This book provides a comprehensive analysis of the effects that foreign direct investment into China has had on the productivity, exporting activity, and innovation of Chinese domestic firms, as well as on the nation's labor markets. The analysis relies on the most complete data available and state-of-the-art statistical analysis. The book also includes a critical overview of existing theoretical and empirical literature on these issues and is meant to provide guidance to researchers in the area of FDI effects in general, as well as those interested in studying the Chinese economy.
We examine the composition and drivers of cross-border bank lending between 1995 and 2012, distinguishing between syndicated and non-syndicated loans. We show that on-balance sheet syndicated loan exposures account for almost one third of total cross-border loan exposures during this period. Furthermore, syndicated loan exposures increased during the global financial crisis due to large drawdowns on credit lines extended before the crisis. Our empirical analysis of the drivers of cross-border loan exposures in a large bilateral dataset shows three main results. First, banks with lower levels of capital favor syndicated over other kinds of cross-border loans. Second, borrower country characteristics such as level of development, economic size, and capital account openness, are less important in driving syndicated than non-syndicated loan activity, suggesting a diversification motive for syndication. Third, information asymmetries between lender and borrower countries, which are important both in normal and crisis times, became more binding for both types of cross-border lending activity during the recent crisis.
We study the transmission of financial sector shocks across borders through international bank connections. For this purpose, we use data on long-term interbank loans among more than 6,000 banks during 1997-2012 to construct a yearly global network of interbank exposures. We estimate the effect of direct (first-degree) and indirect (second-degree) exposures to countries experiencing systemic banking crises on bank profitability and loan supply. We find that direct exposures to crisis countries squeeze banks' profit margins, thereby reducing their returns. Indirect exposures to crisis countries enhance this effect, while indirect exposures to non-crisis countries mitigate it. Furthermore, crisis exposures have real effects in that they reduce banks' supply of domestic and cross-border loans. Our results, based on a large global sample, support the notion that interconnected financial systems facilitate shock transmission.
This book provides a comprehensive analysis of the effects that foreign direct investment into China has had on the productivity, exporting activity, and innovation of Chinese domestic firms, as well as on the nation's labor markets. The analysis relies on the most complete data available and state-of-the-art statistical analysis. The book also includes a critical overview of existing theoretical and empirical literature on these issues and is meant to provide guidance to researchers in the area of FDI effects in general, as well as those interested in studying the Chinese economy.
This book pieces together the jigsaw puzzle of Einstein’s journey to discovering the special theory of relativity. Between 1902 and 1905, Einstein sat in the Patent Office and may have made calculations on old pieces of paper that were once patent drafts. One can imagine Einstein trying to hide from his boss, writing notes on small sheets of paper, and, according to reports, seeing to it that the small sheets of paper on which he was writing would vanish into his desk-drawer as soon as he heard footsteps approaching his door. He probably discarded many pieces of papers and calculations and flung them in the waste paper basket in the Patent Office. The end result was that Einstein published nothing regarding the special theory of relativity prior to 1905. For many years before 1905, he had been intensely concerned with the topic; in fact, he was busily working on the problem for seven or eight years prior to 1905. Unfortunately, there are no surviving notebooks and manuscripts, no notes and papers or other primary sources from this critical period to provide any information about the crucial steps that led Einstein to his great discovery. In May 1905, Henri Poincaré sent three letters to Hendrik Lorentz at the same time that Einstein wrote his famous May 1905 letter to Conrad Habicht, promising him four works, of which the fourth one, Relativity, was a rough draft at that point. In the May 1905 letters to Lorentz, Poincaré presented the basic equations of his 1905 “Dynamics of the Electron”, meaning that, at this point, Poincaré and Einstein both had drafts of papers relating to the principle of relativity. The book discusses Einstein’s and Poincaré’s creativity and the process by which their ideas developed. The book also explores the misunderstandings and paradoxes apparent in the theory of relativity, and unravels the subtleties and creativity of Einstein.
Exploring the Northern Tradition is an introduction to the modern reconstruction of the ancient religion of the Germanic and Scandinavian peoples. This religion, called Heathenry, is one of the fastest growing polytheistic religious movements in the United States today. This book provides a thorough guide to the cosmology, values, ethics, and rituals practiced by modern Heathens. It crosses denominational lines, examining practices common to all branches of Heathenry in an easily accessible format. Readers will have the opportunity to explore the sacred stories of the various Heathen Gods, like Odin, Frigga, Freya, and Thor, and the devotional practices of modern votaries. The most common devotional rite--the faining or blot--is examined in rich detail, with examples given for personal use. Additionally, readers are introduced to the concept of wyrd or fate, so integral to the Heathen worldview. For those new to Heathenry, Pagans who wish to learn more about the Norse Deities, or those simply interested in learning about this unique religion, Exploring the Northern Tradition is the perfect introduction. Subjects covered include: -- The gods and goddesses -- Symbel -- The soul matrix -- Ethics and values of the modern heathen -- The history and evolution of modern Heathenry Unlike many books on Heathenry, Exploring the Northern Tradition is not denomination specific, nor does it seek to overwhelm the reader with unfamiliar Anglo-Saxon or Norse terminology. Every new concept covered is presented in a clear and easy-to-understand manner. Readers will come away from this book with a thorough knowledge of what the Heathen community is like and what newcomers to that community can expect. Experienced Heathens will find a wealth of lore and inter-denominational critique that will make this book an excellent addition to their libraries. The author, Galina Krasskova draws on her own 12 years of experience as a Heathen priest or weofodthignen. She is currently Aeweweard in Thaet Angelseaxisce Ealdriht and has studied interfaith ministry in NYC (where she is registered with the state as a minister). Drawing upon the foundation of her own experience as a Heathen, Rev. Krasskova provides a window into this faith that seeks to unite the wisdom of the past with the devotional inspiration of the present.
An essential guide to expand your spiritual practices for followers of Norse Paganism, Heathenry, Asatru, and other Northern Traditions. Northern Tradition for the Solitary Practitioner is a groundbreaking look at devotional work in religions from Theodism to Asatru to Norse Paganism, all of which comprise the umbrella of the Northern Tradition. Although interest in devotional and experiential work within these traditions has been growing rapidly in the past few years, this is the first book to show the diverse scope of such practices as a living, modern-day religion. It features an in-depth exploration of altar work, prayer, prayer beads, ritual work, sacred images, and lore, and a thorough examination of common cosmology that forms the foundation of belief for Northern Tradition communities and related Heathen practices. Northern Tradition for the Solitary Practitioner is not denomination-specific: rather, it seeks to provide an entry into interior practice for anyone involved in a branch of this broad family of traditions of the ancient Norse, Germanic, and Saxon peoples, using material suitable for the solitary, independent practitioner. Those outside of the Northern Tradition who wish to deepen their own devotional practice will find this book helpful in their own work, as well.
Breaking Free from Death examines how Russian writers respond to the burden of living with anxieties about their creative outputs, and, ultimately, about their own inevitable finitude. What contributes to creative death are not just crippling diseases that make man defenseless in the face of death, and not just the arguably universal fear of death but, equally important, the innumerable impositions on the part of various outsiders. Many conflicts in the lives of Rylkova’s subjects arose not from their opposition to the existing political regimes but from their interactions with like-minded and supporting intellectuals, friends, and relatives. The book describes the lives and choices that concrete individuals and—by extrapolation—their literary characters must face in order to preserve their singularity and integrity while attempting to achieve fame, greatness, and success.
This book focuses on Albert Einstein and his interactions with, and responses to, various scientists, both famous and lesser-known. It takes as its starting point that the discussions between Einstein and other scientists all represented a contribution to the edifice of general relativity and relativistic cosmology. These scientists with whom Einstein implicitly or explicitly interacted form a complicated web of collaboration, which this study explores, focusing on their implicit and explicit responses to Einstein’s work. This analysis uncovers latent undercurrents, indiscernible to other approaches to tracking the intellectual pathway of Einstein to his general theory of relativity. The interconnections and interactions presented here reveal the central figures who influenced Einstein during this intellectual period. Despite current approaches to history presupposing that the efforts of scientists such as Max Abraham and Gunnar Nordström, which differed from Einstein’s own views, be relegated to the background, this book shows that they all had an impact on the development of Einstein’s theories, stressing the limits of approaches focusing solely on Einstein. As such, General Relativity Conflict and Rivalries proves that the general theory of relativity was not developed as a single, coherent construction by an isolated, brooding individual, but, rather, that it came to fruition through Einstein’s conflicts and interactions with other scientists, and was consolidated by his creative processes during these exchanges.
Key to Learning is a unique programme of cognitive development activities for the Foundation Stage and Key Stage 1 based on the concepts of Lev Vygotsky, one of the 20th century’s most influential theorists in the field of early years education.
We study the transmission of financial sector shocks across borders through international bank connections. For this purpose, we use data on long-term interbank loans among more than 6,000 banks during 1997-2012 to construct a yearly global network of interbank exposures. We estimate the effect of direct (first-degree) and indirect (second-degree) exposures to countries experiencing systemic banking crises on bank profitability and loan supply. We find that direct exposures to crisis countries squeeze banks' profit margins, thereby reducing their returns. Indirect exposures to crisis countries enhance this effect, while indirect exposures to non-crisis countries mitigate it. Furthermore, crisis exposures have real effects in that they reduce banks' supply of domestic and cross-border loans. Our results, based on a large global sample, support the notion that interconnected financial systems facilitate shock transmission.
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