This study examines the spillover effects of U.S.monetary policy normalization on Nigeria 10-Year Treasury bond yield between 2011 and 2017,using the vector error correction model approach.Our results reveal that dome...This study examines the spillover effects of U.S.monetary policy normalization on Nigeria 10-Year Treasury bond yield between 2011 and 2017,using the vector error correction model approach.Our results reveal that domestic factors,such as exchange rate and inflation,rather than the U.S.10-Year sovereign bond yield,are the key drivers of Nigeria 10-Year bond yield.Additionally,the spillover effect from the U.S.monetary policy was amplified by oil price shocks and changes in Nigeria’s monetary policy rates.Our counterfactual analysis confirms the findings.展开更多
Using available data and necessary estimations, this paper provides a tentative picture of the balance sheet of China＇s sovereign account between 2000 and 2010. The main findings indicate that the net worth of China...Using available data and necessary estimations, this paper provides a tentative picture of the balance sheet of China＇s sovereign account between 2000 and 2010. The main findings indicate that the net worth of China＇s sovereign assets had been positive and increasing during the period under review. This implies that the Chinese government has sufficient sovereign assets to cover its sovereign liabilities, therefore the likelihood of a sovereign debt crisis in China is extremely low in the near term. Moreover, although China＇s leverage ratio （total liabilities/GDP） is far lower compared to advanced economies, it seems higher than that of other major emerging economies such as Brazil, Russia, and India （BRIC）. In fact, the leverage ratio has been increasing rapidly over recent years and requires special attention. In particular, according to sector-specific analysis, high corporate liability ratios （percentage to GDP） constitute a major concern of China＇s national balance sheet. In 2010, this liability ratio exceeded l OO percent, which exceeds the 90 percent level observed in OECD countries. Lastly, this paper concludes that a sustainable economic growth and structural transformation of growth model are the fundamental means to taming China＇s balance sheet risks.展开更多
The underlying literature hypothesises and provides randomised evidence for the positive impact of promoting the broad-based inclusion,empowerment,and representation of women on regional ecosystems.This study seeks to...The underlying literature hypothesises and provides randomised evidence for the positive impact of promoting the broad-based inclusion,empowerment,and representation of women on regional ecosystems.This study seeks to isolate a female agencydriven development factor in external sovereign emerging market debt and finds evidence for superior risk-adjusted returns from tilting towards female agency leaders.We propose the female agency factor as an additional scope in the modern investor’s toolbox of holistic credit assessment,allowing investors to isolate the issuers which are the most effective sovereign transmission mechanisms of sustainable development capital.This contribution to the corpus supports the notion of integrating sustainability factors into portfolio construction and reinforces the argument for supporting femaleled development from a financial markets’perspective.展开更多
We construct a sovereign default network by employing high-dimensional vector autoregressions obtained by analyzing connectedness in sovereign credit default swap markets.We develop four measures of centrality,namely,...We construct a sovereign default network by employing high-dimensional vector autoregressions obtained by analyzing connectedness in sovereign credit default swap markets.We develop four measures of centrality,namely,degree,betweenness,closeness,and eigenvector centralities,to detect whether network properties drive the currency risk premia.We observe that closeness and betweenness centralities can negatively drive currency excess returns but do not exhibit a relationship with forward spread.Thus,our developed network centralities are independent of an unconditional carry trade risk factor.Based on our findings,we develop a trading strategy by taking a long position on peripheral countries’currencies and a short position on core coun-tries’currencies.The aforementioned strategy generates a higher Sharpe ratio than the currency momentum strategy.Our proposed strategy is robust to foreign exchange regimes and the coronavirus disease 2019 pandemic.展开更多
The UK government successfully issues a sovereign bond in China’s currency,the renminbi(RMB),becoming the first western country to do so,according to British Embassy in China.The sovereign bond,issued on October 14 i...The UK government successfully issues a sovereign bond in China’s currency,the renminbi(RMB),becoming the first western country to do so,according to British Embassy in China.The sovereign bond,issued on October 14 in RMB,was the largest ever non-Chinese RMB bond.The RMB 3 billion bond,which is equivalent to approximately?300million,has a maturity of 3 years and delivers on the展开更多
Asovereign remedy for coronary heart disease, the traditional Chinese patent medicine Shan Hai Dan, in the form of tablets, capsules, oral jelly, drinks and health wine, and produced by the Shan Hai Dan Industrial Ent...Asovereign remedy for coronary heart disease, the traditional Chinese patent medicine Shan Hai Dan, in the form of tablets, capsules, oral jelly, drinks and health wine, and produced by the Shan Hai Dan Industrial Enterprise Group. is a discovery made by Zhao Guoxin, professor at the Si’an Traditional Chinese Medicine and展开更多
Debt-to-GDP measures in major OECD countries are at historical highs and a considerable part of sovereign debt needs to be refinanced soon,while projections of real GDP growth are fairly weak and uncertain and assesse...Debt-to-GDP measures in major OECD countries are at historical highs and a considerable part of sovereign debt needs to be refinanced soon,while projections of real GDP growth are fairly weak and uncertain and assessed sovereign credit quality has declined.Against this,the OECD Committee on Financial Markets discussed proposals for sovereign debt managers to consider issuing GDP-linked sovereign bonds.The Committee considered proposals timely and the idea conceptually attractive,as additional insurance against economic downturns over the medium term would be available.It identified however also a number of issues that would complicate issuance in practise.Questions arise in particular as regards investor demand for such instruments and how an additional novelty,liquidity and indexation premium would compare to a potentially reduced default premium on more traditional debt.Debt management offices confirm and stress such practical difficulties and remain sceptical,quoting a lack of sustainable demand for such bonds.As a result,issuance of such bonds would be too costly.It is not clear however whether debt management offices take into account the full macroeconomic and financial stability risk-return trade-off that a broader perspective would take into account.Proposals for issuance of sovereign GDP-linked bonds among advanced economies,which had received increased attention after the German G20-presidency included the topic in the G20 finance track,may have lost some momentum,but there continues to be considerable support from both academics and some practitioners.展开更多
This paper examines China’s effort to construct an Independent Knowledge System(IKS)as part of its broader modernization strategy.Existing models such as the Triple Helix and Mode 2 knowledge production fall short of...This paper examines China’s effort to construct an Independent Knowledge System(IKS)as part of its broader modernization strategy.Existing models such as the Triple Helix and Mode 2 knowledge production fall short of explaining the state-architected,sovereignty-driven logic of China’s approach.Using Industry-Education Integration(IEI)as a case study,the paper introduces the Sovereign Knowledge Nexus(SKN)model and proposes the concept of Mode 3 knowledge pro-duction.Mode 3 is characterized by state orchestration,strategic validation,systemic fusion,and a dual circulation of knowledge,with the ultimate goal of achieving technological and theoretical sovereignty.This framework provides new insights into China’s innovation model and its implications for global knowledge governance.展开更多
The interest in Self-Sovereign Identity(SSI)in research,industry,and governments is rapidly increasing.SSI is a paradigm where users hold their identity and credentials issued by authorized entities.SSI is revolutioni...The interest in Self-Sovereign Identity(SSI)in research,industry,and governments is rapidly increasing.SSI is a paradigm where users hold their identity and credentials issued by authorized entities.SSI is revolutionizing the concept of digital identity and enabling the definition of a trust framework wherein a service provider(verifier)validates the claims presented by a user(holder)for accessing services.However,current SSI solutions primarily focus on the presentation and verification of claims,overlooking a dual aspect:ensuring that the verifier is authorized to access the holder’s claims.Addressing this gap,this paper introduces an innovative SSI-based solution that integrates decentralized wallets with Ciphertext-Policy Attribute-Based Proxy Re-Encryption(CP-ABPRE).This combination effectively addresses the challenge of verifier authorization.Our solution,implemented on the Ethereum platform,enhances accountability by notarizing key operations through a smart contract.This paper also offers a prototype demonstrating the practicality of the proposed approach.Furthermore,it provides an extensive evaluation of the solution’s performance,emphasizing its feasibility and efficiency in real-world applications.展开更多
文摘This study examines the spillover effects of U.S.monetary policy normalization on Nigeria 10-Year Treasury bond yield between 2011 and 2017,using the vector error correction model approach.Our results reveal that domestic factors,such as exchange rate and inflation,rather than the U.S.10-Year sovereign bond yield,are the key drivers of Nigeria 10-Year bond yield.Additionally,the spillover effect from the U.S.monetary policy was amplified by oil price shocks and changes in Nigeria’s monetary policy rates.Our counterfactual analysis confirms the findings.
文摘Using available data and necessary estimations, this paper provides a tentative picture of the balance sheet of China＇s sovereign account between 2000 and 2010. The main findings indicate that the net worth of China＇s sovereign assets had been positive and increasing during the period under review. This implies that the Chinese government has sufficient sovereign assets to cover its sovereign liabilities, therefore the likelihood of a sovereign debt crisis in China is extremely low in the near term. Moreover, although China＇s leverage ratio （total liabilities/GDP） is far lower compared to advanced economies, it seems higher than that of other major emerging economies such as Brazil, Russia, and India （BRIC）. In fact, the leverage ratio has been increasing rapidly over recent years and requires special attention. In particular, according to sector-specific analysis, high corporate liability ratios （percentage to GDP） constitute a major concern of China＇s national balance sheet. In 2010, this liability ratio exceeded l OO percent, which exceeds the 90 percent level observed in OECD countries. Lastly, this paper concludes that a sustainable economic growth and structural transformation of growth model are the fundamental means to taming China＇s balance sheet risks.
文摘The underlying literature hypothesises and provides randomised evidence for the positive impact of promoting the broad-based inclusion,empowerment,and representation of women on regional ecosystems.This study seeks to isolate a female agencydriven development factor in external sovereign emerging market debt and finds evidence for superior risk-adjusted returns from tilting towards female agency leaders.We propose the female agency factor as an additional scope in the modern investor’s toolbox of holistic credit assessment,allowing investors to isolate the issuers which are the most effective sovereign transmission mechanisms of sustainable development capital.This contribution to the corpus supports the notion of integrating sustainability factors into portfolio construction and reinforces the argument for supporting femaleled development from a financial markets’perspective.
基金supported by the Natural Science Foundation of Guangdong Province,Grant No.2023A1515030221.
文摘We construct a sovereign default network by employing high-dimensional vector autoregressions obtained by analyzing connectedness in sovereign credit default swap markets.We develop four measures of centrality,namely,degree,betweenness,closeness,and eigenvector centralities,to detect whether network properties drive the currency risk premia.We observe that closeness and betweenness centralities can negatively drive currency excess returns but do not exhibit a relationship with forward spread.Thus,our developed network centralities are independent of an unconditional carry trade risk factor.Based on our findings,we develop a trading strategy by taking a long position on peripheral countries’currencies and a short position on core coun-tries’currencies.The aforementioned strategy generates a higher Sharpe ratio than the currency momentum strategy.Our proposed strategy is robust to foreign exchange regimes and the coronavirus disease 2019 pandemic.
文摘The UK government successfully issues a sovereign bond in China’s currency,the renminbi(RMB),becoming the first western country to do so,according to British Embassy in China.The sovereign bond,issued on October 14 in RMB,was the largest ever non-Chinese RMB bond.The RMB 3 billion bond,which is equivalent to approximately?300million,has a maturity of 3 years and delivers on the
文摘Asovereign remedy for coronary heart disease, the traditional Chinese patent medicine Shan Hai Dan, in the form of tablets, capsules, oral jelly, drinks and health wine, and produced by the Shan Hai Dan Industrial Enterprise Group. is a discovery made by Zhao Guoxin, professor at the Si’an Traditional Chinese Medicine and
文摘Debt-to-GDP measures in major OECD countries are at historical highs and a considerable part of sovereign debt needs to be refinanced soon,while projections of real GDP growth are fairly weak and uncertain and assessed sovereign credit quality has declined.Against this,the OECD Committee on Financial Markets discussed proposals for sovereign debt managers to consider issuing GDP-linked sovereign bonds.The Committee considered proposals timely and the idea conceptually attractive,as additional insurance against economic downturns over the medium term would be available.It identified however also a number of issues that would complicate issuance in practise.Questions arise in particular as regards investor demand for such instruments and how an additional novelty,liquidity and indexation premium would compare to a potentially reduced default premium on more traditional debt.Debt management offices confirm and stress such practical difficulties and remain sceptical,quoting a lack of sustainable demand for such bonds.As a result,issuance of such bonds would be too costly.It is not clear however whether debt management offices take into account the full macroeconomic and financial stability risk-return trade-off that a broader perspective would take into account.Proposals for issuance of sovereign GDP-linked bonds among advanced economies,which had received increased attention after the German G20-presidency included the topic in the G20 finance track,may have lost some momentum,but there continues to be considerable support from both academics and some practitioners.
文摘This paper examines China’s effort to construct an Independent Knowledge System(IKS)as part of its broader modernization strategy.Existing models such as the Triple Helix and Mode 2 knowledge production fall short of explaining the state-architected,sovereignty-driven logic of China’s approach.Using Industry-Education Integration(IEI)as a case study,the paper introduces the Sovereign Knowledge Nexus(SKN)model and proposes the concept of Mode 3 knowledge pro-duction.Mode 3 is characterized by state orchestration,strategic validation,systemic fusion,and a dual circulation of knowledge,with the ultimate goal of achieving technological and theoretical sovereignty.This framework provides new insights into China’s innovation model and its implications for global knowledge governance.
基金supported by the project STRIDE included in the Spoke 5(Cryptography and Distributed Systems Security)of the Re-search and Innovation Program PE00000014-H73C22000880001,“SE-curity and RIghts in the CyberSpace(SERICS)”,under the National Recovery and Resilience Plan,funded by the European Union,NextGen-erationEU.
文摘The interest in Self-Sovereign Identity(SSI)in research,industry,and governments is rapidly increasing.SSI is a paradigm where users hold their identity and credentials issued by authorized entities.SSI is revolutionizing the concept of digital identity and enabling the definition of a trust framework wherein a service provider(verifier)validates the claims presented by a user(holder)for accessing services.However,current SSI solutions primarily focus on the presentation and verification of claims,overlooking a dual aspect:ensuring that the verifier is authorized to access the holder’s claims.Addressing this gap,this paper introduces an innovative SSI-based solution that integrates decentralized wallets with Ciphertext-Policy Attribute-Based Proxy Re-Encryption(CP-ABPRE).This combination effectively addresses the challenge of verifier authorization.Our solution,implemented on the Ethereum platform,enhances accountability by notarizing key operations through a smart contract.This paper also offers a prototype demonstrating the practicality of the proposed approach.Furthermore,it provides an extensive evaluation of the solution’s performance,emphasizing its feasibility and efficiency in real-world applications.
