The underlying literature hypothesises and provides randomised evidence for the positive impact of promoting the broad-based inclusion,empowerment,and representation of women on regional ecosystems.This study seeks to...The underlying literature hypothesises and provides randomised evidence for the positive impact of promoting the broad-based inclusion,empowerment,and representation of women on regional ecosystems.This study seeks to isolate a female agencydriven development factor in external sovereign emerging market debt and finds evidence for superior risk-adjusted returns from tilting towards female agency leaders.We propose the female agency factor as an additional scope in the modern investor’s toolbox of holistic credit assessment,allowing investors to isolate the issuers which are the most effective sovereign transmission mechanisms of sustainable development capital.This contribution to the corpus supports the notion of integrating sustainability factors into portfolio construction and reinforces the argument for supporting femaleled development from a financial markets’perspective.展开更多
We construct a sovereign default network by employing high-dimensional vector autoregressions obtained by analyzing connectedness in sovereign credit default swap markets.We develop four measures of centrality,namely,...We construct a sovereign default network by employing high-dimensional vector autoregressions obtained by analyzing connectedness in sovereign credit default swap markets.We develop four measures of centrality,namely,degree,betweenness,closeness,and eigenvector centralities,to detect whether network properties drive the currency risk premia.We observe that closeness and betweenness centralities can negatively drive currency excess returns but do not exhibit a relationship with forward spread.Thus,our developed network centralities are independent of an unconditional carry trade risk factor.Based on our findings,we develop a trading strategy by taking a long position on peripheral countries’currencies and a short position on core coun-tries’currencies.The aforementioned strategy generates a higher Sharpe ratio than the currency momentum strategy.Our proposed strategy is robust to foreign exchange regimes and the coronavirus disease 2019 pandemic.展开更多
This study examines the spillover effects of U.S.monetary policy normalization on Nigeria 10-Year Treasury bond yield between 2011 and 2017,using the vector error correction model approach.Our results reveal that dome...This study examines the spillover effects of U.S.monetary policy normalization on Nigeria 10-Year Treasury bond yield between 2011 and 2017,using the vector error correction model approach.Our results reveal that domestic factors,such as exchange rate and inflation,rather than the U.S.10-Year sovereign bond yield,are the key drivers of Nigeria 10-Year bond yield.Additionally,the spillover effect from the U.S.monetary policy was amplified by oil price shocks and changes in Nigeria’s monetary policy rates.Our counterfactual analysis confirms the findings.展开更多
The UK government successfully issues a sovereign bond in China’s currency,the renminbi(RMB),becoming the first western country to do so,according to British Embassy in China.The sovereign bond,issued on October 14 i...The UK government successfully issues a sovereign bond in China’s currency,the renminbi(RMB),becoming the first western country to do so,according to British Embassy in China.The sovereign bond,issued on October 14 in RMB,was the largest ever non-Chinese RMB bond.The RMB 3 billion bond,which is equivalent to approximately?300million,has a maturity of 3 years and delivers on the展开更多
Asovereign remedy for coronary heart disease, the traditional Chinese patent medicine Shan Hai Dan, in the form of tablets, capsules, oral jelly, drinks and health wine, and produced by the Shan Hai Dan Industrial Ent...Asovereign remedy for coronary heart disease, the traditional Chinese patent medicine Shan Hai Dan, in the form of tablets, capsules, oral jelly, drinks and health wine, and produced by the Shan Hai Dan Industrial Enterprise Group. is a discovery made by Zhao Guoxin, professor at the Si’an Traditional Chinese Medicine and展开更多
Debt-to-GDP measures in major OECD countries are at historical highs and a considerable part of sovereign debt needs to be refinanced soon,while projections of real GDP growth are fairly weak and uncertain and assesse...Debt-to-GDP measures in major OECD countries are at historical highs and a considerable part of sovereign debt needs to be refinanced soon,while projections of real GDP growth are fairly weak and uncertain and assessed sovereign credit quality has declined.Against this,the OECD Committee on Financial Markets discussed proposals for sovereign debt managers to consider issuing GDP-linked sovereign bonds.The Committee considered proposals timely and the idea conceptually attractive,as additional insurance against economic downturns over the medium term would be available.It identified however also a number of issues that would complicate issuance in practise.Questions arise in particular as regards investor demand for such instruments and how an additional novelty,liquidity and indexation premium would compare to a potentially reduced default premium on more traditional debt.Debt management offices confirm and stress such practical difficulties and remain sceptical,quoting a lack of sustainable demand for such bonds.As a result,issuance of such bonds would be too costly.It is not clear however whether debt management offices take into account the full macroeconomic and financial stability risk-return trade-off that a broader perspective would take into account.Proposals for issuance of sovereign GDP-linked bonds among advanced economies,which had received increased attention after the German G20-presidency included the topic in the G20 finance track,may have lost some momentum,but there continues to be considerable support from both academics and some practitioners.展开更多
Through the comparison of the sovereign debt risks of the two economies,this paper focuses on the analyses of the risk formation path and the fiscal sustainability at the macroeconomic level.Due to the differences in ...Through the comparison of the sovereign debt risks of the two economies,this paper focuses on the analyses of the risk formation path and the fiscal sustainability at the macroeconomic level.Due to the differences in the external resources and coping measures that affect the risk formation of the two economies,as well as the differences in the institutional roots that lead to the rise of debt risks,the impact mechanism of sovereign debt risks is also different.Finally,theoretical and policy implications are given.展开更多
This commentary shows the exponential growth of digital health and the accompanying explosion of health data.It discusses three major shifts in the global health landscape.The first will be the move of the big tech co...This commentary shows the exponential growth of digital health and the accompanying explosion of health data.It discusses three major shifts in the global health landscape.The first will be the move of the big tech companies into healthcare,the second will be the monetization of consumer data and the creation of health data marketplaces;and the third will be the growth of Asia as a leader in digital health.Big tech already has the advantage of a massive consiuner base,data and analytics which enable them to understand consumers;and complementary technologies,like wearables,that will drive the consumerization of healthcare.This expansion can happen quickly and already is creating challenges for regulators as they try to catch up.The vast volumes of data and the ability of technology such as blockchain to enable data owners to monetize their data,will lead to the development of health data marketplaces,which can connect and monetize data for data owners and make it available for scientific discovery.The developments in self-sovereign identity,will make it possible for individuals to monetize their health data in the future.Finally,we see the emergence of Asia as a powerhouse for the digital health of the future,with vast populations,mobile technology and increasing adoption of wearable devices.Consumer focused health care driven by data will change the institutional models of the past.展开更多
文摘The underlying literature hypothesises and provides randomised evidence for the positive impact of promoting the broad-based inclusion,empowerment,and representation of women on regional ecosystems.This study seeks to isolate a female agencydriven development factor in external sovereign emerging market debt and finds evidence for superior risk-adjusted returns from tilting towards female agency leaders.We propose the female agency factor as an additional scope in the modern investor’s toolbox of holistic credit assessment,allowing investors to isolate the issuers which are the most effective sovereign transmission mechanisms of sustainable development capital.This contribution to the corpus supports the notion of integrating sustainability factors into portfolio construction and reinforces the argument for supporting femaleled development from a financial markets’perspective.
基金supported by the Natural Science Foundation of Guangdong Province,Grant No.2023A1515030221.
文摘We construct a sovereign default network by employing high-dimensional vector autoregressions obtained by analyzing connectedness in sovereign credit default swap markets.We develop four measures of centrality,namely,degree,betweenness,closeness,and eigenvector centralities,to detect whether network properties drive the currency risk premia.We observe that closeness and betweenness centralities can negatively drive currency excess returns but do not exhibit a relationship with forward spread.Thus,our developed network centralities are independent of an unconditional carry trade risk factor.Based on our findings,we develop a trading strategy by taking a long position on peripheral countries’currencies and a short position on core coun-tries’currencies.The aforementioned strategy generates a higher Sharpe ratio than the currency momentum strategy.Our proposed strategy is robust to foreign exchange regimes and the coronavirus disease 2019 pandemic.
文摘This study examines the spillover effects of U.S.monetary policy normalization on Nigeria 10-Year Treasury bond yield between 2011 and 2017,using the vector error correction model approach.Our results reveal that domestic factors,such as exchange rate and inflation,rather than the U.S.10-Year sovereign bond yield,are the key drivers of Nigeria 10-Year bond yield.Additionally,the spillover effect from the U.S.monetary policy was amplified by oil price shocks and changes in Nigeria’s monetary policy rates.Our counterfactual analysis confirms the findings.
文摘The UK government successfully issues a sovereign bond in China’s currency,the renminbi(RMB),becoming the first western country to do so,according to British Embassy in China.The sovereign bond,issued on October 14 in RMB,was the largest ever non-Chinese RMB bond.The RMB 3 billion bond,which is equivalent to approximately?300million,has a maturity of 3 years and delivers on the
文摘Asovereign remedy for coronary heart disease, the traditional Chinese patent medicine Shan Hai Dan, in the form of tablets, capsules, oral jelly, drinks and health wine, and produced by the Shan Hai Dan Industrial Enterprise Group. is a discovery made by Zhao Guoxin, professor at the Si’an Traditional Chinese Medicine and
文摘Debt-to-GDP measures in major OECD countries are at historical highs and a considerable part of sovereign debt needs to be refinanced soon,while projections of real GDP growth are fairly weak and uncertain and assessed sovereign credit quality has declined.Against this,the OECD Committee on Financial Markets discussed proposals for sovereign debt managers to consider issuing GDP-linked sovereign bonds.The Committee considered proposals timely and the idea conceptually attractive,as additional insurance against economic downturns over the medium term would be available.It identified however also a number of issues that would complicate issuance in practise.Questions arise in particular as regards investor demand for such instruments and how an additional novelty,liquidity and indexation premium would compare to a potentially reduced default premium on more traditional debt.Debt management offices confirm and stress such practical difficulties and remain sceptical,quoting a lack of sustainable demand for such bonds.As a result,issuance of such bonds would be too costly.It is not clear however whether debt management offices take into account the full macroeconomic and financial stability risk-return trade-off that a broader perspective would take into account.Proposals for issuance of sovereign GDP-linked bonds among advanced economies,which had received increased attention after the German G20-presidency included the topic in the G20 finance track,may have lost some momentum,but there continues to be considerable support from both academics and some practitioners.
文摘Through the comparison of the sovereign debt risks of the two economies,this paper focuses on the analyses of the risk formation path and the fiscal sustainability at the macroeconomic level.Due to the differences in the external resources and coping measures that affect the risk formation of the two economies,as well as the differences in the institutional roots that lead to the rise of debt risks,the impact mechanism of sovereign debt risks is also different.Finally,theoretical and policy implications are given.
文摘This commentary shows the exponential growth of digital health and the accompanying explosion of health data.It discusses three major shifts in the global health landscape.The first will be the move of the big tech companies into healthcare,the second will be the monetization of consumer data and the creation of health data marketplaces;and the third will be the growth of Asia as a leader in digital health.Big tech already has the advantage of a massive consiuner base,data and analytics which enable them to understand consumers;and complementary technologies,like wearables,that will drive the consumerization of healthcare.This expansion can happen quickly and already is creating challenges for regulators as they try to catch up.The vast volumes of data and the ability of technology such as blockchain to enable data owners to monetize their data,will lead to the development of health data marketplaces,which can connect and monetize data for data owners and make it available for scientific discovery.The developments in self-sovereign identity,will make it possible for individuals to monetize their health data in the future.Finally,we see the emergence of Asia as a powerhouse for the digital health of the future,with vast populations,mobile technology and increasing adoption of wearable devices.Consumer focused health care driven by data will change the institutional models of the past.
