Manias,Panics and Crashes in Emerging Markets: An Empirical Investigation of the Post-2008 Crisis Period

ABSTRACT

Because of their economic importance, international bond markets are thought to be the likely location for the operation of financial market pressures on emerging market (EM) government policy. An important but unresolved debate that runs through the literature is the relative importance of domestic factors specific to the country receiving the capital flows (pull factors), versus push factors exogenous to the receiving country, in driving portfolio flows to EMs. Through extensive interviews with financial market participants, and analysis of the financial press between January 2008 and 2013, this paper argues that not only were market participants fully aware of the importance of push factors over the cycle, but that their perceptions of the domestic fundamentals themselves were influenced by these push factors. The paper provides evidence on the micro-foundations of investment decision making that make investors susceptible to influence by the push factors, and adds to a growing body of evidence that financial market borrowing costs are even less in the control of emerging market governments than previously assumed, because even when investors pay attention to domestic fundamentals, their assessments can be divorced from reality. This means that government efforts to attract foreign capital through implementing investors' preferred policies may be ultimately futile.     

论法律保留层级化在高校自治规则中的扩张适用

法律保留独具一种层级化的体系,它包括宪法保留、绝对法律保留、相对法律保留、狭义的行政保留以及广义的行政保留五种层级。基于教学管理之专业保障、学术自由功能之制度保障,教育行政法治应采取广义的行政保留层级,即无需法律、法规、规章的专门授权,高校自治规则即可成为高校行政管理的依据。同时,应借鉴法律保留层级化的理论,将高校自治规则亦划分为四个层级,同时按照所涉学生权利之重要性,将“学位授予、毕业证发放、学生招录以及变更身份关系的处分设定权”,以及“非变更身份关系的处分设定权、奖学金评定办法、先进个人评选细则等事项”分别归于不同层级自治规则的规范密度之下。     

论公司法与反垄断法的良性互动

公司是《中华人民共和国公司法》《中华人民共和国反垄断法》共同保护和规范的重要市场主体。但在法学研究和执法实践中仍存在碎片化和孤岛化的现象。在两法双双迎来修改之际,立法者应推动两法的无缝对接、有机衔接、同频共振、相辅相成。两法和而不同,都致力于提升公司活力,促进市场经济健康发展,都遵循民法基本原则。公司并购反垄断执法应秉持包容审慎、处罚谦抑、服务能动的理念,充分尊重并有效保障公司的生存权和发展权;公司并购反垄断审查应采取“原则放行、例外禁止”的政策。建议反垄断执法机构继续保持法治定力,坚持反垄断执法的常态化、法治化与专业化;新《反垄断法》基于“谁主张、谁举证”的理念,确立由反垄断执法机构就公司并购具有排除、限制竞争效果的事实承担举证责任的一般原则。从公司并购限制性条件的适用范围而言,应确立“可限可不限的,坚决不限”的立场。反垄断处罚措施的选择和使用应体现过罚相当的公平原则和比例原则。建议《反垄断法》专章规定“垄断行为的预防”,增加执法机构事先预防和事中监管的法定职责。落实《反垄断法》的治本之策是激活公司治理机制。公司并购反垄断中的控制权认定规则应尽量对标对表《公司法》。自我预防垄断应成为大型公司的核心社会责任。     

Innovation-Oriented Culture in the Public Sector: Do managerial autonomy and result control lead to innovation?

This article examines the effect of specific new public management (NPM)-related characteristics to explain innovation-oriented culture within public sector organizations. According to NPM doctrines, an enhanced managerial autonomy combined with result control will stimulate a more innovation-oriented culture in such organizations. Using multi-country survey data of over 200 public sector agencies, we test for the influence of organizational autonomy, result control and their interactions, on innovation-oriented culture. High levels of managerial autonomy and result control have independent and positive effects. However, the interaction between high personnel management autonomy and high result control has a negative effect.     

论“村官贿选”的法律规制

村民自治是我国民主政治体制中的一大特色,是人民当家做主的直接体现。然而,当前由于相关选举机制、法律机制和监督机制不完善,导致“村官贿选”现象日益突出。治理“村官贿选”,在主观方面,应当促进村民的权利意识与文化素养的提高;在客观方面,应当完善相关法律制度,以促进选举制度的规范化发展,确保村民选举权与被选举权的落实。     

大理白族自治州产业结构发展机制研究

大理白族自治州经济社会发展的滞后,既有自然的、历史的原因,也有政策、制度效应的因素,但更重要的还在于自身产业结构的落后与低效。云南大理白族自治州的产业结构具有民族地区的典型特征,其三大产业及其变迁反映了西部民族地区经济的发展轨迹和特色,因此,如何按市场经济的要求加快民族自治地区产业结构的优化是民族经济发展的主要课题。     

基于自主学习能力培养的大学英语听力教学

教学模式改革成功的一个重要标志就是学生个性化学习的形成和自主学习能力的发展。通过在一所高职院校进行的为期一年的教学实验,对在英语听力教学中构建学生自主学习能力的必要性和有效性进行了初步探索,并总结了一套如何通过培养学生自主学习能力以提高英语听力学习效果的教学模式。     

财政透明度中的资源诅咒-基于四川省县级财政自主性的经验证据

本文研究了财政自主性与财政透明度的经验关系及其反映出的地方政府行为逻辑。我们发现,更多的自有财源和更强的财政自主性并没有为财政透明度提升创造有利条件,反而表现为政府财务公开的一大阻碍。我们将此现象解释为财政透明度中的资源诅咒,并认为现有的财政体制和问责机制是其主要成因。要破除财政自主性对于财政透明度的诅咒效应,有待于通过收入分权培养形成与地方支出责任相适应的财政自给能力,同时完善社会公众自下而上推动财政透明的参与和监督机制。     

The effect of information technology on IT-facilitated coordination,IT-facilitated autonomy,and decision-makings at the individual level

The effect of information technology (IT) has been a central concern to economics of IT ever since it has been viewed as an important resource to improve firm productivity. Although significant research progress has been made on the impacts of IT use at the individual level, the mechanism of how IT use increases individual performance at work has not been fully explored. In an attempt to examine the IT effects on performance, we focus on individual work productivity gained from IT use. Following the discussion of previous works, we develop a research model, describing that the ubiquitous IT transforms the way individual employers’ work in organizations, and facilitates working processes and practices that may affect the decision-making of individual performance.

As a result of testing the research model, we found not only that IT use does have a direct effect on the quality of decision-making in organizations, but that this effect is partially mediated by the extent of IT-facilitated autonomy and of IT-facilitated coordination. These findings suggest that the effects of IT use on decision-makings in an organization may be attributed, in part, to its beneficial use in coordination and tendency to foster more discretion.     

我国货币政策自主性的实证研究

基于货币目标区模型、货币政策反应方程以及外汇储备与基础货币之间的关系方程,对2005年7月汇改前后我国货币政策自主性变化情况进行的实证研究结果表明,汇改后我国的利率政策自主性较汇改前增强,但货币数量政策则由汇改前的具备自主性变为汇改后的缺乏自主性;在我国,通过增强汇率制度弹性以提高利率政策自主性是可行的,但对货币数量政策并不成立。研究结果还表明,我国应以利率作为货币政策中介目标。