印度金融自由化对中国金融体制改革的参照意义

本文通过对当代印度经济政策演变历程的分析,对印度的金融自由化进程中存在的问题以及金融危机的生成机理进行了梳理,并在相关的理论指导下对中国的金融改革提出了一些应对的思路.本文对于了解印度金融自由化并吸取其经验教训,促进我国金融体制改革,均具一定的现实意义.     

The First Time as Tragedy,the Second as Farce? Lebanon’s Nascent Petroleum Sector and the Risks of Corruption

This article analyses the risks of corruption in Lebanon’s nascent governance structures established in preparation for a thriving petroleum sector. Engaging with comparative theory on the ‘oil curse’, the article assesses the risks of corruption in the institutional and regulatory measures and policy tools that have thus far been developed down the sector’s value chain and including revenue management and expenditure. Lebanon’s political settlement, or the ways in which its political decision-making process evolved since the Ta’if Accord, consistently caused disappointing outcomes when it comes to sound institution-building and countering corruption; despite signs of awareness of the large stakes involved, this tendency is once again discernible in the country’s preparations for petroleum sector governance.     

对"亚洲价值"的再认识--兼论"亚洲价值"被扭曲的过程及原因

20世纪90年代,"亚洲价值"被吵得沸沸扬扬,引起广泛关注,甚至被认为是东亚发展的精神支柱.但是1997年的金融危机却让"亚洲价值"顷刻之间容光尽失,人们又把导致危机的一切弊端的发端指向了"亚洲价值".现在,亚洲金融危机已经过去,对"亚洲价值"的讨论也已经冷却了许多.本文试图对"亚洲价值"在危机之前和之后的不同遭遇作出分析,并从历史的纵向的视角对"亚洲价值"进行再考察,提出"亚洲价值"的扇形分布结构图以及可分解的、有容纳性的、流动的"亚洲价值"观.     

日本金融机构破产处理

泡沫经济崩溃后日本爆发金融危机，金融机构破产风潮由中小规模向大型金融机构波及。在金融机构破产制度建设方面，日本“护送船队”式行政保护凸显制度缺陷，政府实施了从时限性措施到永久性长效处理框架的制度改革，建立健全了常规处理和应对危机事态的特别处理机制，形成了以中央银行特别融资、存款保险制度和金融机构破产处理框架为中心的金融安全网，为维持信用秩序稳定、防止金融系统性风险扩散建立了较为完善的制度保障。     

Differing Effects of the Global Financial Crisis: Why Mexico Has Been Harder Hit than Other Large Latin American Countries

In this article, we argue that the economic and financial crisis that began in Mexico in 2008 has not been primarily caused by the US crisis that began in 2007, as many have argued. As we will show, years of misguided economic policies at the national level have been at the heart of the Mexican crisis. On the one hand, the dominance of foreign banks in the country's financial system and the minimal presence of the public banks have greatly limited the range of counter‐cyclical policy options available to authorities. On the other hand, in the face of the crisis, Mexico has continuously applied deflationary Washington Consensus policies that have deepened the economic contraction. This article will focus on Mexico's individual problems, which offer important lessons for other Latin American countries with a shared recent history of Washington Consensus policies.     

金融危机以来的印尼社会问题

印尼的社会问题由来已久。随着金融危机的加深 ,印尼的社会问题不断恶化。它既阻碍了经济的发展 ,又影响了政局的稳定。如何解决社会问题 ,是印尼所面临的重大课题。本文就金融危机以来的印尼主要社会问题的表现、成因、对策作了分析 ,并从中得出几点启示。     

The Organisational Culture of the Chaebol and Workplace Inequality: Stunted Mobilities of Korean Chinese Employees in a Beijing Subsidiary

The chaebol’s organisational culture was the target of much criticism when the Asian financial crisis hit the Korean economy in 1997. Despite much research on the topic over the past two decades, there continues to be a lack of consensus on the efficacy of reforms implemented since then. While some have focused on persisting patterns of paternalism, others have highlighted the structural changes implemented. This article revisits this debate by analysing the ways in which culture influences the implementation of structural reforms as a legitimating ideology. By analysing ethnographic data of a chaebol subsidiary in Beijing, the article demonstrates how cultural tropes of the company as a family and women as caretakers, popularised under the Park Chung Hee regime, have continued to shape perceptions of competence in the workplace. In particular, despite the crucial role that Korean Chinese employees have played in helping the chaebol penetrate Chinese markets, their bilingual and bicultural skills are devalued. Instead, the feminisation of their labour has justified their continuing marginalisation in the firm.     

Developers and Speculators: Housing,Ethnic Chinese Business and the Asian Financial Crisis in Malaysia

Housing has played a central role in both the Asian and global financial crises, a decade apart. While there are major differences with respect to these roles, there are also similarities, the most obvious being the links with the banking system. The impact of these crises on the housing sector has been extensively researched, but findings have been overwhelmingly based on aggregate or sector data. Using firm-level data from Malaysia on the Asian financial crisis, this article argues that such findings can yield a distorted picture of what actually occurred in real estate markets where contextual factors played a major role. A study of ethnic Chinese businesses, which dominated the Malaysian housing sector, show that the severe impact was primarily on businesses that were over-leveraged and/or that speculated on housing in the expectation of reaping quick returns. They were small compared to the large property businesses that, though affected, survived. Non-residential real estate continued unaffected, fuelled by manufacturing to meet healthy export demand. This, and a political/economic environment accentuated by affirmative action which drove ethnic Chinese businesses toward real estate development, speaks powerfully to the importance of context in understanding specific housing markets during crises.     

The resurgence of banking institutions in post-crisis Korea

This article studies financial structure transition in Korea by focusing on the flow of funds as endogenous responses to government reform policies. In the pre-crisis period, asymmetric and unbalanced financial liberalization policies had resulted in the dominance of non-bank financial institutions and the deterioration of corporate debt structure. After the crisis, notwithstanding the IMF reform package designed to make Korea's financial system more arm's-length and market-based, the financial structure has become more bank-based as a result of the sequential approach to bank and non-bank financial restructuring as well as delayed resolution of insolvent non-financial firms. We identify risk factors embedded in this financial transition gridlock and draw policy lessons.]     

No Country for the Market: The Regulation of Finance in Germany after the Crisis

The severity with which the financial crisis struck Germany in 2008 came as a shock to German elites. The relatively traditional shape of its bank-based financial system was supposed to isolate the country from the vagaries of Anglo-Saxon capitalism. Instead, the government was forced to unprecedented steps, such as the de facto nationalisation of banks and an unlimited guarantee on savings deposits. A comprehensive reform of financial regulation in the country seemed imperative. This article evaluates change in the institutional structure of financial sector regulation and supervision in Germany. The inconclusive debate about the reorganisation of financial supervision, the emergence of new regulation in the field of bank restructuring, and the attempted reform of the deposit insurance system are used as empirical cases. It is argued that the constraints of the German political system impeded the comprehensive reform that might have been expected after a major shock. Instead, a pattern of institutional layering was perpetuated which contains the germs of future dysfunctions.     

China’s economic reforms: A synoptic view

Structural-systemic reforms of China’s economy were initiated in 1979 against a background of economic crisis, absence of a reform blueprint, and unsatisfactory experience with past developmental models. The reforms may be seen as having five major components; pragmatic gradualism; marketization of the coordination mechanism; diversification of the property structure (destatization); outward orientation (controlled openness); and retention of political monopoly power by the communist party. Of these, the proliferation of various property forms is novel, problematical, and conceptually intriguing. The reforms have resulted in or been accompanied thus far by modernizing but erratic and uneven economic growth and marginal political liberalization; strong inflationary pressures; unresolved state sector property problems; and uncertainties of political succession. The vision of China’s economic future is obscured by the unfinished business of significant state ownership of industry and an authoritarian polity seasoned by corruption. Unless these are removed, the danger remains that the reforms will be undone.     

金融危机与东南亚地区国际关系的新变化

金融危机使东南亚各国面对一系列严峻挑战 ,也使该地区的国际关系发生重大而深远的变化。东盟主导东南亚地区事务的能力受到了削弱。中美日等大国的影响力增强了。尤其是美国 ,利用这次金融危机 ,得到了许多它平时得不到的东西。金融危机之后 ,东南亚地区形成了由美、日、中和东盟四足鼎立的政治经济格局。     

The welfare systems of the Baltic states following the recent financial crisis of 2008–2010: expansion or retrenchment?

ABSTRACT

This article aims to uncover major social security system reforms that were implemented following the recent financial and economic crisis of 2008–2010 and the post crisis period. Additionally, it explores the dynamics of the socioeconomic situation during the last 10 years, looking at how Baltic states compare with each other and how they compare with other central and eastern European countries in the EU. The findings show that retrenchment is difficult even during times of crisis. Although the Baltic states were affected by the crisis, especially Latvia and Lithuania, their social security institutions did not experience any structural shift.     

The Transformation of Korean Business Groups after the Asian Crisis 1

This study examines the evolution of Korean business groups after the economic crisis. In particular, we investigate the post-crisis changes in their business structure and corporate governance system, which are argued to be major precipitating factors leading to the economic crisis. Our analysis suggests that the divestment intensity of non-core, highly indebted and low intra-group trade firms was higher for groups which survived the economic crisis, compared to the bankrupt groups. Besides, most surviving groups did not pursue diversification as actively as before the crisis, and their financial conditions remained favourable in the post-crisis period. The corporate governance of the groups has also improved in terms of corporate transparency, implementation of monitoring mechanisms and their accountability to shareholders. Therefore, it seems that Korean business groups have successfully implemented radical corporate transformation to adapt to the changed business environment after the crisis. But, the dominance of family management still remains as an important feature of Korean business groups.     

Policy learning from crisis in financial regulation and supervision: comparative analysis of Estonia,Latvia, and Sweden

ABSTRACT

The goal of the article is to explore comparatively whether the crisis of 2008–10 has led to policy learning in financial regulation and supervision by civil servants in Estonia, Latvia, and Sweden. The article discusses how various factors can influence policy learning, including the acknowledgment of failure, blame shifting, analytical tractability of the policy problems, and the influence of external actors. We show that although the experience of the crisis varied significantly between the three countries, the policy lessons learnt are broadly similar in all three countries, due to the external influence of the European Union.     

A Grand Coalition for the Euro: The Second Merkel Cabinet,the Euro Crisis and the Elections of 2013

This article argues that the reaction of the second Merkel government to the sovereign debt crisis in the Eurozone was conditioned by informal and formal policy commitments that were put into place by the preceding CDU/CSU and SPD Grand Coalition after the financial crisis of 2007/08. The decisions were shaped by a cross-party consensus among Christian Democrats and Social Democrats about the causes for the good performance of the German economy in the past decade. Both parties also shared the determination to save the euro and to preserve the integrity of the Eurozone. As a result, an informal Grand Coalition emerged in 2011/12 which shaped Germany's policy reactions during the euro crisis down to the details. One important consequence of this development was that the euro bailout measures and the ensuing reforms of the institutional framework of the Eurozone did not become decisive issues during the Federal elections of 2013, despite their unpopularity among the voters.     

Trends of Marxian Ratios in South Korea, 1980–2014

ABSTRACT

This article explores the dynamics and contradictions of capital accumulation in South Korea from 1980 to 2014 by analysing the rates of surplus value and profit and criticises two theses of financialisation and income-led growth. The rate of surplus value soared after 2000 because the real wage growth was contained by the neo-liberal onslaught against workers. The profit rate consistently declined after 1987, paving the way for the 1997 crisis and its main driver was the rising organic composition of capital. After the 1997 crisis, the profit rate rebounded for six years thanks to the intensified exploitation of workers. From 2002 until the 2008 global financial crisis, the rate of profit dropped again. However, contrary to the financialisation thesis, there has been no substantial transfer of surplus value from the real sector to the financial sector. Our results also show that the accumulation rate determined income distribution, not vice versa, contradicting the income-led growth strategy, now popular among the Korean progressives. Marxian macro-dynamics is operating as usual in Korea.     

Financial liberalization in South Korea

This article analyzes the process of financial liberalization in South Korea from the perspective of financial globalization through an international political economic approach. Korean financial liberalization has been highly influenced by the outside pressure of the United States, the OECD and the IMF, as well as by the big business conglomerates (chaebols), as a powerful domestic interest group. In a broad perspective, South Korea's entrance into the OECD, the Financial Services Agreement under the WTO and the Structural Adjustment Program of the IMF after the 1997 financial crisis were important moments for Korea's financial reforms. There are two viewpoints on the causes of the Korean financial crisis. From a domestic viewpoint, South Korea had a weak financial market system and its financial liberalization process was too premature to create a stable financial market when Korea met the financial crisis. In a globalization perspective, financial globalization intrinsically encourages uncontrollable short-term financial capital flows across borders, thus financial crisis is inevitable regardless of a strong or weak domestic financial system. This article compares these two viewpoints in the case of South Korea.     

东盟面临的危机与挑战

本文探讨了东南亚国家联盟作为一个组织机构在这次亚洲金融危机中所起的作用。从各个国家来看 ,成员国们采取各种措施加强对银行的管理 ,加大金融交易的透明度 ,鼓励竞争 ;从双边关系来看 ,东南亚国家联盟成员国们对受影响最严重的国家 ,尤其是对印度尼西亚进行了援助 ;从国际方面来看 ,东南亚国家联盟成员国们共同呼吁发达国家继续开放市场 ,在重新谈判债务问题时更灵活些 ,在实施改革计划时要注意保护贫穷阶层的人士。本文追踪了在一系列会议上东南亚联盟的初衷 ,但是最后得出结论认为现有的经济合作项目有待进一步扩大合作领域 ,进一步加强责任感。     

危机的理论与理论的危机

本文介绍正统派与其他各种不同经济学派关于1997年东亚金融危机的生成根源的观点,展示各种经济学派对IMF休克拯救方案以及东亚经济复苏政策的不同看法,探索东亚金融危机对经济发展理论的影响。