Productivity slowdown and misallocation in the post-recession: What prevents recovery?

This study explores the effects of the 2008 global economic crisis on the labor allocation and productivity in Luxembourg. The analysis is based on firm-level data from manufacturing and non-financial service sectors and finds a dramatic productivity slowdown after 2008. The study reveals that the cleansing effect of recession did not function effectively which would otherwise improve the efficiency in the labor allocation and counterbalance the productivity slowdown. The firm entry and job creation rates are lower in the post-crisis period, but the job destruction is not significantly altered by the crisis. The findings call attention for the strict employment protection legislation that possibly plays a role in preventing reallocation towards more efficient establishments. Relaxing the employment protection legislation simultaneously with facilitating the entry and growth of young firms is expected to promote creative destruction, improve allocative efficiency and speed up the post-crisis recovery.     

后危机时代视域下的社会稳定问题及应对策略

随着国际金融危机的基本结束,世界经济形势出现了企稳回升的迹象,整个世界进入了后危机时代,后危机时代的经济和社会问题已经引起了人们的普遍关注。本文探讨了后危机时代社会稳定面临的形势和问题,提出了解决新形势下社会稳定问题的相关对策。     

论宏观审慎监管的基本原则

国际金融危机后,宏观审慎监管的完善和实施越来越受到重视。宏观审慎监管法律的制定和实施需要遵行一定的基本原则,这些具有普遍性指导意义的基本原则反映了宏观审慎监管的本质和特征,与宏观审慎监管的目标是密不可分的。根据后危机时代国际和国内实践,宏观审慎监管的基本原则可以归纳为逆周期监管原则、协调监管原则和全局监管原则。     

美国贸易政策制定的宪政体制论

美国贸易政策制定权力由《美国宪法》明确界定,所以开启贸易自由化的＂1934年体制＂本质上是一个宪政体制。该体制的形成是基于后危机时代重构政治平衡与摆脱经济危机的现实需要,而其变迁是围绕国会＂授权-控权或监督＂的宪政路径展开的,并由贸易保护主义力量与自由贸易主义力量之间的宪政博弈推动的。这种宪政博弈实质上是在特定历史条件下的一种贸易立法博弈,而具体表现为推动贸易自由化的＂四位一体＂制度架构。对正在积极推进贸易自由化的中国而言,这种源于宪政博弈的贸易制度创新实践可资借鉴之处主要在于两个方面,即后危机时代贸易自由化立法范式的创新和自由贸易与不公平贸易二分法的立法体例的引入。     

The political economy of regional integration in East Asia

A widely held consensus view claims that East Asia has been shifting recently from a market-led to an institution-based form of regional economic integration, primarily as a result of the 1997–1998 financial crisis. Next to post-crisis financial cooperation schemes under the ASEAN+3, the surge of Regional Trade Agreements (RTAs) involving East Asian countries is thought by some to further substantiate this claim. The objective of the paper is to question the validity of this claim. By examining the current state of play of economic cooperation, in the financial and monetary areas as well as in the trade sphere, the paper highlights the limitations of the formal regional integration movement in East Asia to date, as well as the vastly different dynamics underlying the financial and trade developments. It also explores the changing nature of intra-regional trade and investment linkages and concludes that this new form of interdependence may be instrumental in changing the trade-offs of formal regional economic schemes.     

The relationship between psychopathy and moral development in young sex offenders

Abstract

This study examined the relationship between psychopathic traits and moral development (moral judgement and empathy) in 85 Dutch male sex offenders between 13 and 23 years of age. Questions were asked about general life situations, sexual situations with morally relevant features, and questions about the offender's own abuse victim. A weak negative association was found between psychopathy and mature moral judgement, but only when questions involved the offender's own abuse victim. Weak to moderate negative associations were found between psychopathy and cognitive and affective empathy in general and sexual situations, but not in the own abuse victim situations. Further analysis revealed moderate negative associations between psychopathy and affective empathy in the own abuse victim situations, but only when an unfamiliar victim was involved. This is the first study, to our knowledge, showing that juvenile sex offenders with high levels of psychopathy have context-specific moral deficits, and that in this group both cognitive and affective empathy are related to psychopathy.     

资产证券化中的超额担保制度研究

在西方资产证券化进程中,尤其是在"后金融危机时代",超额担保制度有助于降低投资风险,提高投资者信心,消弭金融危机的不利影响。为吸取美国金融危机的前车之鉴,我国在资产证券化起步阶段应引入该制度。超额担保的本质是债权质押,其质押标的是将来债权。在我国现行法律体系下,超额担保受制于现行的质押制度和破产法律制度设计。我国应制定专门的《资产证券化法》,明确资产证券化的性质,并对证券化资产的可让与性和出质问题予以专门规定,从而使超额担保制度既符合物权法定原则,又满足现实需要。通过控制超额比率和设置利差账户,以解决超额担保与现行破产法律之间的冲突问题。     

Crisis intervention skills training for police negotiators in the 21st century

Summary While Crisis Management training and intervention skills are not new areas for police officers or for police crisis negotiators, it is certainly true that such training must be included in the overall preparation for police officers in general and for police crisis negotiators in particular. Not to do so ignores the need for such skills in the day-to-day functions and calls-for-service of these groups. It has been the experience of this author, in talking with police negotiators, that more and more calls for their services are being made, in situations which are non-hostage related, than ever before. These areas continue to include barricaded individuals, suicidal persons, family disputes in which one member of the family is holding other members of the family against their will, and abuse situations including spouse abuse and child abuse. Additional areas include those in which there are juveniles involved as well as within school settings. Some of the latter may involve hostages while others do not. Finally, it is becoming less unusual for negotiators to be summoned only to find that the subject has engaged in acts designed to evoke fatal responses from those officers involved. This phenomenon is commonly referred to as “death by cop.” Further, it is also important that those indirectly involved in these situations receive this type of Crisis Intervention training. These may include first response officers, first response police and security personnel in our public and private schools, security officers in our hospitals and courthouses, and others who, due to their particular jobs, may be involved in these types of incidents.     

Comparative Study of Domestic and Foreign Bank Performance in Thailand: The Regression Analysis

This paper studies the performance of domestic and foreign banks in Thailand in terms of profitability and other characteristics after the East Asian financial crisis. The study is based on a micro bank-level panel data on financial statements by pooling cross-bank time-series data with the major balance sheet and income statement ratios for domestic and foreign banks in Thailand for 1995–2000. All banks were found to have reduced their credit exposure during the crisis years, and to have gradually improved their profitability during the post-crisis years. The results indicate that foreign bank profitability is higher than the average profitability of the domestic banks although importantly, in the post-crisis period, the gap between foreign and domestic profitability become closer. This shows some positive results of the financial restructuring program. Saovanee Chantapong (Ms) currently works as a senior economist at the Office of Macroeconomic Policy and Analysis. She received her ph.D. in Economics from the Faculty of Economics and Management at the University of Hannover (Germany) in 2005. Paper submitted to the International West-East Conference 2003: Accounting and Finance in Transition: European and Asian Experiences and Public Policy Considerations, London, 10–12 July 2003. This paper is a revised version of the Kiel Advanced Studies Working paper (May 2002) which was written when the author participated in Advanced Studies Programme (ASP) at the Kiel Institute for World Economics (IFW), Germany. The author is greatly indebted to Dr. Ralph Heinrich, her discussant and Dr. Claudia M. Buch for their valuable comments. The author would like to thank Bussaracum Petchclai and Augsupalee Watcharakiet, her colleagues at the Bank of Thailand for their great help. The paper has benefited from very helpful comments from Felix Hammermann, Om Prakash Mall and Paula Jaramillo. The author is also grateful to Prof. Dr. Lukas Menkhoff, Chair, the Institute of Monetary Economics, Faculty of Economics and Management, University of Hannover. The views expressed in this paper are entirely those of the author only and do not necessarily reflect those of the Bank of Thailand. Remaining errors are under the author’s responsibilities.     

Pluralism,Deference and the Margin of Appreciation Doctrine

In this article it will be argued that good use of the instrument of deference might help the EU courts to deal with the situation of pluralism that is currently visible in the European legal order. By means of deferential judicial review, the EU courts can pay due respect to national constitutional traditions and to national legislative and policy choices, thus preventing situations of real conflict. In addition, deference enables the EU courts to take into account the intricacies related to judicial review of norms drafted by co‐equal institutions or by national elected bodies. Although the EU courts already make use of some form of deferential review, they may use the instrument in a clearer and more structured manner. As a basis for the development of a European ‘doctrine of deference’, a comparison will be made with the margin of appreciation doctrine devised by the European Court of Human Rights. Although this doctrine is certainly not fault‐free, it offers a number of advantages in terms of clarity and controllability. If improved and adapted on the basis of theoretical notions of procedural democracy, the doctrine might be put to good use by the EU courts.     

后危机时代下国际金融监管法律规制比较研究——兼及对我国之启示

后危机时代下,世界主要经济体的主要任务开始由采取短期政策措施以遏制危机蔓延和深化转向金融监管立法制度改革,以此修复现行金融监管体系的根本性缺陷。美英及欧盟世界三大经济体先后颁布多项金融监管改革法案,折射出国际金融监管立法改革的新动向。其中加强系统性风险监管和加大金融消费者保护力度成为改革重点。为完善我国金融监管体制,突出解决系统性风险监管薄弱和金融消费者权益保护缺失提供了借鉴。     

中国参与经济全球化管理的战略思考——评《陈安论国际经济法学》的主导学术理念

美国金融危机和欧洲部分国家主权债务危机,不仅暴露了西方国家经济体制和运行机制长期存在的经济社会问题,而且也反映了现行国际经济体系已经不能适应新的国际经济形势,构建国际经济新秩序成为当前世界走出危机、重振经济的当务之急。积极参与全球经济治理,推动国际经济体系变革,促进国际经济秩序朝着更加公正合理的方向发展,不仅是我国深化改革开放,为发展营造良好国际环境的需要,而且也是满足国际社会希望中国发挥更大作用的需要。陈安教授在《陈安论国际经济法学》(五卷本)中的许多文章中,特别是在《论中国在建立国际经济新秩序中的战略定位》等4篇系列论文中,从国际经济法学的角度,就我国参与经济全球化管理和推动国际经济秩序变革,提出了一系列独特的战略思想和政策建议,喊出了与时俱进、变法图强的最强音。这是陈安教授30年来一以贯之的学术理念和学术思想,非常值得我们重视和思考。本文结合陈安教授的有关论述,提出了一些中国参与经济全球化管理的战略思考,是为呼应。     

对影子银行加强监管的国际金融法制改革

2008年金融危机的产生与游离于监管体系之外的影子银行的崩溃密不可分。在后危机时代,国际社会金融监管改革中很重要的一个方面即是加强对影子银行的监管。美欧等发达金融体已纷纷采取多种改革办法加强对其监管。以金融稳定理事会为代表的国际组织亦对影子银行监管进行研究,并形成了相关建议。影子银行对金融体系带来的主要威胁是系统性风险和监管套利,改革现有金融监管法制的重点也在于此。我国应当积极参与此方面的国际金融法制改革,并适时加强国内的法制建设。     

Medical decision-making for incapacitated elders: A "therapeutic interests" standard

Some older individuals lack sufficient present cognitive and/or emotional ability to make and express autonomous decisions personally. In those situations, health-care providers routinely turn to available formal or informal surrogates who often must apply the best interests standard in making decisions for the incapacitated person. This article contends that defining the best interests standard of surrogate decision-making for older adults in terms of optimal or ideal choices (truly the patient's "best" interests) frequently sets out an unrealizable goal for surrogates to satisfy. Instead, a decision-making standard based on the incapacitated person's "therapeutic" interests is more realistic and hence more honest to adopt and apply from legal, ethical, and medical perspectives.     

Rights and Quarantine During the SARS Global Health Crisis: Differentiated Legal Consciousness in Hong Kong, Shanghai, and Toronto

Interventions in public health crises inevitably give rise to concerns about how the balance between rights concerns and community health security might be handled. During the SARS global health crisis, different jurisdictions struggled simultaneously with similar public health challenges posed by the previously unknown and deadly disease. Yet instead of a convergence of strategies, different jurisdictions responded with measures, especially with regard to the use of quarantine, that revealed a pattern of divergence about how to strike the balance between rights concerns and health security. The origins of this article stem from the realization that Toronto's use of quarantine was far more extensive than that of either Hong Kong or Shanghai, two jurisdictions with historically weak records regarding respect for fundamental rights and civil liberties. Perspectives on the balancing of individual rights and community health security are treated here as expressions of legal consciousness. Instead of assuming a uniform legal consciousness in Toronto, Shanghai, or Hong Kong, this article presents legal consciousness as varied among groups of individuals differently situated in the crisis. The promise of this differentiated approach to legal consciousness is that it facilitates both drawing contrasts between perspectives of differently situated groups within the same city and noting commonalities between similarly situated groups in other cities. Through an examination of three distinct perspectives on rights and quarantine in each city—those of senior public health officials, frontline hospital workers, and contacts of SARS patients—the competing legal meanings and understandings about the tensions between community health security and individual rights during the SARS crisis are identified in a way that enables us to better understand the pattern of different uses of quarantine.     

可持续发展与法律价值的完善--中国法制可持续现代化的路径探究

随着人与自然的危机日益迫切,可持续发展理念应运而生.面对可持续发展的第一波冲击,现有法制必将做出回应性重构.为此,当前法制建设的关键,是把可持续性发展作为一切法律活动的出发点.中国法制的可持续现代化,必将把可持续发展的基本理念纳入到立法、司法和守法之中.     

Judicial authority through the experiences of crisis

This article is concerned with law’s experiences and making sense of crisis. When we talk about law’s response to crisis, we refer to law not as an abstract set of rules but as an embodied and animated assemblage of relations and practices. This way, law needs to make sense of any crisis to respond to it. The article draws on cultural legal studies to explore the constitution of judicial authority in the context of a democracy in flux. The article relies on fieldwork data collected in the interviews conducted by the author with Lithuanian judges in 2019. Highest in more than two decades, public trust in the judiciary in 2018 indicated a remarkable achievement for Lithuania, a country whose judicial system had been in a state of flux since the end of the Soviet era. However, after an unprecedented and highly mediated judicial corruption scandal in 2019, the rates of public trust plummeted, uncovering complex dynamics between the image of courts, mass media, and the public. Against this backdrop, the article explores how judges make sense of crisis that develops on the intersections of provocative reality judging and formal judicial institutions. It shows how judicial authority is constituted in the conditions of crisis on the tension between law and culture. Emerging from a crisis of authority is the changing face of judging. A post-colonial vantage point and theatrical jurisprudence are used to respond to a development of a desire of power under a mask of rationality, objectivity, and universality. The article concludes by contemplating how this authority shapes our lifeworlds.

     

系统重要性金融机构监管的国际法制构建与中国回应

作为金融市场的一类特殊参与主体,系统重要性金融机构(SIFIs)具有负外部性,容易引发系统性风险与巨大政府救助成本。在传统的微观审慎监管体制之下,SIFIs的负外部性得不到充分处置,由此导致金融体系乃至实体经济的稳定受到严重威胁,2008年的全球金融危机充分暴露出传统金融监管法制的重大缺陷。在后危机时代,国际社会正在力图构建新型法制,对SIFIs实施专门监管,以防范金融系统性风险和危机。新型监管法制的构建围绕SIFIs的合理识别、强化监管以及有效处置这三个方面展开。我国应积极参与SIFIs监管的国际法制构建工作,同时积极构建与我国金融业现实情况相符的对SIFIs监管的国内法律制度。     

A Practical Approach to Evaluating and Improving Juvenile Justice Programs

For more than a decade, the juvenile justice field in the United States has been dominated by the seventh “moral panic” over juvenile delinquency. This panic led to an overreaction to juvenile delinquency by legislators and juvenile justice officials. The main consequence is a “crisis of overload” in many state and local juvenile justice systems across the country. Tools are available to help juvenile courts effectively manage the overload of court clients. Most important, a new method has been developed for evaluating existing programs against research‐based standards that have been synthesized from juvenile justice program evaluations. This tool enables states and localities to take a practical approach to improving juvenile justice system programs.