The aggregate and sectoral time‑varying market efficiency during crisis periods in Turkey:a comparative analysis with COVID‑19 outbreak and the global financial crisis

This study aims to examine the time-varying efficiency of the Turkish stock market’s major stock index and eight sectoral indices,including the industrial,financial,service,information technology,basic metals,tourism,real estate investment,and chemical petrol plastic,during the COVID-19 outbreak and the global financial crisis(GFC)within the framework of the adaptive market hypothesis.This study employs multifractal detrended fluctuation analysis to illustrate these sectors’multifractality and short-and long-term dependence.The results show that all sectoral returns have greater persis-tence during the COVID-19 outbreak than during the GFC.Second,the real estate and information technology industries had the lowest levels of efficiency during the GFC and the COVID-19 outbreak.Lastly,the fat-tailed distribution has a greater effect on multifractality in these industries.Our results validate the conclusions of the adaptive market hypothesis,according to which arbitrage opportunities vary over time,and contribute to policy formulation for future outbreak-induced economic crises.

Impact of global financial crunch on financially innovative microfinance institutions in South Asia

The wave of global financial crises(2008-2009)caused a surge in the capital flows of developed countries particularly,between developed and developing countries.The crunch hit all financial sectors with unanticipated severity.The study evaluates the role of a country’s political practices in moderating the impact of global financial crunch on microfinance performance.Using the fixed effect panel regression method on the dataset comprising of 95 MFIs operating in South Asia from 2003 to 2012,we determine that microfinance operational capability shares a positive relationship with the institutional attributes of a country and our output reveals that impact of country’s political practices is pervasive on the financial output of MFIs,liable to different levels of implementation.The findings further reveals that MFIs situated in countries having vigorous political practices are less severely affected by the economic crunch.

Chinese Trade Unions Strive to Protect Workers' Rights and Interests in Dealing with the Global Financial Crisis

Protecting the rights and interests of workers and staff members constitutes an important aspect of China＇s human rights protection. At the time when the country is dealing with impacts of the global financial crisis, the All-China Federation of Trade Unions has been working fruitfully and effectively to accelerate economic and social development and safeguard the legitimate rights and interests of workers, therefore making contributions to the protection of the rights and interests of Chinese workers. Now I would like to make a brief introduction on this subject.

Handling the Global Financial Crisis:China's Policy Response and Its Assessment

Though a star economy during the past few decades,China has proven not to be crisis-proof and is suffering in the American-made global financial crisis.In response,the Chinese government has adjusted its macroeconomic policy swiftly and implemented a counter-cycle policy,including a proactive fiscal policy,a moderately easy monetary policy and an active international cooperation policy.The Chinese government's policy is a comprehensive one,effectively combining investment,domestic consumption and foreign trade,short-term and long-term needs,economic growth and social development,and self-development and international cooperation.The Chinese government's policy has produced generally good results so far and will be continued.

Promote Global Financial Market Integration

The B20 finance-driven growth taskforce provided four policy recommendations,including the optimization of global financial supervision,supporting stable growth of the world economy,the promotion of the development of green finance,and the pro-

Stand Still in Global Financial Storm?

The number of small and medium- sized enterprises(SMEs)in China has exceeded 40 million, accounting for 99 percent of the country's total enterprises.Chinese and foreign experts estimate that SMEs are now responsible for about 60 percent of China's industrial output and employ about 75 percent of the workforce in Chi-

The Impact of Global Financial Crisis on China Chemical Fiber Industry and Response Strategies (Part Ⅱ)

Prospects of Global Financial Crisis and Economic Crisis The widely spreading global financial crisis has halted the fast growth of world economy in five consecutive years,and heavily stricken the financial and economic sectors worldwide.It’s second only to the "Great Depression" in the 1930’s.Governments

全球金融治理:赤字膨胀和必要改革

In recent years,due to the complex interplay of cyclical,structural,geopolitical,geoeconomic,and public health factors,the demand for global financial governance(GFG)has risen to new heights.The global foreign exchange market is undergoing disruptive adjustments;low-income countries are rapidly approaching a debt crisis;the gap in international development finance is widening;and the ongoing Ukraine crisis threatens to fragment and fracture the global economic and financial system.However,the current GFG system cannot address the above issues responsibly and effectively.This is largely because the system is a loose cooperation web based on soft laws instead of a closely integrated mechanism guided by hard rules.Reform on multiple fronts is required to improve the quality and relevance of GFG.This includes refocusing on key issues and ensuring that the system functions as a whole,prioritizing development,modernizing the international debt resolution framework,advancing the reform of international financial institutions,and thinking outside the box.Despite China’s late entry into the GFG system,it is an ardent advocator of international development cooperation,an active promoter of green finance,and a responsible participant in international efforts to address the debt crisis.With its Belt and Road Initiative,Global Security Initiative,Global Development Initiative,and unique path to modernization,China has offered the world an alternative development path while breathing new life into the old GFG system.

中美金融竞争的维度与管控

During a period of profound adjustments to the international power structure,China-US financial competition may intensify and lead to a crisis for the international financial system and even the international power system.The China-US financial relationship is structured in mainly four dimensions:the international monetary system,bilateral financial exchanges,the international financial system and the construction of international financial and/or economic concepts.Management of this competition relationship is thereby four-pronged:managing the relationship between the RMB and the US dollar in the international monetary system,the China-US bilateral creditor-debtor relationship,the indirect China-US relationship in global financial governance organizations and normative frameworks,and the divergence of both countries in regard to their economic ideologies.In particular,to stabilize the international monetary system,China should postpone the strategic confrontation between the RMB and the US dollar,strengthening their complementarity and cooperation based on market choice and their monetary function.Meanwhile,China should be prudent as a creditor to the United States,neither coerced by its over-reliance on American financial markets,nor tempted to weaponize the US debt by dumping US bonds.Also,before aiming for systematic reforms,China should first aim to become a stakeholder in the current global financial governance system by comprehensively accepting and becoming deeply integrated into it.Finally,China should avoid the economic competition model between China and the United States,and should instead apply the“Chinese Approach”to better facilitate solutions to international problems.These approaches to crisis management aim to help China endure this turbulent period of the international power system with more prudent strategies and policies,and to maintain a relatively stable international financial and economic environment for the sustained rise of its economy and for the rejuvenation of the Chinese nation.

Impact of the Global Financial Crisis on China: Empirical Evidence and Policy Implications

This paper applies a structural vector autoregression analysis to quantify the impact of the global financial crisis on China. It is found that the impact is indeed sizeable： a 1-percent decline in economic growth in the USA, the EU and Japan is likely to lead to a0. 73-percent decline in growth in China. The article discusses whether the current measures of fiscal stimulus are adequate to offset the sharp decline in external demand Although there is little doubt that the massive fiscal stimulus will largely offset the significant shortfalls in external demand, the current growth pattern in China will be increasingly unsustainable in the long term. China ＂s reform cycles suggest that external shocks are often opportunities for structural reforms. Therefore, the crisis could also be a catulyst for rebalancing China ＇s economic structure so as to return the economy to a sustainable path.

China and Emerging Economies in Global Financial Governance:Legitimacy,Accountability and Democracy

Global financial governance refers to the way in which global financial affairs are managed. As there is no global government, global financial governance typically involves a range of actors including states, as well as regional and international organizations aimed at negotiating responses to problems that affect more than one state or region, far from only providing the public good of financial stability through global economy integration and global financial legislation. In geopolitical context of the 21 st century, emerging economies still have maintained a low profile in global financial governance, despite their growing economic power and the rhetoric of being a responsible great power, and there is little evidence that they will seek international leadership. Moreover,compared to the other emerging powers in the BRICS(Brazil, Russia, India, China and South Africa) group,China has under-participated in global governance in terms of contributing personnel, finance and ideas to major multilateral institutions and programs. It is really an interesting question in international economics and politics area. Firstly, this paper examines comparative data on the emerging economies countries' participation in global financial governance and explains the reason why China has relatively low involvement in global financial governance. Secondly, this paper analyzes norms and legitimacy in global financial governance, and thus outlines the emerging economies constraints on public policy of global financial market integration in the light of the foregoing analysis of legitimacy, accountability and democracy. Finally, some global financial governance development strategy and possible policy solutions are discussed as well.

What Caused the Sharp Downturn in the Chinese Economy during the Global Financial Crisis? A Critical Note on Causality in Trade Linkage

In responding to a view that attributes sharp downturns in the Chinese economy in late 2008 and early 2009 to the ＂collapse of external demand,＂ the present paper scrutinizes three relevant issues： How have large Chinese importers behaved in a demand-price setting？ How have Chinese commodity imports and exports interacted in recent years？ Did the downturns in China＇s export growth come earlier and were they deeper than those in Chinese import growth？ All answers appear to suggest a conclusion contrary to the abovementioned view： sharp downturns in China＇s trade and economy during the reeent global financial crisis were, to a large extent, caused by certain domestic factors, or by factors that should not be regarded as entirely ＂external. ＂ Insomuch as globalization has advanced, a large economy like China＇s today faces new potential sources of macroeeonomic disturbances, from inside and outside.

Fintech,Digital Currency,and the Restructuring of the Global Financial System

Financial technology(fintech)and digital currency are irreversibly reshaping the global financial system.Through the analysis of the development of fintech and digital currency,and the resulting major influences on the global financial system,this paper discusses the impact of issuing legal digital currency on a monetary base and money multiplier,and the possible influences on central banks’monetary policies.It shows that the integration of artificial intelligence,big data,cloud computing,the Internet of Things and other information technologies with traditional finance will greatly enhance the efficiency of financial service,and help to identify,quantify and minimize financial risks,and reinforce the financial agglomeration effect of traditional financial centers.At the same time,the development of digital currency entirely based on blockchain technology may weaken the financial agglomeration functions of traditional financial centers.The development of private digital currency based on blockchain is unstoppable,thus the legal digital currency of the People’s Bank of China will play an important role in restructuring the global currency framework.Taking advantage of the internet financial market,China should strengthen its infrastructure in fintech,promote integrated innovation,increase research spending on core technology,and tighten top-level design and regulation,so as to advance a faster development of fintech and digital currency.

Can China textile and apparel industry decouple itself from the global financial turmoil?

Driven by the rising specter of both recession and inflation, the financial woes of the Wall Street have recently become deepened. The current US financial turmoil has its root in the

Return and Volatility Spillovers Effects:Study of Asian Emerging Stock Markets

This paper examines the extent of contagion and interdependence across the six Asian emerging countries stock markets(e.g., Bangladesh, China, India, Malaysia, the Philippine, and South Korea) and then try to quantify the extent of the Asian emerging market fluctuations which are described by intra-regional contagion effect. These markets experienced both fast growth and key upheaval during the sample period, and thus, provide potentially rich information on the nature of border market interactions. Using the daily stock market index data from January 2002 to December 2016(breaking the 15 years data set into three sub periods; pre-crisis, crisis, and post crisis periods);particularly make attention to the global financial crisis of 20072008. The return and volatility spillovers are modeled through the GARCH(generalized autoregressive conditional heteroscedasticity),pairwise Granger causality tests, and the forecast error variance decomposition in a generalized VAR(vector auto regression) models. This paper shows that volatility and return spillovers behave very differently over time, during the pre-crisis, crisis, and post crisis periods. Importantly, Asian emerging stock markets interaction is less before the global financial crisis period. The return and volatility spillover indices touch their respective historical peaks during the global financial crisis 20072008,however Bangladeshi market faces this condition in 20092010.

The Coronavirus Pandemic:The Growing Relevance of Moral Cosmopolitan Justice?

The essay attempts to conceptualise the adverse repercussions of coronavirus in an unequal global order.The changing security regime has intensified the increased probabilities of potential non-conventional threats The coronavirus has uncovered the unpleasant realities of the socio-economic and political structure of theglobal north encountering financial crises and lack of health care resources.Contradictorily,the Pandemic has pushed the developing countries into the realm of extreme poverty,destroyed their minimum living conditions with the marginal provision of financial assistance.The contemporary unequal scenario exposed the unequal treatment for different social and economic classes questioning the neo-liberal policy discourse.Therefore,the central theme of the essay is to understand the multidimensional underpinnings of the health crises and global inequality upholding the relevance of cosmopolitan justice,adopting an analytical and deductive methodology of driving conclusions from general premises.

Sino-Israeli Relations:Current Reality and Future Prospects

More than 60 years’Sino-Israeli relations experience twists and turns.Republic of China government has helped the Jews and in deed supported the establishment of Jewish state.One year after the founding of State of Israel,the People’s Republic of China was established,Israel turned to the new regime,but the Korean War and the Bandung Conference made the relationship between Israel and China become cool and eventually break.The ease of Sino-US relations,Israel-Egypt peace talks and Sino-Vietnam border war provide the opportunity for the development of Sino-Israeli relations again,and Hong Kong became the bridgehead of dual military,economic and political cooperation;the two countries established diplomatic relations in 1992 eventually.Due to the repeated Israel-Arab relations,the American pressure on Israeli arms exports to China and China’s internal ethnic separatism,China swifts between Israel and Islam-Arab countries with limited success in the involvement in Middle East peace process.In the current global financial crisis,the international community recognizes the important position of China,Israel needs new China policy which fits the era of international system transformation.