中央企业A股+H股整体上市及其对中国资本市场的影响

在分拆上市和单独境外上市对中国资本市场的不利影响日益凸显的情况下,中央企业A股+H股整体上市是兼顾企业利益和国家利益的现实选择。本文利用实证的研究方法,分析了中央企业先H股后A股、A股+H股同步和先A股后H股三种整体上市路径以及中央企业A股+H股整体上市对中国资本市场的影响,得出的结论是,三种中央企业A股+H股整体上市路径都能对我国资本市场的发展产生或多或少的积极影响;同时,中央企业A股+H股整体上市对包括中国香港在内的中国资本市场将产生多方面的积极影响。     

国际金融危机背景下洛阳旅游业发展策略的调整研究

当前,由国际金融危机导致的全球经济衰退,给旅游业带来的影响广泛、深刻、持久。但与此同时,国际金融危机也给经济要素调整创造了时机,旅游业也可从相关宏观政策中受益,重新进行行业调整与升级。洛阳旅游业应该准确分析和认识国际金融危机的影响,针对地方旅游业的发展问题,抓住地方经济的发展契机,调整旅游业发展策略,积极推动产业升级,打造具有竞争力和可持续性的旅游目的地。     

全球价值链下中国的对外贸易

全球价值链(GVC)作为一种组织和治理力量,已使当今的国际贸易发生了重大变化,也对中国的对外贸易产生了深刻影响。本文首先总结在GVC的影响下,当前国际贸易呈现的6个特征性事实;其次揭示了在中国贸易急剧增长的表象下,隐藏着GVC这样一种组织和治理的力量,并从结构、地区、主体和地位等方面,分析了GVC对中国对外贸易的影响;最后,指出中国外贸在GVC下面临的挑战及相关的对策。     

The Outsourcing of Manufacturing and the Rise of Giant Global Contractors: A Marxian Approach to Some Recent Transformations of Global Value Chains

This article aims to show that the Marxian ‘law of value’ can provide solid foundations for the comprehension of the constitution and dynamics of Global Value Chains (GVC). It offers an explanation of the social processes of ‘value creation and capture’ within a chain based on the system-wide motion of global capital accumulation. A firm connection is thus established between the particular dynamics internal to each industry and the general dynamics of the ‘system as a whole’, which is, precisely, where the greatest weakness of the GVC approach lies. Furthermore, the usefulness of those general theoretical insights is then shown through a more empirical discussion of recent transformations in the composition and governance structure of GVC resulting from two interrelated processes: the tendency for a growing de-linking between innovation and manufacturing and the rise of highly concentrated global contractors. These phenomena have paradigmatically developed in the electronics industry, giving rise to the formation of the so-called modular or turnkey production networks. The discussion therefore focuses on that particular industrial sector.     

Polanyi and Post-neoliberalism in the Global South: Dilemmas of Re-embedding the Economy

Although Karl Polanyi Studied a different epoch and focused on Europe, his ideas have inspired an outpouring of studies on contemporary problems and prospects in the neoliberal era. The bulk of these studies pertain to industrial countries or global economic issues. However, the human, environmental and financial impact of market deregulation is arguably more devastating in the ‘developing’ countries than in the core. A question thus arises: do Polanyi's reflections on progressive alternatives to liberalism clarify contemporary debates on development alternatives in the Global South? I contend that democratic socialism – Polanyi's preferred remedy to the ‘demolition’ of society and nature occasioned by market civilisation – is problematical in light of what we have learned from the twentieth century, but his framework for evaluating alternatives – featuring the re-embedding of economy in society – remains as powerful as ever, I support this argument with an exploration of socialism and social democracy – as well as community – based alternatives arising from ‘reciprocity’. Each possibility raises distinctive dilemmas, as an analysis of cases reveals.     

The Social Cost of Environmental Solutions

This article assesses the social consequences of efforts by multinational corporations to capture business value through recycling, reusing materials and reducing waste. Synthesising evidence from the global environmental justice and feminist and international political economy (IPE) literatures, it analyses the changing social property relations of global recycling chains. The authors argue that, although recycling more would seem to make good ecological sense, corporate programmes can rely on and further ingrain social patterns of harm and exploitation, particularly for the burgeoning labour force that depends on recyclables for subsistence living. Turning the waste stream into a profit stream also relies on prison labour in some places, such as in the United States where the federal government operates one of the country's largest electronics recycling programmes. The ongoing corporatisation of recycling, the authors argue further, is devaluing already marginalised populations within the global economy. Highlighting the need to account for the dynamism between social and environmental change within IPE scholarship, the article concludes by underlining the ways in which ‘green commerce’ programmes can shift capital's contradictions from nature onto labour.     

Bad loans,soft budget constraints and the political economy of financial market reform in transition economies

Financial market imperfections and especially the bad debt problem are among the most important factors impeding economic restructuring in transition economies. This paper analyses the implications of non-performing loans for the lending policy of banks and for the ensuing allocation of credit. It is shown that a lending bias exists in favour of old debtors, which not only impedes structural change but may also counteract policies intended to harden budget constraints and to promote restructuring. The paper also discusses from a political economy perspective, why despite these negative implications financial market reforms were not pursued more forcefully in most countries.     

Structural reforms and fiscal adjustments: policy options for the euro area

This paper analyses the effects of structural reform and fiscal consolidation policies in the Euro Area using a stylized new-Keynesian model. A number of issues are focused upon: (i) the modelling and effects of fiscal consolidation and structural reforms, and (ii) evaluation of alternative reform and consolidation scenarios, including their joint implementation.