Using the unbalanced panel data of 160 countries from 1970 to 2007,we employ inflation and the budget deficit as proxies for monetary policy and fiscal policy,respectively,and study whether financial globalization has...Using the unbalanced panel data of 160 countries from 1970 to 2007,we employ inflation and the budget deficit as proxies for monetary policy and fiscal policy,respectively,and study whether financial globalization has discipline effects on these macroeconomic policies.The empirical results in our study suggest a significant discipline effect of financial globalization on monetary policy during the entire sample period,which is robust both to de jure and to de facto measures of financial openness.Our sub-sample investigations demonstrate that financial globalization reduces inflation only in higher-middle-income and high-income countries,and when financial globalization is scaled by the proportion of a country’s foreign assets and liabilities to its GDP,the discipline is evident only after 1988.Nevertheless,we do not demonstrate any evidence of financial globalization’s discipline effect on fiscal policy.The empirical results indicate that financial globalization even increases the budget deficit in certain countries and periods.展开更多
A reconciliation of the disagreement on whether financial globalization(FG)affects ecological footprint through the scale,technique and composition effects cannot be achieved without an explicit understanding of the d...A reconciliation of the disagreement on whether financial globalization(FG)affects ecological footprint through the scale,technique and composition effects cannot be achieved without an explicit understanding of the direct and indirect interactions of FG with environmental sustainability.Hence,the novel perspective of this study lies in the investigation of how green innovations moderate the non-linear tendencies in the FG-environmental sustainability link among western African states given the abundance of natural resources and the prevailing pace of economic growth.The core findings are obtained from robust analysis based on cross-sectional autoregressive distributed lag(CS-ARDL)technique,the augmented mean group(AMG)technique,and the common correlated effects mean group(CCEMG)advanced estimators.Firstly,the beneficial ecological impacts of green innovations were observed.As per direct impact,enhanced financial globalization(FG)exhibits non-linear detrimental ecological effects.However,green innovations cushion the observed adverse ecological effects of FG.Furthermore,resource rents reduce ecological footprint within the moderating framework of green innovation as the environmental Kuznets curve(EKC)is validated among the states.Additionally,a bidirectional causal link between financial globalization,green innovations,economic growth,natural resources,and ecological footprint was observed.Thus,the significant policy implication is for the West African states to decisively increase their investments in green innovations while strategically encouraging the share of ecologically friendly resources in total resource utilization to guarantee a more sustainable environment.展开更多
After the 2008 global financial crisis, the global governance architecture underwent significant changes, accompanied by transformations in political, economic, diplomatic, and social spheres. What we had learnt since...After the 2008 global financial crisis, the global governance architecture underwent significant changes, accompanied by transformations in political, economic, diplomatic, and social spheres. What we had learnt since the end of World War Ⅱ was unable to make sense of the evolution and direction of this architecture.展开更多
The increasing globalization of the Chinese economy has been enabled by both Chinese financial institutions operating globally as well as international firms operating within China. In geographical terms, this has bee...The increasing globalization of the Chinese economy has been enabled by both Chinese financial institutions operating globally as well as international firms operating within China. In geographical terms, this has been organized through a number of strategic cities serving as gateways for the exchange of financial functions, products and practices between China and the global economy. Drawing on location data of financial service firms in China listed on stock exchanges in Shenzhen, Shanghai and Hong Kong, this paper shows that Chinese financial firms are expanding globally and how Chinese financial centers are positioned and connected in the urban networks shaped by these financial service firms. It is found that Hong Kong, China, holds strategic positions in the integration of Chinese cities into global financial center networks, and that establishing a foothold in global financial centers such as New York and London has been a priority for Chinese financial institutions. The increasing capital flows directed by Chinese financial institutionssuggests a shifting global financial geography, with numerous Chinese cities playing increasingly important roles within global financial center networks.展开更多
During the financial crisis, the delayed recognition of credit losses on loans and other financial instruments was identified as a weakness in existing incurred loss model of impairment stated by International Account...During the financial crisis, the delayed recognition of credit losses on loans and other financial instruments was identified as a weakness in existing incurred loss model of impairment stated by International Accounting Standards （IAS） 39, because it is believed that this delay might generate pro-cyclical effects. In response to the recommendations of G20, Financial Crisis Advisory Group （FCAG）, and other international bodies, the International Accounting Standards Board （IASB） has undertaken, since 2009, as a part of the project to replace IAS 39, a project （partially shared with Financial Accounting Standards Board （FASB）） aimed at introducing an expected loss model of impairment. Within the scope of this subset project, the IASB has previously issued two exposure documents proposing models to account for expected credit losses： an exposure draft （ED） Financial Instrument： Amortized Cost and Impairment, published in November 2009, and a supplementary document （SD） Financial Instrument： Impairment, published jointly with the FASB in January 2011. However, neither of the two proposals received strong support from interested parties. Recently, the IASB, after the FASB＇s decision to withdraw from the joint project and to develop a separate expected credit loss model based on a single measurement approach consisting in the sole recognition of lifetime expected credit losses, published a third proposal--Ahe so-called expected credit losses model （ED/2013/3 Financial Instruments： Expected Credit Losses）.展开更多
The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how t...The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how technology and financial innovation transformed the mortgage loan from a local security into a premier global security traded worldwide. It examines the fundamental flaws of this process and why it does not work in regards to mortgage lending and the re-securitization products that were created through financial innovation. The findings show that regulation was unable to keep pace with financial innovation, which created an environment where actors in the financial service sector were able to behave geographically irresponsibly by using information asymmetries to their advantage by par- ticipating in moral hazard activities and engaging in other immoral and unethical business practices that were centered around localized geography, which ultimately contributed to the global financial crisis. It also examines the roll of financial innovation in regard to the Lehman Brothers Mini-Bond in Hung and its role as a driving force behind China＇s newly emerging shadow banking sector. It concludes with a policy recommendation and its implication for China＇s continued economic development.展开更多
The wave of global financial crises(2008-2009)caused a surge in the capital flows of developed countries particularly,between developed and developing countries.The crunch hit all financial sectors with unanticipated ...The wave of global financial crises(2008-2009)caused a surge in the capital flows of developed countries particularly,between developed and developing countries.The crunch hit all financial sectors with unanticipated severity.The study evaluates the role of a country’s political practices in moderating the impact of global financial crunch on microfinance performance.Using the fixed effect panel regression method on the dataset comprising of 95 MFIs operating in South Asia from 2003 to 2012,we determine that microfinance operational capability shares a positive relationship with the institutional attributes of a country and our output reveals that impact of country’s political practices is pervasive on the financial output of MFIs,liable to different levels of implementation.The findings further reveals that MFIs situated in countries having vigorous political practices are less severely affected by the economic crunch.展开更多
The purpose of this paper is to discuss corporate failure issues in the context of the global financial crisis. After considering some key issues, the paper shows how relevant these issues are relevant in the present ...The purpose of this paper is to discuss corporate failure issues in the context of the global financial crisis. After considering some key issues, the paper shows how relevant these issues are relevant in the present financial fiasco. It is clear that corporate failure brings untold hardships to all stakeholders. Again the problem of predicting corporate failure in the midst of the financial contagion could be overcome with sound risk management structure in place. The discussion mainly focuses on corporate failure within the context of the global financial distress. To the best of our knowledge this study is the first of its kind, which provides conceptual insights on predicting corporate failure and the global financial distress.展开更多
Global financial governance refers to the way in which global financial affairs are managed. As there is no global government, global financial governance typically involves a range of actors including states, as well...Global financial governance refers to the way in which global financial affairs are managed. As there is no global government, global financial governance typically involves a range of actors including states, as well as regional and international organizations aimed at negotiating responses to problems that affect more than one state or region, far from only providing the public good of financial stability through global economy integration and global financial legislation. In geopolitical context of the 21 st century, emerging economies still have maintained a low profile in global financial governance, despite their growing economic power and the rhetoric of being a responsible great power, and there is little evidence that they will seek international leadership. Moreover,compared to the other emerging powers in the BRICS(Brazil, Russia, India, China and South Africa) group,China has under-participated in global governance in terms of contributing personnel, finance and ideas to major multilateral institutions and programs. It is really an interesting question in international economics and politics area. Firstly, this paper examines comparative data on the emerging economies countries' participation in global financial governance and explains the reason why China has relatively low involvement in global financial governance. Secondly, this paper analyzes norms and legitimacy in global financial governance, and thus outlines the emerging economies constraints on public policy of global financial market integration in the light of the foregoing analysis of legitimacy, accountability and democracy. Finally, some global financial governance development strategy and possible policy solutions are discussed as well.展开更多
Protecting the rights and interests of workers and staff members constitutes an important aspect of China＇s human rights protection. At the time when the country is dealing with impacts of the global financial crisis...Protecting the rights and interests of workers and staff members constitutes an important aspect of China＇s human rights protection. At the time when the country is dealing with impacts of the global financial crisis, the All-China Federation of Trade Unions has been working fruitfully and effectively to accelerate economic and social development and safeguard the legitimate rights and interests of workers, therefore making contributions to the protection of the rights and interests of Chinese workers. Now I would like to make a brief introduction on this subject.展开更多
This study aims to examine the time-varying efficiency of the Turkish stock market’s major stock index and eight sectoral indices,including the industrial,financial,service,information technology,basic metals,tourism...This study aims to examine the time-varying efficiency of the Turkish stock market’s major stock index and eight sectoral indices,including the industrial,financial,service,information technology,basic metals,tourism,real estate investment,and chemical petrol plastic,during the COVID-19 outbreak and the global financial crisis(GFC)within the framework of the adaptive market hypothesis.This study employs multifractal detrended fluctuation analysis to illustrate these sectors’multifractality and short-and long-term dependence.The results show that all sectoral returns have greater persis-tence during the COVID-19 outbreak than during the GFC.Second,the real estate and information technology industries had the lowest levels of efficiency during the GFC and the COVID-19 outbreak.Lastly,the fat-tailed distribution has a greater effect on multifractality in these industries.Our results validate the conclusions of the adaptive market hypothesis,according to which arbitrage opportunities vary over time,and contribute to policy formulation for future outbreak-induced economic crises.展开更多
Though a star economy during the past few decades,China has proven not to be crisis-proof and is suffering in the American-made global financial crisis.In response,the Chinese government has adjusted its macroeconomic...Though a star economy during the past few decades,China has proven not to be crisis-proof and is suffering in the American-made global financial crisis.In response,the Chinese government has adjusted its macroeconomic policy swiftly and implemented a counter-cycle policy,including a proactive fiscal policy,a moderately easy monetary policy and an active international cooperation policy.The Chinese government's policy is a comprehensive one,effectively combining investment,domestic consumption and foreign trade,short-term and long-term needs,economic growth and social development,and self-development and international cooperation.The Chinese government's policy has produced generally good results so far and will be continued.展开更多
During a period of profound adjustments to the international power structure,China-US financial competition may intensify and lead to a crisis for the international financial system and even the international power sy...During a period of profound adjustments to the international power structure,China-US financial competition may intensify and lead to a crisis for the international financial system and even the international power system.The China-US financial relationship is structured in mainly four dimensions:the international monetary system,bilateral financial exchanges,the international financial system and the construction of international financial and/or economic concepts.Management of this competition relationship is thereby four-pronged:managing the relationship between the RMB and the US dollar in the international monetary system,the China-US bilateral creditor-debtor relationship,the indirect China-US relationship in global financial governance organizations and normative frameworks,and the divergence of both countries in regard to their economic ideologies.In particular,to stabilize the international monetary system,China should postpone the strategic confrontation between the RMB and the US dollar,strengthening their complementarity and cooperation based on market choice and their monetary function.Meanwhile,China should be prudent as a creditor to the United States,neither coerced by its over-reliance on American financial markets,nor tempted to weaponize the US debt by dumping US bonds.Also,before aiming for systematic reforms,China should first aim to become a stakeholder in the current global financial governance system by comprehensively accepting and becoming deeply integrated into it.Finally,China should avoid the economic competition model between China and the United States,and should instead apply the“Chinese Approach”to better facilitate solutions to international problems.These approaches to crisis management aim to help China endure this turbulent period of the international power system with more prudent strategies and policies,and to maintain a relatively stable international financial and economic environment for the sustained rise of its economy and for the rejuvenation of the Chinese nation.展开更多
The purpose of this study is to investigate the financial integration of the stock markets of the ASEAN 5 ＋ 3 countries. These countries include Indonesia, Malaysia, Philippines, Singapore, Thailand, China, Japan, an...The purpose of this study is to investigate the financial integration of the stock markets of the ASEAN 5 ＋ 3 countries. These countries include Indonesia, Malaysia, Philippines, Singapore, Thailand, China, Japan, and South Korea. The research determined the stock return volatility for each country＇s index during the first decade of the new millennium. The findings showed that there is the presence of integration and co-integration with Philippine index＇s return with the index＇s returns of the following countries： Indonesia, Singapore, and Thailand. Furthermore, there is evidence of volatility clustering in these stock markets. The study concluded with the policy implications of greater integration in light of the planned cross trading among four ASEAN bourses, namely, Philippines, Singapore, Thailand, and Malaysia by 2012.展开更多
The B20 finance-driven growth taskforce provided four policy recommendations,including the optimization of global financial supervision,supporting stable growth of the world economy,the promotion of the development of...The B20 finance-driven growth taskforce provided four policy recommendations,including the optimization of global financial supervision,supporting stable growth of the world economy,the promotion of the development of green finance,and the pro-展开更多
The number of small and medium- sized enterprises(SMEs)in China has exceeded 40 million, accounting for 99 percent of the country's total enterprises.Chinese and foreign experts estimate that SMEs are now responsi...The number of small and medium- sized enterprises(SMEs)in China has exceeded 40 million, accounting for 99 percent of the country's total enterprises.Chinese and foreign experts estimate that SMEs are now responsible for about 60 percent of China's industrial output and employ about 75 percent of the workforce in Chi-展开更多
文摘Using the unbalanced panel data of 160 countries from 1970 to 2007,we employ inflation and the budget deficit as proxies for monetary policy and fiscal policy,respectively,and study whether financial globalization has discipline effects on these macroeconomic policies.The empirical results in our study suggest a significant discipline effect of financial globalization on monetary policy during the entire sample period,which is robust both to de jure and to de facto measures of financial openness.Our sub-sample investigations demonstrate that financial globalization reduces inflation only in higher-middle-income and high-income countries,and when financial globalization is scaled by the proportion of a country’s foreign assets and liabilities to its GDP,the discipline is evident only after 1988.Nevertheless,we do not demonstrate any evidence of financial globalization’s discipline effect on fiscal policy.The empirical results indicate that financial globalization even increases the budget deficit in certain countries and periods.
文摘A reconciliation of the disagreement on whether financial globalization(FG)affects ecological footprint through the scale,technique and composition effects cannot be achieved without an explicit understanding of the direct and indirect interactions of FG with environmental sustainability.Hence,the novel perspective of this study lies in the investigation of how green innovations moderate the non-linear tendencies in the FG-environmental sustainability link among western African states given the abundance of natural resources and the prevailing pace of economic growth.The core findings are obtained from robust analysis based on cross-sectional autoregressive distributed lag(CS-ARDL)technique,the augmented mean group(AMG)technique,and the common correlated effects mean group(CCEMG)advanced estimators.Firstly,the beneficial ecological impacts of green innovations were observed.As per direct impact,enhanced financial globalization(FG)exhibits non-linear detrimental ecological effects.However,green innovations cushion the observed adverse ecological effects of FG.Furthermore,resource rents reduce ecological footprint within the moderating framework of green innovation as the environmental Kuznets curve(EKC)is validated among the states.Additionally,a bidirectional causal link between financial globalization,green innovations,economic growth,natural resources,and ecological footprint was observed.Thus,the significant policy implication is for the West African states to decisively increase their investments in green innovations while strategically encouraging the share of ecologically friendly resources in total resource utilization to guarantee a more sustainable environment.
文摘After the 2008 global financial crisis, the global governance architecture underwent significant changes, accompanied by transformations in political, economic, diplomatic, and social spheres. What we had learnt since the end of World War Ⅱ was unable to make sense of the evolution and direction of this architecture.
基金Under the auspices of the National Natural Science Foundation of China(No.41201107)the Fundamental Research Funds for the Central Universities(No.2015KJJCB30)
文摘The increasing globalization of the Chinese economy has been enabled by both Chinese financial institutions operating globally as well as international firms operating within China. In geographical terms, this has been organized through a number of strategic cities serving as gateways for the exchange of financial functions, products and practices between China and the global economy. Drawing on location data of financial service firms in China listed on stock exchanges in Shenzhen, Shanghai and Hong Kong, this paper shows that Chinese financial firms are expanding globally and how Chinese financial centers are positioned and connected in the urban networks shaped by these financial service firms. It is found that Hong Kong, China, holds strategic positions in the integration of Chinese cities into global financial center networks, and that establishing a foothold in global financial centers such as New York and London has been a priority for Chinese financial institutions. The increasing capital flows directed by Chinese financial institutionssuggests a shifting global financial geography, with numerous Chinese cities playing increasingly important roles within global financial center networks.
文摘During the financial crisis, the delayed recognition of credit losses on loans and other financial instruments was identified as a weakness in existing incurred loss model of impairment stated by International Accounting Standards （IAS） 39, because it is believed that this delay might generate pro-cyclical effects. In response to the recommendations of G20, Financial Crisis Advisory Group （FCAG）, and other international bodies, the International Accounting Standards Board （IASB） has undertaken, since 2009, as a part of the project to replace IAS 39, a project （partially shared with Financial Accounting Standards Board （FASB）） aimed at introducing an expected loss model of impairment. Within the scope of this subset project, the IASB has previously issued two exposure documents proposing models to account for expected credit losses： an exposure draft （ED） Financial Instrument： Amortized Cost and Impairment, published in November 2009, and a supplementary document （SD） Financial Instrument： Impairment, published jointly with the FASB in January 2011. However, neither of the two proposals received strong support from interested parties. Recently, the IASB, after the FASB＇s decision to withdraw from the joint project and to develop a separate expected credit loss model based on a single measurement approach consisting in the sole recognition of lifetime expected credit losses, published a third proposal--Ahe so-called expected credit losses model （ED/2013/3 Financial Instruments： Expected Credit Losses）.
基金Under the auspices of International Centre for China Development Studies,the University of Hong Kong
文摘The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how technology and financial innovation transformed the mortgage loan from a local security into a premier global security traded worldwide. It examines the fundamental flaws of this process and why it does not work in regards to mortgage lending and the re-securitization products that were created through financial innovation. The findings show that regulation was unable to keep pace with financial innovation, which created an environment where actors in the financial service sector were able to behave geographically irresponsibly by using information asymmetries to their advantage by par- ticipating in moral hazard activities and engaging in other immoral and unethical business practices that were centered around localized geography, which ultimately contributed to the global financial crisis. It also examines the roll of financial innovation in regard to the Lehman Brothers Mini-Bond in Hung and its role as a driving force behind China＇s newly emerging shadow banking sector. It concludes with a policy recommendation and its implication for China＇s continued economic development.
文摘The wave of global financial crises(2008-2009)caused a surge in the capital flows of developed countries particularly,between developed and developing countries.The crunch hit all financial sectors with unanticipated severity.The study evaluates the role of a country’s political practices in moderating the impact of global financial crunch on microfinance performance.Using the fixed effect panel regression method on the dataset comprising of 95 MFIs operating in South Asia from 2003 to 2012,we determine that microfinance operational capability shares a positive relationship with the institutional attributes of a country and our output reveals that impact of country’s political practices is pervasive on the financial output of MFIs,liable to different levels of implementation.The findings further reveals that MFIs situated in countries having vigorous political practices are less severely affected by the economic crunch.
文摘The purpose of this paper is to discuss corporate failure issues in the context of the global financial crisis. After considering some key issues, the paper shows how relevant these issues are relevant in the present financial fiasco. It is clear that corporate failure brings untold hardships to all stakeholders. Again the problem of predicting corporate failure in the midst of the financial contagion could be overcome with sound risk management structure in place. The discussion mainly focuses on corporate failure within the context of the global financial distress. To the best of our knowledge this study is the first of its kind, which provides conceptual insights on predicting corporate failure and the global financial distress.
文摘Global financial governance refers to the way in which global financial affairs are managed. As there is no global government, global financial governance typically involves a range of actors including states, as well as regional and international organizations aimed at negotiating responses to problems that affect more than one state or region, far from only providing the public good of financial stability through global economy integration and global financial legislation. In geopolitical context of the 21 st century, emerging economies still have maintained a low profile in global financial governance, despite their growing economic power and the rhetoric of being a responsible great power, and there is little evidence that they will seek international leadership. Moreover,compared to the other emerging powers in the BRICS(Brazil, Russia, India, China and South Africa) group,China has under-participated in global governance in terms of contributing personnel, finance and ideas to major multilateral institutions and programs. It is really an interesting question in international economics and politics area. Firstly, this paper examines comparative data on the emerging economies countries' participation in global financial governance and explains the reason why China has relatively low involvement in global financial governance. Secondly, this paper analyzes norms and legitimacy in global financial governance, and thus outlines the emerging economies constraints on public policy of global financial market integration in the light of the foregoing analysis of legitimacy, accountability and democracy. Finally, some global financial governance development strategy and possible policy solutions are discussed as well.
文摘Protecting the rights and interests of workers and staff members constitutes an important aspect of China＇s human rights protection. At the time when the country is dealing with impacts of the global financial crisis, the All-China Federation of Trade Unions has been working fruitfully and effectively to accelerate economic and social development and safeguard the legitimate rights and interests of workers, therefore making contributions to the protection of the rights and interests of Chinese workers. Now I would like to make a brief introduction on this subject.
文摘This study aims to examine the time-varying efficiency of the Turkish stock market’s major stock index and eight sectoral indices,including the industrial,financial,service,information technology,basic metals,tourism,real estate investment,and chemical petrol plastic,during the COVID-19 outbreak and the global financial crisis(GFC)within the framework of the adaptive market hypothesis.This study employs multifractal detrended fluctuation analysis to illustrate these sectors’multifractality and short-and long-term dependence.The results show that all sectoral returns have greater persis-tence during the COVID-19 outbreak than during the GFC.Second,the real estate and information technology industries had the lowest levels of efficiency during the GFC and the COVID-19 outbreak.Lastly,the fat-tailed distribution has a greater effect on multifractality in these industries.Our results validate the conclusions of the adaptive market hypothesis,according to which arbitrage opportunities vary over time,and contribute to policy formulation for future outbreak-induced economic crises.
文摘Though a star economy during the past few decades,China has proven not to be crisis-proof and is suffering in the American-made global financial crisis.In response,the Chinese government has adjusted its macroeconomic policy swiftly and implemented a counter-cycle policy,including a proactive fiscal policy,a moderately easy monetary policy and an active international cooperation policy.The Chinese government's policy is a comprehensive one,effectively combining investment,domestic consumption and foreign trade,short-term and long-term needs,economic growth and social development,and self-development and international cooperation.The Chinese government's policy has produced generally good results so far and will be continued.
文摘During a period of profound adjustments to the international power structure,China-US financial competition may intensify and lead to a crisis for the international financial system and even the international power system.The China-US financial relationship is structured in mainly four dimensions:the international monetary system,bilateral financial exchanges,the international financial system and the construction of international financial and/or economic concepts.Management of this competition relationship is thereby four-pronged:managing the relationship between the RMB and the US dollar in the international monetary system,the China-US bilateral creditor-debtor relationship,the indirect China-US relationship in global financial governance organizations and normative frameworks,and the divergence of both countries in regard to their economic ideologies.In particular,to stabilize the international monetary system,China should postpone the strategic confrontation between the RMB and the US dollar,strengthening their complementarity and cooperation based on market choice and their monetary function.Meanwhile,China should be prudent as a creditor to the United States,neither coerced by its over-reliance on American financial markets,nor tempted to weaponize the US debt by dumping US bonds.Also,before aiming for systematic reforms,China should first aim to become a stakeholder in the current global financial governance system by comprehensively accepting and becoming deeply integrated into it.Finally,China should avoid the economic competition model between China and the United States,and should instead apply the“Chinese Approach”to better facilitate solutions to international problems.These approaches to crisis management aim to help China endure this turbulent period of the international power system with more prudent strategies and policies,and to maintain a relatively stable international financial and economic environment for the sustained rise of its economy and for the rejuvenation of the Chinese nation.
文摘The purpose of this study is to investigate the financial integration of the stock markets of the ASEAN 5 ＋ 3 countries. These countries include Indonesia, Malaysia, Philippines, Singapore, Thailand, China, Japan, and South Korea. The research determined the stock return volatility for each country＇s index during the first decade of the new millennium. The findings showed that there is the presence of integration and co-integration with Philippine index＇s return with the index＇s returns of the following countries： Indonesia, Singapore, and Thailand. Furthermore, there is evidence of volatility clustering in these stock markets. The study concluded with the policy implications of greater integration in light of the planned cross trading among four ASEAN bourses, namely, Philippines, Singapore, Thailand, and Malaysia by 2012.
文摘The B20 finance-driven growth taskforce provided four policy recommendations,including the optimization of global financial supervision,supporting stable growth of the world economy,the promotion of the development of green finance,and the pro-
文摘The number of small and medium- sized enterprises(SMEs)in China has exceeded 40 million, accounting for 99 percent of the country's total enterprises.Chinese and foreign experts estimate that SMEs are now responsible for about 60 percent of China's industrial output and employ about 75 percent of the workforce in Chi-
