Pub Date : 2017-09-29DOI: 10.22439/CJAS.V35I1.5397
M. Haasbroek, J. Gottwald
The banking sector had long been left at the fringes of China's reform policies. Major initiatives of the 1990 and early 2000s helped to balance the need for modernization and internationalization with the objective of preserving political control. When the Global Financial Crisis (GFC) erupted in 2007, it hit the Chinese economy but predominantly in its export sector and much less in its financial sector. Yet when exports collapsed and factories closed in the winter of 2008/2009, the Chinese leadership implemented an ambitious stimulus program and used its leverage over the financial sector to re-start economic growth. These factors – GFC and domestic stimulus – created a series of intended and unintended outcomes. Financial reform in China entered a new stage signalling a profound change in China's banking sector. These changes follow two sometimes contradictive, sometimes mutually reinforcing reform dynamics of top-down policies and bottom-up innovation. In this article we follow an institutional approach and discuss the intensified participation of China's big banks in the Go Out strategy, followed by a shift in the pattern of lending. One factor in this change is the rise of shadow banking and particularly an explosive growth in internet-based financial services. Thus, while the initial reaction to the GFC re-emphasized direct, top-down state involvement in the banking sector, the outcomes of the GFC, China's policies and business innovations have facilitated profound bottom-up changes.
{"title":"The Impact of the Global Financial Crisis on China's Banking Sector","authors":"M. Haasbroek, J. Gottwald","doi":"10.22439/CJAS.V35I1.5397","DOIUrl":"https://doi.org/10.22439/CJAS.V35I1.5397","url":null,"abstract":"The banking sector had long been left at the fringes of China's reform policies. Major initiatives of the 1990 and early 2000s helped to balance the need for modernization and internationalization with the objective of preserving political control. When the Global Financial Crisis (GFC) erupted in 2007, it hit the Chinese economy but predominantly in its export sector and much less in its financial sector. Yet when exports collapsed and factories closed in the winter of 2008/2009, the Chinese leadership implemented an ambitious stimulus program and used its leverage over the financial sector to re-start economic growth. These factors – GFC and domestic stimulus – created a series of intended and unintended outcomes. Financial reform in China entered a new stage signalling a profound change in China's banking sector. These changes follow two sometimes contradictive, sometimes mutually reinforcing reform dynamics of top-down policies and bottom-up innovation. In this article we follow an institutional approach and discuss the intensified participation of China's big banks in the Go Out strategy, followed by a shift in the pattern of lending. One factor in this change is the rise of shadow banking and particularly an explosive growth in internet-based financial services. Thus, while the initial reaction to the GFC re-emphasized direct, top-down state involvement in the banking sector, the outcomes of the GFC, China's policies and business innovations have facilitated profound bottom-up changes.","PeriodicalId":35904,"journal":{"name":"Copenhagen Journal of Asian Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2017-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44955483","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-09-29DOI: 10.22439/cjas.v35i1.5403
Nis Grünberg
{"title":"Harro von Senger and Marcel Senn (eds.) Maoismus oder Sinomarxismus","authors":"Nis Grünberg","doi":"10.22439/cjas.v35i1.5403","DOIUrl":"https://doi.org/10.22439/cjas.v35i1.5403","url":null,"abstract":"","PeriodicalId":35904,"journal":{"name":"Copenhagen Journal of Asian Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2017-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43676754","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-09-29DOI: 10.22439/CJAS.V35I1.5400
D. Plekhanov
Following the rise of the Chinese economy, interest in the official statistics coming from China is intensifying. Official data on GDP, industrial production and other economic indicators attracts a lot of attention all over the world. This positive development represents a challenge for the Chinese official statistics system, as official data is now under greater scrutiny. As the Chinese economy is undergoing the process of transformation and rebalancing, the need for reliable and accurate statistical data becomes even more imperative. This article presents a brief review of English-language publications on the topic and provides key points of criticism of the Chinese official statistics. The review shows that the majority of studies present a rather critical view of the Chinese statistical system. However, from an academic point of view, it is almost impossible to provide concrete evidence that the Chinese official data is deliberately manipulated or falsified. The limitations of publicly available data do not allow researchers to double-check the accuracy of the official statistics. Alternative estimates of Chinese economic indicators are not free from criticism either. Nevertheless, research in this area is an important contribution to the understanding of the China's official statistics, and hence the Chinese economy and society in general.
{"title":"Quality of China's Official Statistics: A Brief Review of Academic Perspectives","authors":"D. Plekhanov","doi":"10.22439/CJAS.V35I1.5400","DOIUrl":"https://doi.org/10.22439/CJAS.V35I1.5400","url":null,"abstract":"Following the rise of the Chinese economy, interest in the official statistics coming from China is intensifying. Official data on GDP, industrial production and other economic indicators attracts a lot of attention all over the world. This positive development represents a challenge for the Chinese official statistics system, as official data is now under greater scrutiny. As the Chinese economy is undergoing the process of transformation and rebalancing, the need for reliable and accurate statistical data becomes even more imperative. This article presents a brief review of English-language publications on the topic and provides key points of criticism of the Chinese official statistics. The review shows that the majority of studies present a rather critical view of the Chinese statistical system. However, from an academic point of view, it is almost impossible to provide concrete evidence that the Chinese official data is deliberately manipulated or falsified. The limitations of publicly available data do not allow researchers to double-check the accuracy of the official statistics. Alternative estimates of Chinese economic indicators are not free from criticism either. Nevertheless, research in this area is an important contribution to the understanding of the China's official statistics, and hence the Chinese economy and society in general.","PeriodicalId":35904,"journal":{"name":"Copenhagen Journal of Asian Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2017-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41808449","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-09-29DOI: 10.22439/cjas.v35i1.5401
E. Tan
{"title":"Adam Cathcart, Robert Winstanley-Chesters and Christopher Green (eds.), Change and Continuity in North Korean Politics.","authors":"E. Tan","doi":"10.22439/cjas.v35i1.5401","DOIUrl":"https://doi.org/10.22439/cjas.v35i1.5401","url":null,"abstract":"","PeriodicalId":35904,"journal":{"name":"Copenhagen Journal of Asian Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2017-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43855258","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-03-22DOI: 10.22439/cjas.v34i2.5307
Marie-Laure Baron, Claire Capo
Over the years, a body of literature has developed that consistently shows how the liability of foreignness affects MNCs' performance. Institutional distance − regulatory, normative and cognitive − between the incomer and insiders has been identified as the likely source of the highest cost in doing business abroad. In this article, we draw on the existing literature but take the opposite perspective, looking instead at how various dimensions of proximity between local players increase MNC distance and foster local resistance. The study investigates two contexts and cases, India and Japan, at the time of foreign retailer entry and analyses the interplay between local proximity and local resistance. The analysis presents four dimensions of proximity, namely spatial proximity, relational proximity, identity proximity and inter-organizational proximity, which present the stiffest challenges to foreign retail ventures entering markets as newcomers.
{"title":"The Impact of Proximity on Resistance to Foreign Ventures: The Cases of India and Japan","authors":"Marie-Laure Baron, Claire Capo","doi":"10.22439/cjas.v34i2.5307","DOIUrl":"https://doi.org/10.22439/cjas.v34i2.5307","url":null,"abstract":"Over the years, a body of literature has developed that consistently shows how the liability of foreignness affects MNCs' performance. Institutional distance − regulatory, normative and cognitive − between the incomer and insiders has been identified as the likely source of the highest cost in doing business abroad. In this article, we draw on the existing literature but take the opposite perspective, looking instead at how various dimensions of proximity between local players increase MNC distance and foster local resistance. The study investigates two contexts and cases, India and Japan, at the time of foreign retailer entry and analyses the interplay between local proximity and local resistance. The analysis presents four dimensions of proximity, namely spatial proximity, relational proximity, identity proximity and inter-organizational proximity, which present the stiffest challenges to foreign retail ventures entering markets as newcomers.","PeriodicalId":35904,"journal":{"name":"Copenhagen Journal of Asian Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2017-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42354922","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-03-22DOI: 10.22439/CJAS.V34I2.5304
Ulrike Solmecke
By initiating the development of a gigantic international trade network across Asia, Europe and Africa, with several trade corridors that will span around 60 countries, China intends to stimulate substantial economic growth. Already in the first phase, focused on building an adequate infrastructure, multinational enterprises will play a vital role in developing the so-called New Silk Road or the 'One Belt, One Road' initiative. This article inquires into the environmental impacts that a venture of this magnitude will entail and discusses the potential of the available voluntary and mandatory governance instruments to lead the key economic actors to take sustainability criteria into account.
{"title":"Multinational Enterprises and the 'One Belt, One road' Initiative: Sustainable Development and Innovation in a Post-Crisis Global Environment","authors":"Ulrike Solmecke","doi":"10.22439/CJAS.V34I2.5304","DOIUrl":"https://doi.org/10.22439/CJAS.V34I2.5304","url":null,"abstract":"By initiating the development of a gigantic international trade network across \u0000Asia, Europe and Africa, with several trade corridors that will span around 60 \u0000countries, China intends to stimulate substantial economic growth. Already in \u0000the first phase, focused on building an adequate infrastructure, multinational \u0000enterprises will play a vital role in developing the so-called New Silk Road \u0000or the 'One Belt, One Road' initiative. This article inquires into the environmental impacts that a venture of this magnitude will entail and discusses the potential of the available voluntary and mandatory governance instruments to lead the key economic actors to take sustainability criteria into account.","PeriodicalId":35904,"journal":{"name":"Copenhagen Journal of Asian Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2017-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44146366","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-03-22DOI: 10.22439/CJAS.V34I2.5306
E. Kettunen
Combining literature from international political economy, international business, and institutional approaches to business studies, this article discusses foreign firms' relationship with the public sector in Southeast Asia. It focuses on the perceptions of the firms on host country policies toward foreign direct investments (FDI) and the impact of global financial crises and regional economic integration on the firms' strategies. The multinational company (MNC)-host government relationship is seen as a cooperative and continual bargaining within a specific institutional framework. Based on interviews with managers of subsidiaries originating from Finland, it is found that the regulatory environment of Association of Southeast Asian Nations (ASEAN) countries varies from easy to difficult with regard to policies, bureaucracy and protectionism. These pose institutional constraints for the firms, with additional economic constraints caused by global financial crises. Contrary to expectations, the ASEAN free trade agreement does not figure in the firms' investment strategies. This is explained by three findings: most of the firms serve the domestic host country market; the firms operate global rather than ASEAN-wide regional production chains; the firms represent industries that are not typical in Southeast Asian regional production networks.
{"title":"On MNC-host government relations: How Finnish firms respond to national and regional policies in ASEAN","authors":"E. Kettunen","doi":"10.22439/CJAS.V34I2.5306","DOIUrl":"https://doi.org/10.22439/CJAS.V34I2.5306","url":null,"abstract":"Combining literature from international political economy, international business, and institutional approaches to business studies, this article discusses foreign firms' relationship with the public sector in Southeast Asia. It focuses on the perceptions of the firms on host country policies toward foreign direct investments (FDI) and the impact of global financial crises and regional economic integration on the firms' strategies. The multinational company (MNC)-host government relationship is seen as a cooperative and continual bargaining within a specific institutional framework. Based on interviews with managers of subsidiaries originating from Finland, it is found that the regulatory environment of Association of Southeast Asian Nations (ASEAN) countries varies from easy to difficult with regard to policies, bureaucracy and protectionism. These pose institutional constraints for the firms, with additional economic constraints caused by global financial crises. Contrary to expectations, the ASEAN free trade agreement does not figure in the firms' investment strategies. This is explained by three findings: most of the firms serve the domestic host country market; the firms operate global rather than ASEAN-wide regional production chains; the firms represent industries that are not typical in Southeast Asian regional production networks.","PeriodicalId":35904,"journal":{"name":"Copenhagen Journal of Asian Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2017-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48707817","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-03-22DOI: 10.22439/CJAS.V34I2.5308
K. Brown
{"title":"Kjeld Erik Brødsgaard (ed.): Chinese Politics as Fragmented Authoritarianism: Earthquakes, Energy and Environment.","authors":"K. Brown","doi":"10.22439/CJAS.V34I2.5308","DOIUrl":"https://doi.org/10.22439/CJAS.V34I2.5308","url":null,"abstract":"","PeriodicalId":35904,"journal":{"name":"Copenhagen Journal of Asian Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2017-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41875423","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-03-22DOI: 10.22439/CJAS.V34I2.5309
E. Tan
{"title":"Van Jackson, Rival Reputations: Coercion and Credibility in US-North Korean Relations.","authors":"E. Tan","doi":"10.22439/CJAS.V34I2.5309","DOIUrl":"https://doi.org/10.22439/CJAS.V34I2.5309","url":null,"abstract":"","PeriodicalId":35904,"journal":{"name":"Copenhagen Journal of Asian Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2017-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49318409","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-03-22DOI: 10.22439/CJAS.V34I2.5305
Carolina Gavagnin, M. B. Zolin, A. Pastore
Vietnam has made huge economic improvements since the mid-1980s, opening up to international relationships and undergoing important economic and political reforms. It is also listed among the countries most vulnerable to the negative impacts of climate variability, forecasted rising temperatures and more frequent and intense severe climate-related natural disasters (floods, droughts, storms, typhoons, etc.). Rice plays an important role in Vietnam's national food security, rural development and political stability. The aim of this study is to analyze the pattern of domestic rice prices using potential variables from the supply and the demand side. It will focus on the role played by climate variability and severe weather events while also taking into account the strong public support for the sector. With this aim, the researchers have developed a regression model for mapping the domestic rice price through the generalized least squares model.
{"title":"Vietnam's Rice Price at the Intersection of Globalisation and Climate Variability","authors":"Carolina Gavagnin, M. B. Zolin, A. Pastore","doi":"10.22439/CJAS.V34I2.5305","DOIUrl":"https://doi.org/10.22439/CJAS.V34I2.5305","url":null,"abstract":"Vietnam has made huge economic improvements since the mid-1980s, opening up to international relationships and undergoing important economic and political reforms. It is also listed among the countries most vulnerable to the negative impacts of climate variability, forecasted rising temperatures and more frequent and intense severe climate-related natural disasters (floods, droughts, storms, typhoons, etc.). Rice plays an important role in Vietnam's national food security, rural development and political stability. The aim of this study is to analyze the pattern of domestic rice prices using potential variables from the supply and the demand side. It will focus on the role played by climate variability and severe weather events while also taking into account the strong public support for the sector. With this aim, the researchers have developed a regression model for mapping the domestic rice price through the generalized least squares model.","PeriodicalId":35904,"journal":{"name":"Copenhagen Journal of Asian Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2017-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49416561","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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