在新兴市场国家实行新巴塞尔资本协议的若干问题

对新兴市场国家而言,实施新巴塞尔资本协议将面临两大难题:一是允许采用专业评级机构信用评级的标准法几乎无法把资本要求和风险有效地结合;二是许多国家缺乏实施内部评级法的专门技术。对此,作者提出了集中评级法。对在风险不同的多个国家经营的国际性银行而言,如果使用内部评级法,其资本要求可能比使用旧巴塞尔协议或新协议标准法更高。针对跨境监管,作者提出了成立监管当局联合会、进行联合检查和披露要求等三项建议。     

A New Approach to Measuring Financial Contagion

This article proposes a new approach to evaluate contagion infinancial markets. Our measure of contagion captures the coincidenceof extreme return shocks across countries within a region andacross regions. We characterize the extent of contagion, itseconomic significance, and its determinants using a multinomiallogistic regression model. Applying our approach to daily returnsof emerging markets during the 1990s, we find that contagionis predictable and depends on regional interest rates, exchangerate changes, and conditional stock return volatility. Evidencethat contagion is stronger for extreme negative returns thanfor extreme positive returns is mixed.     

Implications of Negotiation Theory for Research and Development of Negotiation Support Systems

This paper summarizes a parametric theory of negotiation as a basis forshedding light on negotiation support system possibilities. Previously, thetheory has been used to analyze prior research accomplishments in the area ofnegotiation support systems. Here, we discuss implications of the theory thatare relevant for future research and development of negotiation supportsystems. The implications are concerned with three topics: a high-levelgeneric characterization of these systems, an identification of theirpossible support functions, and a taxonomy for classifying suchsystems.     

Regimes of ordering: the commercialization of intellectual property in industrial-academic collaborations

This paper examines a diversity of regulatory mechanisms and negotiation processes involved in attmpts to commercialize university research which provide direct and indirect means of linking the activities o f individuals and organizations in the acquisition and exchange of commodified goods. The key,question addressed is how is an activity that is always uncertain —the production of knowledge —is 'packaged' by intellectual property management and intellectual property rights so that it is controllable, commod$able and enhs into exchange reidiomhips. This paper addresses the acquisition and stabilization of proprietaly claim to knowledge between public and priuate organizations by considering a detailed case o f a unwersip spin-off and in doing so raises a number of more general issues about the translation of knowledge.     

The determination of union and non-union wage rates

If, in a partially unionised economy, union workers force up their absolute wage rate, how does this affect the wage paid in the non-union sector? This paper suggests a simple answer. First, in a small open economy a rise in the union wage will raise the non-union wage. Secondly, in a closed economy — or one with some monopoly power in world trade — a rise in the union wage seems likely to depress the non-union wage.     

Ripples through markets: Inter-market impacts generated by large trades

This paper uses a sample of large trades executed on the London Stock Exchange's SEAQ-I market for European cross-traded firms to investigate their impact on home market prices when parallel markets suffer from information frictions. I find that (a) large London trades produce price impacts in home markets even though no timely information is published, (b) market makers appear to pre- and post-position their inventories by splitting orders across markets, and (c) the price discovery process across markets changes significantly around large trades with the foreign market making a significantly bigger contribution to price discovery at this time, even though information opaqueness exists.     

House Price Shocks,Windfall Gains and Hours of Work: British Evidence*

Do workers adjust hours of work in response to capital gains and losses? This paper investigates this question using British panel data on individual employees from 1992 to 2001. It investigates hours of work adjustments to two sources of capital gain: financial windfalls and real housing wealth gains. Significant reductions in hours are found for both men and women in response, in particular, to housing gains. Men appear to increase hours in response to real housing losses, whereas women reduce hours in response to real housing gains. Evidence on hours of work preferences suggests that observed adjustments are only partial responses.