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The Guangdong-Hong Kong-Macau Greater Bay Area (GBA) was first conceptualized in 2016, which aimed to facilitate trade and finance liberalization among the three regions. The trade and financial environment of the GBA is unique. Due to the “one country, two systems” principle, Mainland China, Hong Kong and Macau are considered to be trading partners bounded by WTO rule, but bilateral free trade agreements have been signed between Mainland China and Hong Kong, and between Mainland China and Macau, but not between Hong Kong and Macau. Furthermore, each of the three regions circulates a local currency subject to its own exchange rate policy, with Hong Kong Dollar and Macau Pataca currently pegged to the US Dollar. These affect the mobility of trade and capital flows in the area. Hence, this paper applies the widely-used price-based approach due to Cheung et al. [5] to analyze the degrees of real and financial integration in the GBA based on interest rates, exchange rates, and price indexes data from January, 2016 to November, 2021. The real interest differential (RID), uncovered interest differential (UID) and the deviation from purchasing power parity (PPD) between each regional pair have means that are statistically and economically close to zero, implying high real and financial integration in the GBA. The unit root tests for stationarity also confirm that the time series are mean-reverting, so the economic integration in the GBA in the long run is foreseeable.
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In the past decades, the field of cinema has undergone several transformations. The digital turn increasingly called for new forms of production, distribution, and exhibition, which imply different ways of thinking, doing, and experimenting cinema. These new forms also reduced the gap between cinema to other so-called visual arts. If cinema and visual arts were already in the process of merging, the last years forced the naturalization of thinking in similar theoretical grounds. This special issue aims to be a forum for the discussion of new practices of researching cinema, and the changes in cinema’s forms of experience and production.
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There is considerable evidence to suggest that the human capital needs of the world city differ from what Robinson calls “ordinary cities” or what Markusen and associates term as “second tier cities”. This path is blazed most notably in the field of world cities and the flow of skilled labour, in the work by Sassen and with case examples (finance, law, accountancy) provided in the work by Beaverstock and his associates. This focuses on producer services and migration flows needs to be matched by an accompanying look at city-based strategies. This paper represents an attempt to provide this by providing a case history analysis of Singapore in three stages of growth – as port city, industrial city and as world city – in order to show how the evolving infrastructure associated with human capital (education, immigration and labour policies) allows human capital to be developed, attracted, harnessed, deployed, released and retained.
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The author emphasizes the crucial relevance of religious liberty and freedom of expression for a harmonious and peaceful development of modern societies. He follows the prophetic Declaration of Religious Freedom of Second Vatican Council (1965) with its constitutional limitation of governmental powers in matters of religion. The high value of religious freedom is judged as bulwark of all human rights and true capstone of sound human and societal developments, which have to be guarded against any form of infringements. In this regard, a reasonable education in religious freedom and liberty is indispensable for young people of the twenty-first century. Education in religious freedom in the context of moral and religious formation is based on the dignity of every human person and promotes a deeper mutual and cultural understanding by respecting the conscience of every human person. It thus carries the potential to diminish conflicts and clashes in a sustainable way. Educational reforms in countries have to include the high value of religious liberty and freedom as a main element and condition for human dignity and a peaceful global development.
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