金钱背后的男人艾伦·格林斯潘

引领美国经济经历了最长增长期的格林斯潘总是穿着深色西服,戴着黑框眼镜,头发已经稀疏,一脸的褶子,讲起话来慢条斯理,而且面无表情,完全是一副老学究的样子,就是这个素来不喜走动,低调平稳的人,其决策可以影响到美国整个国民经济乃至全世界经济在今后几年甚至几十年的发展状况.     

Session Ii: Capitalism and Social Insurance

In what Jeff Gordon describes as “the great risk shift,” large U.S. companies have responded during the last 50 years to the forces of globalization and increased pressure from investors by transferring the risks associated with product and worker obsolescence from their shareholders to their employees. Layoffs have generally meant very large, if not complete, losses of “firm‐specific investments” by displaced employees. And the problem is especially troubling in the U.S., where the employees of large companies lose not only their jobs and income streams, but also often their connection to their social network, to the entire system of social welfare and insurance that tends to be provided by large companies and the workplace. While applauding corporate retraining programs, Gordon suggests that individual company efforts are likely to be overwhelmed by the demand for such services. The solution accordingly lies in the form of government‐provided social insurance—in programs that, whether orchestrated and funded at the state or federal level, provide the most cost‐effective government “match” designed to ensure the preservation of human potential and lifetime earnings power of employees.     

当前的金融和经济危机：一个新自由资本主义的系统性危机

本文给出了这样一种情况,即2008年从美国开始的金融和经济危机意味着新自由资本主义系统性危机的肇始。在过去几十年里推动了一系列长期经济扩张的一些新自由资本主义的制度特征,也同样产生了一种长期的趋势,这种趋势已经导致了系统性的危机。本文还考虑了经济重构的几种可能的未来方向。     

国际金融危机与当代资本主义的新视角

本文从马克思主义视角分析本轮国际金融危机产生的制度性原因,即资本主义社会经济制度的内在矛盾,特别是其基本矛盾长期积累是资本主义国家经济金融危机的根源.同时,本文深入探讨当前的国际金融危机与当代资本主义演化之间的内在关系.     

Paradigms in accounting research: A view from North America

The highest ranked U.S. business schools value, almost exclusively, publications in academic journals deemed to be “A-level” and high quantities of SSCI citations. But the so-called A-level journals, which typically are said to be five in number or less, publish predominantly empirical tests of economics-based models using large, archival data sets. Motivating researchers to publish papers that are situated only in these journals and that gather high quantities of SSCI citations, which are more likely if the publications are in mainstream topic areas, reduces topic, discipline, and research method diversity. The loss of diversity is costly to the schools themselves, the academy and, indeed, society. The narrow focus of the U.S. business schools provides a great opportunity for business schools in Europe and other parts of the world to take a leadership position in many important research areas. But that opportunity will be lost if those schools try to emulate the U.S. business school model.     

Sovereign Debt Crises in Latin America: A Market Pressure Approach

ABSTRACT

We construct a continuous sovereign debt crisis index for four large Latin American countries for the period 1870?2012. To obtain the optimal set of indicators and the optimal value of the threshold for dating crises we apply the receiver operating characteristic (ROC) curve. Our sovereign debt crisis index is a weighted average of three indicators: the debt-to-GDP ratio, the external interest rate spread, and the exports-to-imports ratio. The continuous index allows a more advanced analysis of sovereign debt crises as illustrated with an investigation of the relationship between sovereign debt crises and business cycles in Latin America.     

The Greenspan years: an analysis of the magnitude and speed of the equity market response to FOMC announcements

We examine the impact of monetary policy on the S&P 500 using intraday data. The analysis shows an economically and statistically significant relationship between S&P 500 intraday returns and changes in the Fed funds target rate. The significance and magnitude of the response is dependent on whether the change was expected or unexpected. An expected change in the Fed funds target rate has no impact on prices in the broad equity market; however, an unexpected change of 25 basis points in the Fed funds target rate results in an approximate 48 basis points decline in the broad equity market’s return. The speed of these market reactions is rapid with the equity market reaching a new equilibrium within 15 minutes.

Equity market integration in Latin America: A time-varying integration score analysis

We develop a measure of market integration score by extending the methodology of Akdogan [J. Portf. Manage. (1996) 33; J. Portf. Manage. (1997) 82] to reflect the degree of integration of domestic equity markets with other markets in and beyond the region. We empirically estimate the integration scores for a sample of six Latin American markets between January 1988 and December 2001. We find a trend towards increased regional integration relative to global integration until the mid-1990s. A distinct change in trend is noted during the second half of the 1990s, with global integration proceeding faster than regional integration.     

Exploring accounting history and accounting in history

Accounting history, as the history of accounting and the consideration of accounting in history, provides insight into an understanding of accounting in the past, for the present, and into the future. Whilst often viewed as a routine, rule driven practice, the accounting history discipline recognises accounting as having a much wider pervasiveness as social practice and even moral practice. As social practice, accounting affects individual, organisational and societal behaviour. This collection of articles demonstrates the importance of looking at history to provide context and illustrates that understandings of the past lead to comprehension of the present and foresight for the future. The articles in this special issue, international in essence, epitomise the diversity of the accounting history field in exploring accounting in diverse organisations, in investigating accounting in its wider context and in employing different theoretical approaches. In considering the accounting phenomenon that occurred, there is additionally the insight of that which did not occur, the relevance of past events and non-events as an ingredient to better understanding the present and to potentially reshaping the future.The articles explore of the role of actors/agents around accounting and organisational change, how key individuals and networks of individuals, can influence others, both within and external to the organisation, to enact change or prevent change in areas where accounting contributes. It is suggested that these studies could be extended, to consider more widely the influence of the interaction of individuals via prosopographical or similar studies. This collection of articles has global reach, and we make an additional call for more international, interactional or comparative approaches to studies in accounting history. Accounting history studies can further investigate organisational contexts and situations, exploring reporting internally and externally to the organisation and informing current and future accounting and related practices.     

Business Cycle Synchronization and Regional Integration: A Case Study for Central America

Deeper trade integration between Central America and the UnitedStates, as envisaged under the Central American Free Trade Agreement,is likely to lead to closer links between Central American andU.S. business cycles. This article assesses the degree of businesscycle synchronization between Central America and the UnitedStates—relevant not only for a better understanding ofthe influence of important trading partners on the businesscycle fluctuations in the domestic economy but for evaluatingthe costs and benefits of macroeconomic coordination.     

只在美国——次级债危机

美国次级债事件差点引发全球金融危机,次级债的直接损失到底有多大,是否会引起更严重的多米诺骨牌效应?本文运用翔实的资料进行了科学预测,可供读者研究和投资参考。     

中国对欧美直接投资趋势：比较分析

21世纪,中国成为世界上对外直接投资增长最快的国家之一,2016年中国对外直接投资达到峰值。此后,中国对外直接投资出现下降,主要表现为中国对欧美直接投资减少。2018年中国对美国与欧盟的直接投资规模出现较大差距。这里既有中国国内政策的变化,也有对国际贸易摩擦的回应。     

New development: A new history of collective bargaining in South Korean governance

Collective bargaining in the public sector is less developed in most East Asian countries due to legal restrictions imposed on employees in the public sector. Surprisingly, for the first time since the Act on the Establishment and Operation of Labour Unions for Public Officials took effect in 2006, collective bargaining and negotiations led to an agreement between the South Korean government and the union representing national government officials in December 2017, heralding a new era of collective bargaining in South Korean governance. This new development offers meaningful lessons for governments and public sector unions around the world.     

A modern history of fiscal prudence and profligacy

Drawing on a newly collected historical dataset of fiscal stocks and flows, we analyze the determinants of variation, both across countries and over time, in how fiscal policy responds to increases in the government debt-to-GDP ratio. The fiscal data comprise revenues, primary expenditures, interest bill, and government debt for 55 countries for up to two hundred years. The policy response (increase in the primary fiscal balance in response to debt increases) is found to be significantly weaker when sovereign borrowing costs are low, inflation is high, and potential economic growth worsens unexpectedly. These results are robust to political factors.     

Speculative bubbles in emerging stock markets and macroeconomic factors: A new empirical evidence for Asia and Latin America

The purpose of this study is firstly to test for the existence of periodically collapsing stock price bubbles in Asian and Latin American emerging stock markets for the period 1990–2009. We use the new non-cointegration test developed by Taylor and Peel (1998) with the Residuals-Augmented Least Squares (RALS) method of Im (1996) and Im and Schmidt (2008) for monthly data of price indexes and dividends. The results show that the hypothesis of formation of bubbles cannot be rejected for all of the studied emerging stock markets. This evidence implies that the co-integration relation between the prices and the dividends is not always supported, indicating that the stock prices do not reflect their fundamental values in the emerging stock markets. We then link speculative bubbles with macroeconomic and financial factors, which is an interesting contribution of this study. The degree of equity market openness is found to be the key factor, positively related to the formation of speculative bubbles in these markets.     

In pursuit of legitimacy: A history behind fair value accounting

An examination of the history of attempts by regulators, practitioners and scholars from the mid nineteenth century to 2005 to establish an appropriate accounting measurement basis for financial reporting here leads to an evaluation of the likelihood of fair value accounting (FVA) practices becoming fully institutionalised. Using concepts drawn from theories of legitimation, it is shown here that historic cost accounting (HCA) only enjoyed an episodic legitimacy in the 1940s–70s and that prior and after this period mixed measurement incorporating market values is routinised. Although principles of FVA have been legitimised to an extent, it is argued here that this has resulted in the practice of mixed measurement bases being taken for granted.