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In this paper, we test for causal relationship between China's stock markets by using returns and a measure of volatility for the Shanghai Composite index, the Shenzhen Composite Subindex, and the Hong Kong Hang Seng Index. We also show that the stock index series are nonstationary and that cointegrating vectors and error correction models do not exist for the series.

Based on these tests, for the return series, we conclude that Shenzhen Granger caused Shanghai before 1994. For the volatility data, we find that there exists a positive feedback relationship between Shanghai and Shenzhen stock markets, and that Hong Kong volatility Granger causes Shanghai volatility, but not vice versa.

The ubiquity of data, and in particular in MCDM situations, makes it challenging for the Decision Makers (DM) to figure out a way of making proper use of data. This paper presents a three-stage decision framework for DMs to consider the performance range of alternatives holistically. The framework consists of (i) data preparation, (ii) two distance-based Gray Multi-Criteria Decision-Making (MCDM-G) methods using gray interval data to rank the alternatives and (iii) a decision analysis template. For comparison, gray Evaluation based on Distance from Average Solution (EDAS) and gray Multi-Attributive Border Approximation area Comparison (MABAC) methods that rely on arithmetic and geometric mean respectively are used to generate the ranks. The mean-based ranking methods produce stable and efficient ranks in comparison to extremum-based comparison methods, due to their innate nature. The correlation of ranks is analyzed to conclude that the stability of ranks is better when gray interval data is considered. As an example, this paper considers performance range of the 10 criteria used in computing Ease of Doing Business (EDB) index as the gray interval. The sample performance of the G20 countries during the period 2004 to 2020 was used to illustrate the calculations. Further, a general analytic template based on the rank deviation on account of differences in upper and lower bounds of performance helped in classifying the economies as stable leaders, predictable middle and volatile followers. The paper contributes a suitable MCDM and analysis approach when the DM is presented with a gray interval as the alternatives’ performance.

The Group of Twenty (G20) was created first at the ministerial level and later upgraded to the summit level as a response to the global financial crises that first erupted from Asia in 1997, and then from the US in 2008 and Europe in 2010. These crises called into question the core principles and practices of the liberal order based on the economic, social and political openness that had been progressively internationally institutionalized since 1944. The G20 was designed with a dual distinctive foundational mission to promote financial stability and to make globalization work for all. It combined all established and emerging economies with high capability and connectivity, to operate as equals, to protect all within their borders and those beyond. It increasingly did so since its first summit in 2008. Its performance spiked at the summit in Hangzhou, China, on 3–4 September, 2016, and again at Hamburg, Germany, on 7–8 July, 2017. The latter coped with the new populist, protectionist US president and UK prime minister, whose countries had hosted the first three summits. G20-supported initiatives and agreements for full free trade have advanced since the first summit in 2008. No other center of global summit governance has emerged to guide an increasingly globalized world. The G20 has also steadily become an effective governor of global security. As the forces that propelled this rise will intensify, the Argentinian-hosted G20 summit on 30 November–1 December, 2018, promises to proceed along this path. It is guided by a country again afflicted by a financial crisis but now dedicated to following the core liberal order and making it work better for all. The real test will arrive in 2019, when Japan as host must co-operate with Korea and China, its neighbouring Asian powers and previous G20 hosts, to provide a new center of inclusive, progressive, liberal global governance that the world badly needs.