贸易保护兴起下的劳动力套利:阻力与前景

在全球金融市场和商品市场套利机会迅速减少的情况下,劳动力套利成为全球化的重要推进力量.劳动力套利形成了全球化生产格局并引发了离岸服务外包的浪潮.当前,全球贸易保护主义的兴起对劳动力套利构成了强大阻力,虽然近几年中国的工资水平在不断上涨,但是劳动力套利仍然有一定的空间和广阔的前景.中国可以采取恰当的政策稳固全球生产基地地...     

Long-Term Capital Management and the sociology of arbitrage

Arbitrage is a key process in the practice of financial markets and in their theoretical depiction: it allows markets to be posited as efficient without all investors being assumed to be rational. This article explores the sociology of arbitrage by means of an examination of the arbitrageurs, Long-Term Capital Management (LTCM). LTCM's 1998 crisis is analysed using both qualitative, interview-based data and quantitative examination of price movements. It is suggested that the roots of the crisis lay in an unstable pattern of imitation that had developed in the markets within which LTCM operated. As the resulting 'superportfolio' began to unravel, arbitrageurs other than LTCM fled the market, even as arbitrage opportunities became more attractive, causing huge price movements against LTCM. Three features of the sociology of arbitrage are discussed: its conduct by people often personally known to each other; the possibility and consequences of imitation; and the limits on the capacity of arbitrage to close price discrepancies. It is suggested that by 1998 imitative arbitrage formed a 'global microstructure' in the sense of Knorr Cetina and Bruegger.