中国货币政策对美国货币政策独立性的实证分析

在外汇储备快速增加和汇率制度面临选择的背景下,中国货币政策的独立性备受关注。本文运用Ordered Probit模型,对中国货币政策相对美国货币政策的独立性进行了实证分析。结果表明:1998年1月至2011年6月,中国基本保持了货币政策的独立性;从1998年1月至2005年6月和2005年7月至2011年6月汇率浮动幅度有明显差异的两个时段分析我国货币政策的独立性的差异,发现人民币汇率浮动幅度的放宽并未导致中国货币政策独立性的增强,放宽汇率管制并不能增强中国货币政策的独立性。     

The currency denomination of exports — A questionnaire study

We report survey results on the currency choice of a random sample of Swedish exporters. We find that for an overwhelming share of exports, the price, invoice and settlement currency is the same. The currency of the customer is the most used, with Swedish kronor and vehicle currencies accounting for approximately equal shares. Currency choice is similar for intra-firm and between-firm trade. We also find that negotiations are important for both the price and for the currency choice. A minority of firms use posted prices for their main exports — the median price adjustment for those firms is once per year.     

Establishment mode choice by Chinese firms in Latin America: The role of host country‐specific experience and government official visits

This study addresses establishment mode decisions by emerging‐market multinational enterprises entering other emerging economies. More precisely, we examine the influence of prior host country experience and home government official visits on the choice between the acquisition of a local company and the creation of a new subsidiary from scratch. By analyzing 315 investments carried out by Chinese firms in Latin America, we obtain that they are more likely to enter through an acquisition when they have established prior subsidiaries in the host country. Moreover, recent Chinese government official visits contribute to mitigate the difficulties of an acquisition for those companies with less local experience.     

The endogeneity of the exchange rate as a determinant of FDI: A model of entry and multinational firms

This paper argues that when the exchange rate and projected sales in the host country are jointly determined by underlying macroeconomic variables, regressions of FDI flows on both exchange rate levels and volatility are subject to bias. The results demonstrate that a multinational firm's response to exchange rate volatility will differ depending on whether the volatility arises from shocks in the firm's native or host country. It is the first study to depart from the representative-firm framework in an analysis of direct investment behavior with money.     

"The Right Man": James A. Jackson and the Origins of U.S. Government Interest in Black Business

Despite the widely held notion that U.S. government assistanceto African American entrepreneurs commenced in the late 1960s,the evidence indicates that government interest in promotingblack business actually began in the 1920s. Beginning with theappointment of James A. Jackson in November 1927, the U.S. CommerceDepartment’s agenda, until the mid-1950s, included "NegroAffairs." Jackson’s actions did not generate the directfinancial assistance to black entrepreneurs associated withsuch later government initiatives as Richard Nixon’s "BlackCapitalism." Nevertheless, Jackson’s pioneering efforts,to provide black businesspeople with useful information, helpedto positively reshape contemporary African American entrepreneurs’beliefs about the role of government in their lives.     

中美贸易收支的人民币汇率弹性及政策启示

金融危机之后,中美贸易顺差成为美国贸易保护主义的主要借口,人民币升值的压力日益增加。此背景下,准确测度中美贸易收支的人民币汇率弹性,关系"后危机时代"中国对外贸易政策以及汇率政策的选择。实证分析表明,中国对美国出口的人民币汇率富有弹性,而对美国进口与人民币汇率不相关。因此,对中国政府来说,应该顶住外部压力,尽可能保持人民币汇率的稳定,促进贸易、就业和经济增长;对美国来说,人民币汇率不是其贸易逆差的根源,人民币升值的结果只能产生贸易转移效应,并不能缓解其逆差状况,过度和偏激地施压人民币升值实非明智之举。     

The impact of world oil price shocks on the Canada/U.S. real exchange rate

This article investigates whether and how changes in the world oil price affect the Canada/U.S. real exchange rate. We applied vector autoregression and vector error correction models for the real exchange rate, world oil price, monetary differential, government spending, and productivity differential between the two countries. Our results demonstrate that a surge in the world oil price will lead to an appreciation of the Canadian dollar in the short and long term. Product differentials and U.S. government spending have a negative impact on the Canada/U.S. real exchange rate, and Canadian government spending leads to a depreciation of the Canadian dollar.     

Consumers’ perceptions of food waste: A pilot study of U.S. students

Participants in this pilot study are asked to rank their perceptions of food waste by choosing between pairs of four types of foods of equal weight: chicken, cheese, bread and peas. We examine whether these perceptions are consistent for proportionally different weights and whether they are linked to the perceived cost of the items. The subjects (n = 106) who are students are randomly assigned to one of three information treatments: a control, a food waste video or the text of the food waste video. We find that the subjects have very accurate perceptions of the environmental impacts of food waste and the relative wastefulness of different food groups. These perceptions are not related to cooking skills or frequency. We find that the perceptions are consistent for proportionally different weights of food: 25 and 50 g. We also find that the perceptions are linked to participants’ assessments of the relative prices of the foods. However, while the participants have somewhat accurate estimates of the relative prices, they vastly overestimate the actual prices of foods. This implies that more accurate information about the true prices could actually decrease their perceptions of the wastefulness of throwing out food. Given that the participants had highly accurate perceptions of the environmental impacts of food waste and the relative wastefulness of animal vs. plant products, we found no significant increase in overall accuracy of perceptions due to information treatment, except for bread, for those who saw the food waste video.     

The Role of Public–Private Partnerships in Facilitating Cross‐Border Logistics: A Case Study at the U.S./Canadian Border

Private enterprise carries out the complex operations of cross‐border logistics that are the lifeblood of global supply chains. Yet, the efficiency of these activities depends on government agencies that provide the logistics infrastructure for global trade. Thus, public–private partnerships (PPPs) play an important role in facilitating improvements in cross‐border logistics. While private enterprise and the public sector are key stakeholders in the quality of cross‐border logistics, research that examines PPPs in logistics management is relatively sparse. To address this gap, the current study aims to develop empirically based theoretical insights into the nature and role of PPPs in the context of cross‐border logistics. The study employs a grounded‐theory analysis of case study data collected at the U.S./Canadian border. Findings show that private enterprise collaborative capability and public interagency cooperation determine the performance of PPPs which, in turn, influence the quality of cross‐border logistics.     

The sensitivity of U.S. multinational enterprises to political and macroeconomic uncertainty: A sectoral analysis

This paper confronts two alternative approaches for explaining U.S. foreign direct investment (FDI) pattern in developing countries. According to the real options (RO) approach, FDI in capital-intensive industries should be particularly deterred by political and macroeconomic uncertainty. On the other hand, the supply chain risk management (SCRM) approach puts forward that multinational enterprises in vertically integrated industries are unlikely to locate their foreign activities in risky countries. Thanks to the use of sectoral data, it is demonstrated that the SCRM approach explains much better the pattern of U.S. FDI in developing countries than the RO approach.     

美国对于政府采购所实施贸易措施的分析

世界各国的政府采购是一个庞大的市场,美国的态度一直是积极倡导世界各国对外开放政府采购市场同时,我们可以发现美国在这个领域所采取的手段和措施具有比较明显的保护主义倾向,一方面美国想方设法为自己的企业打开别目的市场,同时在国内的立法和行政方面,对自己的政府采购市场采取了种种的保护手段。     

The Effective Delivery of Franchisor Services: A Comparison of U.S. and German Support Practices for Franchisees

ABSTRACT

Conventional wisdom suggests that more services offered by franchisors should lead to fewer complaints from franchisees, and that franchisees ought to be better off with additional support provided. We set out to differentiate those services that are truly effective and are perceived as beneficial by franchisees from those that may have little effect or may even be perceived as counterproductive. Our survey targeted franchisors in the U.S. and in Germany, comparing the most mature franchise market globally to one that is relatively young. System disruption was found to be dependent on the maturity of the market, as little differentiation is provided in the very mature U.S. market, but considerable differentiation exists in the younger German market. Also, the size of the system matters, as bigger systems typically provide more services. Finally, different types of services have varying levels of effectiveness in the less mature franchise market of Germany.     

美国次贷危机对我国房地产证券法律监管的启示

房地产抵押贷款证券化是20世纪以来最重要的金融创新,主要是指把流动性差的个人房屋抵押贷款通过信用增级转换成可以在二级市场自由流动的证券的过程.2007年美国次贷危机爆发并迅速波及全球,使得世界各国的金融机构遭到重创,房地产次级抵押贷款危机形成.我国从房地产抵押贷款证券化试点到现在,经过几年的发展取得了一些成就,但就目前而言,我国相关的法律监管体制不足以保证我国房地产抵押贷款证券化安全高效进行,基于美国次贷危机的启示,我国房地产抵押贷款证券化的法律监管还有待进一步完善.     

The institutional context as a source of heterogeneity in family firm internationalization strategies: A comparison between U.S. and emerging market family firms

Existing research has underexplored the role of context as a source of heterogeneity in family firms’ (FFs) internationalization strategies. Drawing upon institutional theory, we develop and test a mid-range theory positing that differences in the quality of the institutional context can moderate the strength of the relationship between individual- and board-level attributes and FF internationalization. Our comparison of U.S. FFs with FFs from Brazil and Mexico reveals that in emerging market FFs, individual-level attributes such as CEO international experience, CEO educational attainment, and CEO international education exhibit a stronger relationship with internationalization. Similarly, we find that board-level attributes such as board size and board independence are also more strongly related to internationalization in emerging market contexts. We contribute to the literature by identifying a source of variation in FF internationalization strategies based on context and by examining the relationship between a wide range of FF attributes and internationalization.     

The evolving role of hit and niche products in brick-and-mortar retail category assortment planning: A large-scale empirical investigation of U.S. consumer packaged goods

Long tail theory, the notion that the future of retailing could involve shifting product assortments to offer more product variety to precisely serve the unique needs of individual customers, has largely been proven true in the context of online distribution. However, it has been implicitly assumed that this theory does not apply to brick-and-mortar selling situations due to higher supply side inventory costs and higher demand side consumer search costs. Academics and practitioners alike have thus advocated for the use of Pareto rules to make category assortment planning decisions about product inventory breadth and depth in the brick-and-mortar channel. This research directly challenges this received wisdom by noting that the widespread prevalence and use of mobile technology is causing information flows to speed up for consumers even while performing traditional shopping tasks. Such information flows should theoretically favor the strategic importance of niche products in the long tail of the sales distribution. A large-scale empirical analysis of consumer packaged goods brick-and-mortar retailing data indicates that this alternative prediction is indeed true. This research contributes to a larger body of research as well that has documented how major environmental forces are shifting the nature of retail strategy, particularly in the brick-and-mortar channel.     

The financialization of the non‐financial corporation. A critique to the financial turn of accumulation hypothesis

One aspect in which non‐financial corporations (NFCs) are said to be financialized is that they have been increasingly engaged in financial accumulation from which they derive a growing proportion of financial income. This is what we call the financial turn of accumulation hypothesis. In this article, we show that the evidence used to sustain it, in the U.S. setting, has to be reconsidered. Our findings show that, contrary to the financial turn of accumulation hypothesis, financial income averages 2.5% of NFCs’ total income since the 1980s, oscillating since the beginnings of the 1990s until 2005 and then declining. In terms of assets, some of the alleged financial assets might actually reflect other activities in which NFCs have been increasingly engaged, such as tax avoidance, internationalization of production, activities refocusing and M&As.     

‘The Impact of Corporate Ethical Values and Enforcement of Ethical Codes on the Perceived Importance of Ethics in Business: A Comparison of U.S. and Spanish Managers’

This two country study examines the effect of corporate ethical values and enforcement of a code of ethics on perceptions of the role of ethics in the overall success of the firm. Additionally, the impact of organizational commitment and of individual variables such as ethical idealism and relativism was examined. The rationale for examining the perceived importance of the role of ethics in this manner is to determine the extent to which the organization itself can influence employee perceptions regarding ethics and social responsibility. Results indicate that all of the variables tested, except relativism, impacted upon one’s perceptions of the importance of ethics and social responsibility. Perceptions of the importance of ethics and social responsibility also varied depending upon country of residence with the U.S. sample having somewhat higher perceptions concerning the importance of ethics and social responsibility than their counterparts in Spain. Furthermore, when comparing the two samples, the U.S. sample had significantly higher corporate ethical values, greater enforcement of ethical codes, less organizational commitment and both lower idealism and relativism.