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
This paper examines the Granger causal relationship between capital flows and economic growth in China over the period 1998Q1–2019Q2,allowing for real effective exchange rate(REER)effects.As parameter instability tes...This paper examines the Granger causal relationship between capital flows and economic growth in China over the period 1998Q1–2019Q2,allowing for real effective exchange rate(REER)effects.As parameter instability tests indicate structural changes,we use bootstrap rolling window causality tests,which suggest that the causal nexus between capital flows and GDP growth is time-varying.We find that the causal links between foreign direct investments(FDIs)and GDP growth are hardly affected by the REER,whereas the REER plays a more important role in affecting the causal connections between portfolio investments and other investments and GDP growth.Our results suggest that cumulative portfolio inflows and cumulative other investment inflows harm GDP growth,whereas cumulative portfolio outflows and cumula-tive other investment outflows positively affect GDP growth.展开更多
I. IntroductionThere have been numerous studies on free capital mobility, its management and impact on developing countries’ economy during the past decades. International capital flows create opportunities for portf...I. IntroductionThere have been numerous studies on free capital mobility, its management and impact on developing countries’ economy during the past decades. International capital flows create opportunities for portfolio diversification and risk sharing. In classical cases, capital mobility permits a more efficient global allocation of savings and directs resources toward their most productive uses (Fischer, 1998, etc.). However,展开更多
As a matter of expediency, most existing corporate-based urban networks can only be quantitatively measured by either counting the number of linkages or calculating the product of estimated service values. However, th...As a matter of expediency, most existing corporate-based urban networks can only be quantitatively measured by either counting the number of linkages or calculating the product of estimated service values. However, the impreciseness arising due to the limits of quantitative analysis may prove fatal to studies about non-market economies like China. Employing the capital investment dataset as an example, we build a capital-weighted intervention network as well as an unweighted control network to carry out an examination of the quantitative validity in China’s corporate-based urban network analysis. Both the overall spatial pattern and top city-dyads within the capital-weighted network witness Beijing, as the most dominant city, overshadow the performance of the others, and the unweighted network shows multilateral interactions between China’s top cities including Beijing, Shanghai, Shenzhen, and Guangzhou. To further interpret the noticeable differences, we divide the overall network into two subnetworks, inferred by focusing on state-owned enterprises(SOEs) and private enterprises. The results show that the public and private sectors have separately created vastly different subnetworks in China and that SOEs play a much more significant role in terms of capital. Besides fresh insights into China’s urban network, this study provides a cautionary tale reminding researchers of the essentiality and complexity when making a quantitative distinction between different linkages.展开更多
Unlike previous studies that have primarily focused on the causes and processes, this research emphasizes the consequences of collective turnover. Starting from a literature review, we use event chains to explore the ...Unlike previous studies that have primarily focused on the causes and processes, this research emphasizes the consequences of collective turnover. Starting from a literature review, we use event chains to explore the consequences of collective turnover. Based on the case study of the Qidian founders' collective turnover, we build a holistic theoretical framework to show the dynamics and continuity over time, influenced by the complexity of context. Our main conclusions are as follows: (1) collective turnover has a cascade effect, causing a series of secondary and derivative events, (2) collective turnover has both proximal and distal impacts on human capital flow, operational performance and financial performance, (3) whether or not a collective turnover has a positive or negative effect depends on the context factors. An event chain perspective that extends collective turnover theory and organizational behavior theory is used. We advocate for an integrate understanding of the consequences of collective tumover. In addition, this research will provide practical, instructive policies to intervene in collective turnover.展开更多
This study discusses the current development of China’s trade and investment and theirrelated issues. It presents data consistent with the hypothesis that Chinese firms try toovercome market impediments, such as capi...This study discusses the current development of China’s trade and investment and theirrelated issues. It presents data consistent with the hypothesis that Chinese firms try toovercome market impediments, such as capital account inconvertibility and differential taxtreatment between foreign and domestic firms, through trade and investment. Variouschallenges and opportunities related to China’s future trade and investment are also discussed.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.
文摘This paper examines the Granger causal relationship between capital flows and economic growth in China over the period 1998Q1–2019Q2,allowing for real effective exchange rate(REER)effects.As parameter instability tests indicate structural changes,we use bootstrap rolling window causality tests,which suggest that the causal nexus between capital flows and GDP growth is time-varying.We find that the causal links between foreign direct investments(FDIs)and GDP growth are hardly affected by the REER,whereas the REER plays a more important role in affecting the causal connections between portfolio investments and other investments and GDP growth.Our results suggest that cumulative portfolio inflows and cumulative other investment inflows harm GDP growth,whereas cumulative portfolio outflows and cumula-tive other investment outflows positively affect GDP growth.
文摘I. IntroductionThere have been numerous studies on free capital mobility, its management and impact on developing countries’ economy during the past decades. International capital flows create opportunities for portfolio diversification and risk sharing. In classical cases, capital mobility permits a more efficient global allocation of savings and directs resources toward their most productive uses (Fischer, 1998, etc.). However,
基金Under the auspices of the National Social Science Foundation of China(No.16ZDA017)。
文摘As a matter of expediency, most existing corporate-based urban networks can only be quantitatively measured by either counting the number of linkages or calculating the product of estimated service values. However, the impreciseness arising due to the limits of quantitative analysis may prove fatal to studies about non-market economies like China. Employing the capital investment dataset as an example, we build a capital-weighted intervention network as well as an unweighted control network to carry out an examination of the quantitative validity in China’s corporate-based urban network analysis. Both the overall spatial pattern and top city-dyads within the capital-weighted network witness Beijing, as the most dominant city, overshadow the performance of the others, and the unweighted network shows multilateral interactions between China’s top cities including Beijing, Shanghai, Shenzhen, and Guangzhou. To further interpret the noticeable differences, we divide the overall network into two subnetworks, inferred by focusing on state-owned enterprises(SOEs) and private enterprises. The results show that the public and private sectors have separately created vastly different subnetworks in China and that SOEs play a much more significant role in terms of capital. Besides fresh insights into China’s urban network, this study provides a cautionary tale reminding researchers of the essentiality and complexity when making a quantitative distinction between different linkages.
基金The study is supported by China's National Nature Science Foundation (No. 71472094, 71132001). We gratefully acknowledge the invaluable comments and advice from Professor Bing Ren (任兵). We thank the editors and two anonymous reviewers for their constructive and generative comments throughout the review process.
文摘Unlike previous studies that have primarily focused on the causes and processes, this research emphasizes the consequences of collective turnover. Starting from a literature review, we use event chains to explore the consequences of collective turnover. Based on the case study of the Qidian founders' collective turnover, we build a holistic theoretical framework to show the dynamics and continuity over time, influenced by the complexity of context. Our main conclusions are as follows: (1) collective turnover has a cascade effect, causing a series of secondary and derivative events, (2) collective turnover has both proximal and distal impacts on human capital flow, operational performance and financial performance, (3) whether or not a collective turnover has a positive or negative effect depends on the context factors. An event chain perspective that extends collective turnover theory and organizational behavior theory is used. We advocate for an integrate understanding of the consequences of collective tumover. In addition, this research will provide practical, instructive policies to intervene in collective turnover.
文摘This study discusses the current development of China’s trade and investment and theirrelated issues. It presents data consistent with the hypothesis that Chinese firms try toovercome market impediments, such as capital account inconvertibility and differential taxtreatment between foreign and domestic firms, through trade and investment. Variouschallenges and opportunities related to China’s future trade and investment are also discussed.