美国次贷危机:对世界经济格局的再思考

本文认为,由次贷引发的此次金融危机是社会生产要按比例协调发展规律和平均利润率规律共同作用的结果.次贷危机使世界经济失衡加剧,并导致世界经济增速放缓,金融动荡将向全球实体经济蔓延.世界贸易、金融、要素、产业及协调等格局将面临调整.虽然贸易保护主义在一定程度上有所抬头,但不会泛滥成灾.     

关于美国次贷危机严重性的实证判断

本文从六重视角对2007～2009年的美国次贷危机严重性作了实证判断.主要结论是:本轮次贷违约的恶化程度及速度在美国房贷史上空前;危机的爆发和加重与2004～2006年高风险、低质量次贷(the subprime loans with high-risk and low-quality)的过度发放关系密切;目前非机构抵押债券(Non-agency MBS)已停发,抵押债券发行市场(market of MBS issuance)全部依赖政府和政府资助企业的支撑;决定投行命运的关键因素不是高倍杠杆率(high leverage rate),而是引发资产质量下降的违约问题;五大投行的倒闭、兼并和转型,标志着次贷危机最严重的阶段已经过去.作者预计2009年因次贷发放风险导致的违约压力将逐渐减轻,但因经济衰退带来的违约压力会继续加重;次贷违约率将进一步上升,但上升幅度呈收缩趋势;金融市场的动荡局面将归于平静;未来美国经济可能不会陷入深度衰退,但经济的低迷可能会持续较长时间.     

美国次贷危机:背景、原因与发展

本文首先从美国金融市场的结构、次贷与证券化的关系两个方面介绍了次贷危机发生的背景,并解释了RMBS、CDO与CDS等在危机中扮演着重要角色的衍生金融产品;在此基础上,本文详细剖析了次贷危机的爆发与传递过程,认为次贷危机迄今为止经历了流动性短缺、信贷紧缩与实体经济萎缩三个阶段;最后,本文总结了次贷危机给全球金融市场、投资者以及中国政府提供的经验教训。本文截稿时,两房危机刚刚浮出水面。发稿时,随着美国保险集团(AIG)频临破产和美国政府7000亿美元救市计划的提出,美国金融危机进入了一个新阶段。美国经济已陷入1929年以来最严重的危机。     

"美国金融危机及其影响"研讨会纪要

[编者按]:美国次贷危机波及世界金融业,并对我国产生了一定影响.此次危机发生的原因、波及范围及其发展前景,以及它是否会对我国产生进一步影响,已成为人们关注的重要问题.2008年11月11日,中国社会科学院美国研究所经济研究室与<美国研究>编辑部联合举办了"美国金融危机及其影响"研讨会.     

东盟国家太空政策探析

基于政治、经济和安全等利益诉求,近年来东盟国家愈加重视太空发展.本文根据国家实力的差异,以是否具备独立研制卫星能力为参照,将东盟国家依太空实力分为四个梯队,探讨位于不同梯队的东盟国家的太空发展战略,并对其太空政策进行评估.具体而言,东盟国家不仅在全球太空格局中崭露头角,而且尝试加强太空技术研发领域的协同合作,但由于缺乏资金、技术和人才,东盟国家太空发展表现出较强的脆弱性和外部依赖性,且美国的太空霸权使其只能在夹缝中求生存.东盟国家进军太空在未来不仅会促进太空多极化发展,在一定程度上也会加剧亚太地区的太空竞赛.对中国来说,东盟国家渴望进军太空是一个重要机遇,双方在此领域可以开展必要的合作.     

东南亚国家核能发展战略与新动向分析

随着国际油价不断上涨以及能源需求的日渐扩大,东南亚国家将目光转向了核能,泰国、印尼、越南、马来西亚、菲律宾、缅甸甚至柬埔寨等国都相继提出了核能发展战略,并计划于2015年建成东南亚第一座核电站。但这些国家对核能的监管等能力受到东盟内外的质疑,尤其是日本福岛核电站危机后,东盟国家的核能开发战略以及与此相关的环境安全等问题引起全球的关注。东盟国家的核能开发战略可能放缓,但这些国家的核能开发计划不会完全停止。     

金融危机的新反思

始于2007年的美国次贷危机迅速蔓延,导致了全球性的金融危机。这次金融危机是全球虚拟经济过分膨胀的结果,也是金融创新所产生的金融衍生品和金融市场直接作用的结果。     

化解危机:东盟民族冲突与预防性外交

民族冲突长期困扰着东盟国家,对地区安全构成重大挑战。如何借助预防性外交化解民族冲突危机,已成为东盟维护本地区安全的重要议题。20世纪90年代,东盟接受加利所倡导的预防性外交概念,开始着手东盟预防性外交的规范建设与实践,并取得了积极成效。然而,东盟目前所发展的预防性外交,其作用仅限于应对国家间争端与冲突,难以触及东盟国家内部的民族冲突问题。客观上,东盟各国需要通过预防性外交化解民族冲突危机,否则东盟在民族冲突面前将难以有所作为。但关键问题是怎样使预防性外交在化解东盟民族冲突中行之有效。完善预防性外交的决策与执行机制,寻找本土化解决办法,将是东盟提高其预防性外交行动能力、有效应对民族冲突的重要途径。     

美国金融危机影响下东南亚国家的经济表现与未来走向

2008年9月,美国次级信贷危机演变为金融危机并迅速席卷全球,在危机加剧的情况下,东南亚国家经济大幅下滑.本文分析了2008年东南亚各国在危机影响之下的经济表现,并对东南亚经济的未来走向作出预测.     

东莞对东盟国家的经济外交

本文讨论了东莞与东盟国家的经贸关系以及东莞地方政府对东盟国家的经济外交。文章认为中国在改革开放的过程中,一些地方政府与外资逐渐形成一种新的跨境合作模式,而这种合作模式是否成功的关键则在于地方政府经济外交的能力。     

国际金融危机冲击下中东欧国家经济走势分析

2000-2007年,中东欧国家的经济总体上呈平稳快速发展的趋势,2007年国际金融危机爆发后,中东欧转轨国家经济形势迅速恶化.国际金融危机对中东欧国家经济的冲击和影响与这些国家转型后形成的制度基础和经济发展模式有关.本文就国际金融危机对这些国家经济的冲击,从多个侧面分析相关原因,并对未来发展趋势进行了预测.     

美国经济趋缓对东南亚国家经济的影响

美国经济增长放缓和美元的持续贬值正冲击着东南亚国家经济的稳定发展.尤其是美国对东南亚国家出口产品的需求萎缩影响这些国家的出口和经济增长,这些国家货币升值直接影响到出口产品的国际竞争力,国际能源价格不断上涨也使东南亚石油进口国财政负担进一步加重.然而,东南亚国家正采取一系列措施应对不利的外部经济形势.由于这些国家经济基本面还比较好,对外经济关系的多边化已取得明显进展,对美国的依赖程度较过去减小.只要美国的经济困难没有演变成全球性的经济衰退,东南亚国家通过积极的财政政策,扩大国内消费和投资,是能够克服目前所面临的困难的.     

Facsimile edition of CCAS newsletter,no. 1 (May 1968)

Abstract

We have heard a great deal about the greening of the World Bank. The Bank now has an Environmental Department, its projects go through an environmental impact assessment, and it even finances “green” projects through the Global Environment Facility. However, the financing of nature's destruction and people's destitution and disempowerment continues unabated. It is not enough to look at projects directly funded by the World Bank to see the social and ecological disruption that it has caused over the past half a century and still continues to create. The impact of the World Bank is increasingly being felt through structural and sector adjustment loans that influence the macropolicies of entire countries. These loans have much wider influence because they make the World Bank's destructive policies more diffused and more invisible than its projects. The third and deeper level of the World Bank's responsibility in rupturing the social and environmental fabric of survival emerges from the paradigms it diffuses throughout the world through its research, publications, and advice. The social and ecological impact of the World Bank therefore needs to be assessed on the basis of its interventions at all three levels—projects, policies, and paradigms.     

Chinese Economic Statecraft and U.S. Hegemony in Latin America: An Empirical Analysis, 2003–2014

If one interprets China's sizable rise in Latin America as an unprecedented phenomenon, it follows that the concurrent story of declining U.S. influence in the region is an event hastily acknowledged at best and ignored at worst. In this article, we ask whether Chinese economic statecraft in Latin America is related to the declining U.S. hegemonic influence in the region and explore how. To do so we analyze foreign direct investments, bank loans, and international trade from 2003 to 2014, when China became a major player in the region. We use data from 21 Latin American countries, and find that an inversely proportional relationship exists between the investments made by Chinese state‐owned enterprises (SOEs), bank loans, manufacturing exports, and the U.S. hegemonic influence exerted in the region. In other words, Beijing has filled the void left by a diminished U.S. presence in the latter's own backyard.     

国际金融动荡对东亚经济的影响

目前,美国正在经历一场金融危机,此次危机已经开始向全球扩散,美国经济衰退初露端倪.本文首先对比分析了此次美国经济衰退和1997年亚洲金融危机的异同点,然后对本次经济衰退的原因做了深层次的分析,最后进一步探讨了本次经济衰退对东亚经济和中 国经济的影响.     

1960-1962年老挝危机与美泰关系

老挝政局在1954年日内瓦会议后深受东亚冷战形势的影响.1960-1962年危机使老挝成为国际社会关注的焦点,东南亚条约组织的作用受到严峻考验.美国和泰国对东南亚战略及老挝局势的判断和考虑不同.为解决由此引起的矛盾,两国通过<腊斯克一他纳声明>结为双边安全同盟.美泰关系的加强对东南亚冷战具有重要影响.     

Japan’s Policy Toward China Under Strong Anti-Chinese Sentiment: A Case of Terminating Yen Loans to China

2004 was the year when the Japanese public's affinity with China dropped dramatically, to 37.6?%, due to anti-Japan riots in China. Now more than 70?% of the Japanese public does not feel an affinity with China. How could such a strong anti-Chinese sentiment influence Japan's policy toward China? This paper considers this question by examining Japan's decision-making process on terminating the much-criticized yen loans to China. Yen loans are a type of Official Development Assistance (ODA) provided by the Japanese government to countries lacking sufficient funds for economic development. China is one of the top yen loan borrowers, and the loans have contributed to China's economic growth and increasing openness. However, in March 2005, Japanese Foreign Minister Nobutaka Machimura told Chinese Foreign Minister Li Zhaoxing that Japan intended to phase out the yen loans before the 2008 Beijing Olympics and reached an agreement on the matter. Two-and-a-half years later, Japan terminated its yen loans to China, as the foreign ministers had agreed. Through mainly firsthand documents and interviews with government officials, this paper will clarify the following two points: (1) While it is true that the Japanese government significantly reduced its yen loan package to China from 2001 onward due to domestic criticism of China, as pointed out by previous studies, it was not planning to terminate the yen loans as of summer 2004. Instead, the Japanese government was contemplating how to keep providing yen loans to China; (2) Foreign Minister Nobutaka Machimura, who was appointed in September 2004, had pushed for the termination of yen loans to China only after anti-Chinese sentiment rose dramatically in summer 2004, because he felt that continuing the much-criticized yen loans would not benefit stable Japan-China relations. This paper sheds light on the background of the termination of yen loans to China, a major milestone in postwar Japan-China relations that had been unclear until now. Having said this, the more important point of this paper may be that it also shows the influence of strong anti-Chinese sentiment on Japan's policies toward China.     

Yarmouk,Jordan, and Disi basins: Examining the impact of the discourse of water scarcity in Jordan on transboundary water governance

Extensive literature has shown the impact of water scarcity discourses on national policies, however the impact of water scarcity discourses on transboundary water governance has been overlooked. This article contributes to filling this gap by investigating the impact of the water scarcity discourse in the case of Jordan, specifically on three cases of transboundary water governance: the Yarmouk River, the Jordan River and the Disi Aquifer. This article shows that the water scarcity discourse is not enough to explain transboundary water governance, as it needs to be contextualized in the broader context, considering national security, regional geopolitics, inter-sectorial interests, and power asymmetries. This is particularly true when considering that the Arab region has most of its surface waters originating outside of its countries, and transboundary waters represent over two thirds of its overall water resources.