Constitutional Constraints and Redistributive Activities

This paper shows that non-productive activities aimed at influencing the distribution of income might increase when constitutional constraints against redistribution are imposed or strengthened. By facilitating redistribution, on the other hand, influence activities could be limited, and the economic performance improved. We argue that these effects could be important in countries with poorly developed democratic institutions, and that research in constitutional economics needs to be more aware of perverse effects of this kind.     

Constitutional Foundations of Economic Freedom: A Time-Series Cross-Section Analysis

Using time-series cross-section analysis, we provide additional empirical validation for the principal-agent model developed by Adserà et al. (2003). In our innovation, efficient economic policy is proxied by “economic freedom” from the Fraser Institute database and constitutional “political institutions” are proxied by variables from the Database of Political Institutions. Our results suggest that the more credible the threat of removal from office, the more government officials will pursue efficient economic policies. The authors are grateful to Alan Hamlin and an anonymous referee for their highly valuable input to the development of this paper. Tel.: +1-604-291-4167     

Central Wage Setting under Multiple Technological Equilibria: A Mechanism for Equilibrium Elimination

Instituting an initial round of centralized wage setting before an ultimate round of decentralized wage bargaining may actually raise employment. A general multi–equilibrium model is set up with strategic complementarities in the implementation of a new technology through aggregate demand spillovers. In this model, centralized wage setting to establish an outside option wage, which is selectively binding on lo–tech firms, may achieve the "big push" to a hi–tech general equilibrium with higher employment, output, wages and profits.     

An Equilibrium Approach to the Aggregation of Beliefs

This paper presents a new answer to the old question of how to aggregate individual beliefs. We construct a model which allows agents to take arbitrage opportunities against the aggregated belief by making contingent claims against the states, and the aggregator (market maker) regulates the probability of states. When all claims from the agents are mutually covered for every realization of the state, an aggregation of individual beliefs is thus obtained. We prove the existence and uniqueness of the equilibrium aggregation, and also show that the aggregate belief lies in the convex hull of individual beliefs. This model allows us to address some important problems such as how individual agent’s attitude toward risk and wealth endowment affect the outcome of the aggregation process, and whether the aggregate belief satisfies the well-known properties like equal treatment.     

自然权利·政治正当性·宪政——西方宪政民主政体的理念脉络探析

本文从政治哲学角度考察自然权利、政治正当性与宪政三要素的基本涵义及其逻辑关系,意在探析西方宪政民主政体的理念脉络.文章的基本论点是,在西方政治体系中,自然权利理念不仅为统治与被统治关系的政治正当性提供根本依据,更作为宪政民主政体的基本规范为宪政、民主及法治的正当程序奠定基础.     

基于产出冲击的国际储备需求的跨期均衡分析——真实经济的视角

与现有研究相比,文章从真实经济的角度构造了一个简单的基于代表行为人的跨期均衡模型,探讨基于产出冲击和消费平滑的主动性储备需求的决定。研究表明:主动性储备需求与产出冲击发生的概率、产出冲击大小、代表行为人的相对风险厌恶系数以及代表行为人的主观贴现率呈正向关系,与经济增长速度呈反向关系,而与储备资产的相对价格呈现出非线性的关系。通过数值模拟发现,我国主动性储备约占2007年GDP的6%(相当于我国2007年底国际储备的12%),说明我国近年来增加的国际储备存在较大的被动持有部分,目前的国际储备持有额已经从一定程度上脱离了实体经济的基本需求。因此,除紧缩的货币政策外,我国政府还需要进一步运用汇率政策、贸易政策以及其他干预政策直接降低被动国际储备额。     

新创企业合法性获取机制:研究回顾与管理框架

获取合法性是新创企业谋求生存与开展经营活动的重要前提。梳理并比较了不同视角下新创企业合法性获取机制的基本观点,基于合法性获取理论,构建了新创企业合法性管理框架,以加深对新创企业以及组织如何实现合法性与获取资源的理解。     

Constitutional Implications of Radical Subjectivism

This paper examines the role that creative choice, as stressed by Shackle, plays in the generation of economic value. In particular, we evaluate the relationships between creative choice, economic value and the institutional structure of an economy.     

Constitutional Implications of Electoral Assumptions

The paper discusses the implications of three models of elections (the median voter model, the proportional representation model, and the probabilistic voting model) on three functions of constitutional rules (constraining the majority of the people, monitoring political and bureaucratic agents, and keeping separate the levels of constitutional rules and of ordinary politics).     

Constitutional Origins of Dictatorship and Democracy

Many emerging democracies across the globe are scrambling to craft new constitutions. The modal constitution being chosen in this most recent wave of democratization is a rather unknown, and under-theorized, type: semi-presidentialism. This article brings semi-presidentialism back to comparative constitutional theory, distinguishing it from presidentialism and parliamentarism, and guarding against its hasty export to new democracies. This article details when, and why, semi-presidentialism can be problematic from the standpoints of democracy, constitutionalism, and the protection of fundamental rights; and the conditions under which it can be supportive of them. After establishing the analytical framework, this article compares developments in two important historical cases of regime change under semi-presidentialism, cases which have also been among the most influential countries for European politics in the twentieth century: the French Fifth Republic and Weimar Germany. The concluding section draws the evidence together.     

试论外部联络与品牌战略

随着安徽省与德国下萨克森州交流与合作的不断深入,＂中国安徽德国中心＂应运而生。在全球化和国际化不断发展的新时期,＂德国中心＂有许多发展机遇也面临很多挑战。以德国中心为例,探讨加强对外联络,为自身发展创造良好条件,树立＂德国中心＂品牌,增强社会影响力,是不断发展完善＂德国中心＂,使之发挥更大作用为社会和经济发展服务,为科技和教育发展服务的关键。     

公司发起人忠实义务之正当性考察

发起人忠实义务在历史上可追溯至英美法系的Erlangerv．New Sombrero Phosphate Co．案例,该案最早确定了公司发起人忠实义务。结合2005年中国新修订的《公司法》,公司发起人忠实义务之正当性则主要来自于司法的现实需求及对效率、公平的价值追求。历史与现实都昭示着发起人忠实义务是来自限制公司发起人滥用权利、避免利益冲突的迫切需要。     

Moderation of an ideological party

It is a common fear in many countries that ideological parties will come to power through elections but will implement extreme policies. Many countries cope with this problem by overriding the election results when such parties are elected. We demonstrate that the alternative approach of containing these parties within the democratic system is more effective. We show that, as the probability of state's intervention in the next elections increases, an ideological party implements a more extreme policy in equilibrium. This hurts the median voter. Our main result shows that from the median voter's perspective, the optimal intervention scheme can be implemented by committing not to intervene and adjusting election times appropriately. That is, elections are a better incentive mechanism than the threat of a coup.     

Modelling and analysing voting behaviour: the case of the Spanish general elections

The permanent high-level public and private debt, high unsustainable youth unemployment rates, combined with the constant disclosure of establishment parties’ corruption scandals, are features of the present Spanish scenario. Lack of confidence in the government’s labour is driving a large proportion of the electoral register to support new emergent political parties. This article models and analyses Spanish citizens’ electoral behaviour in what were the last Spanish General Elections (2015). The proposed compartmental model is based on a system of six different equations. Transition coefficients are quantified according to economic, demographic, psychological and sociological factors. After obtaining the initial data from previous general elections and by sampling new voters’ intentions, the expected electoral support was computed and analysed. Our results predict the end of the two-party system in Spain and a change to a main four-party system.     

Screening, cross-border banking, and the allocation of credit

The author analyses competition among banks when banks can use creditworthiness tests that generate (imperfect) information about borrowers. When banks can strategically adjust the test characteristics by investing resources in the screening technology, he shows that credit markets are not easily contestable. An increase in the intensity of competition may have few effects on incumbents» conduct and overall market shares. Moreover, conditions are provided under which screening efforts are reduced by competition. In such situations the quality of the overall loan portfolio declines and the economy incurs higher aggregate risk due to the lower quality of banks» information production. The welfare gains from integrating fragmented loan markets can actually be negative.     

The feasibility of low inflation: theory with an application to the argentine case

In this paper we review the Argentine experience of hyperinflation, concentrating on understanding why stabilization took so long, and was only implemented by the most unlikely candidate. To explain these facts we present a voting model in which politicians' actions transmit information about the state of the economy and thus shape voters' behavior. We discuss the implications of the model for countries which are going through the same instability that characterized Argentina in the late 80s.     

The Independence of the Italian Constitutional Court

It is often asserted that the Italian Constitutional Court is not independent of the Executive and Legislative branches of the government in Rome. We offer a view of independence that is congruent with bodies such as constitutional courts. We argue that the evidence, both qualitative and quantitative, however poor it may be, indicates that the Italian Constitutional Court is as independent as any other corresponding constitutional or supreme court of democratic countries. The evidence is not directly conclusive because the question, in the end, is not whether the judges, one by one, are independent, but whether the Court is independent. The evidence we offer pertains mostly to judges. If judges are independent, as that evidence seems to indicate, the Court is a fortiori even more independent.     

Political decentralization and corruption: Exploring the conditional role of parties

This study investigates how national levels of corruption are influenced by the interaction of two factors in political decentralization: the presence of local elections and the organizational structure of national parties. Previous studies have focused primarily on the role of fiscal decentralization on corruption and have mostly ignored the institutions of political decentralization. Using new data in a series of expansive models across multiple countries and years, we find that corruption will be lower when local governments are more accountable to and more transparent toward their constituents. This beneficial arrangement is most likely to occur when local elections are combined with nonintegrated political parties, meaning that party institutions themselves are decentralized from national control. Such an institutional arrangement maximizes local accountability by putting the decision to nominate and elect local leaders in the hands of those best in a position to evaluate their honesty—local electors.     

新商业模式的二元性:合法性与异质性

商业模式的成型和成功,依赖于商业模式的二元性,即合法性与异质性。基于3721网络实名商业模式的案例分析发现,商业模式内外部合法性是商业模式现实成型的基础,而商业模式在竞争中取胜则需要焦点企业创建和维持商业模式的异质性。新商业模式功能的实现需要大量利益相关者共同努力,而在此过程中,作为一个新知识体系的商业模式,存在被竞争对手学习、模仿的可能,这必将削弱新商业模式的异质性。但是,基于商业模式的活动元理论,活动元的设计与配置是新商业模式二元性的决定因素。     

网络财务报告改革:利益相关者的态度研究--基于问卷调查数据的实证分析

随着信息技术的发展和互联网的快速普及,网络财务报告成为一种新的财务呈报方式.本文基于一次问卷调查所获得的数据,运用Cyert和Ijiri关于财务报告的分析框架,了解了信息使用者、信息提供者、中介机构、监管者以及财务软件商等利益相关者对网络财务报告的基本态度,并分析了各方利益关系者之间的差异.该研究为信息技术环境下的财务报告改革提供了初步的证据,并为未来网络财务报告在中国的发展提出政策性的建议.