International financial governance in hard times: tracing the transformations

This article reviews the tenets of the intellectual consensus on how to organize the international financial system that came to crystallize at the end of the 1990s and the contestation of such a consensus in the aftermath of the global financial crisis of 2007–09. Illustrating the path of ideational transformation from the early 1990s until the present time, the article builds on recent constructivist works in international political economy that take economic ideas held by agents as the principal unit of analysis. In doing so, it brings to the surface both the substantive changes that had taken place in the principles underlying the governance of the international financial system and the dynamics of ideational change. Specifically, the article suggests a shift away from a governance project based on the dispersion of supervisory authority and finds that new policy ideas of regulation and political centralization have all been conceived with negative reference to the past.     

中国碳金融交易金融支持的路径探讨

低碳经济是当前全世界关注的话题,也引发了碳金融市场的迅速发展。该文从中国碳金融市场现状入手,提出了构筑中国碳金融市场体系的设想,包括建立银行主导型的碳金融市场体系;建立新的碳金融政策性银行;鼓励商业银行加强对节能减排项目的资金支持以及设立碳基金等。     

SME law and policy analysis

Since the reform and opening-up, especially in the new century, China＇s SMEs are rapidly springing up; they have become an important force of pushing China＇s national economic and social development. The rapid development of SMEs is playing an increasingly important role in stimulating the economy, increasing the state tax revenue, promoting the employment, pushing technological innovation and improving the people＇s lives. It is full of meaning for Chinese Government to provide a sound law and policy environment for SMEs, including mediating and regulating the behavior of domestic SMEs, promoting and protecting the prosperity of SMEs, if we want to pursue the economic prosperity. This article will analyze the status of the development of China＇s SMEs, and research on the related policies and laws.     

Public-Private Partnerships as Collaborative Projects: Testing the Theory on Cases from EU and Russia

ABSTRACT

How do public-private partnerships (PPPs) differ from traditional public procurement and what role should governments play in them? This article views PPPs as collaborative projects with imperfect information between parties. Typical public procurement contracts tackle asymmetric information problems yet limit feasibility of projects: some are not profitable enough to ensure private party participation. Partnership improves feasibility; this justifies PPPs as a form of public good provision and demonstrates how they differ from procurement. Four UK and Russian cases of PPP projects are analyzed within the above framework, focusing on types of contracts, contributions of both partners, and specific partnership elements.     

Political Donations in Australia: What the Australian Electoral Commission Disclosures Reveal and What They Don't

The transparent disclosure of political donations is an important anti‐corruption measure. However Australia's current disclosure system has been too poor to sustain rigorous empirical analysis by either journalists or researchers. The barriers to analysis lie in the data collected and in how it is disclosed to the public. This article seeks to give an overview of the transparency problems in the disclosures. It then outlines what limited insights can be gleaned about the political donations landscape. It finds that donations are dominated by the federal election cycle, transparently declared donations make up a small and declining proportion of parties’ incomes at 12–15%, and the amount of money going entirely undisclosed is more than 50% and growing. It also finds indications of paying for access and donor strikes being used to punish government that require further research.     

Post‐crisis reforms in banking: Regulators at the interface between domestic and international governance

Post‐crisis international standards have been agreed on in certain areas of banking regulation, namely capital, liquidity, and resolution, but not others, namely bank structure – why? We articulate a two‐step analytical framework that links the domestic and international levels of governance. In particular, we focus on the role of domestic regulators at the interface between the two levels. At the domestic level, regulators evaluate externalities and adjustment costs before engaging in cooperation at the international level. This analysis explains why regulators in the United States and the European Union act as pacesetters, foot‐draggers, or fence‐sitters in international standard setting; that is to say, why they promote, resist, or are neutral toward international financial standards. At the international level, we explain the outcome of international standard setting by considering the interaction of pacesetters and foot‐draggers.     

The Japanese consumer finance market and its institutional changes since the 1980s

Abstract

We assert, in this article, that the joint transformation of public perception about households’ over-indebtedness and financial deregulation had important implications on the government decision to reform overall consumer credit between 2005 and 2010. On the one hand, the development of collective actions by groups of lawyers to defend borrowers from moneylenders’ abusive practices represents a source of change in the public opinion about over-indebted individuals in the context of long economic stagnation. A systematic press article analysis from 1977 to 2006 shows that the rising number of these collective actions since the early 1990s may have gradually increased the political salience of social issues related to the unsecure loan market. On the other hand, financial deregulation has been a source of change by allowing banks to enter the consumer finance market since the early 2000s. Banks entry into this market transformed the logic of complementarity among traditional consumer credit actors (Shinpan, credit card companies and sarakin) in a general context of legal consumers’ protection reinforcement. Thus, evolution of Japanese consumer finance's regulation is particularly relevant to illustrate the forces of institutional change and its consequences.     

Governance through government networks: The G8 and international organizations

As an informal grouping without headquarters, permanent staff or legal powers, the world’s major industrialized countries must rely on other actors, in particular international organizations, to manage global problems. This article examines how the Group of Eight contributes to global governance by cooperating with international organizations in the cases of debt relief and the fight against terrorist finance. It shows that the G8 draws on international institutions with the aid of government networks and argues that this cooperation is stronger, the greater the Group’s concentration of relevant power and the more important it considers the institutions’ resources.     

法治财政建设中党规与国法的功能适配

在党领导一切和依宪治国相统一的背景下,规范化、法治化的党政关系是时代发展的必然.从财政法治建设的视角检视,尽管党的政治领导已经有较为成熟模式,但在具体事务上的党政分工并不清晰.基于我国政治现实,党务财政已经成为财政体系的组成部分.但执政党的自身政治定位决定了,其对财政事务的领导适宜规划、引导和督促,而非直接介入具体事务...     

Street Trees,the Private Finance Initiative and Participatory Regeneration: Policy Innovation or Incompatible Perspectives

In common with other northern cities, Sheffield has experienced a dramatic reduction in funding from central government. Its response has been twofold. Firstly, to reduce the cost of service delivery, in part through augmenting or replacing public sector service provision through transfer to voluntary bodies and/or the private sector; the latter through private finance initiative (PFI) contracts. Secondly, the local authority has sought to promote economic regeneration through increased citizen involvement and participation. The problem for this combined strategy is that the two approaches have clashed over a previously underrated and overlooked area of public provision, namely the maintenance of street trees. Issues relating to the design of the contract, the economic imperative inherent within PFI contracts, initial reaction to popular protests, and reluctance to acknowledge the authority of alternative perspectives, have combined to undermine the salience of the participatory regeneration model for key sections of the local community.