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Background. Multiple myeloma (MM) is one of the hitherto incurable malignant blood tumors. Bortezomib plays an important role in the treatment of MM. Objective. We aimed to compare effectiveness, safety, and pharmacoeconomic evaluations of the original research drug and the generic drug Bortezomib in the treatment of MM, so as to provide a reasonable basis for the selection of drugs in clinical diagnosis and treatment. Methods. A collection of 374 patients with MM were diagnosed and treated with combined Bortezomib in our hospital from July 2019 to January 2020.Two hundred and sixty nine cases met the criteria for inclusion and discharge. According to the different drug manufacturers, divided into the original research drug group (n = 149) and the generic drug group (n = 120). The effectiveness and safety were separately counted, and use the cost-minimization analysis to make the pharmacoeconomic evaluations. Results. Compared with the results of the two groups, there was no statistical difference between the two groups of treatment efficacy or adverse reaction rates (P > 0.05). The average daily cost of the original research drug group was 2954.38 Chinese yuan (CNY), the average treatment cost per cycle was 32967.69 CNY, the average daily cost of the generic drug group was 2697.29 CNY, and the average treatment cost per cycle was 29129.57 CNY. The price of the generic drug group is lower than the original drug group, and there was a statistical difference between the two groups (P < 0.05). Conclusion. There was no difference between the two groups of effectiveness or safety, and the generic drug is more economical in the treatment. [ABSTRACT FROM AUTHOR]

Background: Although ticagrelor plus aspirin is more effective than aspirin alone in preventing the 30-day risk of a composite of stroke or death in patients with an acute mild-to-moderate ischemic stroke (IS) or transient ischemic attack (TIA), the cost-effectiveness of this combination therapy remains unknown. This study aims to determine the cost-effectiveness of ticagrelor plus aspirin compared with aspirin alone. Methods: A combination of decision tree and Markov model was built to estimate the expected costs and quality-adjusted life-years (QALYs) associated with ticagrelor plus aspirin and aspirin alone in the treatment of patients with an acute mild-to-moderate IS or TIA. Model inputs were extracted from published sources. One-way sensitivity, probabilistic sensitivity, and subgroup analyses were performed to test the robustness of the findings. Results: Compared with aspirin alone, ticagrelor plus aspirin gained an additional lifetime QALY of 0.018 at an additional cost of the Chinese Yuan Renminbi (¥) of 269, yielding an incremental cost-effectiveness ratio of ¥15,006 (US$2,207)/QALY. Probabilistic sensitivity analysis showed that ticagrelor plus aspirin had a probability of 99.99% being highly cost-effective versus aspirin alone at the current willingness-to-pay threshold of ¥72,447 (US$10,500)/QALY in China. These findings remain robust under one-way sensitivity and subgroup analyses. Conclusions: The results indicated that early treatment with a 30-days ticagrelor plus aspirin for an acute mild-to-moderate IS or TIA is highly cost-effective in a Chinese setting. [ABSTRACT FROM AUTHOR]

Following recent advances in asymmetric impact of exchange rate volatility on trade flows, we assess the symmetric and asymmetric effects of exchange rate volatility on China's bilateral trade with each of its 21 trading partners. We find symmetric effects in only a few bilateral trade models. However, the asymmetric analysis which required using nonlinear models revealed short-run asymmetric effects in almost all export and import demand models and log-run significant asymmetric effects in 50% of the models. In almost all models, while increased volatility was found to hurt Chinese trade, decreased volatility was found to boost them, implying that stable exchange rate is beneficial for China's trade. [ABSTRACT FROM AUTHOR]

From the perspective of Marx's theory of the functioning of the international monetary system, there are inherent disadvantages in a sovereign currency acting as the world currency. First, the existing model of the single world currency is unfair, with the country whose sovereign currency functions as the world currency able to obtain huge international seigniorage and international inflation tax. Second, this single world currency model is unstable. The premise behind the functioning of an international monetary means of payment is the strong credit of currency-issuing countries, but the Triffin problem means that the sovereign currency issuers face a dilemma. Third, the duality of the monetary measure of value determines that there can be only one currency performing the function of a world currency in the international market, and a multipolar world currency pattern will lead to frictions among currency-issuing countries. Recognizing the disadvantages of using a sovereign currency as the world currency has important reference value and educative significance for achieving a correct view of digital currency, eSDRs, and RMB internationalization. [ABSTRACT FROM AUTHOR]

We empirically investigate the effect of emissions trading scheme (ETS) on the corporate performance of Chinese listed firms from 2010 to 2016, treating China's pilot ETS as a quasi-natural experiment. Our difference-in-differences analysis shows that the ETS is significantly correlated with corporate performance of high-energy-consuming firms. While the policy effect strengthens in the first few years and then weakens by 2016. This indicates that ETS cannot sustainably and steadily affect the corporate performance. Finally, we find that ETS has a stronger impact on the performance of high-energy-consuming firms in regions with high governmental intervention and an underdeveloped legal system. [ABSTRACT FROM AUTHOR]

This paper examines the causal relationship between the expectation of exchange rate and the Hong Kong H-share discount relative to China A-shares over the period 2006–2015, during which the Chinese currency transitioned from a pegged regime to a managed floating regime. Results show that the expected appreciation of the Chinese yuan leads to the decline in the H-share discount after controlling for the effect of different market sentiments and several other factors that explain the foreign share discount in the existing literature. Our results remain robust after adopting alternative model specifications. [ABSTRACT FROM AUTHOR]

This paper documents vanilla interest‐rate options newly introduced in China. The underlying rates are the RMB loan prime rates (LPRs), the foremost interest rates that matter to almost all businesses and households in China. They are digital with a tick size of five basis points, and the changes only occur monthly at predetermined announcement times. We propose a novel continuous‐time discrete‐state market model based on the integer‐valued Skellam distribution, and derive arbitrage‐free pricing formulas in closed forms. We advocate that it is more meaningful to quote LPR option prices in terms of implied intensity rather than implied volatility. [ABSTRACT FROM AUTHOR]

Previous studies that assessed the impact of exchange rate volatility on Chinese trade flows reported mixed findings. They all have assumed that the effects are symmetric. In this paper, we investigate the possibility of asymmetric effects of the real yuan–dollar volatility on the trade flows of 84 2‐digit industries that trade between the two countries. We show that estimating asymmetric and nonlinear models for each industry yields much more significant outcomes than estimating symmetric and linear models. We find that trade flows of 2/3rd of industries are affected asymmetrically in the short run. Short‐run effects last into asymmetric adverse long‐run effects in 35 U.S. exporting industries (with export share of 45%) to China and in 44 Chinese exporting industries (with 76% export share) to the U.S. Since increased volatility hurts a significant share of both countries' exports, a stable yuan–dollar rate as well as inflation rate will benefit both countries in the long run. [ABSTRACT FROM AUTHOR]

Financial time series are generally high-dimensional, nonstationary, and exhibit heteroscedasticity. To derive a suitable way to cluster financial time series, these characteristics have to be taken into consideration. With this aim, in this article, the financial time series is firstly modeled using generalized autoregressive conditional heteroscedasticity (GARCH) models, where the parameters of GARCH models can represent the dynamic feature of the volatility in each time series. Therefore, the following clustering is realized based on the GARCH model parameters, which can help reduce the dimensionality of the original time series at the same time. Then, to produce semantically sound clustering results, we granulate the parameters based on the axiomatic fuzzy set (AFS) theory and structure them into a collection of meaningful and semantically sound entities, i.e., AFS information granules. Furthermore, the hierarchical structure of AFS information granules is built to realize time series clustering under the framework of granular computing. In the proposed approach, the characteristics of financial time series is fully considered to proceed dimensionality reduction, and the semantic clustering results obtained for different numbers of clusters are guaranteed to be the most informative. In the experiments, an application for clustering the time series coming from Chinese Yuan exchange rates against international currencies is presented to demonstrate the performance of the proposed clustering method. The results of clustering of the proposed method are the same as those of the fuzzy C-means algorithm and the hierarchical clustering with ward linkage, where the clustering results produced by the AFS hierarchical clustering exhibit well-articulated semantics at each level of the hierarchy. [ABSTRACT FROM AUTHOR]

This paper investigates the dependence between COVID-19 shocks and stock market returns for seven countries: Canada, China, France, Germany, South Korea, the UK and the US. Using a quantile-on-quantile (QQ) regression analysis, we find that all stock markets responded to COVID-19 shocks mostly negatively. However, we also observe instances where an increase in the number of COVID-19 confirmed cases resulted in higher stock returns. This unexpected positive dependence captures the much debated stock market-real economy disconnect at the time of the onset of the COVID-19 pandemic. Furthermore, although stock markets' responses to both the global and the country-specific COVID-19 shocks are similar across countries, substantial differences also exist. In particular, stock markets in the US and China differed in their responses to the global COVID-19 shocks, with a higher degree of heterogeneity observed for the Chinese market. Finally, Asian markets reacted differently to country-specific COVID-19 shocks when compared to the US market. This finding could be explained by the fact that investors in the US stock markets may form their expectations mostly from the US COVID-19 shock, while investors in Asian countries, including China, may value more the information transmitted through the global COVID-19 shock. [ABSTRACT FROM AUTHOR]

Objective: The use of attention-deficit hyperactivity disorder (ADHD) medication is increasing worldwide, but its status in China is unknown. This research aimed to assess the trends of ADHD medication use in young Chinese patients between 2010 and 2019. Methods: Dispensing data related to ADHD medication use were extracted from the Hospital Prescription Analysis Cooperative Project of China. The trends in the yearly prescription number of ADHD drugs and corresponding cost were analyzed. We further stratified the data by age, sex, and specific drug. Results: From 2010 to 2019, sampled prescriptions for ADHD medication increased from 902 to 4531, and the total expenditure increased rapidly from 276,580 to 2,412,308 Chinese Yuan. Prescriptions for males were almost fourfold more than that for females. Patients aged 6–11 years had the highest number of prescriptions for ADHD medication each year, accounting for more than 50% of the total number of prescriptions. The percentage of methylphenidate prescriptions decreased from 91.9% in 2010 to 76.9% in 2019, and the corresponding cost declined from 77.3% to 66.8%. In contrast, atomoxetine prescriptions increased progressively and accounted for about 24.5% of the total prescriptions at the end of the study. Conclusions: The use of ADHD drugs and the corresponding cost increased rapidly in China, and methylphenidate was the most frequently prescribed medicine. The increase in ADHD prescriptions requires attention to ensure that it reflects appropriate use, especially in patients aged 6–11 years. [ABSTRACT FROM AUTHOR]

The existence of an uncovered liability has historically benefited foreign banks and lead currencies. Using the case of China's efforts to fund its foreign exchange needs by exploiting loopholes in the international financial architecture, the paper examines whether using state-owned settlement banks as a means of intermediating a specialised 'non-deliverable' financial asset in offshore markets can substitute the institutional and technical prerequisites that developing economies typically lack. The findings show that while offshore money markets can reduce US dollar dependency in areas such as trade invoicing that do not depend on currency delivery, increasing the offshore holdings of RMB is more challenging. The reasons for this are to be found in the way the governance, geographic and credit generating limitations of state settlement banks reinforce the constraints imposed by the uncovered liability problem. The findings distinguish the historical evolution of the RMB's offshore use from other offshore markets and reinforce the impossibility of separating issues related to trade infrastructures from those related to the structure of the international financial system. [ABSTRACT FROM AUTHOR]

The China-specific currency market framework of 'one currency, two markets' provides us with a unique natural experiment to investigate how the active offshore exchange rate frequently diverges from the onshore exchange rate. From an interdisciplinary perspective, we propose a methodological framework that first establishes four convexity–concavity indicators, and then employ time series clustering/segmentation techniques to explore the evolutionary patterns of the onshore and offshore Renminbi exchange rates from 2 May 2012 to 29 December 2017. The empirical results show that the methodology is able to recognize five scenarios in which the exchange rates behave in an unsupervised manner, arriving at a diagnosis of the evolutionary patterns for these two markets. The estimated inverse covariance matrices and the associated graphical representations highlight the assembled timestamps of clustering assignments and reveal time-invariant structures of the market state, with all the most relevant dependencies directly interconnected in these two markets. It also suggests that intervention operations should take into account investor attention, varying arbitrage opportunities for market participants in both markets. [ABSTRACT FROM AUTHOR]

This paper examines how capital controls affect the volatility of the renminbi (RMB) covered interest deviation (CID). We find that capital controls amplify the volatility of RMB CID and the amplification effect becomes more prominent in more flexible RMB exchange regimes. Capital controls influence the volatility of interest rate differential (IRD) and forward premium (FP), two components of CID, differently, particularly during the U.S. Fed's QE era. In addition, using an error correction model, we show that, while capital controls magnify both the short‐ and long‐run volatility of the CID and the IRD, they do not affect FP volatility. [ABSTRACT FROM AUTHOR]

Copyright of Gazi Journal of Economics & Business is the property of Gazi Journal of Economics & Business and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We analyzed the economic benefits versus safety risks of sharing anti-vascular endothelial growth factor (VEGF) vials during the coronavirus disease (COVID-19) pandemic. This single-center retrospective study analyzed the data of patients with neovascular age-related macular degeneration (nAMD), proliferative diabetic retinopathy (PDR) and retinal vein occlusion (RVO) who received anti-VEGF between January 2016 and July 2021 at Renmin Hospital, Wuhan University, China. Costs were compared of the two protocols of intravitreal injections (IVIs) of ranibizumab, aflibercept and conbercept after (i) splitting the vial content for use in two patients and after (ii) disposal of the remaining vial content after use in a single patient, with the COVID-19 outbreak considered as the demarcation point. The incidence rates of post-injection endophthalmitis (PIE) pre- and post-outbreak were analyzed. The mean cost of a single IVI increased by 33.3%, from 3917.67±71.69 to 5222.67±84.98 Chinese Yuan during the pandemic. The incidences of IVI-related culture-positive PIE were 0.0134% (3 in 22448) and 0.0223% (1 in 4479), respectively, before and after the pandemic (P=0.6532). We conclude that vial sharing of IVIs in a large clinical institution is not associated with increased PIE risk and can significantly reduce the cost of therapy. [ABSTRACT FROM AUTHOR]

The author explores the impact of the Yuan SDR exchange rate on capital market indicators after the entry of Chinese Yuan into SDR basket in IMF from 2017m1 to 2021m7 through the cointegration and vector error correction analysis. The trend of Yuan SDR exchange rate is estimated as nonlinear inverse S shape. The decomposition into trend, cycles and seasonal variations are cyclical in which its ARIMA (2,0,2) model is converging and reached to equilibrium in forecasting towards 2023m4. The paper found that there are significant long run causalities from listed companies and Shanghai Composite Index to the Yuan per SDR in which causalities from market capitalisation and interbank lending showed insignificant and no short run causalities were found. [ABSTRACT FROM AUTHOR]

Purpose: It has been increasingly recognized that exchange rate changes affect the cash flow and the value of firms. Existing studies on exchange rate exposure do not have much success in finding significant exposure, and the failure to find this relationship empirically has been termed "exposure puzzle". Motivated by the limited success in detecting significant exchange rate exposure in the extant literature, China's exchange rate regime reform in 2005, the increasing role of China's stock market played in the global financial market and its attractiveness in international portfolio diversification, the purpose of this paper is to resolve the so-called "exposure puzzle" and thus make a contribution to the literature by investigating whether the renminbi (RMB) exchange rate movements have any significant impact on China's stock market from the perspective of US investors who may want to diversify their portfolios with Chinese stocks. Design/methodology/approach: Since previous studies which rely heavily on the standard Ordinary Least Squares (OLS) or seemingly unrelated regression (SUR) method of estimation with the assumption of constant variance of firm's or industry's returns do not have much success in detecting significant exchange rate exposure, in this study, we apply an asymmetric GARCH(1,1) with generalized error distribution (GED) model which takes conditional heteroscedasticity and leptokurtosis of asset returns into account in the estimation of first- and second-moment exchange rate exposure. Findings: Using weekly data over the period August 10, 2005–January 1, 2020 on 40 Chinese sector stock returns, the authors find strong evidence of first-moment exchange rate exposure. In particular, 65% (26 out of 40) of sectors examined have significant first-moment exposures and 73.08% (19 out of 26) of these significant first-moment exposures are asymmetric. For the second-moment exchange rate exposures, they are less frequently detected with 20% (8 out of 40) significant cases. These results are robust to whether an unorthogonalized or orthogonalized bilateral US dollar (USD)/Chinese Yuan (CNY) exchange rate is used in the estimation. Research limitations/implications: Because this study concerns only with whether exchange rate movements affect ex post returns as opposed to expected (ex ante) returns, and given the significant exposures with respect to different risk factors found in the study, it is interesting to see if any of these risk factors commands a risk premium. In other words, a natural extension of this study is to test whether any of these risk factors is priced in China's stock market. Practical implications: The findings of the study have interesting implications for US investors who would like to diversify their portfolios with Chinese stocks and are concerned about whether the unexpected movements in CNY will affect their portfolio returns in addition to its local and world market risk exposures. Originality/value: The study extends previous research on the first- and second-moment exchange rate exposure of Chinese stock returns by utilizing an asymmetric GARCH(1,1) with generalized error distribution (GED) model, which has not been fully exploited in the literature. [ABSTRACT FROM AUTHOR]

Our goal in this paper is to assess short-run and long-run effects of the real yuan-pound rate volatility on the U.K. exports to China and Chinese exports to the U.K. When a linear export model was estimated for each of the 70 industries, we found short-run effects on 43 (53) British (Chinese) exporting industries to China (the U.K.) and which lasted into the long run in 17 (28) British (Chinese) industries. However, when a nonlinear model was estimated, we found short-run asymmetric effects on 58 (67) British (Chinese) exporting industries that lasted into the long in 42 (52) British (Chinese) industries, mostly in an asymmetric manner. Our findings were industry specific but in general, while increased exchange rate volatility hurt British export to China in most industries, it actually boosted Chinese exports to the U.K., in most industries. On the other hand, decreased volatility boosted exports of some British industries, but it hurt exports of some Chinese exporting industries. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Economia Contemporânea is the property of Revista de Economia Contemporanea and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper applies the Generalized Supremum Augmented Dickey–Fuller (GSADF) approach to highlight the multiple exchange rate bubbles, and detect the interaction between Renminbi (RMB) and Hong Kong dollar (HKD) by logistic regression. The results illustrate that (I) there exists multiple bubbles in the RMB and HKD, and both shows the short‐term period bubbles in the nominal exchange rates whereas performing the long‐term period bubbles in the real exchange rates; (II) the exchange rate bubbles mainly existed during the financial crisis. The RMB bubbles occurred more in domestic financial crisis, while the HKD bubbles occurred in both domestic and international financial crisis; (III) there are interactions between bubbles in the RMB and HKD. Specifically, the bubbles in the nominal exchange rates of the RMB and HKD are reinforcing each other while the bubbles in the real exchange rates markets are mutually hedging; the nominal and real exchange rate market are mutually reinforcing regardless of the RMB or HKD. Furthermore, the strength of interactions between the RMB and HKD shows that the price of the HKD is more stable than that of the RMB. [ABSTRACT FROM AUTHOR]

A recent series of empirical studies of the impact of real currency devaluations on a country's trade balance has produced mixed result regarding the J‐curve hypothesis. Thus, in an effort to extend the literature by shedding additional light on the validity of the J‐curve hypothesis, this study revisits the J‐curve hypothesis using data on bilateral trade involving China and the U.S. Results from error correction estimation show that an increase in domestic as well as foreign income significantly improves China's trade balance with U.S., while the monetary variables (both domestic and foreign) have no effect on that trade balance. The key finding is that a depreciation of China's currency initially worsens its trade balance, but, over time, its trade balance improves. This pattern supports the J‐curve hypothesis that is tested in prior studies with mixed results. [ABSTRACT FROM AUTHOR]

This study attempts to investigate whether monetary models of exchange rates are contributing at the same pace to determine the exchange rates across countries, or whether their role has been changed through the development process. Since the 'money demand' and 'purchasing power parity are two major elements of these models suggesting a linear association of monetary models with exchange rate fundamentals, therefore, to capture the expected long-run relationship across these models is assessed by applying the cointegration technique. Three main currenciesbased exchange rates of Pakistan are evaluated within the context of monetary models including the US dollar, Euro, and Chinese Yuan. A sample of monthly data for the period 1957 to 2020 has been analyzed. The results show a weak long run relationship in the case of the Chinese Yuan-based exchange rate; however, in the short-run monetary models are significantly contributing to determining the real (nominal) exchange rate in the case of all three based currencies. Whereas in the case of both Euro and US dollar-based exchange rates the relationship is strongly evident both in the long and short runs. Chinese Yuan appears to be preferred over both US Dollar and Euro for international payments and a major share in foreign exchange reserves. [ABSTRACT FROM AUTHOR]

The paper presents a quantitative study on the bilateral exchange-rate volatility of Chinese and Pakistani currencies by considering their bilateral trade. For the impact assessment, trade data of major industries were considered, and the "Ng- Perron" unit root test has been employed. The Unit root tested the stationarity of the exports and imports for both partners, and the outcome implied the use of the error correction method. Moreover, the Johansen co-integration technique has also been applied to confirm the existence of co-integration. We found evidence that variability in the exchange rate has a mixed impact on a few exporting and importing commodities both in the long-run and in the short-run, however, only a few commodities were impacted negatively. Thus, policymakers of both countries can consider Yuan as a medium of exchange while trading. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to identify trade integration and structure effects on bilateral trade between China and its partners, focusing on Chinese merchandise imports during the period 1995–2018. Design/methodology/approach: The methodological approach applied here uses the augmented gravity model to investigate the factors lying behind import intensity, by use of the ordinary least squares (OLS) and Poisson pseudo maximum likelihood (PPML) estimators. Findings: The findings provide evidence of complementarity between the Chinese demand and the world commodity markets. Free trade agreements between China and third countries seem to gradually lose significance, as the Chinese economy consolidates in world trade. Higher product diversification in export structures of China's trading partners can become advantageous for facilitating market penetration. Diversification of energy resources, the steady, high demand for infrastructure equipment and more sophisticated consumer products constantly determine the structure of Chinese merchandise imports originating mainly and increasingly from countries with direct access to the Pacific Ocean. Originality/value: The analytical breakdown of Chinese imports, presented in this paper, adds value to the existing literature with regard to trade structure analysis for China, paving the way for similar research for other developing countries as well. [ABSTRACT FROM AUTHOR]

Purpose: In the process of Renminbi (RMB) internationalization, the heterogeneity and complexity in knowledge under the multicultural contexts have been considered as important factors that can have profound impacts on the cross-border flow of the RMB currency. Moreover, COVID-19, an exogenous shock, also triggers more in-depth reflection on the relationship between cross-border knowledge management and the financial risk governance. In addition, the needs to effectively respond to global risks and crises prompt the necessity in systematically establishing an effective cross-border knowledge management mechanism and innovatively solidifying the knowledge bases needed for the further internationalization of the RMB. Design/methodology/approach: Based on the analysis on the current status of the RMB internationalization, this paper qualitatively explores some major challenges and difficulties encountered in the process of RMB internationalization from the perspectives of knowledge management and cross-cultural theories. To effectively mitigate these challenges and difficulties, discussions and recommendations centered on three main aspects: cross-cultural management; cognition; and innovation for the further development of the RMB internationalization are also presented in this paper. Findings: Based on the analysis on the cross-border knowledge management and cross-cultural perspectives, this paper identifies three major challenges and difficulties that the RMB internationalization is encountering, including: cultural heterogeneity and its adverse impacts on the communication amongst economic entities; the existence of knowledge iceberg; and the difficulty it presents to cognition and financial innovation. Meanwhile, the authors also present recommendations on the development of the cross-border knowledge management mechanism for furthering the progress of internationalizing the RMB currency. Research limitations/implications: From the perspective of cross-border knowledge management, this study not only elaborates on the recommendations aimed at further promoting the RMB internationalization but also provides reference and guidance for the state, central banks and commercial banks to play better roles in furthering the RMB internationalization. Originality/value: This paper creatively integrates the micro knowledge management into the macro process of RMB internationalization, thoroughly discusses two main challenges and difficulties encountered in the process of RMB internationalization from the unique perspective of cross-border knowledge management under the multicultural contexts and provides relevant recommendations for RMB's further internationalization. This study also enriches the exploration of knowledge management outcome variables and further expands the research field of knowledge management. [ABSTRACT FROM AUTHOR]

We compare the performance of two approaches for finding the optimal set of products to display to customers landing on Alibaba's two online marketplaces, Tmall and Taobao. Both approaches were placed online simultaneously and tested on real customers for one week. The first approach we test is Alibaba's current practice. This procedure embeds thousands of product and customer features within a sophisticated machine-learning algorithm that is used to estimate the purchase probabilities of each product for the customer at hand. Our second approach uses a featurized multinomial logit (MNL) model to predict purchase probabilities for each arriving customer. In this way, we use less sophisticated machinery to estimate purchase probabilities, but we employ a model that was built to capture customer purchasing behavior and, more specifically, substitution patterns. Our experiments show that despite the lower prediction power of our MNL-based approach, it generates significantly higher revenue per visit compared with the current machine-learning algorithm with the same set of features. We compare the performance of two approaches for finding the optimal set of products to display to customers landing on Alibaba's two online marketplaces, Tmall and Taobao. We conducted a large-scale field experiment, in which we randomly assigned 10,421,649 customer visits during a one-week-long period to one of the two approaches and measured the revenue generated per customer visit. The first approach we tested was Alibaba's current practice, which embeds product and customer features within a sophisticated machine-learning algorithm to estimate the purchase probabilities of each product for the customer at hand. The products with the largest expected revenue (revenue × predicted purchase probability) are then made available for purchase. Our second approach, which we developed and implemented in collaboration with Alibaba engineers, uses a featurized multinomial logit (MNL) model to predict purchase probabilities for each arriving customer. We used historical sales data to fit the MNL model, and then, for each arriving customer, we solved a cardinality-constrained assortment-optimization problem under the MNL model to find the optimal set of products to display. Our field experiments revealed that the MNL-based approach generated 5.17 renminbi (RMB) per customer visit, compared with the 4.04 RMB per customer visit generated by the machine-learning-based approach when both approaches were given access to the same set of the 25 most important features. This improvement represents a 28% gain in revenue per customer visit, which corresponds to a 4 million RMB improvement over the week in which the experiments were conducted. Motivated by the results of our initial field experiment, Alibaba then implemented a full-featured version of our MNL-based approach, which now serves the majority of customers in this setting. Using another small-scale field experiment, we estimate that our new MNL-based approach that utilizes the full feature set is able to increase Alibaba's annual revenue by 87.26 million RMB (12.42 million U.S. dollars). [ABSTRACT FROM AUTHOR]

The paper analyzes if the international monetary system calls for reform and whether China and the renminbi will play a decisive role in the post COVID-19 world. It also evaluates the main scenarios and trends that is being discussed since the global crisis – selecting the relevant authors, journals, institutions and opinions – examines present conditions and tries to extrapolate into future trends. Opting for a nontechnical approach, the article could be a good insight into the international monetary system, for academics, non-experts and policy makers. The paper concludes that if the 2008 crisis has induced the growth of the China role in the international monetary governance and the increase of the renminbi internationalization, the COVID-19 pandemic and post crisis reconstruction could generate a deeper reform of the international monetary system, in which the Chinese currency will strengthen its global position alongside the US dollar and the euro.

The aim of this study is to examine the dynamic relationship between Bitcoin and major foreign exchange rates namely Euro, British Pound, Canadian Dollar, Japanese Yen, and Chinese Yuan. In this context, we employ the causalityin- mean and variance test suggested by Hong (2001) to examine the presence of mean and volatility spillover effects between Bitcoin and foreign exchange rates. Also, we use the causality-in-risks test proposed by Hong et al. (2009) to investigate the existence of tail dependence between Bitcoin and foreign exchange rates. By using daily data from August 19, 2011, through August 6, 2021, we find unidirectional Granger causality-in-mean from Euro, Pound, and Dollar to Bitcoin. On the other hand, causality-in-variance test results suggest a bidirectional volatility spillover effect between Bitcoin and Euro and Pound. Also, Yuan and Dollar are found to be Granger cause-in-variance of Bitcoin. Causality-in-risk test results provide evidence in favor of causal link running from Euro and Pound to Bitcoin. In addition, unexpected losses in Bitcoin are the Granger cause of unexpected losses in the Yen. Overall, our empirical analysis results show that the Chinese currency market seems to be less integrated with Bitcoin. [ABSTRACT FROM AUTHOR]

The extreme floods in the Middle/Lower Yangtze River Valley (MLYRV) during June−July 2020 caused more than 170 billion Chinese Yuan direct economic losses. Here, we examine the key features related to this extreme event and explore relative contributions of SST anomalies in different tropical oceans. Our results reveal that the extreme floods over the MLYRV were tightly related to a strong anomalous anticyclone persisting over the western North Pacific, which brought tropical warm moisture northward that converged over the MLYRV. In addition, despite the absence of a strong El Niño in 2019/2020 winter, the mean SST anomaly in the tropical Indian Ocean during June−July 2020 reached its highest value over the last 40 years, and 43% (57%) of it is attributed to the multi-decadal warming trend (interannual variability). Based on the NUIST CFS1.0 model that successfully predicted the wet conditions over the MLYRV in summer 2020 initiated from 1 March 2020 (albeit the magnitude of the predicted precipitation was only about one-seventh of the observed), sensitivity experiment results suggest that the warm SST condition in the Indian Ocean played a dominant role in generating the extreme floods, compared to the contributions of SST anomalies in the Maritime Continent, central and eastern equatorial Pacific, and North Atlantic. Furthermore, both the multi-decadal warming trend and the interannual variability of the Indian Ocean SSTs had positive impacts on the extreme floods. Our results imply that the strong multi-decadal warming trend in the Indian Ocean needs to be taken into consideration for the prediction/projection of summer extreme floods over the MLYRV in the future. [ABSTRACT FROM AUTHOR]

The Chinese government has proposed a new development model called Dual Circulation, which, we argue, is a response to the upsurge of trade protectionism in recent years, as well as an acceleration of China's long-planned restructuring of its economy. Our input-output analysis reveals the inferior global distributional position of China and the dire consequences it faces from a counterfactual US-China trade decoupling. Specifically, China on average transferred out about 9 percent of its abstract labor during 2010–14, and it stands to lose 2.5 percentage points in its growth rate and over 10 million jobs if the United States and China completely transfer their bilateral trade to other partners. JEL classification : B51, O24, D57 [ABSTRACT FROM AUTHOR]

This article synthetically presents the key arguments and finding of a recent book of mine (Enterprises, Industry and Innovation in the People's Republic of China: Questioning Socialism from Deng to the Trade and Tech War, Springer, 2020) on the gradual evolution of enterprise forms since the inception of rural and industrial reforms and the development of a modern innovation system in China. The book focuses mainly on the multi-causal processes of change occurring in the underlying socioeconomic relations of production and exchange, which cannot be adequately interpreted as a pure manifestation of the simple State–Market opposition. In fact, the complex and evolutionary interactions between state-led industrial and other development-oriented policies, on the one hand, and (relatively) automatic market mechanisms working in a quasi-by-default manner, on the other hand, constitute the essence of China's distinctive economic model. From an epistemological perspective, the conceptual foundations of my work are those of the Classics and of the Marxian tradition, with the twin categories of the mode of production and socioeconomic formation as basic starting points. I try to partly re-interpreted these foundations taking into account the lessons of historical experience, as tools that can help—along with other ones—to understand twenty-first-century complex socioeconomic systems. [ABSTRACT FROM AUTHOR]

This article focusses on the rich opportunities that the e-markets offer to firms of all sizes, especially to the resource constrained small and medium sized firms, including family firms. The primary aim of this article is I to address a few existing gaps in the international Entrepreneurship's extant literature, including the impact of over-all interaction between firms' characteristic and entry into, and active participation in, international markets by different firms i . The list of such firms includes intergenerational family-firms, highly entrepreneurial and innovative firm (Casillas et al. [11]), who have crossed the competitive border of the global e-markets. [Extracted from the article]

In March 2015, the UK applied to become a founder member of the Chinese-led Asian Infrastructure Investment Bank (AIIB) despite objections from the Foreign Office and Washington, DC, and ahead of other major western countries although they were to follow quickly. What explains the British decision? The paper argues that the underlying long-run reasons included shifting perceptions of American and Chinese power, economic imperatives, the institutional opportunities offered to pursue "venue-shopping" strategies within the British state, and widespread ambivalence about UK policy towards China. Furthermore, although analyses often eschew "snapshot" perspectives, short-run perceptions that the UK could, by joining the AIIB at that point, gain a first mover advantage that would provide greater access to Chinese markets, secure contracts across Asia for British firms, and enable the City of London to win an even greater share of the offshore renminbi trade proved decisive. [ABSTRACT FROM AUTHOR]

This study investigates the relationship between firms' export performance and prior investment experience in the corresponding country by using a novel dataset of Chinese firms. We find that a firm's export performance, in terms of value, quantity, unit price level and product varieties, is considerably better in destination countries where the firm has previously invested. The patterns are more pronounced when exporters are non‐state‐controlled or small‐sized firms. Our analysis also shows that such country‐specific outward foreign direct investment experience can facilitate firm exports by bridging country‐pair physical and cultural distances and overcoming contractual barriers in destination countries. The data further imply that the positive effect partly stems from the purpose of local production. [ABSTRACT FROM AUTHOR]

It is becoming increasingly common in recent years that Chinese government officials visit companies on site and the news about this spread widely on the Internet. Official visits can bring various benefits to companies in China, where the government still plays an important role in allocating economic resources, including bank credit. Based on the data of officials' visits to Chinese listed firms during 2006–2019, this paper finds that firms' access to short-term bank loans increases significantly after officials' visits, which, in turn, significantly enhance the degree of maturity mismatch. Furthermore, the paper finds that the stock market reacts negatively to the maturity mismatch. However, firms' stock return is discounted less for maturity mismatch both in short and long term when firms are visited by officials. The findings in this paper are helpful in profoundly understanding China's economic system and Chinese government–enterprise relationship. [ABSTRACT FROM AUTHOR]

Purpose: The speed of internationalization is an important research topic in the process of internationalization. This paper aims to answer two questions: first, what is the relationship between the speed of internationalization of Chinese multinational firms and their performance? Second, how do potential slack and knowledge assets of firms affect this relationship? Design/methodology/approach: The authors choose Chinese A-share listed manufacturing firms from 2009–2018 as the research sample and use the fixed-effect regression model to test the proposed hypotheses. Findings: Firstly, there is an inverted U-shaped relationship between the speed of internationalization and firm performance (SI-P). Secondly, the potential slack and knowledge assets of firms moderate the inverted U-shaped relationship. Firms with a higher level of potential slack or knowledge assets have a flatter inverted U-shaped relationship between SI-P. Originality/value: First, the authors develop and extend Penrose's theory of firm growth to the research topic of speed of internationalization. Second, this paper incorporates the time dimension into the research on the internationalization process and locates the research context in emerging market firms (EMFs). This is a step forward in clarifying the complex relationship of SI-P. Third, the authors show that the SI-P relationship of EMFs is inverted U-shaped and integrate previous studies, which argue that rapid internationalization positively or negatively affects firm performance. Fourth, starting from inside the firm, the authors provide more contextual factors for better understanding and analysis of the SI-P relationship. [ABSTRACT FROM AUTHOR]

We analyze the return and volatility connectedness between the three Chinese exchange rate markets, namely, the onshore market, the offshore market, and the nondeliverable forward offshore market. Our results show that connectedness exhibits an increasing trend with fluctuations during periods of internal reforms and external shocks. For example, the connectedness increased with China's exchange rate reform on August 11, 2015 but dropped after that. Furthermore, we document that the offshore spot and a forward market dominated the other rates in return spillovers. In contrast, both the offshore and onshore forward rates dominated the other rates in volatility spillovers. [ABSTRACT FROM AUTHOR]

Objective: To determine the cost effectiveness of molecular monitoring in patients with chronic myeloid leukemia in the chronic phase (CML-CP) compared to no molecular monitoring from a Chinese payer perspective. Methods: Analyses were conducted using a semi-Markov model with a 50-year time horizon. Population data from multicenter registry-based studies of Chinese patients with CML-CP informed the model. Transition probabilities were based on time-to-event data from the literature. Utility values were obtained from published studies and were assumed to be the same for patients with and without molecular monitoring. Costs were based on values commonly used in the Chinese healthcare system, including drug acquisition, drug administration, follow-up, treatment for disease progression, molecular monitoring, and terminal care costs, and were in the local currency (2020 Chinese Yuan RMB [¥]). Outcomes were total life-years (LYs) and quality-adjusted life years (QALYs), lifetime costs, and incremental cost-effectiveness ratio. Results: Molecular monitoring was dominant to no molecular monitoring, with increased LYs (1.52) and QALYs (1.90) and costs savings (¥93,840) over a lifetime compared to no monitoring in discounted analyses. The opportunity of patients that receive molecular monitoring to discontinue treatment during treatment-free remission, an opportunity not afforded to those without molecular monitoring, was the principle driver of this result. Results were similar across multiple clinical scenarios. Particularly, molecular monitoring remained dominant even if the proportion of patients achieving deep molecular response (DMR) was reduced by 10%-30%, or the proportion of patients maintaining DMR for 1 year was reduced by 10%-30% or increased by 10%. Cost savings in these scenarios ranged from ¥62,230 to ¥103,964. Conclusions: Overall, this analysis demonstrates that adherence to guideline recommendations of regular molecular monitoring of patients with CML-CP treated with TKIs provides significant clinical benefit that leads to substantial cost savings compared to no molecular monitoring from the perspective of a Chinese payer. In a time where healthcare systems have limited resources to allocate to optimal patient care, investment in molecular monitoring is an ideal choice for improving patient benefits at a reduced cost. [ABSTRACT FROM AUTHOR]

This study tested whether pandemic-induced fear is a predictor of the exchange rate returns of seven major currencies – Australian dollar, Canadian dollar, Swiss franc, yuan, EURO, pound sterling, and yen. Daily data on US dollar-based exchange rate returns and the global fear index for COVID-19 pandemic for the period 10-02-2020–02-04-2021 were used. Symmetric and asymmetric wild bootstrap likelihood ratio tests were employed in testing the relationship. The symmetric test results showed that pandemic-induced fear is capable of predicting the exchange rate returns of the Swiss franc, yuan, and the EURO. Specifically, negative relationships were recorded between their returns and the global fear index for pandemics. The asymmetric test results however showed that increasing pandemic-induced fear leads to decreases in the returns of the Australian dollar, Canadian dollar, Swiss franc, yuan and EURO. Overall, this study showed that pandemic-induced fear is a predictor of exchange rate returns. It is therefore suggested that the maintenance of stability in the financial system should be treated as an integral part of policy responses designed to mitigate the adverse effects of pandemics. This way, economic agents will not be forced to move their investments to foreign currency-denominated assets due to fear of investment losses. [ABSTRACT FROM AUTHOR]

Purpose: Overuse of chemical fertilizers and pesticides is a major policy concern for many countries. Chinese government has adopted many technologies and management practices to reduce their use. However, little is known about the effects of social-economic method such as short supply chain (SSC) participation. SSC is an important organizational innovation in fresh food supply chains aiming at directly connecting farmers and consumers. Closer relationships between farmers and consumers may result in production behavioral changes. Thus the purpose of this paper is to investigate the impacts of SSC participation on agrochemicals application. Design/methodology/approach: Based on the household level data collected from Jiangsu province in China, this paper employs an instrumental variable (IV) method to address the self-selection bias when we evaluate the effects of SSC participation on use of chemical fertilizer and pesticides. In addition, this paper also distinguishes between growth inputs and facilitating inputs in the production function when we calculate the marginal production values of chemical fertilizer and pesticides. Findings: The empirical results show that SSC participation significantly reduces chemical fertilizer use by 351 kg and pesticides costs by 1659 Yuan (RMB) per hectare, accounting for 43.4% of the average chemical fertilizer use and 49.4% of the average pesticide costs, respectively for Chinese vegetable farms. However, SSC participation still cannot improve the use efficiency of agrochemicals. Originality/value: This paper uses both application quantities and allocation efficiencies of chemical fertilizer and pesticides to comprehensively evaluate the effects of SSC participations. The results will reveal the core role of SSC played in promoting sustainable development of Chinese agricultural sector dominated by small-scale farmers. [ABSTRACT FROM AUTHOR]

Neoliberalism initially invoked the authority of competitive markets as the ideal epistemic mechanism for socio-economic coordination. Yet, the rise of neoliberal 'market society' in Western advanced economies since the 1970s has been underpinned by a normative political theory that advocates the reconfiguration of society and politics around the authority of economic theory and knowledge in both production, but especially finance. Conversely, the reform-era development of China's 'socialist market economy' has been underpinned by an insistence on retaining centralized political power over the allocation of financial capital. This article argues that the rise of digital algorithmic technologies constitutes one means by which these contrasting politico-economic visions are being more closely reconciled. It investigates the ways in which China's ongoing construction of an explicitly authoritarian capitalism is being facilitated by the deployment of complementary financial technologies that enable the Chinese Communist Party to embrace the micro-level epistemic coordinative function of markets without relinquishing macro-level political power and juridical sovereignty over these markets. Following a comparative historiography of the praxis of 'neoliberal' and 'neostatist' political theory in contemporary capitalism, two case studies of blockchain-enabled currency and big-data driven credit scoring in China illustrate the emergent Fintech foundations of Chinese authoritarian capitalism. The findings contribute to our understanding of how markets are being reshaped by new algorithmic technologies, as well as illuminate some of ideological contradictions in existing conceptions of markets as (neo)liberal institutions at the centre of capitalist political economy. [ABSTRACT FROM AUTHOR]

China’s increasing trade volume and continuous integration with global financial markets have strengthened the influences of the renminbi on the exchange rates of different currencies. Previous studies find closer co-movements between the renminbi and other currencies. This paper is novel to investigate the underlying determinants of the comovement further, using panel data of over thirty-four countries. Our results show that stronger bilateral trade and financial linkages with China have a positive association with the currency co-movement. Moreover, countries with greater flexibility in exchange rate regimes show stronger co-movements. These findings imply that growing co-movements are the consequence of autonomous decisions at the market rather than that of management by governments or central banks.

This study investigates the impact of changes in the Yuan-Dollar exchange rate (CNYUSD) on Malaysia’s macroeconomic variables during China’s pre- and post-exchange rate reform periods. Using data from 1988 Q1 to 2017 Q2, our results show: firstly, changes in CNYUSD influence Malaysia’s macroeconomic indicators in the post-exchange rate reform period, and an appreciation in CNYUSD leads to an expansion in real GDP and price level; secondly, positive impact on real GDP and price level lasts for one-year horizon; lastly, the variance decomposition yields consistent results with the impulse response function. As a policy suggestion, the Malaysian government should improve the competitiveness of the export sector in order to reap the benefit of Chinese Yuan appreciation through the aggregate demand channel.