‘FS’,and‘gene expression profile’.A total of 67 papers were finally selected with key advancements identified as follows:(1)The majority of papers(44.8%)focused on developing algorithms and models for FS and classification.(2)The second category encompassed studies on biomarker identification by EAs,including 20 papers(30%).(3)The third category comprised works that applied FS to cancer data for decision support system purposes,addressing high-dimensional data and the formulation of chromosome length.These studies accounted for 12%of the total number of studies.(4)The remaining three papers(4.5%)were reviews and surveys focusing on models and developments in prediction and classification optimization for cancer classification under current technical conditions.This review highlights the importance of optimizing FS in EAs to manage high-dimensional data effectively.Despite recent advancements,significant limitations remain:the dynamic formulation of chromosome length remains an underexplored area.Thus,further research is needed on dynamic-length chromosome techniques for more sophisticated biomarker gene selection techniques.The findings suggest that further advancements in dynamic chromosome length formulations and adaptive algorithms could enhance cancer classification accuracy and efficiency.
文摘The US economy has emerged from the recent financial crisis and embarked on a path of recovery. A key response of the US government to the crisis was to restore the health of crisis-ridden financial institutions through direct fiscal relief and continuous quantitative easing and pumping sufficient liquidity into the financial markets. Fortunately, this process did not give rise to widely feared vicious inflation or post-crisis depression. Does this suggest that as long as the central bank offers unlimited loans or economic assistance to crisis-ridden entities to restore their health, a crisis can be averted？ If this conclusion holds true, does this mean that the theory of cyclical economic crisis has failed？ What is the new theoretical methodology to avoid economic crises？ The answers to these questions will guide us in preventing and responding to financial or economic crises in the future.
文摘Chaihu plus Longgu Muli Decoction is the representative treatment method of harmonizing and releasing combined with easing for lesser yang disease proposed by famous physician Zhang Zhongjing.Through clinical cases,this paper firstly introduced the main framework of Chaihu plus Longgu Muli Decoction,to make the treatment method of harmonizing and releasing become more flexible in clinical application.Besides,it introduced the common changes in the learning and application of the decoction,to respond to various changes in the clinical diseases.
