1. Aims and Significance "The aims and significance of the trial establishment of Sino-foreign coinvested foreign trade companies are to use the sales channels and nets of foreign businessmen to expand China’s e...1. Aims and Significance "The aims and significance of the trial establishment of Sino-foreign coinvested foreign trade companies are to use the sales channels and nets of foreign businessmen to expand China’s exports and increase export results. Through trial establishment,展开更多
Today, intemational capital flows faster and faster. Thus, the supervision of capital flow becomes one of the key problems need to be solved every country, and how to supervise it is the focus in theoretical circle. E...Today, intemational capital flows faster and faster. Thus, the supervision of capital flow becomes one of the key problems need to be solved every country, and how to supervise it is the focus in theoretical circle. Especially, China is currently facing international pressure to revalue the RMB, and a large number of free foreign capitals is flowing into China. So it is much more important to supervise it. By using the theory of foreign trade, we analyze the policy effects of foreign trade in the process of capital flow, and hope that the policy of foreign trade will exert positive effects on the supervision of capital flow.展开更多
As the legislative branch,congress,with the executive branch,and the judiciary branch together constitute the three components of the US government.Its impact cannot be ignored.This essay is mainly focused on the stat...As the legislative branch,congress,with the executive branch,and the judiciary branch together constitute the three components of the US government.Its impact cannot be ignored.This essay is mainly focused on the status and influence of the Congress in foreign policy.By giving a general introduction to the Congress from its constitutional power,its influence in diplomatic policies,the essay highlighted the importance of the involvement of Congress in foreign policy.展开更多
This study discusses the trading behavior of foreign investors with respect to economic uncertainty in the South Korean stock market from a time-varying perspective.We employ a news-based measure of economic uncertain...This study discusses the trading behavior of foreign investors with respect to economic uncertainty in the South Korean stock market from a time-varying perspective.We employ a news-based measure of economic uncertainty along with the model of time-varying parameter vector autoregression with stochastic volatility.The empirical analysis reveals several new findings about foreign investors’trading behaviors.First,we find evidence that positive feedback trading often appears during periods of high economic uncertainty,whereas negative feedback trading is exclusively observable during periods of low economic uncertainty.Second,the foreign investors’feedback trading appears mostly to be well-timed and often leads the time-varying economic uncertainty except in periods of global crises.Third,lagged negative(positive)response of net flows to economic uncertainty is found to be coupled with lagged positive(negative)feedback trading.Fourth,the study documents an asymmetric response of foreign investors with regard to negative and positive shocks of economic uncertainty.Specifically,we find that they instantly turn to positive feedback trading after a negative contemporaneous response of net flows to shocks of economic uncertainty.In contrast,they move slowly toward negative feedback trading after a positive response of net flows to uncertainty shocks.展开更多
China’sforeign trade experienced threeconsecutive years of super-speed growth in 2002- 2004, even though the country was stricken by the SARS epidemic in 2003 and power shortages in 2004. What hasgone beyond expectat...China’sforeign trade experienced threeconsecutive years of super-speed growth in 2002- 2004, even though the country was stricken by the SARS epidemic in 2003 and power shortages in 2004. What hasgone beyond expectations is that the exports trade still grew with momentum after the central governmentlowered theexportrebate ratesbyan average of3 percentagepoints, starting from January2004. Such growth momentum isapparently associated with external demand and the performance ofthedomestic macroeconomy, and even more associated with a seriesof support policies. Thispaper tries to raise issuesissues associated with these policies on the basis of an analysis of foreign trade performance in 2002-2004, in order to enhance understanding of the advantages and disadvantages of these policies, and to recommend a new line ofthoughtfor improving policy arrangements for the growth of import and export trade and for the harmonious development of the macroeconomy.展开更多
The US administration's foreign policy embodies the strategic framework of great power competition,the slogan of“America First,”and fragmented decision-making.An alignment of factors such as the response to chan...The US administration's foreign policy embodies the strategic framework of great power competition,the slogan of“America First,”and fragmented decision-making.An alignment of factors such as the response to changes in international and domestic environments,the reconstruction of US national identity,the electoral political pressure that Donald Trump faces,and the confluence of Trump and establishment elites creates complex outcomes.Inherently political and partisan,Trump's foreign policy may already have had some irreversible negative impacts,and it is certain that US foreign strategy and policy have entered a major directional adjustment phase.展开更多
This paper makes a text analysis of the US President Donald Trump and his trade policy agenda at the national and international levels,followed by evidence-based statistical analyses of US trade.The results of Preside...This paper makes a text analysis of the US President Donald Trump and his trade policy agenda at the national and international levels,followed by evidence-based statistical analyses of US trade.The results of President Trump’s twitters reveal that overall,President Donald Trump’s remarks contain his“populism”characterized by the use of easy-to-understand words as well as simple rhetoric,as shown most symbolically in the phrase“make America great again”.This is what is meant by“populism”,an important character of his administration(at the“meso”level)which exerts a large impact on the global(or“macro”)political and economic landscape.Such large-scale impacts can be generated by“micro”(individual level)remarks by President Trump.In more concrete terms,his micro(individual)speeches will influence his meso(national)level policy as well as the macro(NAFTA)level policy stance of the US.All these levels are interconnected in a sensitive way.NAFTA as a regional integration among the three nation states is actually under a significant influence from meso as well as micro interactions,and President Trump’s punitive trade stance may hit Chinese export negatively.Due consideration to the cross-hierarchical linkages is indeed a practical viewpoint when discussing the current,rather US-dominated trade deals.展开更多
Anti-dumping policies,as one of the most important nontariff measures to protect a country's economic interests,can have an impact not only on a country's trade and social welfare,but also on capital fows.Anti...Anti-dumping policies,as one of the most important nontariff measures to protect a country's economic interests,can have an impact not only on a country's trade and social welfare,but also on capital fows.Anti-dumping measures can result in increased trade costs and alterations to exchange rate risk.This study investigates the impact of anti-dumping sanctions on the international portfolio allocations of global funds.Anti-dumping policies can decrease the proportion of a fund's investment portfolio allocated to recently-sanctioned countries.Closer trade ties between the sanctioned country and the country where a fund is domiciled exacerbate the divestiture,but stronger foreign direct investment links weaken the negative association.Some country and fund heterogeneities are also discussed.We find that more developed countries are less affected by the impact of anti-dumping measures on equity fund allocations;liberalization of the economy and stable government could also mitigate the negative impact of anti-dumping sanctions.High-risk funds,such as growth funds or funds that invest in leveraged buyouts,showed the greatest response to changes in anti-dumping regulations.展开更多
文摘1. Aims and Significance "The aims and significance of the trial establishment of Sino-foreign coinvested foreign trade companies are to use the sales channels and nets of foreign businessmen to expand China’s exports and increase export results. Through trial establishment,
文摘Today, intemational capital flows faster and faster. Thus, the supervision of capital flow becomes one of the key problems need to be solved every country, and how to supervise it is the focus in theoretical circle. Especially, China is currently facing international pressure to revalue the RMB, and a large number of free foreign capitals is flowing into China. So it is much more important to supervise it. By using the theory of foreign trade, we analyze the policy effects of foreign trade in the process of capital flow, and hope that the policy of foreign trade will exert positive effects on the supervision of capital flow.
文摘As the legislative branch,congress,with the executive branch,and the judiciary branch together constitute the three components of the US government.Its impact cannot be ignored.This essay is mainly focused on the status and influence of the Congress in foreign policy.By giving a general introduction to the Congress from its constitutional power,its influence in diplomatic policies,the essay highlighted the importance of the involvement of Congress in foreign policy.
文摘This study discusses the trading behavior of foreign investors with respect to economic uncertainty in the South Korean stock market from a time-varying perspective.We employ a news-based measure of economic uncertainty along with the model of time-varying parameter vector autoregression with stochastic volatility.The empirical analysis reveals several new findings about foreign investors’trading behaviors.First,we find evidence that positive feedback trading often appears during periods of high economic uncertainty,whereas negative feedback trading is exclusively observable during periods of low economic uncertainty.Second,the foreign investors’feedback trading appears mostly to be well-timed and often leads the time-varying economic uncertainty except in periods of global crises.Third,lagged negative(positive)response of net flows to economic uncertainty is found to be coupled with lagged positive(negative)feedback trading.Fourth,the study documents an asymmetric response of foreign investors with regard to negative and positive shocks of economic uncertainty.Specifically,we find that they instantly turn to positive feedback trading after a negative contemporaneous response of net flows to shocks of economic uncertainty.In contrast,they move slowly toward negative feedback trading after a positive response of net flows to uncertainty shocks.
文摘China’sforeign trade experienced threeconsecutive years of super-speed growth in 2002- 2004, even though the country was stricken by the SARS epidemic in 2003 and power shortages in 2004. What hasgone beyond expectations is that the exports trade still grew with momentum after the central governmentlowered theexportrebate ratesbyan average of3 percentagepoints, starting from January2004. Such growth momentum isapparently associated with external demand and the performance ofthedomestic macroeconomy, and even more associated with a seriesof support policies. Thispaper tries to raise issuesissues associated with these policies on the basis of an analysis of foreign trade performance in 2002-2004, in order to enhance understanding of the advantages and disadvantages of these policies, and to recommend a new line ofthoughtfor improving policy arrangements for the growth of import and export trade and for the harmonious development of the macroeconomy.
文摘The US administration's foreign policy embodies the strategic framework of great power competition,the slogan of“America First,”and fragmented decision-making.An alignment of factors such as the response to changes in international and domestic environments,the reconstruction of US national identity,the electoral political pressure that Donald Trump faces,and the confluence of Trump and establishment elites creates complex outcomes.Inherently political and partisan,Trump's foreign policy may already have had some irreversible negative impacts,and it is certain that US foreign strategy and policy have entered a major directional adjustment phase.
文摘This paper makes a text analysis of the US President Donald Trump and his trade policy agenda at the national and international levels,followed by evidence-based statistical analyses of US trade.The results of President Trump’s twitters reveal that overall,President Donald Trump’s remarks contain his“populism”characterized by the use of easy-to-understand words as well as simple rhetoric,as shown most symbolically in the phrase“make America great again”.This is what is meant by“populism”,an important character of his administration(at the“meso”level)which exerts a large impact on the global(or“macro”)political and economic landscape.Such large-scale impacts can be generated by“micro”(individual level)remarks by President Trump.In more concrete terms,his micro(individual)speeches will influence his meso(national)level policy as well as the macro(NAFTA)level policy stance of the US.All these levels are interconnected in a sensitive way.NAFTA as a regional integration among the three nation states is actually under a significant influence from meso as well as micro interactions,and President Trump’s punitive trade stance may hit Chinese export negatively.Due consideration to the cross-hierarchical linkages is indeed a practical viewpoint when discussing the current,rather US-dominated trade deals.
基金Haoyuan Ding acknowledges financial support from the National Natural Science Foundation of China(No.72173082)the Ministry of Education Project of Key Research Institute of Humanities and Social Sciences at Universities in China(No.22JJD790011)+1 种基金Jiezhou Ying acknowledges financial support from the Zhejiang Provincial Philosophy and Social Science Planning Project of China(No.23NDJC023Z)the Shanghai Sailing Program(No.21YF1431900).
文摘Anti-dumping policies,as one of the most important nontariff measures to protect a country's economic interests,can have an impact not only on a country's trade and social welfare,but also on capital fows.Anti-dumping measures can result in increased trade costs and alterations to exchange rate risk.This study investigates the impact of anti-dumping sanctions on the international portfolio allocations of global funds.Anti-dumping policies can decrease the proportion of a fund's investment portfolio allocated to recently-sanctioned countries.Closer trade ties between the sanctioned country and the country where a fund is domiciled exacerbate the divestiture,but stronger foreign direct investment links weaken the negative association.Some country and fund heterogeneities are also discussed.We find that more developed countries are less affected by the impact of anti-dumping measures on equity fund allocations;liberalization of the economy and stable government could also mitigate the negative impact of anti-dumping sanctions.High-risk funds,such as growth funds or funds that invest in leveraged buyouts,showed the greatest response to changes in anti-dumping regulations.
