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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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An increasing number of countries have launched their central bank digital currencies (CBDC) in recent years, but the economic impacts of CBDC adoption are underexplored. To empirically assess how CBDC adoption influences regional economic integration, this paper investigates the Greater Bay Area, where China carried out one of its first digital renminbi pilot programs. The Greater Bay Area provides a good example because the growing acceptance of digital renminbi in the area can potentially mitigate transaction costs and risks due to the exchange rate volatility of the Chinese renminbi, Hong Kong dollar, and Macao pataca. CBDC adoption can lead to greater real and financial integrations by facilitating cross-border trade in goods and services. This paper evaluates deviations from uncovered interest rate parity, purchasing power parity, and real interest rate parity across Guangdong, Hong Kong, and Macao based on monthly interest rate and price data from January 2016 to December 2022. The time series have mean values near zero, which validate the parity conditions and indicate high degrees of financial, real, and economic integrations. The Markov regime-switching regression model identifies three regimes: (1) pre-Covid, (2) post-Covid, and (3) post-CBDC. The Covid-19 outbreak brought lower integration and stability, but the launch of the CBDC restored some of the pre-Covid integration and stability. Regimes 1 and 2 are persistent, and transitions from Regime 3 back to Regime 1 are probable. Hence, this study finds evidence that CBDC adoption improves regional economic integration in the short and long run.
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"The purpose of the research aimed to explore the challenges and future possiblities of ways of promoting elderly social participation in Macau. As lack of related research has been conduted in Macau, this community services and government policies and to provide suggestions for improving the direction of sustainable development and future possible research topics in this area. The research adopts a qualitative and phenomenological approach to explore the current situations, difficulties and ideas through the industry experience and insights. Nine in-depth interviews with 9 representatives of elderly social service providers subsidised by Macau SAR Government from late April to July 2022 in Macau. The content analysis using open coding to collect inductive data. Throughout themetic analysis identified by four levels: individials, community and social services, governmental policies and infrastructures. Overall, the study found that the autonomy trend of future social participation of the elderly in Macao is enhanced by education and self-health concerns and they are more independent, but the participation of male elders and female elders is unbalanced. Social service providers for the elderly provide a large number of repetitive services and are too passive and dependent on government policies andsupport, resulting in a lack of innovative thinking. The infrastructure design promoted by the government does not consider the continuous health and activity development of the elderly. This study looks at the ability of the elderly in Macau to continue to develop their strengths in the future, and suggests the need to strengthen individual retirement life planning and development for the elderly, personal health monitoring improvement, diversification of social services, elderly-led community programs, private social enterprise capital, and elderly volunteering The urgency of the number of elderly people, more practical and effective elderly inclusive urban planning."
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"Semantic studies of the Biblical Hebrew verb "whole" have been influenced by those of its most invoked nominal form "whole". In this volume Andrew Chin Hei Leong shows that the concepts of balance, alliance, and completeness form the basic semantic structure of "whole". Previous studies on "whole" employed either historical or textual methodology, which has been dominant in biblical lexical studies. In addition to these methods, in Leong develops a systematic semantic methodology from Cognitive Semantics and Frame Semantics, to demonstrate that it is balance, rather than completeness, that is the most central concept in holding the semantic network together"--
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Whilst after decades of research, exegetes have all agree on the complexity of Paul’s line of thinking in Rom 2:14–16, the ITC in its 2009 document, In Search of a Universal Ethic, still in an oversimplified manner propagates the view that Rom 2:14 presupposes a theory/theology of the natural law. This article makes plain the major disagreements among Pauline exegetes whether such presupposition stands by reviewing some major contributions to the discussion by raising major questions regarding the issue of φύσει in those verses, the nature of the law mentioned by Paul, the identity of the people Paul calls “Gentiles.” This article offers a more nuanced understanding of Rom 2:14. Keywords: Rom 2:14, ITC, Universal Ethic, Natural Law, φύσει, Gentiles
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We see security guards around in Macao in our daily lives and they are the ones who are responsible for protecting people’s safety and properties. Most security guards are non-local workers and might have different workplace stress levels. This study’s main aim is to investigate how job satisfaction and supervisory support are related to burnout among security guards in Macao. The research is carried out through a quantitative questionnaire to collect data and deliver it to the local and non-local security guards working in Macao. A total of 132 questionnaires were collected. It is expected that when security guards have higher job satisfaction and more supervisory support, they will experience less burnout. This intention enables the organization to make some changes to help the security guards from burnout due to job dissatisfaction and no supervisory support. The practical implication for reducing stress is introducing training courses such as mindfulness-based stress training programs. Future research will investigate other support like organizational support, peer support, and family and friends support on security guards
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