The World’s Dilemma

The international community should think about how to deal with the DPRK In early August,a photo of former U .S.President Bill Clintons haking the hand of the leader of the Democratic People's Republic of Korea(DPRK),Kim Jong     

A Historic Visit

British Minister of State for Foreign and Commonwealth Affairs Ivan Lewis' shuttle diplomacy is helping the West to better understand Tibet The first-ever visit by a British min- ister to the Tibet Autonomous Region (TAR) this September raised little comment in the UK. Neither The Guardian, nor the BBC, both of which have extensive coverage of issues in China, mentioned the     

Competition and Selection in Municipal Bond Sales: Evidence from Missouri

This article describes the results of an interest cost analysis of local government debt issuance in the State of Missouri. In Missouri the vast majority of municipal bonds are sold on a “no bid” basis. We discuss the theoretical arguments for and against competition and selection. Then we determine the degree to which cost differences exist while correcting for any potential selection bias. We use data on local government general obligation bonds sold from May 2004 to May 2005 provided by the Missouri State Auditor's office. We find that this substantial lack of competition imposes significant costs on Missouri governments.     

Anarchy in the UK

<正>Turmoil raises questions about the credibility of politicians and the police The unrest occurring in the UK in early August was unexpected. They were the first serious urban disturbances in the UK     

The Chinese Ant and the American Grasshopper

The world’s top saver and its biggest spender will both benef it if their financial attitudes show more convergence. CHINA is like the ant and America is like the grasshopper.