scholarly journals The Impact of International Electronic Commerce on Export Trade: Evidence from China

2021 ◽  
Vol 16 (7) ◽  
pp. 2579-2593
Author(s):  
Chenggang Wang ◽  
Tiansen Liu ◽  
Duo Wen ◽  
Dongrong Li ◽  
Galash Vladislav ◽  
...  
Keyword(s):  
Financial Crisis ◽  
Electronic Commerce ◽  
Structural Changes ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Export Trade ◽  
Regression Equations ◽  
Developed Country ◽  
European Debt Crisis ◽  
The Impact

The impact of international electronic commerce (IEC) on export trade increases along with its expanding scale. Based on relevant data and the gravity model of China’s IEC export trade, this paper develops a theoretical model that can be used in IEC scenarios, applies regression equations, a Hausman test, and other empirical methods to verify relevant data, and performs a robustness test. The purpose of this paper is to explore the mechanism of IEC impact on China’s trade, and hopefully to study the temporal structural changes of the impact of IEC activities on China’s export trade based on the financial crisis and European debt crisis variables. The innovation of this paper is mainly reflected in the large sample of China’s trade selected in this paper. It can also determine the changes in the distance effect of international trade in the era of IEC, and reveal the mechanism by which IEC applications help foreign trade enterprises overcome economic crises. Four key conclusions are obtained as follows. First, the development of IEC has significantly promoted the expansion of China’s export trade scale. Second, in the context of the global financial crisis and European debt crisis, the positive promotion effect of IEC on exports is not significant. Third, the promotion effects of IEC on China’s exports to both developing and industrialized countries are significant, with the impact on developed country exports being slightly greater. Fourth, although the geographical distance for measuring transportation costs has a negative effect on China’s exports, such effect has been greatly weakened.

On Financial Contagion Through ETFs

2020 ◽  
pp. 82-101
Author(s):  
Alexia Thomaidou ◽  
Dimitris Kenourgios
Keyword(s):  
Financial Crisis ◽  
Sovereign Debt ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Financial Contagion ◽  
Sovereign Debt Crisis ◽  
European Sovereign Debt Crisis ◽  
The Interest Rate ◽  
The Global Financial Crisis ◽  
The Impact

This chapter investigates the impact of the Global Financial Crisis and the European Sovereign Debt Crisis in ETFs across regions and segments. In particular, two tests are taking place, with the first one to examine if there is evidence of contagion effect and the second one to test the affection of risks in each pair of ETFs. The evidence across the stable period and the two crisis periods suggests the existence of the transmission of shocks from the Global Financial ETF to regional and sectoral ETFs. However, there is evidence that some of the ETFs remain less unaffected during both crises and some of them are immune. Moreover, the authors examine the impact of several control variables, which represent various risks, to the correlation of each pair of ETFs and the results show the influence of the interest rate risk and interbank liquidity risk during the Global Financial Crisis and the European Sovereign Debt Crisis.

Comparative and International Political Economy and the Global Financial Crisis

2017 ◽  
Author(s):  
Alison Johnston
Keyword(s):  
International Economic ◽  
Political Economy ◽  
Financial Crisis ◽  
Financial Markets ◽  
Domestic Politics ◽  
Global Financial Crisis ◽  
International Political Economy ◽  
Debt Crisis ◽  
European Debt Crisis ◽  
Foreign Credit

The 2008 Global Financial Crisis (GFC) and subsequent European Debt Crisis had wide-sweeping consequences for global economic and political stability. Yet while these twin crises have prompted soul searching within the economics profession, international political economy (IPE) has been relatively ineffective in accounting for variation in crisis exposure across the developed world. The GFC and European Debt Crisis present the opportunity to link IPE and comparative political economy (CPE) together in the study of international economic and financial turmoil. While the GFC was prompted by the inter-connectedness of global financial markets, its instigators were largely domestic in nature and were reflective of negative externalities that stemmed from unsustainable national policies, especially those related to financial regulation and household debt accumulation. Many in IPE take an “outward looking in” approach to the examination of international economic developments and domestic politics; analysis rests on how the former impacts the latter. The GFC and European Debt Crisis, however, demonstrate the importance of a (CPE-based) “inward looking out” approach, analyzing how unique policy and political features (and failures) of individual nation states can unleash economic and financial instability at the global level amidst deepened economic and financial integration. IPE not only needs to grant greater attention to variation in domestic politics and policies in a time of closely integrated financial markets, but also should acknowledge the impact of a wider array of actors beyond banks and financial institutions (specifically more domestically rooted actors like households) on cross-national variation in the consumption of foreign credit.

scholarly journals NON-PARAMETRIC MULTIPLE CHANGE POINT ANALYSIS OF THE GLOBAL FINANCIAL CRISIS

2018 ◽  
Vol 13 (02) ◽  
pp. 1850008 ◽  
Author(s):  
DAVID E. ALLEN ◽  
MICHAEL McALEER ◽  
ROBERT J. POWELL ◽  
ABHAY K. SINGH
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Parametric Estimation ◽  
Change Points ◽  
Change Point Analysis ◽  
Financial Return ◽  
The Global Financial Crisis ◽  
The Impact ◽  
Non Parametric

This paper presents an application of a recently developed approach by Matteson and James ( 2014 ) for the analysis of change points in a dataset, namely major financial market indices converted to financial return series. The general problem concerns the inference of a change in the distribution of a set of time-ordered variables. The approach involves the non-parametric estimation of both the number of change points and the positions at which they occur. The approach is general and does not involve assumptions about the nature of the distributions involved or the type of change beyond the assumption of the existence of the [Formula: see text] absolute moment, for some [Formula: see text]. The estimation procedure is based on hierarchical clustering and the application of both divisive and agglomerative algorithms. The method is used to evaluate the impact of the Global Financial Crisis (GFC) on the US, French, German, UK, Japanese and Chinese markets, as represented by the S&P500, CAC, DAX, FTSE All Share, Nikkei 225 and Shanghai A share Indices, respectively, from 2003 to 2013. The approach is used to explore the timing and the number of change points in the datasets corresponding to the GFC and subsequent European Debt Crisis.

scholarly journals A Comparative Analysis of Dynamic Interactions between European and Indonesian Cocoa Markets during the 2008 Global Financial Crisis and the 2011 European Debt Crisis

2021 ◽  
Vol 24 (3) ◽  
pp. 139-162
Author(s):  
Mukhlis Mukhlis ◽  
M. Shabri Abd. Majid ◽  
Sofyan Syahnur ◽  
Musrizal Musrizal ◽  
Nova Nova
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Reciprocal Relationship ◽  
Dynamic Interactions ◽  
Long Run ◽  
The Us ◽  
Short Run ◽  
European Debt Crisis ◽  
Long Run Equilibrium

This study empirically explores the dynamic interactions between the European and Indonesian cocoa markets during the 2008 global financial crisis (GFC) and the 2011 European debt crisis (EDC) using a battery of time series approaches of cointegration and multivariate Granger causality. The study documented a long-run equilibrium between the European and Indonesian cocoa markets, implying a reciprocal relationship. However, an inefficient adjustment transmission in the Indonesian cocoa prices was recorded throughout the study. The US currency constantly influenced Indonesian cocoa prices, while cocoa markets were independent of fluctuations in world oil prices. Overall, the study recorded a different level of the speed of adjustment of short-run imbalances to long-run equilibrium in the domestic cocoa market across economic crises.

scholarly journals Unemployment in Greece: Econometric Evidence after the Athens 2004 Olympics and before the Global Financial Crisis of 2007–2009

2012 ◽  
Vol 2012 ◽  
pp. 1-9
Author(s):  
Stavros Rodokanakis
Keyword(s):  
Financial Crisis ◽  
Economic History ◽  
Sovereign Debt ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Labour Force ◽  
Fiscal Stimulus ◽  
Econometric Evidence ◽  
The Global Financial Crisis ◽  
The Impact

This paper investigates the probability of employment in Greece and focuses on 2006, namely, well after the Athens 2004 Olympics and its fiscal stimulus and before the eruption of the global financial crisis of 2007–2009 that transformed into an economic and sovereign debt crisis with unprecedented consequences in the country's postwar economic history. Based on microdata from the Labour Force Survey, the analysis depicts the impact of gender, age, marital status, area of residence, level of education, and immigrant status on finding a job, in Greece as a whole and the two most populated Greek regions, Attica and Central Macedonia. The findings of the logit model show differences in the three areas under examination mainly among the educational variables and area of residence.

scholarly journals SOVEREIGN DEBT AND CORPORATE CAPITAL STRUCTURE: THE EVIDENCE FROM SELECTED EUROPEAN COUNTRIES DURING THE GGLOBAL FINANCIAL AND ECONOMIC CRISIS

2017 ◽  
Vol 18 (0) ◽  
pp. 14-24
Author(s):  
Natalia Mokhova ◽  
Marek Zinecker
Keyword(s):  
Financial Crisis ◽  
Capital Structure ◽  
Sovereign Debt ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
European Countries ◽  
Corporate Capital ◽  
Corporate Capital Structure ◽  
European Debt Crisis ◽  
The Capital Structure

The recent Global financial crisis and the following European debt crisis show the significance of country financial stability and its impact on the private sector. Moreover, the sovereign debt as an essential element of government macroeconomic policy influences the financial performances of the companies and their future development and growth. The capital structure and financing decisions represent one of the most significant parts of company’s financial policy and its key to financial strength. There are a lot of external factors influencing the capital structure; however, due to the European debt crisis the aim of this study is to indicate the influence of sovereign debt on capital structure of the private held companies in different European countries. This study examines the evidence from European developed countries and emerging markets for the period 2005–2012, in order to compare the level of its impact on the capital structure according to the countries’ specifics. We find that after Global Financial Crisis the sovereign debt has tendency to increase in all investigated countries. Greece and Italy have the highest level of debt and it exceeds their Gross Domestic Product (GDP). In addition to that, the Czech Republic has the lowest level of sovereign debt to GDP, but at the same time the corporate capital structure exceeds 100%. The sovereign debt levels are strongly and statistically significantly correlated with each other, however, Hungarian debt has weaker relation with other countries. The findings also show the integration and interdependence of European countries. Moreover, Hungarian, Czech and German private sectors are the most depended on the level of sovereign debt.

scholarly journals International Financial US Linkages: Networks Theory and MS-VAR Analyses

2019 ◽  
Vol 14 (PNEA) ◽  
pp. 459-484
Author(s):  
Miriam Sosa ◽  
Edgar Ortiz
Keyword(s):  
Financial Crisis ◽  
Latin American ◽  
Stock Markets ◽  
Regime Switching ◽  
Structural Changes ◽  
Global Financial Crisis ◽  
Developed Countries ◽  
Portfolio Investment ◽  
The Global Financial Crisis ◽  
The Impact

This paper aims to examine the impact of the Global Financial Crisis on portfolio investment flows, as well as on stock market activity. Network Theory is used to analyze structural changes of foreign portfolio investment flows (FPI) to a sample of 13 developed countries and 6 emerging Latin American countries. Additionally, using daily data from 2003 to 2015, the dynamics of returns are analyzed to test whether the US market influenced these markets or vice versa; univariate (MS-AR) and multivariate (MS-VAR) regime-switching models are used. The evidence confirms the presence of two different regimes, low volatility and a high volatility for all markets. Findings suggest strengthening local productive and financial institutions in order to anchor FPI. The MS-(V)AR study is limited to stock markets from the Americas and Europe. Previous literature has not applied the innovative and complementary methodologies employed here to analyze financial crisis impacts on FPI flows. We conclude that US financial markets keep a close financial relationship with the most important European and American countries’ stock markets, both by receiving and delivering FPI, and in addition influencing the behavior of stock indexes.

AN EMPIRICAL STUDY OF INDIAN INSURANCE INDUSTRY POST GLOBAL FINANCIAL CRISIS

2015 ◽  
Vol 6 (01-02) ◽  
Author(s):  
Anis Ur Rehman ◽  
Yasir Arafat Elahi ◽  
Sushma .
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Insurance Industry ◽  
Primary Data ◽  
Policy Recommendations ◽  
Insurance Sector ◽  
The World ◽  
The Impact ◽  
The New Deal

India has recently emerged as a major political and economic power in the world. The financial crisis that engulfed the world in 2008 needed developing countries like India to lead the rescue and recovery, instead of G7 westerns countries who dealt with such crisis in the past. Recently, discussions and negotiations are going amongst G20 countries regarding a new global financial architecture (G-20 Summit, 2008). The outcome will affect the relevant industries in India and hence it is a public interest issue for the actuarial profession in the country. Increased and more intrusive and costly regulations and red tapes are likely to be a part of the new deal (Economic Survey 2009-10). The objective of this paper is to study the perception of higher level authorities in Insurance sector regarding the role of regulator in minimizing the impact of global financial crisis. The primary data has been collected from 200 authorities in insurance industry. The data has been analyzed with statistical tools like MS-Excel. On the basis of the findings, various measures and policy recommendations for insurers have been suggested to minimize the impact of crisis.

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