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

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 $\Lambda - \Lambda$ interaction deduced from recent observation of $^{6}_{\Lambda\Lambda}He$ 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