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| 1 |
ID:
135982
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| Summary/Abstract |
Using a sample of 1674 international students in China, the present study explores sociocultural adaptation and its determinants. The results indicate that sociocultural adaptation among international students in China is largely shaped by the nature of the interaction with host nationals. In particular, among international students, those who experienced higher levels of social interaction with host nationals and received more social support were better poised for sociocultural adaptation. Rather contrary to similar research in the Western context, the study finds that international students from East Asia actually experienced more sociocultural difficulties in China than their counterparts from Western countries. These findings suggest the possibility of China and other oriental countries with sound higher education systems playing more active roles in the global higher education market.
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| 2 |
ID:
135979
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| Summary/Abstract |
This paper focuses on a conventional debate regarding whether Chinese outward direct investors tend to invest in countries with high political risk. Using 2003–2011 data from the World Bank, the Heritage Foundation and the KOF Swiss Economic Institute, we investigate China's political risk distribution and political risk index (PRI). Our results indicate that China's political risk index was ranked 48th among 153 economies in 2011, in the lower risk level of the PRI spectrum. In an international comparison of political risk distribution, the proportion of Chinese outward direct investment (ODI) among countries with high political risk is less than the world average. The Chinese ODI political risk index has significantly improved and remains lower than the world average. To improve Chinese ODI PRI, the Chinese Government should continue to implement differentiation strategies and to offer official development assistance to improve the investment environment in developing countries and reduce political risk.
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| 3 |
ID:
135978
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| Summary/Abstract |
We examine the extent to which Chinese development banks have financed the globalization of China's “national champion” firms: specifically, through outward foreign direct investment (OFDI). We create a database of Chinese finance for OFDI and compare our results to the existing literature and available data on Japan, Korea and other Asian nations. We estimate the total value of China's OFDI finance from 2002 to 2012 at US$140bn. As a percentage of total OFDI, China's lending is roughly three times higher than Japan's, the previous global leader in OFDI finance. We identify two major reasons for China's high (31 percent) ratio of OFDI lending to total OFDI. First, China has a greater incentive to give OFDI loans than Japan or Korea ever did because its borrowers are state-owned so it can more easily channel funds to targeted areas. Second, China has a greater capacity to give OFDI loans because it has significantly higher savings and foreign exchange reserves than Japan and Korea.
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| 4 |
ID:
135981
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Based on the stylized facts of financial crises and systemic risk accumulation, this paper constructs a new financial imbalance index (FII) from the perspective of endogenous financial cycles and assesses its application in China's macro-financial analysis. The results show that the FII is not only an effective index to detect financial imbalances in China's economic cycles, but is also more accurate than and plays more of a leading role than conventional indicators, such as the consumer price index, the financial conditions index and the purchasing managers indicator. Empirical analysis shows that the FII can be used as an effective indicator to measure systemic financial risk, and can provide policy-makers and market participants with useful information to make appropriate decisions.
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| 5 |
ID:
135983
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| Summary/Abstract |
The overheated housing market has recently become a top priority of the Chinese authorities and whether the ripple effect exists is key to understanding this housing issue. The present paper uses a cointegration estimation technique for six first-tier Chinese cities during the 2003–2013 period to show that the comovements among housing prices in China are fully reflected in a long-run equilibrium. Using the Toda–Yamamoto causality test, the ripple effect is found to be characterized by a lead–lag relationship. More importantly, it is found that Beijing is the main source of housing price appreciation in China, and should be targeted as the regulatory object to efficiently resolve the troubles in this increasingly high housing-price era.
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| 6 |
ID:
135980
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| Summary/Abstract |
The empirical literature on China's outward foreign direct investment mainly relies on aggregate data from official statistics, but the reliability of such data is currently a matter of concern because it does not take account of relevant features such as industry breakdown, ownership structure and entry mode. A novel firm-level database, EMENDATA, compiled by matching data from several available sources on various types of cross-border deals and including information on group structure, provides a more accurate picture and enables new empirical analyses of the rapidly increasing presence of Chinese companies abroad. Based on this database, this paper offers a more precise assessment of the geographical and sector specialization patterns of Chinese outward foreign direct investment into Europe and suggests new avenues for future research.
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