Differing Effects of the Global Financial Crisis: Why Mexico Has Been Harder Hit than Other Large Latin American Countries

In this article, we argue that the economic and financial crisis that began in Mexico in 2008 has not been primarily caused by the US crisis that began in 2007, as many have argued. As we will show, years of misguided economic policies at the national level have been at the heart of the Mexican crisis. On the one hand, the dominance of foreign banks in the country's financial system and the minimal presence of the public banks have greatly limited the range of counter‐cyclical policy options available to authorities. On the other hand, in the face of the crisis, Mexico has continuously applied deflationary Washington Consensus policies that have deepened the economic contraction. This article will focus on Mexico's individual problems, which offer important lessons for other Latin American countries with a shared recent history of Washington Consensus policies.     

我国国有资本收益若干法律问题研究

我国于1994年开始进行国有资本收益制度改革并取得了一些成效,但从实践来看,仍然存在收益分配范围过窄、收缴主体不明、比例过低等诸多问题,亟需进行相应的修改完善,使国有资本收益制度在保障国家作为国有资本投资者应当享有的权益、实现国民收入公平分配方面的作用真正得到发挥。     

中国商业银行利润效率实证分析:1996-2007

通过利用随机前沿模型对1996—2007年我国商业银行利润效率指数进行测量,并分析了商业银行外部竞争和所有权结构的影响,结果表明:我国商业银行利润效率整体呈上升趋势,但除少数银行外,整体仍偏低;股份制商业银行在效率指数上优于国有银行,而由于国有银行的股份制改革,在2003—2005年间两者差距缩小,但近年又有扩大的趋势;伴随国有银行改革与非国有银行发展带来的银行业竞争,对效率有显著的促进作用。     

Continuity and Pragmatism: How Chinese State-Owned Banks Adapted to Hong Kong’s Free Market (1949–1978)

One of the puzzling features of China’s post-1978 economic reforms is how quickly its enterprises adapted to the new business environment. An insight into this puzzle is provided by Chinese state-owned banks in Hong Kong. From 1949–78 these banks, led by the Bank of China, represented China’s primary financial interface with the outside world. What distinguished the management of these banks from their peers was their loyalty to communist values. Yet, despite Mao Zedong’s anti-imperialist anti-capitalist ideology, the Bank of China demonstrated extraordinary business pragmatism in its engagement with the international financial system. It also exemplified a high level of management continuity which enabled it to see beyond a volatile and often hostile political environment. The article shows that the post-1978 retreat from ideology and its replacement with commercial incentives proved costly in terms of professional standards. A homogenisation of bank management also made it more difficult to recruit senior management whose loyalty to the Communist Party could be assumed. These findings highlight the importance of rule variation in explaining international differences in management behaviour. More generally the article shows the long-term importance of Hong Kong’s role as an internationalising force for China’s business and financial sectors.     

Central Bank Independence in the World: A New Data Set

This article introduces the most comprehensive dataset on de jure central bank independence (CBI), including yearly data from 182 countries between 1970 and 2012. The dataset identifies statutory reforms affecting CBI, their direction, and the attributes necessary to build the Cukierman, Webb and Neyapty index. Previous datasets focused on developed countries, and included non-representative samples of developing countries. This dataset’s substantially broader coverage has important implications. First, it challenges the conventional wisdom about central bank reforms in the world, revealing CBI increases and restrictions in decades and regions previously considered barely affected by reforms. Second, the inclusion of almost 100 countries usually overlooked in previous studies suggests that the sample selection may have substantially affected results. Simple analyses show that the associations between CBI and inflation, unemployment or growth are very sensitive to sample selection. Finally, the dataset identifies numerous CBI decreases (restrictions), whereas previous datasets mostly look at CBI increases. These data’s coverage not only allows researchers to test competing explanations of the determinants and effects of CBI in a global sample, but it also provides a useful instrument for cross-national studies in diverse fields, such as liberalization, diffusion, political institutions, democratization, or responses to financial crises.     

Internet Finance Fest

正RAPID development of the Internet and mobile Internetbased financing in recent years has created a spate of new-type financial institutions and services.They include mobile payment,online auction companies and online wealth management services.Internet-based financing–a blend of information network technology and modern finance–is impelling conventional finance towards unprecedented     

The Impact of Corporate Governance in the Financial Performance of Islamic Banks： Evidence From the GCC Region

Through this paper, the author seeks to determine the and financial performance of Islamic banks, where we relationship between the variables of corporate governance dealt the corporate governance in the banking sector, where increasing the importance of corporate governance, due to their special nature, as the bankruptcy of banks not only affects the relevant parties from customers, depositors, and lenders, but also affects financial stability and then the economy as a whole. We dealt with the specificity of governance in Islamic banks, which face double governance： Anglo-Saxon Governance System and Islamic Governance System. The author measures the impact of corporate governance variables on financial performance through an empirical study on a sample of Islamic banks during the period of 2005-2012 in the GCC （Gulf Cooperation Council） region. The study has found that there is a very strong relationship between the variables of governance and financial performance of Islamic banks, where there is a positive relationship between return on assets （ROA） and the composition of the board of directors, the size of the board of directors, the number of committees in the council, as well as the number of members of the Shariah Supervisory Board （SSB）, while it is clear that there is a negative relationship between ROA and concentration ownership variable.     

我国银行不良资产处置瓶颈分析

该文通过对L地区资产包案例的解读，从权利核与价值面立体探析我国银行不良资产的处置瓶颈，即权利保护瓶颈核上实体与程序缺位，价值实现瓶颈面上应然与实然错位，提出不良资产处置以资产包价值最大化为中心，以资产权利和资产价值为主线，完善资料整合、信息整合、技巧整合、资源整合和关系整合，协调项目内外部关系的思路，充分运用法律手段，有效运用非法律手段。     

Economic Transition in Latin American and Post-Communist Countries: A Comparison of Multilateral Development Banks

This article examines regional development banks and their relationship with the World Bank. Specifically, the article analyzes the roles of the Inter-American Development Bank (IDB) and the European Bank for Reconstruction and Development (EBRD), and the factors that have influenced the creation of these international financial institutions. Most of the literature examines regional development banking practices and development strategies as if all regional banks were the same. However, the missions of the IDB and the EBRD are quite distinct. While the IDB primarily provides social sector loans to nation-states, the EBRD primarily provides private sector loans for finance and business development. Given that Latin America and the former Soviet Union share many of the same economic, political and social problems, it is surprising that these institutions are so different. What accounts for the different missions of these regional banks? We find that the influence of borrowing and non-borrowing member states in the creation of these banks can help explain some of the differences between the IDB and the EBRD.     

对外资并购中资银行法律制度之反思与建议

日益增多的外资并购中资银行案已对我国银行法律制度产生了巨大的冲击与挑战。这不仅表现在我国与此相关的法律制度之滞后性、规则体系的散乱性与规则效力层级低,而且也表现在目前的并购法律制度关注面的狭窄性,没有考虑到并购所可能引发的反竞争、监管之可能失灵等问题。因此,有必要对目前的外资银行并购法律制度进行检讨与反思。