民间金融：自由与规制

民间金融具有存在的客观必然性,我国法律应对民间金融采取消极自由和利益平衡的价值取向。对具有较大影响的全国性民间金融组织予以立法规制,达到民间金融秩序法制化。民间金融本质是财产自由和金融民主,应引导民间金融良性发展,强化民间金融监管,防范金融风险,培育民间金融市场。     

Public campaign financing and the rise of radical-right parties

While public campaign financing is often thought of as a way to “level the playing field” of elections, I argue that such policies may have unintended second-order consequences. Namely, that increasing the degree to which public funding drives political campaigns disproportionately aids radical-right parties. This is a counter-intuitive result, as public financing of elections has recently become an important issue for those on the political left as a method to restore power to the majority. Rather, it seems to aid not only those on the right, but those on the political fringe. Through a cross-national analysis of 328 lower-house elections in 20 advanced democracies, I demonstrate that public financing serves to significantly increase vote-share of the radical-right.     

地方政府投融资平台公司债务风险治理的私法向度简

地方政府投融资平台公司的设立是政府的一种行政私法行为，即行政主体为了达到公法上的目的而从事的私法活动。投融资平台公司功能的充分发挥吁求政府进行弱行政化治理，赋予平台公司更多的市场自主性，促使投融资平台公司在参与市场竞争以及承担政府职责之间寻得平衡。国发[2010]19号文件创设了清理地方投融资平台公司的有益机制。借由公司法以及担保法等民事立法向度，我们可以寻觅到治理地方政府违规担保、债务主体不明、滥发企业债券、混淆企业债务与政府债务等问题的路径，进而构建防治债务风险之体系。     

Reform of World Financial Order Needs Strategic Thinking

正A new global financial order is essential in the rapidly changing global economy,and we need strategic dialogues and cooperation to reform the current system,international financial experts said at a forum in Beijing."The world today is facing a revolution.It is imperative to construct a new global financial framework and to formulate new rules for the global financial market     

The politics of quantitative easing and housing stimulus by the Federal Reserve and European Central Bank, 2008‒2018

Abstract

Central banks have been important yet underexplored actors in the fight against the Great Recession. In addition to ultra-low interest rates, they adopted large-scale bond-buying programmes known as quantitative easing (QE). Yet there is significant variation in QE programmes with important distributive consequences. Why has the Fed adopted multi-trillion-dollar bond-buying programmes in housing, while the ECB has not? This article argues that the Fed targeted the integrated housing finance market as a monetary transmission strategy to stimulate core elements of the US growth model: credit, demand, and consumption. In contrast, the ECB hardly stimulated housing given the eurozone’s fragmented housing finance markets and the macroeconomic frictions with some eurozone growth models, particularly export-oriented Germany. Analysing archival and interview data, this article traces the decisions of these central banks since the Great Recession, contributing to scholarship on the politics of central banking, economic policy in hard times, and the welfare state.     

The Influence of Finance Policies on Charter School Supply Decisions in Five States

This paper tests if charter school finance policies influence charter school location. I create a theoretical framework describing the location incentives created by charter school finance provisions and test their relevance empirically by applying a two-step approach consisting of negative binomial models and Wald tests. Using data from New York, North Carolina, Florida, Michigan, and Ohio, I provide evidence that states’ finance provisions are an important policy lever impacting charter school location. Several robustness checks corroborate the initial results.     

Marketization as political technology: unintended consequences of climate finance in the Democratic Republic of Congo

Climate finance involves the transfer of money from advanced economies into developing countries in order to contribute to carbon mitigation or climate adaptation efforts while simultaneously advancing poverty alleviation and sustainable development objectives. Dominant carbon mitigation efforts resemble what Michel Callon calls ‘civilizing markets’, a deliberate harnessing of formal markets to achieve social goals by engaging with multiple political constituencies in market design. This paper looks at carbon marketization in the Democratic Republic of Congo and finds that, despite inclusive planning, climate finance experts produce unintended consequences by assigning social and environmental goals separate strategies within a national portfolio of climate finance interventions. Resulting from the challenges of finding commensurate criteria for measuring market impacts in both social and environmental domains, this programmatic segregation obscures the interconnections between poverty, forest use and climate change in the Congo. Findings suggest a need to reconcile the design of environmental-focused markets with the difficult-to-measure embedded social benefits of informal natural resource economies.     

Demand for credit,international financial legitimacy,and vulnerability to crises: Regulatory change and the social origins of Iceland's collapse

By analyzing how credit in Iceland expanded to culminate in the country's 2008 financial collapse, this article advances theories about financial crises, regulatory change, and the role of credit. It also complicates popular accounts of Iceland's collapse that focus on the actions of unrestrained bankers by examining the larger context that facilitated these banking practices. After financial liberalization, Icelandic businesses and households had strong demand for credit as a result of: (i) the institutional meaning of credit, (ii) an emergent growth strategy of aggressive international expansion, and (iii) increasing consumption. Incorporating business demand for credit extends demand‐side theory of crises and shows how dominant strategy and shared government and business orientation toward opportunity shaped credit expansion. Credit‐based consumption also stabilized social relations despite increasing inequality. Notwithstanding warnings of risk, regulation did not restrain risky leverage. International market reactions reinforced beliefs about Icelandic success to limit regulatory reach, as Iceland's international financial legitimacy produced market‐based measures that leaders interpreted as signals of economic success.     

Union voucher at the sickbed of French unionism? The CFDT union confederation and the AXA experiment, 1981–1993

In the 1980s, to address financial difficulties, the CFDT (a French reformist union) proposed an original solution – the union voucher – aimed at broadening its membership base and generating new resources. It affords unions with funding from a company, which annually distributes vouchers to employees, who can remit the voucher (or not) to unions of their choice. This mechanism is based both on company financing and the individual choices of employees. In the early 1990s, the insurance company AXA experimented with and then adopted this solution. This article traces the history of the union voucher and assesses the union’s experience.     

Empowered borrowers? tracking the World Bank’s Program-for-Results

The World Bank has developed a new lending instrument, called Program-for-Results (P4R). This instrument is notable because it emphasises borrower programmes and contexts, ostensibly shifting from universally applied Washington Consensus models. Why did the Bank develop P4R? First, theoretical grounds for a new Bank policy are outlined. Second, the context, formalisation and usage of P4R are analysed. Third, P4R’s possible futures are described, along with their implications for development lending theory and practice. Despite its embryonic status, scholars and practitioners will be able to learn about power in development lending by following the fate of P4R.