联邦德国海外投资保护制度

<正> 战后初期,由于恢复国内经济的需要,联邦德国无力进行大规模的海外投资。但随着经济实力的逐步增强,资本的不断积累,国内经济在经历了高速发展之后,投资活动相对减弱,而对海外的投资则不断扩大。 1951年美、英、法取消禁止联邦德国资本输出的法令后,1952年联邦德国的私人对外投     

面向21世纪的英国高教改革

英国高等教育自战后相继经历了恢复、扩张、调整等阶段后,现又进入到一个改革与发展的新时期。其改革目的,主要是推动英国高教体系朝着实用型、现代化方向转变,以促使高等教育与经济社会的密切结合。     

浅议英国农产品价格政策

二次世界大战期间,英国农业经济大伤元气,正常的农业生产和农产品进出口遭到了较大程度的破坏。战后,随着国际经济秩序的好转,农产品进出口有了转机,但英国国内农业生产仍然面临很多困境,英国政府为扶持农业生产的发展实行了各种农业政策,包括农产品价格政策、市场政策和结构政策。本文似就农产品价格政策进行分析。 一、生产者固定价格政策     

海湾战后话伊朗市场

从海湾危机到海湾战争,伊朗采取务实的中立政策,谋求了较多的政治、经济实惠。战后,国内经济改革加快,大力吸引外资,使遭受两伊战争严重破坏的经济逐渐得到恢复。一、经济恢复较快1988年两伊战争结束后,伊朗即开始了重建家园的工作。在战争中破坏最严重的石化工业是战后重建的重点。到1991年4月,阿巴丹炼油厂第二期修复工程完工时,日炼油能力已恢     

伊战和“非典”疫情对世界和中国经济的影响

由于伊拉克战争和战后重建将面临着诸多挑战,国际局势动荡和国际恐怖主义蔓延,从而导致世界经济低速增长。最近“非典”疫情的爆发对中国经济和亚洲经济正在造成严重的负面影响,2003年中国的GDP可能比预测略有下降,政府财政赤字将有所增加,失业率将有所上升。但从长期看,中国仍将是世界经济增长较快的国家之一。     

英美《保护贸易利益法》简介

在国际贸易中,为对付国外竞争法律对英国方面作出违背英国利益的判决、规定,英国于1980年3月制定了《保护贸易利益法》,主要是针对美国制定的,十分引人注目。 二次大战后,美国规定的由外国人进行垄断国际市场的活动,只要对美国国内商业或贸易产生某种影响,美国法院便称对它具有管辖权。一旦美国司法机关宣布了这种权利,所涉及到的国内、国外企业都将服从它的“调查程序”。英国《保护贸易利益法》就是用法律对抗美国反托拉斯法调查秩序的主要手段。     

香港的商标制度

在香港的知识产权体系中，本来商标制度是较有特色的。二战以前它一直走着与英国商标法不同的轨迹，但战后迫于英国的压力，它还是就范于英国的商标制度：形成使用商标制与注册商标制两套体系；注册商标划分为A、B两簿，等等。下面分别对这两种商标制进行论述。     

评美、日、西欧之间在国际贸易领域的摩擦与协调

资本主义国家为争夺世界市场存在着不可调和的矛盾,这种矛盾和斗争导致了本世纪上半叶的两次世界大战的爆发。那么战后为什么会有如此广泛的国际经济协调并取得了一些成效呢?     

战后英国储蓄率和投资率的变化及特征分析

储蓄是一个经济体为在未来创造收入而留出部分产出的过程。1970—2000年期间,英国投资率在15%～25%之间波动,储蓄率在15%左右徘徊,具有成熟发达国家的特征。战后英国投资率不是很高,但投资率一直都比储蓄率高,而且投资效益比较高。     

19世纪中叶以前西方金融治理思想演变——兼论"自由"金融治理悖论

从历史发展的角度看,西方金融治理在理论发展与实践发展上存在截然相反的过程:理论发展经历了从重商主义强调政府干预到古典政治经济学强调市场机制作用的转变,实践发展经历了从复本位制到金本位制再到纸币本位制的转变,这意味着金融治理实践从自由走向干预.这种"悖论"在英国金融治理中表现的特别明显,文章以此为例,深入剖析了19世纪中叶以前"自由"金融治理的思想史演变,提出古典政治经济学"自由"金融治理的洛克-休谟模式和斯图亚特-斯密-李嘉图模式过于强调古典政治经济学内部的对立,但就宣扬"自由"金融治理而言,这两者的目的 是一致的.英国货币金融治理的实践发展表明,国家干预才是历史的主流,对英镑的干预是英国能够引领现代金融发展的决定性前提,但也正是因为这种强力干预,英国古典经济学才会产生对自由市场的渴望.     

Are bygones not bygones? Modeling price-level targeting with an escape clause and lessons from the gold standard

Like the gold standard, price-level targeting (PT) involves not letting past deviations of inflation be bygones; both regimes return the price level (or price of gold) to its target. The experience of suspension of the gold standard in World War I and resumption in the 1920s (for some countries at a different parity) is reviewed. It suggests that, in practice, PT might operate with an escape clause that would allow rebasing of the price target in the face of large shocks. Using a calibrated general equilibrium model, we show that such an escape clause can produce multiple equilibria. For some parameterizations, there is a low credibility equilibrium (with high expectation of a reset) associated with high output volatility and frequent resets. These problems reduce, or reverse, the expectational advantage PT has over inflation targeting.     

COSTS AND BENEFITS OF EXCHANGE RATE STABILITY: CANADA'S INTERWAR EXPERIENCE

In January 1929, the Canadian government suspended gold exports and implemented a floating exchange rate regime that endured until the onset of World War II. In sharp contrast to the experience of other countries that left the gold standard, Canada's deflation and declining economic activity continued until 1933. This paper examines why the Canadian government chose to follow a restrictive monetary policy and how that policy affected the Canadian exchange rate. We show that the chosen policy was rational—given the government's assumptions and objectives—and that it was consistent with fiscal policy. In so doing, we argue that the government's commitment to monetary stability was credible. We show that one can explain the Canadian exchange rate's behavior by a simple expectations-based model of exchange rate determination, given external events and the government's monetary policy.     

Keynes and India, 1909–1913: a study on foreign investment policy

Abstract

Keynes's work on India before the First World War concentrated on analysis of the gold exchange standard and the stabilization of the rupee external value. Indian monetary arrangements were framed into a plan for foreign investment, implemented by the India Office in London. This policy, which was a typical example of public control over investments, occasioned Keynes's first job as an applied economist. Although neglected by Keynesian scholarship, this learning by doing experience is likely to have played a significant role in the young economist's training and education.     

Beyond Brenner's investment overhang hypothesis: the case of the steel industry

This article challenges the way liberal economic governance has come to be theorised as a passive and depoliticised form of governance. Using the classic case of the gold standard, it shows how state intervention came to be shaped by considerations of state power and diverged considerably from the traditional emphasis on free markets and stable conditions of investments. As I argue, the gold standard was constructed through political struggles over monetary governance which involved significant constraints for capitalist investors. Its institutions helped establish a new structure for exerting control over finance. By resituating the gold standard in a broader historical perspective, I show how nineteenth-century monetary governance, far from leading to a retreat of the state, established in fact the foundations of a new form of state intervention: modern central banking.     

PROSPECTS OF AN INTERNATIONAL MONETARY SYSTEM CONSTITUTION

Cost-benefit reasons account for the adoption of the pre-World War I gold standard and the Bretton Woods system–the closest approximations to a constitution for the international monetary system that the world has experienced. Past rule-based international monetary proposals that were rejected were judged not to serve national interests. Current proposals do not deal with policymakers' and governments' self-interest in preserving their existing power to choose domestic objectives and to adopt policies to achieve those objectives.     

On the response to the financial crisis of 1914: The Bank of England's discount policy

This work investigates the Bank of England's policy response to the London Financial Crisis of 1914, triggered by the outbreak of the Great War. By using daily data on discount operations drawn from the Bank of England's historical archive, we empirically test whether the Central Bank played the role of lender of last resort or it restricted credit. Our results suggest that, during 1914, the Bank of England did not change its policy in terms of bills’ discounting. Even though the discounter identity might have been a determinant of Bank's lending decisions (as in Flandreau and Ugolini, 2011 and 2013; Anson et al., 2019a), our evidence suggests that, throughout 1914, the Bank of England operated as a lender of last resort according to the Bagehot rules.     

Strategic inefficiencies and federal redistribution during uncoordinated response to pandemic waves

Optimal policy during an epidemic calls for depressed economic activity to slow down the outbreak. Sometimes, these decisions are left to local authorities (e.g. states). This creates an externality, as the outbreak does not respect states’ boundaries. The externality directly exacerbates the outbreak. Indirectly, it creates a free-rider problem, because local policymakers pass the cost of fighting the outbreak on to other states. A standard system of distortionary taxes and lump-sum transfers can implement the optimal allocation, with higher tax rates required if states behave strategically. A strategic system of taxes and transfers, rewarding states which depress their economies more than average, improves the outcomes by creating a race-to-the-bottom type of response. In a symmetric equilibrium, the optimal tax rate is lower if states behave strategically.     

黄金价格、中国黄金储备与通货膨胀关系研究

文章通过格兰杰因果检验了黄金价格、人民币实际有效汇率、国内货币供应量与通货膨胀的关系。研究认为,黄金是对抗通货膨胀的有效工具,黄金价格上涨、黄金储备增大、国际石油价格和大宗商品价格上浮对通货膨胀有持续的拉动效应;货币供应量与通货膨胀之间存在短期与长期效应不一致的现象。提出密切关注黄金价格、增加国家黄金储备、建立黄金价格预警机制等措施。     

Supra-National Money and the Euro Crisis: Lessons from Karl Polanyi

The paper seeks to examine some of the key features of Karl Polanyi’s ideas explaining the collapse of the pre-Great Depression unregulated market system by using his broad framework of analysis, as developed in The Great Transformation and published over 70 years ago, to explain the present Eurozone crisis. Emphasis is placed on the two key institutions of the pre-Depression era, namely haute finance and the gold standard, as well as his heterodox views on the nature and origin of money to shed light on the evolving crisis within the Eurozone. On the basis of Polanyi’s insights, the paper concludes that the cause of the latter crisis is similar and it lies primarily in the adoption of stateless or supra-national money that is even more restrictive on the behaviour of national authorities than the conditions imposed under the gold standard. The current situation of quasi-permanent austerity in the Eurozone is the inevitable consequence of its monetary architecture, and it will remain a long-term feature of Europe, unless significant institutional changes are put in place to bridge the gap between money and the state.     

Adding exhaustibility to the traditional theory of the gold standard

This paper integrates a natural resource constraint into the traditional theory of the gold standard. In addition, it incorporates a dependence of money demand on the relative price of gold. Together, these modifications of the traditional theory cause the convergent path of the price level to depend upon the form of the money demand function. In particular, the traditional inflationary convergence is guaranteed if the demand for money depends on total income; but deflation occurs if the relevant transactions variable in money demand excludes the value of gold output. Adding exhaustibility requires making important qualifications to the effects of disturbances of the long-run price level and money stock. In effect, there will be more variability in price and less in the quantity of money. Finally, we address the question of the optimum quantity of money, concluding that there is no tendency for it to be established automatically in any realistic model with exhaustibility.