Mobilizing non-conventional budgetary resources in Asia in the 21st century

The 21st century will be characterized by the curtailment of tax policy autonomy and high locational elasticities for economic activities. Resource mobilization tasks for Asian governments will therefore be far more complex. With respect to traditional taxes, base broadening and modernization of tax administration will have to be primary instruments of raising additional revenue rather than rate increases.The paper suggests that Asian countries will need to substantially enhance their capacity to benefit from innovative instruments of resource mobilization. These include public asset restructuring, treasury management, and revenue from creation of property rights, regulatory levies and more effective use of cost recovery and user charges. Resource mobilization and delivery of public services will have to be increasingly linked. An Asia wide tax forum to address common concerns, such as tax avoidance will need to be considered.     

The spatial coverage of shipping lines and container terminal operators

The aim of this paper is to provide a quantitative basis for the discussions about globalization of carriers and container terminal operators. A measuring framework is developed that allows for the comparison of the distribution of ship carrying capacity across various regions, and the comparison of the distribution of terminal throughput worldwide. This approach also allows the investigation of the degree to which liner shipping networks match related terminal portfolios.The main outcomes highlight significant differences between the geographical scope of liner networks, and between the coverage of corresponding terminal portfolios. Interesting results emerge from the matching of networks of integrated operators: early-movers such as Maersk and latecomers such as MSC have very different levels of vertical integration.     

论经济全球化背景下的外资银行金融监管

我国正加快融入金融一体化和全球化,传统的金融监管模式已不能适应中国加入世贸后的新形势。在金融全球化、经济一体化背景下,机遇与挑战并存,只有通过监管理论创新进而达到监管制度创新,积极学习借鉴国际金融监管先进经验,在发展中加强监管,以监管促开放,促引进,促发展,我们就一定能够迎头赶上金融监管的国际水平,为我国更加积极主动参与国际竞争提供良好的金融支持。     

全球化、全要素生产率与区域发展差异——基于珠三角、长三角和环渤海的面板数据分析

得益于对外开放政策,地处沿海的珠三角、长三角和环渤海相继成为中国经济的三大引擎,但珠三角仍然保持一种相对优势。这种区域差异是源于全球的数量效应还是质量效应?本文比较分析表明,三大区域之间的TFP存在显著差异;TFP经济增长的贡献,从高到低依次是珠三角、长三角和环渤海。基于贸易、投资和金融维度,本文以面板数据分析技术研究了全球化对区域TFP差异的影响。主要发现是:在区域整体层面上,全球化促进了TFP的提高;但在区域内,全球化对三大区域TFP的促进作用并不显著且无统计意义。全球化对三大区域经济增长的贡献主要是通过数量效应实现的,质量效应尚未成为影响区域经济差距的实质性因素。外贸和FDI增长方式的外延和粗放、较低的金融市场的国际化程度,制约了区域层面TFP的增长。     

Political environments and business strategy: Implications for managers

Globalization leads to increased business opportunities and changing rules of the game. Different institutional settings and different organizational players continuously shape business opportunities through different public policy processes operating in various locales. Herein, we develop a framework, based on the work of Nobel laureate Douglas North, which enables managers to determine essential considerations of public policy arenas where they may operate or consider operating.     

Understanding the evolution of world business cycles

This paper studies the changes in world business cycles during the period 1960–2003. We employ a Bayesian dynamic latent factor model to estimate common and country-specific components in the main macroeconomic aggregates (output, consumption, and investment) of the G-7 countries. We then quantify the relative importance of the common and country components in explaining comovement in each observable aggregate over three distinct time periods: the Bretton Woods (BW) period (1960:1–1972:2), the period of common shocks (1972:3–1986:2), and the globalization period (1986:3–2003:4). The results indicate that the common (G-7) factor explains, on average, a larger fraction of output, consumption and investment volatility in the globalization period than it does in the BW period.     

中国企业物流技术的跨越式发展

面向新世纪,把握时代的特征,理解物流、信息流、商流的相互关系。用前瞻性、高技术、系统工程的思路来思考企业的集成自动化。用集成创新的思路和方法,争取我国企业物流技术的跨越式发展。红河卷烟厂自动化物流系统是中国自动化物流技术跨越式发展的范例。文内概述了企业物流技术的国际水平和动向。     

我国进出口近似同步变动之谜——一个经济全球化的新解释

不管是遭遇世界经济周期的冲击,还是受到人民币升值的冲击,我国进出口表现出近似同步变动的现象,对此传统理论欠缺解释力。本文从局部均衡模型的微观模型出发重新构建我国的进口方程,新的进口方程和传统的出口方程一起较好地解释我国进出口近似同步变动的现象,并指出当前进出口近似同步变动的根源在于经济全球化。研究结果还表明,人民币在一定幅度内的升值和世界经济衰退会使我国进出口较大幅度下降,但是对我国贸易顺差的影响小。     

Global maritime networks: The case of Maersk

Two contrasting approaches to the provision of maritime services are frequently presented: one based on direct port to port services, the other characterised by a hub and spoke network. We demonstrate there is no contradiction between these two models, that in fact they are complementary. Integrating direct services with a hub structure is necessary for assuring a wider geographical coverage. The complementarity is explained by analysing the world’s largest container shipping line, Maersk, which over the last 30 years has created a global shipping network.     

Corporate governance or globalization: What determines CEO compensation in China?

This paper examines the relationship between corporate governance and CEO compensation in China. In contrast to results derived from U.S. data, we find little evidence that Chinese CEOs take advantage of weaker board structures or less demanding shareholders to extract higher compensation packages. Instead, our results lend support to the view that the increasingly global managerial labor market and compensation standards have a greater impact on CEO pay level. Our study suggests that CEOs in developing economies like China, in our case, benefit more from their degree of exposure to these changes than from corporate governance imperfections.