scholarly journals China’s Accession to the WTO and the Collapse That Never Was

2020 ◽  
pp. 048661342094896
Author(s):  
William Jefferies
Keyword(s):  
Big Bang ◽  
Jel Classification ◽  
Market Transition ◽  
Neoclassical Economics ◽  
Neoclassical Model ◽  
Rival Model ◽  
Natural Result ◽  
The Impact ◽  
Two Sides ◽  
China’S Economy

This article examines the application of neoclassical economics to the discussion of China’s transition to the market in the 1990s and its accession to the World Trade Organization (WTO) in 2001. It shows how this theory shaped, and misled, forecasts of the impact of that accession and of China’s subsequent economic performance. It discusses the debate between mini-bang and big-bang transition policies in the 1990s and shows the two sides shared far more in common than separated them. Both sides misestimated, in fact grossly underestimated, the dynamism of China’s economy. It shows how widely anticipated predictions of crisis and collapse with China’s WTO accession were the natural result of the assumptions of the neoclassical model. It suggests that a rival model of market transition based on Bukharin and Kuznets has much to offer. JEL Classification: P22, P26, P21, B24

scholarly journals The Impact of Participation in PPP Projects on Total Factor Productivity of Listed Companies in China

2021 ◽  
Vol 13 (14) ◽  
pp. 7603
Author(s):  
Xiangdong Liu ◽  
Guangxi Cao
Keyword(s):  
Total Factor Productivity ◽  
High Speed ◽  
Operation Mode ◽  
Listed Companies ◽  
Financing Constraints ◽  
Eastern Region ◽  
Time Varying ◽  
Factor Productivity ◽  
The Impact ◽  
China’S Economy

The key to transforming China’s economy from high-speed growth to high-quality development is to improve total factor productivity (TFP). Based on the panel data of China’s listed companies participating in PPP (Public–Private Partnerships) projects from 2010 to 2019, this paper constructs the time-varying DID method to test the impact of participation in PPP projects on the company’s TFP empirically, explore the mechanism of the effect of participation in PPP projects on the company’s TFP, and then conduct heterogeneous analysis from four perspectives: region, industry, ownership form, and operation mode. The empirical results show that participation in PPP projects can significantly promote the growth of the company’s TFP, which mainly comes from the promotion of the innovation level of listed companies and the alleviation of financing constraints by participating in PPP projects. In addition, participation in PPP projects has a significant impact on TFP of listed companies in the eastern region, listed companies in the secondary and tertiary industries, state-owned listed companies, and listed companies participating in PPP projects under the BOT mode.

The duck curve in a drying pond: The impact of rooftop PV on the Western Australian electricity market transition

2021 ◽  
Vol 71 ◽  
pp. 101232
Author(s):  
Sam Wilkinson ◽  
Martin J. Maticka ◽  
Yue Liu ◽  
Michele John
Keyword(s):  
Electricity Market ◽  
Market Transition ◽  
The Impact ◽  
Western Australian

Financial Access of Latin America and Caribbean Firms: What Are the Roles of Institutional, Financial, and Economic Development?

2021 ◽  
pp. 097265272110153
Author(s):  
Lan Khanh Chu
Keyword(s):  
Economic Development ◽  
Latin America ◽  
Jel Classification ◽  
Caribbean Region ◽  
Country Level ◽  
Level Data ◽  
Latin America And Caribbean ◽  
The Impact ◽  
Moderating Role

This article examines the impact of institutional, financial, and economic development on firms’ access to finance in Latin America and Caribbean region. Based on firm- and country-level data from the World Bank databases, we employ an ordered logit model to understand the direct and moderating role of institutional, financial, and economic development in determining firms’ financial obstacles. The results show that older, larger, facing less competition and regulation burden, foreign owned, and affiliated firms report lower obstacles to finance. Second, better macro-fundamentals help to lessen the level of obstacles substantially. Third, the role of institutions in promoting firms’ inclusive finance is quite different to the role of financial development and economic growth. JEL classification: E02; G10; O16; P48

Canadian Ice Wine Production: A Case for the Use of Weather Derivatives

2007 ◽  
Vol 2 (2) ◽  
pp. 145-167 ◽  
Author(s):  
Don Cyr ◽  
Martin Kusy
Keyword(s):  
Jel Classification ◽  
Seasonal Temperature ◽  
Weather Derivatives ◽  
Wine Production ◽  
Option Values ◽  
Temperature Variable ◽  
Ice Wine ◽  
The Impact ◽  
Potential Use ◽  
Underlying Variable

AbstractWeather derivatives are a relatively new form of financial security that can provide firms with the ability to hedge against the impact of weather related risks to their activities. Participants in the energy industry have employed standardized weather contracts trading on organized exchanges since 1999 and the interest in non-standardized contracts for specialized weather related risks is growing at an increasing rate. The purpose of this paper is to examine the potential use of weather derivatives to hedge against temperature related risks in Canadian ice wine production. Specifically we examine historical data for the Niagara region of the province of Ontario, Canada, the largest icewine producing region of the world, to determine an appropriate underlying variable for the design of an option contact that could be employed by icewine producers. Employing monte carlo simulation we derive a range of benchmark option values based upon varying assumptions regarding the stochastic process for an underlying temperature variable. The results show that such option contracts can provide valuable hedging opportunities for producers, given the historical seasonal temperature variations in the region. (JEL Classification: G13, G32, Q14, Q51, Q54)

Does time-varying illiquidity matter for the Indian stock market? Evidence from high-frequency data

2021 ◽  
pp. 031289622110102
Author(s):  
Mousumi Bhattacharya ◽  
Sharad Nath Bhattacharya ◽  
Sumit Kumar Jha
Keyword(s):  
Stock Market ◽  
Stock Returns ◽  
High Frequency ◽  
Jel Classification ◽  
Exogenous Shock ◽  
Intraday Data ◽  
Day Of The Week ◽  
Holiday Effects ◽  
Indian Stock Market ◽  
The Impact

This article examines variations in illiquidity in the Indian stock market, using intraday data. Panel regression reveals prevalent day-of-the-week, month, and holiday effects in illiquidity across industries, especially during exogenous shock periods. Illiquidity fluctuations are higher during the second and third quarters. The ranking of most illiquid stocks varies, depending on whether illiquidity is measured using an adjusted or unadjusted Amihud measure. Using pooled quantile regression, we note that illiquidity plays an important asymmetric role in explaining stock returns under up- and down-market conditions in the presence of open interest and volatility. The impact of illiquidity is more severe during periods of extreme high and low returns. JEL Classification: G10, G12

The Impact of Social Capital on Human Wellbeing: Empirical Evidence from Azad Jammu and Kashmir (Pakistan)

2018 ◽  
pp. 130-155
Author(s):  
Fozia Munir ◽  
Mirajul Haq ◽  
Syed Nisar Hussain Hamadani
Keyword(s):  
Social Capital ◽  
Central Place ◽  
Jel Classification ◽  
Primary Data ◽  
Data Set ◽  
Jammu And Kashmir ◽  
Empirical Estimates ◽  
The Subject ◽  
Basic Hypothesis ◽  
The Impact

Maximization of wellbeing is the exceedingly targeted objective that conventional economics going forward. Keeping in view its central place, economists developed well-structured models and tools in order to measure and investigate wellbeing. In received literature, on the subject, various factors have been investigated that affecting wellbeing. However, wellbeing which is viewed from different approaches and is of a different form is not shaping equally with different types of factors. In this context, this study is an attempt to investigate how subjective wellbeing is affecting by social capital. The basic hypothesis is that “individual wellbeing moves parallel with its social capital”. The hypothesis is empirically tested using primary data set of 848 individuals collecting form Azad Jammu and Kashmir (Pakistan). The empirical estimates indicate that keeping other factors constant, an individual that embodied more social capital enjoy more wellbeing in their life. JEL Classification: B24, I30, C43

CLIMATE REFUGEES AS A NATURAL RESULT OF CLIMATE CHANGE

2018 ◽  
Author(s):  
Viktoriia Sydorenko ◽  
Keyword(s):  
Climate Change ◽  
Global Climate Change ◽  
Global Climate ◽  
Natural Result ◽  
The Impact ◽  
Climate Refugees

This article is devoted to an overview of such a category of migrants as climate refugees. The author pays attention to the general characteristics of the impact of global climate change on migrants. Particular attention is paid to the disclosure of the term “climate refugee”, the reasons for the emergence of this category of people, as well as the problems of counting climate refugees. The author also provides examples for solving these problems.

Impact of the OMRR Operation in Fighting the Adverse Effects of COVID-19 on the Chinese Stock Market: An Event Study

2021 ◽  
Vol 16 (3) ◽  
pp. 495-520
Author(s):  
Lin Guo ◽  
◽  
Xufei Zhang ◽  
Songlei Chao ◽  
◽  
...  
Keyword(s):  
Stock Market ◽  
Event Study ◽  
Abnormal Return ◽  
Fiscal Policies ◽  
Chinese Stock Market ◽  
Open Market ◽  
Monetary Policies ◽  
Technology Industry ◽  
The Impact ◽  
China’S Economy

The outbreak of the COVID-19 epidemic has had an adverse effect on China's economy. This paper uses the event study method to test and measure the impact of the open market reverse repo (OMRR) operation on the Chinese stock market. The results show that the OMRR operation generates a positive daily abnormal return and a positive daily cumulative abnormal return on average for all stocks. The impact is larger for non-state-owned enterprise (non-SOE) firms than for SOE firms, stocks of non-Hubei provinces than those of the Hubei province, and for stocks of the information transmission and technology industry than those of other industries. We suggest that our government implement more prudent monetary policies and more proactive fiscal policies.

Does board independence constrain insider opportunism?

2020 ◽  
pp. 031289622094638
Author(s):  
Dewan Rahman ◽  
Robert Faff ◽  
Barry Oliver
Keyword(s):  
Research And Development ◽  
Insider Trading ◽  
Jel Classification ◽  
Independent Directors ◽  
Board Independence ◽  
Exogenous Shocks ◽  
Sarbanes Oxley ◽  
Trading Restrictions ◽  
The Impact ◽  
Identification Strategy

We examine whether insider opportunism is reduced by board independence. Using a sample of 18,194 firm-year observations over the period 1996–2016, we show that board independence constrains opportunistic insider trading. Our identification strategy uses the Sarbanes–Oxley Act of 2002 (SOX Act) and associated changes to the listing rules of NYSE/NASDAQ as a source of exogenous shocks in board independence. Our results are economically significant as insider opportunism declines by about 10.5%. We find that insider trading restrictions is the channel through which board independence reduces insider opportunism. Our additional analyses show that in competitive and R&D (research and development) intensive firms, the impact of board independence on opportunism is less pronounced. We also find that board independence constrains opportunism only in less complex firms. However, in co-opted boards, independent directors are less effective. Overall, we support the monitoring channel of board independence for reducing insider opportunism. JEL Classification: G14, G34, G40

Diplomacy and life on Georgia's boundary line

2011 ◽  
Vol 22 (4) ◽  
pp. 357-371
Author(s):  
Caecilia J. van Peski
Keyword(s):  
Humanitarian Assistance ◽  
Boundary Line ◽  
South Ossetia ◽  
The Future ◽  
Major Incidents ◽  
Unstable Environment ◽  
Personal Wellbeing ◽  
To Come ◽  
The Impact ◽  
Two Sides

AbstractOn the third anniversary of the war over South Ossetia, resumed talks between Georgia and Russia are needed to create positive momentum in a still unstable environment. The article examines the continuing strains and recommends that the two sides engage in direct dialogue in order to de-escalate allegations about the other's involvement in the conflict. While formal diplomatic relations remain more or less suspended, many mutual interests remain. Paramount in this is the fact that Georgia and Russia share interests in improving mutual security, trade and transport. The impact of the ongoing conflict on Georgia's very diverse communities differs substantially, as do their priorities. Concerns over the future amongst these communities are widespread. The consequences of the violence and subsequent failure to progress resolution of the conflict still affect communities, especially those living along the Administrative Boundary Line between South Ossetia and Georgia proper. Although no major incidents of violence have occurred since 2008 and the level of humanitarian assistance provided to communities around the ABL has been impressive during the first two years following the war, the contact and movement across the ABL has become increasingly difficult, badly affecting those dependent on cross-border interaction for their personal wellbeing and that of their communities. As a result, a range of vulnerabilities is more likely to come to the surface and undermine the future sustainability of communities living along the ABL. As such, it is essential that local and international actors, including OSCE and EUMM are better able to distinguish between the varied needs of communities living along the ABL , in order to develop appropriate strategies for responding to them.

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