How to use Lire le Capital

Abstract

This article contributes to a pragmatist analysis of pricing and valuation through an account of the production of closing prices at the Paris Bourse. The Paris Bourse is an electronic stock exchange and the actors in charge of its technological configuration often need to face concerns about the quality of the prices that the configuration produces. Closing prices are particularly important because they constitute references that circulate widely. The author analyses how a problem of representativeness of closing prices was raised in the late 1990s and how several techniques aimed at solving it. In order to deal with this problem of representativeness, the author proposes the consideration of prices as signs in a pragmatist manner. Adapting Charles S. Peirce's theory of the sign to the study of prices, the author concentrates attention on the material display of prices, on their capacity to stand as traces of some event, and on the way they may suit a set of calculative conventions.     

Secrecy jurisdictions and economic development in Africa: the role of sovereign spaces of exception in producing private wealth and public poverty

Abstract

This paper reviews the scope and function of secrecy jurisdictions and includes new research data on their extensive use by development finance institutions in delivering official development assistance. In order to establish what these empirical data mean in terms of economic development, the paper builds a theoretical model of secrecy jurisdictions as constructed spaces of exception and exemption. It then reviews how different economic paradigms explain, analyse and assign normative values to secrecy jurisdictions/tax havens, noting that the neoliberal account proffers ideological assumptions which cannot be empirically verified. This paper argues that the most robust evidence available indicates that secrecy jurisdictions lower ‘onshore’ rewards to national stakeholders, and critically shrink the fiscal base required for sustainable economic development. Further, the paper argues that the extensive use of secrecy jurisdictions by development finance institutions sponsors an elite financial class in recipient countries, but otherwise undermines broad-based development embedded in economic justice.     

Political Violence and the Illicit Economies of West Africa

This comparative analysis draws on field research in several West African countries to illustrate the dynamic relationships between political violence and organized crime in this sub-region. These relationships are often transactional, and almost always on a temporary basis. While some alliances of convenience may be forged, in other cases an adversarial relationship exists between organized crime and terrorist networks. In some cases, key actors within West African governments have benefited from these relationships. We then examine recent policies and strategies pursued by the U.S. and the international community that, in the name of combating terrorism, seek to constrain the illicit economies of the region, but in doing so may do more harm than good. The article concludes with some policy recommendations based on this analysis.     

Political Consensus and Fiscal Outcomes

It is becoming difficult to maintain consensus in a period of economic austerity, and this possibly challenges the ability of democratic institutions to take decisions on tough economic questions. In order to find out how political consensus influences fiscal outcomes, this article sets out to analyse the association between political consensus and public expenditure growth. The results show that political consensus is positively associated with both budgeted and actual expenditure growth, but also negatively associated with budget overruns. This indicates that political consensus comes at a cost, while at the same time politicians may be better at sticking to budgets if political consensus exists. The analysis is based on a pooled regression analysis of the local governments in Denmark in the years 2008 and 2009 using a data set combining survey data with administrative data on the local governments.     

The rise of film production and the politics of the star system in South Africa

ABSTRACT

The rise of film production and the ubiquitous presence of the ‘new wave’ of South African films on the international scene in recent years have raised expectations amongst local film stars hoping to get their biggest break by taking leading roles in major South African productions. However, most of these films – particularly co-productions – have continuously used foreign stars in leading roles. As a result, local stars have constantly voiced concerns about the proliferation of foreign artists in leading roles in South African productions. Many explanations have been offered in trying to understand why filmmakers tend to cast a foreign star when a local one could probably do a better job (in, for example, portraying a local icon like Nelson Mandela) and still command a lesser fee. However, this article puts forward that most of these arguments are based on intuition rather than on the real dynamics and externalities governing this practice. The article attempts to make sense of this issue by arguing that the rationale for this practice stems from a film being a high-risk investment that it is driven by the broader financial imperatives of film production. The article offers empirical evidence to suggest that stars do not add economic value to the film, but to themselves (see Elberse 2005), since the bulk of the money goes towards their appearance fees. It is concluded that the traditional model guiding film finance and the logic behind it need to be looked at afresh, given the fact that several films have failed at the box office, both locally and internationally, despite featuring major foreign stars, compared to the massive success of some local films (e.g., Jerusalema, Tsotsi and Yesterday) with local stars in the leading roles.     

减轻农民负担的公共政策分析

党和政府对减轻农民负担采取了许多公共政策,从政策实施过程来看,农民负担的增减交替进行、农民负担增也政府减亦政府、农民负担项目日益合法化、减轻农民负担的政策制订多落实少;从政府措施上看,减轻农民负担为改革开放创造了有利条件,但也有不足之处,主要体现在:措施“单兵突进”、农业税等据实征收不可操作、只给政策基层无法持久执行。减轻农民负担公共政策再决策应该做到:构建城乡统一的公共财政体制、构建财权与事权统一的公共产品供给体制、构建乡村良性发展的制度变迁机制。     

互联网金融对传统金融模式影响研究

随着互联网信息技术和移动通讯业务的飞快进步,互联网金融模式在中国兴起并迅速发展。互联网金融是由电子商务企业提供的网络支付结算、网络融资、网络保险、网络理财等金融服务。与传统金融服务相比,互联网金融在产品设计、服务模式和参与主体三方面实现了创新。互联网金融将改变传统金融机构经营方式、竞争理念,进而重塑传统金融生态模式。本文探讨了互联网金融模式给传统金融模式带来的种种机遇及挑战,并提出互联网金融的发展趋势及其建议。     

财政分权、地方财政赤字与土地财政

基于地方财政赤字的视角,研究财政分权与地方政府土地财政策略的内在作用逻辑,通过理论分析发现:地方财政赤字激励了地方政府在利益觉醒后利用预算制度缺口,用"扭曲之手"来攫取预算外财政收益,进而驱动地方政府实施积极的土地财政策略来实现财政增收的政策目标。省际面板数据的实证结果进一步验证了财政分权、地方财政赤字对土地财政的正向驱动作用。土地财政的治理从深化分税制改革、改善地方财政收入结构、变革土地财政形成机制、完善行政绩效考核体制、加强预算监管等方面入手。     

Domestic drivers of transgovernmental regulatory cooperation

Transgovernmental cooperation among domestic regulators has generated considerable interest among scholars and policymakers. While previous research has focused on describing such regulatory networks, we know very little about what drives individual jurisdictions to join them. The question of membership is important because it determines the reach of rules and standards promulgated by a given network, and because it is logically prior to understanding the rulemaking dynamic within a network. We develop a set of hypotheses that highlight the role of domestic political factors in shaping network membership. Our empirical analysis, using an original data set for transgovernmental cooperation in securities and insurance regulation, finds that the institutional form of domestic market regulation, as well as the relative domestic weight of the industry, are closely correlated with membership. All else equal, jurisdictions with independent regulatory agencies and those where the industry in question represents a large share of gross domestic product are much more likely to join the respective network than jurisdictions without these characteristics. The paper underscores the important interactions between domestic and international factors for informal cooperation, an issue that has become increasingly central to global governance.     

How Online Platform Work on Perceived Risk of Online Financial Products

Prior literatures about online financial products have neglected the platform element and the research has been done from the perspective of the consumers. Since both consumers and lending platforms are important elements in research of perceived risk, this paper attempts to connect consumers and the Internet platforms with P2P lending platform as the subject under the framework of perceived risk theory and tests the effect of P2P platform on perceived risk and the moderating effect of consumers on the relationship between them. Results different from the study of the traditionally perceived risk show that credibility has significant positive effect on privacy risk and functional risk. Convenience affects the perceived risk and financial risk positively. Practicability affects the perceived risk, psychological risk and social risk positively. Age has significantly negative moderating effect on the relationship of the Internet and the perceived risk among the female samples. Finally, marketing strategies are proposed for the P2P lending platform based on the results above.