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Prof. Fuzhong Chen
School of International Trade and Economics, University of International Business and Economics

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0 Energy Economics
0 Inter Alia
0 International Economics
0 foreign direct investment

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Original paper
Published: 26 June 2021 in Journal of Family and Economic Issues
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This paper explores the impact and mechanisms of household debt on food expenditure. This study centers on panel data from the China Family Panel Studies (2012, 2014, and 2016) and employs a fixed-effect panel model to demonstrate that household debt can significantly reduce food expenditure share. In addition, this conclusion is quite robust regardless of changing index definitions, or the estimation method. Particularly, informal debt significantly decreases food expenditure share at home. This study postulates that a decline in the Engel’s coefficient caused by debt may not coincide with improved household welfare. It concludes that the negative influence of debt on food expenditure is through two mechanisms: the asset-income effect and liquidity constraints. Finally, a finding aligns with the assertation of Banks et al. (79:527–539,1997) that the relationship between the Engel’s coefficient and income will present an inverted U-shaped pattern during the rapid debt growth period in urban China.

ACS Style

Yanyan Huang; Fuzhong Chen. The Impact of Household Debt on Food Expenditure and Its Mechanism in Urban China. Journal of Family and Economic Issues 2021, 1 -10.

AMA Style

Yanyan Huang, Fuzhong Chen. The Impact of Household Debt on Food Expenditure and Its Mechanism in Urban China. Journal of Family and Economic Issues. 2021; ():1-10.

Chicago/Turabian Style

Yanyan Huang; Fuzhong Chen. 2021. "The Impact of Household Debt on Food Expenditure and Its Mechanism in Urban China." Journal of Family and Economic Issues , no. : 1-10.

Journal article
Published: 17 June 2021 in European Journal of Government and Economics
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Though most countries in Sub-Saharan Africa (SSA) are agricultural-based, the region is a net importer of food and agricultural products and experiences the highest level of food insecurity globally. The government have a joint goal of achieving a favourable balance of trade and food security; hence this study examines the causal relationship between quality of governance and net-import dependency on food and agricultural products for 25 SSA countries during the period 1995-2015. Principal component analysis is employed to develop a governance index based on the six worldwide governance indicators and a multivariate panel vector error correction framework applied to infer causality in the short and long run. The results reveal that a higher governance index is correlated with a lower net-import dependency ratio and the relationship is statistically significant. Evidence of unidirectional causality running from governance to net-import dependency is reported in 14 SSA countries, mainly in the long run. In conclusion, improving governance quality could support reduced food and agricultural net-import dependency through promoting agriculture production, exports and consequently reduced trade deficits in the long run. Hence, governance reforms in the region should be placed at the heart of the agricultural development agenda.

ACS Style

Esther Nyambura Mwangi; Fuzhong Chen; Daniel Njoroge. Governance and net-import dependency on food and agricultural products in Sub-Saharan Africa: does any causality exist? European Journal of Government and Economics 2021, 10, 80 -104.

AMA Style

Esther Nyambura Mwangi, Fuzhong Chen, Daniel Njoroge. Governance and net-import dependency on food and agricultural products in Sub-Saharan Africa: does any causality exist? European Journal of Government and Economics. 2021; 10 (1):80-104.

Chicago/Turabian Style

Esther Nyambura Mwangi; Fuzhong Chen; Daniel Njoroge. 2021. "Governance and net-import dependency on food and agricultural products in Sub-Saharan Africa: does any causality exist?" European Journal of Government and Economics 10, no. 1: 80-104.

Journal article
Published: 18 March 2021 in The Quarterly Review of Economics and Finance
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This study examines the impact of house price on money demand in case of China for the period of 1988Q1-2017Q4. The present study used different estimators, which are robust to handling the endogeneity issues in the data, to capture the long-run effect of housing price index on money demand while controlling for interest rate, gross domestic product and consumer price index. The results suggest that house prices along with GDP, inflation and interest rate are important factors in explaining the money demand in China. To capture the vulnerability periods and identify the behaviour of the money demand and house price index variables in China, this study employs wavelet power spectrum. The results further show that there was a significant vulnerability in money demand between 2006 and 2012 in the short and medium terms. Besides, in order to identify the co-movement between house price and money demand in China, the continuous wavelet coherence approach is applied. The outcomes of continuous wavelet coherence approach reveal that there is strong linkage between money demand and house price index between 2002 and 2018 at both short and long terms. The results show that there is a positive and significant correlation between money demand and house price index in China. Thus, house price index can be a predictive factor for future money demand at low, middle and high frequencies.

ACS Style

Qiang Ma; Zeeshan Khan; Fuzhong Chen; Muntasir Murshed; Yang Siqun; Dervis Kirikkaleli. Revisiting the nexus between house pricing and money demand: Power spectrum and wavelet coherence based approach. The Quarterly Review of Economics and Finance 2021, 1 .

AMA Style

Qiang Ma, Zeeshan Khan, Fuzhong Chen, Muntasir Murshed, Yang Siqun, Dervis Kirikkaleli. Revisiting the nexus between house pricing and money demand: Power spectrum and wavelet coherence based approach. The Quarterly Review of Economics and Finance. 2021; ():1.

Chicago/Turabian Style

Qiang Ma; Zeeshan Khan; Fuzhong Chen; Muntasir Murshed; Yang Siqun; Dervis Kirikkaleli. 2021. "Revisiting the nexus between house pricing and money demand: Power spectrum and wavelet coherence based approach." The Quarterly Review of Economics and Finance , no. : 1.

Journal article
Published: 11 February 2021 in Sustainability
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To investigate whether increasing trade openness results in more severe environmental problems, this study investigates the impact of trade openness on carbon dioxide (CO2) emissions using panel data from 64 countries along the Belt and Road from 2001–2019. Fully considering the potential heterogeneity, the panel quantile regression approach is utilized. Moreover, this study explores the three major mediating effects of the process, namely the energy-substitution effect, economic effect, and technology effect. The empirical results indicate that the improvement in trade openness has a significantly positive effect on CO2 emissions, and it also shows that the impact varies with different levels of CO2 emissions. Furthermore, the indirect effect of trade openness on CO2 emissions via the economic effect is positive, while the indirect effect via the energy-substitution and the technology effect is negative. Therefore, it is necessary to improve renewable energy consumption, decrease energy intensity, and formulate related policies to reduce carbon emissions policies in terms of local conditions.

ACS Style

Fuzhong Chen; Guohai Jiang; Getachew Kitila. Trade Openness and CO2 Emissions: The Heterogeneous and Mediating Effects for the Belt and Road Countries. Sustainability 2021, 13, 1958 .

AMA Style

Fuzhong Chen, Guohai Jiang, Getachew Kitila. Trade Openness and CO2 Emissions: The Heterogeneous and Mediating Effects for the Belt and Road Countries. Sustainability. 2021; 13 (4):1958.

Chicago/Turabian Style

Fuzhong Chen; Guohai Jiang; Getachew Kitila. 2021. "Trade Openness and CO2 Emissions: The Heterogeneous and Mediating Effects for the Belt and Road Countries." Sustainability 13, no. 4: 1958.

Research article
Published: 05 February 2021 in Sustainable Development
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Today's world is facing a serious challenge of high carbon emissions. A large number of studies are examining the deteriorating impact of carbon emissions at the country or firm level, but the literature on the voluntary carbon disclosure project (CDP) by cities is not rich. Therefore, this study seeks to examine the effect of the population (Pop) and gross domestic product (GDP) on carbon emissions of cities by using data of CDP. The dataset refers to a set of numerous cities from around the world, spanning the period from 2012 to 2016. Random effects panel regression and generalized method of moments (GMM), and quantile regressions techniques have been employed to empirically investigate the discussed relationship and to control the potential endogeneity issues, respectively. According to the results, population and GDP are substantial predictors of carbon emissions in sampled cities. Findings show that not only factories contribute to increasing carbon emissions rate, but cities are equally responsible for these emissions as they put no checks on their economic growth and population. The findings are also robust for policy implications.

ACS Style

Fuzhong Chen; Muzzammil Hussain; Jawad Ahmad Khan; Ghulam Mustafa Mir; Zeeshan Khan. Voluntary disclosure of greenhouse gas emissions by cities under carbon disclosure project: A sustainable development approach. Sustainable Development 2021, 1 .

AMA Style

Fuzhong Chen, Muzzammil Hussain, Jawad Ahmad Khan, Ghulam Mustafa Mir, Zeeshan Khan. Voluntary disclosure of greenhouse gas emissions by cities under carbon disclosure project: A sustainable development approach. Sustainable Development. 2021; ():1.

Chicago/Turabian Style

Fuzhong Chen; Muzzammil Hussain; Jawad Ahmad Khan; Ghulam Mustafa Mir; Zeeshan Khan. 2021. "Voluntary disclosure of greenhouse gas emissions by cities under carbon disclosure project: A sustainable development approach." Sustainable Development , no. : 1.

Journal article
Published: 08 January 2021 in Sustainable Production and Consumption
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As China is becoming a domestic demand oriented economy, it is pertinent to address its household consumption-induced carbon emissions for ensuring environmental sustainability. Besides, managing the household consumption-induced carbon emissions is vital to the attainment of the nation's carbon neutrality agenda of 2060. Hence, this study examines the effects of household consumption on carbon emissions using the Chinese provincial data from 1995 to 2017. The third-generation unit root and cointegration tests are employed to account for structural breaks. Moreover, simultaneously accounting for cross-sectional dependency and slope heterogeneity concerns, the short- and long-run elasticities of carbon emissions are predicted using the pooled mean group, the common correlated effects mean group and the recently developed cross-sectional augmented autoregressive distributed lag estimators. The results, in a nutshell, reveal that household consumption attributes to greater carbon emissions. Apart from household consumption, similar adverse environmental impacts of financial development are ascertained. In contrast, technological innovation and renewable energy consumption are found to curb the carbon emissions. In line with the findings, it is recommended that household consumption of direct and indirect energy should ideally be sourced from renewable resources whereby the adverse environmental impacts of household consumption in China can be reduced. Thus, investment in renewable energy production could be a key energy policy for China. Besides, levying a carbon tax on energy-intensive commodities can also be a means to further reduce the household-consumption induced carbon emissions.

ACS Style

Jinyu Liu; Muntasir Murshed; Fuzhong Chen; Muhammad Shahbaz; Dervis Kirikkaleli; Zeeshan Khan. An empirical analysis of the household consumption-induced carbon emissions in China. Sustainable Production and Consumption 2021, 26, 943 -957.

AMA Style

Jinyu Liu, Muntasir Murshed, Fuzhong Chen, Muhammad Shahbaz, Dervis Kirikkaleli, Zeeshan Khan. An empirical analysis of the household consumption-induced carbon emissions in China. Sustainable Production and Consumption. 2021; 26 ():943-957.

Chicago/Turabian Style

Jinyu Liu; Muntasir Murshed; Fuzhong Chen; Muhammad Shahbaz; Dervis Kirikkaleli; Zeeshan Khan. 2021. "An empirical analysis of the household consumption-induced carbon emissions in China." Sustainable Production and Consumption 26, no. : 943-957.

Research article
Published: 01 December 2020 in Sustainable Development
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The global economy is rising continuously, with a 3–4% aggregate annual growth in output, which poses a severe threat to the environment due to a consistent rise in the use of fossil fuel. Given the disastrous climate change due to the industrialization and increasingly growing demands for energy, countries around the globe are devising strategies to curb the release of greenhouse gases. This study examines the role of environmental innovation, trade, and renewable energy consumption in the nexus between trade and CO2 emissions for top 10 carbon emitter countries. The results suggest that there is evidence of cross‐sectional dependency, and models are suffered from slope heterogeneity problem test popularized by Pesaran and Yamagata. The results of Westerlund cointegration method suggest that in there is long equilibrium relationship among CO2 emissions and other variables such as environmental innovation, trade, and renewable energy consumption and income. The results of cross‐sectionally augment autoregressive distributed lags (CS‐ARDL) method suggest that in the long run, environmental innovation, trade, and renewable energy consumption and income are important factors in explaining consumption‐based carbon emission and territory‐based carbon emission.

ACS Style

Shahid Ali; Eyup Dogan; Fuzhong Chen; Zeeshan Khan. International trade and environmental performance in top ten‐emitters countries: The role of eco‐innovation and renewable energy consumption. Sustainable Development 2020, 29, 378 -387.

AMA Style

Shahid Ali, Eyup Dogan, Fuzhong Chen, Zeeshan Khan. International trade and environmental performance in top ten‐emitters countries: The role of eco‐innovation and renewable energy consumption. Sustainable Development. 2020; 29 (2):378-387.

Chicago/Turabian Style

Shahid Ali; Eyup Dogan; Fuzhong Chen; Zeeshan Khan. 2020. "International trade and environmental performance in top ten‐emitters countries: The role of eco‐innovation and renewable energy consumption." Sustainable Development 29, no. 2: 378-387.

Journal article
Published: 05 November 2020 in Regional Economic Development Research
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In 2018, the China-U.S. trade dispute started, which brings heterogeneous impacts on the global economy. The purpose of this paper is to examine the effects of tariffs targeting Chinese exporting commodities imposed by the U.S. on the Chinese stock market by utilizing the event study analysis. 10 industries' stock returns between Jan. 3rd , 2017, and Apr. 3rd , 2020 were selected as the research objectives from the WIND database, according to the Chinese Shen Wan's classification standard. Results based on event study analysis show that: First, the China-U.S. trade dispute causes significant fluctuations to Chinese stock returns. Second, the impacts of the trade dispute are mainly negative, showing by the negative cumulative average abnormal returns in the export-oriented sectors when they are encountered with new tariffs imposed by the United States. However, the effects can also be positive because of the various situations of targeted industries, and the defensive measures taken by China. Third, the trade dispute also affects investors' views on the macro economy, in which the impact on the real economy can be transferred to other non-export-oriented industries, such as the banking sector. This study provides empirical evidence for China's policymakers to take measures in strengthening the independence of innovation, protecting intellectual property rights. Investors also need to equip themselves with more financial knowledge.

ACS Style

Fuzhong Chen; Di Yu. The Effect of China-U.S. Trade Dispute on Chinese Stock Market: New Evidence from the Event Study Analysis. Regional Economic Development Research 2020, 105 -117.

AMA Style

Fuzhong Chen, Di Yu. The Effect of China-U.S. Trade Dispute on Chinese Stock Market: New Evidence from the Event Study Analysis. Regional Economic Development Research. 2020; ():105-117.

Chicago/Turabian Style

Fuzhong Chen; Di Yu. 2020. "The Effect of China-U.S. Trade Dispute on Chinese Stock Market: New Evidence from the Event Study Analysis." Regional Economic Development Research , no. : 105-117.

Journal article
Published: 01 November 2020 in The North American Journal of Economics and Finance
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ACS Style

Fuzhong Chen; Chien-Lung Hsu; Arthur J. Lin; Haifeng Li. Holding risky financial assets and subjective wellbeing: Empirical evidence from China. The North American Journal of Economics and Finance 2020, 54, 1 .

AMA Style

Fuzhong Chen, Chien-Lung Hsu, Arthur J. Lin, Haifeng Li. Holding risky financial assets and subjective wellbeing: Empirical evidence from China. The North American Journal of Economics and Finance. 2020; 54 ():1.

Chicago/Turabian Style

Fuzhong Chen; Chien-Lung Hsu; Arthur J. Lin; Haifeng Li. 2020. "Holding risky financial assets and subjective wellbeing: Empirical evidence from China." The North American Journal of Economics and Finance 54, no. : 1.

Journal article
Published: 07 October 2020 in Energy
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Despite the importance of energy efficiency (EE) in promoting economic growth (EG), the empirical evidence about the growth effect of EE is quite thin. This research intends to examine the heterogeneous impacts of EE, renewable energy consumption (REC), and other factors on EG of BRICS countries for 1990 – 2014. The empirical results unveil that EE in BRICS countries is an important source for EG. The findings of fixed-effect panel quantile regression analysis clearly explain that the effects of all the selected components of EG are heterogeneous along the quantiles. The effect of EE is significantly positive across all the quantiles, but the positive effect is more robust at 50th and 60th quantiles of EG. REC significantly decreases the EG in BRICS economies, but the negative influence is more robust at the upper quantiles of EG (.60 to .90). Moreover, the results obtained from Dumitrescu-Hurlin (D-H) heterogeneous panel causality test approve the feedback hypothesis between EE and EG in BRICS countries. The findings also provide the bidirectional causal relationship between REC and EG. Furthermore, a causal association is observed from EE to REC. It suggests that EE is also beneficial to enhance REC in BRICS countries. The study suggests that more prolific use of energy can stimulate EG in BRICS countries by improvement in EE and renewable energy (RE).

ACS Style

Rabia Akram; Fuzhong Chen; Fahad Khalid; Guanhua Huang; Muhammad Irfan. Heterogeneous effects of energy efficiency and renewable energy on economic growth of BRICS countries: A fixed effect panel quantile regression analysis. Energy 2020, 215, 119019 .

AMA Style

Rabia Akram, Fuzhong Chen, Fahad Khalid, Guanhua Huang, Muhammad Irfan. Heterogeneous effects of energy efficiency and renewable energy on economic growth of BRICS countries: A fixed effect panel quantile regression analysis. Energy. 2020; 215 ():119019.

Chicago/Turabian Style

Rabia Akram; Fuzhong Chen; Fahad Khalid; Guanhua Huang; Muhammad Irfan. 2020. "Heterogeneous effects of energy efficiency and renewable energy on economic growth of BRICS countries: A fixed effect panel quantile regression analysis." Energy 215, no. : 119019.

Journal article
Published: 05 February 2020 in Sustainability
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Sustainable financial education is defined as the continuous input of money and time on financial knowledge education after formal schooling. The purpose of this paper is to examine the impact of sustainable financial education on consumer life satisfaction. Utilizing the dataset of Household Consumer Finance of Chinese Urban Residents in 2012 by the China Financial Research Center of Tsinghua University, the variable of sustainable financial education is constructed through the variables of the necessity of financial education, the money spent on financial education, and the time spent on financial education. To improve the estimation results, order probit regression is utilized. The results indicate that financial education is significantly positive to consumer life satisfaction only for a consumer with higher education. Consumers who regard financial education to be of high necessity will feel more satisfied. The results also show that consumers who spend more money and time on financial education after formal schooling will be more satisfied. Moreover, the sustainable impacts of financial education on consumer life satisfaction are verified. In addition, this study provides empirical evidence that suggests that sustainable financial education positively contributes to consumer life satisfaction. The results have implications for policymakers to take measures in enhancing sustainable financial education to improve consumer life satisfaction.

ACS Style

Fuzhong Chen; Jingxin Lu; Jiaying Li; Wenting Wang; Horlane Bissielou. Sustainable Financial Education and Consumer Life Satisfaction. Sustainability 2020, 12, 1150 .

AMA Style

Fuzhong Chen, Jingxin Lu, Jiaying Li, Wenting Wang, Horlane Bissielou. Sustainable Financial Education and Consumer Life Satisfaction. Sustainability. 2020; 12 (3):1150.

Chicago/Turabian Style

Fuzhong Chen; Jingxin Lu; Jiaying Li; Wenting Wang; Horlane Bissielou. 2020. "Sustainable Financial Education and Consumer Life Satisfaction." Sustainability 12, no. 3: 1150.

Journal
Published: 01 January 2020 in Journal of African Trade
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This study investigates the causal links among agricultural imports, agriculture productivity, and economic growth in 40 sub-Saharan African countries over the period 1990–2015. Granger noncausality tests are applied to infer direction of causality, whereas the generalized two-stage least squares instrumental variable technique estimates the effects while controlling for endogeneity. The bootstrapping procedure is used to deal with cross-sectional dependence. The results reveal bidirectional causality between agricultural imports and agriculture productivity in the full sample, and in middle- and low-income non-oil-exporting countries. The relationship between agricultural imported inputs and agriculture productivity is positive and significant. In addition, unidirectional causality from agricultural imports to economic growth is seen in the full sample and middle-income non-oil exporters. Growth elasticity of agricultural imports is about 0.98 in the full sample and about 1.3 in the middle-income group. Therefore, agricultural trade policies in the region should be reexamined to promote international trade for economic development.

ACS Style

Esther N. Mwangi; Fuzhong Chen; Daniel M. Njoroge. Agricultural Imports, Agriculture Productivity and Economic Growth in Sub-Saharan Africa. Journal of African Trade 2020, 7, 15 .

AMA Style

Esther N. Mwangi, Fuzhong Chen, Daniel M. Njoroge. Agricultural Imports, Agriculture Productivity and Economic Growth in Sub-Saharan Africa. Journal of African Trade. 2020; 7 (1-2):15.

Chicago/Turabian Style

Esther N. Mwangi; Fuzhong Chen; Daniel M. Njoroge. 2020. "Agricultural Imports, Agriculture Productivity and Economic Growth in Sub-Saharan Africa." Journal of African Trade 7, no. 1-2: 15.

Journal article
Published: 12 November 2019 in IEEE Access
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The interactions of opinions on the complex networks are significantly impacted by the structure of the networks. Previous studies of this kind mainly investigated the opinion dynamics on the fixed networks as a kind of synchronization. In this study, we focus on how the opinions evolving on the growing networks. We provide isolated nodes with different initial opinions at the beginning. The Achlioptas Process is introduced to link the nodes eventually. The opinions of two nodes influence each other linearly if there is a link between the two nodes. We establish both random graph and scale-free network in this paper. The finite-size scaling is discussed. We discover explosive transition of the speed for the opinions to achieve a consensus on some networks. Meanwhile, the stability of the networks to suppress the random damage is highly enhanced by the Achlioptas Process which is used to link all the nodes as a network. The encouraging results are obtained on different structures of networks.

ACS Style

Wenting Wang; Fuzhong Chen. The Opinion Dynamics on the Evolving Complex Network by Achlioptas Process. IEEE Access 2019, 7, 172928 -172937.

AMA Style

Wenting Wang, Fuzhong Chen. The Opinion Dynamics on the Evolving Complex Network by Achlioptas Process. IEEE Access. 2019; 7 (99):172928-172937.

Chicago/Turabian Style

Wenting Wang; Fuzhong Chen. 2019. "The Opinion Dynamics on the Evolving Complex Network by Achlioptas Process." IEEE Access 7, no. 99: 172928-172937.

Journal article
Published: 06 November 2019 in Journal of Cleaner Production
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The adoption of energy-efficient and clean energy resources is crucial in reducing greenhouse gas emissions. The study analyzes the heterogeneous effects of energy efficiency (EE), renewable energy (RE), and other variables on carbon emissions within the context of the environment Kuznets curve (EKC) hypothesis in 66 developing countries from 1990 to 2014. This study incorporates the role of EE in the construction of the EKC hypothesis, which has been neglected in the previous literature. By using panel ordinary least squares and fixed-effect panel quantile regression (PQR), we find that the impact of the decisive factors of CO2 emissions are heterogeneous across different quantiles. Specifically, EE reduces CO2 emissions across all quantiles, but the mitigation effect is strongest at the 90th quantile. RE reduces CO2 emissions and shows a substantial effect at the 10th quantile. Nuclear energy consumption reduces CO2 emissions but significantly influences carbon emissions only at the 50th quantile. GDP (Y) increases CO2 emissions, but the escalating effect of Y increases at the upper quantiles. The squared of GDP (Y2) reduces CO2 emissions and shows the strongest mitigation effect at the upper quantiles. The quantile coefficients of Y and Y2 are significantly positive and negative, respectively, thereby verifying the existence of the EKC hypothesis in developing countries. In sum, EE and RE contribute to reducing carbon emissions in developing countries. These results also verify EE as an essential factor in the formation of the EKC hypothesis in developing countries and offer some important recommendations for designing and implementing appropriate economic and energy policies to achieve environment sustainability in these countries.

ACS Style

Rabia Akram; Fuzhong Chen; Fahad Khalid; Zhiwei Ye; Muhammad Tariq Majeed. Heterogeneous effects of energy efficiency and renewable energy on carbon emissions: Evidence from developing countries. Journal of Cleaner Production 2019, 247, 119122 .

AMA Style

Rabia Akram, Fuzhong Chen, Fahad Khalid, Zhiwei Ye, Muhammad Tariq Majeed. Heterogeneous effects of energy efficiency and renewable energy on carbon emissions: Evidence from developing countries. Journal of Cleaner Production. 2019; 247 ():119122.

Chicago/Turabian Style

Rabia Akram; Fuzhong Chen; Fahad Khalid; Zhiwei Ye; Muhammad Tariq Majeed. 2019. "Heterogeneous effects of energy efficiency and renewable energy on carbon emissions: Evidence from developing countries." Journal of Cleaner Production 247, no. : 119122.

Earlycite article
Published: 07 October 2019 in Journal of Chinese Economic and Foreign Trade Studies
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Purpose Improvements in the facilitation of foreign direct investment (FDI) through institutional quality play a significant role in the establishment of an open economy. However, the impact of institutional quality on the facilitation of FDI along the Belt and Road countries is not well explored. This study aims to empirically investigate the influence of institutional quality on the degree of FDI facilitation and explore the impact mechanism using national-level panel data from countries along the Belt and Road. Design/methodology/approach For the data set, all variables have been normalized, and principal component analysis has been used. For the empirical models, robust standard errors and dynamic GMM method have been used to alleviate heteroscedasticity and endogeneity. Findings The empirical results indicate that institutional quality has a significantly positive effect on the degree of FDI facilitation. Furthermore, the impact mechanism involves the mediating mechanism. In other words, the effect of institutional quality that promotes FDI facilitation is influenced by factors such as laws and regulations. In addition, the implementation of the Belt and Road Initiative (BRI) has significantly enhanced the promotional effect of institutional quality on the facilitation of FDI. Practical implications Policymakers should focus on improving the institutional quality and the influence of mediating mechanisms, such as policies and regulations, in the institutional environment. Originality/value This study contributes to extant literature on the impact of institutional quality on FDI facilitation of significance to China, the BRI countries, and other countries to facilitate openness in international investment. This study also contributes to the extant literature on the influence of the BRI on the development of BRI countries. This will inform policy makers, investment institutions and enterprises about the development of effective policies to aid the development of BRI countries and improve the efficiency and the returns on FDI.

ACS Style

Fuzhong Chen; Guohai Jiang; Wenting Wang. Institutional quality and its impact on the facilitation of foreign direct investment. Journal of Chinese Economic and Foreign Trade Studies 2019, 12, 167 -188.

AMA Style

Fuzhong Chen, Guohai Jiang, Wenting Wang. Institutional quality and its impact on the facilitation of foreign direct investment. Journal of Chinese Economic and Foreign Trade Studies. 2019; 12 (3):167-188.

Chicago/Turabian Style

Fuzhong Chen; Guohai Jiang; Wenting Wang. 2019. "Institutional quality and its impact on the facilitation of foreign direct investment." Journal of Chinese Economic and Foreign Trade Studies 12, no. 3: 167-188.

Journal article
Published: 24 June 2019 in IEEE Access
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Many areas of exploratory data analysis need to deal with high-dimensional data sets. Some real life data like human gene, have an inherent structure of hierarchy, which embeds multi-layer feature groups. In this paper, we propose an algorithm to search for the number of feature groups in high-dimensional data by sequential minimax method and detect the hierarchical structure of high-dimensional data. Several proper numbers of feature grouping can be discovered. The feature grouping and group weights are investigated for each group number. After the comparison of feature groupings, the multi-layer structure of feature groups are detected. The latent feature group learning (LFGL) algorithm is proposed to evaluate the effectiveness of the number of feature groups and provide a method of subspace clustering. In the experiments on several gene datasets, the proposed algorithm outstands several representative algorithms.

ACS Style

Wenting Wang; Xingxing Zhou; Fuzhong Chen; Beishao Cao.. Sequential Minimax Search for Multi-Layer Gene Grouping. IEEE Access 2019, 7, 102931 -102940.

AMA Style

Wenting Wang, Xingxing Zhou, Fuzhong Chen, Beishao Cao.. Sequential Minimax Search for Multi-Layer Gene Grouping. IEEE Access. 2019; 7 (99):102931-102940.

Chicago/Turabian Style

Wenting Wang; Xingxing Zhou; Fuzhong Chen; Beishao Cao.. 2019. "Sequential Minimax Search for Multi-Layer Gene Grouping." IEEE Access 7, no. 99: 102931-102940.

Article
Published: 06 August 2013 in Social Indicators Research
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The purpose of this study was to examine associations between consumer financial capability and financial satisfaction. Consumer financial capability was measured by three sets of variables, perceived financial capability, financial literacy, and financial behavior. Using data from the 2009 US State-by-State Survey of Financial Capability, the results indicated the positive association between perceived financial capability and financial satisfaction. The findings suggested that desirable financial behavior increases while risky financial behavior decreases financial satisfaction. Subjective financial literacy was also found to contribute positively to financial satisfaction. The positive association between objective financial literacy and financial satisfaction was found in bivariate analyses but not in multivariate analyses. The results imply that to enhance consumer financial well-being, consumer financial education programs should emphasize action taking and encourage consumers to avoid risky financial behavior, engage in desirable financial behavior, and improve financial self-efficacy.

ACS Style

Jing Jian Xiao; Cheng Chen; Fuzhong Chen. Consumer Financial Capability and Financial Satisfaction. Social Indicators Research 2013, 118, 415 -432.

AMA Style

Jing Jian Xiao, Cheng Chen, Fuzhong Chen. Consumer Financial Capability and Financial Satisfaction. Social Indicators Research. 2013; 118 (1):415-432.

Chicago/Turabian Style

Jing Jian Xiao; Cheng Chen; Fuzhong Chen. 2013. "Consumer Financial Capability and Financial Satisfaction." Social Indicators Research 118, no. 1: 415-432.