欧洲主权债务危机与美国债务风险的比较分析

欧洲主权债务危机是1957年《罗马条约》签署以来欧洲面临的最大考验,欧元则遭遇了正式面世10年来最为严重的生存危机。欧洲主权债务危机的爆发,并非仅仅因为其债务问题非常严重,更主要的是因为欧洲的联合中存在着制度性的缺陷。为了克服这些制度性的缺陷,欧洲必须加强对成员国的财政监督、适度地统一管理欧洲的债务、引入惩罚和债务管理机制。一国退出欧元区将面临巨大的经济成本、政治成本和法律、技术方面的障碍。因此,欧元区解体是小概率事件,联合仍然是欧洲政治的主流和传统。和欧洲主权债务危机相比,美国债务问题面临的风险更大。     

The Financialisation of Sovereign Debt: An Institutional Analysis of the Reforms in German Public Debt Management

This study explores the financialisation of sovereign debt through an in-depth study of institutional change in German debt management. Between 1998 and 2006, the Ministry of Finance fundamentally altered the management of federal public debt by not only disempowering the Bundesbank and Federal Debt Administration as debt managers and outsourcing this task to a new agency, the Federal Finance Agency; moreover, the conservative debt strategy was replaced by strict market orientation. Conceptualising this change as institutional innovation, the paper argues that the Ministry of Finance played a leading role in the reform process. It shows that the arrival of the Euro brought with it a power struggle between the Ministry and the Bundesbank. The evidence fits better the concept of institutional innovation as a result of entrepreneurship than approaches which conceptualise institutional innovations as consequences of profit maximisation or layering and displacement.     

Aviation in Africa

The following address by the adviser on African affairs to B.O.A.C.was given to a joint meeting of the Royal African Society andthe Royal Commonwealth Society on November 2, 1961. Mr. A. E.P. Robinson, High Commissioner for the Federation of Rhodesiaand Nyasaland and former chairman of Central African Airways,took the chair     

Education in Africa

This article represents the larger part of a lecture by theformer Principal of Makerere at a joint meeting with The RoyalEmpire Society on the 26th January, W. E. F. Ward, AssistantAdviser on Education, being in the chair. Mr. Turner, who isnow Headmaster of Charterhouse, was Master of Marlborough beforegoing to Africa in 1939.     

Africa

The address that follows was given by the Prime Minister, theRt. Hon. Harold Macmillan, M.P., at a meeting of the Joint CommonwealthSocieties at the Royal Commonwealth Society on April 13, 1960.Sir Angus Gillan, K.C.M.G., took the chair. A vote of thankson behalf of the Joint Common-wealth Societies was moved byMr. Brian Macdona, Vice-Chairman of Council, the Royal AfricanSociety.     

Dispensing Bounty in Africa

The address that follows was given by Mr. Farrer-Brown, Directorof the Nuffield Foundation, at a joint meeting of the RoyalAfrican Society and the Royal Commonwealth Society on April7, 1960. Mr. Bernard Moore, Head of the External Services NewsDepartment of the British Broadcasting Corporation, took thechair.     

Trade Unions in Africa

The following address was given before a joint meeting of theRoyal African Society and the Royal Empire Society on June 30,1955. The Rt. Hon. James Griffiths, M.P., and former ColonialSecretary, took the Chair.     

美国债务经济的国际循环

随着美国经常项目逆差的不断扩大,美国境外债务不断积累起来,形成庞大的境外美元资产,这是美国债务经济的国际循环.美国债务经济根源于美元本位的国际货币体系,美元国际本位货币的地位和美国各类金融资产的国际流动渠道畅通是形成其国际循环的两个支柱.美国债务经济的持续扩张使全球流动性因此而加速膨胀,于是不断膨胀的美元流动性最终将导致国际货币体系的危机,引起全球金融系统的严重动荡.国际货币体系正处在发生巨变的前奏,它必须适应发生了巨大变化的世界经济格局.     

Lesotho's interactions with South Africa and regional organisations in Southern Africa

Media reports alleged in late 2012 that South Africa was treating Lesotho ‘worse than … under apartheid’. To test that premise, this article contrasts Lesotho's regional and bilateral interactions during the colonial and apartheid eras with present relationships. It reviews bilateral and regional factors that impact Lesotho, emphasising Lesotho's roles in the Southern African Customs Union, the Common Monetary Area, and the Southern African Development Community (SADC) as well as diverse bilateral transactions with South Africa. Lesotho's experiences with SADC economic, political and security operations are evaluated. Whether a mutually beneficial relationship with South Africa is replacing the prior hegemonic pattern is questioned, especially after the peaceful transfer of power in 2012 to Lesotho's opposition parties. Dual citizenship, open borders, an economic union and even the remote possibility of political fusion are discussed. Finally, the article addresses how Basotho view border issues, why they have reservations about regionalism and political amalgamation, and why commitment to separate Lesotho statehood persists.     

South Africa

A look at the historical development of the Commonwealth and the effect the Zimbabwe issue, most recently, but also the issue of South Africa under apartheid, had on it.     

Higher Education in West Africa

On the 19th June, the long awaited reports of the Asquith Commissionand the Elliot Commission were published as Cmd. 6647 and 6655.The Asquith Report (2/-) contains 119 pages with tables: theElliot Report (3/-) is even longer— 190 pages with tables,maps and plans. Members will appreciate the work of Mr. Hussey,a former Director of Education in Nigeria, who has kindly summarisedthe main findings, in the hope of stimulating the public ofboth Britain and West Africa to study the full Reports.     

Human Ecology in West Africa

Dr. Fortes is shortly going to take up the post of Directorof the Sociological Department of the West African Instituteat Achimota. This article is the result of a reading of tworecently issued reports on aspects of the West African Economy.     

Agricultural Advances in Eastern Africa

Mr. Swynnerton, who is Agricultural Adviser to the ColonialDevelopment Corporation, gave the address that follows beforea joint meeting of the Royal African Society and the Royal CommonwealthSociety on April 5, 1962. Lord Howick of Glendale, G.C.M.G.,K.C.V.O., chairman of the C.D.C. and a former Governor of Kenya,took the chair