This paper examines the Granger causal relationship between capital flows and economic growth in China over the period 1998Q1–2019Q2,allowing for real effective exchange rate(REER)effects.As parameter instability tes...This paper examines the Granger causal relationship between capital flows and economic growth in China over the period 1998Q1–2019Q2,allowing for real effective exchange rate(REER)effects.As parameter instability tests indicate structural changes,we use bootstrap rolling window causality tests,which suggest that the causal nexus between capital flows and GDP growth is time-varying.We find that the causal links between foreign direct investments(FDIs)and GDP growth are hardly affected by the REER,whereas the REER plays a more important role in affecting the causal connections between portfolio investments and other investments and GDP growth.Our results suggest that cumulative portfolio inflows and cumulative other investment inflows harm GDP growth,whereas cumulative portfolio outflows and cumula-tive other investment outflows positively affect GDP growth.展开更多
The release of the generative pre-trained transformer(GPT)series has brought artificial general intelligence(AGI)to the forefront of the artificial intelligence(AI)field once again.However,the questions of how to defi...The release of the generative pre-trained transformer(GPT)series has brought artificial general intelligence(AGI)to the forefront of the artificial intelligence(AI)field once again.However,the questions of how to define and evaluate AGI remain unclear.This perspective article proposes that the evaluation of AGI should be rooted in dynamic embodied physical and social interactions(DEPSI).More specifically,we propose five critical characteristics to be considered as AGI benchmarks and suggest the Tong test as an AGI evaluation system.The Tong test describes a value-and ability-oriented testing system that delineates five levels of AGI milestones through a virtual environment with DEPSI,allowing for infinite task generation.We contrast the Tong test with classical AI testing systems in terms of various aspects and propose a systematic evaluation system to promote standardized,quantitative,and objective benchmarks and evaluation of AGI.展开更多
文摘This paper examines the Granger causal relationship between capital flows and economic growth in China over the period 1998Q1–2019Q2,allowing for real effective exchange rate(REER)effects.As parameter instability tests indicate structural changes,we use bootstrap rolling window causality tests,which suggest that the causal nexus between capital flows and GDP growth is time-varying.We find that the causal links between foreign direct investments(FDIs)and GDP growth are hardly affected by the REER,whereas the REER plays a more important role in affecting the causal connections between portfolio investments and other investments and GDP growth.Our results suggest that cumulative portfolio inflows and cumulative other investment inflows harm GDP growth,whereas cumulative portfolio outflows and cumula-tive other investment outflows positively affect GDP growth.
基金supported by the National Key Research and Development Program of China (2022ZD0114900).
文摘The release of the generative pre-trained transformer(GPT)series has brought artificial general intelligence(AGI)to the forefront of the artificial intelligence(AI)field once again.However,the questions of how to define and evaluate AGI remain unclear.This perspective article proposes that the evaluation of AGI should be rooted in dynamic embodied physical and social interactions(DEPSI).More specifically,we propose five critical characteristics to be considered as AGI benchmarks and suggest the Tong test as an AGI evaluation system.The Tong test describes a value-and ability-oriented testing system that delineates five levels of AGI milestones through a virtual environment with DEPSI,allowing for infinite task generation.We contrast the Tong test with classical AI testing systems in terms of various aspects and propose a systematic evaluation system to promote standardized,quantitative,and objective benchmarks and evaluation of AGI.
