Does Financial Globalization Discipline Macroeconomic Policies

Using the unbalanced panel data of 160 countries from 1970 to 2007,we employ inflation and the budget deficit as proxies for monetary policy and fiscal policy,respectively,and study whether financial globalization has discipline effects on these macroeconomic policies.The empirical results in our study suggest a significant discipline effect of financial globalization on monetary policy during the entire sample period,which is robust both to de jure and to de facto measures of financial openness.Our sub-sample investigations demonstrate that financial globalization reduces inflation only in higher-middle-income and high-income countries,and when financial globalization is scaled by the proportion of a country’s foreign assets and liabilities to its GDP,the discipline is evident only after 1988.Nevertheless,we do not demonstrate any evidence of financial globalization’s discipline effect on fiscal policy.The empirical results indicate that financial globalization even increases the budget deficit in certain countries and periods.

Effects of the Trade and Financial Governmental Policies on the Total Investment in Syria （1980-2010）

This paper attempts to investigate the effects of several financial and trade policies on the total investment in Syria, over the period 1980-2010 （before the current war）. The study employs Johansen co-integration test to check the presence of long-term relationship between explanatory and dependent variables. In addition, Vector Error Correction Model （VECM） further studies the causal relationship from dependent variable to independent variables. The Johansen co-integration test indicates a significant long-term relationship among the variables. Moreover, the Vector Error Correction Model also suggests the long run causality from the imports, exports, capital public expenditures, and subsidies to total investment. The study’s result indicates that the imports and the capital public expenditures played a significant role in supporting the total investment in the country before the war, while there was a negative role of exports in the total investment, and there was no impact of subsidies on the total investment. Before the war, foreign investment in Syria was over dominated by European Union. The paper proposes to diversify the target of investment flow to Syria, especially from China and the other BRICS countries that can take advantages from Syria and can support Syria economy after the war by the strategy of “One Road One Belt”. Theseresults may assist Syrian policy makers, after the war, to develop an economic plan that takes into account the effects of these policies to improve the total investment which will help Syria in rebuilding the economy.

Chinese Economy in 2000 Guidedby Positive Financial Policies

China's financial policies in 2000 are being clarfied:China will continue to follow its positive financial policies.This signifies that in 2000,the Chinese economy will operateunder the gridance of positive financial policies.

Moderating effect of corporate financialization on the impact of climate policy on corporate green innovation:Evidence from China

With intensifying global climate change,humanity is confronted with unparalleled environmental challenges and risks.This study employs the staggered difference-in-difference model to examine the relationship between climate policy and green innovation in the corporate financialization context.Using Chinese-listed company data from 2008 to 2020,our analysis reveals a favorable correlation between China’s carbon emission trading policy(CCTP)and advancements in green innovation.Furthermore,we find that the level of corporate financialization moderates this correlation,diminishing the driving effect of CCTP on green innovation.Additionally,results of heterogeneity analysis show that this moderating consequence is more evident in non-state owned and low-digitization enterprises compared with state-owned and high-digitization ones.Our findings contribute to the existing literature by clarifying the interaction between CCTP,green innovation,and corporate financialization.Our research provides valuable insights for policymakers and stakeholders seeking to strengthen climate policies and encourages green innovation in different types of businesses.

Study on financial loss and its adjustment in earthquake insurance

In the paper, we briefly introduce the development and present situation of earthquake insurance in China and foreign countries, and the evaluation of earthquake losses on the basis of seismic risk and structural vulnerability analyses. The emphasis is given to the probabilistic density function of earthquake loss adjustment for a single building under the given insurance policy and the overall variance of estimated earthquake losses aggregated from various locations with keen interest in the insurance industries. The correlation coefficient for the damages among single structures in the United States is also introduced to interpret the risk of loss concentration in the earthquake insurance. The paper provides a scientific basis for adjusting earthquake loss and premium rate, and it also provides a useful reference for the application and expansion of earthquake insurance in China.

Spillovers of US unconventional monetary policy:quantitative easing,spreads,and international financial markets

This study investigates the international spillover effects of US unconventional monetary policy(UMP)-frequently called large-scale asset purchases or quantitative easing(QE)—on advanced and emerging market economies,using structural vector autoregressive models with high-frequency daily data.Blinder(Federal Reserve Bank of St.Louis Rev 92(6):465–479,2010)argued that the QE measures primarily aim to reduce US interest rate spreads,such as term and risk premiums.Considering this argument and recent empirical evidence,we use two spreads as indicators of US UMP:the mortgage and term spreads.Based on data from 20 emerging and 20 advanced countries,our empirical findings reveal that US unconventional monetary policies significantly affect financial conditions in emerging and advanced countries by altering the risktaking behavior of investors.This result suggests that the risk-taking channel plays an important role in transmitting the effects of these policies to the rest of the world.The extent of these effects depends on the type of QE measures.QE measures such as purchases of private sector securities that lower the US mortgage spread exert stronger and more significant spillover effects on international financial markets than those that reduce the US term spread.Furthermore,the estimated financial spillovers vary substantially across countries and between and within the emerging and advanced countries that we examine in this study.

Structural Deceleration,Financial Expansion and Policy Selection:China's Economic Prospects for 2014

China's economic performance in 2013 has verified that China's economic slowdown is structural rather than cyclical.Current economic growth has been driven primarily by investment in infrastructure and real estate sector.Consumption is sluggish and exports recovery is unsustainable.Financial expansion is a major instrument in offsetting the deceleration of China's economic growth in 2013.But structural root cause of slowdown remains.According to cash flow statement,balance sheet and cross-border capital flow,risks of China's financial system are accumulating under the backdrop of financial expansion.Financial system should play its role of resource allocation and refrain from stimulating demand.Future policy choice will shift from short-term macro policy to institutional reform,including political reform,reform of supply mechanism,balancing between macro-stability policy and structural transition,and reform of financial system.

Evaluation of the Policies for Seismic Retrofit of Buildings

The Japanese government has established a law to Hanshin-Awaji Earthquake in 1995. This paper evaluates the incentives of the policies related to the law. The data shows achieved in 2018 if the current trends of improvement will supports the school retrofit works that are carried out by the promote seismic retrofitting of buildings immediately after the Great effectiveness, efficiency, administrative feasibility and technological that the policy target of seismic safety of existing buildings will be be continued. In the field of school buildings, national government local governments, using the guideline for school retrofit. However, there are still significant issues to make all buildings safe. One of the key challenges is how to persuade the elderly who would not invest their money to improve their old houses. Another challenge is to make owners understand the importance and have priority in improving the seismic safety of buildings. Currently many efforts are taken by the local governments, such as holding seminars for local communities, preparing financial support schemes, providing consultancy for seismic assessment and making earthquake hazard maps. This paper also provides comments on the improvement of the current policies for promoting seismic retrofit based on some international experiences in retrofit of buildings.

Financial Experts Role to Solve General Budget Deficit Problem in Jordan

Jordan is a developing country which has frequently general budget deficit. Government intervene increases environment complexity. Financial experts have weakness to solve deficit problem in spite of understanding managing risk of financial and investing choices also can develop its tools. Researches found the reasons of financial experts＇ weakness, which are the ignorance of financial expert evaluation and role solving of negative social problems which came after losing trust in leaders. Recommendations concentrate on giving financial expert power and solving law ignorance problem by adjusting law to fight trickery. Law does not give the harmed the right to cancel contract when there is unfair price. It must collect unfair price with deceiving to get right. Rule must be confession of profit after studying assets and liabilities value in market prices. Deals in financial market should take care of financial analyses, human resources accounting, and value added of companies. Financial experts can achieve equilibrium between local producing and Jordanian international producing depending on suitable cost of producing to import and courage producing locally.

Financial Analysis of European Energy Companies

Energy union and climate stands as one of the priorities of the European commission,aiming at the provision of secure,environmentally friendly and affordable energy.European energy policy over the last two decades have reshaped energy markets challenging the profitability and viability of energy companies.The latter must prove flexible in their management,including diversification of their portfolio,proceeding on structural unbundling and extending their operations in new markets and regions.Scope of the paper is to assess the financial and liquidity performances of key European energy companies over the period 2008-2017.The focus of the analysis concerns liquidity,profitability,operational performance and capital structure.The analysis is carried out in key energy companies,selected to have an extended geographical representation.Results indicate that gas and oil companies have less risk compared to power companies,attributed mainly to debt exposure.The renewable sector,although underrepresented in the examined sample,implies potential for high profitability.The profitability of power companies is affected by the ownership of assets with low operating costs and by diversification of operations,including regulated network operations.Eastern European power companies are favored by the derogation of EU regulation,though provision of free emission allowances.

Facing Both Challenges and Opportunities:How Can Financial Service Firms Survive Under the Pandemic?SOAR Analysis of Three Leading Firms in the Financial Service Industry

After the breakout of COVID-19,many entity industries have to shut down.The rapid decline of money transaction caused by the shutdown of the entity industries has shocked the financial service industry while the increase in digital transactions also offers them opportunities.Facing both challenges and opportunities,financial services firms should change their target and compensation policy during the pandemic to survive.After analysing three major firms in this industry by using SOAR method,we conclude four keys for financial services firms to survive in COVID-19.

Study on Financial and Taxation Incentives to Promote Innovation and Entrepreneurship in China

Mass entrepreneurship and innovation are the key to the continued economic and social development in China For long,the nation's financial and taxation policies have been playing an active role in promoting innovation,entrepreneurship and overall social and economic growth in China.This paper makes an analysis of the strengths and weaknesses of the current financial and taxation policies,and explores the opportunities and challenges faced by the current financial and taxation policies.To cultivate a sound environment across China for sustainable innovation and entrepreneurship,it calls for a multi-layered financial and taxation incentive mechanism featuring dynamically monitored taxation policies on hi-tech enterprisos,more favorable tax incentives for medium-and small-enterprises.

Third China-EU Financial Dialogue Held in Brussels

China and the European Union （EU） held the Third China- EU Financial Dialogue, aimingat beefing up exchanges in financial policies.

Financial Sustainability Among Higher Education Institutions in the United States

This article explores the challenges of financial sustainability faced by higher education institutions in the United States.Against a backdrop of stringent state and federal regulations coupled with a decline in financial support,institutions are grappling with a shifting landscape.The paper delves into the intricacies of state regulations and funding policies,highlighting their impact on educational establishments.Furthermore,strategies for financial sustainability,including student attraction and retention,are discussed.The article concludes by underscoring the duality of regulations as both challenges and essential resources,suggesting a potential shift towards greater autonomy and a reshaping of the educational landscape in response to modern challenges.

Hospitalized for poverty:orthopaedic discharge delays due to financial hardship in a tertiary hospital in Northern Tanzania

Background:Musculoskeletal injury contributes significantly to the burden of disease in Tanzania and other LMICs.For hospitals to cope financially with this burden,they often mandate that patients pay their entire hospital bill before leaving the hospital.This creates a phenomenon of patients who remain hospitalized solely due to financial hardship.This study aims to characterize the impact of this policy on patients and hospital systems in resource-limited settings.Methods:A mixed-methods study using retrospective medical record review and semi-structured interviews was conducted at a tertiary hospital in Moshi,Tanzania.Information regarding patient demographics,injury type,days spent in the ward after medical clearance for discharge,and hospital invoices were collected and analyzed for orthopaedic patients treated from November 2016 to June 2017.Results:346 of the 867 orthopaedic patients(39.9%)treated during this time period were found to have spent additional days in the hospital due to their inability to pay their hospital bill.Of these patients,72 patient charts were analyzed.These 72 patients spent an average of 9 additional days in the hospital due to financial hardship(range:1-64 days;interquartile range:2-10.5 days).They spent an average of 112,958 Tanzanian Shillings(TSH)to pay for services received following medical clearance for discharge,representing 12.3%of the average total bill(916,840 TSH).646 hospital bed-days were spent on these 72 patients when they no longer clinically required hospitalization.7(9.7%)patients eloped from the hospital without paying and 24(33.3%)received financial assistance from the hospital’s social welfare office.Conclusions:Many patients do not have the financial capacity to pay hospital fees prior to discharge.This reality has added significantly to these patients’overall financial hardship and has taken hundreds of bed-days from other critically ill patients.This single-institution,cross-sectional study provides a deeper understanding of this phenomenon and highlights the need for changes in the healthcare payment structure in Tanzania and other comparable settings.

Strategies and Policy Options for Cooperation between China and India under Global Financial Crisis

In Part I the author analyses the impact of the financial and economic crisis in terms of global and Sino-India cooperation,and the Challenges that the two countries are facing. In Part II the Guiding Principles on Sino-India Economic and Trade Cooperation are being reviewed. And the author suggested some strategies and policy options for cooperation between China and India.

绿色信贷贴息政策与企业环境信息披露质量——基于自愿性与强制性披露动机下的机制分析

披露高质量的环境信息不仅是企业环境管理制度的制订基础,也是推动生态环境治理体系和治理能力现代化的重要举措。本文基于2008~2023年上市公司样本,使用渐进双重差分法,实证检验了绿色信贷贴息政策对企业环境信息披露质量的激励效应及其作用机制。研究发现:(1)财政与金融相协调的绿色信贷贴息政策能显著改善企业环境信息披露质量;(2)核心机制在于自愿性披露机制和强制性披露机制,前者主要是通过降低债务融资成本和增加高管绿色认知得以实现,后者表现为通过政府监管水平提升引致的合规效应强制企业提高环境信息披露质量;(3)政策在非国有企业、劳动密集型企业和市场化程度高的地区存在更强的激励效应。本文结论为其他激励性绿色金融政策的制定与完善提供理论依据与决策参考。

Can"Concerted"Macroprudential Policies Mitigate Cross-border Contagion of Financial Risks?Evidence from China and Its Financially Connected Economies

We construct a connected network between China and the economies that are financially linked to it,based on the network topology of variance decompositions,and measure the cross-border contagion of financial risks among these economies.We then examine whether the concerted use of macroprudential policies mitigates the cross-border contagion of financial risks.The empirical results show that the tightening of macroprudential policies,especially counter-cyclical capital buffers and limits on credit growth,in economies with net spillover risk(e.g.the US and China).can reduce the cross-border spillover of domestic financial risks to other economies.The concerted use of macroprudential policies can contribute to global financial stability.However,the tightening of"capital"macroprudential policy tools will increase domestic cross-border absorption of financial risks.Hence,macroprudential regulation of cross-border capital flows must be strengthened.