ABSTRACT From the perspective of nonlocal shareholding in enterprises, this paper examines how the construction of a social credit system facilitates cross-regional capital flows. Results indicate that constructing a social credit system significantly enhances local enterprises’ attractiveness to nonlocal capital, as evidenced by the increase in equity holdings by nonlocal shareholders. The primary channels through which social credit system construction promotes nonlocal shareholding are the reduction of agency costs and enhancement of information transparency. Furthermore, the capital-attracting effect of the social credit system is more significant among enterprises located in regions with stronger rule of law and among those with weaker cultures of integrity.

Crypto-contagion and capital flows: Interconnectedness across emerging and traditional cryptocurrencies, ethical equities, and regional markets

A way forward to environmental sustainability: The role of clean energy, green bonds, and financial stress.

With the deepening integration of global financial markets, the long-standing "AH share premium" phenomenon—where A-shares of cross-listed companies are typically priced higher than their Hong Kong counterparts—remains a key focus, even as mechanisms like Shanghai-Hong Kong Stock Connect narrow market gaps. Traditional explanations centered on market segmentation have weakened amid enhanced connectivity, shifting attention to investor behavior differences as a critical driver. This study focuses on NetEase (600900.SH/09999.HK) and attempts to explore the behaviors related to the AH share premium from three dimensions: investor sentiment, trading activity, and capital flow. The choice of NetEase as a case has certain particularities. As a leading internet company, its businesses cover fields such as gaming and media that are familiar to the public. A-share retail investors pay high attention to it, while Hong Kong stock institutions focus more on its global competitiveness. This difference may make the impact of behavioral factors more prominent. By analyzing the transaction data and sentiment indicators from 2015 to 2024, this study can not only deepen the understanding of the stock price formation mechanism but also provide more practical decision - making references for investors in the market.

As a core policy of Hainan Free Trade Port, the zero-tariff policy has injected strong momentum into tourism capital operations by reducing investment costs, stimulating consumer demand, facilitating cross-border capital flows, and promoting industrial ecosystem restructuring and capital allocation optimization. However, the rapid capital accumulation during policy implementation has triggered practical challenges including inadequate regulatory adaptation, intensified homogeneous competition, and amplified exchange rate risks. Against the backdrop of Hainan Free Trade Port development, this study systematically analyzes the multidimensional impacts of zero-tariff policies on tourism capital operations through policy transmission mechanisms. It constructs a new capital operation system integrating "supply chain + finance + data", proposes a three-dimensional strategy of "market optimization, regulatory adaptation, and risk hedging" with implementation pathways, and provides theoretical support and practical references for Hainan to consolidate its position as an international tourism consumption hub and achieve efficient, sustainable tourism capital operations.

This research examines Türkiye’s economic connectivity in the geopolitics of the South Caucasus, with a focus on the transformative impact of major developmental projects. The research problem centers on how Türkiye leverages its economic and energy infrastructure to reshape regional dynamics and reduce its dependence on global powers. Using a qualitative methodology, the studyapplies Economic Connectivity Theory to assess Türkiye’s linkages with the South Caucasus, Middle East, and Central Asia through trade, investment, energy security, capital flows, and conflict resolution. Key projects analyzed include the BTC oil pipeline, SCP, TANAP, BTK railway, the Middle Corridor, and the Iğdır–Nakhchivan Natural Gas Pipeline (INNGP). The findings reveal that these initiatives have economically integrated the region, enhanced interdependence, and minimized reliance on powers like Russia and the U.S. In conclusion, Türkiye’s growing role in regional development and energy diplomacy has strengthened its geostrategic position, establishing it as a pivotal actor in Eurasian connectivity.

Against the backdrop of global efforts to address climate change and China’s “dual carbon” goals, enterprises characterized by high energy consumption and high emissions are facing urgent pressure to transition to low-carbon practices. Green finance, as a key tool for guiding capital flows to green and low-carbon sectors, plays an irreplaceable role in alleviating the financing gap for transformation and driving green innovation in enterprises. This article aims to systematically elucidate the intrinsic mechanism and practical path of green finance in helping Chinese enterprises achieve low-carbon transformation. The study first outlines the concept and types of green finance, as well as the evolution of China’s green finance policy system. Furthermore, the paper delves into the three core mechanisms of capital allocation, risk management, and incentive constraints to analyze how tools such as green credit, green bonds, ESG ratings, and carbon pricing can promote corporate emission reduction and green technology innovation. Finally, considering the current challenges such as inconsistent standards, information asymmetry, and inadequate tools, policy recommendations are proposed to improve the standards system, accelerate product innovation, and cultivate professional talent. This article argues that green finance, through market mechanisms, effectively empowers enterprises to achieve low-carbon transformation and is an important financial guarantee for promoting systemic economic and social changes and achieving carbon neutrality goals.

The limited research on the impact of external debt on financial system stability at the micro level creates a clear need for further investigation. The positive contributions to the relevant discourse of this study lie in its attempt to address that gap by conducting a comprehensive micro panel data analysis, covering the performance of 523 individual Non-Financial Corporations (NFCs) in Indonesia, based on panel data. Additionally, this study employs advanced methodology, utilising a dynamic model and System-Generalised Methods of Moments (Sys-GMM) estimation. The research have tackled endogeneity issues using GMM estimators to ensure the robustness of our findings. The results indicate that different capital flows exert varying impacts on corporate performance. In particular, private external debt inflows and Portfolio Investments (PI) have a positive influence on the financial stability of firms. Conversely, direct investment in manufacturing firms and corporate credit growth have a significant impact on corporate financial stability. From a macroprudential policy perspective, the findings highlight the importance of monitoring corporate vulnerabilities, as it may pose risks to the banking sector. These insights provide valuable guidance for policymakers in developing more effective external debt management strategies to ensure financial stability.

ABSTRACT In the context of intensifying financial conflicts and sluggish trade growth, cross-regional enterprise investment is essential for facilitating both domestic and international capital flows while strengthening economic vitality. This article analyzes the impact of government data openness on enterprises’ cross-regional investment, using a sample of listed companies in the Chinese A stock market from 2008 to 2021. It explores this relation through the lenses of information transparency and financial constraints. Empirical research shows that government data openness significantly increases enterprises’ level of cross-regional investment by improving information transparency and mitigating financing constraints. The impact of government data openness on this cross-regional investment varies based on market segmentation degree, industry type, and investment experience. This article enriches research in the areas of government data openness and enterprises’ cross-regional investment and offers strategic recommendations for businesses seeking expansion, while providing insights to help the government formulate more effective information disclosure policies. This article thus supports boosting domestic capital flows and promoting sustainable economic and social development.

ABSTRACT This study investigates sovereign credit risk connectedness across countries from a multilayer network perspective. Using a dataset of sovereign credit default swap (SCDS) spreads for European Union (EU) members and Belt and Road (B&R) countries, we construct multilayer SCDS networks that capture sovereign credit risk connectedness in terms of linear, nonlinear, and tail correlations. We analyse multilayer SCDS network structures by employing community structure, average distance, and node strength and explore the determinants of sovereign credit risk connectedness. The empirical results are as follows: First, community structures of multilayer SCDS networks are significantly correlated with geographical and economic factors. Second, average distances for B&R countries are lower than those for EU members. Average distances decrease rapidly prior to and during systemic turbulence, and increase afterwards. Third, China ranks among the top three influential economies based on its node strength. Lastly, sovereign credit risk connectedness is affected by trade flows, distance, and economic and geographical proximity. It is also affected by capital flows for EU members rather than those for B&R countries.

This article examines the state’s role in promoting urban solutions as a strategy for crisis management by increasing investment in the urban built environment to stimulate economic activity. Drawing on recent urban studies literature, it highlights the state’s agency in directing capital flows into the urban built environment, with Tokyo as a case study. The article argues that urban policies and monetary policies function as two wheels for implementing urban solutions. The Japanese state created a favorable monetary environment for real estate investment, initially through conventional interest rate policies and later via non-conventional policies such as zero interest rates and quantitative easing. Simultaneously, neoliberal urban policies deregulated existing regulations, enhancing real estate investment profitability. Tokyo’s construction cycles, particularly in housing and commercial spaces, exemplify the implementation of urban solutions. Using Granger causality tests, the study demonstrates a relationship between monetary policies and Tokyo’s construction output, revealing how successive Japanese administrations have coordinated urban and monetary policies to direct capital flows into the built environment in response to economic crises.

With the further advance in economic globalization and reform and opening up, macro-regulation has significant influences on China’s financial market. China’s stock market and foreign exchange market are important branches of the financial market. This paper explores the heterogeneous effects of expansionary and contractionary monetary policies on the A-share market through disparate transmission channels, including liquidity, interest rate, risk premium, and profit expectations. It analyzes how these policies influence market returns, volatility, and valuation levels across different industries, with highly leveraged and high-beta sectors being more responsive. Additionally, the paper examines the pathways and extents of monetary policy impacts on the RMB exchange rate level, volatility, and risk premium, highlighting the role of interest rate differentials, market expectations, and capital flows. Furthermore, it proposes corresponding policy recommendations and improvement methods to enhance the effectiveness of macro-regulation and maintain financial stability. The findings provide valuable insights for policymakers and investors in navigating China’s complex financial environment.

Driven by the global energy revolution and the goal of carbon neutrality, the integrated development of the Yangtze River Delta, as the core area of China’s new energy industry, faces institutional barriers. Based on Acemoglu’s institutional economics perspective, this study constructs the framework of “system-innovationcoordination” and finds that the lack of regional policy coordination mechanism, market barriers caused by local protectionism, and obstruction of the flow of innovation factors are the main factors leading to the high degree of dependence on foreign countries for core technologies, homogeneous competition and resource mismatch, and insufficient resilience of the industrial chain. resource mismatch, insufficient industry chain resilience, imbalance of talent structure and other problems. By comparing the differentiated development of Hefei (large-scale production), Shanghai (source of innovation), Suzhou (supporting hub), and the experience and defects of Germany’s Ruhr area and the U.S. “Battery Belt”, the study puts forward a path to break the barrier: strengthen the mechanism of information sharing and service coordination, and deepen the regional consultation relying on existing platforms. The study proposes the following paths: strengthening the information sharing and service coordination mechanism, deepening regional consultation based on existing platforms; breaking down the hidden barriers to the flow of talents, technologies and capitals, and activating the market-driven circulation of innovation factors; guiding the division of labour in the industrial chain based on comparative advantages, and encouraging enterprise-led project-based cooperation; and optimizing the precision of the policy tools to avoid incentive distortion. Pragmatic promotion of institutional innovation and factor flow is the key to unleashing the overall competitiveness of new energy industries in the Yangtze River Delta and creating world-class clusters.

Micro-businesses, defined as enterprises employing fewer than 10 people, represent the backbone of many economies worldwide, accounting for approximately 95% of all businesses in developed nations. Despite their numerical dominance and collective economic contribution, these enterprises face significant challenges in scaling beyond their initial size, creating what this dissertation terms an “invisible ceiling” that prevents growth and expansion. This research investigates the multifaceted barriers that prevent micro-businesses from scaling, utilizing secondary research methodology including analysis of academic literature, industry reports, and government datasets. Through examination of case studies and comprehensive data analysis, this study identifies five primary barrier categories: financial constraints, human resource challenges, operational inefficiencies, market limitations, and owner-related factors. Key findings reveal that financial barriers, particularly limited access to capital and cash flow constraints, represent the most significant obstacle to scaling. Additionally, the interconnected nature of these barriers creates a compounding effect, where addressing one challenge often reveals or exacerbates others. The research concludes with strategic recommendations for micro-business owners, policymakers, and support organizations to overcome these scaling challenges and unlock the economic potential of micro-enterprises.

Abstract Quantum technologies are rapidly emerging as a strategic priority for global political powers. Yet little is known about how policymakers across countries perceive the security implications of quantum technologies, even though such perceptions shape policy priorities and public understanding of technological threats. Drawing on securitization theory, we analyze parliamentary speeches from 2010 to 2024 across Australia, the United Kingdom, the United States, the European Union, and Singapore. Using computational social science tools, including a novel method based on large language models to quantify security emphasis, we report on three principal findings. First, attention and security framing vary markedly across legislatures, with the United States showing the highest intensity, the United Kingdom a moderate pattern, and Australia comparatively muted security rhetoric despite frequent discussion. Second, security emphasis rises over time in every parliament studied. Third, highly securitized debates cluster around the topics of transitions to quantum-secure communication infrastructures, great-power competition and alliances (including AUKUS), and the regulation of cross-border capital, knowledge, and technology flows. The study contributes cross-national, longitudinal evidence on how quantum technologies are politicized.

In the 21st century, renminbi (RMB) has become an important currency in the world and this essay will exam the process of the RMB internationalization and its influence on the financial system. This essay will mix literature analysis and case-based analysis to evaluate that RMB in global using. including trade settlement, reserve currency status, and the emergence of digital currency innovations. First, this paper outlines the historical development of RMB’s internationalization and highlights the main key policies and economic factors that help RMB gradually integrate into global finance. Secondly, this paper examined the current statues of RMB usage in crossborder payments, global settlement, and financial markets, making sure the main channels that RMB using to utilises including the SWIFT network and digital RMB initiatives. And then, this research explores the challenges and risks associated with internationalization process including exchange rate volatility, capital flow management and uncertainties in the global political economy. So, with the development of RMB internationalization, it not only has opportunities, but also has risks and challenges. So, RMB internationalization is a double-edged sword. The research indicates that RMB internationalization makes a huge influence on multipolarity in the global currency system, providing an option for emerging market economies, at the same time it also affects the structure of international debt and investment. In the end, this paper conducts policy implications and provides strategies to strengthen the RMB’s role in the international financial system.

Thai political science scholarship has traditionally concentrated on democracy, national politics, and electoral dynamics, focusing predominantly on regions such as the metropolitan periphery, the Northeast, the Upper North. Conversely, the Lower North remains significantly understudied and is frequently misclassified within adjacent regions, resulting in a fragmented understanding of its distinct political landscape. Consequently, there is lack of a systematic analytical framework to comprehensively analyze political developments specific to this area. This study systematically reviews 695 publications from 1997 to 2024, retrieved from Scopus, Sage Journals, ThaiJo, and the King Prajadhipok’s Institute database, to examine how the Lower North has been analyzed in political research. The study identifies two main objectives: 1) to map the development of political research on the Lower North over the past 27 years, and 2) to highlight key gaps and underexplored themes that constrain understanding of the region’s politics. Findings reveal that since 2006, scholarly attention has largely concentrated on political behavior, particularly electoral patterns and voting strategies. Concurrently, research on political institutions, public administration, sociopolitical movements, and resistance groups has expanded significantly. However, foundational issues—such as economic structures, capital flows, historical influences, local power dynamics, and capitalist networks—remain notably understudied. This imbalance has produced a fragmented understanding of the region, privileging event-driven analyses over structural explanations of power and capital networks. The study contributes by proposing an agenda for future research that emphasizes structural political economy, balanced provincial representation, methodological diversity, and policy-relevant institutional analysis, positioning the Lower North as a crucial site for understanding Thailand’s evolving political landscape.

This paper aims to discuss the dual character of the Foreign Direct Investment (FDI) flows in emerging and developing economies, more specifically in the Brazilian economy. From the perspective of economic development of those economies, the international economic integration is paramount. In the last decades, there has been an expansion of the Global Value Chains (GVCs) leading by the large Multinationals companies. Those chains have been crucial in shaping economic integration of those economies. In the last decades, FDI flows have been the key driver for development in emerging economies and for the configuration of the value chains around the global economy. On the other hand, international capital flows have been crucial to shape the international financial integration and to define the domestic financial conditions in emerging economies. This process of financial integration of emerging and developing economies can be denominated Subordinate Financialisation. Firstly, based on the Marxist Political Economy, this paper analyses critically GVCs from the perspective of the economic integration of emerging economies and shows that international monetary integration of those countries has assumed a subordinate character. By taking the Brazilian experience, this paper shows the speculative character of the FDI flows, leading by Multinational companies, in the context of Global Value chains and Subordinate Financialisation. It is shown that these FDI flows have had similar behaviour of the short-term capital flows and the FDI inflows have increasingly relied in Tax heaven jurisdictions. Finally, paper highlights that such dynamic has happened in other emerging economies.

Type of the article: Research ArticleAbstract This study aims to systematically analyze and synthesize the existing scientific literature on the determinants of long-term capital flows, particularly Foreign Direct Investment (FDI) into China, with a focus on how prior empirical studies examine the roles of trade openness, infrastructure development, institutional quality, and financial modernization. Using the PRISMA framework, the study systematically reviewed 114 peer-reviewed articles published between 1990 and 2025 to identify recent patterns, evaluate the impact of core sources, and highlight thematic trends in academic literature. The finding of this study indicates a clear upward trend in article production, with a significant jump from 124 publications in the UK to 1,855 in China, with China emerging as the leading contributor and host to several highly influential articles. The Journal of International Trade/Economics is the leading source with 109 documents, followed by China Economic Review (63), Research in Emerging Markets Finance and Trade (45), and Economic Modeling (36). A total of 780 authors contributed to these works, with 2.96 co-authors per document on average, but international co-authorship was limited. This study also highlighted FDI as a key theme with 254 counts following Economic Growth/Development (181 mentions) and Trade (146), which indicates a strong research interest in the role of capital flows and macroeconomic performance in the Chinese context. This study analyzed 639 articles for the bibliometric review, with a primary focus on FDI. However, other significant components of long-term capital flows, such as portfolio investment, external debt, and remittances, were not adequately covered, representing a key limitation of this study. Additionally, the direction of causality between FDI and China’s economic growth was not covered by this study.

In an era of high global volatility, the monetary policies of systemically important centers (such as the US Federal Reserve and the European Central Bank) have a decisive impact on the financial stability of peripheral economies. This article examines the key transmission channels of this influence, primarily through international capital flows, asset price dynamics, and borrowing conditions in external markets. It is shown that monetary policy tightening in the centers leads to capital outflows from the periphery, depreciation of national currencies, and increased financial risks. The paper highlights the growing asymmetries in the global financial system, making peripheral countries more vulnerable to external shocks. It concludes by proposing possible macroprudential and monetary policy options to mitigate these negative consequences and strengthen financial resilience.