Islamic economics and Islamic finance in the world economy

This paper places the articles in this special issue in the contexts of Islamic economics and finance research. It highlights the foundations of Islamic economics, which are in practice manifested in Islamic finance. Then, the paper brings up three key issues in Islamic finance today – the Islamicity of Islamic banking, real contributions of Islamic finance, and Islamic finance in the present monetary framework. While there are some promising theoretical and empirical findings pointing to positive contributions of Islamic finance, there is still a need for Islamic finance to distinguish itself from the conventional finance and to further demonstrate its real effect.     

Economic Development and the State: Lessons from Singapore

Analysis and case studies have indicated that intervention by the Singapore government in fostering economic development has not always been successful. In particular, past intervention in the labour market like the high wage policy of the early 3980s has proved to be an unmitigated disaster. However, interventions that lead to the direct creation of national competitive advantage, like the information-telecommunications infrastructure, R & D subsidy and manpower development, have proved t o be more successful. A strong, non-corrupt and market-oriented public sector appears to be crucial t o ensure that interventions are market facilitating, correcting and enhancing rather than distorting.     

战后国际经济协调理论与实践评析

作为国际经济关系中的重要现象,国际经济协调始终在战后世界经济的运行中扮演着重要的角色。本文从概念、西方研究概况、必要性、方式等角度,对国际经济协调进行了理论分析,并且按照历史的纬度将二战后国际经济协调的实践划分为三个阶段,归纳了各阶段国际经济协调实践呈现出的不同特点。     

FDI对物流产业集群的经济效应分析

进入21世纪以来.物流业作为新的利润源泉与经济增长点日益受到重视.物流产业集群是对物流产业资源的优化与功能组合,改革开放进程中,尤其是加入WTO后,FDI为物流产业发展提供了机遇也带来了挑战.物流产业集群作为物流领域新的主体形式,在FDI引进时同样会受到这种双重影响.文章尝试界定物流产业集群的概念,建立FDT对物流产业集群影响的数理模型,并在此基础上分析FDI对物流产业集群的宏观经经济效应、中观经济效应和微观经济效应,最后基于分析结论提出相应的对策建议.     

论引进外资与国家经济安全

随着全球经济一体化步伐的加快,引进外资与国家经济安金之间的关系越来越密切,引进外资对国家经济安全的影响表现为双重效应,发挥双重作用,一方面,引进外资可以促进东道国经济与世界经济的融合,有利于保障和巩固国家经济安全;另一方面,如果国家对外来投资不加限制,外来投资就很容易形成垄断,从而妨碍东道国的宏观经济管理,影响国家经济安全。     

国有企业治理结构的经济学分析

本文通过比较中西方国有股权形成动机,围绕剩余控制权与剩余索取权,剖析我国国有企业存在的问题,提出国家必须拥有剩余控制权;同时,剩余控制权必须与剩余索取权相匹配。     

Globalization,Economic Crisis and Employment Practices: Lessons from a Large Malaysian Islamic Institution

This contribution initially discusses the ever increasing globalization of business and its impact on nations which embrace globalization without adequate preparation. The essay also highlights the need to understand and acknowledge the different ways of managing human resources in different parts of the world. Considering the ever increasing popularity and the following of Islam worldwide and the globalization of business, an attempt has been made to highlight the key Islamic work principles and their usefulness in creating a unique internal labour market (ILM) which can significantly contribute to the successful operating of organizations and enable them to achieve a sustained competitive advantage. The findings have key messages both for academicians and practitioners in the field of international business, human resource management and organization studies.     

对外援助的经济增长效应与机制研究

随着国际社会对发展中国家的援助不断增加,对援助增长有效性的评价成为一个具有争议的话题。国内外学者从理论与实证两方面对该问题进行了深入的研究并取得了许多成果,但目前缺乏对该问题的系统阐述。对外援助的经济增长效应当前可归纳为"有效论"、"条件有效论"与"无效论"三类,援助影响受援国经济增长的机制可归纳为国际贸易、对外直接投资、公共支出以及国内消费四个方面。未来对外援助的经济增长效应应当重视援助资金异质性与国家之间的信息不对称问题,应加强援助增长效应不同机制的对比研究,此外还应当拓展数据获取范围并注意数据处理对实证结果的影响。     

Some remarks on the phenomenon of Islamic revivalism

There are several indications that in at least some parts of the Islamic world a process of cultural and political change has begun, with the tendency towards a reassertion of Islamic values. Amongst other things, this involves formulating a concept of modern Islamic economics, the principles of which are derived from the ethical norms of Islam. Is a specifically Islamic economy really likely to develop? What form might this take?     

世界经济波动对中国经济增长影响的实证分析——基于状态空间模型

在经济全球化背景下,定量研究世界经济波动通过各传导因素对我国经济增长的影响强度。结果表明,我国经济正逐步融入世界经济之中,受其波动的影响程度日趋明显。     

Effects of Economic Recession on Export Activity

Abstract

Since 1920 there has been 15 economic recessions and expansions in the US and on average recessions have lasted just over a year. The most recent recession was that of 1989–1991, which, with the increased globalization of business, did not spare Australia. Using a geo-business model the research investigates changes in export managers' perceptions on a number of variables before and during the last recession. It also considers whether recession in the domestic market acted as a motivator for Australian firms to enter export markets. Data is analyzed from a survey that attracted respondents from 233 export firms. Findings are presented and implications for theory development and government and policy makers are discussed. Limitations are noted and directions for future research are indicated.     

Islamic business scorecard and the screening of Islamic businesses in a cross‐country setting

Screening of shari'ah compliant firms is incomplete without the inclusion of ethical and social responsibilities. The existing “activity screen” does not directly capture the ethical and social footprints of firms. The purpose of this study is to create and test an Islamic business scorecard that combines activity, ethical, and social responsibilities that Islamic businesses must comply with. This new Islamic business scorecard replaces the existing activity screens and is added to the financial screens to create an integrated business screening mechanism to identify shari'ah compliant firms. This study utilizes data from a sample of 410 shari'ah compliant companies listed with stock exchanges in Malaysia, Pakistan, and Bangladesh. Out of the five newly developed constructs of the Islamic business scorecard, the results indicate Islamic firms are less committed to social responsibilities and tend to push forward economic responsibilities that focus on profitability and growth. Of the three countries, this study reports Malaysian firms have the highest compliance scores, while Bangladesh displays characteristics of the “next‐big shari'ah destination”. Financial screens are more important than the Islamic business scorecard for firms in the construction, industrial, technology, and trading/services sectors. Because of its connection with the economic, ethical, and social dimensions, the scorecard helps to identify the true nature of shari'ah compliance as a useful decision tool for investors and policymakers.     

Islamic Ethics and the Implications for Business

As global business operations expand, managers need more knowledge of foreign cultures, in particular, information on the ethics of doing business across borders. The purpose of this paper is twofold: (1) to share the Islamic perspective on business ethics, little known in the west, which may stimulate further thinking and debate on the relationships between ethics and business, and (2) to provide some knowledge of Islamic philosophy in order to help managers do business in Muslim cultures. The case of Egypt illustrates some divergence between Islamic philosophy and practice in economic life. The paper concludes with managerial implications and suggestions for further research.     

金融去杠杆对经济增长和经济波动的影响

金融去杠杆会影响经济增长和经济波动,而金融结构变迁和金融发展水平变化可能使金融去杠杆与宏观经济之间的关联呈现出差异性.本文以全球97个国家和地区1980—2015年的年度非平衡面板数据为研究样本,实证检验了金融去杠杆对宏观经济的影响,以及金融结构变迁和金融发展水平变化对二者关联的影响.结果表明,金融去杠杆会抑制经济增长,同时加大经济波动;以资本市场为代表的直接金融的发展会弱化金融去杠杆对经济增长的负效应和对经济波动的放大效应;而金融结构的变迁和以金融中介为代表的间接金融的发展不会对金融去杠杆与宏观经济之间的关联产生影响.这表明,在金融去杠杆背景下,监管部门应采用可控的手段来稳步推进金融去杠杆进程,避免产生"处置风险的风险".与此同时,还应加快资本市场的发展,以平抑金融去杠杆对宏观经济可能带来的负面影响.     

Economic Patriotism, the Clash of Capitalisms, and State Aid in the European Union

This article analyses the political economy of state aid in the European Union (EU) using the concepts of economic patriotism and models of capitalism. State aid is analysed as a form of economic patriotism, which is conceived here as economic interventions which seek, by a number of means, to advance the perceived economic self-interest of particular groups and actors (firms, workforces, or sectors) defined according to their territorial status. The article argues that the paradox of neo-liberal democracy generated by liberal international markets, overlapping economic governance regimes (such as the EU and the World Trade Organisation), and nationally delimited political mandates presents new problems for policy-makers attempting economic interventions like state aid. Forms of economic patriotism are partly shaped by national institutional and social configurations and state traditions. Within EU economic governance, this generates a ‘clash of capitalisms’ whereby liberal EU anti-trust and competition policy norms proscribe certain state aid and industrial policy measures favoured by some European states. As traditional industrial policy becomes decreasingly viable, new modes of economic patriotic interventionism are enacted within contemporary processes of market-making, and the re-regulatory activity framing European markets. The paper focuses on French state aid responses to the global economic crisis, noting how the retreat of neo-liberal ebullience within the EU provides a conducive environment for resurgent French dirigiste approaches to state aid, indicating that the politics of economic patriotism and state aid will continue to be important features of the European political economic landscape in the years ahead.     

江苏省电信业发展在经济发展中的影响实证研究

随着电信业对国民经济发展的影响日益突出,定量研究电信业的影响程度,科学、准确地反映电信业的重要性就显得非常必要。本文在前人研究的基础上,首先从理论上分析了电信业对经济发展的作用机制,然后根据1989-2009年的数据,运用协整和Granger因果检验方法,对江苏省电信业与经济发展之间的关系进行了实证分析,结果显示两者之间存在长期稳定的均衡关系,并且具有双向的因果关系。     

浅析非洲经济一体化的贸易创造与贸易转移效应

在概述战后非洲一体化发展总体状况的基础上,通过构建理论模型,利用实证分析方法,选择南部非洲发展共同体为研究对象对南部非洲发展共同体的贸易创造和贸易转移问题进行探讨,从而为客观评估非洲经济一体化进程中的静态福利效应提供一种参考。研究结果表明,南部非洲发展共同体并没有发生明显的贸易创造及贸易转移效应,成员国从一体化中获得的福利收益是有限的。