Converging Markets

The crucible in this scenario for the international climate regime is the emergence of an effective and liquid international carbon market with participation of private entities. In order to make the carbon market effective a bilateral negotiation track will develop, operating in parallel with the multilateral track under the UNFCCC. The purpose of the bilateral track is to integrate the various emissions trading schemes involving private actors. This bilateral track feeds into the UNFCCC negotiations, which still represents the main arena for the international climate negotiations. Through the bilateral, bottom-up negotiations, a multistage system develops, with differentiated rights and duties, complemented by a package of coordinated support mechanisms. The advantages of such a bottom-up approach prove to be, inter alia, fewer negotiating parties, new negotiation arenas, and a new set of selective incentives. The result is a continuously evolving agreement with the potential to gradually broaden participation and deepen the reduction commitments of the international climate regime. Moreover, the bilateral agreements for linking schemes with private actors also represent a fallback in the event of a collapse in the multilateral negotiations.The article has been written by funding from the Central Research Institute for the Electric Power Industry in Tokyo and the Norwegian Ministry of Foreign Affairs. It also represents an output of research financed by the Research Council of Norway, project no. 144768/520. The authors thank all three institutions for the funding, as well as the many participants at the workshops where the ideas in the paper have been presented. Their criticism and suggestions have been very stimulating, indeed.     

Rent-Seeking in Research Markets

Using a standard model of uncertain innovation, this paper examines research rivalry and rent-seeking rivalry in innovation markets. Previous literature has not considered the implications of rent-seeking in research markets. We find that greater rent-seeking by the rival unambiguously lowers own profit-maximizing research and rent-seeking activity. On the other hand, greater research spending by the rival also lowers own research and rent-seeking, especially when the probability of own innovation is low. Policy implications are discussed.     

Regulating Global Financial Markets

This paper discusses the role of regulation in the emergence of a global system of linked financial markets. It traces the origins of the internationalization of financial markets to the emergence of new competitive pressures, rooted in changes in the social structures of savings and investment, breaking down both national systems of financial control and international arrangements for monetary and financial co-ordination. These changes have been accompanied and facilitated by a process of international re-regulation, through informal specialist networks. Although these have facilitated the international diffusion of regulatory standards and practices, and attempted to co-ordinate them, they are greatly hampered by espousing the perspectives of the various markets and firms which it is their task to supervise. Together with their minimalist view of the aims of public legitimation and oversight of financial markets, they have proved inadequate to prevent the destabilizing effects of the new global finance on the world economy.     

Unification of Dual Foreign Exchange Markets

In this paper I investigate the impact of overnight floating of the official rate and easing foreign exchange restrictions on post-unification domestic inflation rate. After analysing the behaviour of an economy under dual foreign exchange markets, an official market with a crawling foreign exchange rate and a free illegal parallel market. The paper also shows that maintaining a unified free exchange rate depends on the degree of foreign exchange restrictions under dual foreign exchange system and on the level of the official reserve that prompts foreign exchange liberalisation policy.     

Interaction of the Russian Financial Markets

The different segments of he Russian financial markets are studied in the paper. The market crashed on 17 August 1998. We consider the stable period of the market between May 1996 and October 1997. We study the structure of interactions between the GKO market, stock market, currency market, currency futures market, GKO futures market, interbank credit market. We study the relations between the world financial market and the Russian financial market. It was shown that, in the period under consideration, different segments of the Russian financial market became more integrated and the market as whole became more stable and more integrated in the international capital flows.     

知识产权法与反垄断法上的市场

反垄断案件和知识产权案件都需要在很多场合界定市场.但两个法律领域中的市场界定既有联系又有区别.市场结构因素在反垄断分析中具有基础地位,在知识产权案件中基本不具有相关性.知识产权法界定市场是为了确定企业间的对抗范围,反垄断法界定市场则是为了确定企业的市场势力.有些知识产权问题涉及竞争政策,但未必需要界定相关市场.还有一些涉及知识产权的案件,因损害竞争在实质上属于反垄断案件,需要按照反垄断法的分析方法处理,包括界定相关市场.在后一类案件中,知识产权因素导致市场界定需要做一些特殊考虑,但并不改变基本分析方法,尤其是知识产权的边界型排斥并不自动等同于垄断的市场型排斥;知识产权带来的产品差异化也不等同于垄断力量.     

论金融衍生交易风险的政府监管

金融衍生工具市场是从传统金融市场中衍生而来的新兴市场,其产生与发展有着深刻的历史背景和社会经济根源.20世纪70年代后,在规避市场风险,促进全球金融一体化的同时,金融衍生工具的风险也日益引起人们的关注.特别是此次美国次贷危机的爆发,几乎与金融衍生工具有着直接的联系.有鉴于此,各国金融监管机构、金融衍生工具经营机构都把对金融衍生工具市场的监管作为一项崭新的研究课题.研究各国金融衍生工具市场法律监管体系,并对我国金融衍生工具市场监管体系的构建与完善提出意见和建议.     

On the Resilience of Illegal Drug Markets

This paper argues that the concept of resilience is a fruitful way of understanding the impact of repressive policies on illegal drug markets. For the purpose of this article, resilience is defined as the ability of market participants to preserve the existing levels of exchanges between buyers and sellers, despite external pressure aimed at disrupting the trade. The first part of the paper highlights how some of the core features of illegal drug markets, a decentralized structure and high prices, contribute to increasing their resilience to attacks. The second part develops a framework that can be used to compare markets on the basis of their resilient properties. Some of the empirical and policy implications of the framework are discussed in the conclusion.     

中小企业关系型贷款定价行为研究--以江苏省某国有银行县级支行为例

本文运用关系型贷款理论,以江苏省某国有银行县级支行为例,对基层地区中小企业贷款定价的影响因素进行了实证分析.主要结论有:第一,在地方信贷市场上,关系对贷款定价具有明显的影响,且关系越久,贷款利率越高;第二,企业的其他贷款行越多,贷款利率就越高;第三,企业年龄、资产规模、速动比率以及抵押方式等对贷款定价均存在一定影响.在垄断性信贷市场上,与银行关系长久的企业可能遭遇较高的贷款利率.应积极促进地方信贷市场上的银行业竞争,并将国有银行地方分支机构的信贷决策权下放,以更好地服务于地方中小企业.     

Markets,profits, labor and smack

Conclusion I began this paper by noting that the theoretical paradigms we usually invoke in an attempt to understand crime are often misleading and unfruitful. By seeking to understand crime through the vision implied by the normative paradigm we focus upon too narrow a set of phenomenon: namely the ideological structure of social systems or individual personalities. We would do well to shift our vision to include at the very least the political and economic history of that collection of activities which are generally defined by law as criminal. The historical development and political economy of opium and heroin from its introduction by European capitalists into China and Southeast Asia down to its current place in the political economy of the United States has been explored in an effort to demonstrate the utility of refocusing our energies towards a macro-sociological perspective.Copyright 1976 by William J. Chambliss