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"European Perceptions of China and Perspectives on the Belt and Road Initiative is a collection of fourteen essays on the way China is perceived in Europe today. These perceptions - and they are multiple - are particularly important to the People's Republic of China as the country grapples with its increasingly prominent role on the international stage, and equally important to Europe as it attempts to come to terms with the technological, social and economic advances of the Belt and Road Initiative. The authors are, on the whole, senior academics specializing in such topics as International Relations and Security, Public Diplomacy, Media and Cultural Studies, and Philosophy and Religion from more than a dozen different European countries and are involved in various international projects focused on Europe-China relations"--
An excellent analyses of the effects of EU enlargement on capital markets in the most advanced countries of Central and Eastern Europe and Russia. It also investigates the EU's impact on the interactions between Eastern and Western capital markets. The study is particularly useful for financial analysts, institutional investors and academic researchers who are interested in the economic and institutional developments of capital markets in CEE countries.
This book analyzes several investment strategies that are applied to an international equity portfolio. The evaluated strategies are: the Simple Crossover Moving Average, the Equally Weighted Portfolio, the Minimum Variance Portfolio, the Certainty Equivalent Tangency Portfolio, the James Stein Estimator and the Black Litterman Model. Besides the applied methodology part which demonstrates how to implement the considered strategies, the empirical section shows from the viewpoint of a European investor whether the final performance parameters are mainly due to returns of foreign markets or through exchange rate developments. The investigation is carried out from an ex ante as well as from an ex post perspective. In order to examine the time window of a strategy, the in- and the out of the sample periods are varied. The empirical investigation indicates that - the relative young more sophisticated approaches are superior to the traditional strategies, the impact of exchange rate developments cannot be ignored in an equity portfolio, nearly no conclusion can be drawn in the context of a superior in- and out of the sample period.
Inhaltsangabe:This thesis explains the methodology of the considered investment strategies and demonstrates gradually how they are implemented. Besides the ebook, the purchaser of this article receives also the underlying excel sheets. These excel sheets show without using macros how step-by-step the different strategies are implemented. Introduction: Nowadays the merits of international portfolio diversification are widely acknowledged in the academic literature. The risk reduction of an international portfolio can be achieved because the correlations between international asset markets are rather low compared to a portfolio which entirely consists of national securities. Hence, international investment strategies are superior compared to strategies which invest solely in a local market since they are able to generate a greater return for a certain risk, or less risk for a given return. Beside the advantages of international diversification, the investment in other currencies bears an additional uncertainty that arises through foreign exchange rate fluctuations. However, the development of the exchange rate is not solely a one-sided downside risk; it is also a chance of a higher return since the movement can be in favor of a position. In other words, exchange rate changes have different effects on investors of different currencies. Even if the domestic return is much lower than in other countries, it might be the case that an investment in another state will result in a lower return because of the exchange rate development. Therefore, the residence and the therewith-associated currency of an investor is crucial for the result of an international diversified portfolio. In order to analyze the two risk drivers of an international diversified portfolio separately, the results of the investment strategies are calculated in two ways - with and without the exchange rate development. This method allows evaluating whether exchange rate movements are dispensable or if currency fluctuations are significant for international equity portfolios and therefore the exchange rate risk should be hedged. The choice of the investment strategy should be compatible with the needs, the expectations and the personality of an investor. In many papers utility theory is used to determine an investor s optimal investment strategy. These approaches use utility functions to figure out which strategy fits best to an investor. The methodology of this paper is from another [...]
"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.
Since the onset of the global financial crisis in 2008, the EU has been in almost permanent crisis mode. It is witnessing new dimensions of internal differentiation among its member states, and the migration crisis has shown that the Central and Eastern European countries (CEEs) in particular are slowly but certainly transforming themselves from predominantly passive policy-takers towards becoming more active players in the process of shaping the EU’s governance agenda. This edited volume offers the first comprehensive and critical insight into how the CEEs position themselves in the EU’s changing internal and external environment, their stance towards the European integration process under current crisis conditions, and what political and economic strategies they prioritize.
This report focuses on special economic zones (SEZs) which are widely used across most developing and many developed economies. It explores the place of SEZs in today's global investment landscape and provides guidance for policymakers on how to make SEZs work for sustainable development. It presents international investment trends and prospects at global, regional and national levels, as well as the evolution of international production and global value chains. It analyses the latest developments in new policy measures for investment promotion, facilitation and regulation around the world.
This edition of the OECD Sovereign Borrowing Outlook reviews developments in response to the COVID-19 pandemic for government borrowing needs, funding conditions and funding strategies in the OECD area.