Where states and markets meet: the financialisation of sovereign debt management

Financial markets play an indispensable role in the management of sovereign debt, that is, the mechanics of how and from whom governments borrow. This paper suggests a novel, two-dimensional concept to measure the financialisation of sovereign debt management (SDM): (1) the reliance on financial markets as a governance mechanism and (2) the adoption of a sense-making framework grounded in financial economics. We split this concept into nine indicators and apply it to data from 23 OECD countries between 1980 and 2010. Our analysis illustrates the predominant commonalities across countries, but at the same time, country-specific differences. We interpret them as two sides of the same coin in the light of an overarching trend of increasing alignment to financial markets. This article is not only one of the first cross-national as well as longitudinal studies of the dynamics in SDM; it also reveals that the relationship between finance and governments in the SDM is by no means one-sided.     

Is more finance better? Disentangling intermediation and size effects of financial systems

Financial systems all over the world have grown dramatically over recent decades. But is more finance necessarily better? And what concept of financial system – a focus on its size, including both intermediation and other auxiliary “non-intermediation” activities, or a focus on traditional intermediation activity – is relevant for its impact on real sector outcomes? This paper assesses the relationship between the size of the financial system and intermediation, on the one hand, and GDP per capita growth and growth volatility, on the other hand. Based on a sample of 77 countries for the period 1980–2007, we find that intermediation activities increase growth and reduce volatility in the long run. An expansion of the financial sectors along other dimensions has no long-run effect on real sector outcomes. Over shorter time horizons a large financial sector stimulates growth at the cost of higher volatility in high-income countries. Intermediation activities stabilize the economy in the medium run especially in low-income countries. As this is an initial exploration of the link between financial system indicators and growth and volatility, we focus on OLS regressions, leaving issues of endogeneity and omitted variable biases for future research.     

基于Citespace的“水—能源—粮食”纽带关系研究进展

［目的］分析“水—能源—粮食”纽带关系有利于制定融合多学科多领域的综合性解决措施，为区域生态文明建设提供科学依据与决策参考。［方法］文章基于信息可视化软件CiteSpace，以Web of Science为数据源，从国家合作、核心作者、重要期刊、文献共被引、关键词以及突变词分析等方面，对1990—2019年“水—能源—粮食”纽带关系的研究进展进行可视化分析。［结果］自2011年波恩会议以来文献数量不断增长，以美国为中心的欧美国家研究较多，美国、英国、中国为位居前三的国家； Hoff H、Bazilian M和Fao等3位作者是该领域的奠基者，发表文献最多的期刊是Energy Policy，Environmental Science & Policy和Science，期刊分布较为均匀； 文献的突变点主要是Hellegers P（2008）、Rockstrom J（2009）、Waughray D（2011）、Scott CA（2011）、Hussey K（2012）、Bath H（2012）、Bizikova L（2013）和Rasul G（2014）。最近引用较多的主题是各部门协作的跨学科整合研究与提高应对全球复杂变化适应力； 研究前沿有城市地区、发展解释结构模型、因子分析、政策角度、整合角度、东南亚、南亚、可持续发展目标、作物生产、环境正义、流域、山脉研究、食物安全、能源安全，新兴前沿为可持续性； 能源与食物消耗、多元模型分离、全球变化、跨流域、东南亚、新水文视角是近几年学者们最关注的问题。［结论］应进一步构建共同支持性的概念框架和定义共识，探讨有效的量化方法和多元化的风险表征指标，加强纽带内部关系及其与气候与生态之间的关系研究。     

公司治理模式发展趋势综述

公司治理模式趋同化还是多样化?是近年比较公司治理学争论的核心.在梳理公司治理模式发展趋势不同学派观点的基础上,本文对英美模式国家与内陆模式国家在资本市场的作用、企业股权结构、董事会系统三大方面以全球化视野进行比较,归结出公司治理模式发展趋势应为同中有异,并对我国公司治理模式的选择提供借鉴意义.     

Venture migration: a quest for a low-hanging fruit?

Venture migration, in addition to firm entry and exit, affects business stock in a region. This study draws on mainstream entrepreneurship and economic geography literatures to explore the factors explaining net venture migration. Using a data-set on 88 Ohio counties during 2000–2006, it suggests that venture migration is largely a quest for a low-hanging fruit. Relocating firms are drawn to areas with higher sales tax rates that give them access to interest-free financing, higher unemployment rates and better-qualified workforce as well as ample arbitrage opportunities. At the same time, innovative opportunities do not attract migrating ventures.     

Nexus及其在英汉文学翻译中的应用

junction和nexus是丹麦语言学家0tto Jespersen提出的一对语言学概念。Jespersen认为一个首品词（primary）和一个附着语（adjunct）组合成一个偏正结构（junction），而一个首品词（primary）和一个谓语（predicate）组合成一个主谓结构（nexus）。Junction是一个意义的合成．只表达一个意义；Nexus则包含两个意义。Jespersen对比二者得出结论：junction就好比一幅画，而nexus则是一个过程．一出戏；前者较为呆板，缺乏生气．后者却灵活生动，富于生机。本文着重比较了junction和nexus的不同之处，进而讨论了nexus在英汉文学翻译中的应用，以期在实践中验证nexus的优势。     

The Nature of Cities: The Scope and Limits of Urban Theory

There has been a growing debate in recent decades about the range and substance of urban theory. The debate has been marked by many different claims about the nature of cities, including declarations that the urban is an incoherent concept, that urban society is nothing less than modern society as a whole, that the urban scale can no longer be separated from the global scale, and that urban theory hitherto has been deeply vitiated by its almost exclusive concentration on the cities of the global North. This article offers some points of clarification of claims like these. All cities can be understood in terms of a theoretical framework that combines two main processes, namely, the dynamics of agglomeration/polarization, and the unfolding of an associated nexus of locations, land uses and human interactions. This same framework can be used to identify many different varieties of cities, and to distinguish intrinsically urban phenomena from the rest of social reality. The discussion thus identifies the common dimensions of all cities without, on the one hand, exaggerating the scope of urban theory, or on the other hand, asserting that every individual city is an irreducible special case.     

The interrelations between legal and economic processes: a consideration of the reactions

The responses to my 1972 article on the interrelations between legal and economic processes are summarized and critiqued. The principal authors are James Buchanan, Peter Boettke, and William Fischell. My replies center on the normative character of their proposed alternative interpretations vis-à-vis my strictly positive approach. My positivist approach considers law as made rather than found; that law is not something transcendental and given but a matter of human social choice through pragmatic processes; that belief system and material interest influence law making and the law that is made influences belief system and material interests. The article thus is a defense of undertaking an objective, positivist analysis of law and government as they exist in actual political economies (legal-economic nexuses).

Re-examining the financial development and economic growth nexus in Kenya

This paper re-examines the causal relationship between financial development and economic growth in Kenya for the period 1966–2005 within a quadvariate vector autoregressive (VAR) framework by including exports and imports as additional variables to the finance–economic growth nexus. We use four conventionally accepted proxies for financial development, namely money supply (M2), liquid liabilities (M3), domestic bank credit to the private sector and total domestic credit provided by the banking sector (all percent of GDP). Applying a modified version of the Granger causality test due to Toda and Yamamoto [Toda, H.Y. and Yamamoto, T., Statistical inference in vector autoregressions with possibly integrated process. Journal of Econometrics 1995; 66; 225–250], our empirical results suggest that in three out of the four measures of financial development we found evidence of a two-way Granger causality: (1) between domestic credit provided by the banking sector and economic growth; (2) between total domestic credit provided by the banking sector and economic growth, and (3) between liquid liabilities and economic growth. This implies that neither the supply-leading nor the demand-following hypotheses are supported in Kenya and that economic growth and financial development are jointly determined, or they complement each other. A major implication of our finding is that financial development promotes economic growth in Kenya and that policies at enhancing the development of the financial sector can help to spur economic growth.     

Solving the U.S. Trade Deficit and Competitiveness Problem

We compare the analytical approach of John R. Common and Ronald H. Coase to institutional analysis and social provisioning. In particular, we examine their similarities in (i) the definition and role of institutions in the economy, (ii) the allocative (social provisioning) role of institutions in the economy, and (iii) the inescapable and unchanging role of institutions in shaping the social provisioning process. We contend that Commons and Coase had more in common than did Coase and many of his followers in the “new institutional economics.” In particular, the two had strong similarities in both (a) their insights into the nature of institutions in the legal-economic nexus that is the foundation of the economy and (b) their methods for conducting economics research. Because this role of institutional evolution is, as Warren Samuels noted, an inescapable and unchanging part of an economy’s social provisioning process, it will remain an integral part of any such work in the future, regardless of the “school of analysis” or methodological approach.