The way central banks manage their foreign reserve assets has evolved over the past decades. One major trend is managing reserves in two or more tranches—liquidity tranche and investment tranche—especially for those with adequate reserves. Incorporating reserve tranching, we have developed in this paper a central bank’s reserve portfolio choice model to analyze the determinants of the currency composition of reserves. In particular, we adopt the classical mean-variance framework for the investment tranche and the asset-liability framework for the liquidity tranche. Building on these frameworks, the roles of currency compositions in imports invoicing and short-term external debt, and risk and returns of reserve currencies can be quantified by our structural model—a key contribution of our paper given the absence of structural models in the literature. Finally, we estimate the potential paths of the share of RMB in reserves under different scenarios to shed light on its status as an international currency.
This book illustrates the main characteristics, challenges and optimisation requirements of robotic disassembly. It provides a comprehensive insight on two crucial optimisation problems in the areas of robotic disassembly through a group of unified mathematical models. The online and offline optimisation of the operational sequence to dismantle a product, for example, is represented with a list of conflicting objectives and constraints. It allows the decision maker and the robots to match the situation automatically and efficiently. To identify a generic solution under different circumstances, classical metaheuristics that can be used for the optimisation of robotic disassembly are introduced in detail. A flexible framework is then presented to implement existing metaheuristics for sequence planning and line balancing in the circumstance of robotic disassembly. Optimisation of Robotic Disassembly for Remanufacturing provides practical case studies on typical product instances to help practitioners design efficient robotic disassembly with minimal manual operation, and offers comparisons of the state-of-the-art metaheuristics on solving the key optimisation problems. Therefore, it will be of interest to engineers, researchers, and postgraduate students in the area of remanufacturing.
The purpose of this book is to document the technolog allowing the industry to produce tight gas reservoirs. We highlight the contributions of the many employees at S. A. Holditch & Associates Inc. but do not limit our discussions because we want to include other important contributions to the technology. All of the information in this book can be found in the SPE literature, but it is convenient to pull it together in one place. We could not include everything, be we include enough references that the reader can find what is needed in either this book or the references."--Page 1.
This book illustrates the main characteristics, challenges and optimisation requirements of robotic disassembly. It provides a comprehensive insight on two crucial optimisation problems in the areas of robotic disassembly through a group of unified mathematical models. The online and offline optimisation of the operational sequence to dismantle a product, for example, is represented with a list of conflicting objectives and constraints. It allows the decision maker and the robots to match the situation automatically and efficiently. To identify a generic solution under different circumstances, classical metaheuristics that can be used for the optimisation of robotic disassembly are introduced in detail. A flexible framework is then presented to implement existing metaheuristics for sequence planning and line balancing in the circumstance of robotic disassembly. Optimisation of Robotic Disassembly for Remanufacturing provides practical case studies on typical product instances to help practitioners design efficient robotic disassembly with minimal manual operation, and offers comparisons of the state-of-the-art metaheuristics on solving the key optimisation problems. Therefore, it will be of interest to engineers, researchers, and postgraduate students in the area of remanufacturing.
This monograph offers a detailed analysis of the creation, pilot implementation, and possible wide adoption of the real property tax at the local level in China. Starting in 2003, as China’s economy gradually recovered from the Asian financial crisis that started in 1998, the real property market entered a period of rapid expansion, followed immediately by rampant speculation, rising housing costs, and official corruption. Over the last ten years, the price of real property in most cities has more than tripled, especially in metropolitan areas. In an effort to curb this, the government has instituted a number of property-market controls, including property tax pilot programs in Shanghai and Chongqing. While this is the latest of a number of fiscal reforms, it is a very important one that carries with it the ability to change the landscape of public finance, intergovernmental relations, and local governance in China. It represents a fundamental change in the provision of public services, the relationship between local governments and tax payers, and the status of localities in the government structure. Taking a public choice perspective, the authors argue that the local property tax should be used not solely as a means of controlling housing prices but should be fully employed as a fiscal and budgetary institution that will contribute to mitigating multifarious socio-economic problems resulting from economic growth, rapid urbanization, and widening income disparity. As this program is the first of its kind, so this book is the first detailed study of property tax in China; as such, it will appeal to researchers of public finance and public policy. It will also be of great interest to policymakers in China and in other countries that are considering adopting or reforming their versions of the local property tax. It fills the gap in a growing body of literature about the inner workings of Chinese economics and policy.
This book is the first comprehensive, full-scale treatment of the law, politics and economics with regard to the policies and policy instruments for budget stabilization at the state level. Covering the period from 1946 through 2008 in the United States, it provides details on the methods and results of empirical tests of the effects of budget stabilization instruments on government operations, public service provision, and some other aspects of social and economic life. With the lingering effects of the most recent financial crisis and economic downturn, and the subsequent Tea Party movement advocating smaller government and deficit reduction, this book carries timely and important theoretical as well as practical implications, particularly in regard to the potential for counter-cyclical fiscal policy in mitigating negative impacts during a recession. The first contribution of the book is in public finance theory: it provides insights into the applications of the stabilization function in the context of strong government, thereby refining Keynesianism. The second aspect is in Public Choice: the creation and functioning of budget stabilization funds offer extra evidence to demonstrate that the general public provides input and voice in more than the conventional ways when it comes to policy making, even in an area dominated by strong government. The third aspect is in policy making, exploring the opportunities for refining policy tools in preparation for future downturns.
This book offers an analysis of China in its muddling through of financial reforms towards adopting a local real property tax. The research is designed to serve dual purposes. First, it is an effort to provide an independent perspective on an urgent public policy under consideration by the Chinese government and to reflect upon this policy’s process, which started over a dozen years ago yet is still in the fermenting stage with no sight of fruition. Additionally, this project is intended to share China’s experience with other developing and transitional countries, so they can discern the difficulties China has faced and understand what may entangle them in the modernization of their taxation systems.
This book explores trust in government from a variety of perspectives in the Asian region. The book is divided into three parts, and there are seven Asian countries that have been covered by ten chapters. The first part contains three chapters which focus on two East Asian governments – Hong Kong and Taiwan. The second part includes case studies from two Southeast Asian countries – Thailand and Philippines. The third part consists of four chapters dealing with two South Asian countries – India and Bangladesh. The last chapter analyzes governance failure (i.e., the absence of trust) as uncertainty from a theoretical perspective.
The way central banks manage their foreign reserve assets has evolved over the past decades. One major trend is managing reserves in two or more tranches—liquidity tranche and investment tranche—especially for those with adequate reserves. Incorporating reserve tranching, we have developed in this paper a central bank’s reserve portfolio choice model to analyze the determinants of the currency composition of reserves. In particular, we adopt the classical mean-variance framework for the investment tranche and the asset-liability framework for the liquidity tranche. Building on these frameworks, the roles of currency compositions in imports invoicing and short-term external debt, and risk and returns of reserve currencies can be quantified by our structural model—a key contribution of our paper given the absence of structural models in the literature. Finally, we estimate the potential paths of the share of RMB in reserves under different scenarios to shed light on its status as an international currency.
Thank you for visiting our website. Would you like to provide feedback on how we could improve your experience?
This site does not use any third party cookies with one exception — it uses cookies from Google to deliver its services and to analyze traffic.Learn More.