The digital development rights in developing countries are based on establishing a new international economic order and ensuring equal participation in the digital globalization process to achieve people's well-ro...The digital development rights in developing countries are based on establishing a new international economic order and ensuring equal participation in the digital globalization process to achieve people's well-rounded development in the digital society.The relationship between cross-border data flows and the realization of digital development rights in developing countries is quite complex.Currently,developing countries seek to safeguard their existing digital interests through unilateral regulation to protect data sovereignty and multilateral regulation for cross-border data cooperation.However,developing countries still have to face internal conflicts between national digital development rights and individual and corporate digital development rights during the process of realizing digital development rights.They also encounter external contradictions such as developed countries interfering with developing countries'data sovereignty,developed countries squeezing the policy space of developing countries through dominant rules,and developing countries having conflicts between domestic and international rules.This article argues that balancing openness and security on digital trade platforms is the optimal solution for developing countries to realize their digital development rights.The establishment of WTO digital trade rules should inherently reflect the fundamental demands of developing countries in cross-border data flows.At the same time,given China's dual role as a digital powerhouse and a developing country,it should actively promote the realization of digital development rights in developing countries.展开更多
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
With pre 2008 euphoria and present depression, inflows to open investment funds and outflows from it shaped general market conditions on the Croatian fund market. This article studies the relationship between performa...With pre 2008 euphoria and present depression, inflows to open investment funds and outflows from it shaped general market conditions on the Croatian fund market. This article studies the relationship between performance of open ended investment funds and inflows (outflows) to them on Croatian funds data in an environment without long fund data history, with small number of funds and relatively illiquid underlying equity market. The results suggest that the driving forces behind funds’ flows encompass the combined influence of present month fund’s performance and persistency of past performances. At the end of our analysis we test the significance of the introduced explanatory variables on the data sets that include data for each particular fund. The significance of the introduced explanatory variables varies among different funds, although a general level of the explanatory power is maintained on average.展开更多
Cross-border data flows not only involve cross-border trade issues,but also severely challenge personal information protection,national data security,and the jurisdiction of justice and enforcement.As the current digi...Cross-border data flows not only involve cross-border trade issues,but also severely challenge personal information protection,national data security,and the jurisdiction of justice and enforcement.As the current digital trade negotiations could not accommodate these challenges,China has initiated the concept of secure cross-border data flow and has launched a dual-track multi-level regulatory system,including control system for overseas transfer of important data,system of crossborder provision of personal information,and system of cross-border data request for justice and enforcement.To explore a global regulatory framework for cross-border data flows,legitimate and controllable cross-border data flows should be promoted,supervision should be categorized based on risk concerned,and the rule of law should be coordinated at home and abroad to promote system compatibility.To this end,the key is to build a compatible regulatory framework,which includes clarifying the scope of important data to define the“Negative List”for preventing national security risks,improving the cross-border accountability for protecting personal information rights and interests to ease pre-supervision pressure,and focusing on data access rights instead of data localization for upholding the jurisdiction of justice and enforcement.展开更多
The regulations of cross-border data flows is a growing challenge for the international community.International trade agreements,however,appear to be pioneering legal methods to cope,as they have grappled with this is...The regulations of cross-border data flows is a growing challenge for the international community.International trade agreements,however,appear to be pioneering legal methods to cope,as they have grappled with this issue since the 1990s.The World Trade Organization(WTO)rules system offers a partial solution under the General Agreement on Trade in Services(GATS),which covers aspects related to cross-border data flows.The Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP)and the United States-Mexico-Canada Agreement(USMCA)have also been perceived to provide forward-looking resolutions.In this context,this article analyzes why a resolution to this issue may be illusory.While they regulate cross-border data flows in various ways,the structure and wording of exception articles of both the CPTPP and USMCA have the potential to pose significant challenges to the international legal system.The new system,attempting to weigh societal values and economic development,is imbalanced,often valuing free trade more than individual online privacy and cybersecurity.Furthermore,the inclusion of poison-pill clauses is,by nature,antithetical to cooperation.Thus,for the international community generally,and China in particular,cross-border data flows would best be regulated under the WTO-centered multilateral trade law system.展开更多
The phenomenon of global fragmented production and associated trade in intermediate products,including intangible assets,has changed how economists study globalization and how new public policies are shaped.Understand...The phenomenon of global fragmented production and associated trade in intermediate products,including intangible assets,has changed how economists study globalization and how new public policies are shaped.Understanding cross-border flows of disembodied knowledge,often associated with intellectual property(IP),is essential for analyzing how modern economies operate.Available data to document these international IP-related knowledge flowsdnamely cross-border payments for IPdare distorted by various factors.Tax planning by multinational enterprises has seriously distorted the measurement of cross-border IP flows,affecting national measurements of imports,exports,GDP,and productivity.The tax-induced mismeasurement could be more than 35% of global charges for use of intellectual property,and greater for individual countries,particularly high-taxrate countries.International initiatives to address the effects of tax base erosion,profit shifting,and other statistical initiatives on global value chains will improve future measurements of cross-border IP flows,improving the understanding of both the creation and uses of IP.展开更多
This paper uses a large panel of Pakistani non-financial firms over the period 2000-2013 to examine the role of financial constraints in establishing the relationship between cash flow and external financing.The resul...This paper uses a large panel of Pakistani non-financial firms over the period 2000-2013 to examine the role of financial constraints in establishing the relationship between cash flow and external financing.The results reveal that there exists a negative and significant relationship between external financing and cash flow.The finding of the substitutionary relation between internal funds availability and external financing has been viewed as evidence supporting the pecking order theory of capital structure.Yet,we show that this negative relationship is weak in case of financially constrained firms.We also analyze how credit multiplier affects external financing decisions of financially constrained and unconstrained firms.The results show that for financially unconstrained firms,the negative sensitively of external financing increases with asset tangibility.However,for financially constrained firms,the negative sensitivity of external financing to cash flow either decreases or turns positive as the tangibility of assets increases.This finding implies that financially constrained firms benefit more from investing in tangible assets because such assets not only help relax financial constraints but also having a potential to be a direct source of funds in periods of negative cash flow shocks.展开更多
In the context of today's big data and cloud computing,the global flow of data has become a powerful driver for international economic and investment growth.The EU and the U.S.have created two different paths for ...In the context of today's big data and cloud computing,the global flow of data has become a powerful driver for international economic and investment growth.The EU and the U.S.have created two different paths for the legal regulation of the cross-border flow of personal data due to their respective historical traditions and realistic demands.The requirements for data protection have shown significant differences.The EU advocates localization of data and firmly restricts cross-border flow of personal data.The U.S.tends to protect personal data through industry self-regulation and government law enforcement.At the same time,these two paths also merge and supplement with each other.Based on this,China needs to learn from the legal regulatory paths of the EU and the US,respectively,to establish a legal idea that places equal emphasis on personal data protection and the development of the information industry.In terms of domestic law,the Cybersecurity Law of the People's Republic of China needs to be improved and supplemented by relevant supporting legislation to improve the operability of the law;the industry self-discipline guidelines should be established;and various types of cross-border data need to be classified and supervised.In terms of international law,it is necessary to participate in international cooperation based on the priority of data sovereignty and promote the signing of bilateral,multilateral agreements,and international treaties on the cross-border flow of personal data.展开更多
基金a preliminary result of the Chinese Government Scholarship High-level Graduate Program sponsored by China Scholarship Council(Program No.CSC202206310052)。
文摘The digital development rights in developing countries are based on establishing a new international economic order and ensuring equal participation in the digital globalization process to achieve people's well-rounded development in the digital society.The relationship between cross-border data flows and the realization of digital development rights in developing countries is quite complex.Currently,developing countries seek to safeguard their existing digital interests through unilateral regulation to protect data sovereignty and multilateral regulation for cross-border data cooperation.However,developing countries still have to face internal conflicts between national digital development rights and individual and corporate digital development rights during the process of realizing digital development rights.They also encounter external contradictions such as developed countries interfering with developing countries'data sovereignty,developed countries squeezing the policy space of developing countries through dominant rules,and developing countries having conflicts between domestic and international rules.This article argues that balancing openness and security on digital trade platforms is the optimal solution for developing countries to realize their digital development rights.The establishment of WTO digital trade rules should inherently reflect the fundamental demands of developing countries in cross-border data flows.At the same time,given China's dual role as a digital powerhouse and a developing country,it should actively promote the realization of digital development rights in developing countries.
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With pre 2008 euphoria and present depression, inflows to open investment funds and outflows from it shaped general market conditions on the Croatian fund market. This article studies the relationship between performance of open ended investment funds and inflows (outflows) to them on Croatian funds data in an environment without long fund data history, with small number of funds and relatively illiquid underlying equity market. The results suggest that the driving forces behind funds’ flows encompass the combined influence of present month fund’s performance and persistency of past performances. At the end of our analysis we test the significance of the introduced explanatory variables on the data sets that include data for each particular fund. The significance of the introduced explanatory variables varies among different funds, although a general level of the explanatory power is maintained on average.
基金This article is funded by National Social Science Foundation’s general project“Theoretical and Practical Research on International Criminal Judicial Assistance in Combating Cybercrime”(Project No.:19BFX073)National Social Science Foundation’s major project“Translation,Research and Database Construction of Cyberspace Policies and Regulations”(Project No.:20&ZD179).
文摘Cross-border data flows not only involve cross-border trade issues,but also severely challenge personal information protection,national data security,and the jurisdiction of justice and enforcement.As the current digital trade negotiations could not accommodate these challenges,China has initiated the concept of secure cross-border data flow and has launched a dual-track multi-level regulatory system,including control system for overseas transfer of important data,system of crossborder provision of personal information,and system of cross-border data request for justice and enforcement.To explore a global regulatory framework for cross-border data flows,legitimate and controllable cross-border data flows should be promoted,supervision should be categorized based on risk concerned,and the rule of law should be coordinated at home and abroad to promote system compatibility.To this end,the key is to build a compatible regulatory framework,which includes clarifying the scope of important data to define the“Negative List”for preventing national security risks,improving the cross-border accountability for protecting personal information rights and interests to ease pre-supervision pressure,and focusing on data access rights instead of data localization for upholding the jurisdiction of justice and enforcement.
基金This article is supported by the National Social Science Fund Project"China's Non-Market Economy Status in WTO Trade Remedies"(Project No.15XFX023)the Human Rights Institute of Southwest University of Political Science and Law(SWUPL HRI)2015 Yearly Research Project"Global Human Rights Governance under the TPP."All mistakes and omissions are my responsibility.
文摘The regulations of cross-border data flows is a growing challenge for the international community.International trade agreements,however,appear to be pioneering legal methods to cope,as they have grappled with this issue since the 1990s.The World Trade Organization(WTO)rules system offers a partial solution under the General Agreement on Trade in Services(GATS),which covers aspects related to cross-border data flows.The Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP)and the United States-Mexico-Canada Agreement(USMCA)have also been perceived to provide forward-looking resolutions.In this context,this article analyzes why a resolution to this issue may be illusory.While they regulate cross-border data flows in various ways,the structure and wording of exception articles of both the CPTPP and USMCA have the potential to pose significant challenges to the international legal system.The new system,attempting to weigh societal values and economic development,is imbalanced,often valuing free trade more than individual online privacy and cybersecurity.Furthermore,the inclusion of poison-pill clauses is,by nature,antithetical to cooperation.Thus,for the international community generally,and China in particular,cross-border data flows would best be regulated under the WTO-centered multilateral trade law system.
文摘The phenomenon of global fragmented production and associated trade in intermediate products,including intangible assets,has changed how economists study globalization and how new public policies are shaped.Understanding cross-border flows of disembodied knowledge,often associated with intellectual property(IP),is essential for analyzing how modern economies operate.Available data to document these international IP-related knowledge flowsdnamely cross-border payments for IPdare distorted by various factors.Tax planning by multinational enterprises has seriously distorted the measurement of cross-border IP flows,affecting national measurements of imports,exports,GDP,and productivity.The tax-induced mismeasurement could be more than 35% of global charges for use of intellectual property,and greater for individual countries,particularly high-taxrate countries.International initiatives to address the effects of tax base erosion,profit shifting,and other statistical initiatives on global value chains will improve future measurements of cross-border IP flows,improving the understanding of both the creation and uses of IP.
文摘This paper uses a large panel of Pakistani non-financial firms over the period 2000-2013 to examine the role of financial constraints in establishing the relationship between cash flow and external financing.The results reveal that there exists a negative and significant relationship between external financing and cash flow.The finding of the substitutionary relation between internal funds availability and external financing has been viewed as evidence supporting the pecking order theory of capital structure.Yet,we show that this negative relationship is weak in case of financially constrained firms.We also analyze how credit multiplier affects external financing decisions of financially constrained and unconstrained firms.The results show that for financially unconstrained firms,the negative sensitively of external financing increases with asset tangibility.However,for financially constrained firms,the negative sensitivity of external financing to cash flow either decreases or turns positive as the tangibility of assets increases.This finding implies that financially constrained firms benefit more from investing in tangible assets because such assets not only help relax financial constraints but also having a potential to be a direct source of funds in periods of negative cash flow shocks.
基金This article is supported by Law and Technology Institute,Renmin University of China.All mistakes and omissions are the responsibility of the author.
文摘In the context of today's big data and cloud computing,the global flow of data has become a powerful driver for international economic and investment growth.The EU and the U.S.have created two different paths for the legal regulation of the cross-border flow of personal data due to their respective historical traditions and realistic demands.The requirements for data protection have shown significant differences.The EU advocates localization of data and firmly restricts cross-border flow of personal data.The U.S.tends to protect personal data through industry self-regulation and government law enforcement.At the same time,these two paths also merge and supplement with each other.Based on this,China needs to learn from the legal regulatory paths of the EU and the US,respectively,to establish a legal idea that places equal emphasis on personal data protection and the development of the information industry.In terms of domestic law,the Cybersecurity Law of the People's Republic of China needs to be improved and supplemented by relevant supporting legislation to improve the operability of the law;the industry self-discipline guidelines should be established;and various types of cross-border data need to be classified and supervised.In terms of international law,it is necessary to participate in international cooperation based on the priority of data sovereignty and promote the signing of bilateral,multilateral agreements,and international treaties on the cross-border flow of personal data.
