The aggregate and sectoral time‑varying market efficiency during crisis periods in Turkey:a comparative analysis with COVID‑19 outbreak and the global financial crisis

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.

Global Financial Crisis and Accounting Rules： The Implications of the New Exposure Draft （ED） Financial Instruments： Expected Credit Losses on the Evaluation of Banking Company Loans

During the financial crisis, the delayed recognition of credit losses on loans and other financial instruments was identified as a weakness in existing incurred loss model of impairment stated by International Accounting Standards （IAS） 39, because it is believed that this delay might generate pro-cyclical effects. In response to the recommendations of G20, Financial Crisis Advisory Group （FCAG）, and other international bodies, the International Accounting Standards Board （IASB） has undertaken, since 2009, as a part of the project to replace IAS 39, a project （partially shared with Financial Accounting Standards Board （FASB）） aimed at introducing an expected loss model of impairment. Within the scope of this subset project, the IASB has previously issued two exposure documents proposing models to account for expected credit losses： an exposure draft （ED） Financial Instrument： Amortized Cost and Impairment, published in November 2009, and a supplementary document （SD） Financial Instrument： Impairment, published jointly with the FASB in January 2011. However, neither of the two proposals received strong support from interested parties. Recently, the IASB, after the FASB＇s decision to withdraw from the joint project and to develop a separate expected credit loss model based on a single measurement approach consisting in the sole recognition of lifetime expected credit losses, published a third proposal--Ahe so-called expected credit losses model （ED/2013/3 Financial Instruments： Expected Credit Losses）.

Predicting Corporate Failure and Global Financial Crisis： Theory and Implications

The purpose of this paper is to discuss corporate failure issues in the context of the global financial crisis. After considering some key issues, the paper shows how relevant these issues are relevant in the present financial fiasco. It is clear that corporate failure brings untold hardships to all stakeholders. Again the problem of predicting corporate failure in the midst of the financial contagion could be overcome with sound risk management structure in place. The discussion mainly focuses on corporate failure within the context of the global financial distress. To the best of our knowledge this study is the first of its kind, which provides conceptual insights on predicting corporate failure and the global financial distress.

Chinese Trade Unions Strive to Protect Workers' Rights and Interests in Dealing with 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.

Handling the Global Financial Crisis:China's Policy Response and Its Assessment

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.

The Impact of Global Financial Crisis on China Chemical Fiber Industry and Response Strategies (Part Ⅱ)

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

China's New International Financial Strategy amid the Global Financial Crisis

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.

Impact of the Global Financial Crisis on China: Empirical Evidence and Policy Implications

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.

What Caused the Sharp Downturn in the Chinese Economy during the Global Financial Crisis? A Critical Note on Causality in Trade Linkage

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.

Roles of Financial Innovation and Information Technology:Lessons from US Sub-prime Mortgage Crisis and Its Implications for China

The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how technology and financial innovation transformed the mortgage loan from a local security into a premier global security traded worldwide. It examines the fundamental flaws of this process and why it does not work in regards to mortgage lending and the re-securitization products that were created through financial innovation. The findings show that regulation was unable to keep pace with financial innovation, which created an environment where actors in the financial service sector were able to behave geographically irresponsibly by using information asymmetries to their advantage by par- ticipating in moral hazard activities and engaging in other immoral and unethical business practices that were centered around localized geography, which ultimately contributed to the global financial crisis. It also examines the roll of financial innovation in regard to the Lehman Brothers Mini-Bond in Hung and its role as a driving force behind China＇s newly emerging shadow banking sector. It concludes with a policy recommendation and its implication for China＇s continued economic development.

Financial Integration Among the ASEAN 5 ＋ 3 Stock Markets： A Preliminary Look at the First 10 Years of the New Millenium

The purpose of this study is to investigate the financial integration of the stock markets of the ASEAN 5 ＋ 3 countries. These countries include Indonesia, Malaysia, Philippines, Singapore, Thailand, China, Japan, and South Korea. The research determined the stock return volatility for each country＇s index during the first decade of the new millennium. The findings showed that there is the presence of integration and co-integration with Philippine index＇s return with the index＇s returns of the following countries： Indonesia, Singapore, and Thailand. Furthermore, there is evidence of volatility clustering in these stock markets. The study concluded with the policy implications of greater integration in light of the planned cross trading among four ASEAN bourses, namely, Philippines, Singapore, Thailand, and Malaysia by 2012.

Agricultural development and food security： The way out of crisis

The purpose of this study is to elicit how investments in agricultural development and food security would safeguard the Virgin Islands （BVI） and the Caribbean, by extension, from future global crisis. History shows that agriculture played a significant role in the rise of civilization globally and was the main contributor to the Caribbean economy before the 1950＇s. Overall, it was determined that the BVI population, in general, is desirous of more investment opportunities within the agricultural sector, to assist with the alleviation of poverty at the national level, to advance economic development and trade across the region and to make sustainable development more attainable for the Caribbean, as a whole. To do this, agricultural development and food security must become the focal point of the BVI and other Caribbean economies. Accordingly, the paper recommends that investment within the agricultural sector be undertaken more aggressively across the region. The mixed research approach method was used to validate these claims.

New ideas on China＇s Foreign Trade Development Strategy

China has been a leader in export strategy since the reform and opening-up for trade. This has played a positive role in economic development, however, since stepping into a large country economy, entering the.WTO and the current development of economic globalization at a rapid rate, the leading export strategy has already been very difficult to adapt to the daily challenges in export because of the constant changes in domestic and international economic environment. In view of this, China should turn its strategy into one of dynamic comparative advantages with a global competitive strategy, in conformity with big country＇s economy in the economic background of globalization.

Employment Effectiveness of China's Economic Stimulus Package

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.

Return and Volatility Spillovers Effects:Study of Asian Emerging Stock Markets

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.

An Overview： The Sudden Change of the Chinese Economy and Macroeconomic Policy Choices

With the rapid growth of the Chinese economy, some new phenomena appeared before mid--2008： these included excess liquidity of the banking system, increasing inflation pressure, huge increase of foreign exchange reserves, growing pressure of RMB revaluation, high price of real estate, consistent growth of equity price, rising reserves requirements ratio, large pressure of raising the RMB interest rate. /~er that, due to the international financial crisis, the external demand on China has decreased and the goal of the Chinese macro economy was directed to ensure economic growth. Proactive fiscal policy and moderately loose monetary policy were adopted by the Chinese government. It was a tough task to maintain steady growth of the macro economy under the impact of the global financial crisis. In 2009, stimulated by the macroeconomic policy, the Chinese economy showed a V-shape rebound. The paper mainly explores the sudden economic change due to the global financial crisis, and the situation of the Chinese economy in these two different phases. Finally the paper puts forward the corresponding policy suggestions.

Sino-Israeli Relations:Current Reality and Future Prospects

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.