This study constructs a dynamic and open economy model to show that low saving rates are the cause of economic volatility in developed countries, whereas inadequate financial development is identified as the reason for economic volatility in emerging countries. With low saving rates or inadequate financial development, countries find it difficult to avoid economic volatility, because it is difficult to alleviate the financing constraints of firms and maintain the stability of investment. Under similar conditions, economic volatility is more severe in developed countries and has spillover effects by triggering interest rate fluctuations in the global capital market and intensifying economic volatility in other countries. By contrast, emerging countries or small economies do not have spillover effects. To avoid dramatic international economic volatility, emerging countries should prompt financial development, and developed countries should increase their saving rates.

I. This study employs social network analysis (SNA) to construct China’s digital financial social networks (DFSNs) and measure both their overall and city-specific network characteristics, as well ...

This study utilizes the broadcast of the popular television series Game of Hunting in mainland China as a quasi-natural experiment to examine how investor attention impacts stock price volatility. The empirical findings reveal that the broadcast of Game of Hunting increased stock price volatility for headhunting companies. Notably, headhunting companies that attracted lower levels of investor attention before the broadcast exhibited greater stock price volatility. Conversely, headhunting companies with more complex business operations, which posed greater challenges for investors in processing information, experienced smaller fluctuations in stock prices. The broadcast of Game of Hunting drew retail investors’ attention to headhunting stocks, prompting them to purchase these stocks. This attention-driven buying then triggered arbitrage behavior by other retail investors, who sold the stocks, ultimately causing fluctuations in the share prices of headhunting companies. In contrast, institutional investors’ trading of these stocks was neither affected by the popularity of Game of Hunting nor influenced by the trading behavior of retail investors.