An empirical investigation into the decision usefulness of service efforts and accomplishments measurements

This study examines the impact of Service Efforts and Accomplishments (SEA) measures by analyzing subjects’ judgments of economy, efficiency and effectiveness of road maintenance. Subjects made performance judgments using SEA data and Comprehensive Annual Financial Report data in a three treatment between-subjects design. Generally, the results support the hypothesis that SEA data provide incremental information to decision makers and support including SEA measures with traditional financial data in at least some reports to constituents.     

关于全球金融经济危机的若干思考

由美国次贷危机引发的世界金融危机和经济危机表明了美国金融霸权的衰落。这是美国经济霸权的危机,也是美国大力推行的市场原教旨主义即新自由主义的危机。这场经济危机显示出当代资本主义的最新特点,即金融产业脱离实体经济片面畸形发展,全球经济过分金融化,因而被称作“全球金融市场资本主义”。目前经济危机还在持续,与此同时,世界政治也开始进入一个动荡不安的高风险的历史阶段。     

Government regulations and FDI: a historical perspective of mexico

This article analyzes the development of foreign investment regulations and their impact on FDI flows in Mexico. The study covers the evolution of sectoral and aggregate investment patterns from the independence period to the 1994 Peso crisis and its aftermath. The pattern followed by FDI in Mexico has paralleled the transformation of the Mexican economy itself, focusing initially on the extractive and agricultural sectors, then on manufacturing activities, and recently on the services sector. Mexico has continuously reformed and modernized its regulatory system in order to adapt to internal political changes and changes in the world economic environment. Recent economic reforms and liberalization of FDI regulations have had a major positive impact on capital inflows, but more needs to be done, especially in the area of financial services in order to achieve a higher level of economic efficiency and to prevent financial breakdowns like the one experienced in 1994.     

Economic effects estimation for the Eurasian Economic Union: Application of regional linear regression

This paper aims to provide a coherent analysis of the economic impact accession to the Eurasian Economic Union has had on the economies of current member states and what affect membership would have on the economy of Azerbaijan. By applying a Linear Regression Model we find that membership to this regional bloc has yielded minimal financial benefits for the existing members. However, for most states, accession has increased the trade deficit with Russia and that a membership would likely produce a similar negative outcome for Azerbaijan in addition to undermining national economic and energy policy making.     

国际经济体系与地缘政治:金融危机及其影响

Global financial crisis is ongoing. The crisis has not only impacted the mode of the world economy that further called for reform of international economic system, but also exerted far-reaching impact on the transformation of the international political system and geopolitics. China, undergoing a critical period of reform anddevelopment, is obliged to probe the essence of the crisis and its prospective impacts, to discern the direction of the transforming international political system and geopolitics, and ...     

Are Workers in the Developing World Winners or Losers in the Current Era of Globalization?

This article investigates whether workers in less-developed countries (LDC) are winners or losers in the expanding global economy. This study is distinctive in that it looks beyond the impact of globalization on direct economic benefits to labor (employment and surplus labor) and assesses if workers simultaneously improve their bargaining power in the marketplace. I use a time-series cross sectional panel data set for 59 developing countries from 1972 to 1997 to demonstrate that the overall impact of globalization on labor has been different in countries at various levels of economic development. These results challenge conventional wisdom by revealing that under conditions of globalization, labor in low-income countries is not necessarily in a better bargaining position despite certain economic gains. In contrast, labor in high-income countries enjoys both greater economic benefits and an improved bargaining position. The absolute “winners” in globalization ultimately comprise a small percentage of the larger labor force in the developing world. Nita Rudra is an assistant professor of international affairs at the University of Pittsburgh. Her research interests include the impact of globalization on social welfare expenditures in developing countries, the political foundations of welfare regimes, and the causes and effects of democracy. Her most recent works appear in theAmerican Journal of Political Science, Comparative Political Studies, International Organization, andInternational Studies Quarterly. The author is grateful to Hayward Alker for valuable advice and input on this research project and James McGuire for generously providing access to his data. The SCID editors and anonymous reviewers also provided extremely helpful feedback and comments.     

人民币国际化视角下两岸金融合作探讨

近年来，人民币国际化进程已由市场自主需求迈向官方推动阶段。在此背景下，两岸金融合作步伐不断加快，逐渐从自发的民间交流升至制度化层面。当前，香港在人民币国际化进程中的地位与作用凸显，在海峡两岸投资和贸易实现双向互动并促进经济联系日益密切之际，台湾亦能扮演重要角色。因此，两岸需大力提升金融业合作水平，在互利双赢基础上，实现人民币国际化背景下的两岸金融合作良性互动。     

全球经济变局与两岸经济一体化

2008年以来,国际金融危机发生后全球经济的深刻变革,两岸经济各自步入历史性转型升级期,两岸关系呈现和平发展新局,两岸经济关系的发展环境随之发生重大变化。两岸贸易投资布局与结构正在发生历史性转换,并几乎与两岸经济合作机制的建构同步展开;传统的两岸经济关系发展方式面临新瓶颈,两岸经济合作由快速推进逐步进入“深水区”,在全球经济再平衡和亚太区域经济合作进程加快形势下,两岸应加快推进经济一体化进程,积极共同参与亚太区域经济合作进程,以更好应对全球变局的冲击。     

On the apparent benefits of higher productivity: An arithmetical illustration a comment

During the 1980s, like many other developing countries Nepal attempted actively to attract direct foreign investment. This article reports the results of a survey of the foreign‐owned firms in operation at the end of the 1980s. The motives of firms for their investment decisions in Nepal are summarised. The impact of foreign investment is assessed quantitatively using both financial and economic cost‐benefit criteria. In general, it appears that foreign investment has been beneficial to both the foreign investors and the national economy. Foreign investors from India have played a particularly important role. However, much of the national returns from foreign investment is derived from the payment of taxes, so that an excessively generous policy of tax incentives may not maximise national returns.     

The Institutional Foundations of China’s Unbalanced Economy

China has become a fast-growing economy with an unbalanced economic structure. Economic policies, especially fiscal and financial policies, contribute to the current growth model by depressing household disposable income and reducing the social services provided by the government. Laws that have been used by the government to subsidise investment and production by distorting factor markets are also to blame. Finally, rebalancing China’s growth pattern has proven to be extremely difficult due to political obstacles, including pressure from interest groups, gridlock caused by factional politics, and ideological discrimination against private entrepreneurs.     

Foreign direct investment,financial development and economic growth

This article argues that the development of the financial system of the recipient country is an important precondition for FDI to have a positive impact on economic growth. A more developed financial system positively contributes to the process of technological diffusion associated with FDI. The article empirically investigates the role the development of the financial system plays in enhancing the positive relationship between FDI and economic growth. The empirical investigation presented in the article strongly suggests that this is the case. Of the 67 countries in data set, 37 have a sufficiently developed financial system in order to let FDI contribute positively to economic growth. Most of these countries are in Latin America and Asia.     

Does Financial Development Contribute to Poverty Reduction?

The article examines the contribution of financial development to poverty reduction in developing countries. Building on earlier research which has established links between financial development and economic growth, and between economic growth and poverty reduction, the article tests for a causal process linking financial sector growth and poverty reduction. The empirical results indicate that, up to a threshold level of economic development, financial sector growth contributes to poverty reduction through the growth-enhancing effect. The impact of financial development on poverty reduction will be affected, however, by any change in income inequality resulting from financial development.     

东盟跨境数据流动治理的机制构建

跨境数据流动是全球数字经济的重要基础,也是全球治理的新兴议题。在数字经济发展和东盟区域一体化的趋势下,东盟从统筹数字经济发展与数据保护入手,着眼于提升东盟国际竞争力和话语权,制定并完善跨境数据流动治理机制。这一机制的构建始于新加坡对数据保护规制的探索,基于东盟个人数据保护框架,在东盟数字一体化总体框架下制定数字管理框架,并以“东盟示范合同条款”和“东盟跨境数据流动认证”两大关键手段促进机制落实。该机制具有灵活性、包容性和指导性的特征,有利于促进东盟地区数字经济发展,降低谈判成本与合规成本,获得更多全球竞争优势。对于中国而言,在与东盟跨境数据流动治理机制合作对接方面具备可能性和可行性,需要充分认识和评估东盟机制对世界数字治理的影响、对地区数字经济秩序的挑战,推动中国与东盟之间的数字经济合作。     

二十国集团与国际金融体系改革

此次全球金融危机的根源是人类的系统危机。美国的金融衍生品市场为投资者创造了比发行者更低的风险,个体风险的最小化使潜在风险在系统层面体现,最终导致系统瓦解。美国和世界经济缺乏增长点,导致走出危机后的全球经济向着长时间的、严重的萧条方向发展。二十国集团因创建目的差异和内在的矛盾关系,无法解决当前世界金融体系的问题,该组织演变为国际争论中心的可能性甚至大于全球治理的模式,它需要被使用但不应被寄予厚望。当前,世界经济面临着从投机型到生产型的痛苦转型,核销投机性债务、实行金本位制度并确立新的全球储备货币是痛苦相对较小的转型方式。     

Local revenue structure under economic hardship: reliance on alternative revenue sources in California counties

This article investigates how a worsening economy affects local revenue structure, and whether the impact is moderated by the fiscal relationship within higher levels of government. The revenue potential of nontax sources – fees/charges and fines/forfeitures – is considerable for local governments under economic hardship. With the panel data from California counties over a period of 11 years (2000–2010), this article shows that reliance on nontax revenue largely depends on the economic and fiscal factors that vary across counties, and the effect of economy is contingent on local dependence on intergovernmental transfers. Counties are likely to raise nontax revenue when the economy worsens and their transfer-dependence increases, while the marginal effect of the economic indicators changes from negative to positive as transfer dependence increases. This article illuminates the characteristics of the two types of nontax sources in terms of the mechanisms of incentivising human behaviour and concludes with policy implications for researchers and practitioners.     

Local Financial Development and Household Welfare in Vietnam: Evidence from a Panel Survey

We examine the impact of local financial development on household welfare in Vietnam. We employ household-level panel data for the periods 2007, 2008, 2010 and 2013 covering three provinces and measure local financial development at the district, sub-district and village levels. To account for potential endogeneity that could emanate from the fact that local economic development could spur local financial development, we employ a recently suggested method of identification through heteroscedasticity. Our results show that local financial development has a significantly positive effect on household annual income, consumption and consumption smoothing.     

The mexican financial crisis

In the period 1990-93 Mexico's economy experienced expansion and structural change. This was associated with economic opening, market deregulation, and large inflows of foreign capital. Mexico had dealt with the external debt problem through a Brady debt restructuring. This restructuring lowered the financial requirements of the public sector, improved market expectations, and set the stage for a decline in domestic interest rates.

In the early 1990s Mexico attracted fully one-fifth of all capital flows directed into developing countries. These inflows more than financed the current account deficit, and permitted Mexico to expand its official reserve holdings. The portfolio capital inflow bolstered the stock market, which appreciated in value. Mexico's entry into NAFTA provided another reason to be optimistic concerning economic and business prospects.

However, Mexico's external payments position was falling deeper into deficit. By mid-1994 it was possible to observe that the current account in Mexico's balance of payments had shifted further into deficit, and that the high unsustainable level of capital inflow was diminishing. Political violence and assassinations in 1994 caused foreign investors to look more carefully at investment prospects, and steadily rising interest rates in the United States created incentives favoring dollar rather than peso financial instruments. As peso interest rates began to rise, the Mexican government and commercial banks turned to dollar-indexed or outright dollar borrowing. By December 1994 this increased dollar liability position together with a runoff in foreign exchange reserves left Mexico in a difficult liquidity position. The December 20, 1994 devaluation failed to renew confidence in the viability of Mexico's payments position, and two days later the peso was floated. In the early weeks of 1995 a massive Mexican financial assistance package was provided by the United States, the International Monetary Fund, and others.

An analysis of the components of Mexico's GDP and balance of payments suggests that the financial disequilibrium was clearly evident by mid- 1994. Over the period 1993-94 domestic absorption had increased beyond the ability of the economy to sustain it. Parallel to this, the current account deficit had increased beyond the ability of foreign exchange resources to support this deficit. Failure by the government and central bank to take action in the third quarter of 1994 resulted in a runoff of foreign exchange reserves, speculative trading in the financial markets, growing skepticism concerning the viability of existing arrangements. Fiscal and monetary tightening early in 1995 produced an improved financial equilibrium, suggesting that similar action at mid-1994 might have avoided the near debt crisis that manifested itself in December 1994 jand the following weeks.     

Estimating the economic impacts of a hub airline serving a tourist destination: the case of america west airlines and las vegas,nevada

Airlines are an important component of regional economies. The economic impact of an airline goes beyond the usual impacts of their payroll and expenditures. Airlines also may affect business productivity and the critical economic base of a regional economy. This article estimates the economic impact of America West Airlines on Las Vegas, Nevada. Key aspects of the study were measurement of the direct impacts, estimation of the associated impact on tourism allowing for the possibility of competing travel alternatives, and the use of a regional economic impact model to derive the total economic impact.     

Structural change versus turnpike optimality: A Polish perspective

Using a modified dynamic IO model for Poland which allows taking into account actual trends observed in recently available statistical data we compare the rate of economic growth calculated for different growth paths resulting from the model. The goal of the research was to examine the distance between the actual structure of production and the structure on the turnpike and its impact on the economic growth of the economy under study. The results of the study indicate that the impact of structural change on output takes place in three general stages. The benefits of structural change do not outbalance the corresponding costs immediately, since it takes several periods until the growth rate of those paths which are closer to the von Neumann ray become larger than the corresponding growth rate of the benchmark growth path.     

The Politics of State Sector Reforms in Vietnam: Contested Agendas and Uncertain Trajectories

The 1997 Asian financial crisis and subsequent impact on Vietnam's economy reignited a decade-old internal debate over economic reforms (doi moi). Heralded by many as a success story, the pace of doi moi was the cause of sharp conflicts within the ruling party as the IMF prescribed speeding up the process. At first glance it seemed that neo-liberalism was triumphant. However, this article argues that we need to take a closer look at the content and meaning of 'reform' in the Vietnamese context. Neo-liberal reforms were modified to ensure they consolidated rather than unravelled the authority of the Vietnamese state and to accommodate the new hybrids of state-business alliances.