The impact of institutional quality on foreign direct investment: empirical analysis based on mediating and moderating effects

The purpose of this paper is to investigate the relationship between institutional quality and foreign direct investment (FDI) inflows using panel data of 42 G20 countries from 2005 to 2020. The results indicate a positive association between them. Mediating analyses reveal that institutional quality attracts FDI inflows by increasing trade openness, accelerating industrial structure optimization, and encouraging technological innovation. Furthermore, financial development, tax level, and natural resource abundance moderates the positive association between institutional quality and FDI inflows. Among them, financial development and natural resource abundance strengthen the promoting role of institutional quality in attracting FDI; the tax level weakens this process. These findings have implications for policymakers seeking to make full use of favourable institutions to achieve sustainable growth of FDI

CRAI Biblioteca del Campus de Mundet. Memòria d'activitats 2016

Memòria que recull les activitats realitzades al CRAI Biblioteca del Campus de Mundet durant l'any 2016

Ozone and Daily Mortality in Shanghai, China

BACKGROUND: Controversy remains regarding the relationship between ambient ozone and mortality worldwide. In mainland China, the largest developing country, there has been no prior study investigating the acute effect of O(3) on death risk. Given the changes in types of air pollution from conventional coal combustion to the mixed coal combustion/motor vehicle emissions in China’s large cities, it is worthwhile to investigate the acute effect of O(3) on mortality outcomes in the country. OBJECTIVES: We conducted a time-series study to investigate the relation between O(3) and daily mortality in Shanghai using 4 years of daily data (2001–2004). METHODS: We used the generalized additive model with penalized splines to analyze mortality, O(3) pollution, and covariate data in warm and cold seasons. We considered daily counts of all-cause mortality and several cause-specific subcategories (respiratory and cardiovascular). We also examined these associations among several subpopulations based on age and sex. RESULTS: O(3) was significantly associated with total and cardiovascular mortality in the cold season but not in the warm season. In the whole-year analysis, an increase of 10 μg/m(3) of 2-day average (lag01) O(3) corresponds to 0.45% [95% confidence interval (CI), 0.16–0.73%], 0.53% (95% CI, 0.10–0.96%), and 0.35% (95% CI, −0.40 to 1.09%) increase of total nonaccidental, cardiovascular, and respiratory mortality, respectively. In the cold season, the estimates increased to 1.38% (95% CI, 0.68–2.07%), 1.53% (95% CI, 0.54–2.52%), and 0.95% (95% CI, −0.71 to 2.60%), respectively. In the warm season, we did not observe significant associations for both total and cause-specific mortality. The results were generally insensitive to model specifications such as lag structure of O(3) concentrations and degree of freedom for time trend. Multipollutant models indicate that the effect of O(3) was not confounded by particulate matter ≤ 10 μm in diameter (PM(10)) or by sulfur dioxide; however, after adding nitrogen dioxide into the model, the association of O(3) with total and cardiovascular mortality became statistically insignificant. CONCLUSIONS: O(3) pollution has stronger health effects in the cold than in the warm season in Shanghai. Our analyses also strengthen the rationale for further limiting levels of O(3) pollution in outdoor air in the city

The Changing Landscape for Stroke\ua0Prevention in AF: Findings From the GLORIA-AF Registry Phase 2

Background GLORIA-AF (Global Registry on Long-Term Oral Antithrombotic Treatment in Patients with Atrial Fibrillation) is a prospective, global registry program describing antithrombotic treatment patterns in patients with newly diagnosed nonvalvular atrial fibrillation at risk of stroke. Phase 2 began when dabigatran, the first non\u2013vitamin K antagonist oral anticoagulant (NOAC), became available. Objectives This study sought to describe phase 2 baseline data and compare these with the pre-NOAC era collected during phase 1. Methods During phase 2, 15,641 consenting patients were enrolled (November 2011 to December 2014); 15,092 were eligible. This pre-specified cross-sectional analysis describes eligible patients\u2019 baseline characteristics. Atrial fibrillation disease characteristics, medical outcomes, and concomitant diseases and medications were collected. Data were analyzed using descriptive statistics. Results Of the total patients, 45.5% were female; median age was 71 (interquartile range: 64, 78) years. Patients were from Europe (47.1%), North America (22.5%), Asia (20.3%), Latin America (6.0%), and the Middle East/Africa (4.0%). Most had high stroke risk (CHA2DS2-VASc [Congestive heart failure, Hypertension, Age  6575 years, Diabetes mellitus, previous Stroke, Vascular disease, Age 65 to 74 years, Sex category] score  652; 86.1%); 13.9% had moderate risk (CHA2DS2-VASc = 1). Overall, 79.9% received oral anticoagulants, of whom 47.6% received NOAC and 32.3% vitamin K antagonists (VKA); 12.1% received antiplatelet agents; 7.8% received no antithrombotic treatment. For comparison, the proportion of phase 1 patients (of N = 1,063 all eligible) prescribed VKA was 32.8%, acetylsalicylic acid 41.7%, and no therapy 20.2%. In Europe in phase 2, treatment with NOAC was more common than VKA (52.3% and 37.8%, respectively); 6.0% of patients received antiplatelet treatment; and 3.8% received no antithrombotic treatment. In North America, 52.1%, 26.2%, and 14.0% of patients received NOAC, VKA, and antiplatelet drugs, respectively; 7.5% received no antithrombotic treatment. NOAC use was less common in Asia (27.7%), where 27.5% of patients received VKA, 25.0% antiplatelet drugs, and 19.8% no antithrombotic treatment. Conclusions The baseline data from GLORIA-AF phase 2 demonstrate that in newly diagnosed nonvalvular atrial fibrillation patients, NOAC have been highly adopted into practice, becoming more frequently prescribed than VKA in Europe and North America. Worldwide, however, a large proportion of patients remain undertreated, particularly in Asia and North America. (Global Registry on Long-Term Oral Antithrombotic Treatment in Patients With Atrial Fibrillation [GLORIA-AF]; NCT01468701

The Roles of FinTech with Perceived Mediators in Consumer Financial Satisfaction with Cashless Payments

The purpose of this paper is to investigate the association between FinTech payments and consumer financial satisfaction with cashless payments using data from the 2017 China Household Finance Survey. This study defines computer payment and mobile terminal payment using a cell phone or pad as payments with FinTech. The results indicate that payments with FinTech are positively associated with financial satisfaction with cashless payments. Furthermore, this result holds in the eastern and central groups of China, but not in the western group, where payments with FinTech are not associated with financial satisfaction with cashless payments. Similarly, the positive association does not hold for consumers with low financial literacy. Moreover, analyses on the mediating effects imply that payments with FinTech play roles through three perceived mediators. Specifically, payments with FinTech help increase consumers’ perceived convenience and perceived popularity as well as reduce perceived risk, which eventually improves financial satisfaction with cashless payments. These findings have implications for consumer policymakers, such as improving the development of FinTech, noticing the heterogeneity in terms of location, and guiding consumers to correctly understand the risks associated with FinTech. Surrounding this issue, future studies may also explore other mediators related to psychology and expand the connotation of Fintech from payments with FinTech to lending and portfolio investments with FinTech

Trade Openness and CO2 Emissions: The Heterogeneous and Mediating Effects for the Belt and Road Countries

To investigate whether increasing trade openness results in more severe environmental problems, this study investigates the impact of trade openness on carbon dioxide (CO2) emissions using panel data from 64 countries along the Belt and Road from 2001–2019. Fully considering the potential heterogeneity, the panel quantile regression approach is utilized. Moreover, this study explores the three major mediating effects of the process, namely the energy-substitution effect, economic effect, and technology effect. The empirical results indicate that the improvement in trade openness has a significantly positive effect on CO2 emissions, and it also shows that the impact varies with different levels of CO2 emissions. Furthermore, the indirect effect of trade openness on CO2 emissions via the economic effect is positive, while the indirect effect via the energy-substitution and the technology effect is negative. Therefore, it is necessary to improve renewable energy consumption, decrease energy intensity, and formulate related policies to reduce carbon emissions policies in terms of local conditions

How Overconfident Financial Knowledge Hinders Retirement Planning? Mediating Analysis and Heterogeneity of Retirement Funding Sources

Under the background of general financial knowledge confidence and insufficient retirement planning, this study investigates the relationship between overconfident financial knowledge and consumer retirement planning. Using data from the National Financial Capability Study, this study employs probit regressions and finds that consumers with overconfident financial knowledge are less likely to have retirement planning, that is, contribute to retirement accounts regularly. This study further explores the mediators in this relationship and concludes that consumers who are overconfident in their financial knowledge tend to be more preference to risk, fail to make ends meet, and do not care about their financial situation, therefore are less likely to plan for retirement. Furthermore, compared to retirement accounts such as 401(k) that are through an employer, consumers with overconfident financial knowledge are more willing to engage in those such as IRA that are not through an employer. This study also finds that underconfident financial knowledge, another type of incorrect subjective evaluation of financial knowledge, is positively associated with retirement planning. Based on these findings, this study recommends policymakers reduce financial knowledge overconfidence, guide individuals to regularly pay attention to their financial situation, and encourage employers to actively participate in retirement plans. JEL Classification: D12, N30, D80, D91

A Novel Trusted Computing Model for Network Security Authentication

Abstract — Network information poses great threats from malicious attacks due to the openness and virtuality of network structure. Traditional methods to ensure information security may fail when both integrity and source authentication for information are required. Based on the security of data broadcast channel, a novel Trusted Computing Model (TCM) of network security authentication is proposed to enhance the security of network information. In this model, a method of Uniform content locator security Digital Certificate (UDC), which is capable of fully and uniquely index network information, is developed. Standard of MPEG-2 Transport Streams (TS) is adopted to pack UDC data. Additionally, a UDC hashing algorithm (UHA512) is designed to compute the integrity and security of data information. Experimental results show that the proposed model is feasible and effective to network security authentication. Index Terms — uniform content locator security digital certificate, UHA 512, trusted computing I