English Abstract: This study examines how financial friction in a situation with foreign currency- denominated debt could affect the Chinese economy and social welfare using a small open economy model with Chinese characteristics. We find that the financial channel, as well as the trade channel,...

International financial integration helps to diversify risk but also may increase the transmission of crises across countries. We provide a quantitative analysis of this trade-off in a two-country general equilibrium model with endogenous portfolio choice and collateral constraints. Collateral...

International financial integration helps to diversify risk but also may increase the transmission of crises across countries. We provide a quantitative analysis of this trade-off in a two-country general equilibrium model with endogenous portfolio choice and collateral constraints. Collateral...

Does opening up capital markets facilitate risk diversification across borders? Are all countries gradually better off in the process of international financial integration? This paper explores welfare implications for various countries in a center-periphery framework with endogenous portfolio...

International financial integration helps to diversify risk but also may increase the trans- mission of crises across countries. We provide a quantitative analysis of this trade-off in a two-country general equilibrium model with endogenous portfolio choice and collateral con- straints....

Utilizing open-close returns, close-close returns and volume data, we examine the reaction of the Treasury futures market to the periodically scheduled announcements of prominent U.S. macroeconomic data. Heterogeneous persistence from scheduled news vs. non-scheduled news is revealed. Strong...

Is the stock market responsive to macroeconomic news? This paper employs the daily returns of the Dow Jones Industrial Index, the Samp;P 500 index, the Russell 1000 index, and the Russell 2000 index to examine stock market reactions to a broad list of macroeconomic announcements, including money...

Background:Public health emergencies have a significant impact on the health of citizens, the local economy, and society as a whole. Currently, in many parts of China, there is a widespread lack of the knowledge and skills required for emergency preparedness and self-rescue. By carrying out...

China’s fourth constitutional amendment in 2004 consists of a series of significant revisions, such as the incorporation of Jiang Zemin’s ‘Three Represents’ and the commitment to respect and protect human rights and lawful private property. Like the previous three...

In this paper, we propose a queueing model to describe traffic breakdown phenomena caused by perturbations of on-ramp merging vehicles. In congested mainline traffic flow, we assume that a merging vehicle will trigger a jam queue formulation. If this jam queue cannot dissipate before the next...