The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970-2004

We construct estimates of external assets and liabilities for 145 countries for 1970-2004. We describe our estimation methods and key features of the data at the country and global level. We focus on trends in net and gross external positions, and the composition of international portfolios. We document the increasing importance of equity financing and the improvement in the external position for emerging markets, and the differing pace of financial integration between advanced and developing economies. We also show the existence of a global discrepancy between estimated foreign assets and liabilities, and identify the asset categories accounting for this discrepancy.     

How venture capitalists respond to unmet expectations: The role of social environment

In this paper, we seek to explain venture capitalists' reactions to disappointments caused by entrepreneurs. Our basic assumption is that venture capitalists' social environment, defined as exposure to venture capital and business communities, will influence their responses to problematic situations. The results of our study suggest that venture capitalists with strong ties to their colleagues and with managerial experience are more inclined to use active and constructive approaches than venture capitalists with a lesser exposure to the venture capital and business communities.     

对中国经济改革与发展的国际评价

本文结合中国改革开放的历程和国际发展实践的变化,以及近年来中国参与国际财经合作的过程,回顾了国际社会对中国改革和发展的看法的演变,介绍了中国入世后国际舆论的最新动态,由此得出了对内深化改革、对外有效协调国际经济利益关系的重要启示.     

Institutional environment and firms' sources of financial capital in Central and Eastern Europe

The external business environment is a major determinant of which sources firms select to obtain financial capital. We examine how the regulatory, political, and financial dimensions of the institutional environment influence the extent to which firms rely on informal sources of financial capital. The analyses of data from 2869 firms in twenty-six transition economies in Central and Eastern Europe (CEE) indicate that ineffective regulatory system, underdeveloped financial system, and government corruption are strong determinants of firms' reliance on informal channels for financial capital. We also find that smaller firms are more vulnerable when the local financial system is underdeveloped and the regulatory institutions are less effective in these transition economies. A subgroup analysis of firms' forms of establishment shows that private firms are sensitive to the level of development of the local financial system and state-owned enterprises are particularly sensitive to the degree of corruption.     

Some characterizations of stockpiling behavior under uncertainty

The objective of this note is to gain new theoretical insights into stockpiling phenomena. The model used to derive our results envisions consumers as responding optimally to uncertainties in the promotion environment. We show that, all else being equal, consumers will stockpile a promoted product more intensely: (i) the lower the availability of deal opportunities, (ii) the smaller the expected deal discount, and (iii) the lower the uncertainty about the deal/regular price, provided that dealing occurs with high/low frequency.     

黑龙江省民营经济发展的法制环境探析

从立法、依法行政、司法、法律意识等环节探讨了黑龙江省民营经济法制环境存在的主要问题,提出法制环境优化的路径在于,法制环境整体性构建及将其置于依法治省的背景下综合考虑。     

国际银行业购并浪潮及中国对策

面对西方发达国家掀起的愈演愈烈的银行业购并浪潮 ,如何加快我国金融体制改革 ,提高商业银行的竞争力 ,积极应战入世后来自外资银行的激烈竞争 ,已成为一个不可回避且迫切需要研究的课题。所以有必要了解国际银行业购并浪潮及其特征 ,分析一下中国银行业购并的必要性 ,这样 ,中国银行购并才能有一个宽松的政策环境     

不确定性环境下的战略变革模型

在一个不确定性环境里,如何发现企业的战略老化并及时变革使之生存下去是摆在企业管理者面前的一道难题。在不确定性环境中,要降低不确定性,形成战略时就要做到在任何单位时间内均拥有大量的战略假设;拥有范围较宽的战略假设且是从正确的来源获得战略假设。形成战略后可采用使机会最大化的否证法进行战略选择。战略实施实际上也是对战略假设的再检验过程。在一定的时间间隔上对战略进行评估,如果出现战略老化的迹象或支持所选择战略的任何假设改变了,那么就转向另一种战略。     

浙江省高层次人才聚集与创新环境建设

高层次人才作为战略性的稀缺资源,供不应求,始终处于竞争的焦点,高层次人才不仅是一种资源,还是一种人才资本。浙江作为一个经济相对发达的沿海省份,高层次人才聚集所要采取的对策主要是培养、吸引和使用,并进行适应高层次人才聚集创新环境的建设。     

我国外贸可持续发展战略的探讨

可持续发展理论的提出对我国的对外贸易发展是一个崭新的课题。在我国已加入世界贸易组织的情况下 ,为了实现我国外贸的可持续发展 ,应采取新的战略取向 :积极发展高科技产业 ,促进产业内贸易 ;扩展贸易空间 ,加强对发展中国家市场的开拓 ;创造竞争优势 ,重视制度创新 ;增强环保意识 ,盯住国际标准 ,努力占领绿色市场等战略目标。