Banking union: the problem of untried systems

This article explores the problems the EU and the SRB face in trying to implement a credible system for resolving banks without the use of taxpayer funds as a key part of banking union that avoids the doom loop between indebted banks and indebted sovereigns. It finds that without clear examples of how the system works in practice it is very difficult to provide convincing evidence of what will happen given the large number of options for bailing in, the continuing predilection for bailing out in some states and the lack of fiscal backstop for general threats to financial stability.     

我国公共服务均等化的困境及其化解——基于现实约束条件的分析

社会转型、经济体制转轨、民主政治制度不完善、利益分化严重以及法治化程度低等是我国现阶段推进公共服务均等化必须面对的现实约束。多重约束条件不仅决定了我国公共服务均等化改革要解决的问题有多个方面,而且必然会遇到许多困境和阻力,它将是一个漫长的渐进过程。认清各种现实约束条件,对化解公共服务均等化推行过程中的困境和顺利实现公共服务均等化目标有着较强的现实意义。     

The Real Effects of Financial Sector Interventions during Crises

We assess the importance of supply‐side credit market frictions by studying the impact of bank recapitalization on firm growth in 50 countries during the recent crisis. Our identification strategy exploits the crisis as a shock to credit supply and combines an exogenous measure of firms’ dependence on external financing with policy interventions aimed at restoring bank capital. We find that the growth of financially dependent firms is disproportionately positively affected by bank recapitalization. This effect is quantitatively important and robust to controlling for other policies. These results provide new evidence of the influence of credit market frictions on economic activity.     

台湾“金融消费者保护法”的反思与借鉴

本文以台湾"金融消费者保护法"为中心,对其立法背景、制度特色和立法缺漏进行评析,并结合大陆现状,提出完善大陆金融消费者保护制度的对策建议。     

我国股东大会决议瑕疵救济探究

我国《公司法》确认了股东大会决议瑕疵救济制度,但其救济体系有一定的滞后和缺陷。缺乏非诉救济途径的规定、决议瑕疵诉讼类型不完善、行使撤销股东大会决议瑕疵的诉权主体范围过于太窄、股东大会决议瑕疵的判决效力界定不明晰。为进一步保护中小股东等利害关系人的合法权益,稳定市场交易秩序,建议引入非诉救济途径,同时完善诉讼救济途径的相关法律规定。     

基于模糊偏好的冲突决策共识模型研究

为了描述冲突中决策者主观判断的模糊性特点,基于冲突分析图模型研究框架,对简单偏好下的冲突决策共识理论进行系统性拓展,构建了模糊偏好下的冲突决策共识模型。将模糊理论中的梯形模糊数引入决策者的偏好设置中,对偏好信息进一步划分,给出模糊共识偏好和模糊非共识偏好的定义;为便于模糊偏好下冲突决策共识稳定解的计算和分析,定义了逻辑稳定性和矩阵稳定性表达;利用构建的冲突决策共识模型分析湄公河流域水资源冲突事件,从而得到最优解决方案。结果表明,该模型能够准确有效地解决模糊偏好下的冲突决策共识问题。     

Mediation as an Ethical Adjunct of Stakeholder Theory

A driving force behind the evolution of the stakeholder concept is the potential of negative outcomes for an organization as the result of conflict between that organization and its stakeholders. Where conflict does arise between an organization and stakeholder how might it be resolved in a manner compatible with stakeholder theory? Applying feminist ethical theory as a theoretical basis for stakeholder theory, mediation provides an appropriate process for resolving such disputes in comparison to traditional adversarial strategies. This paper discusses the attributes of mediation, and its potential benefits as a method to resolve disputes between businesses and their stakeholders.     

Advances in Drama Theory for Managing Global Hazards and Disasters. Part II: Coping with Global Climate Change and Environmental Catastrophe

We explore issues of group decision making for reducing global environmental risk, with particular reference to the political dynamics surrounding international agreements on tackling climate change. Continuing political delays in deciding to reduce greenhouse gas emissions may make it necessary to resort to high risk and controversial geo-engineering solutions, such as injecting large amounts of sulfur dioxide into the stratosphere, despite the unforeseen, potentially catastrophic consequences that these entail. Advances in drama theory (dt.2) are used to analyze the prospects for agreement on reducing or stabilizing greenhouse gas emissions, following the Bali agreement of December 2007. It is concluded that Western nations and emerging economies are behaving like players in a game of “chicken”, each expecting the other to take on the main burden of emissions reduction. We judge it unlikely that either will play a full part until it is too late for emissions reduction alone to avert environmental catastrophe. At that point, parties will resort to geo-engineering “fixes”, despite the risks. However, all such forecasts are conditional on decisions made and attitudes taken by political leaders and the public. Our analysis serves to pinpoint the relevant decisions and attitudes.