THE FOREIGN CURRENCY LOANS AFFAIR: SOME COMMENTS

Kingston (1995) discusses the legal complications arising out of the foreign currency loans taken out in the middle eighties. This note discusses a number of points of difference within Kingston's interpretations. The most important example of these is the predictability of the losses arising from the loans. Some potential solutions of the problems identified by Kingston, and in this note, are also canvassed.     

A UNIFIED ANALYSIS OF TRADE GAINS IN THE PRESENCE OF PUBLIC GOODS*

It has long been known that free trade is potentially (after lumpsum compensatory transfers) beneficial for each trading country if the autarkic and post‐compensation free‐trade equilibria are perfectly competitive, with market distortions limited to non‐negative taxes on imports and exports. However these conditions are merely sufficient. It can now be shown that, under alternative sufficient conditions, free trade is potentially beneficial to each trading country even in the context of public goods.     

中国经济政策重心转向促增长

正欧洲可能陷入衰退,美国正在勉强维持脆弱的复苏,而日本又遭遇沉重打击,在这种情况下,中国的出口增长持续低迷,预计未来的情况会更加糟糕。中国果断采取刺激经济的行动,在近三年来首次下调银行存款准备金率。这可能是一轮放松货币政策的行动之始,目的是在贸易和房地产领域双双疲弱之际提振中国经济。