货币的形态演进、国际化及其启示

货币形态演进和货币国际化是两种重要的货币现象。本文在交易成本解释逻辑的基础上,引入币值稳定性和充足流动性概念,扩展为一个基于信用的货币形态演进及其国际化的分析框架。据此并结合主要国际货币国际化经验,分析了货币形态演进与货币国际化的内在一致性基础,即货币信用;其不同之处在于前者是货币在形态上的纵向演进,后者是货币在空间维度上的横向延伸。在此基础上,针对人民币国际化提出提高人民币信用应该深化金融领域改革和突出政府作用的政策建议,并着重强调贸易结算与支付在货币国际化中的基础驱动力作用,尤其是在货币形态数字化演进前夜,应发挥我国世界工厂产业优势叠加互联网+先行优势,抢先构建数字人民币国际化的网络外部性基础。     

The internationalization process: Impact of competition and experience

The process, or evolution, through which multinational firms have reached their present international position is often referred to as “the internationalization process of the firm.” The most widely accepted theory of this phenomenon explains this slow, and sequential process in terms of organizations’ growth and learning. It is every now and then argued that this approach has lost some of its explanatory value. The purpose of this article is to discuss the validity of this model against the backdrop of assumptions in two key dimensions, namely, firms’ experience of international business and the industry's degree of internationalization.     

Heuristic decision-making in firm internationalization: The influence of context-specific experience

It is widely understood that the internationalization decisions made by companies are complex and constrained by uncertainty. While prior research has shown that heuristics can facilitate decision-making in complex and uncertain environments, the role of heuristic decision-making in internationalization decisions has not been studied in depth. In order to remedy this lacuna, the article uses a qualitative and inductive approach to track the development of heuristic decision-making processes in two Finnish SMEs as they conduct their first moves towards internationalization, explicating the influence of context-specific experience on developments. The emergent theoretical model indicates that while heuristic decision-making has a positive impact on internationalization strategy development, managers are unable to harness this at the beginning of their first internationalization. Indeed, the positive impact appears only after a certain level of context-specific experience is accumulated and when the stimulus of an unexpected event triggers its transformation into usable heuristics.     

Selecting the country in which to start internationalization: The non-sequential internationalization model

The paper analyses the selection of the country in which a firm starts internationalization. It proposes that some firms strategically choose a non-sequential internationalization, that is, they select a country that is dissimilar to their country of origin for their first foreign expansion. The reason for this is that some firms develop, in their home country, three types of knowledge that are useful to overcome foreign expansion difficulties: knowledge to manage complexity, developed by having multiple operations at home; knowledge to manage differences in competitive conditions, developed by operating in business-to-business industries, and knowledge to manage differences in institutional environments, developed by allying to a foreign firm at home.     

Management perspectives on Markstrat: The GE experience and beyond

Markstrat has attained great success as an educational tool for marketing management. It is also a simulated environment in which academics are now conducting experimental studies on marketing variables and monitoring the impact in the Markstrat context. A most important question that arises in both these types of utilization of Markstrat is the degree to which it reflects the real world of marketing decision making. Do managers from diverse industry experience perceive that Markstrat reflects a real enough marketplace to be useful both as a teaching tool and as a research environment? This article reports the results of a study of this question in the General Electric Company, plus the perceptions of another set of managers drawn from a broad set of other companies. Overall results indicate that managers working in diverse industries believe that Markstrat does reflect a real environment useful for teaching and research.     

Trends in the internationalization of grocery retailing: the European experience

The three traditional views of retail internationalization involve the diffusion of retail concepts, operational involvement in foreign markets and the international- ization of a retail management function. None of these identified categories is new, but there is evidence that there is an unprecedented level of interest in internationalization as a viable strategic option for retailers. This paper examines these themes within die grocery sector in Europe, through an empirical investigation of activity in the post-war period.     

The internationalization of small firms: The relationship between the global mindset and firms’ internationalization behavior

Some firms in internationally oriented industries are internationalized while other comparable firms in the same sector or industry do not. Observing this difference in strategic behavior among small firms led us to consider how differences in CEOs’ attitudes, international orientation, and mindset might explain it. Therefore, this study adopts a cognitive perspective on management to explore the formation of the global mindset and the relationship between the global mindset of small-firm decision makers and their firms’ internationalization behavior. A theory-based conceptual model and measurement instrument are developed and—using structural equation modeling—the model is estimated based on empirical data from cross-sectional samples of small Norwegian and Portuguese firms. The study finds: (1) a strong causal relationship between the global mindset and firms’ internationalization behavior; (2) the combination of the findings and substantive theory indicates that the main driver of firms’ internationalization operates through the global mindset. This study also covers the factors that strongly influence the formation of a global mindset, especially the decision makers’ work experience and personal characteristics in terms of propensity to interdisciplinary collaboration, cognitive flexibility, and networking capability. Based on these findings, suggestions are made for policies that can foster the internationalization of small firms.     

The macroeconomic role of currency reserve accumulation in emerging markets—The Asian experience

The impact of currency reserve accumulation is controversially discussed since reserve accumulation potentially destabilises the international financial system and causes crises due to higher systemic risk. The main aim of this paper is to put the macroeconomic role of currency reserve accumulation for four Asian economies under closer scrutiny. The key question is whether accumulating currency reserves is beneficial from a long‐run perspective. Based on a vector error correction approach, we start by analysing long‐run steady‐state relationships between currency reserves, exchange rates against the US dollar, real GDP and interest rates. Our findings show that cumulated currency reserve shocks significantly affect real GDP . A likely explanation for our finding is that accumulation of reserves has supported growth through providing liquidity and supporting the development of the financial sector for the economies under observation.     

Retailer internationalization: overcoming barriers to expansion

This paper develops an understanding of the barriers to retailer foreign market expansion focusing on SME retail firms. A qualitative methodology was adopted to obtain a holistic understanding of the key barriers to international expansion experienced by retailers from both the firm and industry-level perspectives. In light of the findings from the case companies and industry organizations in this study, the paper concludes that the main barriers to foreign market expansion experienced by SME UK retailers, both at the entry and growth stages, comprise internal and external factors. This paper not only provides an understanding of the barriers encountered by SME retailers but also considers how such problems may be overcome.     

人民币有望成为国际结算货币

08年美国次贷危机演变为全球化的金融危机,美元疲软,人民币升值,同时11年日本大地震元气大伤,直接导致日圆国际支付能力的下降。伴随近年中国经济的发展,地区影响力增强,为中国谋求世界经济大国的地位,建立新的货币体系提供了机遇,因此建立以人民币为中心的世界货币体系,势在必行。     

Implementing monetary base rules: The currency problem

Monetary policy rules which rely on the monetary base have been advocated by Meltzer and McCallum. Proponents claim that following monetary base rules would minimize fluctuations around the target growth rate for nominal GNP. Critics of such rules contend that currency has not been properly accounted for in their analysis. This paper examines McCallum's monetary base rule by explicitly taking the demand for currency into account. Assuming that currency is supplied elastically, our investigation quantifies changes in the composition of the monetary base under these rules and provides an estimate of how these compositional changes might affect the variability around the target nominal GNP growth rate.     

The internationalization of Nigerian firms: Motivations and location patterns

Despite the increased number of studies of the internationalization of emerging‐market multinationals (EMNCs), Latin American and Asian firms have dominated the focus of such studies, while the study of the internationalization process of sub‐Saharan African firms in the international business literature is quite limited. Therefore, this article examines the motivations and location patterns of the internationalization process of four Nigerian firms through a multiple case study approach. The findings show that the internationalization of the Nigerian firms is a recent phenomenon, but the foreign investment pattern reflects a pan‐African investment strategy. However, the findings also reveal that the firm‐specific advantages that had been accumulated in the domestic market, coupled with home‐country factors and regional‐/host‐market factors, were key determinants of the motivations and location patterns in the internationalization process of Nigerian firms.     

向国际化、现代化迈进的上海商业——改革开放20年回顾与展望

改革开放二十多年．上海商业的改革、开放和发展取得巨大成就。表现在：（一）通过逐步放开市场,稳步放开价格,已经形成了多样化、开放型具有竞争活力的市场体制;（二）重组国有企业,发展多种成份,多元化、现代化的上海商业企业正在各显活力;（三）精简机构,转变职能,上海商业基本上完成了行政管理体制改革;（四）适应新的消费需要,不断调整结构,社会消费品零售总额快速增长。2005年社会消费品零售总额预计2900亿元,比改革开放初的1984年124亿元增长22．4倍．年均增长高达17％;（五）调动各方积极性,建成各具特色“四街四城”为主体的中心商业区和以社区商业为主体属地型、便民型商业。     

State ownership and internationalization: The advantage and disadvantage of stateness

We critically review the literature on state-owned multinationals to clarify previous arguments and guide future studies. The content analysis of prior research reveals that state-owned firms differ from private firms in their internationalization: they are motivated by national strategic objectives, select more challenging countries, and use acquisitions more intensively despite adverse market reactions. The analysis also reveals conflicting predictions on the level of internationalization; some studies find that state-owned multinationals internationalize more while others find the contrary. We introduce one solution to these conflicts by classifying theories into two camps based on the balance between the costs and benefits of state ownership. One camp suggests a disadvantage of stateness (agency theory, resource dependence theory, and neo-institutional theory). Another camp promotes an advantage of stateness (economic development, resource-based view, and institutional economics). We conclude by outlining three promising relationships in the study of these firms: (1) relationships internal to state-owned multinationals and the balancing of stakeholder demands; (2)relationships between state-owned multinationals and government and the influence of the political system; and (3) relationships between home and host country governments and the impact of their dynamics on state-owned multinationals.     

The internationalization of management knowledge dissemination: A dialectic

Most management academics today are concerned with making what they teach more relevant, just as employers operating internationally seek management graduates with at least an exposure to global issues, if not actual experience. In the light of increasing globalization of business, this relevance would undoubtedly be concerned with the internationalization of management education. How to do this effectively is not a simple issue—it involves a number of dimensions, including the student body, faculty, and the method of instruction as well as what is taught. This paper adopts two diametrically opposed approaches to international business, namely those of Porter and Ohmae and contrasts the globalization of management education under these criteria. The conclusion is, not unexpectedly, that neither perspective is entirely right or wrong, but that each offers a valuable framework for the evaluation of options.