论独立调查机制对多边开发银行公众问责制度的发展

在全球治理进程中,多边开发银行职能不断扩张,其跨国规制也因此直接影响到主权国家内部的个人,然而,现有的国际组织责任制度阻碍了个人向前者直接追责。为此,多边开发银行尝试在组织内部建立独立调查机制,为个人提供问责渠道。作为国际组织公众问责的开创性发展,独立调查制在为个人向国际组织问责提供渠道的同时,也在银行发展职能履行与个人基本权益维护之间找到了一个恰当的平衡点。然而,独立调查机制仍存在不足,表现为:问责实体依据局限于银行内部政策、问责机制忽略问题解决、问责独立性受管理层掣肘。增强决策透明度、以合法审查取代合规审查、强化调查机制问题解决功能、保证调查机制独立决策权是未来多边开发银行公众问责制完善的主要方向。     

Emerging stock markets of the Eastern Mediterranean rim

The Eastern Mediterranean Rim possesses a vast and rich history of capitalist activity and capital markets. The oldest civilizations along these shores, namely in Egypt, in Greece, and in modern day Turkey, had an understanding of rudimentary economic theory and monetary systems long before the precursor peoples of the industrialized economies of today. Even stock markets in Turkey, Lebanon, and Egypt had greater relative depth and breadth 50 years ago than do 90% of the so-called emerging markets of today. This survey analyzes and profiles the equity capital markets of Greece, Turkey, Lebanon, Jordan, Israel, and Egypt, and provides some clues to their future growth and performance.     

Emerging markets,downside risk and the asset allocation decision

This study examines the use of downside risk measures in the construction of an optimal international portfolio, with particular reference to the estimated allocations in emerging markets and the out-of-sample performance of the optimal portfolios. The use of downside risk measures is assessed due to the problems of using a conventional mean-variance analysis approach in the presence of the non-normality often found to be present in emerging market data. The data set used consists of the MSCI indices for developed equity markets and the IFC data set on emerging markets. The primary component of the paper consists of the construction of optimal portfolios under both mean-variance and downside risk frameworks. In addition, the use of Bayes–Stein estimators is also assessed, in an attempt to reduce estimation error. The resulting estimated allocations are then used to assess the out-of-sample performance of the optimal portfolios. The results indicate that for risk-averse investors the use of downside risk measures can result in significant improvements in performance.     

Emerging markets before the 1997 Asia Pacific financial crisis

This study investigates which Asia Pacific markets were driven by the US stock market and which by the Japanese stock market during the 1995-97 period, right before the 1997 Asia Pacific financial crisis. The results show that stock markets of Hong Kong, Indonesia and Malaysia shared a long-run equilibrium relationship with the US stock market. The stock market of the Philippines was linked with both the US stock market and the Japanese stock market, while stock markets of Thailand and South Korea did not appear to be influenced by either. Countries whose capital markets had a co-integrating relationship with the US market pegged their national currencies closely to the US dollar.     

Emerging markets research: Trends, issues and future directions

We survey recent research on emerging markets (EM) within the fields of economics, finance, international business and management. To do this, we reconfigure the Journal of Economic Literature (JEL) classification system to provide a comprehensive list of the topics that have been studied, and we combine it with the main journal ranking methodologies to identify the journals in which significant contributions to EM research have been disseminated. We highlight the areas of greatest interest and those that have received relatively little attention to date. The suggested topics for future research include: Data and methods; market efficiency, risk-adjusted returns and risk premia; exchange rate volatility and firm-level exposures; classification systems, clusters and networks; firm-level internationalisation; international business strategy; attracting and benefiting from FDI; corporate and institutional governance; and behavioural perspectives, culture and the demise of the representative agent.     

Banks,Financial Liberalisation and Financial Crises in Emerging Markets

The East Asian financial crisis has raised a series of important issues. Amongst them is the question of the role of the banking sector and financial liberalisation in contributing to financial crises. How do weaknesses in the domestic banking sector, when combined with both domestic and international financial liberalisation, engender currency crises? What is lacking in the literature is a simple conceptual framework within which these connections can be conceptualised and drawn out and in which the role of banks is explicitly discussed. This paper seeks to provide just such a framework. Within it, international financial liberalisation can be seen as fuelling a boom in domestic credit, which leads to acute balance sheet problems for domestic banks, and exposes the country concerned to a currency crisis in the event of a sudden reversal of capital inflows, which banking weaknesses may itself trigger.     

The Stock Liquidity of Banks: A Comparison between Islamic and Conventional Banks in Emerging Economies

We explore the stock liquidity of Islamic banks (IBs) and matching conventional banks (CBs) in emerging economies. We find that IBs have higher stock liquidity than CBs, suggesting that investors prefer IBs' stocks and neglect what they consider to be “sin stocks” (i.e., CBs' stocks), which do not conform to their religious beliefs. We also find that the liquidity effects are particularly important for small IBs, and during the global financial crisis. This evidence is stronger in countries with less developed banking sectors and weaker bank supervision and regulation. Hence, faith-driven investors tend to value more norm-conforming stocks (i.e., IBs) during times of distress and uncertainty, and in weaker regulatory environments.     

Banks,stock markets,and China's ‘great leap forward’

Using quarterly data for 1995–2005, we examine the role of financial factors in China's recent increases in real sector activity. After describing the institutional challenges that China faces in building a well-functioning equity market to complement its banking system, a series of cointegrated vector autoregressive models and the associated variance decompositions and impulse response functions show that banking sector development was central to these successes. At the same time, we find that stock market development, as measured by market size and trading volume, did not contribute significantly to them. We suspect that lingering questions regarding the quality of China's stock markets are largely responsible for the latter result, though it also may reflect the smaller size of the “stock market economy” relative to the broader economy in which we measure outcomes.     

论多边贸易规则对服务外包贸易的调整与适应

服务业的大规模国际转移引发了新的世界性产业结构调整,基于信息数字技术支持下的服务外包贸易正呈现出方兴未艾之势.文章在对服务外包贸易发展状况进行研究的基础上,重点就其对当前多边服务贸易自由化规则提出的新挑战与新需求进行分析,并尝试提出若干政策建议.     

区域自由贸易协议与多边贸易体制的发展

区域自由贸易协议作为一种对多边贸易体制产生影响的重要因素,它的发展在GATT时期就已经受到缔约方全体的规制。随着WTO多哈回合谈判议程的停滞,区域自由贸易安排开始活跃。这种区域自由贸易安排,根据其发展的特点,对多边贸易体制的影响存在两面性:在短期内可能会为多边贸易谈判提供协调意见的平台,但是这种区域自由贸易协议的长期运行也会割裂多边贸易体制的统一性,加深经济社会发展不平衡的状况。控制区域自由贸易的消极影响,必须调整WTO的区域自由贸易规则,使区域自由贸易安排能够在多边贸易体制的框架内运行。     

我国政策性银行发展问题研究

随着中国加入世界贸易组织和市场经济体制的逐步建立,金融体制正在加大改革力度,政策性银行正面临新的挑战。政策性银行要得到发展,必须开辟新的业务领域和功能,转变政策性资金配置目标的侧重点,摆正政策性银行在我国金融组织构架中的位置,调整有关法规并提高其科学性,改善财政补贴机制,尽快化解潜在风险。     

Multilateral finance and development

This article presents an outline of major international financial institutions, i.e. the Bretton Woods organisations. The focus of analysis is on the conceptions that have shaped the posture of these institutions on development issues and on their corresponding activities and problems.     

多边投资体系对我国服务业企业发展的影响

多边投资体系对服务业企业的发展有着重要的影响。我国服务业企业的发展有着自身的特殊性。多边投资体系对我国服务业企业发展的影响是双重的,积极的影响主要包括有利于引入竞争机制、引入先进的技术和管理经验、引入新兴服务业行业;消极的影响主要是部分服务业企业的生存和发展将受到威胁,同时加重服务业企业人力资源外流。     

论民营银行成长的逻辑——一个基于国家效用函数的分析框架

中国金融制度变迁具有政府强制性与渐进式等特征,因此从国家金融方面的效用函数结构变动的视角来探究中国民营银行的成长逻辑,无疑是关键和有益的。运用规则经济学中的国家理论与制度变迁原理,在已有研究的基础上构建一个国家效用函数,并从此效用函数的动态变化,论证中国民营银行成长的内在动机与逻辑。     

网络银行发展的问题及对策

网络银行具有传统商业银行运行方式难以比拟的优势，是商业银行实现集约化经营和利润最大化的必由之路。它对传统商业银行的经营理念、管理模式、运行机制提出了崭新的课题。目前我国网络银行业务开展基本上集中在网络使用广泛的地区，但所提供的服务也仅限于账户信息查询、转账付款等方面，还不能涉及贷款、投资等方面。运用高技术尤其是发展网络银行将成为外资银行首选；我们应积极采取相应对策，大力推进我国网络银行的发展。     

双边抑或多边：论FTA对WTO多边贸易体制的影响

由于多哈发展议程陷入困境,使WTO的多边贸易体制正遭受前所未有的挑战。与WTO多边谈判举步维艰不同的是,自由贸易协定和区域性贸易安排正如火如荼进行。FTA在推动WTO多边贸易体制发展的同时也对其构成了威胁。但是由于FTA本身的局限性,以及当前国际金融危机之下的贸易保护主义盛行,WTO多边贸易体制需要不断的完善,以促进世界经济的恢复与发展。