We investigate the causal relationship between foreign ownership and international trade performance by comparing foreign-acquired firms with similar domestic-acquired firms in China with regard to changes in their po...We investigate the causal relationship between foreign ownership and international trade performance by comparing foreign-acquired firms with similar domestic-acquired firms in China with regard to changes in their post-acquisition international trade performance.Our findings indicate that foreign ownership significantly enhanced the probability of both exporting and importing,and strongly increased trade value.Foreign ownership took effect from the year of the acquisition and persisted for at least 2 years.It stimulated both processing trade and ordinary trade,and expanded products and trading partners.Post-acquisition trade performance also exhibited heterogeneity based on the different pre-acquisition and post-acquisition ownership.As for the underlying mechanisms,we show that firms experienced significant output expansion,increased export dependence,and eased financial constraints after foreign acquisition.展开更多
International Trade refers to the exchange activities of goods and services among the different countries （and / or regions）. International trade is the international transfer of goods and services. International tr...International Trade refers to the exchange activities of goods and services among the different countries （and / or regions）. International trade is the international transfer of goods and services. International trade is also called the globe trade. International trade is composed of Import Trade and Export Trade, so it is sometimes also called as import and export trade. Specifically speaking, the management trade refers to the administration and interventions to the foreign trade activities by considering the country＇s macro-economic interests and foreign policy needs. For the international economic organizations, it is the coordinated management of the international economy.展开更多
This study develops a structural vector autoregression(SVAR)framework to empirically examine the reciprocal transmission channels of monetary policies between China and the United States.The primary objective is to di...This study develops a structural vector autoregression(SVAR)framework to empirically examine the reciprocal transmission channels of monetary policies between China and the United States.The primary objective is to discern potential disparities in the spillover effects of monetary policies and ascertain any contrasting mechanisms underlying these effects across the two countries.Based on our research,it appears that there exists a certain level of non-symmetry in the spillover effects of monetary policy between the two countries.Moreover,this paper provides adequate analysis of disparities in the trade framework,capital control,and financial market operations of both countries in constructing a dynamic stochastic general equilibrium(DSGE)model that incorporates financial frictions for the examination of the theoretical rationale.The empirical findings indicate that China’s monetary policy creates a spillover effect primarily through trade.In China,following an increase in its interest rates,the domestic economic activity will experience a contraction,leading to a decline in both investment and output.Consequently,this will result in a decrease in China’s imports of investment goods from the United States,impacting the output of the US economy.In contrast,the US monetary policy exerts a spillover effect primarily through finance.An increase in interest rates by the United States is associated with a notable outflow of capital from China.This leads to a rise in the financing costs for Chinese firms,consequently diminishing their overall net worth.In light of the financial accelerator effect,corporate external financing risk premium will continue to increase,exacerbating the downward trajectory of China’s output.展开更多
Based on the theory of technology spillover in international trade, this paper discusses the technological innovation effect of trade by taking the influence of domestic trade into account. Under the constraint of the...Based on the theory of technology spillover in international trade, this paper discusses the technological innovation effect of trade by taking the influence of domestic trade into account. Under the constraint of the production possibility frontier, there is either complementarity or substitutability between domestic and foreign trade. It must be decided whether resources should be concentrated in one of the sectors （trade specialization） or instead allocated equally （trade equalization） between the two sectors. This paper firstly discusses how domestic trade and foreign trade work together to influence technological innovation, and how trade equalization and specialization affect different types of innovation. Using a provincial-level panel dataset from 2007 to 2015 in China, this paper constructs the indicators of domestic and foreign trade linkage and examines the impact of trade on innovation. The findings show that trade equalization mainly promotes incremental innovation, while trade specialization improves radical innovation. Thus, in the area of incremental innovation, attention should be paid to the equalized development of domestic and foreign trade, while in areas pursuing radical innovation, emphasis should be put on the specialization of the trade sector, avoiding equal allocation of resources to the two sectors.展开更多
The paper focuses on links between the EU ETS （European Union Emissions Trading Scheme） and selected （domestic） greenhouse gas ETS （emissions trading schemes） from Asia and North America which could open up a pe...The paper focuses on links between the EU ETS （European Union Emissions Trading Scheme） and selected （domestic） greenhouse gas ETS （emissions trading schemes） from Asia and North America which could open up a perspective to keep the idea of emissions trading alive on a global scale and confront the actual uncertainty in future climate policy. The approach consists of investigating qualitatively the essential requirements of this alternative bottom-up approach. It is evaluated if variations or inconsistencies in the structure and design of domestic ETS as well as legal and institutional characteristics harm or facilitate the concept of linking with the EU ETS. The evaluation of systems leads to the exclusion of systems with voluntary character, relative caps, unrestricted borrowing and price caps from the group of potential linking candidates.展开更多
基金This work was supported by the National Natural Science Foundation of China(Nos.72273035,72121002,and 42341205)the Major Project of the Key Research Base of the Ministry of Education,China(No.22JJD790012).
文摘We investigate the causal relationship between foreign ownership and international trade performance by comparing foreign-acquired firms with similar domestic-acquired firms in China with regard to changes in their post-acquisition international trade performance.Our findings indicate that foreign ownership significantly enhanced the probability of both exporting and importing,and strongly increased trade value.Foreign ownership took effect from the year of the acquisition and persisted for at least 2 years.It stimulated both processing trade and ordinary trade,and expanded products and trading partners.Post-acquisition trade performance also exhibited heterogeneity based on the different pre-acquisition and post-acquisition ownership.As for the underlying mechanisms,we show that firms experienced significant output expansion,increased export dependence,and eased financial constraints after foreign acquisition.
文摘International Trade refers to the exchange activities of goods and services among the different countries （and / or regions）. International trade is the international transfer of goods and services. International trade is also called the globe trade. International trade is composed of Import Trade and Export Trade, so it is sometimes also called as import and export trade. Specifically speaking, the management trade refers to the administration and interventions to the foreign trade activities by considering the country＇s macro-economic interests and foreign policy needs. For the international economic organizations, it is the coordinated management of the international economy.
文摘This study develops a structural vector autoregression(SVAR)framework to empirically examine the reciprocal transmission channels of monetary policies between China and the United States.The primary objective is to discern potential disparities in the spillover effects of monetary policies and ascertain any contrasting mechanisms underlying these effects across the two countries.Based on our research,it appears that there exists a certain level of non-symmetry in the spillover effects of monetary policy between the two countries.Moreover,this paper provides adequate analysis of disparities in the trade framework,capital control,and financial market operations of both countries in constructing a dynamic stochastic general equilibrium(DSGE)model that incorporates financial frictions for the examination of the theoretical rationale.The empirical findings indicate that China’s monetary policy creates a spillover effect primarily through trade.In China,following an increase in its interest rates,the domestic economic activity will experience a contraction,leading to a decline in both investment and output.Consequently,this will result in a decrease in China’s imports of investment goods from the United States,impacting the output of the US economy.In contrast,the US monetary policy exerts a spillover effect primarily through finance.An increase in interest rates by the United States is associated with a notable outflow of capital from China.This leads to a rise in the financing costs for Chinese firms,consequently diminishing their overall net worth.In light of the financial accelerator effect,corporate external financing risk premium will continue to increase,exacerbating the downward trajectory of China’s output.
文摘Based on the theory of technology spillover in international trade, this paper discusses the technological innovation effect of trade by taking the influence of domestic trade into account. Under the constraint of the production possibility frontier, there is either complementarity or substitutability between domestic and foreign trade. It must be decided whether resources should be concentrated in one of the sectors （trade specialization） or instead allocated equally （trade equalization） between the two sectors. This paper firstly discusses how domestic trade and foreign trade work together to influence technological innovation, and how trade equalization and specialization affect different types of innovation. Using a provincial-level panel dataset from 2007 to 2015 in China, this paper constructs the indicators of domestic and foreign trade linkage and examines the impact of trade on innovation. The findings show that trade equalization mainly promotes incremental innovation, while trade specialization improves radical innovation. Thus, in the area of incremental innovation, attention should be paid to the equalized development of domestic and foreign trade, while in areas pursuing radical innovation, emphasis should be put on the specialization of the trade sector, avoiding equal allocation of resources to the two sectors.
文摘The paper focuses on links between the EU ETS （European Union Emissions Trading Scheme） and selected （domestic） greenhouse gas ETS （emissions trading schemes） from Asia and North America which could open up a perspective to keep the idea of emissions trading alive on a global scale and confront the actual uncertainty in future climate policy. The approach consists of investigating qualitatively the essential requirements of this alternative bottom-up approach. It is evaluated if variations or inconsistencies in the structure and design of domestic ETS as well as legal and institutional characteristics harm or facilitate the concept of linking with the EU ETS. The evaluation of systems leads to the exclusion of systems with voluntary character, relative caps, unrestricted borrowing and price caps from the group of potential linking candidates.
