Effect of China’s technology spillovers on energy intensity in Africa

Empirical studies on the effects of China-African economic relations on energy intensity in Africa are scarce.To fill the gap in the literature,this study investigates the technology spillover effects of the China-Africa trade and investment relations on energy intensity.It uses both linear and nonlinear dynamic panel estimation methods for 42 African countries from 2003 to 2015.The results show that China's technology spillover through imports significantly reduces energy intensity in Africa.The findings are consistent across specifications and sample groups.Moreover,the technology spillover coming from foreign direct investment(FDI)improves energy intensity,particularly in lower-middle-income African countries.The dynamic threshold estimation results show that countries'absorptive ability is important for technology spillover effects of FDI and imports on energy intensity.The results suggest that countries'absorptive capacity should be increased to maximize the benefits of trade and investment technology spillovers.

Study of Factors Influencing China-ASEAN Agricultural Product Trade Development in the Context of"the Belt and Road"

This paper reviewed and analyzed the current situations and influencing factors of the bilateral agricultural product trade development in China-ASEAN Free Trade Area(CAFTA),which has important practical significance for promoting the in-depth development of the free trade area and has guiding significance for precise policy implementation.Based on the status of import and export trade of agricultural products in CAFTA from 2013 to 2017,it constructed a trade gravity model.With the aid of Stata 14.0 software,it explored major factors influencing the development of bilateral agricultural trade from the total amount of agricultural products import and export and Commodity Indexes for the Standard International Trade Classification,Revision 3(SITC Rev.3)agricultural product classification data.The empirical regression results show that the GDP of ASEAN countries,the ratio of agricultural added value to GDP,and the per capita gross national income(GNI)measured based on the purchasing power parity(PPP)exchange rate have the greatest impact on agricultural product trade in CAFTA in the context of"the Belt and Road"(B&D).Based on empirical research,it came up with recommendations including adjusting the import and export structure of agricultural products,enhancing product competitive advantages,and implementing diversified markets.

Downside risk and defaultable bond returns

This paper analyzes the influence of downside risk on defaultable bond returns.By introducing a defaultable bond-trading model,we show that the decline in market risk tolerance and information accuracy leads to trading loss under downside conditions.Our empirical analysis indicates that downside risk can explain a large proportion of the variation in yield spreads and contains almost all valid information on liquidity risk.As the credit level decreases,the explanatory power of downside risk increases significantly.We also investigate the predictive power of downside risk in cross-sectional defaultable bond excess returns using a portfolio-level analysis and Fama-Mac Beth regressions.We find that downside risk is a strong and robust predictor for future bond returns.In addition,due to the higher proportion of abnormal transactions in the Chinese bond market,downside risk proxy semi-variance can better explain yield spreads and predict portfolio excess returns than the proxy value at risk.

Estimating Chinese Trade Relationships with the Silk Road Countries

In this paper we discuss the extent to which countries in the Jormer Silk Roaa regions are either reaching or failing to reach their trading potential with China. We estimate a gravity model of trade using a Poisson pseudo-maximum likelihood estimator, and estimate trade potential using in-sample, out-of-sample and counterfactual approaches. We compare trade potential using these three methods for Silk Road country trades with China. Next, we compare the estimated trade potential to actual trade, and find that most Silk Road countries are underperforming in their trade with China. However, trade performance against potential improved for most countries over the years 1990-2013. Our results suggest that China＇s former Silk Road trading partners have yet to realize the full potential benefits of China＇s economic growth but that the gap may be narrowing.

Visa trial of international trade:evidence from support vector machines and neural networks

International trade depends on networking,interaction and in-person meetings which stimulate cross-border travels.The countries are seeking policies to encourage inbound mobility to support bilateral trade,tourism,and foreign direct investments.Some nations have been implementing liberal visa regimes as an important part of facilitating policies in view of security concerns.Turkey has been among the nations introducing liberal visa policies to support trade in the last decade and recorded significant increases in the volumes of exports.In this paper,we employed machine learning methodologies,Support vector machines(SVM)and Neural networks(NN),to investigate the facilitating impact of liberal visa policies on bilateral trade,using the export data from Turkey for the period of 2000–2014.The research disentangled the variables that have the strongest impact on trade utilizing SVM and NN models and exhibited that visa policies have significant impacts on the bilateral trade.More relaxed visa policies are recommended for the countries in the pursuit of increasing exports.