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This paper studies the real effects of foreign real estate capital inflows. Using transaction-level data, we document (i) a "China shock" in the U.S. housing market characterized by surging foreign Chinese housing purchases after 2008, and (ii) "home bias" in these purchases, as they concentrate in neighborhoods historically populated by ethnic Chinese. Exploiting their temporal and spatial variation, we find that these capital inflows raise local employment, with the effect transmitted through a housing net worth channel. However, they displace local lower-income residents. Our results show that real estate capital inflows can both stimulate the real economy and induce gentrification. [ABSTRACT FROM AUTHOR]

Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Resource-based cities (RBCs) face persistent challenges from the "resource curse," making industrial transition imperative for sustainable development. While the necessity of this transition is clear, the optimal pathways for implementation remain debated. This study investigates how external factor flows drive national value chain (NVC) upgrading in RBCs across different development stages. This study uses a city-level multiregional input-output table and a dynamic panel model to analyse how technology, capital, and labor flows affect the NVC positions of resource- and nonresource-based sectors across 80 Chinese RBCs. Our findings reveal that external technology and capital inflows enhance overall NVC positions, with capital specifically boosting resource-based sectors and both factors elevating nonresource-based sectors. The effectiveness of these factors varies significantly across urban development periods: during the growth period, capital and skilled labor drive respective upgrades in resource- and nonresource-based sectors. During the maturity period, technology inhibits the upgrading, with capital only restraining the upgrading of nonresource-based sectors and skilled labor upgrading nonresource-based sectors. During the depletion period, only capital drives the upgrading of resource-based sectors. In the regeneration period, technology drives the upgrading of both resource- and nonresource-based sectors, whereas capital and skilled labor drive the upgrading of nonresource- and resource-based sectors, respectively. These findings offer strategic guidance for RBC policymakers to align external engagement strategies with specific development stages, advancing sustainable development goals. [ABSTRACT FROM AUTHOR]

One of the most notable developments in the asset management industry in recent decades has been the growth of algorithmic trading. At the same time, significant structural changes in the industry have occurred, with passive investing gaining momentum. The intersection of these two major trends poses special challenges during market downturns, magnifying portfolio losses and leading to significant outflows. Emerging market (EM) investors have seen two major downturn events in the 2020s, namely the COVID-19 pandemic and the Russia-Ukraine conflict, both of which have strongly affected EM portfolios' risk-return profiles and increased their correlations with their developed market counterparts, eliminating much or all of EMs' diversification benefits. This has led to major capital outflows from EM countries, further destabilizing these fragile economies. Against this backdrop, we argue that capital need not exit these riskier markets during periods of turmoil and support this by developing a second-generation Automated Adaptive Trading System (AATS) back-tested on a relevant, diversified EM portfolio that tracks the Morgan Stanley Capital International (MSCI) Emerging Markets Index during a volatile period characterized by negative returns, high risk, and a high correlation with global markets for the buy-and-hold EM portfolio. The system incorporates an Autoregressive Moving Average-Generalized AutoRegressive Conditional Heteroskedasticity model that offers an interpretability advantage over machine-learning methods. The main strength of the AATS is its ability to allow the embedded hybrid forecasting model to adapt to the changing environments that characterize EMs. This is done by implementing a recursive window technique and running a user-specified fitness function to dynamically optimize the mean equation parameters throughout the lead time. Back-testing several configurations of the flexible AATS consistently reveals its superiority while assuring the robustness of the results. We conclude that with the right investment tools, EMs continue to offer compelling opportunities that should not be overlooked. The novel AATS proposed in this study is such a tool, providing active EM investors with substantial value-added through its ability to generate abnormal returns, and can help to enhance the resilience of EMs by mitigating the cost of crises for those countries. [ABSTRACT FROM AUTHOR]

This article discusses the politics of capital mobility in dollarized Latin American economies. Building upon the Polanyian notion of double movement and the international financial subordination research program, I contend that the ideology of the governing party and the strength of popular mobilization still contribute to policy variegation in capital flow management even at the bottom of the global currency hierarchy. The case studies on Ecuador and El Salvador since the late 2000s provide support for this argument. In both countries, administrations led by post-neoliberal left-wing parties tightened capital flow management, while their right-wing successors gave a new impulse to capital mobility. However, these regulatory cycles varied according to the strength of popular pressures. In Ecuador, where social movements had a strong mobilizational capacity, post-neoliberal governments deployed encompassing capital controls, while their right-wing successor had to follow a gradualist approach in their liberalizing agenda. In El Salvador, on the other hand, given the relative weakness of the bottom-up pressure, post-neoliberal administrations pursued a targeted macroprudential approach, while the right-wing successor faced little resistance to implementing a radical neoliberal agenda that included even the adoption of bitcoin as legal tender alongside the United States dollar. [ABSTRACT FROM AUTHOR]

How has financial globalization changed the nature of external vulnerability of emerging economies? To answer this question, we first present an overview of the changes in international capital flows and cross-border stocks involving emerging economies from the 1970s to the COVID-19 crisis and then identify relevant recent shifts in financial globalization. We adapt the concept of currency hierarchy to the most recent features of financial globalization. We deploy a stylized balance sheet analysis to better understand the metamorphosis of these economies' vulnerabilities. We find the occurrence of the phenomenon of 'original sin' during financial internationalization. In contrast, in more recent times of financial globalization, the diversification of financial flows and investors and the increase of securities denominated in domestic currency have created additional channels of vulnerability, labeled as 'original sin redux'. We find that the private sector in Southern economies is mostly exposed to these new vulnerabilities. At first sight, it is good news because it preserves the fiscal space of Southern States in the case of capital outflows. However, it might create new contingent liabilities for the public sector. We call for capital account regulation in a broad sense to target these new complex vulnerabilities. [ABSTRACT FROM AUTHOR]

This article examines the history of Hong Kong's shopping malls by exploring the complex relationship between colonialism, capitalism, and localism, which shape the temporary nature of these malls. We trace the origins of modern retail spaces to the colonial practice of transporting plants using Wardian cases, revealing how colonial influences are embedded in mall design. By analyzing the use of glass, we demonstrate how it facilitates the flow of desire and capital. Using a music fountain in a Sha Tin mall as a case study, we highlight the tension between malls as nonplaces and the local community's desire for meaningful experiences, resulting in malls becoming spaces for political protests in recent years in Hong Kong. [ABSTRACT FROM AUTHOR]

In recent years, audiences in the United States and around the globe have witnessed an explosion of television and streaming content focused on hip hop. Such content contemplates, historicizes, promotes, and represents the art form, artists, industry, and regional genres that have together emerged as a central feature of contemporary popular culture. This article explores the spatial and thematic links to the theoretical Global South in Atlanta and Sintonia. Analyzing the series' respective portrayals of race and inequality from the margins, I examine how hip-hop/ funk and the Global South function as narrative tools and symbolic spaces through which notions of a shared precarity stemming from global flows of capital are constructed, consumed, and challenged. By considering the series' connections to the Global South, this article contributes to a growing body of work that aims to move beyond research that centers the west and the nation-state. [ABSTRACT FROM AUTHOR]

This article considers how the relational, post-anthropocentric and monist ontology of the new materialisms can inform a theory of the contemporary capitalist state, and how this perspective offers a distinctive resolution of some of the negative consequences of a capitalist mode of production. It summarises Deleuze and Guattari's analysis of capitalism as an international/ecumenical social formation, founded upon a 'capitalist axiomatic': namely, the free flows of capital and labour required for the everyday workings of the capitalist market. The state is a material realisation of this capitalist axiomatic. The article then undertakes a more-than-human analysis of capitalist production and markets, supply and demand, in terms of affects and assemblages. The article invokes the metaphor of a 'black hole' to suggest that capitalism is not merely exploitative of workers, but a formation from which neither worker nor entrepreneur can escape once a participant. Furthermore, it is these more-than-human affects that produce undesirable consequences including uncertainty, waste and social inequalities. This second analysis further refines a monist understanding of the capitalist state and suggests immediate measures to counter the unintended consequences of a market economy. [ABSTRACT FROM AUTHOR]

This study expands the original two-dimensional carbon footprint model into a three-dimensional model form. Introduce two indicators of carbon footprint depth (CFdepth) and size (CFsize) to form a three-dimensional carbon footprint model (CF3D), which is used to respectively represent the occupation and consumption of natural capital reserves by human activities' carbon emissions. Based on the 3D carbon footprint model, this paper calculated the CFsize, CFdepth, and CF3D for four different urban agglomerations of China (BTH, YRD, PRD, and CY) spanning from 2000 to 2017. Building on this, the study analyzed the spatial–temporal and dynamic characteristics of the multivariate collaboration between CFsize, CFdepth, and GDP using a multivariate collaborative relationship model. The research findings reveal that (1) from 2000 to 2017, the utilization of natural capital stock in the Beijing-Tianjin-Hebei (BTH), Yangtze River Delta (YRD), Pearl River Delta (PRD), and Chengyu (CY) urban agglomerations were in an unsustainable development state, with their CFdepth exceeding 1. Among these regions, the degree of natural capital consumption was PRD > BTH > YRD > CY. (2) There manifests an obvious regional complementary characteristic of CFsize and CFdepth. Regions coupled with abundant land resources (such as Chengde and Hangzhou) tend to have high CFsize and low CFdepth, whereas area with fewer land resources (such as Tianjin and Shanghai) exhibits the opposite pattern. (3) In four urban agglomerations, the relationship of temporal multivariate collaboration among CFsize, CFdepth, and GDP exhibits a declining trend from 2000 to 2017, with an average value ranging from 0.4 to 0.6. The change in their multivariate spatial collaboration was not pronounced throughout the course of the study. [ABSTRACT FROM AUTHOR]

Using rich firm-level data of around 12,000 firms over 2004–2016, this study attempts to identify the factors responsible for the slowdown in gross investment and productivity in Indian manufacturing post-Global Financial Crisis. Our analysis reveals that the decline in investment is more pronounced for firms with higher productivity. Furthermore, we find evidence indicating a slowdown in the flow of capital and labor from less productive to more productive firms post-Global Financial Crisis. This indicates that a part of the fall in investment can be attributed to a decline in allocative efficiency, which is likely to have an impact on both aggregate productivity and income. Moreover, we probe into the causes behind the slowdown in the relationship between firm productivity, investment, capital and labor growth. We find that credit misallocation, financial constraints, age, and firm size played key roles in the investment slowdown. Finally, we present a counterfactual scenario by analyzing the extent of extra output and aggregate productivity that could be generated in the absence of misallocation. [ABSTRACT FROM AUTHOR]

Purpose: This study conducts a systematic literature review and bibliometric analysis to explore the overarching trends, growth trajectories, key themes, significant contributors and scope of research concerning the interplay between foreign capital inflows, institutional quality and the dynamics of financial development. Design/methodology/approach: Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines have been followed to identify the articles. A thorough literature review was then conducted, supplemented by a bibliometric analysis using the Biblioshiny software within the RStudio platform. Findings: Empirical research consistently demonstrates a strong correlation between foreign capital inflows, institutional quality and financial development. The bibliometric analysis indicates a 5.56% annual growth rate in this area, alongside a steady increase in scientific output. Regarding country-specific scientific production, China, Malaysia and the United States rank among the world's top 10 most prolific nations. Thematic map analysis further reveals that the keywords "institutional quality," "financial development" and "foreign direct investment" are categorized as "basic themes," highlighting their significant potential for future research. Research limitations/implications: The analysis relies on Biblioshiny software; future studies could incorporate other methods such as cluster analysis, citation and co-citation analysis using VOSviewer. Additionally, a more comprehensive meta-analysis covering a longer time span can be considered for future research. Practical implications: This study shall assist researchers in identifying recent advancements in the components of foreign capital and their direct and indirect effects on financial development through the lens of institutional quality. It provides valuable insights for scholars, aiding in recognizing emerging trends and patterns in the field. Additionally, it highlights key contributors, including leading authors, journals and countries, thereby fostering global academic collaboration. Social implications: This research offers policymakers a clear framework for formulating policies to effectively leverage foreign capital inflows for financial development. It also emphasizes the importance of a strong institutional environment in the relationship between foreign capital inflow and financial market development. Originality/value: The study uncovers key gaps in the multidimensional aspects of financial development and the heterogeneity of foreign direct investment (FDI), thereby deepening scholars' understanding of trends, growth rates and potential future directions in the field. [ABSTRACT FROM AUTHOR]

AbstractThis article reconstructs the theory of ecological development that underlies the mature intellectual production of Friedrich Engels. It does so by means of a dialogue between recent scholarly interpretations of his thought, on the one hand, and a contextualized discussion of its reception in Latin America, on the other. Published in the aftermath of the Cuban Revolution, the mature work of Engels enabled Latin American Marxism to challenge mainstream theories of development that framed this concept in terms of mere growth or modernization, and to provide a multilinear understanding of historical and technological change in modern societies. For Engels, the (eco)socialist development of the forces of production would require the construction of a mass movement against capital. Accordingly, the article also unearths his writings on political strategy, and discusses the ways in which they informed anti-dictatorial struggles in Latin America. By bringing together the economic and the political underpinnings of an Engelsian theory of development, the article rethinks ecological socialism beyond Western Marxism – especially after its shift towards degrowth – and points at its implications for building an environmental politics of the working class. [ABSTRACT FROM AUTHOR]

AbstractThis paper situates China’s transregional infrastructural engagement in the re/construction of the Rikoti Highway in the South Caucasus, a globally conceived, China-built and Georgia-led mega-infrastructure connectivity project. Engaging Rikoti as an emergent sociotechnical assemblage enables us to reveal the connecting infrastructural capacities from China to Europe in their written, spoken, performed and lived forms. By diluting the ‘Chineseness’ of the Belt and Road Initiative, we lay bare the global entanglements between Chinese and multilateral infrastructure schemes, material constructs, narrative and capital flows that come together along Rikoti. We thereby showcase the co-constructed and relational configurations of transregional infrastructural interventions wherein China’s shapeshifting involvement is but one modality of the global development paradigm that favours large-scale legacy projects. Our multiscalar study unearths the malleable, versatile and even elusive nature of ‘hard’ mega-infrastructures that are nevertheless neither void of geopolitical and geoeconomic ambitions nor decoupled from broader societal developments. While no one is against a better, safer Rikoti, its exclusionary enactment represents creeping authoritarianism in material form. Our insights move beyond the state of the art by rescaling agency and accountability in the rhetorical and practical making of mega-infrastructural interventions, even when they are (purposefully) rendered unlocatable. [ABSTRACT FROM AUTHOR]

The main point of this article is to debunk the idea that the global monetary and financial system simply intermediates savings across countries. A corollary of this idea is that US hegemony derives from the recycling of the savings of countries with surplus current accounts to those with deficit current accounts. This article argues that the international monetary system creates dollar-denominated assets and liabilities regardless of the current account positions of the countries in which borrowers reside. Furthermore, it is argued that the hegemony of the United States does not depend on the recycling of foreign surpluses. It enjoys a privileged position as a result of the differential in the return of its foreign investments compared to those of other countries, particularly emerging and developing countries. However, this yield differential does not depend only on liquidity, as the proponents of the money view argue, but also on the economic policies that emerging and developing countries put in place. This article argues that the international monetary system is rapidly changing. A sign of this change is the different composition of external financial assets in China’s balance of payments, with a greater share of loans to developing countries than foreign reserves. [ABSTRACT FROM AUTHOR]

Disclosure and reporting are cornerstones of the European Union's sustainable finance agenda with the goals of reorienting capital flows towards climate and other sustainable investments and minimizing greenwashing. A key component of the regulatory framework is the Sustainable Finance Disclosure Regulation (SFDR), which requires fund managers to calculate and disclose a 'sustainable investment' (SI) percentage, aggregating exposure to activities contributing to climate mitigation and adaptation and the other environmental and social sustainability objectives of the European Union. In turn, financial advisors must use SI percentages when advising customers under the Markets in Financial Instruments Directive II. Defining 'sustainable investments' in a robust and consistent way is crucial to the effectiveness of SFDR. Based on a review of the regulatory texts and financial sector participant observations this policy analysis article explores the overlapping guidelines framing how market participants are allowed to define sustainable investments, and the implications for achieving the goals of the sustainable finance agenda. The analysis suggests that the 'unintentionally hybrid' SFDR regime may perversely incentivize fund managers to forgo the use of the highly detailed EU Taxonomy rules-based approach that precisely defines climate-related 'substantial contributions' and apply the vague principles-based approach found in SFDR Article 2.17. This would allow each financial actor to define and determine independently what constitutes a sustainable investment, circumventing the robust, if imperfect, climate-related rules of the EU Taxonomy. The SFDR regime therefore risks undermining the European Commission's stated goals of increasing capital allocation to sustainable activities and eliminating greenwashing. Key policy insights: A sustainability disclosure regime allowing the choice between robust rules and vague principles risks creating opportunities for greenwashing and reduced comparability. Fund managers are likely to select definitions that are least difficult to apply and maximize Sustainable Investment percentages. The current EU regime risks tacitly sanctioning the use of weak metrics, in turn slowing the reorientation of capital towards climate-related and other sustainable investments. The EU must at a minimum provide binding guidance on interpreting Article 2.17, require equal prominence for both SI percentages and EU Taxonomy-alignment scores, as well as address the usability issues of the existing Taxonomy. [ABSTRACT FROM AUTHOR]

We study how large and small discursive neoliberal moves create contemporary urban space. We explore neoliberalism's coordinates, how it gets vocalized, and its variously scaled economic realities. The setting is Brooklyn's changing status in 2003 from "outer borough" and marginal to Manhattan to a new economic and cultural center of its own. Focusing on private developer, Forest City Ratner's (FCRC) 2003 Atlantic Yards redevelopment with its large-scale movement of capital and corporate land seizure, we situate our family's 2003 move to Brooklyn's Flatbush neighborhood to examine the circulating discourses of gentrification and redevelopment. [ii] The area proposed to be developed as Atlantic Yards has been renamed Pacific Park. • Reveals how both large and small discursive and neoliberal moves create contemporary gentrified space. • D/discourses place responsibility on individuals, ignoring state and private actors. • Auto-ethnographic shows how these larger forces shape decisions people make at the personal level. [ABSTRACT FROM AUTHOR]

Copyright of Contaduría y Administración is the property of Facultad de Contaduria y Administracion-Universidad Nacional Autonoma de Mexico and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study used quarterly data for the period of 2014Q1-2021Q2 to investigate the macro-econometric implications of capital flows to Nigeria in the face of security challenges. The ARDL bounds test technique identified the long-run relationships between macroeconomic dynamics, insecurity, and total capital inflows to Nigeria, while the error correction mechanism (ECM) identified the short-run relationships. The Toda-Yamamoto test was used to determine whether the model variables were causally related or not. The findings pointed to a short-term negative relationship between insecurity, exchange rates, lending rates, and inflows of capital, while a positive relationship was found between industrial production capacity, the consumer price index, and the total inflows of capital to Nigeria, with insecurity, exchange rates, the consumer price index, and lending rates being the most significant variables. In the long run, insecurity, lending rate, and consumer price index had no significant impact on inward capital inflows, while exchange rate and industrial production capacity exerted significant impacts on capital inflows. The lending rate had a negative impact on overall inflows of capital, whereas the exchange rate, industrial production capacity, and consumer price index had positive impacts. The exchange rate and industrial production capacity were the most important variables that affected capital inflows. Based on the ECM, it was realized that aggregate inward capital flows were stabilized by a factor of roughly 47.2% per quarter in order to reach long-run equilibrium. The Toda-Yamamoto causality tests indicated that the interactions between macroeconomic variables and insecurity strongly influenced capital flows to Nigeria. The overall findings suggested that promoting macroeconomic stability and combating insecurity could improve the investment climate, encouraging foreign capital flows into Nigeria. [ABSTRACT FROM AUTHOR]

We provide a model connecting the global saving glut to productivity growth. The key feature is that the tradable sector is the engine of growth of the economy. Capital flows from developing countries to the United States boost demand for US nontradable goods, inducing a reallocation of US economic activity from the tradable sector to the nontradable one. In turn, lower profits in the tradable sector lead firms to cut back investment in innovation. Since innovation in the United States determines the evolution of the world technological frontier, the result is a drop in global productivity growth. (JEL E21, E22, E23, E44, F32, F43, O31) [ABSTRACT FROM AUTHOR]

Copyright of AIN Journal is the property of Arab Institute of Navigation and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Economic literature shows evidence that a competitive real exchange rate (RER), i.e. slightly undervalued, is key for development in developing countries. This paper discusses the connections between inflation targeting (IT) regimes and RER trends in economies highly open to capital flows. Following Rodrik's (2008. The real exchange rate and economic growth, Brookings Papers on Economic Activity, Washington , 2008, vol. 39, no. 2 (Fall), 365–439), the RER trend is estimated for a sample of 31 out of the 38 developed and developing countries that, by the final year of the period covered in this study (2019), had already adopted IT. Covering the period 2000–2019, we showed that all developed and Latin American developing countries had an RER overvaluation trend, while the European, Asian and African (South Africa) developing countries registered an undervaluation trend in the same period. Through a dynamic panel data model, we tested and validated the following hypotheses, which, to the best of our knowledge, are a seminal contribution. We found in Latin American developing countries, whose ITs are centred on the main objective of pursuing price stability, the RER overvaluation trend (a by-product of this monetary policy regime) is driven by higher interest rate differentials to the USA and is harmful to their economic growth. In developed countries, this trend is not explained by their IT framework but by their high per capita income level, which reflects their high average labour productivity and development pattern. Yet, the trend of RER undervaluation in Asian and European developing countries and South Africa reflects their governments' ability to combine a more flexible IT regime with a floating but managed exchange rate system aimed at preserving a competitive and stable RER in the long term. [ABSTRACT FROM AUTHOR]

Purpose: This study assesses the relevance of foreign aid to the incidence of capital flight and unemployment in 20 countries in sub-Saharan Africa. Design/methodology/approach: The study is for the period 1996–2018, and the empirical evidence is based on interactive quantile regressions in order to assess the nexuses throughout the conditional distribution of the unemployment outcome variable. Findings: From the findings, capital flight has a positive unconditional incidence on unemployment, while foreign aid dampens the underlying positive unconditional nexus. Moreover, in order for the positive incidence of capital flight to be completely dampened, foreign aid thresholds of 2.230 and 3.964 (% of GDP) are needed at the 10th and 25th quantiles, respectively, of the conditional distribution of unemployment. It follows that the relevance of foreign aid in crowding out the unfavourable incidence of capital flight on unemployment is significantly apparent only in the lowest quantiles or countries with below-median levels of unemployment. The policy implications are discussed. Originality/value: The study complements the extant literature by assessing the importance of development assistance in how capital flight affects unemployment in sub-Saharan Africa. [ABSTRACT FROM AUTHOR]

While the basic exchange rate regime has stayed the same since the liberalising reforms of the 90s, its implementation has varied over the years. The article assesses the evolution of India's nominal exchange rate regime and its suitability under inflation targeting. It also examines the evolving impact on trade, inflation, currency and financial markets, country risk premium and the cost of borrowing. The analysis suggests a flexible exchange rate with intervention to prevent excess volatility as well as misalignment from competitive real exchange rates, while allowing some volatility to aid price discovery in foreign exchange markets, would work best in inflation targeting emerging markets. JEL Codes: F41, F31, E52 [ABSTRACT FROM AUTHOR]

This paper develops a small open economy model with a brown and green industry. Brown firms generate an environmental externality that reduces the utility of domestic households. Firms in both sectors rely on domestic and foreign capital to finance their production. Foreign exchange markets are assumed to be shallow and firms pay a higher return to borrow capital with respect to the exogenous foreign interest rate. This inefficiency contributes to a further decline in welfare. In this framework, the first-best allocation is attained through a tax on the output produced by the polluting sector combined with differentiated capital controls, with a higher tax rate applied to foreign capital inflows in the brown sector and a lower tax rate applied to foreign inflows in green firms. Looking at single policy tools, such differentiated capital controls are preferable to a tax on brown production for moderate values of the environmental externality. [ABSTRACT FROM AUTHOR]

This study examines whether the effect of collective turnover can be contingent upon working-time reducing human resource (HR) practices and human capital flow and composition (i.e. the hiring ratio of newcomers and the ratio of contingent workers) in the context of the 52-hour rule in South Korea (hereafter Korea). As the Korean government shifts from a 68-hour workweek to a 52-hour workweek system, firms are implementing various working-time reducing HR practices, potentially affecting collective turnover and human capital. Analysing 273 Korean firms, we find that higher collective turnover relates to lower firm performance, especially with increased working-time HR practices. However, employing more contingent workers mitigates this negative impact. Our study contributes to the literature on collective turnover and strategic human resource management by suggesting that working time-reducing HR practices should be carefully utilized in the context of the 52-hour rule in Korea. [ABSTRACT FROM AUTHOR]

This paper investigates whether stricter water pollution regulation induces capital flight toward relatively less-regulated regions in China. Exploiting a unique firm dataset, we construct an interregional investment network at the city pair level and examine the impact of a typical water pollution regulation as a natural experiment on interregional investment. We find that water pollution regulation does not significantly affect interregional investment flows. However, when considering geographical distance, there is substantial economic significance observed for close-range capital flight. These results suggest that the investment transfer of polluting industries is more likely to occur in local areas due to relatively small frictions in capital flow between geographically adjacent regions. Additionally, our findings indicate that strict water pollution regulation has a greater impact on private firms and foreign firms. Our study sheds light on a critical but always overlooked role of capital flow friction in pollution havens hypothesis and provides new evidence on the domestic pollution havens with geographical restrictions. [ABSTRACT FROM AUTHOR]

We use the two‐way fixed‐effect panel logit model to examine the impact of U.S. economic uncertainty shocks on the probability of extreme capital flow episodes based on quarterly data from 71 emerging and developing economies from 1998Q1 to 2022Q4. According to the findings, U.S. economic uncertainty shocks has a negative effect on the probability of gross capital surges, gross capital flight, and net capital surges, and has a positive effect on the probability of gross capital sudden stops, gross capital retrenchment, and net capital sudden stops. Moreover, we find differences in the factors affecting net and gross capital flows, which are usually more closely related to earnings factors dominated by real economic growth rates. Additionally, the sample's heterogeneity is analysed in accordance with the exchange rate regimes. Our results differ from traditional views, as floating exchange rates do not act as a buffer against extreme capital flows. Finally, capital flows are classified into direct investment, other investment, and portfolio investment, and it is found that U.S. economic uncertainty shocks have a significant impact on the extreme flow episodes of other and portfolio investment. [ABSTRACT FROM AUTHOR]

The term 'smart' has become key in cities' development policies. The need to adapt to an increasingly global and dynamic context is fundamental to cities' survival and development trajectories. Nonetheless, how this goal should be met and how the 'smart' dimension in cities impacts the social, economic and urban levels are still subject to debate. In the present paper, we focus on the relationship between the 'smart living' dimension, which includes integrative, inclusive and social practices, and the promotion of a local entrepreneurial environment by considering the moderating role of intra- and international human capital inflow. Using a GLS method and a panel dataset that includes 30 cities, we demonstrate that the relationship tends to be an inverted U-shaped curve, contributing to the discussion on the impact of smart cities' social policies on entrepreneurship in urban contexts. Furthermore, we highlight that human capital inflow positively moderates this relationship, showing that intra- and international human capital flows contribute differently in this regard, producing divergent effects. We conclude with implications for academics and policymakers, and practical and theoretical suggestions. [ABSTRACT FROM AUTHOR]

We consider a (non) zero-sum differential game between two insurers and determine a robust reinsurance contract from joint interests of the insurers and the reinsurer under the framework of Stackelberg differential game, that is, a hybrid stochastic differential game framework is introduced in this article. We assume that each party can invest in a financial market consisting of a risk-free asset and a risky asset whose price evolution follows a stochastic volatility model, and the reinsurer charges the premium according to both the expected value premium principle and the variance premium principle. Since the performance-related capital inflow or outflow feature is introduced, the insurers and reinsurer all aim to maximize their own time-inconsistent mean-variance criterion with delay. Using the dynamic programming approach, we derive the equilibrium investment strategy, the robust equilibrium reinsurance contract, and the corresponding equilibrium value functions under two premium principles with certain conditions, respectively. Some interesting properties of the equilibrium investment strategy are proved explicitly, and several numerical examples and sensitivity analysis are presented to demonstrate the effects of model parameters on the equilibrium reinsurance contract. [ABSTRACT FROM AUTHOR]

The article analyzes the procedure for conducting currency transactions, including the cross-border movement of currency values, as this is subject to currency regulation. It highlights the key principles of currency regulation enshrined in the Law of Ukraine No. 2473-VIII. The following principles are considered: freedom of currency transactions, risk orientation, transparency and efficiency. Particular attention is paid to the role of the customs border as an important component of the financial security of the state, which ensures control over the movement of currency values. The author analyzes Ukrainian legislation, in particular the Customs Code, which defines currency values as national and foreign currencies, payment documents, securities and precious metals. The article outlines two approaches to their definition - dualistic and exclusively unconditional, and emphasizes that the Ukrainian legislator uses the first approach. An important place is given to the issue of declaring currency values, the rules of which are regulated by the National Bank of Ukraine: for amounts up to EUR 10,000, no declaration is required, while exceeding this limit obliges citizens to confirm the legality of the origin of funds. The authors examine the movement of currency values in the context of martial law: they highlight changes in the functioning of the banking system and customs authorities aimed at strengthening control and ensuring stability. The article also examines how the NBU's regulations restrict crossborder currency transactions, allowing them only for critical imports. According to the authors, such measures are necessary to prevent illegal capital outflows and maintain economic security. The authors emphasize the existence of administrative and criminal liability for violations of currency legislation, such as failure to declare or illegal currency transactions. They note that the established sanctions are aimed at preventing financial crimes and enhancing the transparency of international transactions. In conclusion, it is emphasized that effective currency regulation, adapted to the challenges of martial law, is an important tool for financial stability and economic securi ty of the state. [ABSTRACT FROM AUTHOR]

This article examines the financing tools for environmental projects that ensure an effective flow and transfer of capital between global investors. All this is aimed at expanding the use of "green" technologies, strengthening "green" culture and environmental sustainability, as well as solving the problem of climate change during the global energy transition. The study noted that improving the energy efficiency of countries and economies will be crucial in order to meet climate ambitions, ensure growth and improve well-being, especially to achieve the goal in terms of carbon emissions in the long term. Energy efficiency in the financial industry is considered an attractive investment, as it generates new dynamics to accelerate and expand private financing of investments and make these investments more effective for investors. The publication lists various instruments for financing environmental projects. The distribution of funds distributed among various programs within the framework of the EU's next-generation economic recovery program for the period from 2020 to 2027 and the Use of green bond programs in Europe in 2014-2021 by industry are also presented in the form of graphs. Financing instruments for environmental projects play a key role in promoting sustainable development and reducing negative environmental impacts. In recent years, there has been a growing interest in "green" financing, which includes various financial instruments aimed at supporting environmentally friendly technologies and projects. Crowdfunding as an alternative source of financing: Crowdfunding allows you to attract an unlimited number of investors with different levels of financial literacy and accessibility, which makes it attractive for environmental projects. Green bonds and loans are important tools for financing the transition to a green economy by providing extra-budgetary sources of financing. [ABSTRACT FROM AUTHOR]

The capability of rural community governance is significantly impacted by the different types of land ownership when capital investment in rural tourism to achieve rural revitalisation. The outcomes of which profoundly affect sustainable rural development. This study, by utilising a theoretical framework using double movement theory, aims to assess the impacts on rural community governance by two different land ownership models, the Enterprise-based Model (EBM) and the Community-based Model (CBM), in the process of capital flow to the countryside (CFC). Case studies of the two villages were adopted to examine and explore the logic of interaction between stakeholders and reveal the internal mechanism of rural community governance. The results of this research indicate that the CBM has considerable advantages over the EBM. In the CBM, the village collective retains land ownership without fully marketising, which allows villagers to maintain their bargaining power with investors whilst increasing their local awareness. In the EBM, however, the local government promotes the conversion of land ownership. The villagers benefit more from one-time acquisition but lose sustainable benefits created by local development. Stakeholders call for the need to create a development model beyond the market economy by maintaining China's rural land system in the process of CFC. In this regard, this paper provides an original contribution. [ABSTRACT FROM AUTHOR]

Our study provides fresh insights into FDI's impact on carbon emissions across 51 African nations. Analysing data from 1990 to 2021, we use ARDL estimates and wavelet coherence analysis. While ARDL shows insignificant cointegration for most countries, wavelet coherence reveals: (i) 17 countries with a positive FDI-emissions link, (ii) 16 countries with a negative association, and (iii) 18 countries with 'sign switching' nonlinear dynamics. With no clear regional patterns, our main policy implication stresses the need for aligning regional efforts, like AfCFTA, with tailored country-specific strategies to guide capital flows towards cleaner industries. We advocate for industry-level FDI data in Africa to pinpoint sectors needing monitoring for greener production. On the global policymaking level, we assert that FDI cannot significantly address climate justice for most African countries. [ABSTRACT FROM AUTHOR]

The article analyzes the capital outflows from the non-financial private sector in Latin America over the past three decades, highlighting the importance of these outflows in the region and their correlation with the global financial cycle and capital inflows. It was found that the outflows from households and non-financial companies are quantitatively large and overshadow the outflows from other sectors, with a negative correlation in some countries between these outflows and official outflows. The importance of understanding the international financial behavior of non-financial companies in the region is emphasized, as well as the need to further investigate the relationship between capital outflows and other factors such as foreign direct investment and capital control policies. [Extracted from the article]

Real estate investment companies direct substantial capital flows into built environments and are significant urban place‐makers. Geographers have long been interested in the 'urbanisation of capital' but more recently attention has been directed towards the activities of specific property actors. Employing a firm‐level analysis, this paper presents a case study of Kiwi Property, a large‐scale property company with an investment portfolio exceeding $3 billion. The study charts its corporate and financial dynamics and examines examples of its speculative real estate developments. Employing a firm‐level analysis offers insights into complex and contingent investment processes shaping urban placemaking. [ABSTRACT FROM AUTHOR]

One of the most fundamental economic policy choices a society makes is how to order its global economic relations. What models do states use to structure this multifaceted decision, and how do they choose among these alternatives? We combine data on trade policies, foreign investment, exchange rates, capital flows, and international treaties to discover states' strategies of global economic engagement. We identify five distinct strategies through dynamic clustering. We then examine the economic and political drivers of states' choices among these competing strategies, focusing on the tradeoffs between public and private goods activated by differing styles of openness. In particular, we uncover a model of high global integration favored by (party-based) nondemocracies that emphasizes sacrificing consumption for production and embraces the risk of tight integration with global markets. We also uncover a cautious model of partial globalization favored by (large) democracies. Decisions over global economic engagement are clustered and multidimensional: Uncovering this variety unlocks new findings about the nonlinear effects of democracy on foreign economic policy. [ABSTRACT FROM AUTHOR]

In this paper, we examine the influence of Free Trade Agreements (FTAs) on Chilean exports during the past thirty years. Over the last three decades, Chile has entered into 31 FTAs with 65 countries, encompassing nearly 90% of global GDP. Despite this, there's a notable absence of empirical evidence regarding the extent and nature of the impact of these agreements on export volumes and product diversification. With a rich dataset encompassing bilateral trade flows at the product-level and key financial indicators, we employ a difference-in-differences approach to provide robust evidence of the positive impact of these FTAs on export levels and the variety of products exported. Our analysis also reveals variations in these effects based on the industries' initial export share and trading partners' income levels. Furthermore, we investigate how FTAs interacted with the financial development and capital control policies of trading partners, demonstrating their role in mitigating financial constraints on trade. [ABSTRACT FROM AUTHOR]

Urban agglomerations, emerging as pivotal spatial units, increasingly attract essential production factors—talent, technology, and capital—thereby transforming cities into innovation hubs. This study critically examined how productive service agglomeration, through the lens of agglomeration economies and externalities, acts as a catalyst for urban technological advancement. It investigated the spatial effects and underlying mechanisms by which productive service industry agglomerations impact urban technological innovation. Our findings reveal that both specialized and diversified agglomerations significantly enhance urban technological capabilities. However, diversified agglomerations might also negatively impact surrounding areas, revealing a complex spatial interplay. Importantly, while the aggregation of productive services boosts innovation by attracting R&D talent, it does not similarly influence the movement of R&D capital, thereby limiting further technological advancements. The effects of specialized and diversified agglomerations vary across different urban scales and regions. In China, although the productive service industry largely comprises lower-end sectors like finance, leasing, and business services, high-end tech industries remain underdeveloped, lacking robust growth momentum. This study underscores a critical gap in understanding the differential impacts of service industry agglomerations on urban innovation ecosystems and emphasizes the need for nuanced policy interventions to optimize these dynamics for sustainable urban and technological development. [ABSTRACT FROM AUTHOR]

This study investigates the role of pension fund assets (PFA) in driving stock market development across the European Union from 2005 to 2022, using market capitalization as % in GDP as a proxy for stock market growth. Employing a fixed-effects model, we examine the impact of PFA alongside several key economic controls, including domestic credit to the private sector, GDP growth, inflation, gross domestic savings, trade openness, and foreign direct investment inflows. Our findings reveal a strong, positive, and statistically significant relationship between PFA and market capitalization. Specifically, a one-unit increase in pension fund assets is associated with a 0.574 percentage point increase in market capitalization as a share of GDP, underscoring the role that pension funds play in enhancing stock market activity and liquidity. Among the control variables, domestic credit to private sector by banks, GDP growth and gross domestic savings exhibit significant positive effects, suggesting that financial and economic expansion and higher savings rates support stock market growth by improving market liquidity and boosting investor confidence. Inflation also shows a positive association with market capitalization, suggesting that moderate inflation may reflect economic dynamism, thereby attracting investment. Conversely, trade openness has a negative relationship with market capitalization, potentially reflecting increased exposure to external economic shocks or capital outflows. Foreign direct investment, while showing a small positive effect, is not statistically significant. Overall, these findings highlight the importance of pension funds in fostering stock market growth and provide policymakers with insights into strategies for financial development in the EU. [ABSTRACT FROM AUTHOR]

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The inefficiency of information flow in the capital market has led to a significant increase in stock price synchronicity, which has emerged as a critical challenge to the development of emerging capital markets. Based on a complex network perspective, this article investigates the relationship between institutional investor information networks and stock price synchronicity using data from Chinese public fund heavy holdings between 2011 and 2022. Empirical tests show that network correlation significantly reduces stock price synchronicity, while network centrality improves it. Mechanism analysis suggests that the information network affects stock price synchronicity through information diffusion and spillover effects. Furthermore, the analysis shows that the impact of information network structure on stock price synchronicity varies under different market conditions. The findings of this study provide valuable insights for strengthening the supervision of institutional investors' behavior and reducing stock price synchronicity in emerging markets. [ABSTRACT FROM AUTHOR]

This paper examines the impact of uniform standards from economies' perspective in the presence of capital crunches. We show that converting to uniform standards has a positive marginal productivity effect to each economy by facilitating capital flows across economies and improving investment efficiency. However, converting to uniform standards also has an information quality effect that may bring a positive or a negative impact on an economy's expected output, depending on the severity of capital crunch and the information quality of the economies. In addition, there is a capital endowment effect, which positively affects an economy with a low capital endowment, but negatively affects an economy endowed with plentiful capital. Our analysis indicates that these effects jointly determine the overall impact of converting to uniform standards on an economy. [ABSTRACT FROM AUTHOR]

The study identifies the events of sudden stops (SS) for a sample of 250 countries in the period from 1980 to 2018. Moreover, through a logit model, the predictive power of three policies – international reserves, external debts, and capital controls – in determining SS events is highlighted. These policies are utilised to undertake a spill-over risk analysis. It is revealed that before the SS period, the impact of spill-over at an early stage is insignificant for countries that have sufficient international reserves, low external debts, and the instigation of capital controls. Finally, the study examines the changes in the macroeconomic conditions before and after SS events. The results show a deterioration of the macroeconomic aggregates in the SS periods. [ABSTRACT FROM AUTHOR]

This paper investigates the welfare ramifications of international outsourcing in the presence of foreign investment initiated by outsourcing‐induced interest effect. Utilizing the Heckscher‐Ohlin model of general equilibrium, we show that unlike the common view that outsourcing renders negative effects on domestic employment, but positive effect on the welfare, (a) the output and employment effects of outsourcing are ultra‐biased such that it always increases (decreases) those of the outsourcing (nonoutsourcing) sector; (b) the effects of outsourcing on factor‐intensities and factor‐prices depend on the factor intensity ranking such that outsourcing occurring in the capital‐intensive (labor‐intensive) sector lowers (raises) the capital‐labor ratio of both the outsourcing and the nonoutsourcing sectors, lowers (raises) the real wage rate and raises (lowers) the real interest rate, and hence worsens (improves) income distribution; (c) in the presence of foreign investment, outsourcing in the capital‐intensive (labor‐intensive) sector may be welfare‐reducing (is always welfare‐increasing) due to increase (decrease) in the outsourcing‐induced interest payments for the foreign capital stock. Noting that international outsourcing nowadays serves as a key driving force for production fragmentation and supply chain formation, this paper discovers an important, but previously unnoticed feature in international outsourcing, namely, the outsourcing‐induced an interest rate effect on foreign capital movement. [ABSTRACT FROM AUTHOR]

Urban agglomeration (UA) is a highly developed spatial form of urban complex, which is one of the important carriers of regional economic cooperation, international industrial division of labor, and flow of capital and information elements. In China, urban agglomerations (UAs) have become the spatial subject of the national new-type urbanization strategy since the early 21st century and have made irreplaceable contributions to China's urbanization and economic development. The Guanzhong Plain urban agglomeration (GPUA) is an important economic growth pole in northwest China and a key node in China's open-door pattern. Exploring the spatial and temporal characteristics and driving factors of its economic development will be an important revelation for the promotion of high-quality economic development of the GPUA. This paper characterizes the level of economic development of GPUA with a long series of nighttime light data between 2002 and 2022. The standard deviation ellipse, spatial autocorrelation analysis, the economic difference index, and grey correlation analysis are used to analyze the characteristics of spatio-temporal evolution, internal diversity, and driving factors of economic development of the GPUA. The results show that the economic development level of the GPUA continued to increase from 2002 to 2022. The spatial distribution of the GPUA economy is "northeast-southwest" axial distribution, and the center of gravity of economic development gradually moves westward. The differences in the level of economic development within the GPUA show a typical core–periphery structure, but the degree of difference tends to weaken over time. The internal expansion force and economic promotion force were the dominant factors for the economic development of the GPUA in the early years. However, with the passage of time, scientific and technological support and government support have gradually become the main influencing factors for the economic development of the GPUA nowadays. [ABSTRACT FROM AUTHOR]

The article "Exit, pursued by a bear! Global shocks and MNE responses" published in the Journal of International Business Studies discusses the theme of global shocks and responses, drawing parallels to Shakespeare's play "The Winter's Tale." It highlights the importance of understanding how multinational enterprises (MNEs) anticipate and react to sudden threats or opportunities in today's volatile world. The article suggests theoretical frameworks and research methods for studying MNE responses to global shocks, emphasizing the need for scholars to focus on MNEs' strategic reactions in crisis situations. [Extracted from the article]

This paper investigates the impact of climate change on international portfolio allocations of global funds. We select the heat wave disasters in Europe in 2018 as a quasi‐natural experiment and employ the DID framework. Our findings indicate that global funds would reduce their holdings in the affected country after heat wave disasters. The congestion of inland waterways and electricity shortages during the heatwave have resulted in production delays, thereby transmit risks to the financial sector. Countries with higher foreign exposure experience a larger scale of capital outflow after heat waves; while countries with great institutional quality and resilience demonstrate greater capacity to withstand heat wave disasters. The funds with lower risk tolerance are more sensitive to climate change. Additionally, domestic funds will remain in their home countries post‐heatwave when foreign capitals flow away. These findings have important policy implications, and countries with high climate risks should carefully monitor the capital flows. In order to reduce the impact of climate risks, it is crucial to improve the quality of institution and efficiency of government as well as to implement effective disaster prevention and mitigation measures. [ABSTRACT FROM AUTHOR]

This study contributes theoretically and empirically to our understanding of students' transition from work placement to the graduate labour market, by exploring earning differentials due to heterogeneous job transitions. We developed a theoretical framework that underpins the relationships between work placement, job transition and graduate earnings. Based on this framework, we established three hypotheses of pay dynamics: the gain of a pay premium for graduates who remained with their placement employer ('foot-in-the-door' effect); the persistence of low pay as students transition from work placement to graduate employment (low-pay persistence effect), and the pay progression as students transition from low-pay work placement to higher-paid graduate employment (low-pay stepping-stone effect). We tested these hypotheses by performing regression analysis on matched data from students' records, work placements and graduate surveys, for a sample of economics graduates who completed a work placement. The results confirmed our hypotheses, providing evidence that graduates stand to benefit from remaining with their placement employer. In addition, our theoretical framework and empirical analysis can inspire further research into a largely unexplored area, the dynamics of transition from university to work. [ABSTRACT FROM AUTHOR]

The aim of this research is to determine and analyze influence of Total Asset, Working Capital and Cash Flow with Net Profit as mediate variable on Stock Price at Plastics and Packaging industry sub-sector on the Indonesian stock exchange. Annual reports and closing Stock Price used on this research as secondary data. Sample of data using Plastic and Packaging industry sub-sector on the Indonesia Stock Exchange for the period 2016-2022. Sampling method been using purposive sampling. Path analysis with SPSS software used for this research to analyzing data. The sampling method uses purposive sampling. Research results: 1) The direct effect of Total Asset, Working Capital and Cash Flow on Stock Price are greater than the indirect effect of Total Asset, Working Capital and Cash Flow through Net Profit on Stock Price. 2) Total Asset, Working Capital and Cash Flow simultaneously have significant effect on Net Profit. 3) Partially Total Asset has positive and significant effect on Net Profit, Working Capital has positive and insignificant effect on Net Profit and Cash Flow has positive and significant effect on Net Profit. 4) Total Asset, Working Capital and Cash Flow simultaneously have significant effect on Stock Price. 5) Partially Total Asset has positive and significant effect on Stock Price, Working Capital has positive and insignificant effect on Stock Price and Cash Flow has positive and significant effect on Stock Price. 6) Net Profit has positive and significant effect on Stock Price. [ABSTRACT FROM AUTHOR]