In order to verify that the open bond market is the most direct choice to promote the internationalization of RMB,the empirical analysis method is used to analyze the impact of bond liberalization on the international...In order to verify that the open bond market is the most direct choice to promote the internationalization of RMB,the empirical analysis method is used to analyze the impact of bond liberalization on the internationalization of RMB foreign exchange rate.Firstly,the data source processing method of empirical analysis is introduced.Then the dynamic panel data regression model and panel threshold model are built to verify the influence factors of RMB internationalization foreign exchange rate and the influence of debt market opening on RMB foreign exchange rate,respectively.The results show that the opening of the creditor's rights market has a significant positive promoting effect on the internationalization of RMB foreign exchange rate,and the development of the domestic creditor's rights market has a significant promoting effect on the internationalization of RMB foreign exchange rate.The study has a certain role in promoting the status of China's currency in the international community.展开更多
Since China's reform and open door, the countries and regions of direct investment in China's mainland have been increasing. In 1995, the amount of foreign direct investment (FDI) in China was US$ 37.81 bill...Since China's reform and open door, the countries and regions of direct investment in China's mainland have been increasing. In 1995, the amount of foreign direct investment (FDI) in China was US$ 37.81 billion that was from more than 170 countries and regions. The regional structure of capital market of FDI in China has three characteristics: (1) The most of FDI was from the near countries or regions, Hong Kong Macao, Taiwan, Japan, South Korea, Thailand and Malaysia provided 80.3% of the amount of FDI in 1995. (2) Only several countries and regions provided most of FDI in China. (3) According to the contributory rate, the main capital market of FDI in China could be divided into four classes, including the guiding market, subsidiary market, new and development market, opportunity market. Most of FDI in China was from the developing countries and regions, which had a negative effect on the size and technical level of foreign capital enterprises. The author puts forward the countermeasures to improve the regional structure of capital market: (1) to keep the guiding market stable, (2) to open up chiefly the subsidiary market, (3) to guide actively the new and developing market, (4) to try hard to start the opportunity market.展开更多
Internationalization of company activities is the necessity of the development for majority of entrepreneurial subjects in the Czech Republic. Internationalization of entrepreneurial activities becomes a tool of busin...Internationalization of company activities is the necessity of the development for majority of entrepreneurial subjects in the Czech Republic. Internationalization of entrepreneurial activities becomes a tool of business competitiveness. Selecting the right foreign entry mode is an important decision, which demands a lot of resources and thorough planning. The factors influencing company＇s choice of entry mode are divided into two main groups subsuming--external and internal factors. External factors consist of determinants regarding the company＇s environment while the intemal ones are determined by the company＇s specific factors. The opening of new markets such as in the Czech Republic has created the potential for small and medium-size enterprise （SME） expansion and investment. The objective of this paper is to present an application of the entry modes of the selected Czech entrepreneurial subjects. The companies included in the study are those that have undertaken internationalization activities and are incorporated in the Czech Republic. There were a total of 297 enterprises that participated in the research. The research method was an oral questioning and the main instrument was a questionnaire. A relatively low degree of Czech companies that have undergone intemationalization has resulted in the dominance of the least advanced forms of internationalization expansion, mainly exports with a small share of more advanced forms of foreign direct investments and a very low level of forms of international cooperation. Czech companies are in decision about the choosing the foreign entry mode influenced by the many factors. The greatest influence on the choice of foreign entry mode has entry mode variables. Entry mode variables constitute variables assessment characteristics of particular entry mode.展开更多
Considering China’s current economic growth, it is predictable that a surge for buying private cars will emerge around the year 2000. At that time, China will become the world’s largest automobile market. Having see...Considering China’s current economic growth, it is predictable that a surge for buying private cars will emerge around the year 2000. At that time, China will become the world’s largest automobile market. Having seen this trend, foreign automobile manufacturers are turning their eyes on China, the country with展开更多
T To make its foreign trade market diversified and multi-channeled is an important strategy of China in developing its foreign economic relations and trade. The Ninth Five-year Plan for National Economic and Social De...T To make its foreign trade market diversified and multi-channeled is an important strategy of China in developing its foreign economic relations and trade. The Ninth Five-year Plan for National Economic and Social Development and Long-term Target for the Year 2010 adopted at the Fourth Session of the Eighth National People’s Congress, have specified that during the Ninth Five-Year Plan period (1996-2000),展开更多
Article 1. The regulations are promulgated in order to improve and develop the foreign exchange adjustment market, speed up the horizontal circulation of capital in foreign exchange and strengthen the macro-control of...Article 1. The regulations are promulgated in order to improve and develop the foreign exchange adjustment market, speed up the horizontal circulation of capital in foreign exchange and strengthen the macro-control of the foreign exchange market. Article 2. The State Exchange Control Administration is the governing body of the foreign exchange adjustment market.展开更多
It has been our consistent policy to expand the opening policy, while using foreign capital reasonably and effectively. Our experience of economic development since China’s economic reform and opening to the outside ...It has been our consistent policy to expand the opening policy, while using foreign capital reasonably and effectively. Our experience of economic development since China’s economic reform and opening to the outside world 20 years ago has shown that implementing the opening policy, participation in the international division of labour and exchange, the use of both domestic and international markets and resources, and the introduction of a foreign展开更多
China has led developing countries in direct foreign investment for eight consecutive years, with an inflow of more than US$40 billion of international capital annually. China has become a real hotspot of investment f...China has led developing countries in direct foreign investment for eight consecutive years, with an inflow of more than US$40 billion of international capital annually. China has become a real hotspot of investment favored by worldwide investors. What is the role foreign investment has played in China’s economic development over the past years? According to an analysis report recently released by the National Information Center, during the two decades between 1980-99, of the 9.7-percent average annual growth rate of the GDP, 2.7 percentage points were contributed directly or indirectly by foreign capital utilization. 1. How Does Foreign Capital Stimulate China’s Economic Growth?展开更多
The Rongshida Group, a leading electrical-applianceproducer in China, planned to choose its advertising agent fromfour candidates, the China Advertising Inc., Shanghai Ogilvy &Mather, Shanghai Leo Burnett and RSCG...The Rongshida Group, a leading electrical-applianceproducer in China, planned to choose its advertising agent fromfour candidates, the China Advertising Inc., Shanghai Ogilvy &Mather, Shanghai Leo Burnett and RSCG, by balancing one oftheir advertisement proposals against another. Lasting five daysand nights, the customer finally selected RSCG as its agent. Bossof the China Advertising Inc. said they bed lost the competitionto the three 4A companies not in terms of proposal but becauseof comprehensive power.展开更多
Based on the data of 30 Chinese provinces for the period from 2004 to 2015,this paper expounds the carbon emissions effect of two-way foreign direct investment (FDI) from the perspective of scale effect and factor mar...Based on the data of 30 Chinese provinces for the period from 2004 to 2015,this paper expounds the carbon emissions effect of two-way foreign direct investment (FDI) from the perspective of scale effect and factor market distortions.This study uses Kaya identity to decompose carbon emission and construct simultaneous equations model to empirically examine the factor market distortion and the carbon emission scale effect of two-way FDI.The results show that the inward foreign direct investment (IFDI) increase regional carbon emission through scale effect and also exacerbates factor market distortion in China,whereas the outward FDI trends reduce carbon emission and reduces factor market distortions in China.The study also shows that human capital,research and development (R&D),trade openness,and capital accumulation are important determinants of two-way FDI.Therefore,the study proposes that IFDI policies should focus on acquiring green technologies.In addition,the domestic enterprises should be encouraged to participate in global business.展开更多
Using transaction-level tick-by-tick data of same-and next-day settlement of the Russian Ruble versus the US Dollar exchange rate(RUB/USD)traded on the Moscow Exchange Market during the period 2005–2013,we analyze th...Using transaction-level tick-by-tick data of same-and next-day settlement of the Russian Ruble versus the US Dollar exchange rate(RUB/USD)traded on the Moscow Exchange Market during the period 2005–2013,we analyze the impact of trading hours extensions on volatility.During the sample period,the Moscow Exchange extended trading hours three times for the same-day settlement and two times for the next-day settlement of the RUB/USD rate.To analyze the effect of the implementations,various measures of historical and realized volatility are calculated for 5-and 15-min intraday intervals spanning a period of three months both prior to and following trading hours extensions.Besides historical volatility measures,we also examine volume and spread.We apply an autoregressive moving average-autoregressive conditional heteroscedasticity(ARMA-GARCH)model utilizing realized volatility and a trade classification rule to estimate the probability of informed trading.The extensions of trading hours cause a significant increase in both volatility and volume for further analyzing the reasons behind volatility changes.Volatility changes mostly occur after the opening of the market.The length of the extension has a significant positive effect on realized volatility.The results indicate that informed trading increased substantially after the opening for the rate of same-day settlement,whereas this is not observed for next-day settlement.Although trading hours extensions raise opportunities for more transactions and liquidity in foreign exchange markets,they may also lead to higher volatility in the market.Furthermore,this distortion is more significant at opening and midday.A potential explanation for the increased volatility mostly at the opening is that the trading hours extension attracts informed traders rather than liquidity providers.展开更多
Romania has the potential of resources, labor and real capacity to adapt to the gait of a global economic competition. But it required a long term policy and environment which could support this potential value. If no...Romania has the potential of resources, labor and real capacity to adapt to the gait of a global economic competition. But it required a long term policy and environment which could support this potential value. If not, we will risk turning into a consumer economy, consumption will not be funded on internal production and become supplier of labor services for peripheral. In the context of economic crisis, Romanian furniture retains its significant competitive advantages, including the price in export markets. The most important markets for exporters of furniture from Romania are Ukraine and Russia, markets with great potential, but affected by problems such as devaluing local currencies, and recently, imposing new duties.展开更多
The paper presents theoretical reflection upon international marketing strategy in the framework of internationalization and globalization of the market. It consists of four parts. The first one debates the nature and...The paper presents theoretical reflection upon international marketing strategy in the framework of internationalization and globalization of the market. It consists of four parts. The first one debates the nature and reasons for corporate internationalization. The second part shows an international marketing strategy in the concept of corporate expansion. The strategy consists of two elements： the basic dimensions of foreign market entry modes （part 3） and business presence strategies in overseas markets （part 4）. This paper proposes a theoretical framework for research conducted by Department of Marketing of the Cracow University of Economics. The research has been conducted as a part of grant received by Polish National Centre of Science.展开更多
The paper refers to literatures to show how the state mitigates the effects of market failures in foreign trade.The research study leads to the conclusion that state interventions are necessary in creating administrat...The paper refers to literatures to show how the state mitigates the effects of market failures in foreign trade.The research study leads to the conclusion that state interventions are necessary in creating administrative and legal conditions for facilitating trade exchange in the context of the role of transnational corporations in the global economy,as well as in reducing the adverse impact of international turbulences on the competitiveness of national entities through the use of export supporting instruments.展开更多
文摘In order to verify that the open bond market is the most direct choice to promote the internationalization of RMB,the empirical analysis method is used to analyze the impact of bond liberalization on the internationalization of RMB foreign exchange rate.Firstly,the data source processing method of empirical analysis is introduced.Then the dynamic panel data regression model and panel threshold model are built to verify the influence factors of RMB internationalization foreign exchange rate and the influence of debt market opening on RMB foreign exchange rate,respectively.The results show that the opening of the creditor's rights market has a significant positive promoting effect on the internationalization of RMB foreign exchange rate,and the development of the domestic creditor's rights market has a significant promoting effect on the internationalization of RMB foreign exchange rate.The study has a certain role in promoting the status of China's currency in the international community.
文摘Since China's reform and open door, the countries and regions of direct investment in China's mainland have been increasing. In 1995, the amount of foreign direct investment (FDI) in China was US$ 37.81 billion that was from more than 170 countries and regions. The regional structure of capital market of FDI in China has three characteristics: (1) The most of FDI was from the near countries or regions, Hong Kong Macao, Taiwan, Japan, South Korea, Thailand and Malaysia provided 80.3% of the amount of FDI in 1995. (2) Only several countries and regions provided most of FDI in China. (3) According to the contributory rate, the main capital market of FDI in China could be divided into four classes, including the guiding market, subsidiary market, new and development market, opportunity market. Most of FDI in China was from the developing countries and regions, which had a negative effect on the size and technical level of foreign capital enterprises. The author puts forward the countermeasures to improve the regional structure of capital market: (1) to keep the guiding market stable, (2) to open up chiefly the subsidiary market, (3) to guide actively the new and developing market, (4) to try hard to start the opportunity market.
文摘Internationalization of company activities is the necessity of the development for majority of entrepreneurial subjects in the Czech Republic. Internationalization of entrepreneurial activities becomes a tool of business competitiveness. Selecting the right foreign entry mode is an important decision, which demands a lot of resources and thorough planning. The factors influencing company＇s choice of entry mode are divided into two main groups subsuming--external and internal factors. External factors consist of determinants regarding the company＇s environment while the intemal ones are determined by the company＇s specific factors. The opening of new markets such as in the Czech Republic has created the potential for small and medium-size enterprise （SME） expansion and investment. The objective of this paper is to present an application of the entry modes of the selected Czech entrepreneurial subjects. The companies included in the study are those that have undertaken internationalization activities and are incorporated in the Czech Republic. There were a total of 297 enterprises that participated in the research. The research method was an oral questioning and the main instrument was a questionnaire. A relatively low degree of Czech companies that have undergone intemationalization has resulted in the dominance of the least advanced forms of internationalization expansion, mainly exports with a small share of more advanced forms of foreign direct investments and a very low level of forms of international cooperation. Czech companies are in decision about the choosing the foreign entry mode influenced by the many factors. The greatest influence on the choice of foreign entry mode has entry mode variables. Entry mode variables constitute variables assessment characteristics of particular entry mode.
文摘Considering China’s current economic growth, it is predictable that a surge for buying private cars will emerge around the year 2000. At that time, China will become the world’s largest automobile market. Having seen this trend, foreign automobile manufacturers are turning their eyes on China, the country with
文摘T To make its foreign trade market diversified and multi-channeled is an important strategy of China in developing its foreign economic relations and trade. The Ninth Five-year Plan for National Economic and Social Development and Long-term Target for the Year 2010 adopted at the Fourth Session of the Eighth National People’s Congress, have specified that during the Ninth Five-Year Plan period (1996-2000),
文摘Article 1. The regulations are promulgated in order to improve and develop the foreign exchange adjustment market, speed up the horizontal circulation of capital in foreign exchange and strengthen the macro-control of the foreign exchange market. Article 2. The State Exchange Control Administration is the governing body of the foreign exchange adjustment market.
文摘It has been our consistent policy to expand the opening policy, while using foreign capital reasonably and effectively. Our experience of economic development since China’s economic reform and opening to the outside world 20 years ago has shown that implementing the opening policy, participation in the international division of labour and exchange, the use of both domestic and international markets and resources, and the introduction of a foreign
文摘China has led developing countries in direct foreign investment for eight consecutive years, with an inflow of more than US$40 billion of international capital annually. China has become a real hotspot of investment favored by worldwide investors. What is the role foreign investment has played in China’s economic development over the past years? According to an analysis report recently released by the National Information Center, during the two decades between 1980-99, of the 9.7-percent average annual growth rate of the GDP, 2.7 percentage points were contributed directly or indirectly by foreign capital utilization. 1. How Does Foreign Capital Stimulate China’s Economic Growth?
文摘The Rongshida Group, a leading electrical-applianceproducer in China, planned to choose its advertising agent fromfour candidates, the China Advertising Inc., Shanghai Ogilvy &Mather, Shanghai Leo Burnett and RSCG, by balancing one oftheir advertisement proposals against another. Lasting five daysand nights, the customer finally selected RSCG as its agent. Bossof the China Advertising Inc. said they bed lost the competitionto the three 4A companies not in terms of proposal but becauseof comprehensive power.
文摘Based on the data of 30 Chinese provinces for the period from 2004 to 2015,this paper expounds the carbon emissions effect of two-way foreign direct investment (FDI) from the perspective of scale effect and factor market distortions.This study uses Kaya identity to decompose carbon emission and construct simultaneous equations model to empirically examine the factor market distortion and the carbon emission scale effect of two-way FDI.The results show that the inward foreign direct investment (IFDI) increase regional carbon emission through scale effect and also exacerbates factor market distortion in China,whereas the outward FDI trends reduce carbon emission and reduces factor market distortions in China.The study also shows that human capital,research and development (R&D),trade openness,and capital accumulation are important determinants of two-way FDI.Therefore,the study proposes that IFDI policies should focus on acquiring green technologies.In addition,the domestic enterprises should be encouraged to participate in global business.
文摘Using transaction-level tick-by-tick data of same-and next-day settlement of the Russian Ruble versus the US Dollar exchange rate(RUB/USD)traded on the Moscow Exchange Market during the period 2005–2013,we analyze the impact of trading hours extensions on volatility.During the sample period,the Moscow Exchange extended trading hours three times for the same-day settlement and two times for the next-day settlement of the RUB/USD rate.To analyze the effect of the implementations,various measures of historical and realized volatility are calculated for 5-and 15-min intraday intervals spanning a period of three months both prior to and following trading hours extensions.Besides historical volatility measures,we also examine volume and spread.We apply an autoregressive moving average-autoregressive conditional heteroscedasticity(ARMA-GARCH)model utilizing realized volatility and a trade classification rule to estimate the probability of informed trading.The extensions of trading hours cause a significant increase in both volatility and volume for further analyzing the reasons behind volatility changes.Volatility changes mostly occur after the opening of the market.The length of the extension has a significant positive effect on realized volatility.The results indicate that informed trading increased substantially after the opening for the rate of same-day settlement,whereas this is not observed for next-day settlement.Although trading hours extensions raise opportunities for more transactions and liquidity in foreign exchange markets,they may also lead to higher volatility in the market.Furthermore,this distortion is more significant at opening and midday.A potential explanation for the increased volatility mostly at the opening is that the trading hours extension attracts informed traders rather than liquidity providers.
文摘Romania has the potential of resources, labor and real capacity to adapt to the gait of a global economic competition. But it required a long term policy and environment which could support this potential value. If not, we will risk turning into a consumer economy, consumption will not be funded on internal production and become supplier of labor services for peripheral. In the context of economic crisis, Romanian furniture retains its significant competitive advantages, including the price in export markets. The most important markets for exporters of furniture from Romania are Ukraine and Russia, markets with great potential, but affected by problems such as devaluing local currencies, and recently, imposing new duties.
文摘The paper presents theoretical reflection upon international marketing strategy in the framework of internationalization and globalization of the market. It consists of four parts. The first one debates the nature and reasons for corporate internationalization. The second part shows an international marketing strategy in the concept of corporate expansion. The strategy consists of two elements： the basic dimensions of foreign market entry modes （part 3） and business presence strategies in overseas markets （part 4）. This paper proposes a theoretical framework for research conducted by Department of Marketing of the Cracow University of Economics. The research has been conducted as a part of grant received by Polish National Centre of Science.
文摘The paper refers to literatures to show how the state mitigates the effects of market failures in foreign trade.The research study leads to the conclusion that state interventions are necessary in creating administrative and legal conditions for facilitating trade exchange in the context of the role of transnational corporations in the global economy,as well as in reducing the adverse impact of international turbulences on the competitiveness of national entities through the use of export supporting instruments.
