At the dawn of the new century, the Republicans returned to the White House after eight years in opposition. When President George W. Bush and his foreign policy team were striving to realize their diplomatic ambition...At the dawn of the new century, the Republicans returned to the White House after eight years in opposition. When President George W. Bush and his foreign policy team were striving to realize their diplomatic ambition, the events of September 11 led them to readjust their foreign policy, thereby a remarkable feature can be seen in Mr. Bush’s initial diplomacy.展开更多
The theory of proximization is an effective discourse strategy to study the speaker’s ability to achieve his own legitimacy or reinforce the other’s illegitimacy,and its superiority can be maximized by means of quan...The theory of proximization is an effective discourse strategy to study the speaker’s ability to achieve his own legitimacy or reinforce the other’s illegitimacy,and its superiority can be maximized by means of quantitative and comparative analysis.In this study,we collected reports on Trump’s and Biden’s policies on China to build two small corpora,with a total of 11,030 words in the Trump corpus and 17,566 words in the Biden corpus.The critical discourse analysis is combined with proximization theory.With the help of BFSU Qualitative Coder 1.2,Antconc 3.5.7,and Log-Likelihood and Chi-Square Calculator 1.0,a critical cognitive score of the relevant discourse was conducted from the perspective of proximization theory.It has been found that:(1)Both Trump and Biden administrations resort to a large number of spatial proximization strategies to build ODCs converging to IDCs with China as the ODC,posing a threat to internal physical IDCs;(2)in the use of temporal proximization strategy,both administrations use primarily modal verbs and various entities to construct ODCs that extend indefinitely into the present and future,emphasizing the urgency and the threat of the effect and reinforcing the legitimacy of their actions;(3)in terms of axiological proximization strategy,the two administrations differ greatly from each other,indicating that there are still discursive biases.展开更多
Since taking office in 2021, US President Joe Biden has rectified former President Trump’s domestic and foreign policies. However, Biden has continued the Trump administration’s idea of “excluding China and protect...Since taking office in 2021, US President Joe Biden has rectified former President Trump’s domestic and foreign policies. However, Biden has continued the Trump administration’s idea of “excluding China and protecting the courtyard,” which permeates the entire process of policy adjustment on Latin America. The purpose is to damage and hinder China–Latin America relations and cooperation. After the outbreak of the Russia–Ukraine conflict, the Biden administration intensified efforts to exclude extraterritorial forces represented by China and Russia that seek to regain control of the backyard to a greater extent. The Biden administration has made progress in easing the antagonism between the US and Latin America and repairing ally system in the western hemisphere, however, its efforts to reshape U.S.–Latin America relations have encountered many challenges.展开更多
In the present paper, we model the policy stance of the People＇s Bank of China （PBC） as a latent variable, and the discrete changes in the reserve requirement ratio, policy interest rates, and the scale of open mar...In the present paper, we model the policy stance of the People＇s Bank of China （PBC） as a latent variable, and the discrete changes in the reserve requirement ratio, policy interest rates, and the scale of open market operations are taken as signals of movement of this latent variable. We run a discrete choice regression that relates these observed indicators of policy stance to major trends of macroeconomic and financial developments, which are represented by common factors extracted from a large number of variables. The predicted value of the estimated model can then be interpreted as the implicit policy stance of the PBC. In a second step, we estimate how much of the variation in the PBC＇ s implicit stance can be explained by measures of its policy objectives on inflation, growth and financial stability. We find that deviations of CPI inflation from an implicit target and deviations of broad money growth from the announced targets, but not output gaps, figure significantly in the PBC＇s policy changes.展开更多
The prudent monetary policy with Chinese characteristics has taken shape step by step since the beginning of 1998. The background for the formation of the policy was: (1) financial risk problem was extraordinarily out...The prudent monetary policy with Chinese characteristics has taken shape step by step since the beginning of 1998. The background for the formation of the policy was: (1) financial risk problem was extraordinarily outstanding and the pressing task at the time was to prevent and reduce financial risks; (2) a turning-point change occurred in the market supply and demand, with structural conflicts becoming the main contradictions and the effective demand for loans was inadequate; (3) a proactive fiscal policy was implemented, with the central finance issuing bonds to commercial banks, which meant the use of monetary policy to sustain展开更多
In this paper,we review the historical transformation of China’s monetary policy framework in a systematical way in the past 70 years since the founding of the People’s Republic of China,from the five dimensions of ...In this paper,we review the historical transformation of China’s monetary policy framework in a systematical way in the past 70 years since the founding of the People’s Republic of China,from the five dimensions of money creation mechanism,monetary policy objective,monetary policy instrument,monetary policy rule and monetary policy transmission channel.We then focus on the current policy framework and suggest its major characteristics:the base money creation mechanism is undergoing fundamental structural changes and the credit system is becoming more and more complex;the multip1e objectives of the monetary policy are prone to conflict with each other;quantitative tools and price-based tools coexist while the validity of various new structural tools still needs to be tested;the monetary policy decisions are mainly discretionary and clear quantitative rules have not been formed;the monetary policy transmission is still dominated by bank credit channels,and the transmission to real economy is partially blocked.In the end,we outline the four major challenges facing China’s existing monetary policy framework and put forward policy recommendations for its transformation in the future.展开更多
How can we fit different monetary transmission channels together to understand the effect of China＇s monetary policy？ This paper focuses on China＇s monetary conditions and aggregate demand in terms of the monetary ...How can we fit different monetary transmission channels together to understand the effect of China＇s monetary policy？ This paper focuses on China＇s monetary conditions and aggregate demand in terms of the monetary conditions index （MCI）, which has been widely used as an important indicator for central banks, financial institutions, and scholars. To construct an MCI in the context of China over 1987Q1-2010Q2, we consider three channels through which monetary conditions might influence aggregate demand： the primary lending rate, the real effective exchange rate, and the bank credit. The weights of the component variables are obtained by estimating both the IS equation and the vector autoregressive model （VAR）, which yield somewhat similar results. Further empirical tests show that the MCIs we derived contain useful information about future output growth and inflation in China over the short and medium term. From a historical perspective, the MCI we derived is more informative than individual monetary variables for the understanding of the development of China＇s monetary conditions between 1987 and 2010.展开更多
Based on the observation of the Ryukyu ethnic group during the World WarⅡand the need for post-war military occupation,the United States formulated the rule of“pro-U.S.and separating from the Japan,strengthening the...Based on the observation of the Ryukyu ethnic group during the World WarⅡand the need for post-war military occupation,the United States formulated the rule of“pro-U.S.and separating from the Japan,strengthening the initiative of natives.”1 in the early days of the occupation of Ryukyu.In the field of culture,the United States has carried out activities such as the compilation of post-war textbooks,attempts to restore native language,protection of traditional art and historical sites,and they also revived the traditional culture of Ryukyu.Since then,due to the transformation of the U.S.Asia-Pacific strategy,the U.S.’s traditional culture policy for Ryukyu has gradually changed to allow Japanese culture to re-enter Ryukyu.The Ryukyu traditional cultural rejuvenation policy in the early postwar period led to the development and strengthening of the community awareness of the Ryukyu community,which had disappeared and been suppressed for a long time.展开更多
The unemployment rate of the United States in August 2010 was 9.6 percent,high by contemporary U.S.standards. As recently as 2007,the average annual U.S.unemployment rate was 4.7 percent.Immigration is being blamed fo...The unemployment rate of the United States in August 2010 was 9.6 percent,high by contemporary U.S.standards. As recently as 2007,the average annual U.S.unemployment rate was 4.7 percent.Immigration is being blamed for the ut Stuart Anderson,of the Cato Institute and Executive Director of the National Foundation for American Policy,said in the Immigration Reform Bulletin that immigration is not the problem,rather it’s U.S. economic policy.Edited excerpts follow.展开更多
文摘At the dawn of the new century, the Republicans returned to the White House after eight years in opposition. When President George W. Bush and his foreign policy team were striving to realize their diplomatic ambition, the events of September 11 led them to readjust their foreign policy, thereby a remarkable feature can be seen in Mr. Bush’s initial diplomacy.
文摘The theory of proximization is an effective discourse strategy to study the speaker’s ability to achieve his own legitimacy or reinforce the other’s illegitimacy,and its superiority can be maximized by means of quantitative and comparative analysis.In this study,we collected reports on Trump’s and Biden’s policies on China to build two small corpora,with a total of 11,030 words in the Trump corpus and 17,566 words in the Biden corpus.The critical discourse analysis is combined with proximization theory.With the help of BFSU Qualitative Coder 1.2,Antconc 3.5.7,and Log-Likelihood and Chi-Square Calculator 1.0,a critical cognitive score of the relevant discourse was conducted from the perspective of proximization theory.It has been found that:(1)Both Trump and Biden administrations resort to a large number of spatial proximization strategies to build ODCs converging to IDCs with China as the ODC,posing a threat to internal physical IDCs;(2)in the use of temporal proximization strategy,both administrations use primarily modal verbs and various entities to construct ODCs that extend indefinitely into the present and future,emphasizing the urgency and the threat of the effect and reinforcing the legitimacy of their actions;(3)in terms of axiological proximization strategy,the two administrations differ greatly from each other,indicating that there are still discursive biases.
文摘Since taking office in 2021, US President Joe Biden has rectified former President Trump’s domestic and foreign policies. However, Biden has continued the Trump administration’s idea of “excluding China and protecting the courtyard,” which permeates the entire process of policy adjustment on Latin America. The purpose is to damage and hinder China–Latin America relations and cooperation. After the outbreak of the Russia–Ukraine conflict, the Biden administration intensified efforts to exclude extraterritorial forces represented by China and Russia that seek to regain control of the backyard to a greater extent. The Biden administration has made progress in easing the antagonism between the US and Latin America and repairing ally system in the western hemisphere, however, its efforts to reshape U.S.–Latin America relations have encountered many challenges.
文摘In the present paper, we model the policy stance of the People＇s Bank of China （PBC） as a latent variable, and the discrete changes in the reserve requirement ratio, policy interest rates, and the scale of open market operations are taken as signals of movement of this latent variable. We run a discrete choice regression that relates these observed indicators of policy stance to major trends of macroeconomic and financial developments, which are represented by common factors extracted from a large number of variables. The predicted value of the estimated model can then be interpreted as the implicit policy stance of the PBC. In a second step, we estimate how much of the variation in the PBC＇ s implicit stance can be explained by measures of its policy objectives on inflation, growth and financial stability. We find that deviations of CPI inflation from an implicit target and deviations of broad money growth from the announced targets, but not output gaps, figure significantly in the PBC＇s policy changes.
文摘The prudent monetary policy with Chinese characteristics has taken shape step by step since the beginning of 1998. The background for the formation of the policy was: (1) financial risk problem was extraordinarily outstanding and the pressing task at the time was to prevent and reduce financial risks; (2) a turning-point change occurred in the market supply and demand, with structural conflicts becoming the main contradictions and the effective demand for loans was inadequate; (3) a proactive fiscal policy was implemented, with the central finance issuing bonds to commercial banks, which meant the use of monetary policy to sustain
基金The Youth Program of the National Social Science Fund of China“Study on the Forming Mechanism and Countermeasures for Macro Debt and High Leverage”(17CJY054).
文摘In this paper,we review the historical transformation of China’s monetary policy framework in a systematical way in the past 70 years since the founding of the People’s Republic of China,from the five dimensions of money creation mechanism,monetary policy objective,monetary policy instrument,monetary policy rule and monetary policy transmission channel.We then focus on the current policy framework and suggest its major characteristics:the base money creation mechanism is undergoing fundamental structural changes and the credit system is becoming more and more complex;the multip1e objectives of the monetary policy are prone to conflict with each other;quantitative tools and price-based tools coexist while the validity of various new structural tools still needs to be tested;the monetary policy decisions are mainly discretionary and clear quantitative rules have not been formed;the monetary policy transmission is still dominated by bank credit channels,and the transmission to real economy is partially blocked.In the end,we outline the four major challenges facing China’s existing monetary policy framework and put forward policy recommendations for its transformation in the future.
文摘How can we fit different monetary transmission channels together to understand the effect of China＇s monetary policy？ This paper focuses on China＇s monetary conditions and aggregate demand in terms of the monetary conditions index （MCI）, which has been widely used as an important indicator for central banks, financial institutions, and scholars. To construct an MCI in the context of China over 1987Q1-2010Q2, we consider three channels through which monetary conditions might influence aggregate demand： the primary lending rate, the real effective exchange rate, and the bank credit. The weights of the component variables are obtained by estimating both the IS equation and the vector autoregressive model （VAR）, which yield somewhat similar results. Further empirical tests show that the MCIs we derived contain useful information about future output growth and inflation in China over the short and medium term. From a historical perspective, the MCI we derived is more informative than individual monetary variables for the understanding of the development of China＇s monetary conditions between 1987 and 2010.
文摘Based on the observation of the Ryukyu ethnic group during the World WarⅡand the need for post-war military occupation,the United States formulated the rule of“pro-U.S.and separating from the Japan,strengthening the initiative of natives.”1 in the early days of the occupation of Ryukyu.In the field of culture,the United States has carried out activities such as the compilation of post-war textbooks,attempts to restore native language,protection of traditional art and historical sites,and they also revived the traditional culture of Ryukyu.Since then,due to the transformation of the U.S.Asia-Pacific strategy,the U.S.’s traditional culture policy for Ryukyu has gradually changed to allow Japanese culture to re-enter Ryukyu.The Ryukyu traditional cultural rejuvenation policy in the early postwar period led to the development and strengthening of the community awareness of the Ryukyu community,which had disappeared and been suppressed for a long time.
文摘The unemployment rate of the United States in August 2010 was 9.6 percent,high by contemporary U.S.standards. As recently as 2007,the average annual U.S.unemployment rate was 4.7 percent.Immigration is being blamed for the ut Stuart Anderson,of the Cato Institute and Executive Director of the National Foundation for American Policy,said in the Immigration Reform Bulletin that immigration is not the problem,rather it’s U.S. economic policy.Edited excerpts follow.
