This paper provides transaction-level evidence about the impact of capital account liberalization on firms'bond issuance in the international financial market.Using bond issuance data for firms headquartered in Ch...This paper provides transaction-level evidence about the impact of capital account liberalization on firms'bond issuance in the international financial market.Using bond issuance data for firms headquartered in China between 2014 and 2018,we showed that domestic private firms issued more bonds abroad than foreign-invested enterprises afier restrictions were largely relaxed,controlling for possible confounding shocks such as monetary policy,local credit market shocks,US interest rate,carry trade,and global uncertainty shocks measured by the Chicago Board Option Exchange's Volatility Index.We found that domestic firms did not increase the overall volume of bond issuance but just had a higher portion of international bond issuance.We also found that domestic firms with higher tangible asset ratios tended to issue more bonds abroad.Our results suggest that targeted liberalization policy could effectively stimulate firms to issue bonds abroad.Policymakers need to monitor closely firms that issue more bonds abroad and thus have greater exposure to global shocks,incorporate these financial risks into policy design,and safeguard financial stability more effectively.展开更多
The evolution of South African universities continues to be shaped by both apartheid and more recent post-apartheid policies.Yet the South African university system is mainly an elite,low participation and high attrit...The evolution of South African universities continues to be shaped by both apartheid and more recent post-apartheid policies.Yet the South African university system is mainly an elite,low participation and high attrition system,offering a medium quality education.Moreover,there is uneven attention to the opportunities that internationalization might bring to South Africa.The paper explores South Africa’s position in a global,African and regional perspective,and looks at post-apartheid trends in the internationalization of higher education.Finally,it provides an analysis,looking forward,of the essential conditions for more beneficial internationalization.This will include addressing“brain drain”and“brain gain,”global dialogue and mutual learning,and collaborative partnerships,marked by a common commitment to sound academic values,scientific integrity,ethics and social responsibility.展开更多
This article briefly covers the current situation of Sino-Central Asian relations in different dimensions,especially,economic and investments cooperation area in the framework of international organization such as the...This article briefly covers the current situation of Sino-Central Asian relations in different dimensions,especially,economic and investments cooperation area in the framework of international organization such as the Shanghai Cooperation Organization.The possibilities of New Silk road concept to be a part of projects of the SCO boosting investments in transportation infrastructure of CAR states.Also,this article describes main positions of the Chinese energy security strategy and its views on CAR`s oil and gas industry.展开更多
基金the National Natural Science Foundation of China(No.72003181)。
文摘This paper provides transaction-level evidence about the impact of capital account liberalization on firms'bond issuance in the international financial market.Using bond issuance data for firms headquartered in China between 2014 and 2018,we showed that domestic private firms issued more bonds abroad than foreign-invested enterprises afier restrictions were largely relaxed,controlling for possible confounding shocks such as monetary policy,local credit market shocks,US interest rate,carry trade,and global uncertainty shocks measured by the Chicago Board Option Exchange's Volatility Index.We found that domestic firms did not increase the overall volume of bond issuance but just had a higher portion of international bond issuance.We also found that domestic firms with higher tangible asset ratios tended to issue more bonds abroad.Our results suggest that targeted liberalization policy could effectively stimulate firms to issue bonds abroad.Policymakers need to monitor closely firms that issue more bonds abroad and thus have greater exposure to global shocks,incorporate these financial risks into policy design,and safeguard financial stability more effectively.
文摘The evolution of South African universities continues to be shaped by both apartheid and more recent post-apartheid policies.Yet the South African university system is mainly an elite,low participation and high attrition system,offering a medium quality education.Moreover,there is uneven attention to the opportunities that internationalization might bring to South Africa.The paper explores South Africa’s position in a global,African and regional perspective,and looks at post-apartheid trends in the internationalization of higher education.Finally,it provides an analysis,looking forward,of the essential conditions for more beneficial internationalization.This will include addressing“brain drain”and“brain gain,”global dialogue and mutual learning,and collaborative partnerships,marked by a common commitment to sound academic values,scientific integrity,ethics and social responsibility.
文摘This article briefly covers the current situation of Sino-Central Asian relations in different dimensions,especially,economic and investments cooperation area in the framework of international organization such as the Shanghai Cooperation Organization.The possibilities of New Silk road concept to be a part of projects of the SCO boosting investments in transportation infrastructure of CAR states.Also,this article describes main positions of the Chinese energy security strategy and its views on CAR`s oil and gas industry.
