The Catalytic Effect of IMF Lending: Evidence from Sectoral FDI Data

Our study contributes to the search for the elusive catalytic effect of International Monetary Fund (IMF) lending on inflows of foreign direct investment (FDI). Recent scholarship has found that the catalytic effect is conditional on political regime and program stringency. We contribute to this literature by developing and testing a theory which describes how the catalytic effect also varies by economic sector. This is a departure from existing studies, which have tended to focus on aggregate FDI flows after crises. Our findings corroborate previous research, which finds that in general IMF lending has a substantial and negative effect on FDI. However, we find that the negative effect is concentrated in sectors that are highly dependent on external capital and have low sunk costs in the host country. Our findings are robust to several alternative explanations common in IMF literature, namely the importance of IMF program design and the ability of governments to make credible commitments to reform. Substantively, our findings suggest that investors are more likely to use IMF lending as an escape hatch in countries where FDI is dependent on external capital and has low sunk costs.     

Local Government Finance Office Orientation Revisited: Actually,It’s All About Control

In states with heavy oversight of local government finances, alternate levels of control orientation exist based on county government budget formulation and financing practices. However, previous research indicates a possible trend toward policy orientation. Using survey data from North Carolina counties, initial findings indicate high levels of finance officer budget formulation discretion as well as county manager agreement with budget decisions. Additional logit models suggest that while stakeholder influence is still present along with remnants of policy orientation, the state financial oversight mechanism along with the background, knowledge of departmental financial needs, and frequent departmental appropriation dissemination by the finance officer, continue to sustain control orientation.     

Continuity and catastrophe: business continuity management and the security of financial operations

This paper discusses business continuity management (BCM) and its role in contemporary financial institutions. BCM is a nascent disaster preparedness and recovery strategy that seeks to protect vital business operations from disruptions. The paper traces contemporary BCM back to Cold War continuity of government planning, and shows how BCM came to comprehend security as continuity of processes rather than integrity of goods. BCM is prominent in finance because it promises to mitigate operational risks, and it focuses on risks stemming from interdependencies in financial infrastructures. By engaging with two events that triggered continuity management in banks, Hurricane Sandy in New York City and the ‘Blockupy’ demonstrations in Frankfurt, the paper highlights how BCM is challenged by large-scale disasters as well as acts of public criticism.     

Temporary Loan Limits as a Natural Experiment in Federal Housing Administration Insurance

The Economic Stimulus Act of 2008 dramatically but temporarily increased the mortgage loan amount eligible for insurance through the Federal Housing Administration (FHA). We use the implementation and expiration of these loan limits as a source of exogenous variation in the availability of FHA insurance to measure the impact on the overall mortgage market and conventional lending. We find that the introduction of higher loan limits increased the number of loan originations, but that the expiration of those loan limits roughly 6 years later did not significantly decrease affected loan originations. The substitution between loan products and small net impact on the overall mortgage market when the ESA loan limits expired may be explained by the return of a stronger conventional lending industry than existed during the housing crisis.     

Preventive action and conflict mitigation in Nigeria’s 2015 elections

Prior to the 2015 Nigerian general elections, there were concerns that the fierce political contest would lead to electoral violence in the country. However, the elections were conducted peacefully, with fewer disputes and election-related deaths than previous elections. This study accounts for the fall in the level of electoral violence in Nigeria and discusses the lessons that Nigeria’s experience presents. It argues that the avoidance of destructive electoral disputes in Nigeria was the result of preventive action taken by the country’s electoral commission, civil society groups, and development partners. The specific preventive actions taken include innovations in election administration aimed at enhancing electoral transparency and credibility, election security measures such as early warning and peace messaging, and preventive diplomacy urging the main candidates and the political elite to embrace peace. The key lesson that can be drawn from Nigeria’s experience is that a well thought out conflict prevention strategy should be an integral part of electoral governance, especially in countries with a high risk of electoral violence.     

实质诉讼法的“脱私入公”过程及其复兴意义 ——以温特沙伊德《当代法意识下的罗马私法之诉》的解读为主线

民事诉讼法是实质诉讼规范和诉讼程序规范之集合,但通说却将其同义于诉讼程序法而尘封实质诉讼法。从法律发达史上考察,实质诉讼法曾依附于实体私法体系,且与诉讼程序法长期处于分离状态,在脱离私法体系之后于民事诉讼法中找到了安身之处,并且在公法诉权说的推动下皈依了公法。在实质诉讼法脱私法体系而入诉讼法体系的发展过程中,温特沙伊德的《诉论》发挥了主要原动力作用,因而被奉为促成民事诉讼法走向独立化的“门罗宣言”。本文拟通过解读《诉论》,阐述实质诉讼法脱离私法体系而入公法的民事诉讼法之过程,恢复实质诉讼法的本来面目,以为我们克服民事诉讼法同于纯程序法之观念提供理论上的支撑。     

民事申请再审案件受理程序规范化改造

2007年民事诉讼法修订以来,关于再审程序划分的“三阶构说”日渐占据民事诉讼学界的主导地位.应从“三阶构说”的理论基础出发,结合现有法律规定,深入研究并完善民事申请再审案件受理程序具体内容,并针对其中若干疑难问题展开讨论,提出进一步完善申请再审案件受理程序的理论方向和具体构想,力求建立起更加完善、更具有操作性的民事申请再审案件受理程序.     

第三人诉讼形态中的诉讼费用分配问题初探

于2007年4月1日开始实施的《诉讼费用交纳办法》对司法系统与民间社会均产生了深刻影响。但是，需要指出的是，我国现阶段的诉讼费用制度还不够完善，关于参加之诉的第三人与本诉当事人之间就如何分配诉讼费用的问题面临“无章可循”的司法适用障碍。本文通过对诉讼费用的法经济学思考以及第三人诉讼制度法理的综合考量，对完善我国第三人诉讼形态下的诉讼费用分配制度提出可行性建议。     

紧急避险制度初探

紧急避险是我国刑法理论上的＂正当化事由＂,其鲜明特点是法益与法益之间的正当冲突。文章通过对紧急避险的理论现状分析,讨论紧急避险的限制条件,得出对正当防卫不能实行紧急避险的结论。     

国外知名金融专业硕士项目的特色研究

调研了全球排名前50名代表性高校中金融专业硕士项目，分析了其培养模式的特色，通过比较找出了我国高校金融专硕培养的差距和问题，进而对我国金融专业硕士培养模式提出了操作层面的建议。