FINANCIAL GLOBALISATION: PAST AND PRESENT

This article compares and contrasts the two modern periods of financial globalisation, approximately a century apart. The focal point of the first period was around the turn of the twentieth century, while that of the second was around the turn of the twenty‐first century. Financial globalisation in the latter era was far deeper and there was a remarkable across‐the‐board transformation of the global financial system. An interesting twenty‐first‐century phenomenon is the recent change in direction of capital flows: that is, sizeable sums of capital flowing from non‐industrial countries to advanced industrial countries.     

Financialisation,globalisation, and the industrial labour share: A comparison between Iran and Thailand

This paper examines Iran and Thailand and shows that the distributional consequences of financialisation and globalisation do not depend exclusively on the extent of financial deepening and exposure to globalisation. Instead, the cultural and legal underpinnings of the creditor–debtor relationship and the form of global integration matter more.     

GLOBALISATION AND AN EMERGING GLOBAL MIDDLE CLASS

Globalisation has expanded the size of the global middle class. This expansion will change consumption patterns and shift the balance of spending power to middle-income economies. Rapid growth rates of the middle class in China and India have played a decisive role in creating the middle-income bulge. By 2030 the global middle class has been projected to grow to two billion. It is of note that a large middle class was also created during the first era of globalisation.     

THE RISE AND FALL OF THE FIRST GLOBALISATION

This article argues that the first globalisation from the late 1840s to the First World War offers important lessons for the present era of globalisation. It is argued that the social and economic change created by the first globalisation led to increased protectionism and nationalism in France and Germany rather than the free-trade utopia envisaged by many liberal optimists. Contemporary optimists should be aware that globalisation and liberalisation are not inevitable processes; more and freer trade may induce a similar negative response from the short-term losers and those who fear a more dynamic and less predictable world.     

Effects of international trade on domestic employment: an application of a global multiregional input–output supermultiplier model (1995–2011)

The effects on domestic employment of international trade and the globalisation of supply chains are as politically controversial as they are empirically inconclusive. To estimate them we extend the global multiregional input–output framework by endogenising demand for both domestic and imported intermediates, private business investment and household non-durable consumption – or equivalently, we generalise the supermultiplier formula. The model accounts, in particular, for the employment consequences of economic integration and those channelled through integration. We estimate these foreign sector effects alongside those of domestic origin using a recursive hierarchical structural decomposition analysis and statistics from the World Input–Output Database and National Accounts that cover years 1995–2011. Focusing on Spain, Italy, France, Germany, the UK, the US, Japan and China we answer the following questions: To what extent did international linkages deriving from international trade affect domestic employment? Did domestic employment benefit from economic integration?     

Frontier stock market integration and the global financial crisis

This paper examines the stock market integration between frontier and leading markets, focusing on the periods of pre and post global financial crisis. Using time-series analysis, the results mostly support leading markets can Granger-cause frontier markets. Frontier markets in different regions have distinct relationships with leading markets. Population growth, industry value, interest rate, tax rate, and tariff of the frontier markets significantly influence the integration between both markets. Energy, gross national income, stock traded value, and high-technology exports of leading markets saliently influence the integration. Finally, the global financial crisis impacts the relationship between the frontier and leading markets and changes the determinants of stock market integration.     

Going global,feeling small: an examination of managers' reactions to global restructuring in a multinational organisation

This paper is concerned with examining the reactions of managers to the process of global restructuring in a large, multinational food-processing company. Much extant research concerning globalisation has focused on the wider economic, political and social outcomes. Perhaps surprisingly, relatively little attention has been given to how globalisation is experienced inside organisations. This paper examines how country-level managers have been affected by the move to a new global structure in their organisation. We present evidence of these managers feeling disempowered by global reorganisation and of a largely negative impact on their feelings towards the organisation they work for.     

中外城市竞争力研究进展评析

随着知识经济时代的到来和全球经济一体化的迅猛发展,城市在一个国家和地区发展中的重要性日益增强,城市间的竞争日趋激烈.城市竞争力成为国内外研究的热点问题.本文详细阐述了当今国内外城市竞争力模型的现状,并对国内城市竞争力模型研究现状进行了评析.     

数字技术对老年人反向社会化的影响探讨

通过查阅文献,论文梳理有关当代老年人数字融入的相关理论,对老年人使用数字技术进行反向社会化的现状、影响因素和解决对策进行探讨。研究发现老年人学习使用数字技术已经成为这个时代的必然趋势。但是受制于老年人的学习能力、心理差异、数字技术的使用门槛,老年人在数字时代的反向社会化并不是一帆风顺。因此,论文从个体、社会、家庭等多元层面出发,对老年人学习数字技术提出参考意见,以期构建数字文明社会。     

The unauthorised chapter of the Dearing Report

Lord Dearing focuses on the globalisation of higher education, and the potential role for UK institutions within this movement. The trend is of increasing global competition, but for a growing market. Issues raised include the role of private-sector institutions in this market, the maintaining of high standards, the importance of life-long learning and the place of information and communications technology. Lord Dearing concludes with recommendations as to how government and institutions themselves could respond to the challenges and opportunities that globalisation brings.     

Global and regional financial integration in East Asia and the ASEAN

Financial integration is East Asia and the ASEAN nations is investigated using a new approach based on entropy theory. An important advantage of the proposed framework is that it takes into account changes in integration arising from higher order moments including coskewness and cokurtosis as well as more traditional measures based on second order moments. The analysis focusses on the role of the U.S. in understanding changes in global integration over time, as well as changes in regional integration arising from China. Using daily stock returns from 1997 to 2016, the empirical results show an overall trend to improvements in financial integration over time with deviations from the trend occurring during periods of financial crises in Asia in 1997–98, the U.S. in 2007–10 and the recent European debt crisis. The influence of the Chinese economy mainly through its trading linkages is found to be an important determinant of financial integration over time both regionally as well as globally.     

全媒体时代数字媒体的应用

随着科技的进步,数字化浪潮引领我们进入全媒体时代,媒介不仅带来了视觉、触觉、听觉的延伸,更带来了"脑与库"的扩展,全球传媒生态正发生着革命性的变革。全媒体时代对社会发展的影响随着媒介形态的不断发展,特别是互联网技术的普及和应用,再加上媒介形态不断融合,人类社会已经进入了全媒体时代,全媒体已经成为现代社会人们工作、学习、生活不可或缺的一部分。网络购物、远程教育、搜索引擎,无一不和数字媒体的应用紧密联系。本文对此展开分析研究。     

Regional integration,international liberalisation and the dynamics of industrial agglomeration

This paper presents a 3-region footloose-entrepreneur new economic geography model. Two symmetric regions are part of an economically integrated area (the Union), while the third region represents an outside trade partner. We explore how the spatial allocation of industrial production and employment within the Union is affected by changes in two aspects of trade liberalisation, regional integration and globalisation, conditional to the skill endowment and the market size of the outside region. Our main contribution pertains to the analysis of the local and global dynamics of the specified factor mobility process. We show that significant parameter ranges exist for which an asymmetric distribution of economic activities is one of the possible long-run outcomes which may allow a smooth transition to agglomeration (in contrast to the NEG typical catastrophic scenario). In addition, we show that multistability is pervasive and that some attractors are Milnor attractors. Both results reinforce the NEG narrative on the importance of initial conditions for the long-run location of industrial activity.     

The "New" Political Economies (A View from Russia)

This paper analyses some of the problems created by a rapidly changing interaction between the political and the economic spheres in society. In periods of condensed social change this interaction is profoundly different from customary evolutionary developments. In Russia various political economic concepts during the last century have led to profound shifts in economic mechanisms and structures (first toward a planned economy, later toward a market one). A knowledge of this experience (and the new problems that surface) might be useful if globalisation, environmental issues and the transition to a post-industrial society should lead to periods of condensed socioeconomic change in the West.     

How globalisation impacted Israel and India differently in the 1990s

In both Israel and India the globalisation process of the 1990s led to the development of advanced domestic industry. This article sketches the socioeconomic impact of this development in the two countries. The analysis suggests that the unique comparative advantage of each of these countries underlies the differences in the form of development and its social impact. Where the relative advantage consisted of innovativeness (Israel), globalisation led to development of an advanced industry focusing on research and development centres and local start‐up companies. In contrast, where the relative advantage consisted of low labour costs (India), globalisation resulted in the development of an advanced industrial sector focusing on manufacturing and service centres.     

Achieving supply chain ‘Leagility’ through a project management orientation

Many forces have combined to make today's supply chains more complex than ever before. These forces include the significant trend to out-sourcing; the growth of offshore manufacturing and procurement; the rising demand for customer-specific solutions and the globalisation of markets. The paper highlights the challenges that organisations must address in order to gain and retain competitiveness in today's markets – in particular, the need to achieve ever lower costs while simultaneously enhancing responsiveness. In other words, the need is to develop hybrid supply chains that are both ‘lean’ and ‘agile’. Using a single case study of a global telecommunications company as an example, the authors demonstrate how supply chain complexity can effectively be mastered by adopting a project management orientation and in the process enabling outcomes that are ‘leagile’, that is, both lean and agile.     

对我国人力资源管理发展趋势的几点研究

21世纪,人类进入了一个以知识为主宰的全新经济时代。在这样一个十倍速变化的时代,人力资源与知识资本优势的独特性成为企业重要的核心技能,人力资源的价值成为衡量企业整体竞争力的标志。同时人力资源管理经历着前所未有的来自全球一体化的力量如信息网络化的力量、知识与创新的力量、顾客的力量、投资者的力量、组织的速度与变革的力量等各种力量的挑战和冲击。     

分析电子杂志发展的受限因素

二十一世纪是一个飞速发展的时代,以网络为发布平台的电子杂志,是目前中国领先全球的一项新型产业机构,电子杂志就是借助P2P的传输技术,融文字、图片、音乐、视频、flash等网络元素为一体的极富视觉表现力的新媒体工具。快捷的发行传播,电子杂志都通过专门的P2P平台进行下载订阅。强大的广告表现力、互动性、个性化、细分的目标受众等特点使电子杂志具有传统杂志无可比拟的广告表现力。     

SALES,INVENTORIES AND REAL INTEREST RATES: A CENTURY OF STYLIZED FACTS

We use Bayesian time‐varying parameter structural vector autoregressions with stochastic volatility to investigate changes in reduced‐form and structural correlations between inventories and either sales growth or the real interest rate in the USA during both the inter‐war and post‐World War II periods. We identify four structural shocks by combining a single long‐run restriction to identify a permanent output shock with three sign restrictions to identify demand‐ and supply‐side transitory shocks. We show that during both the inter‐war and post‐war periods the structural correlation between inventories and real interest rate conditional on identified interest rate shocks is systematically positive; the reduced‐form correlation between the two series is positive during the post‐war period, but in line with the predictions of theory it is robustly negative during the inter‐war era; during that era the correlations between inventories and either of the two other series exhibit a remarkably strong co‐movement with output at business cycle frequencies. Copyright © 2014 John Wiley & Sons, Ltd.     

ANTI‐GLOBALISATION: BAD WINE IN NEW BOTTLES?

Many opponents of globalisation claim that global finance and trade are manipulated in the name of liberalism by a few people and firms, supported by the international media. They argue that democracy should be abandoned and economic and social change resisted. They have widespread support in the intellectual community. Similar views were espoused by the far right wing in the 1920s and 1930s, and disappeared only with the collapse of Nazism and Fascism. Their reappearance parallels the return to legitimacy of the political far right.