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This paper aims to analyze the reasons for this crisis from the perspective of monetary industrial structure consumption financial market and strategies of the government by the way of reasoning. And it clears the relations of the various reasons. Finally from the superficial analysis to the springhead this paper finds out the primary reason of the financial crisis and offers solutions.

本文以层层推理的方式,从货币,产业结构,消费,金融市场,政府政策等方面全面地分析了美国金融危机爆发的原因,并理清了各因素之间的相互联系,最后由外在性分析升华到对金融危机根源的探讨,试图揭示本次金融危机的根源,并寻求解决之道。

This paper examines whether or not stock return responds asymmetrically to monetary policy shocks. We use over-night rate volatility to measure monetary policy and apply Component-GARCH-Constant Jump and ARJI-Trend model to capture expected and unexpected effects of government's monetary policy on the stock return in American, Canada, Japan, and Britain. Considering the non-normality features of these assets returns, this paper use skewed student t distribution to estimate the relationship between the permanent and transitory components of the conditional variance and the frequency and intensity of jump of stock return.

本文探讨货币政策对於股市报酬之影响,选取货币政策代理变数-金融业隔夜拆款利率在分别采用Component-GARCH-Constant Jump与ARJI-Trend模型,并同时考量报酬率呈现非常态之特性,因此采用偏态t分配(skewed student t-distribution)进行估计条件变异数的恒常与移转部份及跳跃机率与跳跃频率,以捕捉政府实施预期及非预期的货币政策对股市报酬的影响,分析在预期及非预期的货币政策冲击下对股市的影响是否存在不同之效果。

This paper is based on "Trilemma" which is induced from MF model. In order to overcome MF models inherent defects, this paper constructs a static model headed by government on choice of optimum exchange rate regime. Through the analysis of the model we can see that the choice of exchange rate regime is a dynamic process should be decided in real situation. No single exchange rate regime is right for all countries or at all time. Under certain condition intermediate regime may be the optimum one, but the possibility will decrease with the increase of international capital flow.

本文从蒙代尔——弗莱明模型精炼出的"三元悖论"出发,为了克服其内在的缺陷,构建了一个政府主导的静态最优汇率制度选择模型,模型分析表明:汇率制度选择是一个动态的相机决策过程,没有哪一种汇率制度对所有国家或某一国的所有时期都适合;在一定条件下,中间汇率制度可能是最优汇率制度,但是其可选择的区间随着资本流动程度的加大而缩小,最终最优汇率制度将内生的向两极分化。

She alsooften concerned about the state affairs, with works by recordingchanges and the development process of the motherland, to make itmore characteristics of the times. April 15, 1997, Xie Yuxia theinvitation of the China International Lantern Festival Center,travel to Spain to participate in a period of 6 months of folk artexchange activities, and that time she met around the country morethan 30 folk artists from different fields, and her paper-cut artlet foreigners amazement; in 2003, she went to England with theHangzhou city government cultural exchanges, exchanges in the LeedsCity cocktail party, she cut an owl on the spot works presented tothe Mayor of Leeds and Leeds are also happy to rebate the Mayor anowl ... a badge of her ... she used to say:"Paper-cut for me, isthe spiritual pillar of love is that it brought me a lot of honor,but also enriched my life experience, as long as the scissors moveout, I will always be cut down."

同时,她也经常关注国家大事,用作品记录祖国变迁和发展历程,使其更具时代特色。1997年4月15日,谢玉霞应中国国际灯会中心邀请赴西班牙参加为期6个月的民间艺术交流活动,那一次,她结识了全国各地30余位不同领域的民间艺人,而她的剪纸艺术也让外国人啧啧称奇;2003年,她随杭州市政府赴英国文化交流,在利兹市的交流酒会上,她当场剪了一副猫头鹰作品赠送给利兹市长,而利兹市长也高兴地回赠了她一枚猫头鹰胸章……她常说:&剪纸对我来说,是爱好也是精神支柱,它给我带来了很多荣誉,也丰富了我的人生阅历,只要剪得动,我会一直剪下去。&

Because although I cannot bear the publication expense, this paper has not been able to publish finally, as well as my another about E-government's policy and development paper because also the same reason has not published, but my elaborative faculty, analysis ability as well as expressed the opinion in the research environment ability to obtain the very big promotion.

尽管由于我负担不起出版费用,这篇论文最终没能发表,以及我的另一篇关于电子政务的政策和发展的论文也由于相同的原因没有发表,但我的思考能力、分析能力以及在研究环境中表达见解的能力都得到了很大的提升。

The environment of enterprise group development. The paper expounds the external and internal environment of the enterprise group development, the external environment mainly includes economic system, market system, price system and government meddlement etc; about internal environment, the paper proposes three-dimensional model of value distribution in enterprise group, which think that the enterprise group should consider three-dimension as: time, form and process when it distribute its value.

在外部因素方面主要从经济体制、市场体系、价格体系和政府干预等加以说明;在内部因素方面,本文提出了集团内部价值分配的三维模式,认为企业集团在其内部进行价值分配时应充分运用和考虑价值分配的三个维度:时间维、形式维、过程维。

In the analyze, this paper sightlessly relation the realism and explain some problems such as the genesis of some industry districts, the government competition, enterprise transfer in different regions, etc. This paper is a supplement for location theory.

在此过程中紧密结合现实,从另一个视角解释了部分用传统区位理论无法解释的企业区位选择现象,包括如部分专业化产业区的原发性问题、政府竞争问题、企业的跨区域转移问题等,为区位理论提供了一个很好的补充。

The creativity of the paper include: firstly the paper fill up the weakness in the theoretical analysis for ETA, secondly it provide a strategetic solution for the modernization of china tax administration, thirdly it provide an demonstration for E-government.

论文的创新之处在于:第一,填补国内对电子税务局深度理论研究和实证分析的薄弱环节;第二,为基于信息化的中国现代税收管理与服务体系提供战略性的解决方案;第三,所提出的适应信息经济时代的中国电子税务框架对国家电子政务工程具有示范性效应。

Changle County, the CPC Committee of the joint after the establishment of united front work Zepu continue to do so for a number of upper-class anti-Japanese government have done a lot of good things, such as that collected enemy intelligence Laoting the city achieve the goal of "enemy action, I know"; the anti-Japanese have difficulty funding their generosity; blockade as a result of the enemy, lack of office supplies, they buy from a large number ofdi zhan qu paper, ink, such as waxed paper.

中共昌乐联合县工作委员会成立后,泽普继续做统战工作,使一些上层人士为抗日政府做了许多好事,如到乐亭城里搜集敌军情报,做到&敌动我知&;抗日经费有困难,他们慷慨相助;由于敌人封锁,办公用品奇缺,他们就从敌占区买来大批纸张、油墨、蜡纸等。

This paper analyzes the characteristics of TNCs, their technological strategies and main changes in China. It also discusses the reasons and development trends of technological strategy readjustments of TNCs. Finally, this paper puts forward the corresponding suggestions to China Government and enterprises.

本文分析了跨国公司的特征和技术战略,以及随着中国经济发展和在华投资水平的提高,跨国公司在华技术战略的主要变化;探讨了跨国公司在华技术战略调整的原因及发展趋势,并对中国政府和企业提出相应的对策建议。

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The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应,而且减少跟风的可能性。

The new PS20 solar power tower collected sunlight through mirrors known as "heliostats" to produce steam that is converted into electricity by a turbine in Sanlucar la Mayor, Spain, Wednesday.

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