Banks and the stability of the international financial system

Summary Does today's banking scene pose a potential threat to the stability of the international financial system? The article discusses three possible sources of vulnerability of the international banking system: a major bank failure causing a general banking crisis via the extensive interbank linkages; the systemic risks allegedly inherent in certain new (as well as traditional) financial products; and the impact of external events such as debt crises, violent swings in exchange or interest rates, deregulation and recession. The author's conclusion is twofold: systemic risks clearly exist, but the probability of a major banking crisis tends to be greatly exaggerated. Banks not only survived the various crises of the seventies and eighties; they also learned in the process. Capital and reserves have been strengthened, provisions for country risk and for general contingencies have increased, supervision has been tightened and it is exercised on a comprehensive as well as a world-wide consolidated basis (i.e. including all contingent and off-balance liabilities, and all offshore activities). Assuming reasonably intelligent policies on the part of the monetary authorities and adequate international coordination, a general banking crisis can be avoided. Official rescue operations do, however, raise difficult questions of an ethical, political and economic nature.     

灰色关联度法研究香港国际航运中心和国际金融中心的关系

本文通过建立航运中心和金融中心评价指标体系,利用灰色关联分析法从定量角度研究香港国际航运中心和国际金融中心的联动关系。研究结果显示,香港国际航运中心和国际金融中心存在一定的关联性,其关联度大于国民经济发展水平对两者的影响,且金融中心对航运中心的影响程度要大于航运中心对金融中心的影响程度。     

Preference shocks,international frictions,and international business cycles

Replicating the degree of cross-country comovements of macroeconomic aggregates, dynamics of prices and quantities of international trade, and the behavior of consumption and labor remains an important challenge in international business cycle literature. This paper incorporates preference shocks into a standard two-country model in which there exist international frictions, such as costs of transportation and restrictions to international asset trade. Country-specific preference shocks that generate fluctuations in each country's consumption and labor solve the puzzles, except for the discrepancy between theory and data regarding international trade variables. The presence or absence of international frictions plays a limited role in solving the puzzles.     

以提高国际竞争力为核心 努力建设国际化城市

一、深圳为什么要建设国际化城市。1．从国际方面看，建设国际化城市，是提高国际竞争力和世界城市发展的潮流     

Trade and international factor mobility

Conclusion The comparative statics of the 3 × 2 mobile factor model prove intuitively robust. Major results from the 2 × 2 trade model carry over for the immobile factors into the expanded model. The internationally mobile factor exhibits general equilibrium diminishing marginal returns, while its endogenously determined level of employment responds in an intuitive fashion. Changes in the mobile factor's payment have economically meaningful effects. This model, with its internationally mobile factor, proves a useful extension of the model of a small, open economy.     

Heterogeneous workers and international trade

In this paper, I survey the recent theoretical literature that incorporates heterogeneous labor into models of international trade. The models with heterogeneous labor have been used to study how talent dispersion can be a source of comparative advantage, how the opening of trade affects the full distribution of wages, and how trade affects industry productivity and efficiency via its impact on sorting and matching in the labor market. Some of the most recent contributions also introduce labor market frictions to study the effects of trade on structural unemployment and on mismatch between workers and firms.     

Environmental protection and international specialization

Zusammenfassung Umweltschutz und internationale Arbeitsteilung. — Der Artikel untersucht die Relevanz der Ausstattung mit dem Faktor Umwelt und die Auswirkungen der Umweltpolitik für die internationale Arbeitsteilung. In einem Zwei-Sektoren-Modell mit einem Produktionsfaktor und der Umwelt als Aufnahmemedium der anfallenden Schadstoffe werden die Bedingungen für internationalen Handel auf die Knappheit der Umwelt zurückgeführt. Es wird unterstellt, da\ Schadstoffe als Kuppelprodukte produziert werden, wobei progressiv steigende Schadstoffmengen mit zunehmendem Produktionsniveau zugelassen werden. Das Modell zeigt, da\ das reichlich mit Umwelt ausgestattete Land das schadstoffintensive Produkt exportiert. Anhand dieses Modells wird untersucht, wie sich mit einer Verknappung der Umwelt die Variablen des Systems, und zwar die Güter- und Faktorpreise, der Faktoreinsatz und die Gebühr pro Schadstoffeinheit, ?ndern. Es wird weiter angenommen, da\ eine Umweltbeh?rde eine Gebühr je Schadstoffeinheit erhebt sowie die Beseitigung der Schadstoffe übernimmt.

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Résumé La protection de l:nvironnement et la spécialisation internationale. — L’article examine l’importance de la dotation en facteur environnement ainsi que les effets d’une politique de la protection de l’environnement sur la spécialisation internationale. Après avoir construit un modèle, qui comprend deux secteurs, un facteur de production et l’environnement comme médium absorbant les nuisances, l’auteur exprime les conditions de l’échange international en termes de la rareté de l:nvironnement. Il est supposé que les produits polluants sont des produits conjoints du processus de production et qu’une autorité publique percevoit une charge financière par unité de produits polluants pour financer l’élimination des bien polluants. D’après le modèle, c:st le pays disposant en abondance d’environnement qui exporte des biens dont leur production cause beaucoup de biens polluants. Ensuite, l’auteur analyse les effets d’une variation dans la rareté de l’environnement sur les variables du modèle élaboré, telles que les prix relatifs des biens, le prix du facteur, l’emploi des ressources et la charge financière.

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Resumen Protección del medio ambiente y división internacional de trabajo. — El objetivo de este articulo es analizar tanto la relevancia de estar dotado del factor medio ambiente como el impacto de una política de medio ambiente para la división internacional de trabajo. En un modelo con dos sectores y un factor de producción así como el medio ambiente para absorber la polución, se especifican las condiciones para el comercio internacional dada la escasez de medio ambiente. Se supone que la polución surge en el marco de producción compuesta, aumentando su cantidad de forma progresiva con el incremento del nivel de producción. El modelo demuestra que el pais relativamente bien dotado de medio ambiente exporta el producto intensivo en polución. Mediante este modelo se analiza cómo la escasez de medio ambiente altera las variables del sistema, concretamente los precios de productos y factores así como la asignación de recursos y el gasto por unidad de polución. Se supone que un organismo p?blico impone arbitrios sobre la generación de polución y se hace cargo de descontaminar el medio ambiente.

     

Time preference and international trade

We first consider a closed model, where households' time discount depends on externality in consumption. We can prove that there is a unique steady state, which is a saddle point. Then we extend the model to a two‐country world, and derive the condition on the effects of consumption externality under which there is a unique free trade steady state with saddle‐point stability.     

离岸公司与国际避税

一、离岸公司与国际避税地 离岸公司是指在原居住地以外注册成立的公司，离岸公司有一个明显特征——注册地几乎都是在开曼群岛、百慕大等国际避税地。这里的国际避税地是指不征收或征收极低税率的所得税和一般财产税的国家和地区；也指一些虽然采用正常税率，却提供某些特殊的税收豁免项目以及投资税收优惠的国家和地区。目前，国际上公认的避税地大致有：BVI、开曼、百慕大、卢森堡、马来西亚等40多个国际避税地；其它一些国家设立的出口加工区、     

论欧元与国际金融秩序

1999年1月1日，欧元正式启动，至令已走过了两个多春秋，春“跌跌不休”的疲弱态势引起国内外经济专家、学者的广泛关注，欧元的过去、现在和未来对国际金融产生重大影响，本文从多个角度对欧元与国际金融秩序进行分析。     

Trade restrictions and international companies

Abstract

The development of international trade is making it increasingly necessary to have complete information about legislation relating to practices which restrain competition or which are liable to create positions of market dominance. The Organisation for Economic Co-operation and Development (O.E.C.D.) is studying the problems arising from restrictive business practices, and has made a Guide available for businessmen, government officials, lawyers and research workers which will enable them to keep abreast of European and North American laws governing restrictive business practices and their application. The first edition of the Guide was published in 1960. Since 1962 the second edition, which gives an outline of the Monopolies and Restrictive Practices law in a series of countries, has been running on a continuing basis, with regular supplements.     

Trade agreements and international technology transfer

Review of World Economics - This is the first paper that analyzes for a global sample of countries how trade agreements that include technology-related provisions impact exports of goods,...     

WTO体制与国际投资法

WTO体制虽然主要由管制国际贸易的多边规则所组成,但其中不少协议都与投资有着直接或间接的关系,从而对国际投资法产生了深远的影响。但是,国际投资领域目前仍然没有一部全球性的综合性多边投资协定,这给国际投资法的发展带来了诸多不利影响。WTO一直试图解决投资问题,加之经合     

国际旅游对我国国际收支平衡的影响分析

近几年我国旅游服务贸易逆差大幅飙升,已对我国国际收支平衡造成重大影响。本文从分析旅游服务贸易在国际收支平衡表中的地位着手,揭示我国旅游服务贸易变化轨迹,探讨旅游服务贸易逆差扩大的原因,最后提出促进我国旅游服务贸易健康发展的对策。     

Skill, trade, and international inequality

Heckscher-Ohlin trade theory suggests that greater opennesstends to enlarge inter-country differences in stocks of skill(or human capital), which new growth theory suggests would causeinter-country divergence of per capita incomes. Econometricanalysis of data on about 90 countries during 1960-90 confirmsthat greater openness tends to cause divergence of secondaryand tertiary enrolment rates between more-educated and less-educatedcountries, and also between land-scarce and land-abundant countries.These findings may have implications for the optimal choiceof trade policies by poor countries.     

WTO与广东国际化人才培养问题

一、W TO对广东国际化人才培养的要求1.国际经济与贸易人才的数量需求增加。在调研的基础上,我们对广东省企业对国际经济与贸易人才的需求作个粗略的估计。先考虑广东省大中型国有企业,据2002年12月广东省统计数据,广东省大中型国有企业共有2615家,我们保守的估计,以每个企业每     

试析国际间进行移民的经济和政治原因

本文尝试以国际政治经济学学界具有世界影响的理论流派——英国学派的理论框架为观察和分析工具,对国际移民的经济和政治原因进行一番多角度的透视和探究。文章从英国学派理论框架中包含的现实主义、自由主义和个人这三方面要素出发,归纳出国际移民现象的种种经济和政治动因。本文还指出,国际移民活动往往不是单一动力驱使,而是由多个动因共同塑造所致。