Path of the Information Asymmetry of Asset Backed Securitization—Information Game Analysis of Embedded Block Chain Technology

In recent years, the rapid innovation and development of financial industry has made financial enterprises have a lot of information. However, the large amount of information is tampered with and fragmented, which cannot be shared. With the constant innovation of science and technology, it is the most effective way to solve the information lag and asymmetry of financial products. This article aims to start from the problem of asymmetric information of financial products, the analysis of the emerging block chain technology applied in the financial sector, and with the development of asset securitization information known as the typical scenario for the first time, a concrete analysis information game process, and discuss about the application of chain blocks in securitization feasibility.

Analysis of the current situation and demand of green food industry in China

With the high-speed development of economy in China, people require higher and higher quality of food, and accidents of food safety in recent years have been reported, causing the promotion of consumption demand on green food. The paper firstly investigates the current situation of green food industry at home and abroad, then focuses on the analysis of the demand of green food market. We study the balance between the green food and the per capita disposable income in short and long term, through vector auto regression model and co-integration analysis on the income elasticity of demand. The paper shows that, the relationship between green food consumption and per capita disposable income is "bullwhip effect", which means that the per capita disposable income have a significant role to the green food sales in the short term, but no stable co-integration relationship in the long term.

National Concentration of High-tech Products:The Second Great Diverqence?

Based on the product-country level trade data from 2004 to 2017,as well as the High-Tech Products Catalog from the US Census Bureau,this paper examines empirically the current phenomenon of"national concentration"in high-tech exports.The results show that the phenomenon of"national concentration"not only exists but also tends to be self-reinforcing.Compared with other products,the exports of high-tech products tend to be concentrated in certain countries,and this concentration trends were further strengthened after the global financial crisis of2008-2009.The national concentration of R&D activities may be one of the important causes of the national concentration of high-tech products.This pattern remains robust when we further use the value-added export data and different definitions of high-tech products.We argue that the phenomenon of"national concentration"of high-tech exports may herald the arrival of the"Second Great Divergence"-the divergence between innovative and manufacturing activities-in the global economy.

Discussion on the extensions of the entransy theory

In this paper,the preconditions forthe extensions of the entransy theory are summarized and discussed.As the physical meaning

Constructing a Chinese-Style Zero-Carbon Financial System: Theoretical Considerations and Policy Recommendations

The Chinese government's"dual carbon"commitment to carbon peaking and carbon neutrality in September 2020 indicates that China will promote green economy transition and achieve high-quality growth in line with the New Development Concept.Definitely,both China's economic and financial development will undergo a paradigm shift.This paper reviews the evolution of global finance's role in supporting environmental governance,climate change and sustainable development,and proposes that the time has come to develop zero-carbon finance which should be closely aligned with the""netzero emissions"requirement for achieving the global temperature target of the Paris Agreement.While the current policy frameworks for zero-carbon finance in major Western countries are useful references,they also have limitations.In order to build a Chinese-style zero-carbon financial system,China should integrate the experience of other countries and leverage both institutional advantages and green finance practices of own to the fullest extent possible.This paper goes into further detail about the concept of building a zerocarbon financial macro-management framework and a composite ecology of the zerocarbon financial market,and puts forward policy recommendations.The Chinese-style zero-carbon finance solution will also contribute to global carbon neutrality by enabling China to achieve carbon neutrality as soon as possible and providing countries with China's solutionas reference.

China＇s Opening up after 40 Years： Standing at a Historic Turning Point

This paper comprehensively reviews China＇s openness since 1978 from three aspects： trade, foreign investment and global production sharing. We point out that the economic development of China is now standing at a historic turning point. Specifically, economic changes in China are discassed from four dimensions： （i） from China being a world assembly line to a world manufacturing powerhouse; （ii） from China being a world capital receiver to a world investor; （iii） from China being a world factory to a world market; and （iv） from the situation of ＂made in China＂ to ＂innovated in China.＂ At the same time, the global economic system has also reached a turning point. A ＂North America-Europe-Asia ＂ tri-polar system has formed, in which the USA, Germany and China, respectively, serve as the regional core economies.

Nonlinear Capital Flow Tax: Capital Flow Management and Financial Crisis Prevention in China

How to promote capital account liberalization while preventing financial crises is a challenging task for policymakers. This study proposes a nonlinear (progressive) capital flow tax as a solution. We first demonstrate that the collateral requirement of international borrowing can give rise to multiple equilibria and self-fulfilling financial crises. We then show that the crisis equilibrium characterized by large exchange rate depreciation, capital flight and welfare loss can be eliminated by imposing a nonlinear (progressive) tax scheme on capital outflows with the marginal tax rate increasing with the size of individual capital outflows. The implementation of such a tax scheme in China is also discussed.

Exchange Rate Volatility,Heterogeneous Firms and Market Concentration

With the gradual promotion of market-oriented reform of the RMB exchange rate,the fluctuation range of the RMB exchange rate is increasing.How to deal with the impact of exchange rate volatility on Chinese exports is an important challenge faced by China.This paper finds that although exchange rate volatility,as a whole,has a negative impact on exports,high-productivity exporters are less prone to exchange rate volatility shock in both intensive and extensive margins.As high-productivity firms are less affected by exchange rate risk,they account for larger market shares.This paper,from a new perspective,provides evidence that increasing productivity helps mitigate the negative impact of exchange volatility on exports.

Independent technical directors and their effect on corporate innovation in China

As outside advisors,independent directors serve as both consultants and monitors.Based on empirical studies of corporate innovation and independent directors,we used data from listed firms in China from 2007 to 2017 to examine the effect of hiring independent technical directors on the board of directors.This study focused on a firm’s innovation performance and the extent to which this performance is influenced by the relevance of a director’s expertise to the activities of the firm.The results show that when the technical expertise of an independent director is relevant to the operational field of the firm,the firm should perform better in terms of innovation.This result is still significant when applying the two-stage instrumental variable method,showing a higher significance when using the exogenous event of the 2014 Wenfeng.plc case.Moreover,independent technical directors influence innovation primarily by encouraging firms to deepen their current field of research rather than expanding to other fields.Our findings can guide corporations to hire more relevant independent technical directors and can help the government design more accurate policies that promote innovation and entrepreneurship.