Investment In Fixed Assets Research Articles

Research on the Impact of High-speed Railway on the Industrial Structure Change and Carbon Emission of Chengdu-Chongqing Urban Agglomeration

This paper selects the panel data of 16 cities in the Chengdu-Chongqing urban agglomeration from 2005 to 2015, and uses differences-in-differences model to analyze the impact of high-speed railways on the industrial structure and Carbon Emission of the Chengdu-Chongqing urban agglomeration. The results show that the construction of high-speed rail has reduced the proportion of the secondary industry and has a significant role in promoting the development of the tertiary industry. Among them, fixed asset investment increased the proportion of the secondary industry and the tertiary industry, and technology investment decreased the proportion of the secondary industry, and increased the proportion of the tertiary industry, indicating that the improvement of the level of informatization is helpful to the development of the tertiary industry. It is proposed that a more reasonable evaluation system for the economic effects of highspeed rail should be established. At the same time, the impact of high-speed rail construction on the industrial structure is different. When formulating policies, we must not only weigh the spillover effect and siphon effect of high-speed rail, but also give full play to the carbon reduction effect of economic agglomeration.

Analysis of temporal and spatial differences and influencing factors of energy eco-efficiency in energy-rich area of the Yellow River Basin

The energy-rich area of the Yellow River basin are the major energy producers in China, the energy eco-efficiency (ecological efficiency) of this area has a direct impact on the implementation of ecological protection and high-quality development strategies in the Yellow River Basin due to its huge energy consumption. In this paper, the Stochastic Frontier Model (SFA) was used to estimate the energy ecological efficiency of the study area from 2002 to 2016, the spatial differences in energy eco-efficiency were explored with the use of Spatial Auto-regressive Model (SAR), the Spatial Dubin Model (SDM) is used to analyze the influencing factors. The results show that the average value of each region in 2002 and 2016 is 0.799 and 0.698 respectively; the energy eco-efficiency showing significant spatial aggregation, with the lowest in western regions such as Wuzhong and Zhongwei, and the highest in central regions such as Ordos and Yulin; the spatial pattern of energy eco-efficiency is affected by many factors, such as the proportion of fixed assets investment in gross regional product, industrial added value in gross regional product, and the foreign investment. As a result, the formulation of regional development strategies shall focus on optimization of industrial structure and improvement of regional technical level, which shall also be supported by the establishment of cross-regional coordination organizations, the best play of advantages of all regions, and the improvement of industrial competitiveness, so as to realize the evolution and improvement of the overall energy eco-efficiency in the region.

Assessing the influence of urban transportation infrastructure construction on haze pollution in China: A case study of Beijing-Tianjin-Hebei region

The construction of urban transportation infrastructure is bound to have an impact on air pollution. The purpose of this paper is to verify whether strengthening the construction of urban transportation infrastructure can reduce haze pollution. The core innovation of this paper is that the fixed asset investment of urban municipal public facilities and urban road areas are used as the proxy indicator of transportation infrastructure, which is rarely adopted in the existing literature. The relationship between transportation infrastructure and haze pollution is discussed, and the endogenous problems caused by variables omission are also considered. Based on the panel data of 13 prefecture-level cities of Beijing-Tianjin-Hebei (BTH) region from 2005 to 2016, we use the slope index as the instrumental variable for urban transportation infrastructure, with the two-stage least squares method (2SLS) applied. The results suggest that: (i)increasing urban transportation infrastructure investment can significantly improve the air quality of the sample cities and mitigate haze pollution levels; (ii)After using the instrumental variable to alleviate endogenous bias, the inhibitory effect is more obvious; (iii)Compared with the fixed asset investment in the construction of public facilities, the increase of urban road area has a better effect on the improvement of haze pollution. What we learned from the conclusions is: traffic management department should strengthen the transportation infrastructure construction to realize the balance between urban construction and environmental protection.

Research on Coordinated Development of Nanjing Port Logistics and Hinterland Economy Based on Gray Correlation Analysis

Zhou, L., 2020. Research on coordinated development of Nanjing Port logistics and hinterland economy based on gray correlation analysis. In: Hu, C. and Cai, M. (eds.), Geo-informatics and Oceanography. Journal of Coastal Research, Special Issue No. 105, pp. 215–218. Coconut Creek (Florida), ISSN 0749-0208.Nanjing Port is the largest inland port in China, and it has played an important role in politics and economy for more than a thousand years. This paper takes Nanjing Port as the research object and analyzes the correlation between its port and container handling capacities and its gross production, gross industrial output value, total profit of large-scale industrial enterprises, gross output value of the construction industry, fixed asset investment, total retail sales of consumer goods, and total imports and exports. Suggestions put forward include optimizing its functions and enlarging its infrastructure construction and industrial park so as to further promote its development.

Effect of Complex Road Networks on Intensive Land Use in China’s Beijing-Tianjin-Hebei Urban Agglomeration

Coupled with rapid urbanization and urban expansion, the spatial relationship between transportation development and land use has gained growing interest among researchers and policy makers. In this paper, a complex network model and land use intensity assessment were integrated into a spatial econometric model to explore the spatial spillover effect of the road network on intensive land use patterns in China’s Beijing–Tianjin–Hebei (BTH) urban agglomeration. First, population density, point of interest (POI) density, and aggregation index were selected to measure land use intensity from social, physical, and ecological aspects. Then, the indicator of average degree (i.e., connections between counties) was used to measure the characteristics of the road network. Under the hypothesis that the road network functions in shaping land use patterns, a spatial econometric model with the road network embedded spatial weight matrix was established. Our results revealed that, while the land use intensity in the BTH urban agglomeration increased from 2010 to 2015, the road network became increasingly complex with greater spatial heterogeneity. The spatial lag coefficients of land use intensity were positively significant in both years and showed a declining trend. The spatially lagged effects of sector structure, fixed asset investment, and consumption were also significant in most of our spatial econometric models, and their contributions to the total spillover effect increased from 2010 to 2015. This study contributes to the literature by providing an innovative quantitative method to analyze the spatial spillover effect of the road network on intensive land use. We suggest that the spatial spillover effect of the road network could be strengthened in the urban–rural interface areas by improving accessibility and promoting population, resource, and technology flows.

Accelerated Depreciation Tax Credit and Corporate Financialization Based on the PSM-DID Model

In this paper, we use the data of China’s manufacturing listed companies from 2009 to 2018, adopt the method of propensity score matching and double difference (PSM-DID) to solve the sample’s selective bias, and select the accelerated depreciation policy of fixed assets issued by China in 2014 as a quasi-natural experiment to verify the robustness of the empirical results, which will affect the R&D investment of manufacturing enterprises and the structural tax reduction of China. This paper makes an empirical study on the effect of fixed asset investment to restrain the financialization of manufacturing enterprises. The results show that (1) accelerated depreciation policy of fixed assets significantly promotes the R&D investment and fixed asset investment of enterprises and reduces the level of enterprise financialization; (2) accelerated depreciation of fixed asset local tax policy, through guiding the R&D investment, fixed asset investment, and deferred income tax acquisition of enterprises. It guides the investment of enterprises to the real economic field, thus reducing the financial assets of enterprises. The investment has restrained the financial trend of real enterprises. The conclusion of this paper is of practical significance to support the formulation and implementation of the national structural tax reduction policy and to clarify the regulatory role and mechanism of the structural tax reduction policy.

Analysing the Driving Forces and Environmental Effects of Urban Expansion by Mapping the Speed and Acceleration of Built-Up Areas in China between 1978 and 2017

Abundant data sets produced from long-term series of high-resolution remote sensing data have made it possible to explore urban issues across different spatiotemporal scales. Based on a 40-year impervious area data set released by Tsinghua University, a method was developed to map the speed and acceleration of urban built-up areas. With the mapping results of the two indices, we characterised the spatiotemporal dynamics of built-up area expansion and captured different types of expansion. Combined with socioeconomic data, we examined the temporal changes and spatial heterogeneity of driving forces with an ordinary least square (OLS) model and a panel data model, as well as exploring the environmental effects of the expansion. Our results reveal that China has experienced drastic urban expansion over the last four decades. Among all cities, megacities and large cities in eastern China, as well as megacities in central and northeast China have experienced the most dramatic urban expansion. A growing number of cities are categorised as thriving, which means that they have both high expansion speed and acceleration. The overall driving force of urban expansion has significantly increased. More specifically, it was associated with population increase in the early stages; however, since 2000, it has been substantially associated with increases in GDP and fixed asset investments. The major driving factors also differ between regions and urban sizes. Urban expansion is identified as being closely associated with environmental deterioration; thus, speed and acceleration should be included as key indicators in exploring the environmental effects of urban expansion. In summary, the results of the presented case study, based on a data set of China, indicate that speed and acceleration are useful in analysing the driving forces of urban expansion and its environmental effects, and may generate more interest in related research.

Fiscal Expenditures on Science and Technology and Environmental Pollution: Evidence from China.

Studying the driving factors of environmental pollution is of great importance for China. Previous literature mainly focused on the cause of national aggregate emission changes. However, research about the effect of fiscal expenditures on science and technology (FESTs) on environmental pollution is rare. Considering the large gap among cities in China, it is necessary to investigate whether and how FESTs affect environmental pollution among cities. We adopted three kinds of typical environmental pollutants including sulfur dioxide (SO2) emissions, wastewater emission, and atmospheric particulate matter less than 2.5 micrometers in diameter (PM2.5). Using the data of 260 prefecture-level cities over ten years in China, we found that FESTs play a significantly positive role in reducing sulfur dioxide (SO2) emissions and PM2.5 concentrations, but fail to alleviate wastewater emissions. Specifically, for every 1% increase in FESTs, SO2 emissions were reduced by 5.317% and PM2.5 concentrations were reduced by 5.329%. Furthermore, we found that FESTs reduced environmental pollution by impeding fixed asset investments and by promoting research and development activities (R&D). Moreover, the impacts of FESTs on environmental pollution varied across regions and sub-periods. Our results are robust to a series of additional checks, including alternative econometric specifications, generalized method of moments (GMM) analysis and overcoming potential endogeneity with an instrumental variable. Our findings confirm that government efforts can be effective on pollution control in China. Hence, all governments should pay more attention to FESTs for sustainable development and environmental quality improvements.

PER CAPITA INCOME CONVERGENCE AMONG PROVINCES IN CHINA

One increasingly important political and economic challenge of China's economy is income inequality. In the past two decades, a series of regulations and policies were enacted to promote its economic growth and reduce income inequality. In this empirical study, we examine the effectiveness of these regulations and policies on reducing the personal income gap at the provincial level in China and analyze the reasons behind the effectiveness: education expenses, infrastructure investments, and fixed asset investments. We test the per capita income data of 31 provinces over the periods 1999 to 2018 and our results show that the per capita income converges nationally and in most regions. The convergence in per capita income is supported by the convergence in per capita education expenses, infrastructure investments, and fixed asset investments. Without fundamental changes in economic policies, the current economic growth may not be sustainable. Our paper suggests that continuously increase investments in education expenses, infrastructure investments, and fixed asset investments in poor regions are necessary to reduce the income gap between rich and poor regions to foster long-term prosperity.Keywords: Convergence Theory, Per Capita Income, Education Expense, Infrastructure Investments, Fixed Asset InvestmentsJEL Classifications: D31, F63, O47, R11DOI: https://doi.org/10.32479/ijefi.10713

Investigating spatial variability of CO2 emissions in heavy industry: Evidence from a geographically weighted regression model

China is now the world's largest carbon dioxide (CO2) emitter, and the government is under tremendous pressure to reduce CO2 emissions. The heavy industry sector is the largest contributor to the growth of CO2 emissions. Investigating the driving factors of this industry's CO2 emissions has important practical value. This paper applies the geographically weighted regression model to survey this industry's CO2 emissions. Empirical results show that urbanization exerts a heterogeneous impact on CO2 emissions across provinces and regions. This is mainly due to the differences in urban real estate and transportation infrastructure investments. Economic growth drives CO2 emissions, and this effect varies significantly by region and province on account of the differences in fixed-asset investment. It is more reasonable for local governments to develop emerging economies based on their specific conditions. Energy efficiency has the highest impact on CO2 emissions in the eastern region, because of the differences in R&D personnel investment and the number of patents granted. The energy consumption structure has the largest impact on CO2 emissions in the eastern region since it consumes more coal. Environmental regulations have a greater impact on CO2 emissions in the western region due to the differences in investment for industrial pollution control.

Spatiotemporal characteristics and driving mechanism of the coupling coordination degree of urbanization and ecological environment in Kazakhstan

When viewed against the backdrop of globalization and the Belt and Road Initiative (BRI), Central Asia has ushered in new development opportunities. However, problems of ecological environment as a consequence of urbanization have begun to act as a constraint on the economic development of the region. the coupling coordination degree between the urbanization and ecological environment in Kazakhstan was analyzed by the coupling coordination degree model. The main controlling factors affecting its development were explored using a geographical detector. Several main conclusions can be drawn. (1) Kazakhstan’s urbanization level, ecological environment level, and the coupling coordination degree between urbanization and ecological environment are all on the rise. (2) In terms of the comprehensive urbanization index, the western and eastern states have higher values than the southern and northern states. The spatial distribution pattern of the ecological environment index revealed high values in the eastern and western regions and low values in the central region. (3) The coupling coordination degree among the states of Kazakhstan is mostly at a low-moderate level. The spatial distribution shows that the coordination level of the east, middle, and west of the country is higher than that of south and north. (4) Indicators such as GDP per capita, social fixed asset investment per capita, employment in industry and services (% of total employment), and the number of college students per 10,000 people are important urbanization factors that affect the coupling coordination degree of urbanization and ecological environment. Indicators of farmland areas per capita, availability of water resources per capita, ecological land per capita and forest coverage in the ecological environment subsystem are important ecological environmental factors that affect the degree of coordination between urbanization and ecological environment in Kazakhstan. The interaction of the main elements in the two subsystems has a strong synergy.

Effective Investment Decision for Fixed Assets Management

Introduction. Constant changes in economic and political situation create more stringent conditions for the survival of modern businesses while requiring effective management of the enterprise’s life cycle and also investing in a simple and expanded reproduction of fixed assets. An enterprise like any socio-economic organism needs constant development, growth and renewal, only these conditions ensure its competitiveness. Theoretical and methodological aspects of selection and evaluation of the investment decisions’ efficiency are constantly the focus of scientific world attention. However, it should be noted, the issues of choosing the most rational ways and stages of making an effective investment decision to manage the reproduction of fixed assets of the enterprise are not thoroughly studied, thus, they need further efforts to develop new proposals to improve their quality and prevent possible risks. Purpose. The purpose of the article is to study the factors and stages of making the appropriate investment decision to reproduce fixed assets with efficient use of resources. Results. The aspects of effective investment decision making for reproduction of fixed assets management are researched. It is proved that the attraction of sources of financing investment decisions is influenced by objective and subjective factors. The stages of making an investment decision in order to select the optimal sources of financing of the investment project are substantiated. It is found that the decision on the reproduction of the enterprise’s fixed assets should be comprehensive and aimed at both tangible and intangible components. Conclusions. Use of managerial approach in the process of reproduction of fixed assets investment lets making effective investment decision, which is implemented through some stages with appropriate methodological support. Taking into account the objective and subjective factors influencing the efficiency of the investment decision will help to avoid difficulties in managing the reproduction of fixed assets in the long run. The choice of financing source for an investment project is the most important management decision. The decision to reproduce the fixed assets of the enterprise should be comprehensive and aimed at both tangible and intangible components. The managerial decision may be considered as effective if it is directed to achieve the resource efficiency, obtained as a result of development and implementation of the investment decisions, where financial and material investments, qualified personnel, etc. can act as resources. This requires making and implementation of such decisions by qualified managers provided that the sequence of the stages would be followed, including collection of information, decision-making and ensuring effective implementation of the investment decision. Keywords: fixed assets; investment; reproduction; efficiency; management.

Mapping regional differences in payment for ecosystem service policies to inform integrated management: Case study of the Yangtze River Economic Belt

State and local governments consider payment for ecosystem services (PES) a valuable tool for watershed protection. However, regional differences in PES policies, which significantly influence province-scale cooperation, have been seldom documented. The interrelationships among these policies directly affect overall PES development in the Yangtze River Economic Belt (YREB). Textual analysis was used to categorize the content of PES policies in 11 provinces from 2004 to 2018. Then, we assessed these PES policies with four indicators (i.e., policy intensity, interdepartmental coordination, diversity, and duration). Finally, we analyzed the impact factors of these regional differences. The results showed that the number of PES policies increased yearly, reaching a peak in 2017. Provinces in the upper reaches had the highest policy-intensity score (7.38), followed by downstream provinces (6.39) and provinces in the middle reaches (4.52). Regarding interdepartmental coordination, the downstream areas exhibited the most interdepartment interaction (27.92%), followed by the upstream areas (20.76%) and the middle areas (19.18%). Diversity in the middle reaches was the highest (scored 4.3) while the upstream area exhibited the lowest diversity value (3.25). Downstream provinces issued PES policies the earliest, with a duration 5.52 years, followed by the upstream provinces (4.68) and middle provinces (4.28). Policy intensity was significantly correlated with fixed-asset investment, solid-waste generation, and population. The results suggest that PES in the YREB needs to be strengthened by enhancing policy consistency. In this regard, identifying regional differences in PES policies can help improve the coordination of PES policies for the whole YREB.

Ripple Effects of House Prices of China’s Three key Regions Including First Tier and Second Tier Main 29 Cities

This paper identifies the ripple effects of house prices of China’s key three regions including first tier 5 cities (LOG(ALL5)), second tier top 8 cities (LOG(ALL8)) and second tier 16 cities (LOG(ALL16)) for 2010Q1 to 2019Q2 periods, together with the impulses from fixed assets investments toward China three key regions’ house prices covering period from 2010Q1 to 2019Q2. The empirical analysis is conducted using the robust econometric multiple frameworks, undertaken the forms of principal component method (PC), VAR and Generalized Impulse Response (GIR) techniques. Over the 20 quarters tested, strong evidences of ripple effects were found from Q1 to Q10. Stronger positive ripple effects were identified between two regions of second tier cities (LOG(ALL16) and LOG(ALL8)) versus first tier region (LOG(ALL5)) and second tier regions (LOG(ALL16) and LOG(ALL8)). This result suggests the first-tier cities in China have become less attractive to households and investors whereas second tier cities became more attractive due to their pristine nature and improved infrastructure. Furthermore, over the 20 quarters tested, a negative response was noticed on house price return of LOG(ALL5) toward LOG(FAINVEST) while house price returns of LOG(ALL8) and LOG(ALL16) toward impulses from LOG(FAINVEST) are positive. The result confirms our finding of stronger ripple effects of two regions of second tier cities due to improved infrastructure from fixed asset investments. This paper also assists readers who are interested in investing in China real estate markets. Policy makers could reference this research to set feasible housing policy with the aim to better housing market stability.

Measurement of Polycentric County-Level Areas in a Rapid Urbanization Region from a Public Service Perspective

Despite various studies regarding polycentric development at metropolis or even larger spatial scales, there is little systematic analysis regarding the rapid urbanization area at the county-level scale. Therefore, this study explored polycentric development in 52 county-level administrative units in Zhejiang Province, China, from a public service perspective. Based on point-of-interest data, our analysis detected the intra-county urban centers and measured their polycentric characteristics. According to the number, scale, and equilibrium value of intra-county polycentricity, the 52 county-level units were classified into three types using a two-step cluster algorithm method. The empirical results suggest that polycentric characteristics vary in the rapid urbanization area, and the spatial distribution of typological units is characterized by agglomeration. Topographical condition, fixed assets investment, public transportation, and residential consumption ability are highly associated with the classification of polycentric urban areas. The conclusion of this study would help local governments initiate better urban development policies and provide potential research directions for further studies about the relationship of inter-county urban centers.

Spatial Effects of Traffic Infrastructure on Income Disparity

Luo, S. and Fu, Q., 2020. Spatial effects of traffic infrastructure on income disparity. In: Guido Aldana, P.A. and Kantamaneni, K. (eds.), Advances in Water Resources, Coastal Management, and Marine Science Technology. Journal of Coastal Research, Special Issue No. 104, pp. 705–710. Coconut Creek (Florida), ISSN 0749-0208.This thesis comprehensively takes the impact of multi-dimensional factors on income disparity into consideration. Based on the empirical test model selection, this thesis establishes a spatial econometric model of traffic infrastructure on income disparity. Based on the provincial panel data of China from 1997 to 2017, the thesis draws the following main conclusions through the empirical test: (1) the income disparity brings about positive spatial spillover effect. The difference in value is higher in the West and lower in the East. With the passage of time, the difference expands year by year and the central part is affected; (2) traffic infrastructure has obvious negative spatial direct and indirect effects, which can effectively curb the expansion of income disparity; (3) among the multi-dimensional factors underlying the local income disparity, opening-up, economic development and fixed asset investment have significant negative spatial direct and indirect effects, as they will slow down the expansion of income disparity. It is suggested that the local government should build more traffic infrastructure, improve economic development, promote greater regional economic cooperation, and narrow the income disparity.

How does house price influence monetary policy transmission?

The literature has focused on house price growth to explain the inefficiency of monetary policy. From the perspective of substitution, this paper explains the relationship between house prices and monetary policy considering not only house price growth but also house price uncertainty. By constructing a theoretical model including both financial-asset and fixed-asset investment, we find that expansionary monetary policy not only promotes total investment but simultaneously also leads to substitution towards financial assets. However, a rise in house price growth or house price uncertainty will mitigate the substitution effect generated by monetary policy. These propositions are supported by empirical data on China's nonfinancial listed firms from 2009 Q1 to 2018 Q3 and the results are robust to a variety of model specifications and empirical approaches. Our findings imply that real estate regulatory policy should coordinate with monetary policy in maximizing fixed-asset investment.

Trends in social vulnerability to storm surges in Shenzhen, China

Abstract. An evaluation of social vulnerability to storm surges is important for any coastal city to provide marine disaster preparedness and mitigation procedures and to formulate post-disaster emergency plans for coastal communities. This study establishes an integrated evaluation system of social vulnerability by blending a variety of single-evaluation methods, which are subsequently combined by weighting in order to calculate a common social vulnerability index. Shenzhen has a current reputation of having considerable economic development potential and is a representative city in China. It is chosen for an evaluation of its social vulnerability to storm surges via a historical social and economic statistical dataset spanning the period 1986–2016. Exposure and sensitivity increased slowly with some fluctuation, leading to some alterations of the social vulnerability trend. Social vulnerability stayed almost constant during 1986–1991 and 1993–2004, while it decreased sharply afterwards to form a “stair-type” declining curve over the past 31 years. Resilience is progressively increasing by virtue of a continuous increase in medical services supply, fixed asset investments, and salary levels of employees. These determinants contribute to the overall downward trend of social vulnerability for Shenzhen.

Multiple relationships between fixed-asset investment and industrial structure evolution in China–Based on Directed Acyclic Graph (DAG) analysis and VAR model

Industrial structure can describe not only the structural relationships between industrial output capacities, but also the structural relationships between industrial economic outputs. Fixed-asset investment affects industrial structure through the formation of capital stock and contemporaneous demand. Based on VAR model, this paper utilizes Granger causality test and other econometric methods to analyze the hysteresis relationships between fixed-asset investment and industrial structure in China from 1991 to 2017. In addition, the contemporaneous relationships are identified by employing the Directed Acyclic Graph (DAG) analysis. The results show that: The hysteresis relationships exist in primary and secondary industries between fixed-asset investment and their respective value added. The fixed-asset investment in primary and tertiary industries are the contemporaneous causes of positive effect to the value added of primary industry. And the value added of secondary industry is the contemporaneous cause of positive effect to its fixed-asset investment.

The Impact of Capital Expenditure on Working Capital Management: Evidence from the Listed Manufacturing Companies in the Colombo Stock Exchange (CSE)

The study investigated the effect of capital expenditure (CE) on working capital management (WCM) using quarterly financial data of 30 selected listed manufacturing companies in Sri Lanka during the period of 2014 to 2018. The Net liquidity balance (NLB), working capital requirement (WCR) and cash conversion cycle (CCC) were utilized as proxies for WCM and pooled least squares regression analysis model was used analyzing the relationship between CE and WCM. Based on three different models, six different hypotheses were tested. The effect of CE financial expenditure and operating expenditure on NLB were investigated as the first model and secondly the effect on WCR and CCC was investigated. The significant negative relationship has been identified between NLB and CE, which implies that these firms do not strive increasing the balance of most liquid assets when facing with CE since firms use debt or bank overdraft as firms don’t have enough internally generated funds to be used in long term fixed investments. Further, the insignificant relationship between operating working capital and CE was found. Based on the investigation, managerial implications of the manufacturing companies have to consider the trend of CE in managing WC and establish trade between CE and WCM in order to enhance long term profitability through fixed asset investment while ensuring smooth functioning of company’s liquidity activities without incurring any liquidity risk.