The Internet and Christianity in Asia: Cultural Trends,Structures and Transformations

The internet has not as yet transformed the majority of Asian nations into open, liberal and democratic societies. Although it has had a significant impact, particularly on business, advertising expenditures, gaming, ICQs and other such aspects of consumption and entertainment, and in some parts of Asia (particularly in well‐networked nations like Singapore, Japan, South Korea, Hong Kong, Malaysia, Taiwan and others), its development and impact have been uneven, predictably tending to follow the existing patterns of socio‐economic development. One area which has not received much scholarly attention is the internet and religion, which is significant in that structural characteristics and trends appear to be privileging the phenomenon of global Christianity, at the cost of the traditional religions such as Hinduism, Islam and Buddhism which have dominated Asian societies. The tendency for internet and evangelical Christian cultures to converge in a number of key Asian nations (and predictably, for both to be absent in other nations at the opposite end of the techno‐cultural spectrum) results in an alternative mapping and conceptualization of Asia in which communicatively and culturally ‘open’ societies are contrasted with ‘closed’ ones, a distinction which is the more pronounced because it is corroborated by several cultural parameters (the history of the nation's interaction with foreign powers in the age of European imperialism, economic development, communications policies and infrastructures, ethnicity, religious tolerance, and so on). This mapping re‐writes many received groupings and associations of Asian nations in terms of ethnicity, religion and political affiliations. Internet n’a pas encore changé la majorité des nations asiatiques en sociétés démocratiques, libérales et ouvertes. Il a eu une forte incidence, notamment au plan affaires, dépenses publicitaires, jeux, messageries instantanées (ICQ) et autres aspects liés à la consommation et aux loisirs, ainsi que dans certaines régions d’Asie (en particulier dans les nations dotées de réseaux: Singapour, Japon, Corée du Sud, Hong‐Kong, Malaisie, Taiwan, etc.). Pourtant, son développement a été irrégulier suivant, comme on pouvait s’y attendre, les schémas existants d’expansion socio‐économique. Les intellectuels se sont peu attachés à un domaine, à savoir internet et la religion, alors qu’il est significatif puisque tendances et caractéristiques culturelles semblent privilégier le Christianisme mondialisé, aux dépens des religions traditionnelles tels l’Hindouisme, l’Islam et le Bouddhisme qui ont dominé les sociétés asiatiques. La tendance à la convergence d’internet et des cultures chrétiennes évangéliques vers plusieurs nations asiatiques cruciales (et, de manière prévisible, à leur absence d’autres nations situées à l’autre extrémité du spectre techno‐culturel) produit une cartographie et une conceptualisation alternatives de l’asie où des sociétés ‘ouvertes’ au plan communications et culture sont mises en opposition avec des sociétés ‘fermées’, distinction particulièrement prononcée car elle correspond à plusieurs paramètres culturels (histoire nationale de l’interaction avec des puissances étrangères à l’époque de l’impérialisme européen, développement économique, politiques et infrastructures de communications, ethnicité, tolérance religieuse, entre autres). Cette cartographie récrit nombre des regroupements et associations établis de nations asiatiques en termes d’ethnicité, de religion et d’affiliations politiques.     

Income growth, inequality and poverty reduction: A case study of eight provinces in China

This paper examines the growth performance and income inequality in eight Chinese provinces during the period of 1989–2004 using the China Health and Nutrition Survey data. It shows that income grew for all segments of the population, and as a result, poverty incidence has fallen. However, income growth has been uneven, most rapidly in coastal areas, and among the educated. A decomposition analysis based on household income determination suggests that income growth can largely be attributed to the increase in returns to education and to the shift of employment into secondary and tertiary sectors.     

IS THE CHINESE RENMINBI UNDERVALUED?

This article seeks to investigate whether the renminbi (RMB) has become grossly undervalued by empirically estimating China's equilibrium real exchange rate for the period 1978–2002. A reduced form based on Edwards's (1989, 1994) developing-country model is estimated using the Engle-Granger two-step method. The results reveal that government expenditure, productivity, and the degree of trade restrictions in the economy affect the RMB. From these variables, the authors then derive the equilibrium rate and the degree of misalignments from it. The investigation shows that there is no evidence that the RMB is significantly undervalued in the last few years of the sample period. (JEL F31 , F33 , F42 )     

Is a Bond Rating Downgrade Bad News,Good News,or No News for Stockholders?

We examine the reaction of common stock returns to bond rating changes. While recent studies find a significant negative stock response to downgrades, we argue that this reaction should not be expected for all downgrades because: (1) some rating changes are anticipated by market participants and (2) downgrades because of an anticipated move to transfer wealth from bondholders to stockholders should be good news for stockholders. We find that downgrades associated with deteriorating financial prospects convey new negative information to the capital market, but that downgrades due to changes in firms' leverage do not.