Globalization, Poverty, and Inequality since 1980

One of the most contentious issues of globalization is the effectof global economic integration on inequality and poverty. Thisarticle documents five trends in the modern era of globalization,starting around 1980. The first trend is that growth rates inpoor economies have accelerated and are higher than growth ratesin rich countries for the first time in modern history. Developingcountries’ per capita incomes grew more than 3.5 percenta year in the 1990s. Second, the number of extremely poor peoplein the world has declined significantly—by 375 millionpeople since 1981—for the time in history. The share ofpeople in developing economies living on less than $1 a dayhas been cut in half since 1981, though the decline in the shareliving on less than $2 per day was much less dramatic. Third,global inequality has declined modestly, reversing a 200-yeartrend toward higher inequality. Fourth, within-country inequalityin general is not growing, though it has risen in several populouscountries (China, India, the United States). Fifth, wage inequalityis rising worldwide. This may seem to contradict the fourthtrend, but it does not because there is no simple link betweenwage inequality and household income inequality. Furthermore,the trends toward faster growth and poverty reduction are strongestin developing economies that have integrated with the globaleconomy most rapidly, which supports the view that integrationhas been a positive force for improving the lives of peoplein developing areas.      

论20世纪80年代以来我国市场类型的演变

本文包括理论构筑和实证分析两部分，在理论部分论述了市场价值与价值的异同，市场价值三种形式的存在条件，指出了西方对市场类型传统划分的缺陷，提出了新的划分标准。在实证部分，运用市场价值理论，对80年代以来我国市场格局的演变作了判研，最后，作者对中国市场未来作了展望，进一步提出了个人见解，以供参考。     

Shark repellents and stock prices: The effects of antitakeover amendments since 1980

Antitakeover amendments (shark repellents) restrict the transfer of corporate control. On average, the public announcement of antitakeover amendments by 600 firms in the period 1979–1985 has an insignificant effect on the value of announcing firms' shares. However, different types of amendments have varying effects. Non-fair-price amendments have an average significant negative effect of 2.95% on share prices, while fair-price amendments have an insignificant effect. The more harmful amendments have larger insider holdings and lower institutional holdings, suggesting a partial explanation of why shareholders approve these amendments.     

How Have the World's Poorest Fared since the Early 1980s?

A new assessment is made of the developing world's progressagainst poverty. By the frugal $1 a day standard there were1.1 billion poor people in 2001—almost 400 million fewerthan 20 years earlier. During that period the number of poorpeople declined by more than 400 million in China, though halfthe decline was in the early 1980s and the number outside Chinarose slightly. At the same time the number of people in theworld living on less than $2 a day rose, so that there has beena marked bunching up of people living between $1 and $2 a day.Sub-Saharan Africa has become the region with the highest incidenceof extreme poverty and the greatest depth of poverty. If thesetrends continue, the 1990 aggregate $1 a day poverty rate willbe halved by 2015, meeting the Millennium Development Goal,though only East and South Asia will reach this goal.      

The European Electricity Market: the Dual Challenge of Liberalisation and Climate Protection

Original Papers

The European Electricity Market: the Dual Challenge of Liberalisation and Climate ProtectionOpportunities for the German energy industry     

给银行一颗智慧的"心"——Unisys银行核心业务处理系统解决方案

中国加入WTO,我们将更快地融入到世界经济的大环境中,强有力的竞争对手与先进的技术经验同时涌入,使今天的银行面临前所未有的希望与危机,我们不仅要稳住国内已有的阵地,而且希望能够抓住机会在国际大市场中分一杯羹.要想从容应对机遇和挑战,必须有破有立,完善自身才能准确出击.什么才是银行武装自己的利器?有效的管理、出色的人才、雄厚的资金……而完善、灵活,能够有效支持银行日常运作的核心业务处理系统更将成为银行运作的动力"核心".如今充分感受到高科技便利的人们,已经不能仅仅满足于银行存、取、贷款等有限的服务,以及通存通兑、ATM等所带来的部分便利.人们逐渐给银行提出了更多更广泛的期望,银行自己也对内部的管理、业务的拓展、资金的利用、客户的保持、风险的控制等提出了更高的要求,以此期望自己在瞬息万变的环境中站稳脚跟.要想成为支持银行生存发展的智慧核心,现代银行核心业务处理系统必须具有优秀的特性与功能,它包括:     

Craving for Coaching: A case study from Kwik-Fit Insurance Services

Staff retention is an industry-wide issue for call centres. It costs hundreds of thousands of pounds to recruit and train staff each year and, for reasons of customer service, productivity and profitability, it has become increasingly important to identify ways of keeping and further developing existing staff. This paper focuses on the success of the introduction of a personal development programme for staff at Kwik-Fit Insurance Services (KFIS). Craving for Coaching, a programme which enables individuals to realise how they can improve on their own performance and help achieve business goals, was introduced almost three years ago.     

美国运通:稳健发展积极创新

2009年蔓延全球的金融危机使各国经济及产业都受到了不同程度的影响,而国际信用卡市场也不可避免地受到了冲击.在这样的背景下,我们很高兴地看到中国信用卡市场仍能逆势稳健发展,中国也因此成为美国运通在2009年中少数继续追加投资的全球主要市场之一.     

中关村打造高科技高成长企业融资“信贷快车”

为贯彻落实国务院关于建设中关村国家自主创新示范区的批复精神,实施“科技北京行动计划”,帮扶企业应对国际金融危机,缓解科技型中小企业融资难,在中关村深化科技金融改革创新试点,鼓励和支持各银行、担保公司、保险公司加大对科技企业的支持力度,2009年6月12日,人民银行营业管理部、北京银监局、北京保监局、北京金融局、中关村管委会联合召开中关村信用贷款和信保融资政策发布会及签约仪式,即第十五次银科企联谊会。     

The Effects of Uncertainty on Market Prices: Evidence from Coaching Changes in the NBA

Abstract:  This study examines the effects of uncertainty on market prices. Specifically, we use the National Basketball Association betting market to examine whether uncertainty resulting from midseason coaching changes affects the ability of bettors to accurately set betting lines. We find that uncertainty amid midseason coaching changes results in less accurate pricing, as evidenced by higher volatility and greater overall inaccuracy in betting lines. We also find that uncertainty regarding the ability of the replacement coach and/or his strategies results in less accurate pricing, again evidenced by higher volatility and greater overall inaccuracy in betting lines.     

The Effects of Liberalisation on Market and Currency Risk in the European Union

This paper investigates the effects of liberalisation on the pricing of market and currency risk for a number of financial markets in the European Union (EU). An International Asset Pricing Model with a multivariate GARCH‐in‐Mean specification and time‐varying prices of risk is used for the four markets with the largest capitalisation in the EU. Only one price of market risk exists and international investors are rewarded for their exposure to currency risk. The evidence shows that all prices of risk are time‐varying and have been decreasing during the process of liberalisation. There is also evidence that markets react to period of uncertainty in the process toward the completion of liberalisation. In addition, the operation of the European Monetary System has generated lower covariances. As a consequence, total risk premia have declined in the last decade.     

Australian Audit Reports: 1980-89

This paper provides information on auditors' opinions in Australia in the period 1980-1989. Issues which are reviewed include the frequency with which different opinions are issued, the types of opinions which are issued by the different audit firms and the circumstances on which the financial statements have drawn qualification. Between 15% and 20% of the financial statements were found to draw qualification, with very few of these qualifications being in the more serious forms of the adverse opinion or the disclaimer. Most qualifications related to disagreements on balance-sheet values or technical breaches of accounting standards. Divergences were found between the frequency and types of qualifications issued by the different audit firms.     

美国运通：扩大行业合作 细分高端市场

回顾2010年中国信用卡市场从第一张信用卡诞生至今,中国信用卡市场已经走过25年的长足发展历程。从市场发展水平、征信环境、消费者意识以及信用卡行业助推经济发展等情况来看,中国信用卡市场已经步入成熟阶段。