Dual-track interest rates and the conduct of monetary policy in China

China has a dual-track interest-rate system: bank deposit and lending rates are regulated while money and bond rates are market-determined. The central bank also imposes an indicative target, which may not be binding at all times, for total credit in the banking system. We develop and calibrate a theoretical model to illustrate the conduct of monetary policy within the framework of dual-track interest rates and a juxtaposition of price- and quantity-based policy instruments. We model the transmission of monetary policy instruments to market interest rates, which, together with the quantitative credit target in the banking system, ultimately are the means by which monetary policy affects the real economy. The model shows that market interest rates are most sensitive to changes in the benchmark deposit interest rates, significantly responsive to changes in the reserve requirements, but not particularly reactive to open market operations. These theoretical results are verified and supported by both linear and GARCH models using daily money and bond market data. Overall, the findings of this study help us to understand why the central bank conducts monetary policy in China the way it does, using a combination of price and quantitative instruments with differing degrees of potency in terms of their influence on the cost of credit.monetary policy; People’s Bank of China; dual-track interest rates; interest rate liberalization

On the Application of Cloud Computing Technology in Computer Security Storage

With the widespread adoption of the Internet and the growing volume of data storage, cloud computing has emerged as the predominant method for storing information. It offers users convenient and efficient storage processes, along with remarkable flexibility and scalability. By dynamically allocating computing resources and storage space according to user needs, cloud computing ensures secure storage of information data. In light of this, this paper provides a comprehensive overview of the specific application of cloud computing technology in the field of computer security storage

Market Power and Supply Shocks: Evidence from the Orange Juice Market

The orange juice market is a weather market because of its high geographical concentration and the natural characteristics of orange trees. A few hours of a freeze in Florida is enough to cause a supply shock to the orange juice market. How do oligopolistic firms react to supply shocks do they become more collusive or more competitive? This paper empirically examines the proposition and finds that the level of market power of orange juice firms decreases significantly, and the market becomes more competitive during supply shocks even though prices rise.Marketing,

Domestic water pricing with household surveys : a study of acceptability and willingness to pay in Chongqing, China

In determining domestic water prices, policy makers often need to use information about the demand side rather than only relying on information about the supply side. Household surveys have frequently been employed to collect demand-side information. This paper presents a multiple bounded discrete choice household survey model. It discusses how the model can be utilized to collect and analyze information about the acceptability of different water prices by different types of households, as well as households'willingness to pay for water service improvement. The results obtained from these surveys can be directly utilized in the development of water pricing and subsidy policies. The paper also presents an empirical multiple bounded discrete choice study conducted in Chongqing, China. In this case, domestic water service quality was seriously inadequate, but financial resources were insufficient to improve service quality. With a survey of about 1,500 households in five suburban districts in Chongqing Municipality, this study shows that a significant increase in the water price is feasible as long as the poorest households can be properly subsidized and certain public awareness and accountability campaigns can be conducted to make the price increase more acceptable to the public. The analysis also indicates that the order in which hypothetical prices are presented to respondents systematically affects their answers, and should be taken into account when designing survey instruments.Town Water Supply and Sanitation,Water Supply and Sanitation Governance and Institutions,Environmental Economics&Policies,Water and Industry,Water Supply and Systems

SUPERMARKETS AND CONSUMERS IN AFRICA: THE CASE OF NAIROBI, KENYA

Supermarkets are rapidly penetrating urban food retail in Kenya and spreading well beyond their initial tiny market niche into the food markets of lower-income groups. Having penetrated processed and staple food markets much earlier and faster than fresh foods, they have recently begun to make inroads into the fresh fruits and vegetables category. The important changes in their procurement systems bring significant opportunities and challenges for small farmers, and have implications for agricultural diversification and rural development programmes and policies.Consumer/Household Economics, Marketing,

FARM-LEVEL PERSPECTIVES ON THE IMPACT OF DOMESTIC SUPERMARKETS ON KENYA'S FRESH FRUITS AND VEGETABLES SUPPLY SYSTEM

The rise of supermarkets in Kenya has given rise to a new group of medium-sized farms managed by well-educated farmers. Focusing on kale, the essay shows that nearly all supermarket-channel farmers have the capacity to supply larger volumes year round and have transportation vehicles, an irrigation system, a packing shed, a cellular phone, and so on, pointing to the existence of a threshold capital vector which farmers must have in order to access supermarkets. Especially farm size and irrigation were found to be significant determinants of participation in the supermarket channel. Kale suppliers to supermarkets use more capital intensive production technologies, leading to average labor and land productivities which are 60-70% higher than in the traditional channel. Eighty percent of labor consists of hired workers, indicating that these farmers could be important in alleviating poverty for rural households with little or no land. While most traditional-channel kale farmers sell to brokers and get a price that lets them break-even at best, supermarket-channel farmers have a 40% gross profit margin. These margins and lower market risks in the supermarket channel have resulted in a strong growth dynamic of supermarket-channel farmers which have doubled the size of their operations over the last five years.Marketing,

Effect of combination of botulinum toxin and electromyographic biofeedback therapy on post-stroke patients with lower limb muscle spasticity

Purpose: To investigate the clinical effect of combined use of botulinum toxin type A and electromyographic biofeedback therapy (EMGBFT) on post-stroke patients with lower limb muscle spasticity. Methods: The data of 91 post-stroke patients with lower limb muscle spasticity who were admitted to Shanghai Seventh People’s Hospital (January 2020 -January 2021) were retrospectively analyzed, and they were divided into control group (COG, n = 45) and study group (STG, n = 46) based on the treatments given. All patients received conventional rehabilitation and training. Patients in COG were treated with EMGBFT, whereas those in STG received botulinum toxin type A as well as EMGBFT. The parameters determined in the two groups were degree of spasticity, lower limb motor function [3m-Timed Up and Go (3m - TUG) and 10m - Walk Test (10 m - WT)], active range of motion (AROM) of ankle dorsiflexion, ability of daily living (based on Barthel Index, BI), and adverse reactions before and after treatment. Results: The effectiveness of the treatments on spasticity was higher in STG than in COG (p < 0.05). After treatment, the times taken for 3m-TUG and 10m-WT were significantly shorter in STG than in COG (p < 0.05). The AROM of patients in both groups was expanded, but the expansion was significantly greater in STG than in COG (p < 0.05). Conclusion: Combined therapy using botulinum toxin and EMGBFT effectively relieved lower limb muscle spasticity of post-stroke patients, and also improved their lower limb motion function and daily living ability. Thus, the combined therapy provided better management of lower limb spasticity. However, further clinical trials are required prior to its adoption in clinical practice

Review of the 22nd National Conference on the Theoretical Study of Science Popularization in China and the International Forum on Science Communication towards 2020

The 22nd National Conference on the Theoretical Study of Science Popularization in China and the International Forum on Science Communication towards 2020 was organised by the China Research Institute for Science Popularization (CRISP) in Beijing from October 17 to October 18, 2015. Nearly 200 international and national delegates from scientific research institutions, colleges and universities, local associations for science and technology from eight countries including America, Canada, Sweden, Australia, New Zealand, India, Japan and Korea participated in the Conference

Improving the imaging ability of ultrasound-modulated optical tomography with spectral-hole burning

Ultrasound-modulated optical tomography is a hybrid imaging technique based on detection of the diffused light modulated by a focused ultrasonic wave inside a scattering medium. With the combined advantages of ultrasonic resolution and optical contrast, UOT is ideal for deep tissue imaging. Its growth in popularity and application, however, is hindered by the low efficiency in detecting the modulated diffused photons. Research activities on UOT have therefore been centered on improving its signal detection efficiency by exploring various technical solutions. A prime example is the use of spectral-hole burning (SHB) in UOT. By applying SHB crystal as a spectral filter, one modulation sideband of the diffused light can be efficiently selected while all the other frequency components are strongly suppressed. Immune to both the spatial and temporal incoherence of the signal with a high enough on/off ratio, SHB can boost the UOT imaging ability dramatically and push it towards practical applications. We compare SHB with the other technologies that have been applied to UOT, and identify the unique features that make SHB a preferable tool for UOT. We also discuss the desired improvements from the SHB side, which will help UOT pave the way from research to everyday life