国际策展经验与亚洲当代艺术:CIGE2009论坛

Sook-Kyung Lee泰特利物浦美术馆每两年举办一次利物浦双年展,我们的顾问有来自包括台北等亚洲其他地区的策展人,正因为有了这些身份多元的策展人的参与,使得我们能够在展览当中充分地体现出不同地区的一些作品。     

Advertising Expensive Mortgages

Using information on advertising and mortgages originated by subprime lenders, we study whether advertising helped consumers find cheaper mortgages. Lenders that advertise more within a region sell more expensive mortgages, measured as the excess rate of a mortgage after accounting for borrower, contract, and regional characteristics. These effects are stronger for mortgages sold to less sophisticated consumers. We exploit regional variation in mortgage advertising induced by the entry of Craigslist and other tests to demonstrate that these findings are not spurious. Analyzing advertising content reveals that initial/introductory rates are frequently advertised in a salient fashion, where reset rates are not.     

Interwar Inflation,Unexpected Inflation,and Output Growth

Interwar macroeconomic history is a natural place to look for evidence on the correlation between output growth and inflation or unexpected inflation. We apply time‐series methods to measure unexpected inflation for more than 20 countries using both retail and wholesale prices. There is a significant, positive correlation between output growth and inflation for the entire period. There is little evidence that this correlation is caused by an underlying role for unexpected inflation. For wholesale price inflation in particular, the output declines associated with deflations were larger than the output increases associated with inflations of the same scale.     

Do Solicitations Matter in Bank Credit Ratings? Results from a Study of 72 Countries

Would the credit ratings of unsolicited banks be higher if they were solicited? Alternatively, would the credit ratings of solicited banks would be lower if they were unsolicited? To answer these questions, we use an endogenous regime-switching model and data from 460 commercial banks in 72 countries, excluding the United States, for the period 1998–2003. The answer to both questions is yes. Our results show that the observed differences between solicited and unsolicited ratings can be explained by both the solicitation status and financial profile of the banks. This finding is a new contribution to the literature.     

Globalization from Below: The Ranking of Global Immigrant Cities

Immigration to major cities is an important dimension of cultural globalization, one that has been largely ignored in the global cities literature. Rates of immigration to major world cities are an important indicator of global city status and should be included in determining urban hierarchy indexes. Our study considers immigration in more than 100 metropolitan areas, using data from national censuses from more than 50 countries. We rank major cities of immigration and compare them to well‐known global city hierarchies. Using immigration data, we create an urban immigrant index. The index considers four factors of immigration: (1) the percentage of foreign‐born, (2) the total number of foreign‐born, (3) the diversity of the foreign‐born stock, and (4) whether immigrants are from neighboring countries or non‐neighboring countries. This is the first time that an international urban immigrant data set and index have been created. The study explains the empirical challenge of acquiring comparable international metropolitan data and the limits of this research. Some of the cities that rank highly in the index are commonly cited as world cities (London, New York and Frankfurt); others such as Toronto, Amsterdam and Dubai seldom appear so highly ranked. L’Immigration vers les grandes villes est une dimension importante de la mondialisation culturelle, dimension largement ignorée dans la littérature sur les villes planétaires. Les taux d’immigration vers les grandes villes mondiales sont un indicateur significatif du statut de ville planétaire et devraient être pris en compte pour établir des répertoires de hiérarchie urbaine. Cette étude, qui couvre l’immigration dans plus de cent zones métropolitaines, utilise les données de recensements nationaux provenant de plus de 50 pays. Elle classe les principales villes d’immigration et les compare aux hiérarchies de villes planétaires reconnues. A partir des données sur l’immigration, est créé un répertoire des immigrants urbains, lequel se réfère à quatre facteurs d’immigration: (1) le pourcentage néà l’étranger, (2) l’effectif total néà l’étranger, (3) la diversité de la population née à l’étranger et (4) si les migrants viennent de pays voisins ou non. C’est la première fois qu’un fichier de données et un répertoire d’immigrants urbains internationaux sont créés. L’étude expose le défi empirique pour récupérer des données métropolitaines internationales comparables, ainsi que les limites de cette recherche. Certaines des villes placées en tête du répertoire sont fréquemment citées comme villes mondiales (Londres, New York et Frankfort), d’autres comme Toronto, Amsterdam et Dubaï apparaissent rarement à ce niveau de classement.     

A COMMENT ON ANDERSEN AND RISAGER (1991)

In this note it is argued that the solution method used by Andersenand Risager (1991) is flawed.     

Selling Failed Banks

The average FDIC loss from selling a failed bank is 28% of assets. We document that failed banks are predominantly sold to bidders within the same county, with similar assets business lines, when these bidders are well capitalized. Otherwise, they are acquired by less similar banks located further away. We interpret these facts within a model of auctions with budget constraints, in which poor capitalization of some potential acquirers drives a wedge between their willingness and ability to pay for failed banks. We document that this wedge drives misallocation, and partially explains the FDIC losses from failed bank sales.