Defining Capitalism

This article aims to incorporate the essential features of capitalism in an operational definition that identifies capitalism per se (pure laissez‐faire capitalism), and clearly excludes variations such as welfare capitalism and crony capitalism. By concisely highlighting the fundamental structures and mechanisms of capitalism, this essential definition facilitates defences of it that are more robust than those ordinarily offered. It also clarifies the relation between capitalism and phenomena with which it is frequently associated, and suggests a straightforward way of identifying and measuring the extent of capitalism in mixed economies.     

Systemic event prediction by an aggregate early warning system: An application to the Czech Republic

This work develops an early warning framework for assessing systemic risks and predicting systemic events over a short horizon of six quarters and a long horizon of 12 quarters on a panel of 14 countries, both advanced and developing. First, we build a financial stress index to identify the starting dates of systemic financial crises for each country in the panel. Second, early warning indicators for the assessment and prediction of systemic risk are selected in a two-step approach; we find relevant prediction horizons for each indicator by a univariate logit model followed by the application of Bayesian model averaging to identify the most useful indicators. Finally, we observe the performance of the constructed EWS over both horizons on the Czech data and find that the model over the long horizon outperforms the EWS over the short horizon. For both horizons, out-of-sample probability estimates do not deviate substantially from their in-sample estimates, indicating a good out-of-sample performance for the Czech Republic.     

危机下中小企业跨国经营的“危”与“机”

2008年开始的金融危机冲击了世界经济,加快了世界经济结构调整的步伐,金融危机产生的威胁影响到了各国企业的跨国经营活动,使企业跨国经营的风险增加;但是金融危机也为企业的跨国经营带来了机遇,各国恢复经济的政策减少了对外资的限制,中国逆市发展也为我国中小企业的跨国经营奠定了基础,中小企业通过制定适合时宜的战略就可以利用危机带来的机遇实现跨国经营的目标。     

美国金融危机对我国贸易顺差的影响及对策研究

美国金融危机影响已由虚拟经济扩散到实体经济,由发达经济体扩展到新兴经济体。持续多年的贸易顺差是当前我国经济增长的主要推动力,为我国积累了巨额的外汇储备。然而,金融危机导致我国贸易顺差额大幅收窄,FDI连续十个月同比负增长及经济增速放缓。为了应对美国金融危机给我国对外贸易、经济带来的消极影响。为此,建议从加大创新力度,提高出口企业产品附加值,转变出口市场结构等三方面来寻求应对危机的有效办法。     

金融危机下中国房地产企业战略调整能力——基于万科的案例研究

房地产泡沫和经济危机对中国房地产企业有着重要影响,本文采用案例研究方法考察房地产领先者万科公司在此背景下的战略调整能力,利用边缘竞争理论和企业家精神及战略领导力等理论,研究王石领导的万科有效进行企业战略调整能力。本文发现,企业家具有的战略执行力在动荡环境下能够发挥出更为前瞻性的作用。而房地产企业所具有的组织结构有序性和无序性结合,从资金、土地和营销方面获取过去优势、并为明天做准备的时间边缘平衡以及掌握开发的时间节拍,并通过布局的转化与过渡的时间节奏平衡,将推动企业有效应对危机。     

传统经济增长方式导致环境危机的经济学分析

环境资源是一种公共资源,传统经济增长方式带来了严重的环境污染问题,环境问题严重制约着我国经济增长和发展,因此传统的数量型经济增长方式已难以为继,转变现有的经济增长方式势在必行。从稀缺、欲望、市场机制和资源配置等经济学的重要范畴及其相互关系分析它们与资源环境危机之间的必然逻辑关系,结果表明传统经济学在基础层面上不适合指导人们的经济活动,应当建立新的经济学,把环境资源的稀缺性引入经济系统中,使其逐渐成为经济系统的内生变量,以拓宽经济学的研究视野。     

在金融全球化下我国金融安全若干问题综述

20世纪80年代以来,金融全球化已成为世界经济发展的一个鲜明特征和基本趋势。在金融危机频繁爆发的今天,如何能够在金融全球化中获利,又能维护国家的金融安全,尤其是象我国这样一个经济转型的国家。本文分别综述了国内外学者对于金融全球化下金融安全问题的研究,包括国外的金融危机理论;又分别从国家经济安全、金融效率、金融风险,资本外逃等方面探讨了与国家金融安全的关系。     

The Asian crisis and the implications for human resource management in Vietnam

Vietnam has experienced substantial economic growth since the mid-1980s when economic reform (doi moi) started. However, the Asian crisis had some negative impacts on the Vietnamese economy. Both the external environment and internal competition added more pressure on companies to speed up organizational reform. Transforming the old personnel management into new flexible human resource management system is one of the central reform agendas among companies in order to survive the market competition. This research analyses the nature of the changes in the area of human resource management under the influence of market-oriented reform that puts emphases on flexibility and competitiveness in the new millennium.     

The determinants of commercial banking profitability in low-, middle-, and high-income countries

Using a broad bank-level dataset and the GMM estimator technique described by Arellano and Bover (1995), this paper analyses how bank-specific characteristics, macroeconomic variables, and industry-specific factors affect the profitability of 10,165 commercial banks across 118 countries over the period from 1998 to 2012. Grouping the countries according to three income levels, we show that the determinants of bank profitability included in our model can explain existing profitability differences among commercial banks in low-, middle-, and high-income countries. The profitability determinants vary quite widely across the different levels of income in terms of significance, sign and size of the effect. The level of income has thus an important impact on the determinants of bank profitability.     

欧元挑战美元:失去的机会

早在10年前,在欧元创立之初,欧元的国际地位就被提上了国际议程。随着全球金融危机的爆发,对美元的全球角色的质疑日渐增多,欧元受到了进一步关注。然而,当美元的国际地位备受审查时,欧盟及其货币还没有承担起任何积极主动的角色。本文探讨的是,欧元是否能逐渐成为国际货币,不仅在欧盟及其他国家的贸易中,还要在第三国之间的贸易中被使用,即欧元是否能挑战美元的当前地位,在国际货币体系中成为主要储备货币。