An Asia-Pacific Full of Hope

正The APEC meetings held in Beijing in November produced good results.The meetings outlined a blueprint to enhance physical,institutional and people-to-people connectivity in the AsiaPacific region by 2025.To achieve this goal,China will contribute US$40 billion towards setting up a Silk Road fund,providing investment and financial support for infrastructure construction,     

Greater Use of RMB in Global Payments Imminent

正ON April 28,2014,the Society for Worldwide Interbank Financial Telecommunication(SWIFT)released its latest ranking of currencies used in global payments,China’s Renminbi(RMB)ranked seventh,its activity share in payments value standing at 1.62 percent.     

Those in Glass Houses Should Not Throw Stones

正It has been reported by Western media that an official from the U.S.Department of the Treasury said that the recent depreciation of the Chinese yuan could raise"serious concerns"if it signaled a policy shift away from allowing market-determined exchange rates.Such concerns are somewhat obscure.We can see that he does not regard the yuan exchange rate fairly based on the rules governing market economies.     

Economy

正RMB 2nd-most Used Trade-Finance Currency Latest statistics from global transaction services organization SWIFT(the Society for Worldwide Interbank Financial Telecommunications)show that in October 2013,China’s Renminbi(RMB)overtook the euro to become the second-most used currency in world trade finance.According to SWIFT,the RMB usage rate in trade     

‘Whatever it takes’: Polanyian perspectives on the eurozone crisis and the gold standard

Abstract

The parallels between the monetary politics of the gold standard and that of the eurozone crisis are striking and have informed contemporary debate about the future of European integration. The eurozone crisis has been widely interpreted as the result of a mismatch between international monetary integration and a concomitant lack of fiscal integration, or more broadly as the result of a European Union which is economically integrated, yet politically fragmented. The prospect of a 1930s-style descent into division and nationalism has formed the backdrop against which moves towards extensive integration at the supranational level have been made. Polanyi diagnosed the political effects of monetary integration through his analysis of the gold standard system in The great transformation, making it important that we unpack his analysis and consider carefully how a Polanyian perspective might apply to the eurozone today. I argue that Polanyi encourages us to look beyond ‘monetary vs. fiscal’ and ‘economic vs. political’ characterizations of European integration, and instead to examine how such oppositions are formed in the first place and how they constrain political debate, particularly in terms of how ‘sound money’ is established as the highest policy concern. Through a re-reading of Polanyi's distinction between ‘all-purpose’ and ‘special-purpose’ money, I highlight how, despite the huge efforts undertaken to preserve the identity of the euro as an all-purpose currency, the eurozone crisis has rendered visible a series of latent conflicts between the different functions of money. This analysis moves us away from the ‘monetary vs. fiscal’ integration view of the eurozone crisis and towards a more open study of how the various possible purposes of money are being articulated and challenged, offering some limited hope for alternatives to the current eurozone policy agenda.     

新经济下的双层股权结构:理论证成、实践经验与中国有效治理路径

新世纪以来选择双层股权结构成为新经济公司的一种新趋势。坚持一股一票的传统公司治理理论主要从公司民主、最优表决权结构和代理成本三个方面反对双层股权结构,认为双层股权结构将降低上市公司价值。股东的共同目标是股东利益最大化而非公司民主;最优表决权治理结构是因公司而异多元化的,一股一票虽普遍然非最优;表决权监督机制非唯一治理成本的约束机制,双层股权结构比一股一票更有助于公司关注长期利益和科技创新。从经验研究来看,双层股权结构与上市公司价值并不存在确定的负相关关系,甚至存在正相关关系。契合新经济公司的双层股权结构有助于在“轻资产、重人力资本”的新经济公司中根据合同而非物质资本进行控制权分配,有助于激励创始股东/管理者进行专属人力资本投资,有助于满足新经济公司的特殊治理结构需要。我国科创板已经引入双层股权结构,为实现中国的有效治理,除目前科创板集中于事前治理外,还应强化事中治理和完善事后治理,最终对双层股权结构进行有效治理实现兴“利”除“弊”。     

生命周期视角下非营利组织的董事会治理实践研究——以Q社工机构为个案

文章通过对2003年成立的Q机构的历时研究，从组织生命周期视角描述分析Q机构董事会的治理实践与变化，发现机构董事会的功能以及权力格局都随着组织发展而变动。董事会在早期阶段主要起到非正式督导的作用，在重要决策上受到个别董事及外部官员影响，董事会运作呈现以人际沟通为主的非正式性；在发展中期阶段，董事会成员对组织发展的方向产生分歧，董事会干预机构的日常运营与具体管理人员任免，董事与执行层产生矛盾；在组织发展转型阶段，董事会规模变大，结构日益多元化，董事会运作也日益正式化与程序化。早期起到重要影响的董事被边缘化，影响力被削弱，导致新的权力格局形成。董事会理念发生重大变化，从之前强调服务的专业化转向强调服务的经济效益取向。该研究发现，董事会在实践中很难做到理性治理，决策往往存在妥协，尤其会受个别积极董事的理念影响。董事会在整个生命周期内呈现出均衡－冲突－均衡的发展历程。     

A typology of board design for highly effective monitoring in intergovernmental organizations under the United Nations system

The United Nations (UN) system comprises several intergovernmental organizations (IGOs) that were established to contribute to the functioning of the overall transnational system of delivering global public goods. However, many IGOs under the UN system are criticized for their failure to accomplish their mandates. Research argues that IGO boards serve as a governance mechanism that should be designed in order to effectively perform the monitoring function to ensure fulfillment of IGO mandates. Thus, using an inductive fuzzy set qualitative comparative analysis, this study explores 13 IGO boards under the UN system to identify the board designs that are associated with highly effective monitoring. Our findings reveal a board design typology reflecting the interplay of the level of organizational complexity and the extent of the distribution problem in IGOs. This research contributes to our understanding of IGO governance by underscoring the relationship between board designs and highly effective monitoring to help researchers and practitioners improve IGO performance.     

Cutting Edge Thinking

The Credit Crunch ushered in an era of austerity with massive cuts and job losses. It highlighted the gulf between the world of real people and the abstraction of high finance. Put simply, to prevent the melt‐down of the global economy, the needs, hopes and ambitions of millions are being sacrificed. Who controls and issues money is key. To be viable any system must be big enough for people to have faith it won't fail, and it has to be administered soundly. Local government is accountable to its electorate and, as such, should put their welfare first. It is essentially an administrative machine and certainly isn't going to go away. A truly local economy could emerge with authorities initially paying part of their staff's wages in local currency and accepting it in payment of rates. At a stroke, job cuts could be reversed and people's skills and experience valued again.     

Conflicts and coordination between the right to issue US dollars as international currency and the protection of international human rights

In the existing global financial system, the US private central bank controls the right to issue international currency, while the rest of the world have to involuntarily leave their destiny to such system. In the current financial crisis, American government evaded and deviated from due regulation. It is virtually a robbery of other countries as well as a serious infringement upon international human rights. In such a situation, other countries should stick to the international community standard and the protection of international human rights to fairly distribute the interest deriving from the right to issue international currency, and establish a monetary exchange mechanism; or abide by the principle of “one world, one currency” and accordingly come up with a common international currency, or form a monetary union to safeguard the economic sovereignties; or enhance the due position, rights and interest of the developing economies in the existing international financial system; or strengthen efforts in reforming and building the regime of international financial regulation to prevent people’s legitimate property, rights and interest from being infringed.