The China Puzzle: Theory and Evidence on the Behavior of Chinese Exports during the 2008-2009 Global Financial Crisis

Many studies link the recent collapse in trade during the 2008-09 financial crisis to a decrease in the demand for durable and investment goods in crisis-hit countries. Thus, a remarkable feature of the recent collapse in international trade is that China’s export sectors – for which the crisis-hit U.S. and Europe are the primary destinations – appear much less affected than their counterparts in other exporting countries. This paper explains the puzzle by documenting a new stylized fact: China’s processing exports fell much less than ordinary trade during the 2008-09 financial crisis, even conditioning on industry and demand in the destination country. It then investigates a range of explanations for the special behavior of processing trade

The China Puzzle: Theory and Evidence on the Behavior of Chinese Exports during the 2008-2009 Global Financial Crisis

Many studies link the recent collapse in trade during the 2008-09 financial crisis to a decrease in the demand for durable and investment goods in crisis-hit countries. Thus, a remarkable feature of the recent collapse in international trade is that China’s export sectors – for which the crisis-hit U.S. and Europe are the primary destinations – appear much less affected than their counterparts in other exporting countries. This paper explains the puzzle by documenting a new stylized fact: China’s processing exports fell much less than ordinary trade during the 2008-09 financial crisis, even conditioning on industry and demand in the destination country. It then investigates a range of explanations for the special behavior of processing trade

Chunk-Based Bi-Scale Decoder for Neural Machine Translation

In typical neural machine translation~(NMT), the decoder generates a sentence word by word, packing all linguistic granularities in the same time-scale of RNN. In this paper, we propose a new type of decoder for NMT, which splits the decode state into two parts and updates them in two different time-scales. Specifically, we first predict a chunk time-scale state for phrasal modeling, on top of which multiple word time-scale states are generated. In this way, the target sentence is translated hierarchically from chunks to words, with information in different granularities being leveraged. Experiments show that our proposed model significantly improves the translation performance over the state-of-the-art NMT model.Comment: Accepted as a short paper by ACL 201

Development of a Transferable Reactive Force Field of P/H Systems: Application to the Chemical and Mechanical Properties of Phosphorene

ReaxFF provides a method to model reactive chemical systems in large-scale molecular dynamics simulations. Here, we developed ReaxFF parameters for phosphorus and hydrogen to give a good description of the chemical and mechanical properties of pristine and defected black phosphorene. ReaxFF for P/H is transferable to a wide range of phosphorus and hydrogen containing systems including bulk black phosphorus, blue phosphorene, edge-hydrogenated phosphorene, phosphorus clusters and phosphorus hydride molecules. The potential parameters were obtained by conducting unbiased global optimization with respect to a set of reference data generated by extensive ab initio calculations. We extend ReaxFF by adding a 60{\deg} correction term which significantly improves the description of phosphorus clusters. Emphasis has been put on obtaining a good description of mechanical response of black phosphorene with different types of defects. Compared to nonreactive SW potential [1], ReaxFF for P/H systems provides a huge improvement in describing the mechanical properties the pristine and defected black phosphorene and the thermal stability of phosphorene nanotubes. A counterintuitive phenomenon is observed that single vacancies weaken the black phosphorene more than double vacancies with higher formation energy. Our results also show that mechanical response of black phosphorene is more sensitive to defects for the zigzag direction than for the armchair direction. Since ReaxFF allows straightforward extensions to the heterogeneous systems, such as oxides, nitrides, ReaxFF parameters for P/H systems build a solid foundation for the reactive force field description of heterogeneous P systems, including P-containing 2D van der Waals heterostructures, oxides, etc