Enhanced Special Drawing Rights: How China Could Contribute to a Reformed International Monetary Architecture

Since the end of the Bretton Woods era, the world has operated on a de facto system of free‐floating exchange rates, with the US dollar as the dominant international currency. The system, characterized by large pro‐cyclical capital flows and chronic imbalances, is inherently unstable, and has contributed to repeated crises, recessions and geopolitical tensions. One potentially “least‐difficult” line of reform would be to allow the evolution of a multi‐currency system, underpinned by an expanded role for Special Drawing Rights (SDRs). Attempts to promote wider use of the SDR have foundered on the liquidity premium. However, for Chinese corporations and institutions, at present restricted in their capital account activities, the SDR liquidity premium would appear less daunting. The Chinese authorities could provide policy encouragement for the use of SDRs by their institutions. This initiative, supported by China's Special Administrative Region Hong Kong, would kick‐start an international SDR ecosystem, and encourage even broader use of SDRs, to the benefit of international monetary stability.     

美元危机与国际货币体系共同演进的递推分析

自1960年以来,美元危机就与国际货币体系构成了相互递推演进的格局,共同的演变必将导致美元危机的消失和国际储备货币的多样化,最终形成一种超主权合成货币——特别提款权。只有这样,国际货币体系才能达成一种动态均衡,世界经济才会持续、稳定地向前发展。     

Interest rate subsidies on international finance as a means of assisting low-income countries

Many of the conventional ways of using the international financial system as a mechanism for making resource transfers to developing countries require quite fundamental restructuring of that system. Furthermore the relevance of the most notorious plan - the SDR-aid link – has been reduced by the increase in the rate of interest on SDR net use and by the insignificant proportion of reserve growth accounted for by SDRs. The use of interest rate subsidies on IMF finance, in conjunction with reforms to Fund conditionality, offers one practical way of providing an albeit small amount of financial assistance to low income countries. Analysis suggests that such subsidies represent an attractive form of aid and may enhance international financial efficiency.     

Low-income countries’ linkages to BRICS: Are there growth spillovers?

This paper employs a global vector autoregression (GVAR) model to investigate business cycle transmission from BRICS (Brazil, Russia, India, China, and South Africa) to LICs through trade, FDI, technology, and exchange rates channels. Trade and financial ties between low-income countries (LICs) and BRICS have expanded rapidly in recent years. This gives rise to the potential for growth to spill over from the latter to the former. The estimation results show that there are indeed significant direct spillovers from BRICS to LICs.     

The benefits of special drawing rights for less developed countries

Special Drawing Rights (SDRs) have existed for almost 10 years. This paper examines the implications of the SDR facility for LDCs. First, it is shown that the distribution formula for SDRs may be inappropriate. Second, the paper documents the way in which LDCs have used their allocated SDRs. Third, an attempt is made to estimate approximately the value of the benefits derived by LDCs from the SDR scheme. It is shown that the scheme could have been modified to yield further benefits for LDCs.     

Financial reforms and capital accumulation in developing economies: New data and evidence

This study uses newly constructed data on structural reforms and private and public capital stock to assess the effects of financial reforms on capital formation in developing economies. We find that while both domestic and external financial reforms are important determinants of capital formation, the former is more influential in middle-income countries (MICs) and the latter in low-income countries (LICs). For LICs, external financial reforms work mostly through attracting FDI. For MICs, within domestic financial reforms, what matters most are measures related to strengthening banking supervision and reducing credit controls. These results are driven by capital formation in the private sector. In addition, these effects are nonlinear, and it is important for a country's policy when it comes to the sequence of implementing domestic and external financial reforms. Given the importance of public investment in decarbonization, this study further discusses the potential impacts of financial reforms on climate change and carbon inequality.     

Applying chapter 9 insolvency to international debts: An economically efficient solution with a human face

Internationalizing US insolvency procedures for municipalities (Chapter 9) would provide a viable and efficient solution to the debt crisis. Chapter 9 deals with debtors having governmental powers, protects those affected by public debts, and gives them a right to be heard. With minor changes it can be applied internationally. This paper elaborates this proposal, initially made in 1987, and presents the structure of Chapter 9, de facto international precedents, and some basic elements of an international Chapter 9. It shows that this solution would combine economic efficiency and the protection of human dignity, allowing adjustment with a human face.     

批判建构主义视角下的国际秩序研究

现实主义均势秩序的规律性和自由主义宪政秩序的正义性不断遭到质疑,而既有国际秩序的建构主义分析框架只是阐述了秩序与规则、知识的关系,没有回答在多元价值体系中哪种价值观具有优先性,会成为建构国际规则和规范的核心知识这一问题。作者借鉴了批判建构主义的主要理论,提出当代国际体系的知识是权力建构的结果。在国际体系中,霸权推动其私有知识成为体系的共有知识,并在此基础上建构体系内部秩序,学界有必要对构成国际秩序的知识进行重建。当体系的权力结构处于一种相对平衡的状态且任何一个国家都没有足够的能力独自应对国际社会所面临的共同挑战时,国家间通过沟通行动,可以对知识进行重建,进而在更为合理的知识基础上构建国际新秩序。     

略论提高我国有色金属产业集中度的政策措施

有色金属产业集中度不高是我国有色金属产业国际竞争力不强的主要原因,文章通过对我国现行提高有色金属产业集中度政策的分析,指出其主要不足之处为过多依靠市场力量,并提出由国家重点发展壮大3到5家大型有色金属企业集团,以提高我国有色金属产业集中度的政策建议。     

上海建设国际金融中心的SWOT分析及若干政策性建议

2009年3月25日,国务院常务会议审议并原则通过关于推进上海建设国际金融中心的意见。本文运用SWOT分析法对上海建设国际金融中心的优势、劣势、机遇和挑战进行深入研究,并且结合全球金融危机的背景,提出了加快上海国际金融中心建设的若干政策性建议。     

国际工程项目投标商务报价探讨

近几年来,随着国内经济的快速发展,全球经济一体化的国际市场,国内与国际市场快速接轨,许多国内享有一定声誉的大公司,在稳定国内市场业务的同时,逐步跻身国际市场,开拓新的市场领域,期望在国际市场占有一席之地。本文通过参与"塔吉克斯坦金矿采选工程"投标项目,针对国际工程投标模式进行系统的分析,具体阐述国际工程投标项目商务报价直接费用构成,及投标商务报价中应注意的几点问题,为类似国际工程提供一些参考。     

G7变G4:中国加入的利与弊

去年年底美国提出将G7变为G4,吸引中国加入的主张。面对这一提议,中国应以经济实力为基础,提升自己在世界上的话语权,为世界的和平与发展作出自己的贡献。而G4正可以为中国提供一个合适的平台,为中国经济的进一步发展和国际政治地位的提高掌握主动权。     

Explaining liberalization commitments in financial services trade

The paper examines the determinants of market access commitments in international financial services trade in the General Agreement on Trade in Services (GATS). Based on a theoretical model, it empirically investigates the role of domestic political economy forces, international bargaining considerations, and the state of complementary policy. The empirical results confirm the relevance of the model in explaining banking and (to a somewhat lesser degree) securities services liberalization commitments. The findings imply that those who seek greater access to developing country markets for financial services must do more to counter protectionism at home in areas of export interest for developing countries. JEL no. D78, F13, G20     

On Commitment Toward Knowledge Templates in Global Standard Setting: The Case of the FASB‐IASB Revenue Project

This article explores commitment to knowledge templates, in this case competing measurement models, in global standard‐setting processes. In particular, I examine the positions of board members of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) on a proposal to use fair value accounting in the measurement of revenue. The proposal to measure revenue at fair value was deliberated between 2002 and 2008 as part of the joint revenue project of the FASB and the IASB. I analyze narratives of the board proceedings on the revenue project, which reveal the positions of board members over the life of the proposal. To make sense of these positions, I use Durocher and Gendron's (2014) framework on epistemic commitment, which speaks to one's allegiance to knowledge templates. The analysis shows that individual board member commitment to different knowledge templates is fairly static despite dynamic and contentious debate on this particular proposal. While stable, board member reactions to the proposed shift toward fair value fall into recognizable patterns showing how commitment to different templates entails prioritizing of different core principles and appeals to higher authorities. Finally, the analysis shows how commitment to knowledge templates varies depending on the professional affiliations of board members. For instance, the analysis shows relatively greater consistency of commitment between board members affiliated with academia and corporate preparers than between auditors. Overall, the study indicates the importance of micro‐level features in explaining the development of macro‐level accounting policy. These features are crucial to enhancing our broader understanding of the way in which accounting standards and rules ultimately develop.     

An international multilevel competition policy system

This paper develops a proposal for an international multilevel competition policy system, which draws on the insights of the analysis of multilevel systems of institutions. In doing so, it targets to contribute bridging a gap in the current world economic order, i.e. the lack of supranational governance of private international restrictions to market competition. Such governance can effectively be designed against the background of a combination of the well-known nondiscrimination principle and a lead jurisdiction model. Put very briefly, competition policy on the global level restricts itself to the selection and appointment of appropriate lead jurisdictions for concrete cross-border antitrust cases, while the substantive treatment remains within the competence of the existing national and regional antitrust regimes.     

美国次贷危机对我国利用外资影响和对策研究

由美国次贷危机引发的国际金融危机对世界经济造成很大冲击,我国经济发展形势也越来越严峻,特别是我国利用外资规模和结构都面临较大影响。鉴于改革开放30年,外资对于我国经济的快速发展产生的重要推动作用,需要对此问题进行研究,并提出相关对策。     

中国进出口贸易的环境成本转移——基于投入产出模型的分析

经济与环境有着密切的联系,贸易的往来中隐含着环境成本在国际间的转移。新一轮国际分工中,中国进出口贸易不平衡,更多地扮演了生产者的角色,这是否意味着中国要对世界环境污染承担更大的责任,本文运用投入产出法计算中国42个部门生产的完全产污系数和进出口贸易中包含的污染物排放量,基于同一技术水平检验中国进出口贸易的环境成本转移情况。     

Exporting, R&D, and absorptive capacity in UK establishments

This paper models the determinants of exporting (both in termsof export propensity and export intensity), with a particularemphasis on the importance of absorptive capacity and the endogenouslink between exporting and undertaking R&D. Based on a mergeddataset of the 2001 Community Innovation Survey and the 2000Annual Respondents Database for the UK, our results suggestthat establishment size plays a fundamental role in explainingexporting. Meanwhile, alongside other factors, undertaking R&Dactivities and having greater absorptive capacity (for scientificknowledge, international co-operation, and organizational structure)significantly reduce entry barriers into export markets, havingcontrolled for self-selectivity into exporting. Nevertheless,conditional on entry into international markets, only greaterabsorptive capacity (associated with scientific knowledge) seemsto further boost export performance in such markets, whereasspending on R&D no longer has an impact on exporting behaviouronce we have taken into account its endogenous nature.     

The international automotive industry and the developing world

This paper provides a brief survey of the international automotive industry and its leading transnational companies. Data on recent trends in production and trade are reviewed and the evolution of a corporate strategy in the post-oil-crisis period described. The industry seems, after decades of relatively gradual evolution, to be in the throes of major change, leading to an even greater concentration of production in the hands of the leading transnationals and also to a greater international dispertion of productive facilities. Some implications of this for the developing world are mentioned.     

Do higher minimum wages harm minority and inner-city teens?

Conclusion The recent proposal to increase the federal minimum wage from $5.15 to $6.15 per hour has opened a new debate among scholars and policymakers. We believe that the effects of minimum wage on school and work decision of teens should play a more central role in this deabte, which has traditionally focused mostly on employment effects.