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Volatility of exchange rates in selected new EU members

Volatility of exchange rates in selected new EU members
Volatility of exchange rates in selected new EU members

V olatility of exchange rates in selected new EU

members:Evidence from daily data

Jarko Fidrmuc a ,b ,c ,*,Roman Horva

′th d a

Department of Economics,University of Munich,Germany

b

CESifo,Germany

c

Comenius University Bratislava,Faculty of Mathematics,Physics and Informatics,Slovakia d

Czech National Bank;and Institute of Economic Studies,Charles University,Czech Republic Received 27November 2006;received in revised form 15July 2007;accepted 3September 2007

Abstract

We examine the daily exchange rate dynamics in selected new EU member states (Czech Republic,Hungary,Poland,Romania,and Slovakia)using GARCH and TARCH models between 1999and 2006.Despite these countries’adopted in?ation targeting regime,they occasionally tried to manage their exchange rates.We ?nd that the low credibility of exchange rate management implied higher volatility of exchange rates when it substantially deviated from the implicit target rates for all countries.Finally,we ?nd signi?cant asymmetric effects of the volatility of exchange rates in all analyzed countries.

#2008Elsevier B.V .All rights reserved.

JEL classi?cation:F31;C22;C23

Keywords:Exchange rates;Target zones;ERM II;In?ation targeting;GARCH

1.Introduction

All new member states (NMS)of the EU face a trade-off between exchange rate stability and ?exibility.The recent literature on optimum currency area (OCA)criteria in the NMS surveyed by Fidrmuc and Korhonen (2006)shows that these countries increasingly constitute an optimum

currency area with the EMU.Similarly,Horva

′th (2007)?nds that the NMS ful?ll OCA criteria at https://www.doczj.com/doc/2a9176417.html,/locate/ecosys

Economic Systems 32(2008)103–118

*Corresponding author at:Department of Economics,University of Munich,Germany.

E-mail addresses:jarko.?drmuc@lrz.uni-muenchen.de ,jarko.?drmuc@fmph.uniba.sk (J.Fidrmuc).0939-3625/$–see front matter #2008Elsevier B.V .All rights reserved.doi:10.1016/j.ecosys.2007.09.004

approximately the same level as the euro area countries before they adopted the euro,suggesting

that the bene?ts of exchange rate stability may prevail.

By contrast,the developments especially in Central Europe 1showed a process of increasing

exchange rate ?exibility during the previous decade (see Markiewicz,2006,and Fro

¨mmel and Schobert,2006).This development has been reversed only recently by the ?rst accessions to the Exchange Rate Mechanism II (ERM II)and the starting process of euro adoption in the NMS of the EU.2In the speci?c conditions of these countries,relatively ?exible exchange rate regimes have appeared to be appropriate to deal with the high capital ?ows,productivity improvements

and the appreciation of exchange rates also in nominal terms (see E

′gert and Lommatzsch,2004).At the same time,the exchange rate peg was replaced by monetary policies,putting more

emphasis on in?ation stabilization (see Koc

ˇenda et al.,2006).Actually,nearly all countries of our sample have adopted different types of in?ation targeting.3Still,several NMS have used

interventions at the foreign exchange market (see E

′gert,2007;E ′gert and Koma ′rek,2006;or Gers

ˇl and Holub,2006).On the one hand,these actions were largely motivated by in?ation and competitiveness pressures,which in small and open economies heavily depend on exchange rates.On the other hand,this development corresponds also to the fear of ?oating phenomenon analyzed by Calvo and Reinhart (2002).

These arguments mean that some NMS are likely to pursue a de facto exchange rate policy of implicit target zones around time-varying target exchange rates,4which is similar to the proposal of target zone around a fundamental equilibrium exchange rate proposed by Williamson (1985),Edison et al.(1987),and Chmelarova and Schnabl (2006).Similarly,like in Krugman’s (1991)exchange rate target zone model,the volatility of exchange rate at the borders of target zones should be smaller than in the area close to the central parity if the regime is fully credible.In the opposite case,we should observe that exchange rate volatility increases with the distance from the target exchange rates.The opposite case is especially appealing for us,as we model the countries that did not adopt of?cial target zones,but rather tried to keep the exchange rates relatively stable.

Furthermore,expectations may in principle be formed differently in the appreciation and depreciation parts of the target zones (either de jure or de facto),which may cause systematic asymmetric effects.This pattern of exchange rate behavior can be estimated by generalized autoregressive conditional heteroskedasticity (GARCH)models.Potential asymmetry in exchange rate volatility is addressed by threshold autoregressive conditional heteroskedasticity

(TARCH)models (see Koc

ˇenda,1998).The paper is structured as follows.The next section reviews the literature on the exchange rate target zones.Section 3presents data and Section 4estimates GARCH models.Finally,Section 5concludes.Additional sensitivity results are presented in Appendix A .

J.Fidrmuc,R.Horva

′th /Economic Systems 32(2008)103–1181041

On the other hand,several smaller transition economies in South East Europe and in the Baltics have adopted currency boards or comparably ?xed exchange rate regimes.This development con?rms Eichengreen’s (1994)bipolar hypothesis that small and open economies have to decide between the extreme points of exchange rate ?exibility.2

Estonia,Lithuania and Slovenia joined the ERM II in 2004,while Cyprus,Malta,Latvia and Slovakia followed in 2005.Furthermore,Slovenia introduced the euro by January 2007,and Cyprus and Malta in January 2008.3

Czech Republic and Poland adopted in?ation targeting in 1998,Romania and Slovakia followed after a period of informal in?ation targeting in 2005.Hungary adopted in?ation targeting regime in mid-2001and accompanied it with a managed exchange rate with the ?uctuation band of ?15%.4

For example,the National Bank of Slovakia declared its of?cial conduct of the monetary policy as ‘‘in?ation targeting in the conditions of the ERM II’’in 2004(see NBS,2004).Nell (2004,p.24)states that ‘‘implicit in?ation targeting ...is not in con?ict with the exchange rate arrangement and has thus far served the NBS rather well’’.

J.Fidrmuc,R.Horva′th/Economic Systems32(2008)103–118105 2.Related literature

A?xed exchange rate regime with a non-zero?uctuation band is generally referred to as a target zone(see for example Ghosh et al.,2003).The motivation for maintaining a target zone exchange rate regime is typically that some?exibility in exchange rate?uctuations is allowed, while the bands in principle assure an elimination of the eventually excessive?uctuations common under free?oat exchange rate regime.For a comprehensive survey of this literature,we refer the reader to Kempa and Nelles(1999),Obstfeld and Rogoff(1998),and Sarno and Taylor (2002).Bessec(2003)and Chung and Tauchen(2001)review models with asymmetric and implicit target zones.

Krugman(1991)provides a seminal contribution to an analysis of exchange rate dynamics under target zones.The early naive approach to exchange rate modeling in the target zone assumed that the exchange rate behaves as the free?oat inside the band and as the?xed exchange rate regime at the edge of the band.In consequence,the?uctuation band has no in?uence on exchange rate behavior inside the band.However,Krugman(1991)stresses the role of exchange rate expectations and argues that the existence of a credible?uctuation band in?uences the exchange rate behavior not only at the edge of the band,but also inside the band.Consequently, when the exchange rate is close to the edge of the band,the foreign exchange market participants expect interventions to keep the exchange rate inside the band.As a result,the expected change of the exchange rate is non-zero.It is positive if the exchange rate reaches the weaker side of the ?uctuation band,and vice versa.Thus,exchange rate is mean-reverting(this is typically labeled as honeymoon effects in the target zone literature).Besides,the exchange rate becomes completely insensitive to fundamentals at the edges of the band(which is referred to as smooth pasting).

There have been several papers examining the Krugman model empirically.Engle and Gau (1997)examine whether the position of spot exchange rate within the band is associated to its volatility using the data from several EU countries participating in the European Monetary System between1986and1993.They?nd rather mixed support for the Krugman model,namely only in a few countries the negative relationship between the deviation of the exchange rate from its central parity and the exchange rate volatility is detected.Crespo-Cuaresma et al.(2005a) study exchange rate dynamics in a majority of EU members over different sample periods. Primarily,they test for the so-called effective band within the of?cially announced band.The motivation is that central banks typically do not wait until the exchange rate hits the of?cial band, but rather start intervening already within the band.Chmelarova and Schnabl(2006)discuss the intervention pattern based on Krugman’s model in Croatia as compared to developed countries.

Exchange rate volatility in selected NMS is also analyzed by Kocˇenda and Valachy(2006)and Schnabl(2008).They?nd that exchange rate volatility generally increased with the introduction of more?exible exchange rate arrangements.Furthermore,the level of interest rates differential decreases exchange rate volatility,while the volatility of interest rates differential has the opposite effect.

3.Data description

Our dataset contains the daily euro exchange rates in the Czech Republic,Poland,Romania, Hungary,and Slovakia between January1997and May2007.However,we restrict our data sample to the period starting in January1999.On the one hand,the starting point of our analysis is determined by the creation of the euro.Thus,we avoid observations characterized by possibly

J.Fidrmuc,R.Horva′th/Economic Systems32(2008)103–118 106

Fig.1.Exchange rates vis-a`-vis euro,January1999to October2006.

J.Fidrmuc,R.Horva′th/Economic Systems32(2008)103–118107 non-standard volatility due to the change-over in the euro area countries.On the other hand,all NMS introduced in?ation targeting regimes in this period with less emphasis on exchange rate stabilization.These countries also did not experience any currency crisis during the analyzed time.We exclude all countries with currency boards(Bulgaria and the Baltic States)and Slovenia,which introduced the euro in2007,from our analysis.

As a result,our analysis concentrates on the daily exchange rates of the euro in the Czech Republic,Hungary,Poland,Slovakia,and Romania between January1997and May2007.The implicit target exchange rate is approximated by240th moving average mode(that is,the average of ?120trading days or approximately one year).5The computation of moving average restricts our estimation period from January1999to October2006,which provides about2000observations.6 The selected new member states of the EU used highly heterogeneous de facto and de jure exchange rate policies.All countries in our sample allowed of?cially for free exchange rate movement to a signi?cant degree.However,only Poland has been widely acknowledged not to intervene in the foreign exchange market(see Fro¨mmel and Schobert,2006).In turn,the Czech Republic and Slovakia allowed for considerable but controlled?uctuations of their currencies. Similarly,Hungary followed a policy of broad?uctuation bands(since2001),while Romania had a de facto crawling peg until2005.

These institutional differences also cause different developments of nominal exchange rates against the euro.Fig.1presents the exchange rate developments for our sample countries. Generally,nominal exchange rate appreciation is visible for the Czech Republic and Slovakia. On the other hand,the Polish exchange rate does not seem to exhibit any pattern during the analyzed period.Finally,the Romanian leu depreciates substantially until2004,which corresponds to the de facto crawling peg applied by the Bank of Romania.Furthermore,we can see in all selected NMS that the periods of high exchange rate volatility are usually associated with fast movements either in the appreciation or depreciation directions.

Table1provides the descriptive statistics between January1999and https://www.doczj.com/doc/2a9176417.html,ing the coef?cient of variation(standard deviation divided by mean of individual currencies),Hungarian and Slovak currencies are characterized by the most stable exchange rates,followed by the Polish zloty and the Czech koruna.However,there were different sources of volatility between the countries.Depreciation dominated only in Romania until2004,while appreciation trends played an important role in the Czech Republic,Slovakia,and Romania(since2005).The volatility in Hungary and Poland is mainly due to frequent changes of depreciation and appreciation developments.

4.Results

4.1.GARCH models

The GARCH models are generally applied for the estimations of the conditional volatility of high-frequency(daily)exchange rate changes(see Baillie and Bollerslev,1989).Following Engle and Gau(1997),we test one of the implications of the Krugman(1991)model of target

5Moving average,as the approximation of equilibrium exchange rate,is also adopted e.g.by Ito and Yabu(2007)and Chmelarova and Schnabl(2006).

6Alternatively,we use the time variable trend proxied by the Hodrick–Prescott?lter(available upon request from authors).

zones.Krugman shows that the conditional volatility of the exchange rate decreases as the exchange rate approaches the edge of the target band.As a result,we estimate whether the deviation of the exchange rate from its target rate decreases the conditional volatility.Our baseline speci?cation is a GARCH (1,1)model,

D s D jt ?m j tj jt ;

(1)s 2jt ?g j 1tg j 2j 2jt à1tg j 3s 2jt à1td j j s D jt à1às F jt à1j tv jt

(2)

where s D and s F denote the spot daily exchange rate of currency to euro and the time-varying target rate (moving average of ?120trading days),respectively.We do not include any explanatory variables except for constant to Eq.(1),because daily exchange rates are expected to be in?uenced largely by news and other random events (see Bask and Fidrmuc,2006,for the discussion of high-frequency exchange rate movements in the NMS).The constant term in Eq.(1),m ,shows the average rate of appreciation or depreciation.The error term,j ,of the mean Eq.(1)is assumed to have a time-varying conditional variance,s 2,speci?ed by Eq.(2).The conditional variance equation includes in addition to the ARCH term,j 2t à1,the GARCH

term,d 2

t à1,and the distance between the spot and the target exchange rates,which is the major variable of our interest.Krugman’s (1991)model implies that d is negative,i.e.the conditional volatility decreases as the exchange rate moves towards the edge of the band,as long as the announced or implicit target zones are fully credible.The opposite is true for the target zones subject to speculative attacks and low credibility.Finally,we expect no relationship between the conditional variance and the target exchange rates if no implicit target zones are speci?ed.Table 2reports the estimations of (1)and (2)for the Czech Republic,Hungary,Poland,Slovakia,and Romania between January 1,1999,and October 11,2006.7The results provide several interesting insights.First,the appreciation trend is con?rmed for the Czech Republic,Poland and Slovakia.Our estimates at daily frequency imply an annual appreciation by 3–5%.In turn,the Romanian leu and to a lesser degree the Hungarian forint depreciated signi?cantly

J.Fidrmuc,R.Horva

′th /Economic Systems 32(2008)103–118108Table 1

Descriptive statistics for daily exchange rates,January 1999to October 2006

Czech Republic Hungary

Poland

Slovakia

Romania

Mean 32.525253.596 4.08341.404 3.028Median 31.883252.555 4.05541.772 3.365Maximum 38.583283.350 4.93546.977 4.143Minimum 28.000234.720 3.34336.840 1.287Standard deviation 2.7308.8080.314 2.2260.840Coef?cient of variation (%)8.393 3.4737.684 5.37627.727Skewness 0.2760.5850.301-0.268-0.476Kurtosis 2.005 3.112 2.826 2.107 1.832Jarque–Bera test 109.403[0.000]116.877[0.000]33.107[0.000]91.721[0.000]191.726[0.000]Observations 20282028202820282028Notes:p -values are reported in the brackets.

7

We report GARCH (1,1)for the ease of exposition as we ?nd that this speci?cation has the lowest Schwarz information criterion for almost all countries.

J.Fidrmuc,R.Horva ′th /Economic Systems 32(2008)103–118109

Table 2

Estimates of the effect of the spot position to the target value on conditional volatility (GARCH models),January 1999to October 2006Country Czech Republic Hungary

Poland

Slovakia

Romania

m à0.013*(à1.944)0.005(1.019)

à0.020(à1.558)à0.011*(à1.681)0.024**(2.482)g 10.000***(5.284)0.000***(à13.788)0.000***(3.307)0.000***(5.291)0.000(0.291)g 20.075***(11.254)0.111***(20.482)0.081***(9.070)0.093***(10.527)0.114***(16.524)g 30.876***(67.241)0.881***(179.706)0.877***(78.776)0.852***(62.728)0.878***(147.083)d 1.510***(3.472) 3.670***(24.097) 3.340***(6.124) 1.430***(5.988) 2.580***(7.472)g 2+g 3=10.951***[0.000]0.992***[0.005]0.958***[0.000]0.944***[0.000]0.992*[0.052]SIC à8.610à8.543à7.388à9.082à7.630N

20028

20028

20028

20028

20028

L-B(10),RES 5.372[0.865]12.445[0.256]19.199[0.038]12.247[0.200]13.708[0.187]L-B(10),SQRES

5.262[0.873]

1.565[0.999]

15.802[0.105]

4.587[0.869]

8.266[0.603]

Notes:we report z -statistics in parentheses and p -values of the Wald test that g 2+g 3=1and the Ljung–Box Q -statistics of the 10th lag for standard and squared residuals in

brackets.For clarity of the discussion in the text,the coef?cients m and d are multiplied by 100and 104,respectively.*

Denote signi?cance at 10%.**

Denote signi?cance at 5%.***

Denote signi?cance at 1%.

during the period.The former development corresponds to the de facto crawling peg applied by

the Bank of Romania (see Crespo-Cuaresma et al.,2005b ).

Second,we can see that the conditional volatility signi?cantly depends on actual lagged squared error term and lagged conditional variance of the error term.Furthermore,the sum of the ARCH and GARCH term is relatively high,which indicates that the volatility of the shocks in all countries is quite persistent.Nevertheless,the sum of both coef?cients is signi?cantly lower than unity in all countries except for Romania.

Finally,we ?nd that the deviation of the spot exchange rate from its target level is positive and highly signi?cant for all the countries.This implies that as the target bands were implicit,they generally suffered under their low credibility.Similarly to,e.g.,Borghijs and Kuijs (2004),our results suggest that exchange rates do not act as shock absorbers.Our estimations show that exchange rate deviations from the medium-run average are characterized by signi?cantly higher volatility.Thus,exchange rates may be a source of macroeconomic destabilization if they approach the ranges of the implicit target zones.The economic actors have to deal both with high deviations of exchange rates from their previous levels and their increased volatility.Nevertheless,we have to keep in mind that all coef?cients are very small,although Hungary and Poland show the highest impact (in absolute value)of exchange rate deviations from the exchange rate target.In case of Slovakia,we have to include MA(1)in the mean equation to assure white noise in the residuals.

As a robustness check,we estimated the GARCH models with Hodrick–Prescott ?lter as an alternative to the moving average time-varying target rate,s F .The results are largely unchanged.8Finally,we also estimated the GARCH models for the most recent sub-period after the countries (with the exception of Romania)joined the EU (that is,May 2004to October 2006).We con?rmed the positive coef?cient for the distance of spot exchange rate from its implicit target value for all countries with the exception of the Czech Republic,while the coef?cient for Poland is no longer signi?cant (but positive)in this sub-sample (see Appendix A ).

Fig.2presents the conditional variance for all countries in our sample.The Czech Republic and Slovakia show a lower conditional variance than other countries of the region in selected periods.Nevertheless,we can see frequent changes of the conditional variance in all NMS.4.2.TARCH models

We can often see that the volatility of ?nancial variables is different along positive and negative trends (see Engle and Ng,1993).The downwards movements of share prices are usually

associated with higher volatility of ?nancial data.In this regard,Zako?

¨an (1990)and Glosten et al.(1993)proposed the threshold ARCH models to analyze asymmetric volatility.

Economic policy may also be likely to ?ght against the currency depreciation more intensively than against the appreciation.One reason for this asymmetry can be the fact that countries in this region typically experience real exchange rate appreciation partially due to the

Balassa–Samuelson effect (E

′gert and Lommatzsch,2004;Garc?′a-Solanes et al.,2008,and MacDonald and Wo

′jcik,2008).Additionally,the ERM II even has some certain inherited J.Fidrmuc,R.Horva

′th /Economic Systems 32(2008)103–1181108

We have also included the distance between the spot and implicit target rate in the mean equation.Except Romania,

the coef?cient was never signi?cant at any obvious signi?cance level.In the case of Romania,we ?nd the positive impact of distance on the changes of exchange rate,which likely corresponds to the exchange rate policy of crawling band.These results are available upon request.

asymmetric components as countries are allowed to appreciate the central parity,but its

depreciation causes a violation of the exchange rate criterion (see De Grauwe and Schnabl,2005).9This pattern of behavior may play an important role already during the preparation for the membership in the ERM II.Thus,the exchange rate target zones may be more credible if the exchange rate is approaching the depreciation limit (that is,the upper bound according to our de?nition of exchange rates)of the implicit target band.

J.Fidrmuc,R.Horva ′th /Economic Systems 32(2008)103–118

111

Fig.2.Conditional standard deviation,January 1999to October 2006.

9

In March 2007,Slovakia appreciated the central parity by more than 8%.

In turn,national economic policies may de?ne their objectives in relation to the national

competitiveness.Several transition countries have often been concerned by the excessive exchange rate appreciation and some even aimed to stabilize its real exchange rate (see Coricelli et al.,2006).This may be especially important for the NMS with the strong appreciation trends due to the Balassa–Samuelson effect,deregulation of prices and tradable prices appreciation.Finally,market participants may behave differently if exchange rate is overvalued or undervalued.Actually,Crespo-Cuaresma et al.(2005a)?nd important asymmetric volatility effects both in EU15countries as well as in the NMS.

Correspondingly,we extend the standard TARCH model as we also take into account the position of the spot exchange rate in relation to its target value.Our estimation speci?cation is as follows:

D s D jt ?m j tj jt ;

(3)

s 2jt ?g j 1tg j 2j 2jt à1tg j 3s 2jt à1tg j 4D arch jt à1j 2jt à1td j 1j s D jt à1às F jt à1j

td j 2D s jt à1j s D jt à1às F

jt à1j tv jt ;

(4)

where D arch is a dummy variable which equals 1if the residual from the mean equation,j t ,is

negative and zero otherwise.Similarly,D s is a dummy variable equal to 1if the spot exchange rate is lower than the target value,that is,if the exchange rate is in the appreciation part of the target zone.

The asymmetric ARCH terms,g 4,is insigni?cant only in the Czech Republic and Slovakia,while the coef?cient is negative in Poland and Hungary,and positive in Romania.As a result,negative (squared)residuals from the mean equation lower signi?cantly to the exchange rate volatility in Hungary and Poland.Because the residuals are computed only from the mean equation,this does not take into account whether the spot exchange rate is also below the target value (that is,in the appreciation part).For these two countries,the appreciation movements are also less volatile if they start in the depreciation part of the implicit target band.The opposite is true for Romania.

Furthermore,we can see that that the asymmetric effects of exchange rate misalignments,d 2,are signi?cant in all countries (see Table 3).10Negative deviations of the spot exchange rate from the target value (that is,spot exchange rate located in the appreciation area)increase the volatility of daily exchange rates signi?cantly.This ?nding indicates that the target zones are less credible in the appreciation part in these countries.11By contrast,we can see that the persistence of exchange rate shocks is lower during the appreciation periods.Only in Romania we can ?nd as before that the exchange rate volatility is persistent in the appreciation area of the implicit target zone.

Additionally,we performed several sensitivity analyses similar to those for GARCH models.First,the time-varying implicit target rate was proxied by Hodrick–Prescott ?lter instead of moving average.Next,EGARCH model was applied to assess the asymmetries further.Overall,the results from sensitivity analysis con?rm those of baseline speci?cation.

Fig.3documents the asymmetrical relationship between the exchange rate volatility and the relative level of exchange rates as compared to the targets based on the results reported in Table 3.

J.Fidrmuc,R.Horva

′th /Economic Systems 32(2008)103–11811210

Correspondingly,the development pattern of exchange rate volatility is similar to that presented in Fig.2.Detailed results are available upon request from authors.11

Note that,by de?nition,the opposite is true for the depreciation side of the target zone.

J.Fidrmuc,R.Horva ′th /Economic Systems 32(2008)103–118113

Table 3

Asymmetric estimates of the effect of spot position to target value on conditional volatility (TARCH models),January 1999to October 2006Country Czech Republic Hungary

Poland

Slovakia

Romania

m à0.019***(à2.641)0.004(0.835)

à0.016(à1.318)à0.012*(à1.903)0.018*(1.897)g 10.000***(4.843)0.000***(à11.292)0.000***(4.667)0.000***(4.766)0.000(0.104)g 20.054***(4.756)0.140***(17.100)0.100***(8.402)0.089***(8.229)0.088***(13.207)g 30.879***(58.196)0.893***(172.148)0.893***(81.045)0.866***(63.517)0.879***(129.651)g 40.017(1.265)à0.086***(à6.816)à0.085***(à5.192)à0.018(à1.284)0.054***(3.785)d 1 1.200***(3.186) 1.760***(19.882) 1.100(1.512)0.866***(3.898) 1.730***(5.208)d 2

3.840***(5.276) 2.330***(18.062) 2.820***(

4.307) 1.660***(6.090) 1.910***(4.101)g 2+g 3=10.932***[0.000] 1.034***[0.000]0.992***[0.000]0.955***[0.000]0.967***[0.000]g 2+g 3+g 4=10.950***[0.000]0.948***[0.000]0.907***[0.000]0.937***[0.000] 1.021*[0.053]SIC à8.611à8.560à7.392à9.083à7.629N

20028

20028

20028

20028

20028

L-B(10),RES 5.709[0.839]11.321[0.333]15.462[0.051]11.773[0.226]11.948[0.289]L-B(10),SQRES

4.440[0.925]

1.577[0.999]

13.125[0.108]

4.264[0.893]

6.945[0.731]

Notes:we report z -statistics in parentheses and p -values of the Wald test that g 2+g 3=1and g 2+g 3+g 4=1,as well as the Ljung–Box Q -statistics of the 10th lag for standard and

squared residuals in brackets.For clarity of the discussion in the text,coef?cients m and d are multiplied by 100and 104,respectively.*

Denote signi?cance at 1%.**

Denote signi?cance at 5%***

Denote signi?cance at 10%.

114

J.Fidrmuc,R.Horva′th/Economic Systems32(2008)103–118

Fig.3.Conditional standard deviation and the deviation of spot exchange rate from the target rate,January1999to October2006.

J.Fidrmuc,R.Horva′th/Economic Systems32(2008)103–118115 On the one hand,we can see that the conditional variance increases as the actual exchange rate deviates from its implicit target rate.This relationship seems to be asymmetric in all NMS except for Poland.In particular,the relationship between the exchange rate deviations from the target value is steeper in the appreciation area.

On the other hand,the points with the extreme conditional volatility are often observed around the target values of exchange rates,which is consistent with the target zone model. However,there are also observations with comparably high values of exchange rate volatility in the depreciation area of the implicit target zones,especially in Hungary,Slovakia and Romania.

5.Conclusions

We analyze high-frequency exchange rate dynamics in selected NMS that introduced in?ation targeting regime.Our sample consists of?ve NMS(Czech Republic,Hungary,Poland,Slovakia and Romania).These countries maintained relatively free exchange rates between1999and 2006.

Following the target zone model by Krugman(1991),we examine the exchange rate volatility in connection to the estimated target exchange rate.We estimate GARCH models of daily exchange rate volatility.We?nd that the volatility is quite persistent in all NMS.In addition,the exchange rate is more volatile if it is far away from its implicit target rate in all analyzed countries.This indicates that there may be implicit exchange rate target zones in some of these countries,however,which suffer under insuf?cient credibility.Finally,our TARCH results point to systematic asymmetries in the exchange rate volatility in the NMS.The volatility of exchange rate is signi?cantly more pronounced especially during the periods of exchange rate appreciation in all analyzed countries.

Given the persistent volatility of exchange rates in all analyzed NMS,the policy of in?ation targeting seems to be an attractive option before the euro adoption.Our sensitivity analysis for the recent period(2004–2006)showed that Poland and the Czech Republic,that is,the countries with the longest experience with in?ation targeting,have also experienced less volatility of exchange rate with respect to its medium-term target level.

Acknowledgements

We thank two anonymous referees,Paul de Grauwe,Evzˇen Kocˇenda,Mikael Bask,Iikka Korhonen,Gunter Schnabl,Matu′sˇSenaj,Juraj Valachy,Bas van Aarle and workshop participants at the CESifo conference on euro area enlargement,seminar participants at the National Bank of Slovakia and BOFIT,as well as Eiji Ogawa,Mariusz Krawczyk,Seiichi Fujita, and participants of the EU Studies Workshop at the Kobe University for helpful comments.We appreciate research assistance by Mirja Ba¨chle and Yin Xia.The views expressed here do not necessarily represent those of the Czech National Bank.Horva′th acknowledges the support from the Czech Science Foundation grant‘‘402/05H510Economic Theory of Political Markets’’.

Appendix A.Sensitivity analysis

Tables A.1and A.2.

116

J.Fidrmuc,R.Horva′th/Economic Systems32(2008)103–118

Table A.1

Estimates of the effect of the spot position to the target value on conditional volatility(GARCH Models),EU Membership Sub-Sample,May2004to October2006

Country Czech Republic Hungary Poland Slovakia Romania

mà0.022**(à2.124)à0.003(à0.222)à0.049**(à2.380)à0.018*(à1.654)à0.007(à0.565)

g10.000*(1.694)0.000(0.990)0.000(1.552)0.000**(2.530)0.000(0.276)

g20.064***(4.400)0.080***(4.486)0.064***(3.292)0.073***(5.024)0.158***(11.539) g30.911***(45.785)0.900***(47.926)0.873***(18.574)0.900***(52.369)0.837***(100.242) dà0.033(à0.053) 1.900***(2.993) 2.920(1.424)0.526**(2.528) 3.510***(7.453)

g2+g3=10.975*[0.067]0.980**[0.023]0.937*[0.076]0.973***[0.000]0.994[0.535]

SICà8.910à8.210à7.663à9.123à8.183

N638638638638638

L-B(10),

18.202*[0.052]16.774*[0.080]13.424[0.201]10.748[0.293] 4.428[0.926] RES

16.696*[0.081]13.526[0.196]8.466[0.583] 2.436[0.983] 4.867[0.900]

L-B(10),

SQRES

Notes:we report z-statistics in parenthesis and p-values of the Ljung–Box Q-statistics of the10th lag for standard and squared residuals in brackets.For clarity of the discussion in the text,the coef?cients m are multiplied by100.

*Denote signi?cance at10%.

**Denote signi?cance at5%.

***Denote signi?cance at1%.

Table A.2

Estimates of the effect of the spot position to the target value on conditional volatility(TARCH Models),EU Membership Sub-Sample,May2004to October2006

Country Czech Republic Hungary Poland Slovakia Romania

mà0.032***(à2.997)0.012(0.768)à0.048**(à2.339)à0.027**(à2.458)à0.016(à1.244) g10.000(1.137)0.000**(2.080)0.000**(2.256)0.000(à1.536)0.000(0.218)

g2à0.004(à0.235)0.144***(4.404)0.003(0.391)0.013**(2.226)0.045***(2.917) g30.058**(2.334)à0.152***(à4.176)à0.027(à1.506)à0.018***(à2.810)0.212***(5.389) g40.947***(45.627)0.893***(34.852)0.982***(119.149)0.986***(217.220)0.844***(66.309) d10.380(0.883) 3.680**(2.363) 1.200(1.640)0.312**(2.479) 2.510***(6.539) d2 4.320***(2.906)à2.030(à1.370) 3.760***(3.873) 1.140***(5.922) 5.160***(5.629) g2+g3=10.943***[0.000] 1.036[0.106]0.985**[0.012]0.999[0.578]0.888***[0.000] g2+g3+g4=1 1.001[0.961]0.884[0.961]0.958***[0.006]0.981***[0.000] 1.100***[0.000] SICà8.923à8.213à7.674à9.133à8.215

N638638638638638

17.704[0.060]16.306[0.091]13.397[0.202]12.111[0.278] 4.083[0.944]

L-B(10),

RES

15.899[0.103]14.184[0.165]10.340[0.411]9.434[0.492] 2.715[0.987]

L-B(10),

SQRES

Notes:we report z-stats in parenthesis and p-values of the Wald test that g2+g3=1and g2+g3+g4=1,as well as the Ljung–Box Q-statistics of the10th lag for standard and squared residuals in brackets.For clarity of the discussion in the text,coef?cients m and d are multiplied by100and104,respectively.

*Denote signi?cance at10%

**Denote signi?cance at5%.

***Denote signi?cance at1%.

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中控系统操作手册

中控系统操作手册 前言 会议系统为集成度高且设备集中的一个弱电子系统,为保证此系统能长时间、稳定运行及请用户单位指派专门管理人员及操作人员进行管理和操作,非相关操作人员禁止动用会议室设备(包括各种遥控器),操作人员请严格遵守以下操作流程进行操作,以免误操作而影响整个会议系统的稳定性,甚至导致设备损坏。 详细操作说明如下: 第一部分:3楼外事会议室操作说明 ` (1号和2号外事会议室和新闻发布中心设备操作一样,下面以1号外事会议室为例说 明) 操作流程 第一步:进入设备间,检查调音台推子是否都拉到最底端,如没在最底端,请全部拉到最底端;然后开启系统电源(中控电源、时序控制器电源、强电控制模块电源及其 它电源)用触摸屏开启系统,点击触摸屏起始页,所有设备即可自行按顺序打开。 系统开启后说明:机柜内所有设备电源开启,投影机供电。。。 · 第二步:检查机柜内设备及调音台的电源开关是否打开,若没打开请手动开启。判断开启与否请通过设备指示灯观察。 第三步:根据实际会议内容需求,通过触摸屏依次开启相应的设备、切换相应的信号(详见“、ST-7600C触摸屏的操作”)推起调音台推子。 注:1、触摸屏方向请指向机房,保证最佳的接收信号 第四步:当会议结束,离开操作间时,首先将调音台推至最底端,然后通过触摸屏关闭系统,待时序电源关闭(关闭系统后3分钟)后方可关闭机房,然后离开。 注:1、中控主机及继电器模块无需关闭,请保持常供电状态 ~ 注:1、开启系统前,确保调音台推子拉到最下面,以免造成设备损伤甚至烧毁。 2、音频信号处理设备,如:调音台,均衡器等设备的相关设置已经调试完毕。如无特 殊需求,请勿随意调整原设备的设置,以免影响会议系统的声效。

架设邮件服务器

我们以Windows Server 2003搭配邮件服务器软件Exchange 2003为例,介绍G 容量的邮箱是怎样架设的。 架设初步: 安装邮件服务器 Step1:将计算机的IP地址设定为192.168.10.100,设置DNS为本机IP地址。 Step2:点击“开始→运行”,键入dcpromo命令,将Windows Server 2003升级到Active Directory活动目录服务器。在“新的域名”处设置域名为https://www.doczj.com/doc/2a9176417.html,,“NetBIOS域名”设置为MSFT,其他的按照默认值设置即可。 小知识 Active Directory是活动目录服务器,相当于Windows NT中的“域”。 NNTP(Network News Transfer Protocol)是网络新闻传输协议,用于新闻组服务。 SMTP(Simple Mail Transfer Protocal)称为简单邮件传输协议,用于邮件服务器发送邮件。 Step3:Exchange 2003需要NNTP和SMTP协议的支持,在安装Exchange 2003之前,需要安装这两项服务。运行“添加/删除程序→添加Windows组件”,在“Windows组件向导”中,双击“应用程序服务器”,选中“https://www.doczj.com/doc/2a9176417.html,”和“Internet信息服务(IIS)”(图1)。双击“Internet信息服务(IIS)”,在弹出的窗口中选中“NNTP Service”和“SMTP Service”,然后单击“确定”。

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Exchange Server 2010 的安装 每一个技术课程都是由浅至深的过程,我选择了最简单的安装做为Exchange Server 2010系列的开篇,如果你安装过2003或是2007下面的过程应该不会陌生,因此这一篇的重点还是在如何做好组织及服务器的前提准备上。 在把视野放到安装服务器前,我们首先需要对环境中的组织结构进行评估。这个步骤里我们需要考虑: 1.现有域的功能级别。Exchange Server 2010需要2003域功能级别,在提升功能级别前你需要考虑现有环境中的2000的域控制器,以及现有应用程序的兼容性。 2.保证每个Exchange AD站点包含Windows Server 2003 SP2 全局目录 3.对环境现有状态进行评估,可以借助Addiag和EXRAP完成 4.如果从旧有邮件服务器进行迁移需要为组织中的所有EX2003&07服务安装SP2补丁 完成了上面的步骤,我们就可以在服务器上进行安装了(在实际部署中我们需要考虑的不止这些,比如带宽、比如站点拓扑、比如角色分离等等)。。 服务器安装前提条件 在安装Exchange Server 2010之前我们需要在服务器上做一些必要的准备,这里包括添加角色,功能,开启必要的服务以及安装支持的应用程序,进行这些前提条件的准备是我们下一步安装Exchange Server 2010的基础,相关操作请参考截图: 1.安装IIS角色 2.添加.NET Framework 3.5.1(WCF激活必须选中)以及Windows PowerShell 集成脚本环境(ISE) 注:由于服务器上我使用了Windows Server 2008 R2操作系统,因此系统功能中集成了.NET Framework 3.5.1以及Windows PowerShell V2.0 如果你使用的是Windows Server 2008操作系统会发现系统中集成的是.NET Framework 3.0以及Windows PowerShell V1.0 。因此你需要单独下载并安装这2个组件。

用Exchange 2003 Server在局域网内架设邮件服务器

一.配置过程 1.操作系统设置 在安装配置Exchange 2003 Server软件之前,首先应准备好操作系统等相关服务。 步骤1:这里当然应该安装Windows Server 2003;安装完成后再配置好服务器的TCP/IP属性,并为服务器指定IP地址,这里假定为“192.168.1.1”。 步骤2:安装IIS。依次进入“控制面板”→“添加/删除程序”→“添加/删除Windows 组件”,然后在弹出的窗口中选择“Internet信息服务(IIS)”即可;需要注意的是,一定要选定IIS服务下面的“SMTP Service”服务选项。 安装IIS 步骤3:安装Windows Server 2003活动目录。活动目录的安装,需要运行Active Directory安装向导,安装活动目录也是创建域控制器的过程。安装前还应确认为本机正确安装了网卡驱动程序,并合理的设置了IP地址。 A:依次打开【开始】→【程序】→【管理工具】→【配置服务器】,在“配置服务器”管理窗口左边单击【Active Directory】,然后单击“启动Active Directory 向导”,打开向导窗口。 B:单击【下一步】后,在“域控制类型”对话框中勾选【新域的域控制器】复选框;在“创建目录树或子域”对话框中勾选“创建一个新的域目录树”复选框;在“新的域名”对话框中输入新建域的DNS全名,比如https://www.doczj.com/doc/2a9176417.html,;在“域NetBIOS 名”文本框中输入NetBIOS域名,或者接受显示的名称。 C:随后的设置可按提示完成;设置过后系统开始配置活动目录,同时打开“正在配置Active Directory”对话框显示配置过程;几分钟之后,配置完成。同时,打开“完成Active Directory安装向导”对话框,如下图所示。最后单击“完成”按钮,即完成活动目录的安装。 提示:活动目录是Windows平台的一个核心的部件,活动目录服务提供了一种管理组成网络环境的各种对象的标志和关系的方法。Windows Server 2003使得活动目录能够更为简单地管理、迁移和部署。 2.安装Exchange 2003 Server 在安装Exchange服务器之前,首先要为您的Exchange组织创建第一个管理员帐

简易版系统操作手册

电商企业Q&A 一. 如何上传模板 试用版账号只能使用系统既有的产品模板,与正式账号效果一致,只有正式账户可以上传自己的产品模板。待开通正式账号以后,建模完成,由我们上传。 创建产品模板步骤如下: 1.拍照产品图片,图片为您在电商平台上展示给客户的主图及细节图。注:照片里的产品DIY 区域必须是未印刷前的白色(如果有美工制作好效果图PSD文件的,请交给我们PSD源文件做修改匹配系统上传) 2.提供DIY区域的产品印刷稿件源文件,并标注产品印刷出血部分(指一些产品车线包边或会被裁切的部分)。 3.提供DIY区域的产品印刷效果图,我们在建模的时候需要设置产品的原材料及对产品做些渲染,确保DIY生成的效果图与产品印刷出来的效果是一致的。 一次最多可生成100套样式,800张图片 使用我们的智能编辑器,不仅成本低、速度快,还支持素材,文字,logo,属性,多区多面DIY需求,根据场景、材质、曲面100%仿真合成效果 二.如何导入素材图片 1点击“我的素材”-2点击新增-3选择上传-4找到批量要导入的素材图片打开-5点击保存(注:一次最多只可批量导入20张素材) 如何编辑素材分类 1点击“我的素材”-2选中需要编辑分类的素材-3打标签-4勾选该素材要划分的分类类别

三.合成素材 3.1.如何合成素材 A选择模板:如果您已确认要制作的模板,请点击【选择模板】为您的模板选择素材 (可根据纵向模板列表批量选择针对性素材) 1点击”开始合成”-2点击“选择模板”-3选择产品分类-4勾选产品属性-5点击“搜索”-6勾选需要的模板-7点击左下角“下一步”-8选择素材-9点击左下角“确定合成” (注:可根据纵向模板列表批量选择针对性素材也可针对独个模板单独选择素材) B选择素材:如果您已确认要使用的素材,请点击【选择素材】为您的素材匹配模板先选择素材后选择模板

ERP系统操作说明书(完整版)

在使用本软件时,需要对IE作如下设置: 1)需设置工具->Internet属性->浏览历史记录->设置->设置检查所存网页的较新 2)把“格安信息协同工作”网站加入可信任站点:工具->Internet属性->安全->可信站点->站点->加入该站点IP,如图所示: 系统使用流程 1.立项:市场部人员点击导航栏->项目管理->填写立项选项,申请一个新的项目立项,下 面的附件管理可以添加该项目立项所需附件,在确认立项前可以修改相关内容,如图所示:

注意:在填写新的立项时一定要设置状态为“立项”,否则该项目无法进行确认。 2.确认立项:填写完立项后,执行部门的部门经理就可以对项目进行确认了。如果没有问 题,点击导航栏->项目管理->确认立项选项,然后点击提交审批,在审批过程中,可以 3.审批:总经办人员对项目进行审批,点击导航栏->项目管理->立项审批或从首页提示中 直接点击进入,如图所示,同意立项则点击审批按钮。

4.财务审核:财务人员点击导航栏->项目管理->立项财务审核或从首页提示中直接点击进 入,财务人员可以根据项目情况选择下面的修改项目信息对该项目进行修改,该项目无问题后,点击下方“财务审批”按钮进行审核。 5.部门经理制作预算:首先点击导航栏->项目管理->收入预算,对该项目预计收入进行添 加, 注意:此处预算与员工报销时的费用密切相关,必须仔细且与财务名目一致,如果细类不准确,如办公费预算不足了,即使总预算未超,员工也无法进行该项费用报销 然后点击导航栏->项目管理->估算经费,对该项目预计花费进行添加,

最后点击导航栏->项目管理->提交预算审批,对该项目预算进行提交,等待审批。 6.预算审批:预算审批人员对预算进行审批。 7.预算财务审核:财务人员对预算进行审核。 8.指定项目经理:该项目承接部门负责人指定项目经理, 点击导航栏->项目管理->指定项 目经理,选中被批准过的项目,点击选中该项目,在弹出的界面选择下面的添加,指定项目经理及其任职时间。

Windows Server 2003下如何搭建邮件服务器

2008-10-23 17:31 2008-06-23 10:53 在windows2003下架设邮件服务器的过程跟XP系统类似,可以用系统自带的POP3及SMTP服务建立,也可以借助第三方软件实现。适用环境不同自然采取的方式不同。以下笔者的搭建过程分别以这两种方式为例。一.利用windows2003自带POP3/SMTP服务实现第一步:安装POP3/SMTP服务。默认情况下windows2003是没有安装的,我们必须手工添加。 安装POP3服务:控制面板----“添加/删除windows组件—电子邮件服务”下,它共包括两项内容: POP3服务和POP3服务WEB管理. 而SMTP服务应:选择控制面板—添加删除WINDOWS组件—应用程序服务器—详细信息—internet信息服务 (IIS)—详细信息—SMTP service”进行安装,如果你需要对邮件服务器进行远程WEB管理,还要选中“万 维网服务”中的“远程管理(HTML)”。 第二步:配置POP3服务依次点击“开始-管理工具-POP3服务”,打开“POP3服务”主窗口;然后在窗口左面点击POP3服务下的主机名(本机),再在右面点选“新域”;在弹出的“添加域”对话框内输入欲建立的邮件服务器主 机名,也就是@后面的部分,确定即可。接着创建邮箱。在左面点击刚才建好的域名,选择“新建邮箱”,在弹出的对话框内输入邮箱名(即@前面部分),并设定邮箱使用密码,最终设定如图1。

图1 第三步:SMTP服务配置依次打开“开始-程序-管理工具-internet信息服务”,在窗口左面”SMTP虚拟服务器”上点右键选属性,在“常规”选项卡下的“IP地址”下拉列表框中选择此邮件服务器的IP地址,并可以设定允许的最大连接数,最后确定即可。(如图2所示) 图2 经过以上三步,一个功能简单的邮件服务器就建好了,大家即可用邮件客户端软件连接到此服务器进行邮件收发应用了。 二.使用第三方软件Winmail Server 搭建 是一款安全易用全功能的邮件服务器软件,它既可以作为局域网邮件服务器、互联网邮件服务器,也可以作为拨号ISDN、ADSL宽带、FTTB、有线通(Ca bleModem) 等接入方式的邮件服务器和邮件网关。 软件大小:12899KB 下载地:https://www.doczj.com/doc/2a9176417.html,/download/winmail.exe 一.初始化配置流程:

软件的系统操作手册

3DMS监控平台软件使用说明书 版本:4.23 深圳市亚美达通讯设备有限公司

目录 1、系统登录 (3) 2、主界面 (4) 2.1标题栏 (4) 2.2菜单栏 (4) 2.3工具栏 (4) 2.4状态栏 (4) 2.5树形区 (4) 2.6地图区 (5) 2.7简明信息区 (6) 2.8报警区 (6) 3、监控站点界面 (7) 3.1组态图形 (7) 3.2数据列表 (8) 3.3单灯 (8) 3.4监控点资料 (9) 4、配电箱端的远程操作 (10) 4.1遥测数据 (11) 4.2设置自动开关灯时间 (11) 4.3手动开关灯 (12) 4.4校准时钟 (13) 4.5设置采集器参数 (13) 5、单灯监控 (14) 5.1报警信息 (14) 5.2监测数据 (14) 5.3单灯手动开关灯控制 (15) 5.4单灯配置管理 (15) 6、报表 (17) 6.1监控数据 (17) 6.2故障记录 (17) 6.3监控点数据 (18) 6.4操作记录 (18) 7、数据配置 (19) 7.1监控点管理 (19) 7.2设备管理 (19) 7.3监控项管理 (20) 7.4人员管理 (20) 7.5字典管理 (21) 7.6时间表管理 (21) 8、常见问题 (22)

1、系统登录 启动客户端软件(3DMS.exe),出现登录界面,输入正确的用户名和登录密码,点击登录按钮即可进入监控软件。

2、主界面 主界面采用Windows标准风格,分为: 2.1标题栏:上方第一行,包括软件名称、Windows标准缩放按钮。 2.2菜单栏:上方第二行,为软件功能的菜单。 2.3工具栏:上方第三行,软件常用功能的快捷方式图标。 2.4状态栏:最下方一行,显示服务器连接状态和登录用户信息。 2.5树形区:左侧,按层次显示所有监控站点,可在监控站点名称上单击右键弹出菜单,执行常用功能,亦可在监控站点名称上双击左

postfix邮件服务器搭建完整版

Postfix邮件服务器安装 一.安装前准备 1.关闭防火墙 vi /etc/selinux/config 图1 如图1,将其中的SELINUX=enforcing修改为SELINUX=disabled 需要注意的是此修改需要重启后才能生效,可以在将所有搭建步骤结束后在进行重启。 2.关闭ip信息包过滤系统iptables iptables –flush 图2 3. 从自启动中关掉sendmail 先停掉sendmail服务:service sendmail stop

图3 然后从自启动项中移除sendmail:chkconfig sendmail off 二、安装软件包,本文档中安装的是linux redhat5.4自带的rpm安装包 1. 安装配置DNS服务器 DNS服务用来帮助解析域名的,如果不配置DNS服务,那么outlook,foxmail等软件无法解析我们的邮件域名,也就无法连接到提供收发邮件协议的服务器。 (1)查看系统是否已经安装了服务相关的所有安装包rpm –qa|grep bind 图4 可以看到系统只安装了服务所需的部分包,还需要安装如下图所示的其他包: 图5 (2)使用rpm –ivh 命令安装其他包: 图6

(3)配置DNS DNS有两个配置文件: ①主配置文件: /var/named/chroot/etc/named.conf 用来设置DNS全局命令的 编辑DNS主配置文件(默认是空的)如下: 命令:vi /var/named/chroot/etc/named.conf 这里以https://www.doczj.com/doc/2a9176417.html,域名为例进行配置,如图: 图7 编辑完成后先按Esc键退出编辑状态然后输入:wq 点击回车进行保存。 ②zone文件,注意此处的zone文件的名称要和住配置文件中的file后写的文件名一致。可以从模板拷贝一份zone文件进行编辑配置: cp/usr/share/doc/bind-9.3.6/sample/var/named/localdomain.zone /var/named/chroot/var/named/https://www.doczj.com/doc/2a9176417.html,.zone 图8 编辑https://www.doczj.com/doc/2a9176417.html,.zone文件:

Exchange Server 2010 详细配置及谭讲解

在 Microsoft Exchange Server 2010 中,传输管道是协同工作的 Exchange 2010 服务器角色、连接、组件和队列的集合,用于将所有邮件路由到组织内集线器传输服务器上的分类程序。来自组织外部的邮件会通过边缘传输服务器上的接收连接器进入传输管道,然后再路由到组织内部的集线器传输服务器。组织内部的邮件可采用下列其中一种方法进入集线器传输服务器上的传输管道: ?通过接收连接器 ?通过分拣目录或重播目录 ?通过由存储驱动程序直接放置在提交队列中 ?通过代理提交 由 Exchange 2010 客户端发送或接收的每个邮件都必须在集线器传输服务器上进行分类,然后才能路由和传递该邮件。对邮件进行分类后,会将其放在传递队列中,以便传递到与进行邮件分类所在的集线器传输服务器处于相同 Active Directory 站点中的邮箱,或者路由到其他 Active Directory 站点或林中的收件人或组织外部的收件人。 Exchange 2010 传输管道包含下列组件和过程: ?SMTP 接收在边缘传输服务器上接收邮件时,反垃圾邮件和防病毒代理将筛选连接和邮件内容,并在接受邮件进入组织时可以帮助识别邮件的发件人和收件人。在集线器传输服务器上接收邮件时,将应用传输规则,如果配置了反垃圾邮件和防病毒代理,则这些代理将提供其他的反垃圾邮件和防病毒保护层。 SMTP 会话包含一系列以特定顺序协同工作的事件,在接受邮件进入组织之前,可使用这些事件验证邮件内容。通过 SMTP 接收功能完全传递邮件之后,如果接收事件或反垃圾邮件和防病毒代理未拒绝该邮件,则会将该邮件放在提交队列中。 ?提交提交是将邮件放入提交队列中的过程。分类程序会一次拣选一个邮件进行分类。提交有四种类型: o通过接收连接器进行 SMTP 提交。 o通过分拣目录或重播目录提交。这些目录存在于集线器传输服务器或边缘传输服务器上。 已复制到分拣目录或重播目录中的格式正确的邮件文件,将直接放入提交队列中。 o由存储驱动程序提交,这样会在发送邮件时从发件人的发件箱中挑选邮件。 o由代理提交。 在边缘传输服务器上,通常只通过接收连接器进行提交。在集线器传输服务器上,可以通过接收连接器、分拣目录、重播目录或存储驱动程序进行提交。 ?分类程序分类程序从提交队列中一次拣选一个邮件。在边缘传输服务器上,分类是将邮件直接放入传递队列中的简短过程。邮件会从传递队列中路由到组织内正在运行集线器传输服务器角色的计算机。 在集线器传输服务器上,分类程序可完成下列步骤: o收件人解析,其中包括顶级寻址、展开和收件人拆分 o路由解析 o内容转换 此外,还会应用由组织定义的邮件流规则。对邮件进行分类后,会将其放入传递队列中。邮箱传递队列使用存储驱动程序将邮件传递到本地邮箱。远程传递队列通过发送连接器将邮件传递到远程收件人。 ?本地传递只有将邮件发送到与执行分类所在的集线器传输服务器处于相同 Active Directory 站点中的收件人邮箱时,才会在本地传递该邮件。在这种情况下,本地传递意味着在同一个 Active Directory 站点中进行传递。所有本地传递的邮件都由存储驱动程序从传递队列中进行拣选,并放在邮箱服务器上收件人的收件箱中。

Exchange服务器配置全攻略

Exchange2003服务器配置全攻略 5.4 Exchange架设邮件服务器 Exchange主要是针对内部网或者企业网用户进行搭建的邮件服务器软件。利用它能够很快地搭建内部网邮件系统,同时它的安全性相对来说是很高。下面就详细介绍如何利用Exchange来搭建邮件服务器。 5.4.1 安装准备 1.Exchange部署工具 Exchange部署工具是引导完成安装或升级过程的工具和文档。要确保所有必需的工具和服务都得到安装并正确运行,建议通过Exchange Server部署工具来运行Exchange 2003安装程序。 启动Exchange部署工具,将Exchange插入CD-ROM驱动器。在【欢迎使用 Exc hange Server 2003安装程序】对话框中,选择【Exchange 部署工具】选项。按照Exchange Server部署工具文档中的说明逐步进行操作。 启动工具,指定想要执行【新的Exchange 2003安装】过程之后,系统将提供一份清单,详细列出以下安装步骤: (1)验证组织满足指定的要求。 (2)安装并启用必需的Windows服务。 (3)运行DCDiag工具。 (4)运行NetDiag工具。 (5)运行ForestPrep。 (6)运行DomainPrep。 (7)运行Exchange 安装程序。 2.安装和启用IIS 服务 Exchange安装程序要求在服务器上安装并启用下列组件和服务: ● .NET Framework。 ●https://www.doczj.com/doc/2a9176417.html,。 ●Internet 信息服务(IIS)。

● World Wide Web Publishing 服务。 ● 简单邮件传输协议( SMTP )服务。 ● 网络新闻传输协议(NNTP )服务。 在Windows 2003目录中或域中安装Exchange ,默认情况下不会启用Microsoft .NET Framework 、https://www.doczj.com/doc/2a9176417.html, 、World Wide Web Publishing 服务、SMTP 服务和NNT P 服务。在运行 Exchange 安装向导之前,必须手动启用这些服务。 在Windows Server 2003中启用服务: (1)选择【开始】|【控制面板】命令,选择【添加或删除程序】选项。 (2)在【添加或删除程序】对话框中,选择【添加/删除 Windows 组件】选项。 (3)在【Windows 组件向导】对话框中,选择【Windows 组件】选项,突出显示【应用程序服务器】,选择【详细信息】选项。 (4)在【应用程序服务器】对话框中,选择https://www.doczj.com/doc/2a9176417.html, 复选框,如图5.26所示。 图5.26 添加相关https://www.doczj.com/doc/2a9176417.html, 服务 (5)选择【Internet 信息服务(IIS )】选项,选择【详 细信息】选项。在【Internet 信息服务(IIS )】对话框 中,选中NNTP Service 、SMTP Service 和【万维网服务】 复选框,单击【确定】按钮,如图5.27所示。 (6)在【应用程序服务器】对话框中,选择【Inte rnet 信息服务(IIS )】复选框,单击【确定】以安 装组件。 图5.27 添加【Internet 信息服务(IIS )】

邮件服务器搭建全过程

Exchange Server2003安装全过程 介绍Exchange 2003安装要求(了解即可) Exchange 2003 的全系统要求 安装Exchange Server 2003 之前,请确保网络和服务器满足以下全系统要求: ?域控制器正在运行 Windows 2000 Server Service Pack 3 (SP3) 或 Windows Server 2003。 ?全局编录服务器正在运行 Windows 2000 SP3 或Windows Server 2003。建议每个计划安装 Exchange 2003 的域中都要有全局编录服务器。 ?在 Windows 站点中,已正确配置域名系统 (DNS) 和 Windows Internet 名称服务(WINS)。 ?服务器正在运行Windows 2000 SP3 或Windows Server 2003 Active Directory。 Exchange 2003 的服务器特定要求 安装Exchange Server 2003 之前,请确保服务器满足这一节中描述的要求。如果服务器不满足所有要求,Exchange 2003 安装程序将停止安装。 硬件要求 下面是 Exchange 2003 服务器的最低硬件要求及推荐的硬件要求: ?Intel Pentium 或兼容的 133 MHz 或更快的处理器 ?建议至少使用 256 MB RAM;最低支持 128 MB ?安装 Exchange 的驱动器上应具备 500 MB 的可用磁盘空间 ?系统驱动器上应具备 200 MB 的可用磁盘空间 ?CD-ROM 驱动器 ?SVGA 或分辨率更高的显示器 文件格式要求 要安装 Exchange 2003,磁盘分区格式必须采用 NTFS 文件系统而不能采用文件分配表(FAT)。该要求适用于下列分区: ?系统分区 ?存储 Exchange 二进制数据的分区 ?包含事务日志文件的分区 ?包含数据库文件的分区 ?包含其他 Exchange 文件的分区 操作系统要求 下列操作系统支持 Exchange Server 2003: ?Windows 2000 SP3 或更高版本 ?Windows Server 2003

Exchange 2013服务器角色和架构深入探讨

Exchange 2013 服务器角色和架构深入探讨 强红军 微软(中国)有限公司

议程 ?Exchange 2013 的新架构 ?客户端访问服务器角色(Client Access Server role)讨论?邮件服务器角色 (Mailbox Server role)讨论

AD 5个主要服务器角色 紧密耦合 –功能 –地理 –版本 –用户分区 Web browser Outlook (remote user) Mobile phone Line of business application Client Access Client connectivity Web services Outlook (local user) Layer 7 LB External SMTP servers Hub Transport Routing & policy Forefront Online Protection for Exchange Mailbox Storage of mailbox items Enterprise Network Phone system (PBX or VOIP) Unified Messaging Voice mail and voice access Edge Transport Routing and AV/AS E2007/E2010 服务器架构

现有模式的问题? ?Exchange的部署过于复杂 ?很难确定“正确的”负载均衡(load balance),而且通常费用很高 –在负载均衡层实现“粘性会话”(session affinity) 严重影响可扩展性 –大多数基于硬件的负载均衡解决方案费用很高,需要专业IT人员?客户在专属机器上分别部署不同的服务器角色 –在多数情况下,硬件资源没有被充分利用 ?过多的域名需求 (特别是在有AD 站点容错-site resilient-的部署下)

Exchange+Server+2010安装、配置全程图解教程

Exchange Server 2010安装、配置全程图解教程(一) Exchange Server 2010安装、配置全程图解教程(一) Windows Server 2008和Exchange Server 2010是微软目前最新的服务器操作系统和邮件服务器系统,毫无疑问,这两套系统必将成为以后的主流。虽然目前仍在存在大量的Exchange 2003和Exchange 2007版邮件系统,但Exchange Server 2010已逐渐成为新近邮件系统部署的首选产品。我这篇教程从头到尾记录了Exchange Server 2010邮件系统搭建的全过程,个人觉得是非常详细的。网上虽然也有很多相关教程,但都不全面、具体。希望我的这篇教程能帮助到一些网友。教程写得很仓促,如果有错误及不合理之处,请Exchange大牛及熟悉的朋友指教。这篇教程是面向菜鸟级人物的,所以,如果你是精通Exchange 的朋友,那么请直接飘过吧! 一、实验设备说明 1、物理机采用Windows Server 2008 R2操作系统,i5-2300处理器,8G内存。 2、安装VMWare 8.0 Workstation,虚拟机采用Windows Server 2008 R2操作系统,2G内存,100G硬盘空间。 3、到物理机BIOS中开启CPU的虚拟化功能(默认是不开启的)。 二、虚拟机设置 1、开启物理机CPU的虚拟化功能之后,即可顺利安装操作系统。 2、设置虚拟机网卡连接方式为“桥接”,并手动指定IP地,同时将DNS更改为127.0.0.1。 3、更改虚拟机的“主机名称”为Test,重新启动生效。 三、安装DNS服务器及Active Directory域服务 1、“开始”---“管理工具”---“服务器管理器”,进入服务器管理页面

手把手教你架设局域网邮件服务器

很多企业局域网内都架设了邮件服务器,用于进行公文发送和工作交流。但使用专业的企业邮件系统软件需要大量的资金投入,这对于很多企业来说是无法承受的。其实我们可以通过Windows Server 2003提供的POP3服务和SMTP服务架设小型邮件服务器来满足我们的需要。 一、安装POP3和SMTP服务组件 Windows Server 2003默认情况下是没有安装POP3和SMTP服务组件的,因此我们要手工添加。 1.安装POP3服务组件 以系统管理员身份登录Windows Server 2003 系统。依次进入“控制面板→添加或删除程序→添加/删除Windows组件”,在弹出的“Windows组件向导”对话框中选中“电子邮件服务”选项,点击“详细信息”按钮,可以看到该选项包括两部分内容:POP3服务和POP3服务Web管理。为方便用户远程Web方式管理邮件服务器,建议选中“POP3服务Web管理”。 2.安装SMTP服务组件 选中“应用程序服务器”选项,点击“详细信息”按钮,接着在“Internet信息服务(IIS)”选项中查看详细信息,选中“SMTP Service”选项,最后点击“确定”按钮。此外,如果用户需要对邮件服务器进行远程Web管理,一定要选中“万维网服务”中的“远程管理(HTML)”组件。完成以上设置后,点击“下一步”按钮,系统就开始安装配置POP3和SMTP服务了。 二、配置POP3服务器 1.创建邮件域 点击“开始→管理工具→POP3服务”,弹出POP3服务控制台窗口。选中左栏中的POP3服务后,点击右栏中的“新域”,弹出“添加域”对话框,接着在“域名”栏中输入邮件服务器的域名,也就是邮件地址“@”后面的部分,如“https://www.doczj.com/doc/2a9176417.html,”,最后点击“确定”按钮。其中“https://www.doczj.com/doc/2a9176417.html,”为在Internet上注册的域名,并且该域名在DNS 服务器中设置了MX邮件交换记录,解析到Windows Server 2003邮件服务器IP地址上。 2.创建用户邮箱 选中刚才新建的“https://www.doczj.com/doc/2a9176417.html,”域,在右栏中点击“添加邮箱”,弹出添加邮箱对话框,在“邮箱名”栏中输入邮件用户名,然后设置用户密码,最后点击“确定”按钮,完成邮箱的创建。 三、配置SMTP服务器 完成POP3服务器的配置后,就可开始配置SMTP服务器了。点击“开始→程序→管理工具→Internet 信息服务(IIS)管理器”,在“IIS管理器”窗口中右键点击“默认SMTP虚拟服务器”选项,在弹出的菜单中选中“属性”,进入“默认SMTP虚拟服务器”窗口,切换到“常规”标签页,在“IP地址”下拉列表框中选中邮件服务器的IP地址即可。点击“确定”按钮,这样一个简单的邮件服务器就架设完成了。 完成以上设置后,用户就可以使用邮件客户端软件连接邮件服务器进行邮件收发工作了。在设置邮件客户端软件的SMTP和POP3服务器地址时,输入邮件服务器的域名“https://www.doczj.com/doc/2a9176417.html,”即可。 四、远程Web管理 Windows Server 2003还支持对邮件服务器的远程Web管理。在远端客户机中,运行IE浏览器,在地址栏中输入“https://服务器IP地址:8098”,将会弹出连接对话框,输入管理员用户名和密码,点击“确定”按钮,即可登录Web管理界面 邮件服务器的配置同样是企业网络管理中经常要进行的任务之一。与Web网站、FTP站点服务器一样,邮件服务器的配置方案也非常之多,但对于中小型企业说,利用网络操作系统自带的方式进行配置是最经济的。本文中,要向大家介绍如何在Windows Server 2003系统中配置企业内部邮件服务器。 Outlook Express、Outlook 200X、Windows Live Mail,Windows Mail Koomail,DreamMail,Thunderbird,The Bat!, SecureBat!,Eudora,IncrediMail,Becky!...

系统管理员与初始化操作手册

系统管理员与初始化操作手册 作为销遥行TM BS软件的系统管理员,在软件安装完成之后,需要做软件的初始化设置与销售流程管理的基本工作。销遥行TM BS系统支持多用户同时在线使用,故作为软件的管理员,首先需要建立公司的组织结构、划分职位权限、建立员工信息、并分别给员工建立帐号信息并指定帐号权限等基本工作。此外,销遥行TM系 统提供了“数据字典”“系统参数设置”等模块,方便用户建立统一的操作规范,从而帮助企业建立起统一的 销售管理流程。 初始化操作流程图如下:

这两部分操作均集中在帐号管理和系统设置这两个模块当中。作为销售管理软件的系统管理员,在实际设置当中,除了进行系统的数据的维护和帐号的管理工作外,还需要了解企业对销售过程的管理方式,从而使管理软件成为一个方便企业销售管理的工具。 管理员在实际操作设置过程当中,按照以上流程图中各功能模块的关系,利用软件建立起企业相应的机构机制,从而实现相关的执行与业务逻辑关系。 帐号管理:在这个功能模块当中设立了企业的组织结构、职位权限、员工和帐号四 个子模块。这些模块的操作之间是相互依存的关系。管理员只有在先定义好公司组 织结构的基础上才能做职位权限的调整、员工信息的编辑等操作。销遥行TM BS系 统本身设立了两种浏览关系:第一、组织结构从上到下的浏览关系;第二、职位权 限从高到低的浏览关系。因此在帐号管理中设立了合适的帐号后,企业的每个员工 就有了工作的目标。总经理就可以达到整体管理的效果。 系统设置:在这个功能模块当中设立了数据字典、自定义字段、参数设置、销售漏 斗和仓库安全设置。在这个模块中,可以对软件中出现的众多字段作新增、编辑和 修改。可以定义销售过程管理中涉及到的漏斗设置。可以对进销存的仓库做安全的 设置等。设置好的信息将在相对应的模块中得到实际运用。

成本核算系统设置操作手册

4.0成本会计岗位流程 4.1成本会计岗位职责: 1、基础设置 2、成本定额维护 3、核算材料出入库成本 4、材料出库核算 5、核算回机改袋出入库成本(回机改袋数量是否一致) 6、材料成本归集 7、费用成本集 8、完工产品统计 9、费用成本结转 10、成本分配 11、结转自制半成品成本 12、结转产成品成本 13、生产成本凭证处理 成本计算前准备工作: 物流业务凭证处理完毕: 销售收入(应收单、收款单)检查开票未提销售收入 采购入库(应付单、费用发票、暂估)涉及原料的价格 库存类 销售出库: 销售成本结转 产品入库签字传递到存货核算 材料出库签字传递到存货核算 回机改袋签字传递到存货核算 翻包 制造费用(固定制造费用模块) 每个步骤的成本计算后,一定要检测是否生成实时凭证(生成会计凭证)(实时凭证金额和存货核算成本计算是否一致),(计算全月平均单价) 存货核算收发存报表(如果没有做成本计算,则取不到数量金额··生成实时凭证后数据会有变化) 红字销售结转单的成本···(自动计算?) 成本结算:1计算采购入库单和入库调整单的成本计算 2计算材料出库单成本计算 3其他入库和其他出库的成本计算 4材料成本及费用归集(管理会计---成本资料---材料成本、费用成本归集) 成本动因==配方成本手工输

包材成本手工输 制造费用定额手工输 5、成本结转(管理会计—实际成本---实际成本处理) 4.2成本会计操作流程: 4.2.1基础设置 4.2.1.1物料生产档案维护 1、原(包)材料维护:物料类型为[采购件]、物料形态为[原材料],计价方式[全月平均],如下图所示:可以在物料档案管理批量设置。计价方式在财务会计,月末处理,计价方式调整设置(分配的新品种系统默认的是移动加权平均,在计算成本前一定要修改为全月加权平均)

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