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| 1 |
ID:
186474
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| Summary/Abstract |
Against the backdrop of the COVID-19 pandemic, the study explores the hedging and safe-haven potential of green bonds for conventional equity, fixed income, commodity, and forex investments. We employ the cross-quantilogram approach to understand better the dynamic relationship between two assets under different market conditions. Our full sample results reveal that the green bond index could serve as a diversifier asset for medium- and long-term equity investors. Besides, it can serve as a hedging and safe-haven instrument for currency and commodity investments. Moreover, the sub-sample analysis of the pandemic period shows a heightened short- and medium-term lead-lag association between the green bond index and conventional investment returns. However, the green bond index emerges as a significant hedging and safe-haven asset for long-term investors of conventional financial assets. Our findings offer valuable insights for long-term investors when their portfolios are comprised of conventional assets such as equities, commodities, forex, and fixed income securities. Further, our findings reveal the potential role of green bond investments in global financial recovery efforts without compromising the low-carbon transition targets.
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| 2 |
ID:
108579
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| Publication |
2011.
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| Summary/Abstract |
Based upon a strategic assessment that portrays the United States in relative decline
and international public goods deteriorating, Japan has placed new emphasis on
developing its own capability to deter China in the "gray zones" of disputed territories
and waters near its southern island chain. Consensus across the Japanese security
community on this new strategic outlook has led to the abandonment of the Basic
Defense Force concept and the adoption of a "Dynamic Defense Force" concept
as the underlying logic driving Japan's defense policy. Japan's new policy of
dynamic deterrence emphasizes increasing its visibility in the southern islands
through improved intelligence, reconnaissance and surveillance (ISR) capabilities
as well as enhancing its capability to deal with contingencies arising in that area
by developing a more mobile and flexible force structure that is better coordinated
for a timely response. While domestic ideological battles continue to thwart the
adoption of collective self-defense and other controversial revisions to Japan's
defense policy, Japan's willingness to play a larger role in monitoring Chinese
maritime expansion in the East China Sea has been welcomed by the United
States. The article concludes by arguing that Japan's "3/11" disaster is unlikely to
cause it to abandon its new defense policy and that the future of Japan's defense
transformation will most likely be guided by the outcome of Japan's engagement
with China
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| 3 |
ID:
141056
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| Summary/Abstract |
How can trusting relationships be identified in international politics? The recent wave of scholarship on trust in International Relations answers this question by looking for one or the combination of three indicators – the incidence of cooperation; discourses expressing trust; or the calculated acceptance of vulnerability. These methods are inadequate both theoretically and empirically. Distinguishing between the concepts of trust and confidence, we instead propose an approach that focuses on the actors' hedging strategies. We argue that actors either declining to adopt or removing hedging strategies is a better indicator of a trusting relationship than the alternatives. We demonstrate the strength of our approach by showing how the existing approaches would suggest the US-Soviet relationship to be trusting when it was not so. In contrast, the US-Japanese alliance relationship allows us to show how we can identify a developing trusting relationship.
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