Modernization in Mainland China: A Comment

A bstract . The conclusion of Professor Chen that foreign; capital inflows affect modernization in China is challenged on the basis of data and methodology. Professor Chen rejected the argument.     

金融发展、FDI与经济增长

本文基于拉姆齐—卡斯—库普曼斯模型,利用中国29个省、市、自治区1978～2004年的面板数据,研究金融发展、外商直接投资(FDI)对经济增长的影响。研究显示FDI在一定水平下,对东道国资本积累和产出增长的影响是非线性的,随着外资数量的逐渐增加,其对资本积累和产出增长的促进效应逐渐下降,FDI进入初期的正影响最终转为负影响,研究还显示FDI在数量一定的情况下,金融发展对本国资本积累和产出增长有正影响。金融发展通过有利于吸引外商直接投资、为外资企业提供金融服务,将潜在的溢出效应转化为现实生产力,显著地促进了经济增长。     

The dynamics of indebtedness in developing countries: The case of the Philippines

The relationships between foreign capital inflows, the build-up of debt, and economic growth in a developing country are analyzed using a system dynamics model of the pertinent processes. The Philippines serves as an empirical case to apply the model. The model incorporates the macro-structure of economic growth, the micro-structure of market-clearing mechanisms, and an accounting of the money flows. The study shows that economic policies enhancing debt-servicing ability create better economic performance than those limiting acquisition of loans. Increasing capital-intensity is the most important part of such policies. They are further facilitated by encouraging investment through decreasing taxes and enhancing demand through increasing government spending and promoting exports. Thus, augmentation of domestic resources by foreign capital inflows appears to be a viable economic strategy.     

Foreign capital inflows and economic growth of Pakistan

This study investigates the relationship of foreign capital inflows, namely foreign direct investment, workers’ remittances, and external debt with economic growth of Pakistan by employing time series data from 1976 to 2015. Cointegration results indicate that foreign capital inflows and economic growth have a significant relationship with economic growth in the long run. Ordinary least square results indicate foreign direct investment has a significant and negative effect on economic growth, whereas a significant positive effect of remittances and external debts on economic growth is found. Rolling windows analysis highlights the yearly effect of three different models. Two different sensitivity analyses confirmed that initial results are robust. The final section concludes the study and provides some policy implications.     

Foreign capital inflows and poverty linkages in South Asia: Do the forms of capital inflows matter?

The relationship between foreign direct investment and poverty reduction has received modest attention in the empirical literature. However, little is known about the relative significant impact of different forms of capital inflows on poverty reduction. This study attempts to investigate the impact of different forms of capital inflows (foreign direct inflows, portfolio equity and portfolio debt inflows) on poverty reduction in major South Asian economies during the post-reform period. The capital inflows-poverty nexus is explored using panel econometric methods robust to cross-sectional dependence. Our empirical results show that while portfolio equity inflows exert a favorable impact on poverty reduction, foreign direct inflows and debt inflows fail to influence poverty. The panel causality results demonstrate that portfolio equity inflows also support poverty alleviation via stimulating economic growth and trade openness. The findings of our study highlight the importance of considering the differential welfare impacts of different forms of capital inflows while implementing capital account liberalization.     

Gross capital inflows and outflows: Twins or distant cousins?

We investigate the long-run relations and equilibrium correction mechanisms between gross capital inflows, outflows and global financial conditions for advanced (AE) and emerging market economies (EME). According to our results, the puzzling findings of the recent literature suggesting that domestic and foreign investors act as distant cousins, leading to capital inflows and outflows to act as twins, tend to be supported for the long run. The short-run relations, however, often appear to be consistent with the conventional theory suggesting that the behaviors of residents and non-residents do not systematically diverge from each other. Consistent with flight to safety concerns, capital outflows from EME and capital inflows to AE tend to increase in the long run in response to worsening global financial conditions. We find that these results essentially hold for the main components of capital flows as well.     

引进外资对我国货币流通速度的影响

本研究引进外资对我国货币流通速度的影响。外资的流入大大促进了我国的出口，同时也使货币当局的对外资产迅速增加，造成潜在的货币供给压力，使利率处于较低的水平，从而使货币需求成本低下，货币流通速度下降。     

Foreign Participation in Housing Development in Mainland China: Legal Concerns on Property Ownership

Since the economic reform in the 198Os, real property development, especially in the housing sector, has become one of the major economic activities in mainland China. Housing development was commercialized initially for the overseas market, particularly for the Chinese emigrants, as foreign capital was much needed. Under the new socialist market economy, a clear legal definition is still to be established for ownership of real property, which is a crucial issue for any real property development. This paper critically reviews the evolving concept of property ownership and evaluates the major pieces of legislation that govern participation of foreign investors in "commodity units" housing development. A critical evaluation highlights the legal concerns that hinder foreign involvement in "commodity unit" housing development.     

Foreign capital inflows, economic growth and stock market capitalization in Asian countries: an ARDL bound testing approach

This study investigates the effects of foreign capital inflows and economic growth on stock market capitalization in 18 Asian countries by using the panel data from the period of 2000–2010. The ARDL bound testing cointegration approach confirms the valid long run relationship between the considered variables. Results indicate that foreign direct investment has significant negative and economic growth has significant positive relationship with the stock market capitalization, whereas, the results of workers’ remittances is found insignificant in long run. The error correction model confirms the significant positive relationship of economic growth and workers’ remittances while, FDI has negative and significant impact on stock market capitalization in short run. Results of causality test based on Toda and Yamamoto (J Econom 66: 225–250, 1995) show the bidirectional causal relationship of foreign direct investment and economic growth with stock market capitalization. However, no causal relationship is found in between workers’ remittances and stock market capitalization. It is suggested that investor should not idealize the inflow of workers’ remittances to invest in Asian stock markets in long run. Simultaneously, size of the economy is a better leading indicator for Asian stock markets. On the other hand, inflows of FDI may mislead the investor to invest. Investor should keep on eye whether FDI come in the competition of domestic market or not? If this happens so investor should not invest in the stock market of host country.     

Capital inflows,exchange market pressure,and credit growth in four transition economies with fixed exchange rates

With the transition from planned economic systems to membership in the European Union, capital inflows and domestic credit have expanded tremendously in Central and Eastern Europe. Four of these countries—Estonia, Latvia, Lithuania, and Bulgaria—maintain fixed exchange-rate regimes, which may face pressure because of rapid credit growth or during a slowdown. This study uses a Vector Autoregressive (VAR) approach to assess the contribution of capital inflows to exchange market pressure in these four countries, as well as to the growth of domestic credit. Both FDI and non-FDI flows are shown to feed credit growth in Bulgaria, but not the Baltics. Relatively volatile flows, particularly non-FDI inflows, reduce EMP in three of the four countries.     

中国短期资本总流入量的测算与分析

本文分析了短期资本流入中国的四种隐性与非法渠道,分别估算了每种渠道流入中国的短期资本数量,给出了2001年-2009年流入中国的短期资本的总数量;借助最优短期资本流入规模模型,对比分析了2001年-2009年实际短期资本总流入量和最优短期资本总流入量;通过比较分析发现,近年来,中国实际短期资本总流入量和最优短期资本总流入量偏离值逐年增大,这种不协调会给中国经济发展和金融稳定带来一定的隐患,有必要对短期资本流入渠道进行重点关注。     

The determinants of capital inflows: Does opacity of recipient country explain the flows?

This paper examines the relationship between international capital flows and the opacity of recipient countries. We use the Price Waterhouse Coopers (PWC) [Price Waterhouse Coopers, 2001. The Opacity Index: A Project of the Price Waterhouse Coopers Endowment for the Study of Transparency and Sustainability] opacity index for the year 2000 and investigate its influence on three types of net international capital flows: foreign direct investment, portfolio capital and international bank lending. We find support for higher opacity leading to a reduction in capital inflows, in general. More interestingly, however, in some cases we find counterintuitive results of more capital flows when opacity relating to specific business climate increases—accounting and regulations for foreign direct investment flows, corruption and regulation for portfolio flows, and corruption and economic opacities for international lending flows. This may be because of potentially higher profit opportunities that may be present due to the greater role unofficial channels of investment practices play as these opacity indices rise. Also, we find international bank lending, in general, responded very differently from foreign direct investment and portfolio flows.     

How foreign direct investment affects CO2 emission levels in the Chinese manufacturing industry: Evidence from panel data

This study explores how inflows of foreign direct investment (FDI) affect a country’s carbon dioxide (CO₂) emission levels. To investigate this relationship, we use panel data (2002–2015) from the 28 subsectors of the Chinese manufacturing sector. We also perform panel framework analysis to verify the characteristics of the panel data before establishing the panel estimator meant to test the relationships between carbon dioxide emissions, FDI inflows, industrial GDP, industry openness, net domestic fixed capital stock and cleaner production. The results of the panel framework analysis suggest the need to eliminate dynamic panel bias and produce more efficient and consistent parameter estimates. To do so, we use System Generalized Method of Moments (GMM) estimators with time dummies. Ultimately, the results of the analysis show that FDI is a positive predictor of environmental quality in the host country, which serves as evidence of the halo effect that FDI reduces CO₂ emission levels. The study also finds evidence that industrial GDP and cleaner production improve environmental quality. However, the domestic capital stock has a negative effect on environmental quality. By showing that past carbon dioxide emissions significantly influence current emissions, our findings demonstrate the importance of consistency and persistence in efforts to reduce those emissions. Accordingly, we discuss some policy implications based on these results.     

资本账户开放、系统性金融风险与经济高质量发展

扩大资本账户开放是中国完善社会主义市场经济体制的重要举措。资本账户开放不仅对经济高质量发展存在直接传导渠道，亦可通过“撬动”金融稳定导致系统性金融风险，进而对经济高质量发展产生影响。那么，资本账户开放影响经济高质量发展的传导效应究竟如何？本文运用具备随机波动率特征的时变参数结构向量自回归模型动态识别资本账户开放、系统性金融风险及经济高质量发展的时变特征，并通过资本账户开放关键时点的选择，详细刻画资本账户开放的传导渠道。实证结果表明：一方面，“资本账户开放—经济高质量发展”直接传导渠道显示资本账户开放短期对经济高质量发展有显著的、波动性的影响，但中长期传导效应并不明确；另一方面，“资本账户开放—系统性金融风险—经济高质量发展”间接传导渠道表明，资本账户开放短期稳健抑制了系统性金融风险增长，但中长期易受国内外经济形势波动影响出现抑制弱化，增强系统性金融风险对经济高质量发展的负向影响，推进资本账户开放的积极作用不能通过金融渠道长期有效地传导至社会经济发展中。因此，中国应遵循自身发展实际，渐进、审慎地推进资本账户开放，在防范系统性金融风险的前提下，疏通金融支持经济高质量发展的渠道。     

论全球经济一体化背景下复合型外语人才的要求

随着我国国家现代化建设和社会经济的不断发展,特别是中国加入WTO后全球经济形势的快速变化,大量适应教育现代化要求的涉外经济﹑外贸﹑口译等方面的外语复合型人才应用而生。文章分析总结了我国加入WTO后中国企业发展所取得的成绩和面临的困境和难题,以及市场经济条件下对复合型外语人才的要求。     

国外财务重述研究述评及启示

近年来,财务报告质量问题受到国内外学者和监管机构的高度关注。作为一种事后更正或补充行为,财务重述导致资本市场对先前披露的财务报告质量产生怀疑。在我国资本市场的特殊制度背景下,对国外财务重述的类型、动机、影响因素和经济后果所进行的系统梳理可以为今后研究财务重述问题提供有益的启示。     

上市公司收购境内企业外资股权的财务绩效研究

以我国上市公司收购海外资本持有内地企业股权的案例为研究对象,采用因子分析法对并购的财务绩效进行分析,结果显示:从样本总体来看,上市公司收购海外资本所持内地企业的股权后财务绩效得到了明显的改善;企业性质、规模和行业类别不同的上市公司样本并购后的财务绩效表现差别很大。     

产品市场与资本市场分离之尴尬——基于中国交叉上市样本的分析

截至2011年12月31日,我国共有70家企业实现境内外交叉上市,其中36家企业先于境外上市,而后回归国内A股市场。本文测算这36个样本交叉上市前两年的海外营业收入占比和海外股权融资占比,发现上述样本在回归A股市场之前,来自于海外市场的营业收入占比平均不足10%,但其流通股本全部来自于境外市场,占总股本的比重平均高达33.17%,交叉上市企业面临资本市场与产品市场分离的尴尬处境。这种分离割裂了两个市场之间的良性互动,企业难以将其在海外资本市场累积的声誉转化为国内产品市场的声誉,不利于其产品市场竞争力的提升。本文的研究旨在为后续基于中国样本之交叉上市动因研究奠定基础。     

U.S. Competitive Position and Capital Investment Flows in the Economic Citizen Market:

ABSTRACT Many countries hail economic citizenship as the new mechanism for encouraging capital mobility and economic development. Economic citizenship is the process of granting citizenship or residency to foreign individuals who have investment capital that will create jobs for citizens in the immigrant receiving country. Many developing and developed countries, including the Commonwealth of Dominica and Belize, Canada, Australia, and the United States, have embraced this concept with hopes of massive capital inflows to their countries. While this investment measure has been successful in a few countries, the U.S. has only been able to attract less than 10% annually of the targeted number of investors through this strategy. The U.S. has been further from its targeted annual allocation of visas than Dominica and Canada. The Economic Citizenship Program has less potential of affecting a small nation's levels of investment than a large one's. A number of socio-political and economic reasons, including program cost and social adjustment, cause a slow influx of new immigrants and investments to the U.S.     

Capital flows and the boom–bust cycle: The case of Estonia

During 2000–2007, Estonia was among the fastest growing emerging market economies, but in late-2008 entered a deep recession. This paper examines shocks, institutions, and policies that have made Estonia's boom–bust cycle so severe. It finds that an open capital account, the prospect for EU entry, and the currency board facilitated massive capital inflows, which led to credit and real estate booms. In late-2008 a domestic slowdown was greatly amplified by the global financial and economic crisis. To resume sustainable growth, the country will need to regain competitiveness and rebalance resources to exports. Estonia's experience underscores the importance for other emerging market economies to retain some flexibility in their macroeconomic frameworks and approach capital account liberalization cautiously.