Central Asian Economies(CAEs)have diverse exchange rate policies.They have recorded higher volatility in the foreign exchange market since inception.High volatility of the transition era has drifted these economies to...Central Asian Economies(CAEs)have diverse exchange rate policies.They have recorded higher volatility in the foreign exchange market since inception.High volatility of the transition era has drifted these economies towards partial dollarization.Monetary authorities in CAEs,(already have a challenge of maintaining monetary policy autonomy)have a gigantic task of price stability and stopping the spread of dollarization.This study is directed towards assessing the drivers and the determinants of foreign exchange market pressure in CAEs.The results,based on panel data analysis and the System GMM model,have provided useful insights about the exchange market pressure determinants particularly USD,Euro,Ruble,and Renminbi.The results show that China and Russia exchange market pressure has a negative effect on the exchange market pressure of CAEs.While the dollar index shows a positive impact on the exchange market pressure of CAEs.Overall,the findings imply that China and Russia currency appreciation results in a trade deficit across CAEs.The policy implication suggests that the floating exchange rate regime(inflation targeting regime)is not in favor of CAEs,and they must use managed-float to reduce their trade deficits.展开更多
Corporate mergers and acquisitions(M&As)are subject to skewed logic due to excessive government regulation.China is progressively adopting the Market Access Negative List(MANL)pilot to transfer the power of resour...Corporate mergers and acquisitions(M&As)are subject to skewed logic due to excessive government regulation.China is progressively adopting the Market Access Negative List(MANL)pilot to transfer the power of resource allocation from the government to the market.Using the DID method,we examine the impact of relaxing market access regulation on firms’M&A behavior against China’s institutional background and the M&A events of listed companies from 2012 to 2019.The MANL significantly increases firms’M&A tendency and amount and strengthens the competitive adequacy and fairness of market-oriented M&A decisions.Post-M&A financial performance does not increase,but human capital productivity,innovation effectiveness and total factor productivity do,demonstrating the dynamic balance of profit and efficiency in M&As.展开更多
Background:Transitional economies in Southeast Asia—a distinct group of developing countries—have experienced rapid urbanization in the past several decades due to the economic transition that fundamentally changed ...Background:Transitional economies in Southeast Asia—a distinct group of developing countries—have experienced rapid urbanization in the past several decades due to the economic transition that fundamentally changed the function of their economies,societies and the environment.Myanmar,one of the least developed transitional economies in Southeast Asia,increased urbanization substantially from 25%in 1990 to 31%in 2019.However,major knowledge gaps exist in understanding the changes in urban land use and land cover and environment and their drivers in its cities.Methods:We studied Yangon,the largest city in Myanmar,for the urbanization,environmental changes,and the underlying driving forces in a radically transitioned economy in the developing world.Based on satellite imagery and historic land use maps,we quantified the expansion of urban built-up land and constructed the land conversion matrix from 1990 through 2020.We also used three air pollutants to illustrate the changes in environmental conditions.We analyzed the coupled dynamics among urbanization,economic development,and environmental changes.Through conducting a workshop with 20 local experts,we further analyzed the influence of human systems and natural systems on Yangon’s urbanization and sustainability.Results:The city of Yangon expanded urban built-up land rapidly from 1990 to 2000,slowed down from 2000 to 2010,but gained momentum again from 2010 to 2020,with most newly added urban built-up land appearing to be converted from farmland and green land in both 1990–2000 and 2010–2020.Furthermore,the air pollutant concen-tration of CO decreased,but that of NO_(2)and PM_(2.5)increased in recent years.A positive correlation exists between population and economic development and the concentration of PM_(2.5)is highly associated with population,the economy,and the number of vehicles.Finally,the expert panel also identified other potential drivers for urbanization,including the extreme climate event of Cyclone Nargis,capital relocation,and globalization.Conclusions:Our research highlights the dramatic expansion of urban land and degradation of urban environment measured by air pollutants and interdependent changes between urbanization,economic development,and environmental changes.展开更多
Whether market- and guanxi-based strategies are complementary or substitutable in shaping adaptive capability is a critical yet controversial issue. This paper tackles this problem by adopting the ambidexterity perspe...Whether market- and guanxi-based strategies are complementary or substitutable in shaping adaptive capability is a critical yet controversial issue. This paper tackles this problem by adopting the ambidexterity perspective. Specifically, using a sample of 185 Chinese private firms, this study examines the independent and interactive effects of market orientation (MO) and guanxi orientation (GO, i.e., emphasizing on building business and political ties) on adaptive capability of firms in transition economies. Our results suggest that both direct impacts and complementary impacts of MO and GO strongly exist in shaping firms' adaptive capability, indicating the importance of "strategic ambidexterity." These findings have several theoretical implications for studies on ambidexterity and adaptive capability, and practical implications for finn strategies in transition economies.展开更多
In 2011,respnding to a credit crunch,Wenzhou became the first and only municipality to institute complete financial reform.Wenzhou had been the fastest growing municipal economy in China's fastest-growing province...In 2011,respnding to a credit crunch,Wenzhou became the first and only municipality to institute complete financial reform.Wenzhou had been the fastest growing municipal economy in China's fastest-growing province for two decades.But the global financial crisis hit hard the informal financial networks which funded small and medium-sized enterprises.The so-called'Wenzhou model'has long been dependent on financial capital from other parts of China funnelled through these networks to fund local entrepreneurs,especially the person-to-person financing known as folk lending.These informal financial networks relied heavily on interpersonal connections,reputation and trust,the major ingredients of social capital in banking and finance.In order to generate the social capital lost in the credit crunch,Wenzhou created govermment financial intermediaries,but these have not had much success.However,peer-to-peer on-line financing companies(P2P platforms),established concurrently by private entre preneurs with ltte capital,have been highly succesful.In effect,P2P platforms have capitalised on the"Wenzhou model'by using the Wenzhou brand name to create a new form of financing net-work channel.展开更多
文摘Central Asian Economies(CAEs)have diverse exchange rate policies.They have recorded higher volatility in the foreign exchange market since inception.High volatility of the transition era has drifted these economies towards partial dollarization.Monetary authorities in CAEs,(already have a challenge of maintaining monetary policy autonomy)have a gigantic task of price stability and stopping the spread of dollarization.This study is directed towards assessing the drivers and the determinants of foreign exchange market pressure in CAEs.The results,based on panel data analysis and the System GMM model,have provided useful insights about the exchange market pressure determinants particularly USD,Euro,Ruble,and Renminbi.The results show that China and Russia exchange market pressure has a negative effect on the exchange market pressure of CAEs.While the dollar index shows a positive impact on the exchange market pressure of CAEs.Overall,the findings imply that China and Russia currency appreciation results in a trade deficit across CAEs.The policy implication suggests that the floating exchange rate regime(inflation targeting regime)is not in favor of CAEs,and they must use managed-float to reduce their trade deficits.
基金support obtained from the National Natural Science Foundation of China(Project No.72172156/G0206)for this study.
文摘Corporate mergers and acquisitions(M&As)are subject to skewed logic due to excessive government regulation.China is progressively adopting the Market Access Negative List(MANL)pilot to transfer the power of resource allocation from the government to the market.Using the DID method,we examine the impact of relaxing market access regulation on firms’M&A behavior against China’s institutional background and the M&A events of listed companies from 2012 to 2019.The MANL significantly increases firms’M&A tendency and amount and strengthens the competitive adequacy and fairness of market-oriented M&A decisions.Post-M&A financial performance does not increase,but human capital productivity,innovation effectiveness and total factor productivity do,demonstrating the dynamic balance of profit and efficiency in M&As.
基金supported by the National Aeronautics and Space Administration(NASA)(Grant numbers:NNX15AD51G,80NSSC20K0740).
文摘Background:Transitional economies in Southeast Asia—a distinct group of developing countries—have experienced rapid urbanization in the past several decades due to the economic transition that fundamentally changed the function of their economies,societies and the environment.Myanmar,one of the least developed transitional economies in Southeast Asia,increased urbanization substantially from 25%in 1990 to 31%in 2019.However,major knowledge gaps exist in understanding the changes in urban land use and land cover and environment and their drivers in its cities.Methods:We studied Yangon,the largest city in Myanmar,for the urbanization,environmental changes,and the underlying driving forces in a radically transitioned economy in the developing world.Based on satellite imagery and historic land use maps,we quantified the expansion of urban built-up land and constructed the land conversion matrix from 1990 through 2020.We also used three air pollutants to illustrate the changes in environmental conditions.We analyzed the coupled dynamics among urbanization,economic development,and environmental changes.Through conducting a workshop with 20 local experts,we further analyzed the influence of human systems and natural systems on Yangon’s urbanization and sustainability.Results:The city of Yangon expanded urban built-up land rapidly from 1990 to 2000,slowed down from 2000 to 2010,but gained momentum again from 2010 to 2020,with most newly added urban built-up land appearing to be converted from farmland and green land in both 1990–2000 and 2010–2020.Furthermore,the air pollutant concen-tration of CO decreased,but that of NO_(2)and PM_(2.5)increased in recent years.A positive correlation exists between population and economic development and the concentration of PM_(2.5)is highly associated with population,the economy,and the number of vehicles.Finally,the expert panel also identified other potential drivers for urbanization,including the extreme climate event of Cyclone Nargis,capital relocation,and globalization.Conclusions:Our research highlights the dramatic expansion of urban land and degradation of urban environment measured by air pollutants and interdependent changes between urbanization,economic development,and environmental changes.
文摘Whether market- and guanxi-based strategies are complementary or substitutable in shaping adaptive capability is a critical yet controversial issue. This paper tackles this problem by adopting the ambidexterity perspective. Specifically, using a sample of 185 Chinese private firms, this study examines the independent and interactive effects of market orientation (MO) and guanxi orientation (GO, i.e., emphasizing on building business and political ties) on adaptive capability of firms in transition economies. Our results suggest that both direct impacts and complementary impacts of MO and GO strongly exist in shaping firms' adaptive capability, indicating the importance of "strategic ambidexterity." These findings have several theoretical implications for studies on ambidexterity and adaptive capability, and practical implications for finn strategies in transition economies.
基金funded through an Ostrom Workshop Faculty Development Grant for which。
文摘In 2011,respnding to a credit crunch,Wenzhou became the first and only municipality to institute complete financial reform.Wenzhou had been the fastest growing municipal economy in China's fastest-growing province for two decades.But the global financial crisis hit hard the informal financial networks which funded small and medium-sized enterprises.The so-called'Wenzhou model'has long been dependent on financial capital from other parts of China funnelled through these networks to fund local entrepreneurs,especially the person-to-person financing known as folk lending.These informal financial networks relied heavily on interpersonal connections,reputation and trust,the major ingredients of social capital in banking and finance.In order to generate the social capital lost in the credit crunch,Wenzhou created govermment financial intermediaries,but these have not had much success.However,peer-to-peer on-line financing companies(P2P platforms),established concurrently by private entre preneurs with ltte capital,have been highly succesful.In effect,P2P platforms have capitalised on the"Wenzhou model'by using the Wenzhou brand name to create a new form of financing net-work channel.