Search Results (219)

This study applies Pierre Bourdieu’s field theory as an analytical framework to examine the development of Peking opera along the Beijing Central Axis during the Qing Dynasty. It explores how the interaction between the court and folk fields contributed to the formation of its artistic form. From this perspective, social space is understood as a structured network of objective relations, shaped by the distribution of different forms of capital and the habitus of social actors. In the Qing Dynasty, as the core of political and cultural activities, the Peking opera field along the Beijing Central Axis was divided into two major sub-fields: the court field, centered around imperial power and subject to political discipline, and the folk field, market-oriented and following secular logic. By analyzing the differences between the two fields in terms of core power, spatial characteristics, capital distribution, and the habits of actors, this study reveals their two-way interaction achieved through the movement of artists, adaptation of repertoires, and capital conversion. The interaction between the two fields was not symmetrical: while the folk field contributed performative vitality and responsiveness to audience demand, the court provided institutional authority and symbolic legitimacy. Ultimately, in the dynamic balance between power and the market, the unique form of Peking opera, characterized by the integration of elegance and vulgarity, is refined. This study deepens our understanding of the interaction between spatial organization and artistic form, while further elucidating how power, culture, and art were structurally interconnected in the Qing Dynasty through the framework of field, capital, and habitus. In doing so, it offers both theoretical insights and empirical evidence for interdisciplinary research on the social and cultural functions of traditional art. Full article

This study explores the degree of capital mobility in selected APEC economies over the period 2000–2023, using a consumption-based approach. The motivation stems from the well-known limitations of the traditional investment–saving framework associated with the Feldstein–Horioka puzzle, which may not fully capture how capital actually moves across borders. To address this issue, the paper adopts an alternative perspective by examining how domestic consumption responds to external consumption patterns relative to domestic income. The analysis focuses on six economies, including both developed countries (the United States, Canada, and Australia) and developing countries (Chile, Thailand, and Indonesia), allowing for a meaningful comparison across different levels of economic development. The findings indicate that capital is indeed mobile, but not perfectly so. More notably, the results suggest that capital mobility tends to be stronger in developing economies than in developed ones. This outcome challenges conventional expectations based on standard measures of financial openness and highlights the gap between formal financial liberalization and actual capital movement in practice. Overall, the study provides a deeper understanding of capital mobility and offers useful insights for policymakers seeking to enhance financial integration and improve the effectiveness of capital flow management, particularly in developing economies. Full article

This study investigates the impact of fiscal contractions on investment dynamics, with a particular focus on the risk of “investment collapses.” Using an unbalanced panel of 107 countries over the period 1960–2023, we construct an investment-collapse indicator based on extreme declines in investment share and identify fiscal contraction shocks based on movements in government spending relative to its historical floor. This study uses a distributed lag framework with Driscoll–Kraay robust standard errors to account for spatial and temporal dependencies while controlling for human capital, institutional quality, and output growth. We find evidence of intertemporal trade-offs, whereby fiscal contractions are associated with an increased likelihood of sharp declines in investment in the impact year. This collapse is followed by a reversal in the subsequent year, suggesting a stabilizing effect that prevents the persistence of extreme downside risk. The results are robust to conditional fixed-effects-based logit specifications and when subjected to stricter shock thresholds. Full article

The persistence of greenwashing as a strategic corporate behavior reflects a financial tradeoff between risk and return. Current literature lacks an integrative framework explaining how these risks and institutional arrangements vary across distinct contexts. This study maps the intellectual structure and contextual heterogeneity of corporate greenwashing research through a bibliometric analysis of 818 publications indexed in the Web of Science Core Collection from 2000 to 2025. The results indicate an evolutionary shift in research focus from early ethical and reputational debates toward empirical investigations of capital market consequences, ESG controversies, and the dark side of corporate sustainability. This transition is accompanied by thematic movement from voluntary disclosure and legitimacy concerns toward mandatory compliance, sustainable finance, green bond pricing, and digital detection using artificial intelligence and natural language processing. The analysis reveals substantial structural heterogeneity. Heavy-asset industries are closely associated with technological decoupling under physical and compliance constraints, whereas financial and service sectors rely heavily on information asymmetry, green label arbitrage, and greenhushing. These sectoral patterns intersect with regional governance trajectories shaped by market-driven, regulation-oriented, and state-led contexts, generating distinct incentive structures and risk conditions, while firm-level governance further moderates these behaviors. The findings position greenwashing as a context-dependent corporate strategy and provide a structured synthesis for future research and differentiated regulatory responses. Full article

Residential valuation under the comparison principle requires systematic adjustment for material differences between comparable units. In high-density, high-rise housing markets, however, visual amenities such as harbour and skyline views are often treated qualitatively or implicitly embedded in comparable evidence, reducing transparency and auditability. This study examines whether view quality is systematically capitalized into transaction prices in Hong Kong and whether such premiums vary across market conditions. Using 352 secondary market transactions from six prime high-rise estates (2015–2024), we estimate hedonic models with the logarithm of price per saleable area as the dependent variable. View quality is specified as an ordered categorical variable (nil, partial, full), constructed from listing descriptions and cross-validated using map and street-view evidence. Controlling for floor level, estate age, monthly market movements proxied by the Centa-City Index (CCI), and estate fixed effects, the pooled estimates indicate that partial views command an approximate 11% premium and full views an approximate 22% premium relative to nil view, with a clear incremental premium for full over partial views. Split-sample estimation using GDP-defined regimes reveals partial state dependence: full view premiums remain economically meaningful across market conditions, whereas partial view effects become less precisely identified during weaker periods. The findings demonstrate that view quality is a material and systematically priced attribute in Hong Kong’s vertically differentiated housing market. By providing transparent percentage-based adjustment benchmarks grounded in within-estate variation, the study enhances the consistency, transparency, and evidential rigor of comparable-based valuation practice. Full article

This paper examines how emerging economies, with a focus on India, transition from being primarily recipients of capital to becoming outward investors. It investigates whether domestic institutional governance, rather than rapid liberalization or extensive investment treaty networks, accounts for the sustained growth of both inward FDI and outward ODI. The study combines a detailed timeline of institutional developments with structural break tests, vector autoregression (VAR), and dynamic panel GMM analysis. This approach tracks the timing, spread, and longevity of reforms like the shift from FERA to FEMA and the digitalization of administration, examining their effect on capital flow patterns. Results show that major turning points in India’s FDI and ODI movements correspond with key governance reforms, such as replacing the Foreign Exchange Regulation Act with the Foreign Exchange Management Act, unifying investment policies, digitizing administration, and renegotiating treaties post-2016. Improvements in governance have a more significant and enduring impact on FDI than macroeconomic factors, while clearer regulation and stronger institutions are vital for boosting ODI. Once domestic institutional capacity is taken into account, the number of investment treaties does not significantly influence capital movements. The paper introduces a “transferability matrix” that highlights effective, low-cost reforms, such as civil penalty systems and digital governance, which other emerging economies can implement. It stresses that integrating into global capital markets depends more on developing solid domestic regulations than on rapid deregulation. The study also advances previous research by (1) combining FDI and ODI within a single institutional framework explaining both flows; (2) moving beyond static, perception-based measures to develop a comprehensive timeline showing how regulatory credibility is built over three decades; and (3) providing empirical proof that credible domestic institutions can replace large treaty networks in ensuring capital mobility. Full article

Though the European Commission has repeatedly stated that the necessary energy transition in Europe should leave “no one behind”, this paper describes a building refurbishment case that has entailed economic hardships for the low-income families involved. The project is located in the area of P. D. Orcasitas in southern Madrid, led by a grassroots neighbours’ movement, comprising one hundred and seven housing blocks, containing more than 2000 dwellings. The main source of funding for the operation consists of subsidies granted by the Madrid City Council; however, Spanish legislation requires the state Agency of Tax Administration to classify these subsidies as capital gains derived from lucrative transfers. Based on the tax data of vulnerable beneficiaries, the conclusion is that the recipients have ended up returning part of the subsidies to the State through their Income Tax Return. In addition, the Spanish Social Security Institute requires the return of social benefits associated with non-contributory retirement pensions and the Minimum Living Income. Apart from tax accounting, regulations are revised to draw conclusions. Unlike most actuations of this kind, in this case the negative effects are obvious. Although intended to alleviate fuel poverty, the initiative has exacerbated vulnerability due to the impact of the imposed penalties on household income. In conclusion, unless preventive measures are implemented, the mandatory refurbishment of inefficient buildings may place an undue burden on vulnerable low-income occupants and hinder the effective implementation of energy-efficiency regulations. Full article

This study examines whether international food price dynamics provide a reliable signal of undernourishment and human development outcomes relevant to the attainment of SDG 2 (Zero Hunger) by 2030. We apply wavelet coherence analysis to the FAO Food Price Index and the prevalence of undernourishment (SDG Indicator 2.1.1) over 2001–2023, testing statistical significance against an AR(1) red-noise null hypothesis. Hybrid ARIMA–Random Forest models generate probabilistic price forecasts through 2030. Despite strong raw coherence (R² ≈ 0.77), only 7.8% of time–frequency cells achieve statistical significance, indicating that apparent co-movement largely reflects autocorrelation rather than substantive dependence. Where significant coherence emerges, it concentrates at medium-run horizons (3–6 years), consistent with undernourishment as a habitual dietary adequacy measure linked to sustained affordability pressures affecting health, productivity, and human capital formation. Rolling correlation analysis reveals suggestive evidence of a regime change around 2012—from negative to positive correlation—coinciding with a slowdown in progress toward reducing hunger, although the 5-year rolling windows yield only 19 observations, limiting the power of formal structural break tests. Price forecasts exhibit rapidly widening confidence intervals (by ±131 index points by 2030), underscoring fundamental limits to predictability. The annual PoU series comprises only 23 observations, which constrains the estimation of long-run (8–12-year) wavelet cycles; results at those horizons should therefore be interpreted with caution. These findings caution against mechanistic inferences from global price indices to hunger and human development outcomes, redirecting policy emphasis toward domestic transmission channels and nutrition-sensitive safety nets. Full article

Corporate sustainability programs in agri-food systems have expanded dramatically, yet emissions, deforestation, hunger, and land concentration intensify. Why does corporate sustainability systematically fail to deliver transformation? This paper applies Commonist Value Theory (CVT) to show that this failure is structural, not contingent. CVT distinguishes between True Value, the life-supporting qualities that sustain human and more-than-human flourishing, and Fetish Value, abstracted forms oriented toward capital accumulation. CVT traces how corporate sustainability programs convert the former into the latter through ‘decommonization’: the perversion and enclosure of shared life-supporting relations. Drawing on investor analyses, carbon market assessments, and critical scholarship, this paper demonstrates that corporate sustainability programs function as civilizing meta-mechanisms. Rather than transforming food systems, they stabilize existing arrangements by absorbing critique and redirecting transformative energies into regime-compatible forms. Farmers’ knowledge is captured as proprietary data, living ecosystems are reduced to tradeable metrics, collaborative relationships are fragmented by corporate platforms, and movements for genuine alternatives are channeled into supply chain optimization. The analysis concludes that corporate sustainability cannot deliver genuine transformation because its structural function is to stabilize rather than supersede the current value regime. Genuine transformation requires commons-based alternatives from below and political–legislative shifts from above that structurally constrain decommonization. Full article

Against the backdrop of the accelerating digitalization of economic and financial systems, digital finance is increasingly viewed as a potential catalyst for advancing sustainable development by improving financial accessibility and efficiency. This study provides multi-dimensional empirical evidence on the relationship between digital finance and sustainability, with a particular focus on inclusive green growth in the digital era. Drawing on the method of movement quantile regression, the results reveal that digital finance significantly promotes inclusive green growth, and its sustainability-enhancing effect becomes stronger at higher quantile levels. Further multi-dimensional decomposition shows that the expansion of financial coverage and the deepening of financial usage both contribute positively to sustainable and inclusive growth, although their effects exhibit notable heterogeneity across the conditional distribution. Specifically, the impact of coverage breadth intensifies at higher quantiles, whereas the influence of usage depth gradually weakens. In addition, green innovation and human capital accumulation are identified as important complementary drivers of sustainability. These findings offer nuanced insights into the mechanisms through which digital finance supports sustainable development and provide policy-relevant implications for calibrating digital financial architectures to achieve inclusive and green growth objectives. Full article

This study investigates whether external terms of trade (TOT) and mining-sector GDP in Peru share a stable long-run relationship. Although mining has played a central role in the country’s growth trajectory, its performance remains highly exposed to international price cycles, raising questions about its structural sustainability under persistent external shocks. Using quarterly data for 2001–2024, the analysis applies Johansen cointegration techniques and estimates a bivariate Vector Error Correction Model (VECM) to evaluate long-run co-movement and short-run adjustment dynamics. The results identify a single cointegrating relationship in which mining GDP acts as the primary adjustment variable, gradually correcting deviations from long-run equilibrium, while short-run TOT shocks do not exert direct contemporaneous effects on mining growth. The estimated speed of adjustment is low, suggesting a prolonged convergence process consistent with the capital-intensive and rigid structure of the mining sector. Robustness exercises—including estimation with heteroskedasticity and autocorrelation consistent (HAC) standard errors and an extended specification incorporating gross fixed capital formation—confirm the stability of the long-run relationship. These findings indicate that the structural sustainability of mining output depends on the interaction between external price dynamics and the sector’s capacity to adjust to persistent international shocks. The study concludes that, in the Peruvian case, structural sustainability in the mining sector is not determined solely by global price trends, but is also conditioned by domestic productive and institutional factors that govern the speed of adjustment in the presence of sustained external volatility. Full article

Enhancing the carrying capacity of the ecological environment serves as a pivotal pathway to achieving sustainable development and also constitutes a concrete response to the UN SDGs. Based on a provincial panel dataset covering 30 Chinese provinces spanning 2011–2023, the present work examines how digital finance shapes EECC and explores the corresponding transmission mechanisms. Findings from the empirical analysis confirm that digital finance exerts a significant positive effect in boosting ecological environmental carrying capacity. Heterogeneity tests further show that this catalytic influence is most salient in eastern China, while it lacks statistical significance or even turns negative in the central and western areas. Meanwhile, the catalytic function of digital finance becomes more distinct in highly urbanized areas. Mechanism analysis verifies that digital finance assumes a partial mediating function by cutting down energy consumption intensity and boosting human capital accumulation. Further analysis reveals that as digital finance matures, the above impact exhibits increasing marginal returns. Our spatial spillover assessment further indicates that digital finance contributes to stronger EECC within host provinces, while also facilitating coordinated improvements in this key indicator across neighboring jurisdictions. Accordingly, we propose that economies speed up the building of digital-related infrastructure, expand the outreach of digital finance, and properly steer the orderly movement of population, thus facilitating the eco-friendly sustainable advancement of the natural environment. Full article

Through theorists like M. Jacqui Alexander, Édouard Glissant, Saidiya Hartman, Carolyn Cooper, and Michelle Wright, this project reconsiders the “vulgarity” attributed to Caribbean musical genres, like dancehall, dembow, and reguetón, as a pedagogical practice: an embodied, sensorial way of knowing that challenges colonial and racialized modes of aesthetics, morality, and order. Through an examination of Vybz Kartel’s “Fever,” Tokischa’s “Sistema de Patio,” and Bad Bunny’s “El Apagón,” I examine how sound, image, and movement converge to create what Alexander calls “pedagogies,” which simultaneously disturb and instruct. These pedagogies of the vulgar illuminate the ongoing impact of colonialism and plantation slavery in the Caribbean, particularly the gendered extraction of labor and capital that continues to shape daily life. In this context, vulgarity is not simply performed but inverted, prompting us to ask what is truly vulgar: Caribbean music and dance, or the systemic violence of Western modernity? These pedagogies foreground the paradoxical beauty of violence and survival, revealing how Caribbean peoples reconfigure “vulgarity” to craft pleasure and freedom amidst constraint. Embracing Michelle Wright’s concept of “epiphenomenal time,” this study invites readers to watch, listen, and feel, reminding us that the pedagogy of the vulgar must be embodied to be understood. Full article

This paper analyses the self-organization and spatio-temporal pattern formation in bacterial and human populations using chemotaxis-based mathematical models. The pattern formation in the following three chemotaxis-type systems is investigated: the self-organization of suspensions of luminous Escherichia coli bacteria, the capital-induced labor migration in a spatial Solow model, and the movement of urban criminals forming crime hotspots. The three models are selected as representative examples of chemotaxis mechanisms that capture distinct modeling assumptions and applications. Nonlinear two-dimensional as well as one-dimensional-in-space reaction–diffusion–chemotaxis models were used to simulate the pattern formation in all three chemotactic systems within a restricted area—a circle. The models are formulated in dimensionless form, and the corresponding dimensional parameters are estimated through the comparison of simulation results with experimental and statistical data. The numerical simulation under the transient conditions was carried out using the finite difference technique. This study highlights substantial differences between bacterial motility and the geographical movement of humans; however, human populations’ movement toward an attractant can be regarded as analogous to the chemotactic behavior of biological cells, differing primarily in scale. Full article

Sovereign wealth funds enhance the international movement of capital and often facilitate economic development in domestic and host countries. However, the lack of transparency and accountability of SWFs varies, and state ownership gives rise to suspicions and realizations of political motivations, unfair commercial advantages, opportunities for corruption, and national security threats, thereby challenging the liberal economic order. This paper provides an overview and identifies major concerns and policy options associated with SWFs. Defining SWFs, measuring their size and transparency, domestic, cultural, and political origins, and policies for oversight and mitigation of geopolitical risk are discussed. The goals and behavior of SWFs are too diverse to draw broad, general conclusions. The growth in the number of funds and assets under management has increased their diversity, but the essential defining characteristic is that they are state-owned financial investment vehicles not subject to the hard budget constraints or regulations of comparable private sector, market-oriented entities. Transparency varies, with democratic country SWFs more transparent and less problematic than those of autocracies. SWFs have evolved into unbounded state-owned entities ushering in a new era of financial statecraft. Policies to guide their behavior and enforcement mechanisms are host-country specific and highly variable. An often-discussed international regulatory framework to mitigate geopolitical risk has not emerged and is not likely. Full article