Promote Global Financial Market Integration

The B20 finance-driven growth taskforce provided four policy recommendations,including the optimization of global financial supervision,supporting stable growth of the world economy,the promotion of the development of green finance,and the pro-

China: Between Social Stability and Market Integration

China＇s gradual integration with the global market is responsible for exceptional rates of economic growth and for the substantial sociopolitical stability enjoyed by the country over the past decades. Nevertheless, the choice to increasingly adhere to the competitive dynamic of the market has thrown up a battery of problems for China＇s leadership, as increasing affluence has favored the pluralization and diversification of social interests. In a country where the existence of divergent and competing social claims has traditionally been regarded as a grave threat to stability, marketization, whereas on the one hand acting as a source of political legitimacy, has, on the other, paved the way for a potentially more strained relationship between relevant corporative interests and the central government. By studying China＇s recent development from the complementary perspectives of the ＂horizontal＂ and ＂vertical＂ forms of decentralization and devolution, this paper aims to highlight the tensions with which China has had to contend since its adoption of reform and opening-up policies in the late 1970s. It aims also to suggest how the Chinese leadership＇s instinct for continued social control has cut against market reform just enough to effect a process of controlled macroeconomic integration that has been more successful than wholesale resistance or immediate unquestioning acceptance would have been.

The linkage between Bitcoin and foreign exchanges in developed and emerging markets

This study investigates the connectedness between Bitcoin and fiat currencies in two groups of countries:the developed G7 and the emerging BRICS.The methodology adopts the regular(R)-vine copula and compares it with two benchmark models:the multivariate t copula and the dynamic conditional correlation(DCC)GARCH model.Moreover,this study examines whether the Bitcoin meltdown of 2013,selloff of 2018,COVID-19 pandemic,2021 crash,and the Russia-Ukraine conflict impact the linkage with conventional currencies.The results indicate that for both currency baskets,R-vine beats the benchmark models.Hence,the dependence is better modeled by providing sufficient information on the shock transmission path.Furthermore,the cross-market linkage slightly increases during the Bitcoin crashes,and reaches significant levels during the 2021 and 2022 crises,which may indicate the end of market isolation of the virtual currency.

A new analytical approach for identifying market contagion

This study proposed a new analytical approach to identify the excessive comovement of two markets as contagion.This goal is achieved by linking latent-factor and single-equation error correction models and evaluating the breaks in the short-and long-term relationships and correlatedness in the linked model.The results demonstrated that a short-term relationship representing the market speed ratio between two markets plays a key role in contagion dynamics.When a long-term relationship or correlatedness is broken(comovement change)due to a break in the short-term relationship(market speed ratio),contagion is highly likely and should be formally declared.Bayesian posterior probabilities were calculated to determine the cause.Furthermore,this study applied this analytical Bayesian approach to empirically test the contagion effects of the U.S.stock market during the global financial crisis between 2007 and 2009 using 22 developed equity markets.

Does the Internet Accelerate the Integration of Domestic Markets？ Evidence from China

This paper employs a hybrid methodology that combines case study and econometric research to examine the impact of the Internet on domestic market integration. There is not much research on this issue in the literature. From the multi-case analysis, this paper firstly obtains two main indications which are clear yet contrary to each other about how the Internet influences the market integration process. To be specific, although the Internet has both the ability and the potential to promote market integration, it is not always effective and could even harm this process due to several constraints. Using a provincial-level panel dataset from 2007 to 2013 in China, this paper empirically investigates whether the Internet plays a positive role in the market integration process. Contradictory to common expectations, we do not find any empirical evidence that the Intemet accelerates the integration of domestic markets. Thus, when compared with taking advantage of Internet tools, manmade obstacles to market integration that exist in current trading systems and business models deserve more attention.

Railway's Effects on Economic Development:A Quantitative Study on Modern Henan(1890s-1930s)

Different arguments on the relationship between railway construction and economic development exist in literature. As the railway construction of Henan in the period of late Qing Dynasty(1644-1911) and early Republic of China(1912-1949) provides a nearly natural experiment to throw new light on this topic, this paper creates county-level panel data for this period and conducts a further test with a difference-in-difference strategy. While the effect of railway is demonstrated to be positive in some literature yet negative in others, this paper identifies some major intergroup differences: railway lines put into service after the 1910 s and connecting central cities promoted population growth in regions along the railway lines, enhanced their capacity to cope with external market shocks, yet they did not improve integration with the intra-provincial market. By contrast, the railway lines put into operation in the 1930 s and connecting hinterland areas not only improved regional market integration but contributed to higher living standards as well. The implication is that the effects of railway are subject to the economic relations of various localities along the railway lines and the economic attributes of various sectors. thus railways cannot be generally defined to be positive or negative. This conclusion helps explain the disagreements in empirical studies and highlight the impact of railways on the regional economic structure.

The Integrated Development of Weapon Technology and Weather Modification Technology

The advanced weather modification equipment was introduced,which was produced by China North Industries Corp（ NORINCO）. The advice of ordnance technology and weather modification technology integrated development was presented from aspects of system planning,overall design,market development and field extension. The feasibility and necessity of civil-military integrated development that the weapon technology could promote the development of civil product,i. e.,weather modification products,and as a result the civil technology＇s innovation could also accelerate the ordnance development was discussed.

An Exploratory Study on the Electronic Word of Mouth Communication in Promoting Brands in the Online Platforms

This study discusses on the communication method followed by most of the brands called. “Electronic Word of Mouth” in a short form is called as eWOM in order to reach the customers effectively in a short span. Social media having become a new hybrid component of integrated marketing communication allows the brands to establish strong relationship with the customers. With the establishment of customer relationship online, the brands create a platform for the customers to discuss about the product features, quality, price and write a review about the product online. This research analyses about the social media and its impact in spreading the messages about the brands to the end customers and the impact of gender, age groups, income, designation and the demographic details of the customers in trusting the information that is spread through electronic media and the level at which the eWOM helps the customers to select the brand.

中国地方政府经营的结构变迁与制度逻辑

改革开放以来,地方政府在经济治理领域总体保持发展型和经营性的角色特征,但具体的经营结构却发生着明显变化,即从经营企业阶段的地方性国家统合主义转向经营辖区阶段的政企统合治理。这一转变背后有着深刻的制度逻辑,企业产权改制和民营化推进、政治与市场中的双重竞争和互嵌、财税金融制度的集权化改革、开放与垄断并存的生产要素市场共同形塑了上述演变。政企统合治理是政府与市场之间“第三领域”的一个结构表现,其在功能上有助于地方政府整合经济发展中的多重目标。中国情境下的政府与市场关系研究需要注意地方政府在“第三领域”中弹性、模糊的治理机制,这些机制不仅广泛存在于中国的政府与社会关系之间,而且同样存在于政府与市场关系之中。

The global financial crisis and its transmission to Asia Pacific

By virtue of the US markets closing later than Asia-Pacific(AP)markets,returns observed in the US include information not reflected in AP until the next day.Provided there is enough integration among markets,this asymmetry should then generate Granger causality from the US returns towards returns in the AP region.It is thus obvious that when testing for Granger causality among the Western and AP markets,interdependence due to non-synchronicity should be clearly identified and factored out.Our novel method is to measure contagion,usually defined as excessive market integration during crises,as excess interdependence beyond the non-synchronicity induced.We test for contagion of the 2008 Financial Crisis from the US to AP.The unmistakable emergence of a new cointegration relation that intertwines the US and AP markets only during the crisis,but not before,presents evidence of long-run contagion,that is a new channel that transmits crisis-related info.We find strong contagion from US to Korea,no contagion to Hong Kong,and Australia is a mixed case.Our explanation is that the Korean economy is the most vulnerable due to its export orientation,Hong Kong becomes disentangled due to its relation to China,which is consistent with the theory of‘decoupling’of China,and the Australian case is somewhere in the middle,probably due to its close ties to the US but also its strong reliance on natural resources and gold.