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Capital Account Openness,Exchange Rate Volatility and Economic Growth:International Experiences and Implications 被引量:1
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作者 李丽玲 王曦 《China Economist》 2017年第6期69-85,共17页
Based on the Barro classical growth model, this paper introduces capital account openness and exchange rate volatility to conduct an empirical analysis using the panel data of 182 countries(regions) during 1970-2013 t... Based on the Barro classical growth model, this paper introduces capital account openness and exchange rate volatility to conduct an empirical analysis using the panel data of 182 countries(regions) during 1970-2013 to examine the combined effects of capital account openness and exchange rate risks on economic growth. Our findings are as follows:(1) Without considering exchange rate volatility, capital account openness is subject to a threshold effect, i.e. capital account openness significantly promotes the economic growth of middle-and high-income countries but exerts the opposite effect on low-income countries; and(2) after exchange rate volatility is taken into account, the growth effect of capital account openness is reduced and the greater the exchange rate volatility is, the smaller the marginal effect of capital account openness will be; sample-specific results also proved the existence of the threshold effect. This paper offers the following implications:(1) The effect of capital account openness can be better examined based on risk factors;(2) moderately controlling exchange rate volatility is conducive to acquiring greater benefits from capital account openness; and(3) the threshold effect of capital account openness cannot be overlooked. 展开更多
关键词 capital account openness exchange rate volatility threshold effect economicgrowth
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NEW REGULATION BY THE PEOPLE'S BANK OF CHINA-TRADING B STOCKS ABROAD,OPENING ACCOUNTS IN CHINA
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作者 Ma Zhou 《大经贸》 北大核心 1997年第12期90-90,共1页
The People’s Bank of China promulgated andput in force days ago Regulation on Foreign Ex-change Accounts in China, according to which for-eign individuals or legal persons can open foreignexchange accounts to keep fo... The People’s Bank of China promulgated andput in force days ago Regulation on Foreign Ex-change Accounts in China, according to which for-eign individuals or legal persons can open foreignexchange accounts to keep foreign exchange fortrading B stock in China.As stipulated by the regulation, as to foreigncurrency stock accounts opened bydomestic insti-tutions with the income from issuing stocks, theirreceipt shall be income from issuing stocks anddisbursement shall be used for the purposes pro-vided for in the prospectus approved by securitiessupervising organs; as to foreign exchange ac-counts opened by foreign individuals or legal per-sons for trading B stocks in China.their receipt shallbe the income of trading stocks and foreign ex-change remitted or brought in from abroad, andtheir disbursement shall be used for buying andselling stocks.As provided in the regulation, for the purposeof opening B stock account to trade B stocks 展开更多
关键词 NEW REGULATION BY THE PEOPLE’S BANK OF CHINA-TRADING B STOCKS ABROAD openING ACCOUNTS IN CHINA
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统一帐户、开放平台与衍生品牌——走向互联网的电视未来 被引量:1
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作者 包冉 《南方电视学刊》 2013年第1期28-30,共3页
本文通过梳理互联网技术商业模式的发展历程,指出基于开放平台的统一帐号运营,已经成为当下互联网巨头们的战略入口,也是传统电视业拥抱互联网的必由之路。不管入口的具体承载形式是浏览器还是APP客户端,其可度量、可测量的价值,均源于... 本文通过梳理互联网技术商业模式的发展历程,指出基于开放平台的统一帐号运营,已经成为当下互联网巨头们的战略入口,也是传统电视业拥抱互联网的必由之路。不管入口的具体承载形式是浏览器还是APP客户端,其可度量、可测量的价值,均源于用户认可的统一帐号,以及捆绑在该帐号上的行为、信用和社交关系。通过开放平台的应用聚合,才能真正实现从看电视到用电视的产业梦想,并在资本杠杆的作用下,实现衍生协同的品牌效应。 展开更多
关键词 统一帐户(Unified account)开放平台(open Platform) 互联网电视(OTT TV)腾讯(Tencent)品牌 (Brand)
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DEPENDENCE BETWEEN STOCK RETURNS AND INVESTOR SENTIMENT IN CHINESE MARKETS:A COPULA APPROACH 被引量:1
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作者 Xunfa LU Kin Keung LAI Liang LIANG 《Journal of Systems Science & Complexity》 SCIE EI CSCD 2012年第3期529-548,共20页
Using data of newly opened stock trading accounts in China as a proxy of investor sentiment index, the authors employ the time-varying copula-GARCH model with Hansen's skewed Student-t innovations to investigate the ... Using data of newly opened stock trading accounts in China as a proxy of investor sentiment index, the authors employ the time-varying copula-GARCH model with Hansen's skewed Student-t innovations to investigate the dynamic dependence between investor sentiment and stock returns. The empirical findings show that shifts in investor sentiment are asymptotically positively correlated to stock returns in extreme value situations in both A shares market and B shares market in China, that is to say, stock prices will increase (decrease) more when investors become more bullish (bearish). Also, results show that the dependence between investor sentiment and stock returns is time-varying, which means that the traditional Pearson's correlation based on normal distribution is not enough to describe the relationship between stock market behavior and investor behavior. 展开更多
关键词 Behavioral finance COPULA GARCH investor sentiment newly opened stock trading accounts.
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