Marxism has a strong influence on Western left-wing economists’understanding of financialisation,in that they regard financialisation as the consequence of the transformation of capitalism.Neoclassical economics and ...Marxism has a strong influence on Western left-wing economists’understanding of financialisation,in that they regard financialisation as the consequence of the transformation of capitalism.Neoclassical economics and finance scholars tend to think of financialisation(financial development)as not exclusively occurring within the economic system of capitalism but as existing throughout an entire human history filled with numerous financial innovations.The unprecedented change of the monetary system ascribed to the collapse of the Bretton Woods System,among all historical and systemic changes,is the strongest underlying impetus to financialisation.Financialisation is the unintended consequence of a change in the monetary system from commodity money to credit money.Taking a more in-depth point of view,financialisation is philosophically a means for human beings to cope with the advent of a risk society,reflecting the advance of instrumental rationality,and hence is the embodiment of late modernity.展开更多
This research empirically examines the impact of China’s renminbi(RMB)Bilateral Swap Agreements(BSAs)on the usage of the currency in cross-border trade transactions.By using a unique dataset from SWIFT including cros...This research empirically examines the impact of China’s renminbi(RMB)Bilateral Swap Agreements(BSAs)on the usage of the currency in cross-border trade transactions.By using a unique dataset from SWIFT including cross-border settlement messages of 91 countries/regions between October 2010 and November 2015,we confirm that the signing of an RMB BSA helps increase the number,value and proportion of the RMB settlement in cross-border trade.Our results are robust with respect to the choice of different models,including multi-level mixed model,two-stage regression model,and difference-in-difference model.In addition to justifying the effectiveness of China’s BSA-signing strategy to promote the RMB usage in trade settlement,our results clarify that the signing of those RMB BSAs is not purely for China’s political ends as some scholars claim.展开更多
This paper attempts to explore the direct effects and spill-overs of COVID-19 on stock markets.Using conventional t-tests and nonparametric Mann–Whitney tests,we empirically analyse daily return data from stock marke...This paper attempts to explore the direct effects and spill-overs of COVID-19 on stock markets.Using conventional t-tests and nonparametric Mann–Whitney tests,we empirically analyse daily return data from stock markets in the People’s Republic of China,Italy,South Korea,France,Spain,Germany,Japan and the United States of America.Our empirical results show that(i)COVID-19 has a negative but short-term impact on stock markets of affected countries and that(ii)the impact of COVID-19 on stock markets has bidirectional spill-over effects between Asian countries and European and American countries.However,there is no evidence that COVID-19 negatively affects these countries’stock markets more than it does the global average.The findings contribute to the research on economic impact of the pandemic by providing empirical evidence that COVID-19 has spill-over effects on stock markets of other countries.The results also provide a basis for assessing trends in international stock markets when the situation is alleviated worldwide.展开更多
On 23 June 2016,the citizens of the United Kingdom(UK)took part in one of the most iconic votes in modern economic history as they voted in favour of the UK leaving the European Union(EU).This has resulted in great un...On 23 June 2016,the citizens of the United Kingdom(UK)took part in one of the most iconic votes in modern economic history as they voted in favour of the UK leaving the European Union(EU).This has resulted in great uncertainty around the future of the economy of the UK as well as the world economy.There were obvious and immediate effects around the time of the vote,such as the decrease in business and consumer confidence,depreciation in the value of the pound which will ultimately lead to inflation,and there are also many effects which we will only see come to fruition as the Brexit(Britain exiting from the EU)scenario plays out over the coming two-to three-year horizon.This allows us to conduct a scenario analysis of the various methods that the UK may utilise to withdraw from the EU and the effects that these methods will have on the economy of the UK and these effects will come through many channels.Our analysis shows how the Bank of England can use monetary policy to limit the effects of Brexit through trying to achieve its 2%inflation target.展开更多
‘Financialisation’is not a novel concept,but it has seldom been used in mainstream economic research.It is assuring to see an increase in the discussion of financialisation since the 2008 global financial crisis.Ove...‘Financialisation’is not a novel concept,but it has seldom been used in mainstream economic research.It is assuring to see an increase in the discussion of financialisation since the 2008 global financial crisis.Over the last four decades,the financial sector has dramatically swelled,financial activities have become much more frequent,and financial development has been increasingly disjointed to the real economy.展开更多
基金the Fundamental Research Funds for the Central Universities and the Research Funds of Renmin University of China(15XNF001).
文摘Marxism has a strong influence on Western left-wing economists’understanding of financialisation,in that they regard financialisation as the consequence of the transformation of capitalism.Neoclassical economics and finance scholars tend to think of financialisation(financial development)as not exclusively occurring within the economic system of capitalism but as existing throughout an entire human history filled with numerous financial innovations.The unprecedented change of the monetary system ascribed to the collapse of the Bretton Woods System,among all historical and systemic changes,is the strongest underlying impetus to financialisation.Financialisation is the unintended consequence of a change in the monetary system from commodity money to credit money.Taking a more in-depth point of view,financialisation is philosophically a means for human beings to cope with the advent of a risk society,reflecting the advance of instrumental rationality,and hence is the embodiment of late modernity.
文摘This research empirically examines the impact of China’s renminbi(RMB)Bilateral Swap Agreements(BSAs)on the usage of the currency in cross-border trade transactions.By using a unique dataset from SWIFT including cross-border settlement messages of 91 countries/regions between October 2010 and November 2015,we confirm that the signing of an RMB BSA helps increase the number,value and proportion of the RMB settlement in cross-border trade.Our results are robust with respect to the choice of different models,including multi-level mixed model,two-stage regression model,and difference-in-difference model.In addition to justifying the effectiveness of China’s BSA-signing strategy to promote the RMB usage in trade settlement,our results clarify that the signing of those RMB BSAs is not purely for China’s political ends as some scholars claim.
基金supported by Asia Research Centre,Renmin University of China[20YYA01].All remaining errors are ours.
文摘This paper attempts to explore the direct effects and spill-overs of COVID-19 on stock markets.Using conventional t-tests and nonparametric Mann–Whitney tests,we empirically analyse daily return data from stock markets in the People’s Republic of China,Italy,South Korea,France,Spain,Germany,Japan and the United States of America.Our empirical results show that(i)COVID-19 has a negative but short-term impact on stock markets of affected countries and that(ii)the impact of COVID-19 on stock markets has bidirectional spill-over effects between Asian countries and European and American countries.However,there is no evidence that COVID-19 negatively affects these countries’stock markets more than it does the global average.The findings contribute to the research on economic impact of the pandemic by providing empirical evidence that COVID-19 has spill-over effects on stock markets of other countries.The results also provide a basis for assessing trends in international stock markets when the situation is alleviated worldwide.
基金supported by the Fundamental Research Funds for the Central Universities(China)[Grant number 15XNI001].
文摘On 23 June 2016,the citizens of the United Kingdom(UK)took part in one of the most iconic votes in modern economic history as they voted in favour of the UK leaving the European Union(EU).This has resulted in great uncertainty around the future of the economy of the UK as well as the world economy.There were obvious and immediate effects around the time of the vote,such as the decrease in business and consumer confidence,depreciation in the value of the pound which will ultimately lead to inflation,and there are also many effects which we will only see come to fruition as the Brexit(Britain exiting from the EU)scenario plays out over the coming two-to three-year horizon.This allows us to conduct a scenario analysis of the various methods that the UK may utilise to withdraw from the EU and the effects that these methods will have on the economy of the UK and these effects will come through many channels.Our analysis shows how the Bank of England can use monetary policy to limit the effects of Brexit through trying to achieve its 2%inflation target.
文摘‘Financialisation’is not a novel concept,but it has seldom been used in mainstream economic research.It is assuring to see an increase in the discussion of financialisation since the 2008 global financial crisis.Over the last four decades,the financial sector has dramatically swelled,financial activities have become much more frequent,and financial development has been increasingly disjointed to the real economy.
