This study aims to examine the time-varying efficiency of the Turkish stock market’s major stock index and eight sectoral indices,including the industrial,financial,service,information technology,basic metals,tourism...This study aims to examine the time-varying efficiency of the Turkish stock market’s major stock index and eight sectoral indices,including the industrial,financial,service,information technology,basic metals,tourism,real estate investment,and chemical petrol plastic,during the COVID-19 outbreak and the global financial crisis(GFC)within the framework of the adaptive market hypothesis.This study employs multifractal detrended fluctuation analysis to illustrate these sectors’multifractality and short-and long-term dependence.The results show that all sectoral returns have greater persis-tence during the COVID-19 outbreak than during the GFC.Second,the real estate and information technology industries had the lowest levels of efficiency during the GFC and the COVID-19 outbreak.Lastly,the fat-tailed distribution has a greater effect on multifractality in these industries.Our results validate the conclusions of the adaptive market hypothesis,according to which arbitrage opportunities vary over time,and contribute to policy formulation for future outbreak-induced economic crises.展开更多
Protecting the rights and interests of workers and staff members constitutes an important aspect of China's human rights protection. At the time when the country is dealing with impacts of the global financial crisis...Protecting the rights and interests of workers and staff members constitutes an important aspect of China's human rights protection. At the time when the country is dealing with impacts of the global financial crisis, the All-China Federation of Trade Unions has been working fruitfully and effectively to accelerate economic and social development and safeguard the legitimate rights and interests of workers, therefore making contributions to the protection of the rights and interests of Chinese workers. Now I would like to make a brief introduction on this subject.展开更多
Though a star economy during the past few decades,China has proven not to be crisis-proof and is suffering in the American-made global financial crisis.In response,the Chinese government has adjusted its macroeconomic...Though a star economy during the past few decades,China has proven not to be crisis-proof and is suffering in the American-made global financial crisis.In response,the Chinese government has adjusted its macroeconomic policy swiftly and implemented a counter-cycle policy,including a proactive fiscal policy,a moderately easy monetary policy and an active international cooperation policy.The Chinese government's policy is a comprehensive one,effectively combining investment,domestic consumption and foreign trade,short-term and long-term needs,economic growth and social development,and self-development and international cooperation.The Chinese government's policy has produced generally good results so far and will be continued.展开更多
Prospects of Global Financial Crisis and Economic Crisis The widely spreading global financial crisis has halted the fast growth of world economy in five consecutive years,and heavily stricken the financial and econom...Prospects of Global Financial Crisis and Economic Crisis The widely spreading global financial crisis has halted the fast growth of world economy in five consecutive years,and heavily stricken the financial and economic sectors worldwide.It’s second only to the "Great Depression" in the 1930’s.Governments展开更多
The Chinese Government has stepped up its drive to reconstruct its international ftnancial strategy after the sub-prime crisis developed into a global financial crisis in 2008. The main aim of the strategy is to reduc...The Chinese Government has stepped up its drive to reconstruct its international ftnancial strategy after the sub-prime crisis developed into a global financial crisis in 2008. The main aim of the strategy is to reduce the country's dependence on the US dollar in foreign trade, cross-border capital flows and foreign exchange reserve management. The strategy can be divided into three tiers: renminbi internationalization, regional monetary cooperation and reconstruction of the international monetary regime. So far, the Chinese Government has fared well in the application of all three tiers. We hoM that the Chinese Government should continue in the same direction in a coordinated manner despite various challenges it faces.展开更多
This paper applies a structural vector autoregression analysis to quantify the impact of the global financial crisis on China. It is found that the impact is indeed sizeable: a 1-percent decline in economic growth in...This paper applies a structural vector autoregression analysis to quantify the impact of the global financial crisis on China. It is found that the impact is indeed sizeable: a 1-percent decline in economic growth in the USA, the EU and Japan is likely to lead to a0. 73-percent decline in growth in China. The article discusses whether the current measures of fiscal stimulus are adequate to offset the sharp decline in external demand Although there is little doubt that the massive fiscal stimulus will largely offset the significant shortfalls in external demand, the current growth pattern in China will be increasingly unsustainable in the long term. China "s reform cycles suggest that external shocks are often opportunities for structural reforms. Therefore, the crisis could also be a catulyst for rebalancing China 's economic structure so as to return the economy to a sustainable path.展开更多
In responding to a view that attributes sharp downturns in the Chinese economy in late 2008 and early 2009 to the "collapse of external demand," the present paper scrutinizes three relevant issues: How have large C...In responding to a view that attributes sharp downturns in the Chinese economy in late 2008 and early 2009 to the "collapse of external demand," the present paper scrutinizes three relevant issues: How have large Chinese importers behaved in a demand-price setting? How have Chinese commodity imports and exports interacted in recent years? Did the downturns in China's export growth come earlier and were they deeper than those in Chinese import growth? All answers appear to suggest a conclusion contrary to the abovementioned view: sharp downturns in China's trade and economy during the reeent global financial crisis were, to a large extent, caused by certain domestic factors, or by factors that should not be regarded as entirely "external. " Insomuch as globalization has advanced, a large economy like China's today faces new potential sources of macroeeonomic disturbances, from inside and outside.展开更多
Using an input--output method, this paper simulates the impacts of the global financial crisis and the decline of exports on China's economy and employment. With shrinking external demand, boosting domestic demand be...Using an input--output method, this paper simulates the impacts of the global financial crisis and the decline of exports on China's economy and employment. With shrinking external demand, boosting domestic demand becomes crucial for maintaining economic growth and promoting employment. Our simulated results indicate that an investment scenario with employment as a priority can achieve the objective of employment maximization without significantly reducing growth. Public investment should focus on employment, education, health, housing and social security to rebalance China's economy so that it can realize sustained and stable economic growth.展开更多
This paper examines the extent of contagion and interdependence across the six Asian emerging countries stock markets(e.g., Bangladesh, China, India, Malaysia, the Philippine, and South Korea) and then try to quantify...This paper examines the extent of contagion and interdependence across the six Asian emerging countries stock markets(e.g., Bangladesh, China, India, Malaysia, the Philippine, and South Korea) and then try to quantify the extent of the Asian emerging market fluctuations which are described by intra-regional contagion effect. These markets experienced both fast growth and key upheaval during the sample period, and thus, provide potentially rich information on the nature of border market interactions. Using the daily stock market index data from January 2002 to December 2016(breaking the 15 years data set into three sub periods; pre-crisis, crisis, and post crisis periods);particularly make attention to the global financial crisis of 20072008. The return and volatility spillovers are modeled through the GARCH(generalized autoregressive conditional heteroscedasticity),pairwise Granger causality tests, and the forecast error variance decomposition in a generalized VAR(vector auto regression) models. This paper shows that volatility and return spillovers behave very differently over time, during the pre-crisis, crisis, and post crisis periods. Importantly, Asian emerging stock markets interaction is less before the global financial crisis period. The return and volatility spillover indices touch their respective historical peaks during the global financial crisis 20072008,however Bangladeshi market faces this condition in 20092010.展开更多
More than 60 years’Sino-Israeli relations experience twists and turns.Republic of China government has helped the Jews and in deed supported the establishment of Jewish state.One year after the founding of State of I...More than 60 years’Sino-Israeli relations experience twists and turns.Republic of China government has helped the Jews and in deed supported the establishment of Jewish state.One year after the founding of State of Israel,the People’s Republic of China was established,Israel turned to the new regime,but the Korean War and the Bandung Conference made the relationship between Israel and China become cool and eventually break.The ease of Sino-US relations,Israel-Egypt peace talks and Sino-Vietnam border war provide the opportunity for the development of Sino-Israeli relations again,and Hong Kong became the bridgehead of dual military,economic and political cooperation;the two countries established diplomatic relations in 1992 eventually.Due to the repeated Israel-Arab relations,the American pressure on Israeli arms exports to China and China’s internal ethnic separatism,China swifts between Israel and Islam-Arab countries with limited success in the involvement in Middle East peace process.In the current global financial crisis,the international community recognizes the important position of China,Israel needs new China policy which fits the era of international system transformation.展开更多
文摘This study aims to examine the time-varying efficiency of the Turkish stock market’s major stock index and eight sectoral indices,including the industrial,financial,service,information technology,basic metals,tourism,real estate investment,and chemical petrol plastic,during the COVID-19 outbreak and the global financial crisis(GFC)within the framework of the adaptive market hypothesis.This study employs multifractal detrended fluctuation analysis to illustrate these sectors’multifractality and short-and long-term dependence.The results show that all sectoral returns have greater persis-tence during the COVID-19 outbreak than during the GFC.Second,the real estate and information technology industries had the lowest levels of efficiency during the GFC and the COVID-19 outbreak.Lastly,the fat-tailed distribution has a greater effect on multifractality in these industries.Our results validate the conclusions of the adaptive market hypothesis,according to which arbitrage opportunities vary over time,and contribute to policy formulation for future outbreak-induced economic crises.
文摘Protecting the rights and interests of workers and staff members constitutes an important aspect of China's human rights protection. At the time when the country is dealing with impacts of the global financial crisis, the All-China Federation of Trade Unions has been working fruitfully and effectively to accelerate economic and social development and safeguard the legitimate rights and interests of workers, therefore making contributions to the protection of the rights and interests of Chinese workers. Now I would like to make a brief introduction on this subject.
文摘Though a star economy during the past few decades,China has proven not to be crisis-proof and is suffering in the American-made global financial crisis.In response,the Chinese government has adjusted its macroeconomic policy swiftly and implemented a counter-cycle policy,including a proactive fiscal policy,a moderately easy monetary policy and an active international cooperation policy.The Chinese government's policy is a comprehensive one,effectively combining investment,domestic consumption and foreign trade,short-term and long-term needs,economic growth and social development,and self-development and international cooperation.The Chinese government's policy has produced generally good results so far and will be continued.
文摘Prospects of Global Financial Crisis and Economic Crisis The widely spreading global financial crisis has halted the fast growth of world economy in five consecutive years,and heavily stricken the financial and economic sectors worldwide.It’s second only to the "Great Depression" in the 1930’s.Governments
文摘The Chinese Government has stepped up its drive to reconstruct its international ftnancial strategy after the sub-prime crisis developed into a global financial crisis in 2008. The main aim of the strategy is to reduce the country's dependence on the US dollar in foreign trade, cross-border capital flows and foreign exchange reserve management. The strategy can be divided into three tiers: renminbi internationalization, regional monetary cooperation and reconstruction of the international monetary regime. So far, the Chinese Government has fared well in the application of all three tiers. We hoM that the Chinese Government should continue in the same direction in a coordinated manner despite various challenges it faces.
文摘This paper applies a structural vector autoregression analysis to quantify the impact of the global financial crisis on China. It is found that the impact is indeed sizeable: a 1-percent decline in economic growth in the USA, the EU and Japan is likely to lead to a0. 73-percent decline in growth in China. The article discusses whether the current measures of fiscal stimulus are adequate to offset the sharp decline in external demand Although there is little doubt that the massive fiscal stimulus will largely offset the significant shortfalls in external demand, the current growth pattern in China will be increasingly unsustainable in the long term. China "s reform cycles suggest that external shocks are often opportunities for structural reforms. Therefore, the crisis could also be a catulyst for rebalancing China 's economic structure so as to return the economy to a sustainable path.
文摘In responding to a view that attributes sharp downturns in the Chinese economy in late 2008 and early 2009 to the "collapse of external demand," the present paper scrutinizes three relevant issues: How have large Chinese importers behaved in a demand-price setting? How have Chinese commodity imports and exports interacted in recent years? Did the downturns in China's export growth come earlier and were they deeper than those in Chinese import growth? All answers appear to suggest a conclusion contrary to the abovementioned view: sharp downturns in China's trade and economy during the reeent global financial crisis were, to a large extent, caused by certain domestic factors, or by factors that should not be regarded as entirely "external. " Insomuch as globalization has advanced, a large economy like China's today faces new potential sources of macroeeonomic disturbances, from inside and outside.
文摘Using an input--output method, this paper simulates the impacts of the global financial crisis and the decline of exports on China's economy and employment. With shrinking external demand, boosting domestic demand becomes crucial for maintaining economic growth and promoting employment. Our simulated results indicate that an investment scenario with employment as a priority can achieve the objective of employment maximization without significantly reducing growth. Public investment should focus on employment, education, health, housing and social security to rebalance China's economy so that it can realize sustained and stable economic growth.
基金Financial support provided by the Chinese Academy of Sciences and The World Academy of Sciences (CAS-TWAS)
文摘This paper examines the extent of contagion and interdependence across the six Asian emerging countries stock markets(e.g., Bangladesh, China, India, Malaysia, the Philippine, and South Korea) and then try to quantify the extent of the Asian emerging market fluctuations which are described by intra-regional contagion effect. These markets experienced both fast growth and key upheaval during the sample period, and thus, provide potentially rich information on the nature of border market interactions. Using the daily stock market index data from January 2002 to December 2016(breaking the 15 years data set into three sub periods; pre-crisis, crisis, and post crisis periods);particularly make attention to the global financial crisis of 20072008. The return and volatility spillovers are modeled through the GARCH(generalized autoregressive conditional heteroscedasticity),pairwise Granger causality tests, and the forecast error variance decomposition in a generalized VAR(vector auto regression) models. This paper shows that volatility and return spillovers behave very differently over time, during the pre-crisis, crisis, and post crisis periods. Importantly, Asian emerging stock markets interaction is less before the global financial crisis period. The return and volatility spillover indices touch their respective historical peaks during the global financial crisis 20072008,however Bangladeshi market faces this condition in 20092010.
文摘More than 60 years’Sino-Israeli relations experience twists and turns.Republic of China government has helped the Jews and in deed supported the establishment of Jewish state.One year after the founding of State of Israel,the People’s Republic of China was established,Israel turned to the new regime,but the Korean War and the Bandung Conference made the relationship between Israel and China become cool and eventually break.The ease of Sino-US relations,Israel-Egypt peace talks and Sino-Vietnam border war provide the opportunity for the development of Sino-Israeli relations again,and Hong Kong became the bridgehead of dual military,economic and political cooperation;the two countries established diplomatic relations in 1992 eventually.Due to the repeated Israel-Arab relations,the American pressure on Israeli arms exports to China and China’s internal ethnic separatism,China swifts between Israel and Islam-Arab countries with limited success in the involvement in Middle East peace process.In the current global financial crisis,the international community recognizes the important position of China,Israel needs new China policy which fits the era of international system transformation.