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Book part
Publication date: 26 April 2014

Nikolaos Giannellis and Georgios P. Kouretas

The aim of this study is to examine whether China’s exchange rate follows an equilibrium process and consequently to answer the question of whether or not China’s international…

Abstract

Purpose

The aim of this study is to examine whether China’s exchange rate follows an equilibrium process and consequently to answer the question of whether or not China’s international competitiveness fluctuates in consistency with equilibrium.

Design/methodology/approach

The theoretical background of the paper relies on the Purchasing Power Parity (PPP) hypothesis, while the econometric methodology is mainly based on a nonlinear two-regime Threshold Autoregressive (TAR) unit root test.

Findings

The main finding is that China’s price competitiveness was not constantly following a disequilibrium process. The two-regime threshold model shows that PPP equilibrium was confirmed in periods of relatively high – compared to the estimated threshold – rate of real yuan appreciation. Moreover, it is implied that the fixed exchange rate regime cannot ensure external balance since it can neither establish equilibrium in the foreign exchange market, nor confirm that China’s international competitiveness adjustment follows an equilibrium process.

Practical implications

The results do not imply that China acts as a currency manipulator. However, a main policy implication of the paper is that China should continue appreciating the yuan to establish external balance.

Originality/value

This paper is the first which accounts for a nonlinear two-regime process toward a threshold, which is defined to be the rate of change in China’s international competitiveness. Consequently, the paper draws attention to the role of China’s international competiveness in accepting the PPP hypothesis.

Details

Macroeconomic Analysis and International Finance
Type: Book
ISBN: 978-1-78350-756-6

Keywords

Book part
Publication date: 1 October 2014

Ike Mathur and Soumen De

The Dim Sum bond market in Hong Kong, which allows China to regulate the amount of offshore yuans that flow back into the mainland, has grown steadily since its inception in 2007…

Abstract

The Dim Sum bond market in Hong Kong, which allows China to regulate the amount of offshore yuans that flow back into the mainland, has grown steadily since its inception in 2007 and is expected to surpass in 2013 the threshold level that would attract insurers and long-term issuers to the market. Yet, the market has not matured sufficiently relative to the yuan deposit market in Hong Kong that has grown at a much faster pace on account of trade liberalization and the use of yuans in China’s international trade settlements. Even though Hong Kong has fulfilled its role as an offshore currency center for the yuan, it is being challenged by Taiwan, Singapore, and London in terms of being the premier location for the issuance of yuan-denominated bonds outside of Mainland China.

Details

Risk Management Post Financial Crisis: A Period of Monetary Easing
Type: Book
ISBN: 978-1-78441-027-8

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Book part
Publication date: 18 December 2016

Fanzheng Yang

This paper is a study of how people with heterogonous individual characteristics self-select into different compensation schemes. A laboratory experiment is designed in which…

Abstract

This paper is a study of how people with heterogonous individual characteristics self-select into different compensation schemes. A laboratory experiment is designed in which “workers” can join “companies” that pay according to various schemes: piece rate, revenue sharing, individual tournament, and team tournament. The main findings are: (1) Subjects with high relative performance always prefer individual tournament. (2) Risk-averse subjects are less likely to choose competitive schemes. (3) Individual tournament attracts fewer women than men, which is partially explained by gender-specific social preferences. (4) Compared to people with siblings, only children are less likely to accept any team-based schemes without information about their teammates. (5) The provision of feedback about relative performance can adjust individuals’ biased self-beliefs and then influence their self-selections.

Details

Experiments in Organizational Economics
Type: Book
ISBN: 978-1-78560-964-0

Keywords

Book part
Publication date: 31 March 1996

Robert Michael Field

Abstract

Details

International Comparisons of Prices, Output and Productivity
Type: Book
ISBN: 978-1-84950-865-0

Book part
Publication date: 30 November 2020

Wang Hong and Ding Shuai

In recent years, especially after the 2008 global financial crisis, the global economic recovery has been struggling. The trend of anti-globalization with populism and…

Abstract

In recent years, especially after the 2008 global financial crisis, the global economic recovery has been struggling. The trend of anti-globalization with populism and protectionism around the world is on the rise. As the largest developing country, China will engage in promoting global economic integration for common development of the world to promote the sustainable development and globalization. This paper will focus on the global operations of Chinese MNCs and explore their social responsibility to go global under the B&R Initiative, study their performance of social responsibility, analyze the potential risks and put forward countermeasures. Based on the report of the Top 100 Chinese MNCs released by China Entrepreneurs Association in 2016, we select 35 corporations related to the B&R, use their comparatively complete data and conduct a statistical analysis of their CSR data. To study the economic, social and environmental performance of CSR and sustainable development, we focus on three major indicators, including employee, environment and the public. Data from 2012 to 2016 are considered, for a total of five years. Through the analysis of CSR data, this paper points the social responsibility development status of major Chinese MNCs under the B&R Initiative and reveals some problems and risks that still exist in the fulfillment of social responsibility. In response to these issues, we make analysis from the perspective of stakeholders, so as to provide ideas for the development of social responsibility of the related corporations. At the initial stage of China's initiative of the Belt and Road, it is a new attempt to launch a research on the social responsibility of Chinese MNCs. Traditionally, research on CSR tends to make horizontal comparison of corporations in different countries and focuses on a certain year. Based on the traditional research and differ from them, we extend the time interval of research beyond a certain year and adopt the trend analysis to CSR data. In addition, case introduction is also used. According to the stakeholder theory and the comprehensiveness of the data, the research is focused on three main aspects, namely, employee, environment and the public. And, we have made a relative conversion of these indicators. These thoughts can examine the social responsibility development of related corporations in a given period and help promote the B&R Initiative.

Details

CSR in an age of Isolationism
Type: Book
ISBN: 978-1-80043-268-0

Keywords

Book part
Publication date: 28 August 2013

Hung-Gay Fung, Derrick Tzau and Jot Yau

This chapter provides a review of the Chinese government policies that promote the internationalization of the Chinese currency, the renminbi or RMB, which include the RMB swap…

Abstract

This chapter provides a review of the Chinese government policies that promote the internationalization of the Chinese currency, the renminbi or RMB, which include the RMB swap arrangements between the central banks, trading of the RMB across different markets, and establishment of the dim sum bond market. In particular, we update the development of the dim sum bond market in terms of the size, amount of the issues, coupon and tenor characteristics, issuers, and investment bankers of dim sum bond issues. The dim sum bond market appears to be a promising global asset class for investors.

Details

International Financial Markets
Type: Book
ISBN: 978-1-78190-312-4

Keywords

Book part
Publication date: 5 November 2021

Gwen M. Wittenbaum, Kay Yoon and Andrea B. Hollingshead

Groups typically are composed of members with different knowledge, information, and expertise. Group discussion provides the means by which members can communicate their unique…

Abstract

Groups typically are composed of members with different knowledge, information, and expertise. Group discussion provides the means by which members can communicate their unique knowledge to reach better group decisions, develop a shared system for remembering and retrieving knowledge, and establish their expertise through enacted performance. In this chapter, three streams of research are reviewed that explore knowledge communication in groups: Hidden profiles, transactive memory systems, and a performative view of expertise. Each of these three research streams complements and informs the other. Across these three research streams, 10 major research findings are identified. We offer three research directions that include integrating these research streams, examining knowledge communication in the context of emerging technology (e.g., artificial intelligence), and studying effects of knowledge diversity in conjunction with surface-level diversity (e.g., member race).

Details

The Emerald Handbook of Group and Team Communication Research
Type: Book
ISBN: 978-1-80043-501-8

Keywords

Book part
Publication date: 28 August 2015

Ian Tsung-yen Chen

This paper proposes that if a political system is more like to facilitate a unified government, to establish a strong executive body and to respond to the needs of the majority…

Abstract

This paper proposes that if a political system is more like to facilitate a unified government, to establish a strong executive body and to respond to the needs of the majority, financial reforms are more likely to emerge from the policymaking process and produce positive results. On the contrary, political systems that discourage those governing features are less likely to produce reforms. This chapter compares financial reform processes in China, Taiwan and New Zealand. All of them performed low level of financial reforms in the early 1980s but resulted in different situations later. In the mid-2000s, New Zealand heralded the most efficient and stable financial system; while Taiwan lagged behind and China performed the worst. Evidence showed that China’s authoritarian system may be the most superior in forming a unified government with a strong executive, but the policy priority often responds more to the interests of a small group of power elites; therefore the result of financial reform can be limited. Taiwan’s presidential system can produce greater financial reform when the ruling party controls both executive and legislative bodies, but legislative obstructions may occur under a divided government. New Zealand's Westminster system produces the most effective and efficient financial reform due to its unified government and a strong executive branch with consistent and stable supports from the New Zealand Parliament.

Details

Asian Leadership in Policy and Governance
Type: Book
ISBN: 978-1-78441-883-0

Keywords

Book part
Publication date: 30 September 2021

Jing Li

Excessive teacher entitlement results from interactions between and among social, institutional and individual elements. This study retrieves small entitlement stories of two…

Abstract

Excessive teacher entitlement results from interactions between and among social, institutional and individual elements. This study retrieves small entitlement stories of two teachers and one school principal from an online elementary teacher community in China. Through burrowing into the narrative data, this study presents how the three participants' selves are revealed in their interactions with different community members. The multi-layered relationships between entitlement, reflection, unknown self, personal/professional experiences, and teacher community are discussed. This study provides insights into how administrators, teachers and other educators can collaborate to foster teachers' self-understanding, with the purpose of ameliorating excessive teacher entitlement.

Details

Understanding Excessive Teacher and Faculty Entitlement
Type: Book
ISBN: 978-1-80043-940-5

Keywords

Book part
Publication date: 15 September 2022

Timotej Jagrič, Dušan Fister, Aleksandra Amon, Vita Jagrič and Sabina Taškar Beloglavec

Purpose: This chapter aims to lay out the issues regarding the world of digital currencies, private and central bank digital currency (CBDC). In that connection, the authors want…

Abstract

Purpose: This chapter aims to lay out the issues regarding the world of digital currencies, private and central bank digital currency (CBDC). In that connection, the authors want to, as much as possible, systematically present the terminology, examples of various digital currencies and the technology behind that phenomenon. The chapter also highlights the occurrence of CBDC and the possible implications of its introduction to day-to-day commercial banking practice, possibly taking the payment systems and transactions alternation, balance sheet and profits’ issues into consideration.

Need for the study: Digital currencies already have and are also soon going to have an enormous impact on society as such, where payments for everyday goods and services are taken on a whole new platform and level, in the sense of how the payments are made and payment systems are constructed, as also in the sense of quantity, as the number and sum-wise payments carried out via such platforms are growing.

Methodology: A triangulation method, a mixed qualitative methodological approach was implemented, so the research offers a synthesis of previously published contributions in this field, followed by deductive and inductive reasoning interconnected with descriptive and comparative analyses.

Findings: As digital currency already have a vast impact on payment systems and modes of payment, the CBDC, an imperative of today and not the matter of the future, will have implications for commercial banks, probably in the field of lowering banks’ commissions, no big customer data-selling ability, accumulating the deposits and deposit policies and credit policies due to higher funding costs for banks. There is an interwovenness among the central bank activities, bank customer’s behaviour and commercial bank activities. Therefore, the change of payment and spending behaviour of customers because of central banks’ introducing novelties will also have consequences for the banking industry.

Practical implications: The choice to handle cash or digital currency will be obsolete, and an individual’s or a firm’s financial knowledge must be upgraded in the field of new money using angles. The issue of digital currencies and CBDCs are no longer a matter of choice but are becoming a new reality. Therefore, it is necessary for the common public, economy and banking system, especially now carrying out most of payments and transfers of money, to study this field and foresee the possible consequences and risks emerging.

Details

The New Digital Era: Digitalisation, Emerging Risks and Opportunities
Type: Book
ISBN: 978-1-80382-980-7

Keywords

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