14,988 research outputs found
The Empirics of China's Outward Direct Investment
We investigate the empirical determinants of China’s outward direct investment (ODI). It is found that China’s investments in developed and developing countries are driven by different sets of factors. Subject to the differences between developed and developing countries, there is evidence that a) both market seeking and resources seeking motives drive China’s ODI, b) the Chinese exports to developing countries induce China’s ODI, c) China’s international reserves promote its ODI, and d) the Chinese capital tends to agglomerate among developed economies but diversify among developing economies. Similar results are obtained using alternative ODI data. We do not find substantial evidence that China invests in African and oil-producing countries mainly for their natural resources.market seeking, resources seeking, servicing exports, international reserves, agglomeration effect
Capital Flight: China's Experience
We study the empirical determinants of China’s capital flight. In addition to the covered interest differential, our empirical exercise includes a rather exhaustive list of macroeconomic variables and a few institutional factors. Overall, our regression exercise shows that China’s capital flight is quite well explained by its own history and covered interest differentials. The other possible determinants offer relatively small additional explanatory power. It is also found that China’s capital flight responds differently to the components of covered interest differentials and to the positive and negative components of these variables. The response pattern, however, depends on the choice of data frequency. The general impression is that the monthly results are more intuitive than the quarterly ones.covered interest differential, forward premium, expected depreciation, asymmetric response, macro determinants
Hoarding of International Reserves: Mrs Machlup’s Wardrobe and the Joneses
Motivated by the observed international reserve hoarding behavior in the post-1997 crisis period, we explore the Mrs Machlup’s wardrobe hypothesis and the related keeping up with the Joneses argument. It is conceived that, in addition to psychological reasons, holding a relatively high level of international reserves reduces the vulnerability to speculative attacks and promotes growth. A stylized model is constructed to illustrate this type of hoarding behavior. The relevance of the keeping up with the Joneses effect is examined using a few plausible empirical specifications and data from 10 East Asian economies. Panel-based regression results are suggestive of the presence of the Joneses effect; especially in the post-1997 crisis period. Individual economy estimation results, however, show that the Joneses effect varies across economies.demand for international reserves, excessive international reserve accumulation, speculative attack, keeping up with the Joneses
Understanding Kernel Size in Blind Deconvolution
Most blind deconvolution methods usually pre-define a large kernel size to
guarantee the support domain. Blur kernel estimation error is likely to be
introduced, yielding severe artifacts in deblurring results. In this paper, we
first theoretically and experimentally analyze the mechanism to estimation
error in oversized kernel, and show that it holds even on blurry images without
noises. Then to suppress this adverse effect, we propose a low rank-based
regularization on blur kernel to exploit the structural information in degraded
kernels, by which larger-kernel effect can be effectively suppressed. And we
propose an efficient optimization algorithm to solve it. Experimental results
on benchmark datasets show that the proposed method is comparable with the
state-of-the-arts by accordingly setting proper kernel size, and performs much
better in handling larger-size kernels quantitatively and qualitatively. The
deblurring results on real-world blurry images further validate the
effectiveness of the proposed method.Comment: Accepted by WACV 201
Dynamics vs tradition in Chinese foreign policy motivation : Beijing's fifth column policy in Hong Kong as a test case
Liquid-gas Phase Transition in Strange Hadronic Matter with Weak Y-Y Interaction
The liquid-gas phase transition in strange hadronic matter is reexamined by
using the new parameters about the interaction deduced from
recent observation of double hypernucleus. The
extended Furnstahl-Serot-Tang model with nucleons and hyperons is utilized. The
binodal surface, the limit pressure, the entropy, the specific heat capacity
and the Caloric curves are addressed. We find that the liquid-gas phase
transition can occur more easily in strange hadronic matter with weak Y-Y
interaction than that of the strong Y-Y interaction.Comment: 10 pages, 7 figure
Measurement of permeability for ferrous metallic plates using a novel lift-off compensation technique on phase signature
Lift-off of sensor affects the prediction of electromagnetic properties for
both ferrous and non-ferrous steel plates. In this paper, we developed a
strategy to address this issue for ferrous plates. With increased lift-off, the
phase of the measured impedance for steel plates reduces. Meanwhile, the
magnitude of the impedance signal decreases. Based on these facts, a phase
compensation algorithm is developed which corrects the phase change due to
lift-off considering the magnitude of the impedance signal. Further, a new
magnetic permeability prediction technique is presented, which has been
validated by analytical and measured results. With this new technique, the
error in permeability prediction is less than 2% within the range of lift-offs
tested
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