The Cold Eddy in the East China Sea(CEECS) is located about 150 km southwest of Cheju Island.This region experiences a complex current system under the influences of the Yellow Sea Warm Current(YSWC),the Yellow Sea Co...The Cold Eddy in the East China Sea(CEECS) is located about 150 km southwest of Cheju Island.This region experiences a complex current system under the influences of the Yellow Sea Warm Current(YSWC),the Yellow Sea Coastal Current(YSCC),and the northward Kuroshio residual.To identify the strength of the CEECS,a simple subsurface intensity index is developed.Because the CEECS can be traced by temperature minimum,the intensity index is determined by the difference in sea temperature averaged across cores within and surrounding the region.Based on SODA,the CEECS subsurface intensity index time series can be calculated,with which the inter-annual variation of the CEECS is analyzed.展开更多
Stock exchange market responses to macroeconomic fluctuations show deviations between countries in terms of direction, magnitude and duration due to the idiosyncratic characteristics of the countries. The paper empiri...Stock exchange market responses to macroeconomic fluctuations show deviations between countries in terms of direction, magnitude and duration due to the idiosyncratic characteristics of the countries. The paper empirically searches for the identification of these variations for CEECs, namely Czech Republic, Hungary, Poland, Slovak Republic and also Turkey for the period of December, 1999 to December, 2009. The empirical analyses demonstrate that for each CEEC, stock exchange market responds positively to industrial production and to appreciation of local currency. Czech Republic and Hungary display negative and the rest display positive response to M1, whereas the response of stock market to CB policy rate shows mixed results for each country. Besides, foreign exchange market returns are found to be the variable with the highest significance in explaining the stock exchange market returns. These findings point out to arbitrage opportunities for investors and give insight to Monetary Policy Authorities about the Monetary Transmission Mechanisms of the countries.展开更多
基金Supported by National Basic Research Program of China (Nos. 2005CB422307, 2007CB411803)Program for New Century Excellent Talents in University (NCET-08-0510)National 908 Program of China (No. 908-02-02-02)
文摘The Cold Eddy in the East China Sea(CEECS) is located about 150 km southwest of Cheju Island.This region experiences a complex current system under the influences of the Yellow Sea Warm Current(YSWC),the Yellow Sea Coastal Current(YSCC),and the northward Kuroshio residual.To identify the strength of the CEECS,a simple subsurface intensity index is developed.Because the CEECS can be traced by temperature minimum,the intensity index is determined by the difference in sea temperature averaged across cores within and surrounding the region.Based on SODA,the CEECS subsurface intensity index time series can be calculated,with which the inter-annual variation of the CEECS is analyzed.
文摘Stock exchange market responses to macroeconomic fluctuations show deviations between countries in terms of direction, magnitude and duration due to the idiosyncratic characteristics of the countries. The paper empirically searches for the identification of these variations for CEECs, namely Czech Republic, Hungary, Poland, Slovak Republic and also Turkey for the period of December, 1999 to December, 2009. The empirical analyses demonstrate that for each CEEC, stock exchange market responds positively to industrial production and to appreciation of local currency. Czech Republic and Hungary display negative and the rest display positive response to M1, whereas the response of stock market to CB policy rate shows mixed results for each country. Besides, foreign exchange market returns are found to be the variable with the highest significance in explaining the stock exchange market returns. These findings point out to arbitrage opportunities for investors and give insight to Monetary Policy Authorities about the Monetary Transmission Mechanisms of the countries.
