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| Srl | Item |
| 1 |
ID:
138902
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| Summary/Abstract |
The present paper studies China's national level currency exposure since 2005 when the country adopted a new exchange rate regime allowing the renminbi (RMB) to move towards greater flexibility. Using generalized autoregressive conditional heteroskedastic and constant conditional correlation-generalized autoregressive conditional heteroskedastic methods to estimate the augmented capital asset pricing models with orthogonalized stock returns, we find that China equity indexes are significantly exposed to exchange rate movements. In a static setting, there is strong sensitivity of stock returns to movements of China's tradeweighted exchange rate, and to the bilateral exchange rates except the RMB/dollar rate. However, in a dynamic framework, exposure to all the bilateral currency pairs under examination is significant. The results indicate that under the new exchange rate regime, China's gradualist approach to moving towards greater exchange rate flexibility has managed to keep exposure to a moderate level. However, we find evidence that in a dynamic setting, the exposure of the RMB to the dollar and other major currencies is significant. For China, the challenge of managing currency risk exposure is looming greater.
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| 2 |
ID:
098336
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| Publication |
2010.
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| Summary/Abstract |
This article examines the contested drama of the epic quest of self-identity through a critical rereading of three works by Beijing writers from three different generations, describing Beijing life during three different time periods: Wang Meng's "Kite Streamers" (1979), Xu Xing's "Variations Without a Theme" (1985), and Chun Shu's Beijing Doll (2001). Wang Meng's protagonists occupy a limited space between their individual dreams and the tarnished collective ideals in the late 1970s. The groundbreaking stream of consciousness technique that Wang Meng ushered in illustrates a rupture between the repressive ideology of the past and an unconscious world of personal desires. Xu Xing's protagonist is forever wandering Beijing's streets, positioning himself on the margins of social space. His unfixed identity creates a detached, even schizophrenic, perspective while at the same time it empowers a subjectively critical engagement in the 1980s. Chun Shu (the name of both the writer and the protagonist), an icon of the so-called New New Human Being movement in 21st-century Beijing, who longs for a luxurious living space and celebrates the electronic euphoria, as this article argues, is nothing more than a cybernetic punk of post-modern consumerism and post-socialist nihilism.
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| 3 |
ID:
125009
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| Publication |
2013.
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| Summary/Abstract |
This paper investigates sensitivity of stock returns of industry-sorted Chinese firms with respect to renminbi exchange rate movements. Strong evidence of significant exposure is documented for 7 out of 16 Chinese industries. Evidence is also found of the size asymmetry effects. In addition, we explore the characteristics of the exposure, and detect evidence of significant exposure among non-exporters in some of the industries. Special attention is given to examining the time-varying exposure under the impact of the new Chinese exchange rate regime in place since 2005, in which even stronger exchange rate exposure is reported. The conditional exposure estimated in this paper also reveals the close relation between stock returns and changes of the renminbi exchange rate.
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| 4 |
ID:
104364
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