Should multivariate early warning systems for banking crises pool across regions?

Most extant work on prediction of banking crises has utilised global samples, which are in turn dominated by observations from middle-income countries, and rely on a single estimator. However, economic and financial structures as well as the pattern of shocks may differ substantially across regions, while a range of specifications is desirable to check robustness. Accordingly, in this paper we test the implicit pooling assumption in earlier multivariate work on Early Warning Systems using both logit and binary recursive tree specifications separately for crises in Asia and Latin America, as well as the pooled sample. Results suggest markedly different crisis determinants across regions, implying global samples are inappropriate.     

中国和美国正在走向冲突?

随着中国的崛起,中国和世界上唯一的超级大国美国之间的国力差距在缩小。不少观察家担心,武装冲突将随之发生。在近代历史上,出现过七次大国崛起,挑战现存强国,其中六次都导致了冲突。但是,本文指出,有理由相信,中国的崛起将是和平的。     

Current Agricultural Situation Calls for Science and Technology

The first document,or known as the No.1 document,to address China's agricultural issue by improving agriculture science and technology is in urgent need,considering the present situation facing the agricultural development.     

The cluster approach in the innovation development strategy of foreign countries

Foreign experience in carrying out cluster policy and the scales of distribution and the variety of cluster structure types abroad are considered and generalized. The main attention is given to innovation directivity as the key factor of increasing regional and national economic competitiveness. The important role of the state in formation of effective cluster policy providing substantial improvement in the business climate and stimulating the priority development of high-tech fields is placed in strong relief. The next issue of the journal will contain an article about the situation in Russia (Ed.).     

Socio-demographic risks of the long-term development of the Russian economy

Key risks and threats of the long-term development of the Russian economy, originating from the social sphere, are revealed and analyzed. The article focuses on human capital development and replenishment problems, as well as on the social effects of these problems on education, health conditions, labor migration, and pension provision.