Suchergebnisse

The study investigates the mutual influence between agricultural commodity prices (ACP) and inflation (INF) in China by employing the bootstrap full- and sub-sample rolling-window Granger causality tests. We find that ACP has positive effects on INF, indicating that agricultural commodities play a significant role in stabilizing general price levels, but the higher ACP may create inflationary pressures. However, the negative effects suggest that under the shock of external uncertainty, the rise of ACP is not always regarded as the prime driver of INF. The results are not consistent with Hypothesis 1, which highlights that INF is positively affected by ACP. In turn, we also find positive and negative impacts of INF on ACP, showing that the level of INF can affect the supply and demand of agricultural commodity markets, it can be considered as a factor affecting ACP. The findings support Hypothesis 2 derived from the interaction mechanism. These analyses can assist the Chinese government to understand that ACP is not an effective indicator for forecasting INF. It also can prompt them to pay attention to the transmission effect of price levels on ACP, to maintain the stability of the agricultural commodity market.

This paper investigates the ability of gold to hedge worldwide risks from the perspective of global economic policy uncertainty (GEPU). By applying the full- and sub-sample rolling-window bootstrap causality tests to analyze the dynamic interaction between GEPU and gold price (GP). It can be observed that gold can effectively hedge risks of GEPU during the Asian financial crisis, dot-com bubble and global economic crisis, but this result does not hold in non-crisis period. GEPU manifests two-way impacts on the GP in a few periods, this relationship between GEPU and GP being consistent with the hypothesis in the general equilibrium model, which states that changes in GEPU lead to the fluctuations of GP. In turn, GP has both positive and negative impacts on GEPU. In the current complex economic situation, governments and investors can consider gold to hedge risks of GEPU, especially during the economic crises.

This paper investigates the ability of gold to hedge worldwide risks from the perspective of global economic policy uncertainty (GEPU). By applying the full- and sub-sample rolling-window bootstrap causality tests to analyze the dynamic interaction between GEPU and gold price (GP). It can be observed that gold can effectively hedge risks of GEPU during the Asian financial crisis, dot-com bubble and global economic crisis, but this result does not hold in non-crisis period. GEPU manifests two-way impacts on the GP in a few periods, this relationship between GEPU and GP being consistent with the hypothesis in the general equilibrium model, which states that changes in GEPU lead to the fluctuations of GP. In turn, GP has both positive and negative impacts on GEPU. In the current complex economic situation, governments and investors can consider gold to hedge risks of GEPU, especially during the economic crises.

This paper aims to explore whether the development of competitive computer gaming (eSports) industries is sustained in China. In doing so, we apply the Generalized Supremum Augmented Dickey-Fuller (GSADF) method to investigate when the bubbles originated and crashed in the Chinese eSports market from 2014 to 2021. Utilizing the data of the Chinese Electronic Sports Thematic Index (CESI), the empirical outcomes show that the Chinese eSports industry may deviate from its market value and that the industry witnesses bubble behaviors. The latent reasons might be attributed to government policies, economic growth, stock market crises, and venture capital investments. Therefore, to promote the stabilized and sustained development of the eSports industry in China, regulators and authorities should pay attention to the evolution of bubbles. Moreover, maintaining policy consistency and continuity may be beneficial in stabilizing investors' expectations and reducing speculative investment behaviors. JEL Classification: G10, Z23, Z28.

This paper probes the interrelationship between Bitcoin price (BP) and the U.S. partisan conflict (PC) by performing the bootstrap full- and sub-sample Granger causality tests. The positive influence from PC to BP reveals that Bitcoin can be considered as a tool to avoid the uncertainty caused by the rise in PC. However, this view cannot be supported by the negative impact, the major reason is that the burst of bubble undermines the hedging ability of Bitcoin. The above results are inconsistent with the intertemporal capital asset pricing model (ICAPM), underlining that high PC may drive BP to rise, in order to compensate for the losses and costs from factionalism. Conversely, BP has a negative impact on PC, suggesting that the U.S. political situation can be reflected by the Bitcoin market. Under the circumstance of the fiercer factionalism in the U.S., this investigation can benefit investors and related authorities. First published online 04 February 2021