Bailing in the private sector

During the last decade, there has been a significant bias towards bond financing on emerging markets, with private investors relying on a bail-out of bonds by the international community. This bias has been a main cause of the recent excessive fragility of international capital markets. The following paper shows how collective action clauses in bonds contracts help to involve the private sector in risk-sharing. It argues that such clauses, as a market-based instrument, will raise the spreads for emerging market debt and so help to correct a market failure towards excessive bond finance. Recent pressure by the IMF to involve the private sector faces a conflict between the principle of honouring existing contracts and that of equal treatment of bondholders.     

Proliferation of private labels in the groceries sector: The impact on category performance

In consumer goods retailing, an increase in private labels on offer has been evident for several years now. Therefore, the purpose of this paper is to analyse how retailer assortment-policy measures and pricing-policy measures to promote the sales of private labels will affect the level of category performance. The findings, based upon POS scanning data from the German groceries sector, are at first view surprising since extending the range of private labels and reducing that of national brands does not lead to greater category performance. The paper offers important retailing, managerial and welfare economics implications of the findings.     

The increasing role of the private sector in Asian industrial development

In recent years, there has been a powerful trend on the global scene and above all in the Asian region for the private sector in general and private industry in particular to assume a growing, and indeed leading, role in economic and industrial development. This article reviews some recent trends of private investment and privatization policies pursued in selected Asian countries and discusses the implications of private sector-led industrial development for the role of governments and international organizations.     

A comparison of business ethics commitment in private and public sector organizations in Sweden

This paper reports the results of a study of the top 500 private sector organizations and the top 100 public sector organizations in Sweden. It is a replication of the study by Svensson et al. (2004) . The aim of the study was to describe and compare the business ethics commitment of organizations across the two sectors. The empirical findings indicate that the processes involved in business ethics commitment have begun to be recognized and acted upon at an organizational level in Sweden. Some support is provided to show that codes of ethics are developing in some of Sweden's largest private and public sector organizations – although this is happening to a lesser extent in the public sector. It is noted that an effect of a code of ethics on the bottom line of the business was acknowledged by respondents in both private and public sector organizations. We believe that the supporting measures of business ethics commitment appear to be underutilized in both private and public sector organizations in Sweden (among those that possess codes of ethics), thus indicating that the commitment to business ethics in Swedish organizations has potential for future development.     

Guanxi,political connections and resource acquisition in Chinese publicly listed private sector firms

In this study, we examined the role of guanxi as entrepreneurs’ resource-obtaining mechanism in private sector firms, using a data-set of 184 publicly listed firms in China. We found that guanxi indeed played a positive role that helped private sector firms gain easier access to resources. We also found that guanxi exerted even a greater positive effect on private sector firms’ resource obtaining compared to entrepreneurs’ political participation, due to being the lifeblood of business conduct and social interaction in Chinese culture.     

Economic impact of foreign labour

Over 2.3 mn foreign workers are now employed in the Federal Republic of Germany. They account for 10 p.c. of the total labour force. How many foreigners will work in the Federal Republic in future is necessarily a matter for conjecture. Labour market experts forecast that — depending on the rate at which the productive potential is used — between 2 and 2.8 mn foreign nationals will be constantly employed until 1985.     

The development of a consumer value proposition of private label brands and the application thereof in a South African retail context

Private Label Brands are of strategic importance to retailers worldwide. However, there is a dearth of knowledge, particularly in emerging markets, as to the manner in which consumers cognitively assess these brands. At the heart of the issue is a gap in knowledge as to how consumers formulate a value proposition in their minds and the effect of loyalty to existing brands. This paper assumes a positivist, hypothetico-deductive approach by attempting to address the question: What are the key drivers of perceived value of private label branded breakfast cereals, taking price, perceived risk and perceived quality into account? Moreover, the study considers how various attributes of brand image contribute to the perception of brands and the extent to which loyalty to established national brands inhibits purchasing intent of private label merchandise. A conceptual model was developed, and tested by means of Partial Least Squares path analysis, using a sample of 482 respondents. The outcome reflects that consumers take cognisance of value through price, risk and quality cues, but that loyalty to existing brands has a minimal effect in the final stage of the model. Moreover, both in- and out-of-store influences were found to play a significant role in the determination of product quality. Retailers therefore possess a number of levers at their disposal to influence perceived value, most notably price, product quality and the perceived risk portfolio, as well as packaging, shelf placement, store environmental factors, etcetera.     

论吴文化对苏南本土民营企业伦理观的影响

企业作为社会经济活动的主体,不仅具有经济性,而且具有社会性与伦理性的特点。在我国,企业伦理是随着改革开放而兴起并逐渐被理论界和企业界所重视的问题。企业伦理观的形成受很多因素的影响,其中区域文化是不容忽视的重要因素。吴文化是中华优秀文化的重要组成部分,是一个区域性明显、刚柔并济的文化,根植于此的苏南本土企业受吴文化的影响,形成了重义轻利、精打细算、外柔内刚、富国利民的伦理思想。新的发展时期,需要不断完善苏南本土民营企业伦理道德体系建设,提升苏南本土民营企业建设企业伦理的自主意识,塑造苏南本土民营企业行为文化和精神文化,健全苏南本土民营企业伦理评估机制,才能不断加强苏南本土民营企业社会责任意识,进一步推动苏南社会经济的发展。     

财政支出对民间投资效应的跨时差片和地区差异

本文研究财政支出对民间投资的效应是否存在跨时差异和地区差异。我们对比分析了1981-1993年、1994-2005年这两个时间段的回归结果,发现财政支出对民间投资的促进作用主要体现在1981-1993年。对财政支出效应地区差异的实证分析表明：虽然从全国范围看,财政支出总量无助于促进民间投资,但是分地区看,财政支出效应在中部最大,而在东西部并不显著。     

CCPIT Delegation Visits Major Economic Organizations in South Korea

On March 11, a CCPIT delegation headed by WangJinzhen, Vice President of CCPIT visited Federation of Korean Industries （FKI）, Korean SME Central Council and Korea Chamber of Commerce and Industry （KCCI）.     

2010：风电产业发展喜忧参半

2010年,我国风电产业的发展可谓喜忧参半。喜的是我国风电产业继续保持增长势头,同时我国迈出了大力推进海上风电的发展步伐：忧的是风电产业规模继续扩大、市场竞争愈发惨烈,同时在风机不断求大追新的快速发展背后．风机质量安全存有隐患。     

Economic growth in South East Asia and its consequences for the environment

The debate on environmental policy generally focuses on the industrialized countries. It is often neglected that rapid economic growth in the newly industrializing countries is certain to lead to the rise of environmental issues on a large scale. Especially Eastern and South East Asia will witness major environmental degradation in the next few decades unless appropriate environmental policy measures accompany further economic growth.     

The impact of globalization on HRM: the case of South Korea

Globalization can have far reaching implications for human resource management (HRM) and management practice in general. For some, globalization creates pressures for a common, often taken as ‘best’, transferable set of HRM practices that can spread around the world. These best practices are considered powerful enough to override existing systems. In contrast, others see national based HRM systems as more resilient, partly because of the systemic underpinnings of particular cultural and institutional milieu. Both views contain important implications and lessons. We outline these, a framework for viewing them and the case of HRM in South Korea to demonstrate the issues, contradictions and dilemmas and ways of thinking so that practitioners can make informed choices concerning HRM practices to develop competency enhancing HRM systems.     

The impact of the composition of government spending on private consumption and investment: some impirical evidence

Government spending is disaggregated into investment and consumption components to investigate both theoretically and empirically whether public sector consumption and investment spending crowd out private sector expenditures in the same categories. The hypothesis is that the composition of public sector expenditures may also be important in influencing the composition of private expenditures, rather than just the total level of public expenditure. The empirical results do not indicate that public expenditures in these two categories significantly influence their private sector counterparts.     

经济下行压力加大对农业投入的影响研究

由于经济下行压力不断加大,我国农业投入面临增长乏力的境况.我国财政农业存在支出不足、农业信贷资金投放不足、农户投入不足等问题,为此应采取强化财政对农业的投入、鼓励金融机构增加农业信贷投入、激励农户自愿加大农业投入等措施,确保我国农业投入持续稳定增长.     

The Analysis of Gender Differences in Perception of Economic impact of World Expo 2010 Shanghai

1.Survey MethodsWe chose the residents of Shanghai as research object and our questionnaire used liken scale score.From August 1,2010 to September 23,2010 we handed out 400 questionnaires and 340 ones were returned.There were 311 valid questionnaires(if a questionnaire has more than 2 missing values,it is an invalid questionnaire)and the response rate and efficiency were 91.7%and 91.5%.     

Economic informality and the venture funding impact of migrant remittances to developing countries

In developing countries, weak institutional capacity to observe and regulate the economy discourages foreign capital inflows vital to venture investment. This informality effect may differ for migrant remittances, inflows less reliant on formal arrangements. We use institutional and transaction cost theories to propose that informality shifts migrant remittances toward venture funding. Analyses in 48 developing countries observed from 2001 to 2009 support our proposition. When the informal sector exceeds approximately 46% of GDP, remittances increase venture funding availability. Migrants and their remittances are vital to funding new businesses and entrepreneurially-led economic growth in developing countries where substantial informality deters other foreign investors.