Four Theses in the Study of China’s Urbanization

This article is written specifically for students of Chinese urbanization who are not sinologists. Four theses should inform their studies. The first is that China is an ancient urban civilization, but the processes we observe today are unprecedented. Thus, China’s urbanization must be studied under this dual aspect, giving due to both historical continuities and the unique characteristics of our own era. The second thesis argues that urbanization is a set of multidimensional socio‐spatial processes of at least seven different and overlapping dimensions, each with its own vocabulary and traditions of scholarship. The study of China’s urbanization thus requires a trans‐disciplinary approach. Thesis number three argues that urbanization involves rural–urban relations, but in contrast with many earlier studies, these relationships should be studied from an urban rather than rural perspective. Finally, and most contentiously, China’s urbanization, although entwined with globalization processes, is to be understood chiefly as an endogenous process leading to a specifically Chinese form of modernity.     

‘Re-inventing’ China’s Industrial Relations at Enterprise-Level: an Empirical Field-Study in Four Major Cities

This article discusses the impact of China’s latest reforms on industrial relations at enterprise level in both state-owned firms (SOEs) and foreign-invested joint ventures (JVs) based on a sample of 24 industrial enterprises located in four cities. It concludes that the reforms of the early 1990s have ‘re-invented’ the IR system and have significantly influenced recruitment and selection, wage and reward systems, and social security programmes.     

The politics of mobility in technology‐driven commodity chains: developmental coalitions in the Irish software industry

Through a case study of the Irish software industry, this article explores how an industry and region that was ‘locked in’ to a dependent relationship of routine production within the global software production network managed to partially move up the production and technology chain to develop more sophisticated operations among foreign firms and in the Irish‐owned sector. Relations within production networks tend to become institutionalized and self‐reproducing. Firms and territories tend to remain locked in to a particular niche, in the absence of a ‘development project’ or coalition that mobilizes resources and cooperation to generate a push into a niche further up the network hierarchy. The push for moving up the network comes when a marginalized or vulnerable group within or on the edges of the network makes an alliance with supportive public agencies. Global production networks institutionalize hierarchical relations, but it remains possible for developmental coalitions to mobilize around the connections and resources within those networks to enter new niches further up these hierarchies. In practice, this requires a concerted and ongoing state policy of industrial development and innovation promotion. A partir du cas de l'industrie irlandaise des logiciels, l'article examine comment un secteur et une région ‘emprisonnés’ dans une relation de dépendance, via une production routinière inscrite dans un réseau mondial de fabrication de logiciels, ont réussi à monter dans la chaîne technologique et productive pour mettre au point des opérations plus sophistiquées au sein d'entreprises étrangères et irlandaises. Les rapports dans les réseaux de production tendent à s'institutionnaliser et à s'auto‐reproduire. Entreprises et territoires restent plutôt prisonniers d'une niche donnée, en l'absence de ‘projet de développement’ ou de coalition mobilisateur de ressources et de coopération, capable de les pousser dans une niche supérieure du réseau hiérarchisé. Cette poussée se crée seulement si un groupe marginalisé ou vulnérable situé dans le réseau ou à sa périphérie s'allie à des organismes publics d'aide. Même si les réseaux de production mondiaux institutionnalisent des liens hiérarchiques, des coalitions de développement peuvent encore se mobiliser autour de contacts et de ressources appartenant à ces réseaux pour pénétrer de nouvelles niches, plus élevées dans les hiérarchies. En pratique, cela exige une politique gouvernementale concertée et durable de développement industriel et de promotion de l'innovation.     

Impacts of COVID-19 on global stock sectors: Evidence from time-varying connectedness and asymmetric nexus analysis

In this paper, we analyze the impact of the COVID-19 crisis on global stock sectors from two perspectives. First, to measure the effect of the COVID-19 on the volatility connectedness among global stock sectors in the time–frequency domain, we combine the time-varying connectedness and frequency connectedness method and focus on the total, directional, and net connectedness. The empirical results indicate a dramatic rise in the total connectedness among the global stock sectors following the outbreak of COVID-19. However, the high level of the total connectedness lasted only about two months, representing that the impact of COVID-19 is significant but not durable. Furthermore, we observe that the directional and net connectedness changes of different stock sectors during the COVID-19 pandemic are heterogeneous, and the diverse possible driving factors. In addition, the transmission of spillovers among sectors is driven mainly by the high-frequency component (short-term spillovers) during the full sample time. However, the effects of the COVID-19 outbreak also persisted in the long term. Second, we explore how the changing COVID-19 pandemic intensity (represented by the daily new COVID-19 confirmed cases and the daily new COVID-19 death cases worldwide) affect the daily returns of the global stock sectors by using the Quantile-on-Quantile Regression (QQR) methodology of Sim and Zhou (2015). The results indicate the different characteristics in responses of the stock sectors to the pandemic intensity. Specifically, most sectors are severely impacted by the COVID-19. In contrast, some sectors (Necessary Consume and Medical & Health) that are least affected by the COVID-19 pandemic (especially in the milder stage of the COVID-19 pandemic) are those that are related to the provision of goods and services which can be considered as necessities and substitutes. These results also hold after several robustness checks. Our findings may help understand the sectoral dynamics in the global stock market and provide significant implications for portfolio managers, investors, and government agencies in times of highly stressful events like the COVID-19 crisis.     

The global impact of a sharper US‐China slowdown

• ? We forecast a moderate global slowdown through 2020, but risks are looming of a sharper downturn in China and the US. If these were to materialise, our simulations suggest global GDP growth would hit a post‐crisis low, with the level of GDP dropping by 0.6% and growth slowing by 0.4 ppt in 2019/20.
• ? Economies with strong trade linkages to China and the US – Korea, Taiwan and Mexico – would suffer most. Conversely, a weaker dollar, lower oil prices and relatively smaller trade flows with the US and China would offset the blow in Europe and for some EMs, including Turkey, Argentina and India.
• ? Since 2010, Chinese activity has been a powerful leading indicator of every major economy's exports, proving stronger than similar indicators for US or eurozone activity. This is even the case for non‐Asian economies such as Canada, Mexico, Italy, Germany, France and the UK. This may reflect deepening trading relationships and the relatively high volatility of Chinese cyclical indicators over the period.
• ? Over the past decade, global macro stability has been supported by the US and Chinese cycles moving counter to each other. But this could reverse if the ongoing Chinese policy stimulus fails to gain traction and the weakness gains momentum.

     

Quasi‐rational and ex ante price expectations in commodity supply models: an empirical analysis of the US broiler market

A statistically optimal inference about agents' ex ante price expectations within the US broiler market is derived using futures prices of related commodities along with a quasi‐rational forecasting regression equation. The modelling approach, which builds on a Hamilton‐type framework, includes endogenous production and allows expected cash price to be decomposed into anticipated and unanticipated components. We therefore infer the relative importance of various informational sources in expectation formation. Results show that, in addition to the quasi‐rational forecast, the true supply shock, future prices, and ex post commodity price forecast errors have, at times, been influential in broiler producers' price expectations. Copyright © 2003 John Wiley & Sons, Ltd.     

Developing a global leadership perspective through the use of student‐created reusable learning objects

Study abroad programs have been identified as one of the most effective methods of globalizing curricula and students. The purpose of this study was to examine the current framework of the Leading Change in Costa Rica Study Abroad Program and its ability to diffuse leadership theory to the participating students and to students who are not able to take part in a study abroad opportunity. This study abroad program used reusable learning objects (RLOs) as an assignment to develop global leadership competencies by applying the learned leadership theory in an international context. Students were impacted by the experience. They gained knowledge of the course content, developed and expanded their cultural competencies, and expanded their views of developing countries. The Leading Change in Costa Rica Study Abroad Program also made an effort to develop the intercultural competencies and global leadership abilities of students who are unable to study abroad. The student‐created RLOs have been used in class presentations and made available to interested faculty to use in classrooms across disciplines.     

An innovative global management staffing system: A competency‐based perspective

Significant demands are imposed on corporate management of multinational corporations (MNCs) to develop a strategic orientation of their global human resource management systems (SGHRM). This strategic orientation, which should balance the need for both global stability and local flexibility, necessitates a more pronounced multicultural management membership. The competency‐ based SGHRM system proposed in this paper combines an innovative global management staffing practice of inpatriating foreign managers with the extant practice of expatriating domestic managers. The competency‐based criteria are used to identify global manager candidate pools capable of executing an integrated global management system © 2000 John Wiley & Sons, Inc.     

Is there a global bonds bubble ‐ what if it bursts?

Both real and nominal bond yields have fallen to historically low levels, and in the US the yield curve has been inverted (that is, two-year yields have been above ten-year yields) or very flat since the start of December. This article by Jonathan Hoffman and Keith Church discusses the possible reasons for these developments - including the 'savings glut' proposed by the new Fed Chairman Bernanke - as well as the likelihood of a sharp sell-off of bonds. It then looks at precedents for a sell-off but concludes that there are few parallels between the current situation and the earlier episodes. Finally, it identifies possible triggers for a sell-off and presents a simulation with the OEF Global Model to analyse the likely consequences for the world economy. The conclusion is that, while a rise in US yields to 6.5% in the first half of 2007 would cut growth significantly, including through a fall of almost 1% point in the growth rate of household consumption in the US in 2008, its impact would not be catastrophic.     

Applying cognitive adjustment theory to cross‐cultural training for global virtual teams

Global virtual teams are faced with the challenge of developing trust in a technology‐mediated context to overcome anxiety and uncertainty in their interactions. Research shows that adjustment is a function of an individual's ability to manage his or her anxiety and uncertainty in an unknown context (Gudykunst, 1995). We propose that the type of cross‐cultural training (CCT) received can influence cognitive adjustment in global virtual teams. Building on phenomenology and sense‐making theory, we argue that training needs to develop global virtual team members' capabilities in dealing with the unknown rather than providing ready‐made concepts of cultures. Managerial implications of our theoretical discussion of cognitive adjustment and how CCT influences it are discussed, as are directions for future research. © 2009 Wiley Periodicals, Inc.     

The Wage Inflation‐Unemployment Curve at the Macroeconomic Level

Based on the reduced form New Keynesian Wage Phillips Curve, we estimate wage rigidity and indexation at the aggregate level in several advanced countries for the 1985–2014 period. We document that the wage setting process is heterogenous among our sample of countries: nominal wage rigidities are more important in the United States, while wage indexation is dominant in European Countries. We also present evidence that indexation to past inflation has decrease as inflation stabilizes at lower levels. In addition, our results suggest that wage rigidity is not linked to the institutional environment at the macroeconomic level. Finally, we show that there is significant time variation in the estimated coefficients on the implied equation that is usually not taken into account in the theoretical literature.     

Urban Development under Ambiguous Property Rights: A Case of China’s Transition Economy

Property rights play a key role in maintaining sustainable growth and in achieving efficient development. China’s economic reforms have stimulated urban physical development through the commodification and marketization of land‐use rights and building construction. Property rights over urban land have been decentralized, but the gradualist reform of state assets has not assigned and delineated property rights clearly between the principal and agents. Within a short space of time, Shanghai, a city in a transition economy, is facing a great property glut for the first time in its history. It is the two‐tier incentive structure that has created the dynamics of Shanghai’s urban physical development since 1980. The marketization of buildings makes property development a viable business. Capitalization on valued properties in the open domain motivates key actors in the development process to initiate redevelopment projects. Rapidly rising price benchmarks established by the booming property market escalate the urge to transform rents in the unsecured public domain to physical assets that are protected by the socialist use right. Les droits de propriété jouent un rôle essentiel dans la réussite d’une expansion durable et d’un aménagement efficace. En Chine, les réformes économiques ont stimulé un urbanisme construit, via une banalisation et une marchandisation des droits d’utilisation du sol et de la construction de bûtiments. Les droits de propriété sur les terrains urbains ont été décentralisés; cependant, la réforme gradualiste des biens de l’État n’a ni attribué ni délimité clairement les droits de propriété entre commettant et mandataires. En un court laps de temps, Shanghai, ville en économie de transition, se trouve confrontée à une surabondance de biens immobiliers pour la première fois de son histoire. C’est une structure incitative à deux niveaux qui a généré la dynamique de l’urbanisme construit de Shanghai depuis 1980. La marchandisation des immeubles fait de la promotion immobilière une activité lucrative. La capitalisation sur des propriétés valorisées dans un marché libre motive les acteurs‐clés du processus de développement à lancer des projets de réaménagement. Les prix de référence en croissance rapide, instaurés par le marché immobilier florissant, intensifient la tendance à transformer les loyers sans garantie du domaine public en biens construits protégés par le droit d’usage socialiste.     

Being leader in global citizenship at the information technology age

Information technology sheds a light for the personal and professional development of human beings. In this respect, there is an intensified need for people to upgrade their skills for adapting themselves to the new century. This research aims to evaluate potential of higher education students on leadership. Qualitative research nature was conducted to the research. Thematic analysis was done to analyze data and themes are revealed. Research results revealed that continuos innovation, level of master by developing continually, creating originality relating to itself, obeying the ethics rules are potential to be leader and global citizenship at the information technology age.     

A commodity hierarchy model of the rental housing market

This paper presents and analyzes a theoretical model of the rental housing market which addresses the durable-good nature and the heterogeneous nature of housing, while focusing on the quality distribution of housing units. Units of different qualities are viewed as distinct substitute commodities. New construction rates, deterioration rates, rental prices, and stocks are considered to be endogenous. Equilibrium concepts are introduced; both the long-run and short-run equilibria are shown to exist and to be unique. Comparative static results are established. The model's utility is demonstrated by its application to the analysis of several housing market programs.     

Bivariate garch estimation of the optimal commodity futures Hedge

Six different commodities are examined using daily data over two futures contract periods. Cash and futures prices for all six commodities are found to be well described as martingales with near-integrated GARCH innovations. Bivariate GARCH models of cash and futures prices are estimated for the same six commodities. The optimal hedge ratio (OHR) is then calculated as a ratio of the conditional covariance between cash and futures to the conditional variance of futures. The estimated OHRs reveal that the standard assumption of a time-invariant OHR is inappropriate. For each commodity the estimated OHR path appears non-stationary, which has important implications for hedging strategies.     

商砼配送存在的问题及其对策

商砼配送是城市建设必不可少的一部分。文章介绍了商砼配送的特性,分析目前商砼配送存在的主要问题,并从加大政策扶持力度、提升商砼配送信息化水平、建立商砼配送标准等多方面提出了对策。     

Local Growth Coalition: The Context and Implications of China’s Gradualist Urban Land Reforms

China’s urban land reforms are being implemented within a framework of general economic reforms which are gradualist in nature. Thus, the urban land reforms are moving step by step towards the establishment of a land market. This gradualism is developing in association with a redefinition of central-local intergovernmental relations in the reform era, and with the advent of localism. In this context, gradual urban land reforms have become an implicit programme to nurture local enterprises and developers, a means of fostering local government-enterprise coalitions and an instrument to strengthen local government’s position in local development. During the systematic transition toward a socialist market economy, booming Chinese cities are formulating informal local ‘urban regimes’ to compete for local growth by capitalizing on financial gains derived from a dual market of urban land and property development. — Les réformes du sol urbaines en Chine sont mises en oeuvre dans une structure de réformes économiques générales de nature incrementaliste. Ainsi, les réformes agraires urbaines vont pas à pas vers l’établissement d’un marché de la terre. Cet incrémentalisme se développe en association avec une redéfinition des relations intergouvernementales centre-région pendant les réformes et avec l’arrivée du localisme. Dans ce contexte, les réformes du sol urbaines se sont implicitement transformées en un programme de support pour les entreprises et les promoteurs locaux, un moyen d’encourager les coalitions locales entre le gouvernement et les entreprises et un instrument de renforcement de la position du gouvernement local dans le développement local. Durant la transition systématique vers une économie de marché socialiste, les villes chinoises en plein essor élaborent des ‘régimes urbains’ locaux officieux pour améliorer la croissance locale par une capitalisation des gains financiers dérivés et du double marché du sol urbain et du développement immobilier.     

Benefits of Cross‐sector Partnerships in Markets at the Base of the Pyramid

In this paper we analyze whether cross‐sector partnerships enable companies to respond to the specific conditions at the base of the pyramid (BOP). We develop three hypotheses in which we argue how cross‐sector partnerships support companies to face unfamiliar conditions in these markets. We test the developed hypotheses against the data of 103 companies operating in BOP‐markets. The results show that companies rely on organizations from the civil society sector in order to meet customer needs. Partners from the business sector are supportive when responding to restrictive market conditions. Institutional partnerships should be considered when companies aim at responding to the regulatory environment. We outline theoretical and managerial implications and reflect some limitations of the study. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment.     

Trump versus Reagan – the global dimension

• ? Could the Trump era resemble the 1980s? ‘Reaganomics’ boosted world growth – but not necessarily in the ways people think – and not for emerging markets (EMs), a larger part of today's world economy. Growth then was also aided by factors such as declining interest rates, which are missing today, and we doubt that deregulation will lead to a productivity surge. US asset prices, meanwhile, were depressed in 1981, unlike now, so the big gains of the 1980s are unlikely to be repeated. EM assets should do better than back then, though.
• ? Optimistic observers – and to some extent, markets – have been drawing parallels between the policy mixes of the Trump and Reagan administrations, and talking up the prospects of stronger global growth. But while the US did support world growth in the 1980s, this was arguably more due to Keynesian' demand‐side policies than supply‐side ones: Reagan's record on supply‐side policies was mixed.
• ? The US is still an important driver of global activity, but markets may be too optimistic about the effect of Trump's policies on world growth. Any Trump fiscal stimulus will occur against a much less favourable background than that of the 1980s, when US growth also benefitted from a variety of factors missing now.
• ? It is also unclear whether Trump's administration will tolerate large expansions of the current account and fiscal deficits as the ‘price’ for more growth. And we are sceptical about the prospects of big gains from deregulation: US economic dynamism has waned, but the policies so far proposed in this area look potentially misdirected.
• ? Over the coming years asset market performance is unlikely to mirror that of the 1980s: valuations suggest less room for dollar appreciation and stock market gains this time around. But emerging market (EM) assets may do better – the soaring dollar and high US rates that hit EMs in the 1980s are unlikely to be repeated. And our analysis suggests even modestly better US growth will support commodity prices and EM growth.