Hot Money and Quantitative Easing: The Spillover Effects of U.S. Monetary Policy on the Chinese Economy

We develop a factor‐augmented vector autoregression (FA‐VAR) model to estimate the effects that unanticipated changes in U.S. monetary policy and economic policy uncertainty have on the Chinese housing, equity, and loan markets. We find the decline in the U.S. policy rate since the Great Recession has led to a significant increase in Chinese housing investment. One possible reason for this effect is the substantial increase in the inflow of “hot money” into China. The responses of Chinese variables to U.S. shocks at the zero lower bound are different from those responses in normal times.     

U.S. Monetary Regimes and Optimal Monetary Policy in the Euro Area

Monetary policy in the United States has been documented to have switched from reacting weakly to inflation fluctuations during the 1970s, to fighting inflation aggressively from the early 1980s onward. In this paper, I analyze the impact of the U.S. monetary policy regime switches on the Eurozone. I construct a New Keynesian two‐country model where foreign (U.S.) monetary policy switches regimes over time. I estimate the model for the U.S. and the Euro Area using quarterly data and find that the United States has switched between those two regimes, in line with existing evidence. I show that foreign regime switches affect home (Eurozone) inflation and output volatility and their responses to shocks, substantially, as long as the home central bank commits to a time‐invariant interest rate rule reacting to domestic conditions only. Optimal policy in the home country instead requires that the home central bank reacts strongly to domestic producer‐price inflation and to international variables, such as imported goods relative prices. In fact, I show that currency misalignments and relative prices play a crucial role in the transmission of foreign monetary policy regime switches internationally. Interestingly, I show that only marginal gains arise for the Euro Area when the European Central Bank (ECB) adjusts its policy according to the monetary regime in the United States. Thus, a simple time‐invariant monetary policy rule with a strong reaction to Producer Price Index (PPI) inflation and relative prices is enough to counteract the effects of monetary policy switches in the United States.     

International Transmission Channels of U.S. Quantitative Easing: Evidence from Canada

The U.S. Federal Reserve responded to the great recession by implementing quantitative easing, or large‐scale asset purchases, when its conventional policy rate reached the zero lower bound. We assess the international spillover effects of this quantitative easing program on the Canadian economy in a factor‐augmented vector autoregression (FAVAR) framework, by considering a counterfactual scenario in which the Federal Reserve's long‐term asset holdings do not rise in response to the recession. We find that U.S. quantitative easing boosted Canadian output, mainly through the financial channel.     

Export Sophistication: A Dynamic Panel Data Approach

In this article, we analyze export sophistication based on a large panel dataset (2001–2015; 101 countries) and using various estimation algorithms. Using Monte Carlo simulations, we evaluate the bias properties of estimators and show that GMM-type estimators outperform instrumental-variable and fixed-effects estimators. Based on our analysis we document that GDP per capita and the size of the economy exhibit significant and positive effects on export sophistication; weak institutional quality exhibits negative effect. We also show that export sophistication is path-dependent and stable even during a major economic crisis, which is especially important for emerging and developing economies.     

访华日本国际客源市场之细分研究

日本作为国际客源市场形成于其高速发展的经济成长期,在中国改革开放后,这一市场对中国国际客源市场的发展产生着极为重要的影响.然而,依其市场规模和显在的经济实力,实际访华的日本客源市场规模远未达到预期,这对中国在今后争取更大的日本客源市场乃至亚洲客源市场来说,是一个值得探讨的课题.本文想透过该问题的研究,全面分析访华日本国际客源市场的状况,并据此为中国在争取日本国际客源市场方面提供一个科学的参考依据.     

国际转让价格

国际转让价格的制定历来是跨国公司经营战略的一大难题。影响国际转让价格制定的因素有所得税差别、关税壁垒、竞争、通货膨胀、外汇管制、政治风险等。制定国际转让价格的方法分为以成本和以市价为基础两种,两种方法各有优劣。在实务中,跨国公司应联系自身的经营目标、组织结构、生产规模、定价策略以及各国经济、文化背景等因素加以选择。     

服务贸易国际竞争力:内涵与影响因素

随着各国服务业和服务经济的迅速发展,服务贸易在国际贸易中的地位不断上升,贸易规模不断扩大。它不仅成为影响各国经济发展的重要力量,而且还成为衡量一国国际竞争力的一项重要指标。从服务贸易竞争力的内涵着手,通过建立模型来分析影响一国服务贸易竞争力的各种因素,并在此基础上提出了一些对策和建议。     

电子商务环境下对我国外贸实务工作创新的思考

本文阐述了电子商务环境下我国外贸企业实务工作层面的三个特点、四方面创新及制约我国开展网上国际贸易的关键--电子交易安全性问题.这些都是当前我国开展网上国际贸易应予以重视并加强研究和解决的问题.     

信用修复国际比较研究

在社会信用体系中,信用修复机制是适用失信主体改正自新、为其重塑信用的新方式,是信用惩戒的有机组成.通过梳理信用修复的定义、原则、对象及作用,从信用修复立法、不良信息保存、异议及投诉处理机制、信用修复机构设立等方面比较分析美国、英国、韩国和中国的信用修复机制,同时分析英美在信用修复监管、美韩及中国在诚信教育、韩国及中国在...     

论国际贸易中的人权问题

国际贸易与人权的互动关系是近来备受关注的问题,发达国家和发展中国家在此问题上有各自的利益诉求。人权迟早会被纳入多边贸易体制的考虑范围之内,应对国际贸易中人权安排和发展进行研究,以制定或调整相关政策。