内部控制新发展——ERM概念框架

鉴于内部控制在面对因企业内外部原因产生的风险而力不从心,COSO发布了《企业风险管理(ERM)——综合框架》。本文结合英国风险管理协会发布的风险管理准则,对ERM的概念、要素等进行了介绍和分析。     

Hong Kong's exchange rate regime:: Lessons from Singapore

Singapore's managed floating exchange rate regime contrasts with Hong Kong's currency board system featured by the Hong Kong–United States dollars peg. This paper appraises the two different exchange rate regimes by comparing their track records in maintaining macroeconomic stability and trade competitiveness in the 1990s. A review of the two regimes' institutional characteristics and macroeconomic performance reveals the systemic inadequacy of Hong Kong's exchange rate regime under a changing global financial environment. As East Asia emerges from the recent financial crisis, Singapore's experience of successfully moving away from a currency board system to a credible managed floating regime offers a lesson worthy of attention from Hong Kong.     

出售时光的亨得利

近百年来的一路相伴,青岛亨得利“立德、敬业、卓越”的企业精神已经深入人心,在市场经济的大潮中,越发显得金光闪闪。在青岛,市民买手表、配眼镜,酋选的便是亨得利,亨得利品牌早已成为青岛市     

The Assessment: Education

Research on the economics of education increasingly influencesthe design of education policy. The framework for the analysisis provided by human capital theory, in which education is interpretedas an investment, raising the future productivity of the individualand bringing other private and social benefits. Estimates ofthe private and social returns to education, and of the effectivenessof schools and teachers, can be used to guide the allocationof resources within the public sector; in addition, policy reformsin the UK have attempted to make public providers of educationmore responsive to the preferences of parents and students.There is evidence that pupil attainment has risen in recentyears, but that the education system fails to provide equalityof access or opportunity and may reinforce social and economicinequality.     

Drug selection: Mozambique

Whereas a few hundred generic drugs are essential for health care, the international and many national markets are flooded with tens of thousands of brand-name preparations. This numerical difference is because of the many imitative products, drug combinations, brandname duplications, and drugs with low therapeutic value and/or unacceptable adverse effects. Since independence Mozambique has reduced the number of registered products, including those for retail pharmacy sale, from some 26,000 to about 1200. An effective national formulary has been introduced for health service use and now contains only 343 distinct therapeutic substances. The formulary uses only international non-proprietary names, and has been used to rationalize state pharmaceutical procurement with cost savings and to improve drug information and use.     

Regionalism: An Overview

Regional trading arrangements are proliferating. This overview considers some of their implications. Section I reviews the paradigm of traditional trade theory which emphasizes the "second best" nature of these arrangements. It also evaluates the conditions under which they are permitted by the GATT. Section II notes that these arrangements increasingly move beyond simply removing internal border barriers toward deeper forms of integration involving common behind-the-border policies and systems of governance. Taking account of these aspects of the arrangements requires a different analytic paradigm, which evaluates these arrangements as an alternative to national governance rather than simply as a means of liberalizing trade. Section III considers existing and emerging regional arrangements in Europe, North America, and Asia in light of these paradigms. J. Japan. Int. Econ., Dec. 1994, 8(4), pp. 365–387. John F. Kennedy School of Government, Harvard University, and National Bureau of Economic Research, Cambridge, Massachusetts; and Brookings Institution, Washington, DC.     

Drug control: India

Drug control in India is essentially a post-independence development. The Drugs and Cosmetics Act regulates the import, manufacture and sale of allopathic, Ayurvedic, Unani and homeopathic medicines and cosmetics. Both the Central and State Governments are responsible for enforcing the provisions of the Act. While the Central Government is responsible for controlling the quality of imported drugs, laying down regulatory measures and standards, etc., the State Governments are responsible for exercising control over the manufacture and sale of drugs. Under the Act the manufacture and sale of drugs is licensed. The prerequisite conditions for the grant of licenses are laid down in the Drugs Rules. Drug manufacturers manufacturing drugs of a value of 1500 million dollars are subject to periodic inspections by Drug Inspectors. The Indian Pharmacopoeia is the statutory book of standard for drugs marketed in India.     

Financial collapse: 1933

Financial collapse in the winter of 1933, culminating in the bank holiday of early March, was a climactic event. It ended the downswing phase of the great depression. It produced widespread losses to depositors and owners of bank capital, which, soon after, led to the establishment of the Securities and Exchange Commission, separation of commercial and investment banking, federal deposit insurance, and other landmark financial legislation. It put an end to the gold standard in the U.S., followed in a few years by the remaining adherents of that standard.Presidential Address presented at the Fiftieth International Atlantic Economic Conference, October 15–18, 2000, Charleston, South Carolina. This paper is based on the author's own work,A History of the Federal Reserve [forthcoming, chap. 5].     

Pacific Economic Co-operation:

The rapid growth of East Asian exports in the 1980s led to rising trade tensions. Trading partners, especially in the USA and Europe, tended to overlook the substantial growth of East Asia's imports (especially raw materials and capital equipment), focusing only on its capture of market shares in products for which US and EC manufacturers no longer held a comparative advantage. There is considerable interest in economic regionalism, raising concern about the division of the world economy into discriminatory trade blocs. In most economies around the Pacific, there is wide appreciation of the region's overwhelming interest in the maintenance of an open world trading system based on the non-discrimination principle of the GATT. Among initiatives for bilateral and regional trade liberalization in recent years, the Asia Pacific Economic Co-operation (APEC) forum offers perhaps the best prospect of co-operative promotion of these objectives. APEC, established in 1989, already includes fifteen economies from both sides of the Pacific accounting for over half of world production. APEC's guiding principles stipulate that co-operation should be outward-looking, building consensus on a gradually broader range of economic issues. This paper proposes four pragmatic options in areas for useful co-operation:

• ? Improving market access by reducing barriers to trade, such as the heavy protection of some parts of Northeast Asian agriculture, and of textiles and some other manufactures in major OECD countries.
• ? Reducing uncertainty about future market access: for example, agreement to streamline dispute settlement procedures could reduce resort to arbitrary or discriminatory measures to deal with trade tensions.
• ? Reducing physical bottlenecks , such as shortfalls in infrastructure, ranging from harbours to telecommunications, which impede trade in goods and also in services such as tourism.
• ? Harmonizing domestic legislation and rules , such as those relating to safety, quality and environmental standards.

It will not be easy to realize the economic gains from nondiscriminatory trade liberalization. But progress should be possible in some sectors where complementarity among APEC economies is obvious, as in mineral processing, where original reasons for protection have been weakened by changing circumstances, and where natural resource endowments and transport costs limit effective competition from outside the region. Regional initiatives will need to be non-discriminatory in order to avoid creating needless divisions in the world trading system. Preferential or discriminatory trading arrangements that fragment the multilateral world trading system constitute a threat to the Pacific region's economic prosperity. In contrast, this paper recommends an evolutionary approach: seeks early consensus on less contentious issues in order to build the sense of trust required for more effective future co-operation among economies on both sides of the Pacific, without discrimination against economies outside the region.     

基于客户视角的网络银行安全：反钓鱼欺诈

文章主要关注的是对网络银行安全构成重大威胁的钓鱼欺诈：首先对钓鱼欺诈进行了概括性的讨论和分析；由于在此前的诸多研究中，客户的作用与地位往往被忽视，于是文章做了一个旨在了解客户识别及判断钓鱼欺诈能力的调查，以充分说明网络银行安全的两个关键要素是网络银行提供商和网络银行客户；最后，从客户视角出发，提出了一些建议，希望能让在客户层面的网络安全防御能与提供商层面的安全防御一样固若金汤。     

Correction to: Services versus goods trade: a firm-level comparison

Review of World Economics - In the original publication of the paper, the below lines were wrongly publishes on page 22 as: Over that period Belgian firms were obliged to declare to the NBB any...     

The assessment: macroeconomic policy

This paper describes the emerging consensus about the 'reactionfunction' approach to macroeconomic policy. The first sectionof the paper describes the historical emergence of this consensus,as a synthesis of pre-Keynesian, Keynesian, and monetarist ideas.The theoretical part of the paper presents the basic frameworkof the approach and explains a number of extensions, including:finding the optimal reaction function, avoiding the problemof inflation bias, the relevance of the Taylor rule, forward-lookingexpectations, extensions to the open economy, and the interconnectionsbetween monetary and fiscal policy. The later parts of the papercontain a detailed discussion of some of the practical and institutionalissues involved in the implementation of this new framework.     

The Assessment: Climate-Change Policy

The paper provides a guide to climate-change policy, and, inparticular, the three core components: targets, instruments,and institutional structures. First, the optimal path for reducingcarbon-dioxide (CO₂) emissions, and the role of the social costof carbon in the estimation and revision of the path are setout. Second, the policy instruments, or combination of instruments—taxes,permits, and command-and-control—which are likely to bemost efficient within the political constraints are reviewed.Finally, the design of institutional structures most conduciveto the facilitation of international agreements (such as theKyoto Protocol) and the establishment of credible global climate-changepolicies is discussed. The paper identifies the considerableinefficiencies in existing policies, and the scope for policyimprovements.     

Basic needs: Some issues

The purpose of this paper is to demonstrate, first, the need for a development strategy aimed directly at the abolition of absolute poverty within a short period of time, and, second, to spell out the main elements of such a strategy. After sketching, in very broad terms, some of the conceptual and operational issues involved in a basic needs strategy, the paper provides some very rough orders of magnitude of the number of people who suffer basic forms of deprivation in the developing world. Finally, the paper describes the analytical work and country studies that should be undertaken to give operational content to the concept of basic needs.     

America's open-door policy towards Japanese businessmen:: A story of postwar generosity

The lecture reports on the interviews with Japanese businessmen who came to the United States just after World War II to establish Japanese businesses. These businessmen spoke of the generosity, support and welcome extended to them. It reminds us of the relationship between the two nations as it evolved in the last fifty years.     

The Mawhood seminar: International perspective on rural local government: Summary and comment

Professor Philip Mawhood of the Development Administrative Group (University of Birmingham) and the Department of Politics (University of Exeter) visited South Africa during March/April 1991. He presented a closing seminar, hosted by the Development Bank of Southern Africa, on 25 April 1991. This review provides a summary of Professor Maw‐hood's presentation, and comment is given on some critical aspects regarding the future of rural authorities and rural local government under a new dispensation in South Africa.     

Myanmar: building economic foundations

Myanmar began a multifaceted economic reform process in 2011, soon after its political opening. The reform process is far from complete, and its impacts remain questionable. The paper examines progress to date and assesses opportunities and challenges for further reforms. Given the extensive list of development challenges remaining and the limited resources, careful prioritising of reforms is essential. Understanding of its strengths and weaknesses will help identify and sequence reforms and investments so as to maximise the growth dividends. This paper briefly reviews Myanmar's history and its legacy, examines the economy and some of the main policy reforms undertaken since 2011, assesses development potential and weaknesses, and outlines medium and long‐term growth strategies based on the country's specific context and international experiences and practices.     

Exports,imports and growth: New evidence on Italy: 1863–2004

The nexus between trade and economic growth in Italy has been widely debated by historiography. However, there are no long run analyses on this topic that cover the whole span from Unification to present days. This paper contributes to fill this gap by investigating the relationship between real exports, imports and GDP in Italy from 1863 to 2004 by using cointegration analysis and causality tests. The outcome suggests that these variables comove in the long run but the direction of causality varies across time. In the period prior to the First World War import growth led GDP growth that in turn led export growth. Conversely, in the post-Second World War period we have a strong bidirectionality between imports and exports consequent on the increase in intra-industry trade. We also find a weak support for export-led growth and growth-led imports. This suggests that exports were not the only or the main driver of economic growth. There was probably a multiplicity of factors at work, among which high rates of capital formation and the expansion of internal demand probably stood out.     

IS-LM: The Hicksian journey

Summary In the economics profession John Hicks is mainly known for his work during the 1930s. This paper is aimed at tracing the further development of Hicks' thinking, focussing on his IS-LM apparatus. During the 1950s Hicks used IS-LM to elucidate several issues, as in his Trade Cycle book and his review of Don Patinkin's Money, Interest and Prices. In the ensuing exchange Patinkin showed several weaknesses of IS-LM and pointed to new directions for research: the development of more elaborate models of the transmission mechanism and disequilibrium theory. But Hicks did not really participate in these developments, since, owing to methodological considerations, his thinking diverged more and more from mainstream economics.I would like to thank Jürgen Backhaus, Peter de Gijsel, Jan Snippe, Vic Van Rompuy, Arjen van Witteloostuijn and an anonymous referee for their comments on a former draft. Naturally, only the author is responsible for the opinions here expressed, as well as for any remaining shortcomings.