Pub Date : 2017-08-01DOI: 10.1108/JCEFTS-08-2016-0023
adeel ahmed, Mohd Anuar Arshad, A. Mahmood, S. Akhtar
Purpose - The purpose of this paper is to obtain greater insights into the implications for human resource development (HRD) in times of economic development, with a focus on China–Pakistan economic corridor (CPEC). In recent times of economic development, a number of economic corridors have emerged globally as tools of regional cooperation and development. In the context of Pakistan, there is a lack of appropriate attention to the field of HRD, which has suffered neglect through the decades ( Design/methodology/approach - The research approach of this study is purely based on literature review and on secondary data. Findings - Based on the facts and literature reviews, this study concluded that One belt, One Road in general and CPEC in particular as an economic corridor can bring sustainable and long-lasting impact on the economy only if HRD is given proper attention. Originality/value - To the best knowledge of the researchers, this is the first study that highlighted the HRD issue in CPEC.
{"title":"Neglecting human resource development in OBOR, a case of the China–Pakistan economic corridor (CPEC)","authors":"adeel ahmed, Mohd Anuar Arshad, A. Mahmood, S. Akhtar","doi":"10.1108/JCEFTS-08-2016-0023","DOIUrl":"https://doi.org/10.1108/JCEFTS-08-2016-0023","url":null,"abstract":"Purpose - The purpose of this paper is to obtain greater insights into the implications for human resource development (HRD) in times of economic development, with a focus on China–Pakistan economic corridor (CPEC). In recent times of economic development, a number of economic corridors have emerged globally as tools of regional cooperation and development. In the context of Pakistan, there is a lack of appropriate attention to the field of HRD, which has suffered neglect through the decades ( Design/methodology/approach - The research approach of this study is purely based on literature review and on secondary data. Findings - Based on the facts and literature reviews, this study concluded that One belt, One Road in general and CPEC in particular as an economic corridor can bring sustainable and long-lasting impact on the economy only if HRD is given proper attention. Originality/value - To the best knowledge of the researchers, this is the first study that highlighted the HRD issue in CPEC.","PeriodicalId":44245,"journal":{"name":"Journal of Chinese Economic and Foreign Trade Studies","volume":"10 1","pages":"130-142"},"PeriodicalIF":2.4,"publicationDate":"2017-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/JCEFTS-08-2016-0023","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47129239","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 : 2017-08-01DOI: 10.1108/JCEFTS-03-2017-0008
Mengting Zhang, Chang-biao Zhong, Feng Yu
Purpose Although prior research has highlighted the importance of foreign direct investment (FDI) on a country’s internationalization, it has largely focused on developed countries. As a result, the FDI performance of a developing country, which differs fundamentally from that of developed countries in their environment, remains unclear. Under the newly development environment, the traditional FDI theories have been challenged by the increasing investments from emerging and transition economies. The theory system needs a fresh situation’s supplement urgently. Design/methodology/approach On the basis of a literature review, this paper constructed an empirical model to further study the moderating effects of context-specific factors on the influence of inbound foreign direct investment (IFDI) on outbound foreign direct investment (OFDI). China was chosen as the representation of a developing country, and its data of mutual investments with 125 countries from 2003 to 2014 were used to carry out hypothesis testing. Findings The analysis and results of this paper suggested: first, for China, the overall influence of IFDI on OFDI is positive. That is to say, IFDI’s positive spillover effect is greater than the negative competition effect. Second, innovational distance’s effect on FDI is complicated. It can either be positive or negative, which calls for further investigation. Third, economic distance negatively affects OFDI and negatively moderates IFDI’s effect on OFDI, especially the export. To some extent, the moderating effect that resulted from the competition effect will reduce overseas investment by extruding some of the local enterprises. Fourth, cultural distance’s effect is closely related to the spillover effect that will positively moderate IFDI’s influence on OFDI. Originality/value This paper enriched the international investment theoretical system by adding a mechanism of multiway international investment of a developing country. The research also has a guiding significance for developing countries’ governments in coordinating mutual international investments. Also, these results have important implications for how policymakers promote OFDI and put forward new theoretical avenues for conceptualizing the internationalization process.
{"title":"The role of context-specific factors in IFDI’s influence on OFDI of developing country: Evidence from China","authors":"Mengting Zhang, Chang-biao Zhong, Feng Yu","doi":"10.1108/JCEFTS-03-2017-0008","DOIUrl":"https://doi.org/10.1108/JCEFTS-03-2017-0008","url":null,"abstract":"Purpose \u0000 \u0000 \u0000 \u0000 \u0000Although prior research has highlighted the importance of foreign direct investment (FDI) on a country’s internationalization, it has largely focused on developed countries. As a result, the FDI performance of a developing country, which differs fundamentally from that of developed countries in their environment, remains unclear. Under the newly development environment, the traditional FDI theories have been challenged by the increasing investments from emerging and transition economies. The theory system needs a fresh situation’s supplement urgently. \u0000 \u0000 \u0000 \u0000 \u0000Design/methodology/approach \u0000 \u0000 \u0000 \u0000 \u0000On the basis of a literature review, this paper constructed an empirical model to further study the moderating effects of context-specific factors on the influence of inbound foreign direct investment (IFDI) on outbound foreign direct investment (OFDI). China was chosen as the representation of a developing country, and its data of mutual investments with 125 countries from 2003 to 2014 were used to carry out hypothesis testing. \u0000 \u0000 \u0000 \u0000 \u0000Findings \u0000 \u0000 \u0000 \u0000 \u0000The analysis and results of this paper suggested: first, for China, the overall influence of IFDI on OFDI is positive. That is to say, IFDI’s positive spillover effect is greater than the negative competition effect. Second, innovational distance’s effect on FDI is complicated. It can either be positive or negative, which calls for further investigation. Third, economic distance negatively affects OFDI and negatively moderates IFDI’s effect on OFDI, especially the export. To some extent, the moderating effect that resulted from the competition effect will reduce overseas investment by extruding some of the local enterprises. Fourth, cultural distance’s effect is closely related to the spillover effect that will positively moderate IFDI’s influence on OFDI. \u0000 \u0000 \u0000 \u0000 \u0000Originality/value \u0000 \u0000 \u0000 \u0000 \u0000This paper enriched the international investment theoretical system by adding a mechanism of multiway international investment of a developing country. The research also has a guiding significance for developing countries’ governments in coordinating mutual international investments. Also, these results have important implications for how policymakers promote OFDI and put forward new theoretical avenues for conceptualizing the internationalization process.","PeriodicalId":44245,"journal":{"name":"Journal of Chinese Economic and Foreign Trade Studies","volume":"10 1","pages":"172-187"},"PeriodicalIF":2.4,"publicationDate":"2017-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/JCEFTS-03-2017-0008","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47396341","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 : 2017-02-06DOI: 10.1108/JCEFTS-09-2016-0026
Rania Miniesy, Eman Elish
Purpose - This paper aims to investigate the host country determinants of Chinese Outward FDI (OFDI) and, given these determinants, examines whether Chinese OFDI in MENA is less than elsewhere. Design/methodology/approach - Data for the top 40 Chinese OFDI recipients including seven MENA countries from 2003 to 2012 were obtained. A pooled ordinary least squares estimation technique on the lagged explanatory variables and the lagged dependent variable – flows and stocks alternatively – with robust standard errors was used. Findings - Chinese OFDI is market, resource and efficiency seeking and is attracted by poor governance. The seven MENA countries seemingly receive significantly less Chinese OFDI flows compared to other countries. However, careful inspection shows that UAE is creating this bias. This maybe because exporting to UAE rather than licensing or FDI seems like the best scenario, or UAE is already satiated with FDI from other countries, or China is waiting for the right time to enter such an FDI-competitive market like that of UAE. Originality/value - Chinese OFDI is particularly important for MENA because it has a comparative advantage relative to other FDI source countries, and no research so far has investigated if it is less than in other regions, which could provide insights on how to attract it.
{"title":"Is Chinese outward FDI in MENA little","authors":"Rania Miniesy, Eman Elish","doi":"10.1108/JCEFTS-09-2016-0026","DOIUrl":"https://doi.org/10.1108/JCEFTS-09-2016-0026","url":null,"abstract":"Purpose - This paper aims to investigate the host country determinants of Chinese Outward FDI (OFDI) and, given these determinants, examines whether Chinese OFDI in MENA is less than elsewhere. Design/methodology/approach - Data for the top 40 Chinese OFDI recipients including seven MENA countries from 2003 to 2012 were obtained. A pooled ordinary least squares estimation technique on the lagged explanatory variables and the lagged dependent variable – flows and stocks alternatively – with robust standard errors was used. Findings - Chinese OFDI is market, resource and efficiency seeking and is attracted by poor governance. The seven MENA countries seemingly receive significantly less Chinese OFDI flows compared to other countries. However, careful inspection shows that UAE is creating this bias. This maybe because exporting to UAE rather than licensing or FDI seems like the best scenario, or UAE is already satiated with FDI from other countries, or China is waiting for the right time to enter such an FDI-competitive market like that of UAE. Originality/value - Chinese OFDI is particularly important for MENA because it has a comparative advantage relative to other FDI source countries, and no research so far has investigated if it is less than in other regions, which could provide insights on how to attract it.","PeriodicalId":44245,"journal":{"name":"Journal of Chinese Economic and Foreign Trade Studies","volume":"10 1","pages":"19-43"},"PeriodicalIF":2.4,"publicationDate":"2017-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/JCEFTS-09-2016-0026","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44534579","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 : 2017-02-06DOI: 10.1108/JCEFTS-09-2016-0027
E. Rasoulinezhad
Purpose - The purpose of this paper is to analyze specifications of the China’s foreign trade policy with OPEC member countries. Design/methodology/approach - The paper conducts three panel data estimations (FE, RE and FMOLS) based on the gravity model approach for bilateral trade patterns between China- 13 OPEC members over the period 1998-2014. Findings - Our findings reveal that the gravity equation fits the data reasonably well. We confirmed the existence of long term relationships between the bilateral trade flows and the main components of gravity model - GDP, income (GDP per capita), the difference in income, exchange rate, the openness level, distance and WTO membership – through the Fixed effects (FE), Random effects (RE) and the FMOLS approaches. The estimation results show that the trade pattern between China and OPEC member countries relies on the Heckscher-Ohlin (H-O) theory, thus being explained by difference in factor endowments such as energy resources and technology. Originality/value - To the best of the authors’ knowledge, this is the first attempt to examine the China’s foreign trade policy with the OPEC member countries through a gravity trade apporach
{"title":"China's foreign trade policy with OPEC member countries","authors":"E. Rasoulinezhad","doi":"10.1108/JCEFTS-09-2016-0027","DOIUrl":"https://doi.org/10.1108/JCEFTS-09-2016-0027","url":null,"abstract":"Purpose - The purpose of this paper is to analyze specifications of the China’s foreign trade policy with OPEC member countries. Design/methodology/approach - The paper conducts three panel data estimations (FE, RE and FMOLS) based on the gravity model approach for bilateral trade patterns between China- 13 OPEC members over the period 1998-2014. Findings - Our findings reveal that the gravity equation fits the data reasonably well. We confirmed the existence of long term relationships between the bilateral trade flows and the main components of gravity model - GDP, income (GDP per capita), the difference in income, exchange rate, the openness level, distance and WTO membership – through the Fixed effects (FE), Random effects (RE) and the FMOLS approaches. The estimation results show that the trade pattern between China and OPEC member countries relies on the Heckscher-Ohlin (H-O) theory, thus being explained by difference in factor endowments such as energy resources and technology. Originality/value - To the best of the authors’ knowledge, this is the first attempt to examine the China’s foreign trade policy with the OPEC member countries through a gravity trade apporach","PeriodicalId":44245,"journal":{"name":"Journal of Chinese Economic and Foreign Trade Studies","volume":"10 1","pages":"61-81"},"PeriodicalIF":2.4,"publicationDate":"2017-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/JCEFTS-09-2016-0027","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44578820","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 : 2017-01-27DOI: 10.1108/JCEFTS-04-2016-0012
S. Raza, M. Karim
Purpose - This study investigates the influence of systemic banking crises, currency crises and global financial crisis on the relationship of export and economic growth in China by using the annual time series data from the period of 1972 to 2014. Design/methodology/approach - The J. J. cointegration, ARDL bound testing cointegration approach and Gregory and Hansen (1996)’s cointegration approach with structural break confirm the valid long run relationship between considered variables. Findings - Results indicate the positive and significant effect of export of goods and services on economic growth in both long and short run. Whereas, the negative influence of systemic banking crises and currency crises over economic growth is observed. It is also concluded that the impact of export of goods and service on economic growth become insignificant in the presence of systemic banking crises and currency crises. The currency crises comparatively more effects the influence of export on economic growth as compare to systemic banking crises. Surprisingly, the export in the period of global financial crises have a positive and significant influence over economic growth in China, which conclude that the global financial crises did not drastically affect the export-growth nexus. Originality/value - This paper makes a unique contribution to the literature with reference to China, being a pioneering attempt to investigate the effects of systemic banking crises and currency crises on the relationship of export and economic growth by using long time series data and applying more rigorous techniques.
{"title":"Influence of systemic banking crisis and currency crisis on the relationship of export and economic growth","authors":"S. Raza, M. Karim","doi":"10.1108/JCEFTS-04-2016-0012","DOIUrl":"https://doi.org/10.1108/JCEFTS-04-2016-0012","url":null,"abstract":"Purpose - This study investigates the influence of systemic banking crises, currency crises and global financial crisis on the relationship of export and economic growth in China by using the annual time series data from the period of 1972 to 2014. Design/methodology/approach - The J. J. cointegration, ARDL bound testing cointegration approach and Gregory and Hansen (1996)’s cointegration approach with structural break confirm the valid long run relationship between considered variables. Findings - Results indicate the positive and significant effect of export of goods and services on economic growth in both long and short run. Whereas, the negative influence of systemic banking crises and currency crises over economic growth is observed. It is also concluded that the impact of export of goods and service on economic growth become insignificant in the presence of systemic banking crises and currency crises. The currency crises comparatively more effects the influence of export on economic growth as compare to systemic banking crises. Surprisingly, the export in the period of global financial crises have a positive and significant influence over economic growth in China, which conclude that the global financial crises did not drastically affect the export-growth nexus. Originality/value - This paper makes a unique contribution to the literature with reference to China, being a pioneering attempt to investigate the effects of systemic banking crises and currency crises on the relationship of export and economic growth by using long time series data and applying more rigorous techniques.","PeriodicalId":44245,"journal":{"name":"Journal of Chinese Economic and Foreign Trade Studies","volume":"10 1","pages":"82-110"},"PeriodicalIF":2.4,"publicationDate":"2017-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/JCEFTS-04-2016-0012","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47354263","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 : 2017-01-27DOI: 10.1108/JCEFTS-11-2016-0032
Shumei Chen, Dandan Li
Purpose - The purpose of this paper is to predict the likely economic effects of a FTA on both China and the United Kingdom (hereafter the UK). Design/methodology/approach - Following literature review and trade relationship briefing, this paper employs the Global Trade Analysis Project (GTAP) simulation to predict the economic effects of such a FTA on both China and the UK. Findings - The simulation results indicate that a China-UK free trade agreement (hereafter CUFTA) will bring more benefits than harm to both China and the UK and achieving zero tariff or reducing TBT is mutually beneficial for both China and the UK, with the growth in GDP, economic welfare, as well as import and export. Combining zero tariff and the reduction of TBT in exceptional departments is the most favorable way to improve the macroeconomic effects without bring damage effects on the comparative disadvantage industries such as transport equipment, chemicals industries for China and textiles and apparel industry for the UK. Originality/value - After the UK voted to leave the European Union (hereafter the EU), CUFTA is put on the agenda by both governments, yet researches on CUFTA are barely started, this paper being one of the early trials. Besides, based on the simulation results, some policy suggestions will be put forward for future negotiations and industrial policies adjustment.
{"title":"China-United Kingdom Free Trade Area: likely impact on the economy and on specific industry sectors in both countries","authors":"Shumei Chen, Dandan Li","doi":"10.1108/JCEFTS-11-2016-0032","DOIUrl":"https://doi.org/10.1108/JCEFTS-11-2016-0032","url":null,"abstract":"Purpose - The purpose of this paper is to predict the likely economic effects of a FTA on both China and the United Kingdom (hereafter the UK). Design/methodology/approach - Following literature review and trade relationship briefing, this paper employs the Global Trade Analysis Project (GTAP) simulation to predict the economic effects of such a FTA on both China and the UK. Findings - The simulation results indicate that a China-UK free trade agreement (hereafter CUFTA) will bring more benefits than harm to both China and the UK and achieving zero tariff or reducing TBT is mutually beneficial for both China and the UK, with the growth in GDP, economic welfare, as well as import and export. Combining zero tariff and the reduction of TBT in exceptional departments is the most favorable way to improve the macroeconomic effects without bring damage effects on the comparative disadvantage industries such as transport equipment, chemicals industries for China and textiles and apparel industry for the UK. Originality/value - After the UK voted to leave the European Union (hereafter the EU), CUFTA is put on the agenda by both governments, yet researches on CUFTA are barely started, this paper being one of the early trials. Besides, based on the simulation results, some policy suggestions will be put forward for future negotiations and industrial policies adjustment.","PeriodicalId":44245,"journal":{"name":"Journal of Chinese Economic and Foreign Trade Studies","volume":"10 1","pages":"111-126"},"PeriodicalIF":2.4,"publicationDate":"2017-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/JCEFTS-11-2016-0032","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45601108","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 : 2017-01-27DOI: 10.1108/JCEFTS-01-2016-0002
Su-Yin Cheng, Kenny Z. Lin, R. Simmons
Purpose - The study examines whether city-level investment climate, local government effectiveness and corporate income tax rates influence the spatial distribution of foreign direct investment (FDI) across cities in China. Design/methodology/approach - The study employs regression analysis using city-level datasets. Findings - The study finds that while city-level investment climate and effective local government influence the spatial distribution of FDI across Chinese cities, city-level tax rates have no such influence. Practical implications - The results have implications for the design of policies aimed at enhancing FDI flows into emerging countries. Originality/value - To date, few studies have investigated the investment location choice at the city level in a single country. The study contributes to the literature by examining the role of government in such investment decisions. It also adds to the previously limited research examining the role of investment climate at the micro level.
{"title":"A city-level analysis of the distribution of FDI within China","authors":"Su-Yin Cheng, Kenny Z. Lin, R. Simmons","doi":"10.1108/JCEFTS-01-2016-0002","DOIUrl":"https://doi.org/10.1108/JCEFTS-01-2016-0002","url":null,"abstract":"Purpose - The study examines whether city-level investment climate, local government effectiveness and corporate income tax rates influence the spatial distribution of foreign direct investment (FDI) across cities in China. Design/methodology/approach - The study employs regression analysis using city-level datasets. Findings - The study finds that while city-level investment climate and effective local government influence the spatial distribution of FDI across Chinese cities, city-level tax rates have no such influence. Practical implications - The results have implications for the design of policies aimed at enhancing FDI flows into emerging countries. Originality/value - To date, few studies have investigated the investment location choice at the city level in a single country. The study contributes to the literature by examining the role of government in such investment decisions. It also adds to the previously limited research examining the role of investment climate at the micro level.","PeriodicalId":44245,"journal":{"name":"Journal of Chinese Economic and Foreign Trade Studies","volume":"10 1","pages":"2-18"},"PeriodicalIF":2.4,"publicationDate":"2017-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/JCEFTS-01-2016-0002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49214722","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 : 2017-01-27DOI: 10.1108/JCEFTS-07-2016-0018
E. Igbinoba
Purpose This paper aims to test the political-economy hypothesis that country sizes are related with constraints associated with Chinese trade. Design/methodology/approach This study applies a generalized linear mixed approach on panel data of Southern African (henceforth SADC) economies from 2001 to 2014 to observe common Chinese trade patterns among SADC countries. Findings Empirical results support the hypothesis that structural differences exist and smaller SADC countries are disadvantaged in their trade relations with China. Research limitations/implications This paper is exploratory by nature. Its scope and the depth of analysis is constrained by data availability. Originality/value The manuscript has been approved by the author and has never been published, or has been considered for publication elsewhere.
{"title":"Do country sizes matter? What motivates China’s trade decision in Southern Africa?","authors":"E. Igbinoba","doi":"10.1108/JCEFTS-07-2016-0018","DOIUrl":"https://doi.org/10.1108/JCEFTS-07-2016-0018","url":null,"abstract":"Purpose \u0000 \u0000 \u0000 \u0000 \u0000This paper aims to test the political-economy hypothesis that country sizes are related with constraints associated with Chinese trade. \u0000 \u0000 \u0000 \u0000 \u0000Design/methodology/approach \u0000 \u0000 \u0000 \u0000 \u0000This study applies a generalized linear mixed approach on panel data of Southern African (henceforth SADC) economies from 2001 to 2014 to observe common Chinese trade patterns among SADC countries. \u0000 \u0000 \u0000 \u0000 \u0000Findings \u0000 \u0000 \u0000 \u0000 \u0000Empirical results support the hypothesis that structural differences exist and smaller SADC countries are disadvantaged in their trade relations with China. \u0000 \u0000 \u0000 \u0000 \u0000Research limitations/implications \u0000 \u0000 \u0000 \u0000 \u0000This paper is exploratory by nature. Its scope and the depth of analysis is constrained by data availability. \u0000 \u0000 \u0000 \u0000 \u0000Originality/value \u0000 \u0000 \u0000 \u0000 \u0000The manuscript has been approved by the author and has never been published, or has been considered for publication elsewhere.","PeriodicalId":44245,"journal":{"name":"Journal of Chinese Economic and Foreign Trade Studies","volume":"10 1","pages":"44-60"},"PeriodicalIF":2.4,"publicationDate":"2017-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/JCEFTS-07-2016-0018","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48377614","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 : 2016-11-22DOI: 10.1108/JCEFTS-10-2016-034
L. Mata, José Antonio Núñez Mora
Purpose - The purpose of this paper is to analyze the dependence between the Chinese and Market Integrated Latin America (MILA) stock markets. Design/methodology/approach - The authors adjust the multivariate probability distribution Variance Gamma (VG) on data yields from the Hang Seng Index (HSI) and MILA and they use the estimated parameters under VG to find a robust estimator of the correlation matrix yields. Findings - The degree of dependence between stock indices from China, Peru, Mexico, Colombia and Chile. In addition, the impact of the change in the HSI affects mostly the movements of the selective stock price index (IPSA) and equally affects the index of the Mexican stock exchange (IPC) and Lima Stock Exchange (S&P/BVL). The effect on index of the Colombia Stock Exchange (COLCAP) is not significant. Research limitations/implications - Over time there are different structural changes so the time has been restricted to the years 2000-2015, but could extend the analysis to other time periods and sectors of listed companies in the indices. Practical implications - The results can guide policy makers to assess the effect of a random crash on stock markets and measure the level of risk from other markets. Social implications - The results can generate a greater understanding of the relationship between the stock markets of China and the emerging countries of Latin America. Originality/value - The value of this paper is to focus on alternative methodology to calculate the correlation matrix yields and measure the dependence between the Chinese and MILA stock markets.
{"title":"Dependence between the Chinese and MILA stock markets","authors":"L. Mata, José Antonio Núñez Mora","doi":"10.1108/JCEFTS-10-2016-034","DOIUrl":"https://doi.org/10.1108/JCEFTS-10-2016-034","url":null,"abstract":"Purpose - The purpose of this paper is to analyze the dependence between the Chinese and Market Integrated Latin America (MILA) stock markets. Design/methodology/approach - The authors adjust the multivariate probability distribution Variance Gamma (VG) on data yields from the Hang Seng Index (HSI) and MILA and they use the estimated parameters under VG to find a robust estimator of the correlation matrix yields. Findings - The degree of dependence between stock indices from China, Peru, Mexico, Colombia and Chile. In addition, the impact of the change in the HSI affects mostly the movements of the selective stock price index (IPSA) and equally affects the index of the Mexican stock exchange (IPC) and Lima Stock Exchange (S&P/BVL). The effect on index of the Colombia Stock Exchange (COLCAP) is not significant. Research limitations/implications - Over time there are different structural changes so the time has been restricted to the years 2000-2015, but could extend the analysis to other time periods and sectors of listed companies in the indices. Practical implications - The results can guide policy makers to assess the effect of a random crash on stock markets and measure the level of risk from other markets. Social implications - The results can generate a greater understanding of the relationship between the stock markets of China and the emerging countries of Latin America. Originality/value - The value of this paper is to focus on alternative methodology to calculate the correlation matrix yields and measure the dependence between the Chinese and MILA stock markets.","PeriodicalId":44245,"journal":{"name":"Journal of Chinese Economic and Foreign Trade Studies","volume":"9 1","pages":"234-244"},"PeriodicalIF":2.4,"publicationDate":"2016-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/JCEFTS-10-2016-034","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"62061679","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 : 2016-11-22DOI: 10.1108/JCEFTS-10-2016-033
K. Fung, H. Hwang, Jesús Seade, Rocky Tung
Purpose - In this paper, the authors aim to examine trade in parts and components of Mexico, Chile and Brazil, focusing in particular on trade of television parts (SITC 7711) and semiconductors (SITC 7763) with China and South Korea. They also study the impact of foreign direct investment (FDI) on supply chain activities. Design/methodology/approach - The authors use sub-categories of trade data to look at export and import of parts and components involving China, South Korea, Mexico, Brazil and Chile. They also use two-stage regressions to examine the impact of FDI on supply chain trade. Findings - The authors found preliminary evidence that there may be early signs of an emerging Trans-Pacific production network between these three Latin American economies and the China-based and South Korea-based East Asian supply chains. The authors argue that this budding network will improve economic welfare. To deepen the Trans-Pacific supply chain, it would be desirable for China and South Korea to consider joining the Trans-Pacific Partnership (TPP). In addition, FDI enhances trade in components. Practical implications - To deepen the Trans-Pacific supply chain, it would be desirable for China and South Korea to consider joining the TPP. In addition, it would be beneficial for these Latin American economies to encourage more direct investment in infrastructure and in manufacturing facilities from Asia. Originality/value - This paper is one of the earliest research papers examining the Trans-Pacific supply chain, linking China, South Korea with Mexico, Brazil and Chile. The authors also study the impact of FDI on supply chain activities.
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