首页 > 最新文献

政治经济学季刊最新文献

英文 中文
Public Spending and Trade Liberalization: The Compensation Hypothesis Revisited 公共支出与贸易自由化:补偿假说再访
Pub Date : 2013-04-05 DOI: 10.2139/ssrn.2245595
Christian W. Martin, Nils D. Steiner
Despite a widespread fascination with the so called compensation hypothesis – i.e. the proposition that governments have to provide insurance against the risks of open markets to make integration into the international economy politically feasible – there appears to exist a complete lack of research where a rather straightforward implication of this theoretical mechanism is concerned, namely that liberalization of the trade regime should become more likely with a larger public sector and more social spending already in place. In this paper, we test this hypothesis that can be regard as a complement to existing research on the compensation hypothesis. We draw on a theoretical model that links an individual's (uncertain) assessment of her future position in a liberalized economy to her support for government liberalization policies. By reducing uncertainty, diffusing gains among a larger set of individuals and rendering compensation promises more credible ex ante developed institutions of redistribution and economic insurance are argued to increase support for reforms towards free trade and thereby make liberalization more likely. We test the proposition that trade liberalization is facilitated by higher public spending empirically (a) on data on the evolution of average tariff rates in 20 post-World War II OECD democracies from 1951 to 1993 and (b) by leveraging data on major liberalization episodes from 1950 onwards in a global sample of democratic countries through event history analysis. Overall, we find no support for the hypothesis suggested by the compensation logic that public spending facilitates reforms towards free trade.
尽管人们普遍迷恋所谓的补偿假说- -即政府必须为开放市场的风险提供保险以使融入国际经济在政治上可行的主张- -但似乎完全缺乏关于这一理论机制的相当直接的含义的研究。也就是说,随着公共部门的扩大和社会支出的增加,贸易制度自由化的可能性更大。在本文中,我们对这一假设进行了检验,可以作为对现有补偿假设研究的补充。我们借鉴了一个理论模型,将个人(不确定的)对其在自由化经济中未来地位的评估与她对政府自由化政策的支持联系起来。通过减少不确定性,在更大的个人群体中分散收益,并在发达的再分配和经济保险机构之前使补偿承诺更加可信,从而增加对自由贸易改革的支持,从而使自由化更有可能。我们对贸易自由化是由更高的公共支出促进的命题进行了实证检验(a)根据1951年至1993年20个二战后经合组织民主国家平均关税税率演变的数据,以及(b)通过事件历史分析,利用1950年以来全球民主国家样本中主要自由化事件的数据。总体而言,我们发现没有证据支持补偿逻辑提出的假设,即公共支出促进了自由贸易改革。
{"title":"Public Spending and Trade Liberalization: The Compensation Hypothesis Revisited","authors":"Christian W. Martin, Nils D. Steiner","doi":"10.2139/ssrn.2245595","DOIUrl":"https://doi.org/10.2139/ssrn.2245595","url":null,"abstract":"Despite a widespread fascination with the so called compensation hypothesis – i.e. the proposition that governments have to provide insurance against the risks of open markets to make integration into the international economy politically feasible – there appears to exist a complete lack of research where a rather straightforward implication of this theoretical mechanism is concerned, namely that liberalization of the trade regime should become more likely with a larger public sector and more social spending already in place. In this paper, we test this hypothesis that can be regard as a complement to existing research on the compensation hypothesis. We draw on a theoretical model that links an individual's (uncertain) assessment of her future position in a liberalized economy to her support for government liberalization policies. By reducing uncertainty, diffusing gains among a larger set of individuals and rendering compensation promises more credible ex ante developed institutions of redistribution and economic insurance are argued to increase support for reforms towards free trade and thereby make liberalization more likely. We test the proposition that trade liberalization is facilitated by higher public spending empirically (a) on data on the evolution of average tariff rates in 20 post-World War II OECD democracies from 1951 to 1993 and (b) by leveraging data on major liberalization episodes from 1950 onwards in a global sample of democratic countries through event history analysis. Overall, we find no support for the hypothesis suggested by the compensation logic that public spending facilitates reforms towards free trade.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"10 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84735533","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
Network Effects in International Migration: Education Versus Gender 国际移民中的网络效应:教育与性别
Pub Date : 2013-04-01 DOI: 10.1111/j.1467-9442.2012.01733.x
M. Beine, S. Salomone
In this paper, we analyze the impact that networks have on the structure of international migration flows. In particular, we investigate whether diaspora externalities are different across education levels and gender. Using new data that include both dimensions, we analyze the respective impact that networks have on the proportion of each category of migrant. Therefore, in contrast to the preceding body of literature on the macro determinants of international migration, we can identify the factors that influence the selection in terms of skills and in terms of gender. We find that network effects vary by education level, but not by gender.
在本文中,我们分析了网络对国际移民流动结构的影响。特别是,我们调查了侨民外部性在教育水平和性别之间是否不同。使用包含这两个维度的新数据,我们分析了网络对每种移民比例的各自影响。因此,与之前关于国际移民的宏观决定因素的文献相比,我们可以从技能和性别方面确定影响选择的因素。我们发现,网络效应因教育程度而异,但不受性别的影响。
{"title":"Network Effects in International Migration: Education Versus Gender","authors":"M. Beine, S. Salomone","doi":"10.1111/j.1467-9442.2012.01733.x","DOIUrl":"https://doi.org/10.1111/j.1467-9442.2012.01733.x","url":null,"abstract":"In this paper, we analyze the impact that networks have on the structure of international migration flows. In particular, we investigate whether diaspora externalities are different across education levels and gender. Using new data that include both dimensions, we analyze the respective impact that networks have on the proportion of each category of migrant. Therefore, in contrast to the preceding body of literature on the macro determinants of international migration, we can identify the factors that influence the selection in terms of skills and in terms of gender. We find that network effects vary by education level, but not by gender.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"52 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82097926","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 42
Regionalism in the World Polity 世界政治中的地方主义
Pub Date : 2013-03-28 DOI: 10.2139/ssrn.2242500
Joseph. Jupille, Brandy J. Jolliff, Stefan Wojcik
We argue that the rise of regionalism reflects a world polity theory (WPT) logic, whereby it is legitimated and promoted through amendments to the "script of statehood" by credentialed experts, ritually and isomorphically taken up by states as a function of their need for legitimacy, and enacted and reproduced notwithstanding profound decoupling between embraced and realized goals. We test and find support for these claims on the empirical terrain defined by regional trade agreements (RTAs), using a variety of data and methods. While political economy models have much to tell us about the rise of regionalism, the sociological dynamics of this and related processes of institutional change deserve heightened attention in an increasingly integrated world polity.
我们认为,地区主义的兴起反映了一种世界政治理论(WPT)逻辑,即由有资格的专家对“国家地位脚本”进行修正,从而使其合法化并得到促进,各国出于对合法性的需要而仪式化地、同质化地接受它,尽管在接受的目标和实现的目标之间存在着深刻的脱钩,但它还是得以制定和复制。我们使用各种数据和方法,在区域贸易协定(rta)定义的经验领域中测试并找到对这些主张的支持。虽然政治经济模型对区域主义的兴起有很多可以告诉我们的,但在日益一体化的世界政体中,区域主义的社会学动态和相关的制度变革过程值得高度关注。
{"title":"Regionalism in the World Polity","authors":"Joseph. Jupille, Brandy J. Jolliff, Stefan Wojcik","doi":"10.2139/ssrn.2242500","DOIUrl":"https://doi.org/10.2139/ssrn.2242500","url":null,"abstract":"We argue that the rise of regionalism reflects a world polity theory (WPT) logic, whereby it is legitimated and promoted through amendments to the \"script of statehood\" by credentialed experts, ritually and isomorphically taken up by states as a function of their need for legitimacy, and enacted and reproduced notwithstanding profound decoupling between embraced and realized goals. We test and find support for these claims on the empirical terrain defined by regional trade agreements (RTAs), using a variety of data and methods. While political economy models have much to tell us about the rise of regionalism, the sociological dynamics of this and related processes of institutional change deserve heightened attention in an increasingly integrated world polity.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"26 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85652109","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 24
The Internationalization and Integration of the Croatian Economy through Regionalization 通过区域化实现克罗地亚经济的国际化和一体化
Pub Date : 2013-03-22 DOI: 10.2139/ssrn.2237934
N. Knego
Regionalization and globalization are forms of business internationalization that differ in terms of their frequency and market distribution. There are more frequent examples of companies, and of entire economies, which have internationalized business in a regional direction, as compared to those that have globalized their businesses. Each regionalization and globalization is also at the same time the internationalization of business, while only some internationalization is also the globalization of business. The paper will take a detailed look at the position of the Croatian economy and some of its segments undergoing internationalization. The research shows how the Croatian economy offers an example of regionalization. The EU market is exceptionally important as a region for the Croatian economy. This can be supported by the market movement of the Croatian exchange of goods, import-export, foreign investment in the Croatian economy, contribution of regions like the EU with Croatian tourist results, and trading companies and their origin in the process of the internationalization of the Croatian distributive market.
区域化和全球化是商业国际化的两种形式,它们在频率和市场分布方面有所不同。与那些业务全球化的公司相比,在区域方向上实现业务国际化的公司和整个经济体的例子更常见。每一次区域化和全球化同时也是商业的国际化,而只有某些国际化也是商业的全球化。本文将详细介绍克罗地亚经济的地位及其一些正在进行国际化的部门。研究表明,克罗地亚经济是区域化的一个范例。欧盟市场作为克罗地亚经济的一个区域是特别重要的。克罗地亚货物交换的市场运动、进出口、对克罗地亚经济的外国投资、欧盟等地区对克罗地亚旅游业的贡献以及贸易公司及其在克罗地亚分销市场国际化进程中的起源都可以支持这一点。
{"title":"The Internationalization and Integration of the Croatian Economy through Regionalization","authors":"N. Knego","doi":"10.2139/ssrn.2237934","DOIUrl":"https://doi.org/10.2139/ssrn.2237934","url":null,"abstract":"Regionalization and globalization are forms of business internationalization that differ in terms of their frequency and market distribution. There are more frequent examples of companies, and of entire economies, which have internationalized business in a regional direction, as compared to those that have globalized their businesses. Each regionalization and globalization is also at the same time the internationalization of business, while only some internationalization is also the globalization of business. The paper will take a detailed look at the position of the Croatian economy and some of its segments undergoing internationalization. The research shows how the Croatian economy offers an example of regionalization. The EU market is exceptionally important as a region for the Croatian economy. This can be supported by the market movement of the Croatian exchange of goods, import-export, foreign investment in the Croatian economy, contribution of regions like the EU with Croatian tourist results, and trading companies and their origin in the process of the internationalization of the Croatian distributive market.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"5 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85722382","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Attractiveness of Central European Transitional Countries for Foreign Investment 中欧转型国家对外国投资的吸引力
Pub Date : 2013-03-22 DOI: 10.2139/ssrn.2237931
Ljiljana Lovrić, Vinko Kandžija, Jelena Babić
In this article Central European Countries are ranked depending on how attractive they are to international companies for investment. In the process of managerial decision-making about investment, companies mostly use statistical data published by international institutions. Such wide and heterogeneous set of quantitative and qualitative information need to be compared and analyzed systematically, and it can be done by using the method of Analytical Hierarchy Process (AHP). An estimation is performed considering two important aspects simultaneously – the level of institutional reforms being realized and the level of economic performances attained by an individual country.
在这篇文章中,中欧国家的排名取决于它们对国际公司投资的吸引力。在投资管理决策过程中,企业大多采用国际机构公布的统计数据。这些广泛而异构的定量和定性信息需要进行系统的比较和分析,而这可以通过层次分析法(AHP)来实现。在进行估计时同时考虑到两个重要方面- -正在实现的体制改革水平和个别国家所达到的经济表现水平。
{"title":"Attractiveness of Central European Transitional Countries for Foreign Investment","authors":"Ljiljana Lovrić, Vinko Kandžija, Jelena Babić","doi":"10.2139/ssrn.2237931","DOIUrl":"https://doi.org/10.2139/ssrn.2237931","url":null,"abstract":"In this article Central European Countries are ranked depending on how attractive they are to international companies for investment. In the process of managerial decision-making about investment, companies mostly use statistical data published by international institutions. Such wide and heterogeneous set of quantitative and qualitative information need to be compared and analyzed systematically, and it can be done by using the method of Analytical Hierarchy Process (AHP). An estimation is performed considering two important aspects simultaneously – the level of institutional reforms being realized and the level of economic performances attained by an individual country.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"34 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90569154","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Trade Secret Enforcement after Tianrui: Fighting Misappropriation through the ITC 天瑞之后的商业秘密执法:通过ITC打击盗用
Pub Date : 2013-03-13 DOI: 10.15779/Z38PQ6C
Natalie Flechsig
Trade secrets have historically been difficult to enforce, and enforcement is even more difficult for U.S. companies when the violations occur in foreign countries over which the United States may not have jurisdiction. China, for example, has rates of intellectual property (“IP”) infringement that are “among the highest in the world,” yet provides little recourse for foreign IP owners. Ineffective criminal regulations for IP infringement, as well as a lack of necessary judicial training and a tendency to award insufficient damages, make China a difficult forum in which to litigate. Even when a U.S. court enters a judgment against a Chinese company who misappropriated or infringed a U.S. company’s IP, “[t]he prospects are not promising for having a judgment entered by a U.S. court enforced by a court in China.” In a recent significant case, the Court of Appeals for the Federal Circuit upheld the U.S. International Trade Commission’s (“ITC”) determination that the United States can block goods originating from a respondent that misappropriated trade secrets to make the items, even if the acts of misappropriation occurred entirely abroad and the misappropriated trade secrets are not being practiced by any U.S. entity. This avenue for blocking infringing products from entering the United States, based on the newly announced qualifications for a § 337 complaint, has increased the chances for domestic trade secret owners to meet the ITC’s jurisdictional requirements and prevail in an unfair competition investigation. Part II of this Note assesses the historical and modern landscape of trade secret enforcement. Section II.A lays out the unique traits of trade secrets that make them difficult to enforce, and Section II.B describes the functions and authority of the ITC that may make it a more viable forum than district courts for enforcing trade secret owners’ rights. Part III discusses the facts and significance of the Federal Circuit’s decision in TianRui v. USITC, in which the ITC and, subsequently, the Federal Circuit addressed two important questions of first impression — whether the ITC has authority over the unfair methods of competition caused by the alleged trade secret misappropriation occurring entirely abroad, and whether the importation of infringing goods would injure a domestic industry when the complainant was not using the trade secret domestically. Part IV analyzes the legal environment for trade secret enforcement after TianRui. Section IV.A provides a comparison of jurisdictional requirements for district courts versus the ITC, and Section IV.B compares the features and availability of remedies in these two different forums. Part V predicts that trade secret filings before the ITC will increase after TianRui due to the ITC’s liberal interpretation of the domestic industry requirement.
从历史上看,商业秘密很难执行,而当侵权行为发生在美国可能没有管辖权的外国时,美国公司的执行就更加困难了。例如,中国的知识产权(“IP”)侵权率是“世界上最高的”,但对外国知识产权所有者的追索权却很少。针对知识产权侵权的无效刑事法规,以及缺乏必要的司法培训和赔偿不足的倾向,使中国成为一个难以提起诉讼的地方。即使美国法院对盗用或侵犯美国公司知识产权的中国公司作出判决,“美国法院作出的判决在中国法院执行的前景也不容乐观。”在最近的一起重大案件中,联邦巡回上诉法院维持了美国国际贸易委员会(ITC)的决定,即美国可以阻止来自侵吞商业秘密以制造产品的被告的商品,即使侵吞行为完全发生在国外,并且侵吞的商业秘密并未由任何美国实体实施。根据最新公布的第337条申诉条件,这种阻止侵权产品进入美国的途径增加了国内商业秘密所有者满足国际贸易委员会的司法要求并在不正当竞争调查中获胜的机会。本说明的第二部分评估了商业秘密执法的历史和现代情况。第二部分。A部分列出了商业秘密的独特特征,这些特征使得商业秘密难以执行,第二部分。B描述了国际贸易委员会的职能和权力,这可能使其成为一个比地区法院更可行的执行商业秘密所有者权利的论坛。第三部分讨论了联邦巡回法院在“天瑞诉美国国际贸易委员会”一案中判决的事实和意义,在该案中,美国国际贸易委员会和随后的联邦巡回法院解决了第一印象的两个重要问题国际贸易委员会是否有权处理完全发生在国外的被控盗用商业秘密所导致的不正当竞争方式,以及当投诉人并未在国内使用该商业秘密时,进口侵权商品是否会损害国内产业。第四部分分析了“天瑞案”后商业秘密执法的法律环境。第四节a对地区法院与国际贸易委员会的管辖权要求进行了比较,第四节b对这两种不同场合的救济的特点和可得性进行了比较。第五部分预测,由于ITC对国内行业要求的自由解释,在“天睿”之后,ITC的商业秘密申请量将会增加。
{"title":"Trade Secret Enforcement after Tianrui: Fighting Misappropriation through the ITC","authors":"Natalie Flechsig","doi":"10.15779/Z38PQ6C","DOIUrl":"https://doi.org/10.15779/Z38PQ6C","url":null,"abstract":"Trade secrets have historically been difficult to enforce, and enforcement is even more difficult for U.S. companies when the violations occur in foreign countries over which the United States may not have jurisdiction. China, for example, has rates of intellectual property (“IP”) infringement that are “among the highest in the world,” yet provides little recourse for foreign IP owners. Ineffective criminal regulations for IP infringement, as well as a lack of necessary judicial training and a tendency to award insufficient damages, make China a difficult forum in which to litigate. Even when a U.S. court enters a judgment against a Chinese company who misappropriated or infringed a U.S. company’s IP, “[t]he prospects are not promising for having a judgment entered by a U.S. court enforced by a court in China.” In a recent significant case, the Court of Appeals for the Federal Circuit upheld the U.S. International Trade Commission’s (“ITC”) determination that the United States can block goods originating from a respondent that misappropriated trade secrets to make the items, even if the acts of misappropriation occurred entirely abroad and the misappropriated trade secrets are not being practiced by any U.S. entity. This avenue for blocking infringing products from entering the United States, based on the newly announced qualifications for a § 337 complaint, has increased the chances for domestic trade secret owners to meet the ITC’s jurisdictional requirements and prevail in an unfair competition investigation. Part II of this Note assesses the historical and modern landscape of trade secret enforcement. Section II.A lays out the unique traits of trade secrets that make them difficult to enforce, and Section II.B describes the functions and authority of the ITC that may make it a more viable forum than district courts for enforcing trade secret owners’ rights. Part III discusses the facts and significance of the Federal Circuit’s decision in TianRui v. USITC, in which the ITC and, subsequently, the Federal Circuit addressed two important questions of first impression — whether the ITC has authority over the unfair methods of competition caused by the alleged trade secret misappropriation occurring entirely abroad, and whether the importation of infringing goods would injure a domestic industry when the complainant was not using the trade secret domestically. Part IV analyzes the legal environment for trade secret enforcement after TianRui. Section IV.A provides a comparison of jurisdictional requirements for district courts versus the ITC, and Section IV.B compares the features and availability of remedies in these two different forums. Part V predicts that trade secret filings before the ITC will increase after TianRui due to the ITC’s liberal interpretation of the domestic industry requirement.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79917490","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Nowhere Left to Hide? Stock Market Correlation, Regional Diversification, and the Case for Investing in Africa 无处可藏?股票市场相关性、区域多样化以及投资非洲的理由
Pub Date : 2013-03-07 DOI: 10.2139/ssrn.2233520
Todd J. Moss, R. Thuotte
Investors diversify their portfolios to boost returns and manage risk. However, the benefits of diversifying across geographic regions are reduced if markets are highly correlated. This paper examines trends over the past two decades and finds, as expected from global market integration, that regional indices have become increasingly correlated with the S&P 500 index. Sub-Saharan Africa is also part of this trend, but is a notable laggard. For instance, in 2010 the correlation with the S&P500 was 0.86 for markets in Latin America, 0.79 for Asia, and just 0.31 for sub-Saharan markets (excluding South Africa). Additionally, correlations among African markets are generally very low. While there remain barriers to exploiting this trend, Africa’s integration lag may present opportunities for investors seeking regional diversification—and policymakers seeking to attract greater portfolio investment to the continent.
投资者将投资组合多样化,以提高回报和管理风险。然而,如果市场高度相关,跨地理区域多样化的好处就会减少。本文考察了过去二十年的趋势,并发现,正如全球市场一体化所预期的那样,区域指数与标准普尔500指数的相关性越来越强。撒哈拉以南非洲也是这一趋势的一部分,但明显落后。例如,2010年拉美市场与标准普尔500指数的相关性为0.86,亚洲为0.79,撒哈拉以南(不包括南非)市场仅为0.31。此外,非洲市场之间的相关性普遍很低。尽管利用这一趋势仍存在障碍,但非洲的一体化滞后可能为寻求区域多元化的投资者和寻求吸引更多证券投资到非洲大陆的政策制定者提供机会。
{"title":"Nowhere Left to Hide? Stock Market Correlation, Regional Diversification, and the Case for Investing in Africa","authors":"Todd J. Moss, R. Thuotte","doi":"10.2139/ssrn.2233520","DOIUrl":"https://doi.org/10.2139/ssrn.2233520","url":null,"abstract":"Investors diversify their portfolios to boost returns and manage risk. However, the benefits of diversifying across geographic regions are reduced if markets are highly correlated. This paper examines trends over the past two decades and finds, as expected from global market integration, that regional indices have become increasingly correlated with the S&P 500 index. Sub-Saharan Africa is also part of this trend, but is a notable laggard. For instance, in 2010 the correlation with the S&P500 was 0.86 for markets in Latin America, 0.79 for Asia, and just 0.31 for sub-Saharan markets (excluding South Africa). Additionally, correlations among African markets are generally very low. While there remain barriers to exploiting this trend, Africa’s integration lag may present opportunities for investors seeking regional diversification—and policymakers seeking to attract greater portfolio investment to the continent.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"2606 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90927834","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 13
Global Finansal Krizin Sebepleri, Çıkış Yolları Ve Azerbaycan Ekonomisi Üzerindeki Etkileri (The Reasons of the Global Financial Crisis, the Way out of a Situation and the Effects on Azerbaijan Economy)
Pub Date : 2013-03-07 DOI: 10.2139/SSRN.2229813
C. Bulut, Ayhan Guney
Bu makalede son donemde ABD de konut sektorunde fiyatlarin “balon etkisi” (konut fiyatlarinin yapay olarak asiri yukselmesi) neticesinde patlak veren ve kisa surede tum dunya ulkeleri uzerinde etkili olan Global Finansal Krize sebebiyet veren faktorler (iktisadi ve iktisat-disi faktorler sabit olmakla birlikte) arasinda ozellikle son donemde ekonomistlerin oldukca ilgisini cekmeye baslayan ve global ekonomik krizin onemli sebeplerinden birisi olarak ifade edilebilecek olan ve spesifik olarak krizin derinlesmesinde cok onemli rol oynayan “guven bunalimi” veya “guven krizi” gibi kavramlar cercevesinde konu analiz edilmektedir. Ayrica kriz sonrasi devam eden surecte petrol fiyatlarindaki keskin dusus ve dolarin deger kazanmasina sebep olan faktorler kisaca analiz edilerek, krizden cikis yollari ve krizin Azerbaycan uzerindeki muhtemel etkileri temel makroekonomik argumanlar cercevesinde irdelenmektedir.. Aslinda guven eksikligi ekonomide “vicous circle” olarak ifade edilen kisir donguye yol acarak finansal sistemi islevsiz hale getirmistir. Guven bunalimi ve belirsizlik suratle reel sektore de yansimis ve butun dunyayi saran bir ekonomik krize donusmustur. This paper analyses the global financial crises of 2008 in terms of loss of confidence and trust on financial economic system which has been one of the major non-economic factor causing and playing the significant role on financial crises of 2008 considering the fact that other economic factors remained unchanged. It also analyses the global financial crises possible effect on Azerbaijan Economy. Major economic players in economy such as investors and households have lost their confidence on financial system by paralysing the liberal free-market economy and thus Loss of Trust has been one of the major causes of Global financial crises.
{"title":"Global Finansal Krizin Sebepleri, Çıkış Yolları Ve Azerbaycan Ekonomisi Üzerindeki Etkileri (The Reasons of the Global Financial Crisis, the Way out of a Situation and the Effects on Azerbaijan Economy)","authors":"C. Bulut, Ayhan Guney","doi":"10.2139/SSRN.2229813","DOIUrl":"https://doi.org/10.2139/SSRN.2229813","url":null,"abstract":"Bu makalede son donemde ABD de konut sektorunde fiyatlarin “balon etkisi” (konut fiyatlarinin yapay olarak asiri yukselmesi) neticesinde patlak veren ve kisa surede tum dunya ulkeleri uzerinde etkili olan Global Finansal Krize sebebiyet veren faktorler (iktisadi ve iktisat-disi faktorler sabit olmakla birlikte) arasinda ozellikle son donemde ekonomistlerin oldukca ilgisini cekmeye baslayan ve global ekonomik krizin onemli sebeplerinden birisi olarak ifade edilebilecek olan ve spesifik olarak krizin derinlesmesinde cok onemli rol oynayan “guven bunalimi” veya “guven krizi” gibi kavramlar cercevesinde konu analiz edilmektedir. Ayrica kriz sonrasi devam eden surecte petrol fiyatlarindaki keskin dusus ve dolarin deger kazanmasina sebep olan faktorler kisaca analiz edilerek, krizden cikis yollari ve krizin Azerbaycan uzerindeki muhtemel etkileri temel makroekonomik argumanlar cercevesinde irdelenmektedir.. Aslinda guven eksikligi ekonomide “vicous circle” olarak ifade edilen kisir donguye yol acarak finansal sistemi islevsiz hale getirmistir. Guven bunalimi ve belirsizlik suratle reel sektore de yansimis ve butun dunyayi saran bir ekonomik krize donusmustur. This paper analyses the global financial crises of 2008 in terms of loss of confidence and trust on financial economic system which has been one of the major non-economic factor causing and playing the significant role on financial crises of 2008 considering the fact that other economic factors remained unchanged. It also analyses the global financial crises possible effect on Azerbaijan Economy. Major economic players in economy such as investors and households have lost their confidence on financial system by paralysing the liberal free-market economy and thus Loss of Trust has been one of the major causes of Global financial crises.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"25 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90071270","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Economic Effects of Constitutional Budget Institutions 宪政预算制度的经济效应
Pub Date : 2013-03-01 DOI: 10.2139/ssrn.1839428
S. Voigt, L. Blume
There is a well-established literature analyzing the effects of fiscal institutions on fiscal policy variables such as budget deficits or accumulated government debt. We combine this literature with the emerging field of positive constitutional economics, which deals with the economic effects of constitutional rules. The paper addresses three questions: (1) Do budget provisions that are explicitly spelled out in a country's constitution have any significant effect on fiscal policy? (2) Does the transparency, or lack thereof, of the budget process have any significant effect on fiscal policy? and (3) Do these two variables have an impact on other variables such as government effectiveness and productivity? We find that constitutionally entrenched spending limits are correlated with lower total government expenditure and that the transparency of a nation's budget is correlated with higher government effectiveness as well as lower corruption. If anything, the deficit limits entrenched in the Maastricht Treaty are correlated with higher, rather than lower, overall government expenditure.
已有成熟的文献分析了财政制度对财政政策变量(如预算赤字或累积政府债务)的影响。我们将这些文献与新兴的积极宪法经济学领域结合起来,积极宪法经济学研究宪法规则的经济效应。本文解决了三个问题:(1)一个国家宪法中明确规定的预算条款对财政政策有任何重大影响吗?(2)预算过程的透明度(或缺乏透明度)是否对财政政策有重大影响?(3)这两个变量是否对政府效率和生产率等其他变量有影响?我们发现,宪法规定的支出限制与较低的政府总支出相关,而一个国家预算的透明度与较高的政府效率和较低的腐败相关。如果有什么区别的话,那就是《马斯特里赫特条约》(Maastricht Treaty)确立的赤字限制与更高(而非更低)的政府总支出相关。
{"title":"The Economic Effects of Constitutional Budget Institutions","authors":"S. Voigt, L. Blume","doi":"10.2139/ssrn.1839428","DOIUrl":"https://doi.org/10.2139/ssrn.1839428","url":null,"abstract":"There is a well-established literature analyzing the effects of fiscal institutions on fiscal policy variables such as budget deficits or accumulated government debt. We combine this literature with the emerging field of positive constitutional economics, which deals with the economic effects of constitutional rules. The paper addresses three questions: (1) Do budget provisions that are explicitly spelled out in a country's constitution have any significant effect on fiscal policy? (2) Does the transparency, or lack thereof, of the budget process have any significant effect on fiscal policy? and (3) Do these two variables have an impact on other variables such as government effectiveness and productivity? We find that constitutionally entrenched spending limits are correlated with lower total government expenditure and that the transparency of a nation's budget is correlated with higher government effectiveness as well as lower corruption. If anything, the deficit limits entrenched in the Maastricht Treaty are correlated with higher, rather than lower, overall government expenditure.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"52 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85297581","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 71
Why Do Emerging Markets Liberalize Capital Outflow Controls? Fiscal Versus Net Capital Flow Concerns 新兴市场为何放宽资本外流管制?财政对净资本流动的关注
Pub Date : 2013-03-01 DOI: 10.1016/J.JIMONFIN.2013.06.018
J. Aizenman, G. Pasricha
{"title":"Why Do Emerging Markets Liberalize Capital Outflow Controls? Fiscal Versus Net Capital Flow Concerns","authors":"J. Aizenman, G. Pasricha","doi":"10.1016/J.JIMONFIN.2013.06.018","DOIUrl":"https://doi.org/10.1016/J.JIMONFIN.2013.06.018","url":null,"abstract":"","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"237 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80389062","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 72
期刊
政治经济学季刊
全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1