Property-led regeneration and job creation: The Belfast case

This paper presents the results of a recent evaluation of the Urban Development Grant in Belfast. In contrast to cities in Great Britain, the Urban Development Grant in Belfast has been available not just to property speculators, but also to owner-occupiers of commercial premises. The grant is to facilitate employment growth in assisted businesses by removing constraints on trade and production imposed by unsuitable premises or location. An analysis of employment change in UDG-assisted and non-assisted businesses is undertaken to ascertain whether grant assistance was associated with employment growth.     

Empowering communities: The experience of the church urban fund

This article seeks to report on ways of empowering local communities who are suffering multiple deprivation. It is set within the context created by the requirement for partnership in the submission of funding applications to City Challenge and the Single Regeneration Budget. This exploration draws upon an evaluation of the Church Urban Fund undertaken by the authors in 1993-4 funded by the Department of the Environment, the Church Urban Fund, the Paul S. Cadbury Trust and the Wates Foundation (Farnell et al, 1994).     

印度基金受托人的独立性与我国基金托管人制度创新

基金托管人制度在基金治理结构中起着重要作用。托管人的独立性是保证基金资产安全、促进资金高效运用、保护投资者权益的关键。印度共同基金受托人制度较好地解决了受托人（即基金一般意义上的托管人）与管理人之间的关系，确保了受托人的相对独立性，对于解决我国托管人制度目前存在的缺陷具有积极的借鉴意义，对我国基金治理结构创新带来了有益的启示。     

棘手的财赤问题

近期在香港除了谈经济转型不易、经济呆滞、失业高企、楼市续跌、股市大降、消费和投资不振、外围尤其美国的不明朗因素、信心低沉等这些话题之外,人们正越来越多地谈论又一个同样棘手的话题,那就是看来似乎颇难解决的财政赤字问题.评论文字在香港俯拾可见.     

对封闭式基金和开放式基金中经理人法律地位的分析和比较

自1998年第一家新基金“基金金泰”进入市场以来，我国陆续投放了30余支新基金，并对原有的老基金品种进行了规范，通过合并、扩募使之向新基金过渡，大……     

Fiscal flows in Europe: The redistributive effects of the EU budget

Fiscal Flows in Europe: The Redistributive Effects of the EU Budget. — In this paper we analyze the redistributive effects of the EU budget among European countries, exploring the relationship between income and fiscal flows, both in per capita terms. Using a new data set on EU budgets from 1986 to 1998, we find that the EU budget has a redistributive effect, though only on its expenditure side. The most redistributive expenditure category is the Regional Fund, followed by the Social Fund and by the guarantee section of the EAGGF. All of them have become increasingly redistributive in time. Total budgetary revenues show only proportionality with income. As regards the net financial balance, three groups of countries are identified, given the treatment they get from the EU budget that cannot be explained by their per capita income levels.     

我国发展债券基金的可行性研究

债券基金是一种以债券为投资对象的证券投资基金，它通过集中众多投资者的资金，对债券进行组合投资，寻求较为稳定的收益。发散投资、专业管理、收益共享等特征，还具有流动性强、安全性高和收益稳定等优点。本文在探讨我国发展债券基金意义的基础上，对我国发展债券基金的市场基础、市场需求和债券基金组织形式等一系列问题进行可行性研究。     

Including the community in local regeneration? The case of greater pollok social inclusion partnership

This paper seeks to evaluate critically the extent to which there is community involvement in the construction and delivery of urban policy under New Labour, through a case study of the Greater Pollok Social Inclusion Partnership. The paper concentrates on the Scottish experience, but its lessons resonate more widely. Its key finding is that, for all the rhetoric of New Labour and community involvement, the degree to which it has occurred in practice is little different to the level of involvement under Conservative urban policy initiatives. The paper argues that the processes of community consultation and participation during the early stages of the Greater Pollok Social Inclusion Partnership were woefully inadequate. At best it was tokenistic, and at worst, local people were being 'exploited' to legitimise the policy process.     

The challenge by domestic enterprises to the transnational corporations' domination: A case study of the Argentine pharmaceutical industry

Given the relative reduction in the rate of innovation of the large TNCs operating in the pharmaceutical field and the reduced interest in the Argentine market by most of the TNCs in the late 1960s and the early 1970s, domestic firms have been able to challenge the domination of the pharmaceutical industry by foreign enterprises. Using the techniques of product differentiation, they have been able to launch more new medicines into the market than foreign enterprises. This was done through transfer of technology agreements in a number of cases, relying on non-patented sources for the provision of active components in other cases and devoting some resources to local R and D. As a result of the challenge, foreign participation in the market for finished products in Argentina was not high by international standards (57% in 1972), the majority of the pharmaceutical sub-markets showed a medium degree of business concentration and the ranking of the leading firms included 6 local enterprises among the 15 leaders of the country.     

Finding the fat: The relative impact of budget fluctuations on African-American schools

On average, per pupil expenditures were much lower in schools attended by African-American children than in schools attended by whites during the period of de jure segregation. Little is known, however, about what motivated school boards to maintain this inequality or why they funded African-American schools at all. Using newly collected data on schools in early twentieth-century Georgia and exploiting a funding shock resulting from the rules regarding appropriations from the State School Fund, this paper examines how school boards divvied up the proceeds of exogenous shifts in school budgets by race. In response to a one dollar per pupil budget cut, instructional expenditures in white schools fell by $1.21 per pupil, while they remained almost unchanged in African-American schools. Thus, whites, rather than African Americans, bore the brunt of budget cuts, indicating that there was little fat to trim from the budgets of African-American schools.     

Regenerating Neighbourhoods: A Critical Look at the Role of Community Capacity Building

This paper offers a critical analysis of the concept of 'community capacity building' identifying two approaches to practice: the strategic and developmental. Examples of these two approaches to the practice of capacity building by Groundwork Trusts in villages in South Yorkshire and County Durham are then discussed and some conclusions drawn as to the value of each.     

Singapore's recurrent budget surplus: The role of conservative growth forecasts

Aided by strong economic growth the Singapore government has been able to keep both the tax rate and the government expenditure rate low and yet generate healthy budget surpluses year after year. Although the gap between the tax rate and the government expenditure rate is the obvious source of the surplus, this paper shows the presence of another subtle source, a surplus generated by conservative growth forecasts that lay the base for revenue projections. An omitted variable bias in a model based on the tax smoothing hypothesis led us to consider the role played by the growth forecast error in predicting the budget surplus. Our computations show that on average the under-prediction of the tax base (GDP) must have contributed about S$ 376 million (or about 13%) per year to the realized budget surplus over the period 1990–2005. This appears to be simply a by-product of the Government's philosophy of “fiscal prudence”.     

The international fund for Ireland: Some findings on its patterns of expenditure

The International Fund for Ireland (IFI) was established by the Irish and British governments as part of the Anglo-Irish Agreement of November 1985. In 1994 the total resources available to the Fund were approximately £280 million. Both Unionists and Nationalists have expressed opposition to the Fund and concern over the Fund's objectives. Despite the considerable degree of controversy which surrounds the Fund, there has been no systematic analysis of the Fund's expenditure. This article begins such an analysis by presenting findings on the geographical distribution of the Fund's expenditure over the period 1986/87-1994. Findings on the distribution of the Fund's expenditure by the various initiatives and programmes which it sponsors (eg Business Enterprise, Tourism, etc) are also presented. The article also presents detailed findings on the allocation of the Fund's expenditure in one particular area of Northern Ireland, West Belfast. A number of policy recommendations are made on methodological issues surrounding the evaluation of the Fund and measures which the Fund could implement to reduce the suspicion and controversy which surround it.     

封闭式基金转开放式基金的动因分析及建议

封闭式基金转开放式基金的动因分析 由于封闭式基金自身存在着管理和交易方面的制度性缺陷，开放式基金提供了比封闭式基金更高的制度效率和更多的市场化因素，因此开放式基金在全世界成为一种主流投资品种将成为必然的趋势。     

从美国基金监管及管理模式的演变看中国基金业的发展

证券投资基金能否取得迅速发展,除了一般的经济和市场条件外,直接取决于基金的管理效率和基金持有人利益是否得到充分保护。美国是投资基金业最发达、监管机制最完善的国家,其监管及管理模式的演变对当前起步阶段的中国基金企业发展具有借鉴意义。     

开放式基金风险收益分析及产品设计

开放式基金是证券投资基金中的一种重要方式,代表着我国基金业未来的发展方向.开放式基金对于基金管理公司来说,是机遇,也是挑战.在投资理念、市场营销、风险控制等许多方面将有别于目前的封闭式基金.其中的产品设计更是基金管理公司业务发展的基础性工作.一条结构合理的产品线能够在相当程度上保证基金公司管理的资产规模的稳定性.