The problem of regulatory arbitrage: A transaction cost economics perspective

Regulatory arbitrage, or the ability of financial firms to circumvent or neutralize rules, is a classic problem of financial regulation. This article draws on transaction cost economics (TCE) to reformulate this old problem, thus defining regulatory arbitrage as a contracting hazard arising from interactions between the regulator and regulated firms, given bounded rationality and opportunism. Following standard TCE, the article first characterizes the implicit regulatory contract in finance, focusing in particular on the mobile and elastic nature of regulated actors and financial assets as well as the contested utility of financial innovation. It is then argued that this incomplete and hazard-prone regulatory bargain must be matched with a governance structure that both adapts to unforeseen circumstances and avoidance strategies and copes with radical uncertainty about the welfare consequences of financial innovation. To that end, the article discusses how a governance structure here termed “relational regulation” might facilitate such ex post governance under uncertainty.     

证券集团诉讼在中国的制度价值——法经济学与法社会学的悖论

美国证券集团诉讼制度对保护中小投资者、维护证券市场的公平、公开、合法运作起到了积极作用。关于将该制度移植、改良,用以维护中国证券市场的健康有序发展的问题,学界已讨论多年。从法经济学和法社会学角度分别探讨证券集团诉讼制度引入中国的积极因素和消极条件,确认其独特、高效、经济的制度价值,明确将证券集团诉讼引入中国的必要性、迫切性和改良手段,具有重要研究意义。     

西方主流经济学基本研究方法评析——重温《哲学的贫困》的思考

西方主流经济学哲学上的唯心主义和形而上的思维是导致其不能深刻认识现代经济特征、做出合理预测和有效解决问题的根源。因此,主流经济学的实证与规范分析存在很大的缺陷。《哲学的贫困》是马克思开始运用辩证唯物主义和历史唯物主义进行经济分析的标志性文献。逻辑与历史相统一是认识经济现象、把握经济发展变化的根本方法,在今天看来,这一根本方法对审视主流经济学研究的缺陷及指导我国经济理论研究依然有重要意义。     

The impact of economic theories on the law in market relations

The impact of economic theories on legal development, thinking and practice is undeniable. This is particularly true for neo-classical and institutional economics. Neo-classical economics are based on model assumptions of human behaviour such as pursuit of personal advantage, individualistic goals, complete information and at the same time law obedience which are the foundations of the functioning of the market mechanisms. The assumption leads to an almost mystical belief in the self-regulatory power of the market and a strong disdain and disapproval of the State. The concepts of a minimal State and de-regulation of all social relations follow from there. This article argues that model assumptions are valid scientific tools, as long as they are not taken to reflect the real world which is populated by real people that are not necessarily behaving like homines oeconomici. Preaching de-regulation and the dismissal of the State can prove simplistic and even dangerous and may lead to financial and economic crises like the ones witnessed in recent years. Institutional economics part from these empirical findings. They do not question individualism and the pursuit of egoistic objectives of market-participants, but they insist on inherent risks of this mechanism which stems from opportunistic behaviour, lack of information and transparency and the limits of trust. Property economists deduct from there that sustainable and dynamic economic development is unthinkable without well defined property title, the distinction of property and possession and credit securities. These institutions cannot be self-regulatory but need a clear legal frame, in other words rules established by a State. Transaction costs economists understand the danger of opportunistic behaviour and a corresponding systemic lack of trust in the negotiation, conclusion and execution of contracts. They underline the necessity of institutions which are capable of limiting these dangers and thus reducing transaction costs. Institutions may be customs, informal arrangements and formal law. At the end two examples are presented-real estate transactions and post-patriarchal family relations-to test the utility of these considerations.     

“经济人”假设:马克思经济学与西方经济学的不同认识

马克思经济学与西方经济学对经济人假设的不同认识,是两个不同的经济学体系在进行经济学理论研究时,对同一个经济学理论问题的不同看法。这种理论观点上的差异既与不同体系在进行经济学研究时所选择的立场有关,也与不同体系在经济学理论研究中所秉持的研究方法有关。比较马克思经济学和西方经济学对经济人假设的不同认识可以看出,这两个体系对于经济研究中人性的认识和概括的不同,其核心差别在于人的社会性。     

股权优先购买权研究：交易成本视角

结合民法的基本理论和现实的股权交易实际存在的问题,从法经济学尤其是交易成本的角度,对现行《公司法》的有关立法规定进行检讨,股权优先购买权现行立法中存在制度缺陷和操作难度,从便利股权流转和保护交易、降低交易成本的目的出发,应完善现行的股权优先购买权制度。     

关于"百事内讧"事件的经济法律分析--兼论中国入世后外商投资企业中利益格局的变化与矛盾冲突的协调

"百事内讧"事件,反映了我国加入WTO后,跨国公司调整全球投资战略意图,与作为东道国的中方合资、合作者之间利益格局发生变动,引起矛盾冲突激化的形势.在合作双方争论的背后,隐藏着各自对于利害关系的权衡抉择,问题的关键已经超出单纯的违法违约及其责任怎样承担的范畴,涉及到如何取舍以求花费最小的成本获取最大利益的全局考量.对其进行适当的经济法律分析,有助于争议双方在博弈中作出最优或者次优方案的选择.     

Conservative Economics and Globalisation

Since 1979, modern Conservatism has been torn between a traditional regard for the nation state and a powerful, internationalising, global capitalism. Increasingly, radical free marketeers in the party reject the diffuse and patriotic political economy of big government. Instead, they prefer the consumption ethic of radical supply side reform and privatisation. However, in a country in which private healthcare is expanding, in which private schools and home education are booming, and in which for every one state policeman there are now at least two private security guards, how far will this process go? When a Labour government issues a green paper highlighting the scope for the greater use of private military companies and it accepts the commodification of public space through the use of road pricing, what room is left for Conservatives who believe that 'the people should be big and the state small'?     

劳动经济学在工会理论上的新发展

劳动经济学对工会问题的研究,自20世纪70年代末以来主要沿着两个方向发展:一是利用经济分析的方法研究工会在工资谈判中的作用;二是利用经济分析的方法研究工会的罢工行为。本文对劳动经济学在这两个方面的发展作出了评述。     

关于民族经济学学科体系建构的宏观思考

民族经济学经过20余年的发展虽已成果斐然,但学科地位尚不稳定,究其原因有学科体系建设不完善、研究方法不规范、研究视野宽窄不一等多种因素。要使该学科根深叶盛,还需从宏观、微观及学科的生存基点上再认识,注意与现实结合,努力为现实服务。