Foreign bank lending during a crisis: The impact of financial regulations

This study examines foreign bank lending during crises by using data on 1,558 individual banks in Asian and Latin American countries during the period 1987-2013. Our results reveal that, in a crisis period, Asian banks with a higher level of foreign ownership tend to reduce their lending. Nevertheless, during crises banks consistently increase their lending in order to support their borrowers; in fact, in Latin America, crises stimulate foreign banks to lend more. Our evidence on lending during a crisis supports credit rationing theories with a flight to quality. The international substitution effect also holds based on our results. Taking financial structures and regulation into consideration, for banks with more foreign ownership in a highly concentrated financial system in Asia, the crisis has less effect on a cut in lending, while it has a greater effect on cuts in lending for countries with a higher level of government-owned assets. This paper contributes to the existing literature on the bank lending channel and provides implications for policymakers.     

The spatial expression of physical development controls in a fast growing Ghanaian city

This paper illustrates the fine spatial expression of regulatory controls through field visits, a survey of 364 systematically sampled homebuilders and interviews with customary land managers and key city officials in Sekondi-Takoradi. The research found that, development controls were hardly implemented and enforced, and that, public officials had largely acquiesced to the activities of chiefs and homebuilders who flout regulations without the fear of sanctions. This loss of legitimacy of planning ideals reflects the cultural dimension to the acceptance of centralized planning rooted in the experiences of the advanced world as well as the weak fragmented and poorly equipped land sector institutions. Therefore building institutional capacity and contextualizing planning ideals are key for managing rapidly growing cities in emerging economies. However, residential development initiated by state institutions on state lands was better planned than occurring on customary lands, hence suggesting the need for more innovative government interventions in the physical development process.     

硅谷园区转型升级中的社会技术创新研究

基于“社会技术”分层思想,从产业模式、政策法规和社会气质3个层面研究“社会技术”在硅谷科技园由“追赶”向“引领”转型发展中的作用。硅谷园区转型发展中形成了以“风险投资”与“裂变式”企业生成模式为代表的产业模式层面的社会技术创新;以“移民制度改革”与“中小企业促进法”为代表的政策法规层面的社会技术创新;以校园民主运动为典型的自由化社会气质塑造。硅谷是世界第一个也是最成功的科技园区,硅谷转型发展的机制路径对我国具有重要参考价值。     

Regulatory options for cable TV in the UK

In this article the alternative methods of regulating the cable TV industry are compared in terms of efficiency and consumer welfare. The effectiveness of each regulatory option in limiting any market power that cable operators may be able to exercise is considered in a framework which recognizes that both the market and government regulations are imperfect, costly and often do not operate in the public interest.     

从目标规划到过程规划--城市规划的技术特征与政策特征

城市规划的功能正从作为城市未来空间构架向政策形成与实施工具的方向转变,城市规划的成果也逐渐由科学蓝图的形式向政策法规的形式转变,随着经济体制与政治体制改革的不断深入,政府对城市发展与建设的影响也逐渐由计划经济体制下的以目标引导为主转向市场体制下的以政策控制为主,在规划文本中,以对规划实施过程进行控制的强制性条文相对于以目标预测和蓝图描绘为主的引导性条文而言将显得越来越重要.本文从对城市规划的技术特征与政策特征两方面的深入分析,提出了城市规划工作由"目标规划"向"过程规划"转换的必要性与紧迫性.     

企业会计准则对关联方关系界定存在问题的思考

《企业会计准则——关联方关系及其交易的披露》自实施以来,对规范上市公司会计信息披露起到了良好作用。但其对关联方关系的界定并不十分确定,且关联方关系的涵盖范围也不够全面。为此,通过分析准则与交易所的《上市规则》对关联方界定的差异,指出现行准则需修订并明确的部分,提出对关联方界定的内容范围。     

法治视野下的中国金融发展——中国金融法治化进程、问题与展望

本文将中国金融法治置于改革开放的大背景下,系统总结了30年来中国金融法治的发展历程、基本特点、存在的问题以及取得的主要成就,并展望了中国金融法治化的发展前景。     

Regulations and productivity: Long run effects and nonlinear influences

This study examines the impact of product market regulations on Total Factor Productivity (TFP) and explores whether regulatory reforms exert a nonlinear influence on TFP growth. It also distinguishes between short run and long run effects of regulation. The obtained empirical evidence reveals that lower regulations in the long run exert a significantly positive effect on TFP of OECD countries. Short run effects of regulation are not always statistically significant. The influence of regulatory changes is higher in countries with high levels of regulation. Also, the damaging effects of regulation are more intense in countries with low technology gaps. These results hold across a wide array of econometric specifications and variables that measure regulation and TFP.     

Banking stability,competition, and economic volatility

The paper analyzes the influence of banking stability on the volatility of industrial value added using data for 110 countries. Our results confirm the relevance of lending and asset allocation effects because banking stability reduces the volatility of value added more in industries that have greater external financial dependence and intangible intensity when they are located in countries with more developed financial and institutional systems. Moreover, banking stability helps reduce economic volatility more in countries with less bank market competition. We control for recessions, reverse causality problems, and endogeneity of banking stability.