Managing Financial Integration and Capital Mobility—Policy Lessons from the Past Two Decades

Emerging market experience over the past two decades has revealed the tenuous links between external financial integration and faster growth, and the proclivity of such integration to fuel costly crises. Emerging markets learned, converging to the middle ground of the macroeconomic trilemma. Following their crises of 1997–2001, emerging markets added financial stability as a goal, self‐insured by building up international reserves, and adopted a public finance approach to financial integration. The global crisis of 2008–09 illustrated that the advanced economies “overshot” the optimal degree of financial deregulation, while the resilience of the emerging markets validated their public finance approach to financial integration.     

The global markets of renewable energy sources and the national interests of Russia

The current state and the prospects of the use of renewable energy sources (RES) in the world, their total and technical potential and fields of application, and their advantages and disadvantages in comparison with fossil kinds of fuel are considered. Special attention is given to nonconventional RES. The reasons why Russia is lagging behind in the use of these sources are analyzed.     

House price dynamics: Evidence from Beijing

To study the house price dynamics in China, this paper extends the traditional life-cycle model by incorporating land supply, regime shifts and government regulation factors. The models are estimated with an error correction framework using quarterly data from 2000 to 2007 in Beijing. The conclusions are as follows. (1) There exits a stable co-integration relationship between house price and fundamentals; land supply and financial regimes are also important determinants of long-run equilibrium house prices. (2) Short-run dynamics depend on changes of fundamentals and the adjustment process of housing market. Land supply has a significant impact on house price fluctuations while demand factors such as user costs, income and residential mortgage loan have greater influences. The adjustment speed of real house prices to the long-run equilibrium has been reduced significantly since 2005 which means exogenous shocks can cause prolonged deviation of real house prices from the equilibrium level.     

Microeconomic analysis on the growth of trade volume in China: 1978–2007

The gravity equation is usually employed by researchers in the field of international trade to explain the growth of a country’s imports and exports volume, especially the manufactured goods. But in China, variables in the model, such as exchange rate, tariff, transportation cost, and spatial distance etc., are not sufficient to explain the riddle of China’s growth in trade volume. In fact, this growth in China’s trade volume is owing to the disintegration of production in the process of economic globalization, to the multinational corporations’ (MNC) vertical outsourcing of their manufacturing processes and procedures, and to the timely readjustment of Chinese enterprises on their strategies of participating in the international intra-product specialization. In this paper we establish an equilibrium model of intra-product specialization dominated by MNCs, and do some empirical tests on the growth in trade volume in China by using the variables including technological conditions of trade, similarity of economies, policy conditions of trade, disintegration of production and level of per capita capital equipment. The empirical results support our basic judgments.     

美国医疗决策中的卫生技术评估

卫生技术评估（Health technology assessment，HTA）是对卫生保健技术应用所产生的短期与长期结果进行检验的一种政策研究形式。评估的内容包括安全性、有效性、患者自报结果、现实效果、成本和成本一效果以及社会、法律、伦理和政治影响等。     

Surviving leisure time racism: the burden of racial harassment on Britain's black footballers

This paper explores the burden of racial harassment and abuse on Britain's black footballers and places this in the context of leisure time racism. It is based on research carried out between 1989 and 1994. It is suggested that the source of such racism has been a neglected issue and only gained significant recognition in 1993 when the Commission for Racial Equality launched its Let's Kick Racism Out of Football campaign. It is argued that the racial abuse and chanting aimed at black footballers are examples of racial harassment. The research gathered evidence from two locations - Leeds and Newcastle - to assess the extent to which players were being disproportionately affected by this harassment and introduces the concept of 'burden of abuse'. Some historical background is provided and football stadia are considered as key symbolic leisure sites where a basic white working class racism has found expression. The growth of black footballers since the 1970s is considered, as well as the way such players have survived the racial harassment, some of whom were interviewed as part of the research exercise.     

Economic Methodology and Nobel Laureates: Confirmation of a Methodological Paradigm Shift

Meir Kohn ( 2004 ) argues that two methodologies, the “value paradigm” and the “exchange paradigm,” dominate modern economics with the equilibrium‐focused value paradigm increasingly replaced by the more successful exchange paradigm. This article examines the question of modern economic methodologies and seeks to determine if the shift described by Kohn can be seen in the winners of the Nobel Prize in Economics (1969–2010). Trends in Nobel laureates suggest that Kohn's depiction of the two paradigms and their relationship appears accurate.