资本流入新兴市场国家:共同的难题、不同的风险

近年来,包括中国在内的亚洲和欧洲新兴市场国家和地区成为了国际资本流入的热点.资本流入带来好处的同时,也给这些国家带来了不同程度的经济风险.对比分析亚洲和欧洲新兴市场国家的资本流入情况表明,亚洲国家和欧洲国家经济特点上的差异使二者之间面临的风险有所不同,采取的对策和受到的制约也不尽相同.     

Does corruption boost or harm firms’ performance in developing and emerging economies? A firm-level study

In the last decade, a growing number of studies have addressed the ongoing debate about whether corruption “sands” or “greases” the wheels of business at the firm level. This study revisits this debate and proposes a comprehensive theoretical framework to test whether corruption harms or boosts firm performance, as well as the extent to which this relationship is mediated by the countries’ institutional settings, the size and strategic behaviour of the firms, and market competition. Based on a sample of 21,250 firms located in 117 emerging and developing countries, and resorting to instrumental variable (IV) estimations, three main results were found: (a) regardless of the proxy used for corruption and firm performance, the former clearly harms the latter; (b) corruption “greases the wheels” of business for African firms but it “sands the wheels” for firms in Latin America, the Caribbean, Eastern Europe, Central Asia, and Southern Asia; and (c) the negative impact of corruption on performance is mitigated for larger and exporting firms.     

新兴经济体跨国公司理论研究进展及演进趋势分析

跨国经营较成功的新兴经济体跨国公司具有对外直接投资区位范围广泛、不断向产业链高端延伸、在发达国家积极进行资产寻求型对外直接投资、政府在企业跨国经营中扮演重要角色等典型特征;其理论研究进展主要包括：基于制度视角的OLI范式拓展、基于资源观视角的LLL分析框架、基于企业成长视角的非平衡理论、整合多视角的Y模型等;理论研究的演进趋势主要表现为对现有理论的修正及整合、个案研究与系统研究的结合、经济学与管理学研究范式的融合、其它学科理论的借鉴等。     

Determinants shaping the international currency system: Where do currencies stand relative to their equilibria?

Using a sample of 27 currencies, we empirically test the role of a large set of determinants potentially underlying currencies' share in the international currency system, providing, to the best of our knowledge, the most comprehensive study of this kind so far. We propose a new global indicator that quantifies the international use of currencies on the basis of three dimensions—medium of exchange, unit of account and store of value. From a range of indicators including openness, financial development and institutional development indicators, we uncover several variables that are significant in explaining the international status of currencies, hence contributing to understanding the role of the determinants shaping the international currency system. We also investigate the long-run equilibrium values for currency shares, allowing us to score currencies on the basis of the potential stemming from the determinants. We contribute to the debate on international currencies' prospects, not only by looking at much discussed currencies such as the US dollar, the euro and the Chinese renminbi, but also by uncovering potential of emerging currencies. This knowledge is of the utmost importance for the debate on the reform of the international monetary system—from the point of view of academics, policymakers and market practitioners.     

Business Ethics in Transitional Economies: Introduction

This paper introduces the special issue of papers selected from those presented at the International Conference on Business Ethics in Transitional Economies, held March 20–22, 2002 in Celakovice and Prague, Czech Republic. A brief background on the conference is given, and a summary of the papers offered in this special issue is provided.     

Brazilian OFDI Determinants

Recently, the global economy assumed a new setting in which emerging economies began to make substantial investments in the international market. This study aimed to investigate the determinants of outward foreign direct investment from Brazil from 2002–2011. The proposed models developed included attractiveness of the host country, characteristics of home country, and firms’ strategies. The results corroborate the existing argumentations concerning adaptation of mainstream theory with respect to the realities of emerging economies. Brazilian multinationals do not internationalize their activities in pursuit of cost reduction, efficiency, or to explore new markets or natural resources of the host countries. Results show that Brazilian investments were attracted by the availability of skilled labor, openness of the host market, geographic proximity, improved financial conditions of Brazilian companies, and national companies’ strategy of reaffirmation and consolidation as global players.     

Capital flows to Asia and Latin America: Does institutional quality matter?

Using a sample of 28 emerging market economies from Asia and Latin America spanning 1990–2013, we show that the marginal effect of capital flows on growth is positive and contingent on the threshold level of institutional quality (IQ). The conditional effect of capital flows holds for both the income per capita growth and total factor productivity (TFP) growth. We also determine the different threshold levels of IQ at which the marginal effect of capital flows is positive. The overall level of IQ in the Asian countries is superior to the Latin American countries and requires a lower threshold level to exert any positive effect. While the same conditional effect of IQ holds in Latin America for TFP growth, this effect is reversed in Asia. For very high levels of IQ (91st percentile), the marginal effect of capital flows on TFP growth in Asia is almost negligible. The marginal effects also vary based on the composition of capital flows in each region.     

基于规模经济的产业内国际贸易研究

随着世界各国国际贸易的发展,基于规模经济的产业内贸易已成为当今国际贸易的主要形式。为此,必须对我国产业内贸易进行理论研究,分析我国产业内贸易现状,结合我国实际从国际经济视角,制定出促进我国产业内贸易发展的对策。     

完善我国国债市场 充分发挥国债功能

我国国债市场在近年来得到了不断的发展,其功能也得到一定的发挥。但是它还不完善,正是这些不完善制约了功能的发挥。为此,从财政政策与货币政策相结合的角度,就国债市场进行了分析,并为其完善提出了一些建议,以便有效地发挥其功能。     

Transforming Business Models in Fast-Emerging Markets–Lessons from India

There is a need for understanding the entrepreneurship and business models in the emerging economies, especially the fast-expanding ones, from a different perspective as compared to the developed economies. The consistent gross domestic product (GDP) growth rate, significant socioeconomic potential, untapped needs of the population, and economic growth potential in the fast-expanding emerging economies like the BRIC nations (Brazil, Russia, India, and China) have changed the paradigm for investment, thereby creating a new economic development reality and focus for the global companies. However, achieving success in these emerging markets has its own unique mix of challenges. This requires a transformative and innovative mind-set toward conceptualization of a working business model that can fit into the reality of the socioeconomic and cultural challenges of these emerging markets. Further, the business model changes and alignment in these emerging markets require closer analysis and understanding of the global trends as well as ability to leverage the emerging technologies and linkages. The objective of this article is to explore the magnitude of opportunities and emerging business models transforming the socioeconomic landscape in fast-expanding emerging markets. In doing so, the article attempts to provide an overview of the emerging business model typologies and patterns that will enable the global companies to make better-informed decisions and build their presence in the fast-expanding emerging markets. © 2015 Wiley Periodicals, Inc.