Place-Shaping by Local Government in Developing Countries: Lessons for the Developed World

The Lyons Inquiry into local government in Britain represented a significant contribution to the debate on local government reform, with policy ramifications well beyond contemporary Britain. This article considers the Inquiry's concept of “place-shaping” as a mode of local government reform which captures the experience of a number of developing countries in recent years. By way of illustrative examples, we examine these processes in the specific contexts of South Africa and Indonesia. In particular, we consider whether the devolution of functions to municipalities in developmental settings constitutes place-shaping, and how this bears on processes of local government reform in developed nations.     

Analyzing School Finance Policy: Beyond a Quantitative Approach

This paper analyzes school finance policy (SFP) using an alternative hermeneutic approach along the line of fairness. This approach, in comparison with the quantitative approach, guides toward a better understanding of the tensions between the de jure and de facto policies. The analysis focuses on Israel as an interesting case study since its SFP was currently reformed. To this end, trends in legislation, Ministry-of-Education publications, and the Israeli Parliament’s protocols were analyzed. The findings reveal that an SFP is a disharmonic composition of “voices” that affects student outcomes. These findings are relevant to countries with high population diversity who wish to improve their educational attainment.     

财政立宪主义与“土地财政”治理

我国地方政府的"土地财政"引发了不少问题。财政立宪主义视野下,该现象是由央地财权划分不够合理,以及地方政府权力与当地居民权利不够平衡造成的。如果能够做到以宪法绝对统摄各类财税法律法规,则"土地财政"问题就可得到治理。     

Knowledge and the economy: some critical comments

Abstract

In the 1990s central banking in Europe and the United States witnessed a paradigm change. A central tenet of the new paradigm was that a central bank which acts in a transparent and predictable manner reduces uncertainty for economic actors and will be better able to control inflationary expectations. Thus, central bankers set out to enhance their institution's transparency. In this paper, I argue that transparency is not limited to the release of economic data or information about decision-making procedures. It entails producing a new type of market order and results in a new agencement. This paper focuses on the European Central Bank (ECB) and on one actor it relies on: the media. Based on ethnographic data, I analyse the role of the media in the production of a transparent market order. I find that prevailing new rules, new frames and reward systems preclude journalists from playing the role the ECB would like them to play: the instrumental role of a neutral transmitter of information. The struggle between the two actors is a struggle with words, in which both journalists and central bankers want to manipulate markets with their communicative utterances, albeit in different and frequently opposing ways.     

An important failure: knowledge limits and the financial crisis

Abstract

This paper introduces a theme section on knowledge limits in and after the financial crisis. It explores how and why practitioners have generally responded less conservatively to crisis than academics, and argues that academics within a variety of problematics could do more by reflecting critically on the heroic ideas about the role of knowledge which were current across the social sciences in the decade before the crisis. It then turns to introduce the section's papers before finally raising the possibility of a more explicitly political approach to understanding finance.     

金融法的定位及内在冲突的衡平

现代金融法已经突破了传统民商法的领域 ,虽然从局部而言金融法体系中某些法律群体属于商法范畴 ,但如果把金融法体系作为一个系统 ,金融法应属于经济法范畴。在金融法系统中存在三个基本的矛盾平衡点 :一是自由与安全的矛盾平衡 ;二是效率和正义的矛盾平衡 ;三是个体利益和社会利益的矛盾平衡。     

关注经济隐患 防范金融风险

2003年我国经济金融发展在取得了高增长良好势头的同时,在发展中仍然存在一些突出 问题,文章对确保2004年经济金融稳定发展提出了一些政策建议。     

Ex post efficiency of bankruptcy procedures: A general normative framework

In this paper, we consider the case of a distressed firm whose financial commitments have to be renegotiated with stakeholders (banks, trade creditors …). At default time, rival projects (continuation, piecemeal liquidation, liquidation as a going concern …) may be undertaken. In such a case, the most frequent way of making collective choices is to vote. Our attention focuses on the risk of not choosing the best project because of free riders: personal interests may block the issue in favor of the project associated to the highest value of the firm.At first, we consider a law-enforced procedure under which financial deviations from the absolute priority order (APO) are possible: each individual gain is slightly modified in order to obtain a non-strict majority in favor of the best project. This legal intervention can be implemented and considered as “optimal” if it respects four criteria: economic efficiency, financial neutrality, legal tolerability and democratic desirability. Under these conditions, any law-driven renegotiation process must defines financial transfers that underweight (respectively overweight) the sub-optimal gains (respectively losses) of the most influent voter. Moreover, the proportion of financial transfers granted to each stakeholder exactly reflects their relative influence power: in other words, financial deviations from APO can be interpreted as the price that any stakeholder has to pay (respectively receive) because of his marginal negative (respectively positive) impact on the collective decision. Then, these results serve as a guide to comment ex post efficiency of various bankruptcy procedures (US, French, English and German). Our approach may be interpreted as a first step in the design of an economically efficient procedure that should deal with both ex ante and ex post efficiencies.     

论财政权的行政程序法规制

财政、财政权与财政资金等问题是国家运行的重要基础,是"国之利器",政府财政权涉及政府在实施社会管理过程中方方面的问题。在现代民主法治社会,应当加强财政权在行政程序中的控制,以合法、合理的行政程序,保证财政资金的科学支出;健全科学民主的决策体系,使公共服务均等化,充分满足公共利益的最大化。     

BREAKING DOWN BUSINESS VALUATION: THE USE OF COURT‐APPOINTED BUSINESS APPRAISERS IN DIVORCE ACTIONS*

This Note advocates for greater reliance on court‐appointed business appraisers in divorce proceedings. After exploring the history of court‐appointed experts in American jurisprudence and addressing the specific problems that arise when valuing a business, this Note demonstrates how neutral business appraisers can assist courts in assessing a highly technical matter while simultaneously providing both courts and parties with an accurate, reliable source of information. The Note further provides suggestions for when the appointment of a neutral appraiser may be beneficial. The second section of this Note addresses technical matters that the court must deal with in selecting a reliable expert, including where the court derives its power to appoint a neutral expert, what standards the court should use in appointing the expert, and who should pay the cost of the expert's appointment.