Based on the global asset portfolio model,this paper created a panel threshold model using EPFR fund data to empirically test the non-linear spillover effects of US economic policy uncertainties on cross-border capita...Based on the global asset portfolio model,this paper created a panel threshold model using EPFR fund data to empirically test the non-linear spillover effects of US economic policy uncertainties on cross-border capital flow for emerging economies.Our study led to the following findings:(1)When the level of global investor risk tolerance is high,rising US EPU will induce a capital inflow into emerging economies,as manifested in the“portfolio rebalancing effect.”When the level of global investor risk tolerance is below a critical threshold,this gives rise to risk aversion and emerging economies will experience net capital outflow,i.e.the“flight to quality effect”.(2)Equity fund investors have a lower risk tolerance threshold than bond fund investors.(3)According to our heterogeneity analysis,more attention should be paid to monitoring capital flow through actively managed funds,ETF funds,and retail investor funds.The economy should increase financial efficiency and economic resiliency to mitigate capital outflow pressures from the external environment.展开更多
The digital development rights in developing countries are based on establishing a new international economic order and ensuring equal participation in the digital globalization process to achieve people's well-ro...The digital development rights in developing countries are based on establishing a new international economic order and ensuring equal participation in the digital globalization process to achieve people's well-rounded development in the digital society.The relationship between cross-border data flows and the realization of digital development rights in developing countries is quite complex.Currently,developing countries seek to safeguard their existing digital interests through unilateral regulation to protect data sovereignty and multilateral regulation for cross-border data cooperation.However,developing countries still have to face internal conflicts between national digital development rights and individual and corporate digital development rights during the process of realizing digital development rights.They also encounter external contradictions such as developed countries interfering with developing countries'data sovereignty,developed countries squeezing the policy space of developing countries through dominant rules,and developing countries having conflicts between domestic and international rules.This article argues that balancing openness and security on digital trade platforms is the optimal solution for developing countries to realize their digital development rights.The establishment of WTO digital trade rules should inherently reflect the fundamental demands of developing countries in cross-border data flows.At the same time,given China's dual role as a digital powerhouse and a developing country,it should actively promote the realization of digital development rights in developing countries.展开更多
GIS technology has been mostly concerned with handling physical data and modeling physical environment .However,the requirements of GIS for handling socio-ecnomic information in many cases are different from those con...GIS technology has been mostly concerned with handling physical data and modeling physical environment .However,the requirements of GIS for handling socio-ecnomic information in many cases are different from those concerning phenomena in the physical environment ,Analysis of capital flow among regions requires the transitions both from economic values to physical landscape and from physical surfa ce to econmoic explanation.Rapid growth of Chinese economy comes mainly from investment.There are wto main ways for obtaining high growth of investment ,One is government expenditure which usually invests in regional facility and amenity block ,which is regarded as stimulus for attracting investment.The other is the creation of investing center and corresponding capital source areas ,both of which need the central city with the highest growth rate of investment among regions.This paper presents the cluster areas of both government revenue and total investment ,the potential situation of capital flow between central city Shanghai and its neighbor provinces by using 'Classification' and 'Interpolation' functions of ArcView GIS.展开更多
基金sponsored by the Natural Science Foundation of China(NSFC)2018 Emergency Management Project“Exchange Rate Market Variation,Cross-Border Capital Flow and Financial Risk Prevention”(Grant No.71850005)the NSFC Youth Program“Dynamic Estimation of Foreign Exchange Market Pressure in the Process of Capital Account Opening and Evaluation of the Central Bank’s Intervention Policy Effects”(Grant No.71803204).
文摘Based on the global asset portfolio model,this paper created a panel threshold model using EPFR fund data to empirically test the non-linear spillover effects of US economic policy uncertainties on cross-border capital flow for emerging economies.Our study led to the following findings:(1)When the level of global investor risk tolerance is high,rising US EPU will induce a capital inflow into emerging economies,as manifested in the“portfolio rebalancing effect.”When the level of global investor risk tolerance is below a critical threshold,this gives rise to risk aversion and emerging economies will experience net capital outflow,i.e.the“flight to quality effect”.(2)Equity fund investors have a lower risk tolerance threshold than bond fund investors.(3)According to our heterogeneity analysis,more attention should be paid to monitoring capital flow through actively managed funds,ETF funds,and retail investor funds.The economy should increase financial efficiency and economic resiliency to mitigate capital outflow pressures from the external environment.
基金a preliminary result of the Chinese Government Scholarship High-level Graduate Program sponsored by China Scholarship Council(Program No.CSC202206310052)。
文摘The digital development rights in developing countries are based on establishing a new international economic order and ensuring equal participation in the digital globalization process to achieve people's well-rounded development in the digital society.The relationship between cross-border data flows and the realization of digital development rights in developing countries is quite complex.Currently,developing countries seek to safeguard their existing digital interests through unilateral regulation to protect data sovereignty and multilateral regulation for cross-border data cooperation.However,developing countries still have to face internal conflicts between national digital development rights and individual and corporate digital development rights during the process of realizing digital development rights.They also encounter external contradictions such as developed countries interfering with developing countries'data sovereignty,developed countries squeezing the policy space of developing countries through dominant rules,and developing countries having conflicts between domestic and international rules.This article argues that balancing openness and security on digital trade platforms is the optimal solution for developing countries to realize their digital development rights.The establishment of WTO digital trade rules should inherently reflect the fundamental demands of developing countries in cross-border data flows.At the same time,given China's dual role as a digital powerhouse and a developing country,it should actively promote the realization of digital development rights in developing countries.
基金Granted by Swiss Federal Institute of Technology.
文摘GIS technology has been mostly concerned with handling physical data and modeling physical environment .However,the requirements of GIS for handling socio-ecnomic information in many cases are different from those concerning phenomena in the physical environment ,Analysis of capital flow among regions requires the transitions both from economic values to physical landscape and from physical surfa ce to econmoic explanation.Rapid growth of Chinese economy comes mainly from investment.There are wto main ways for obtaining high growth of investment ,One is government expenditure which usually invests in regional facility and amenity block ,which is regarded as stimulus for attracting investment.The other is the creation of investing center and corresponding capital source areas ,both of which need the central city with the highest growth rate of investment among regions.This paper presents the cluster areas of both government revenue and total investment ,the potential situation of capital flow between central city Shanghai and its neighbor provinces by using 'Classification' and 'Interpolation' functions of ArcView GIS.