印度对外政策决策模式研究

本文采用＂政治过程＂论证结构,从国家权力与对外政策关系的角度来分析,通过探讨印度对外关系中各个重要历史时期国内各界政治力量在国家制定重大对外决策过程中的互动过程及其对国家对外政策的影响,深度挖掘出独立60年来印度对外政策决策中的关键影响因素,揭示了印度对外政策决策的一般性规律,归纳出印度对外政策的决策模式——＂双螺旋＂决策模式,并对该模式做出了初步的评价。     

The effectiveness of monetary policy in small open economies

This paper examines the relative effectiveness of the use of direct and indirect monetary policy instruments in Barbados, Jamaica and Trinidad and Tobago, by estimating a restricted Vector Autoregressive model with Exogenous Variables (VARX). The model captures the dynamic interaction of the key sectors in the economy and it accounts for the fact that the banking system in those countries is characterized by high levels of excess reserves. Also, the study assumes that the central bank conducts monetary policy using a Taylor-type rule, and it evaluates the effects of a reserve requirement policy. The results show that although a positive shock to the policy interest rate has a direct effect on commercial banks’ interest rates, there is a weak transmission to the real variables. Furthermore, an increase in the required reserve ratio is successful in reducing private sector credit and excess reserves, while at the same time alleviating pressures on the exchange rate. The findings therefore indicate that central banks in small open economies should consider using reserve requirements as a complement to interest rate policy, to achieve their macroeconomic objectives.     

Reserve financing and government infrastructure investment: An application to China

This paper proposes a novel financing scheme, reserve financing, for government infrastructure investment in China. A two-sector open economy model explores the consequences and policy implications of a surge in infrastructure investment financed by international reserves. The results show that reserve financing, coupled with a managed float exchange rate system, can maintain the country's fast growth rate while mitigating fiscal pressure on local governments. Productive infrastructure capital stimulates domestic demand, reducing the country's dependence on exports. To promote growth and maintain price stability, three factors are critical: return on infrastructure, swift fiscal adjustment, and rapid infrastructure financing.     

The role of macroeconomic policies in the global crisis

This paper argues that the lack of timely and decisive policy action to correct domestic and external imbalances contributed crucially to the build-up of financial excesses that led to the financial crisis and the Great Recession. We focus on 2002–2007 and perform a number of counterfactual simulations to investigate two central elements of the story, namely: (a) an over-expansionary US monetary policy and the absence of effective macro-prudential supervision, which permitted a prolonged expansion of debt-financed consumer spending and (b) the choice by China and other emerging countries to pursue an export-led growth strategy supported by pegging their currencies to the US dollar, in conjunction with sluggish domestic demand in major advanced economies characterized by low potential output growth. The results of the simulations lend support to the view that if substantial, globally coordinated demand rebalancing had been undertaken early on, the macroeconomic and financial imbalances would not have accumulated to the extent that they did and the financial turmoil might have had less drastic global consequences.     

Alternative specifications of the demand for money and their implications for forecasting and policy analysis with large macroeconomic models

The demand for money is an important function in large macroeconomic models because of its central role in monetary policy. The interest rate responsiveness of money demand determines the interest rate changes consistent with the initial change in monetary policy and the subsequent changes on aggregate demand and the price level. This paper uses the DRI macroeconometric model to investigate these issues, finding that the model's predictive power and its estimates of the relative potency of monetary and fiscal policy are dependent upon the specification of the money demand function.     

Money demand stability: A case study of Nigeria

Monetary policy in Nigeria aims is to achieve price and monetary stability. During the 1980s and 1990s, monetary targeting was the dominant monetary policy framework in Nigeria. However, in 2006 the Central Bank of Nigeria (CBN) adopted the new monetary policy framework through which short-term interest rates are adjusted to achieve stability in the value of the domestic currency. This paper has presented an empirical investigation into the demand for Nigerian real narrow money (M1) over the period 1960–2008 in an attempt to identify whether the CBN were right to adopt the new monetary policy framework. In doing so, we estimate alternative (canonical and extended) specifications of M1 demand using structural change methods. Our results suggest that the canonical specification is well-determined. Although the money demand relationship went through a regime shift in 1986, it is largely stable. These findings favour the use of supply of money as an instrument of monetary policy, thus lending limited support for the new monetary policy framework.     

Stabilization policies in the Greek economy: Will they work?

This paper develops and estimates a short-run model for the interaction between money, output, prices, international reserves, and the exchange rate in a managed floating system in Greece. The framework presented, which is in the spirit of the monetary approach modified to allow for adjustment lags in output and prices incorporates a policy reaction function for domestic credit. The role of inflationary expectations is taken into account. The policy question addressed in the paper by means of the model is whether current economic policies are sustainable and whether stabilization measures leading to lower inflation and smaller fiscal deficits should be pursued.     

Financial liberalization and long-run stability of money demand in Nigeria

A stable money demand function is essential when using monetary aggregate as a monetary policy. Thus, there is need to examine the stability of the money demand function in Nigeria after the deregulation of the financial sector. To achieve this, the study employed CUSUM (cumulative sum) and CUSUMSQ (CUSUM of square) tests after using autoregressive distributive lag bounds test to determine the existence of a long run relationship between monetary aggregates and their determinants. Results of the study show that a long-run relationship holds and that the demand for money is stable in Nigeria. In addition, the inflation rate is found to be a better proxy for an opportunity variable when compared to interest rate. The main implication of the study is that interest rate is ineffective as a monetary policy instrument in Nigeria.     

Debt management in a small open economy: A theoretical and an empirical study for Belgium

This article analyzes the effects of debt management and its consequence for the control of base money in a small open economy (Belgium). The study compares the effects obtained from a small theoretical model with the results of a larger empirical model.The theoretical model focuses on the financing of government by money operation, on the bond rate, and on the international reserve of the Central Bank.The empirical model is a medium-term one, including the demand and the supply sectors of the economy and permitting simultaneous analysis of real and financial variables.The effects of an endogeneous or exogenous debt management have been studied by numerical simulation of modification in the public expenditure, the world trade, and the discount rate.     

Money and Swedish inflation

Analysing the role of money for Swedish inflation, we apply a single equation “P-Star” model and a structural VECM for the period of the late 1980s to the beginning of 2005. Against the background of theoretical and empirical considerations, we find that money – when measured by the “price gap” or, alternatively, the “money overhang” – had a statistically significant impact on future price movements. The results suggest that money might have to play a more prominent role in monetary policy making in Sweden compared with the status quo.     

世界政治中印度和平崛起的现实与前景

世纪之交，无论是从规模条件，还是从衡量大国地位的关键性指标数据来看，印度作为新兴大国已经无可争议地崛起了。助成印度崛起的关键性因素，除了其一以贯之的大国地位追求，特别是战略现实主义的治国方略外，显然还在于冷战的结束给印度提供了难得的战略机遇。印度对美国主导下的国际体系的许多规则、规范甚至运作机制并不认可，但由于受种种条件制约，其依然只是国际体系中的一个“有限的挑战者”。印度的崛起导致了亚洲地缘政治的重大变化，进而直接影响着中印关系。     

Rule of law and balance of power sustain US dollar preeminence

In the last few decades, and especially since the financial crisis of 2007–2008, uncertainty about the future of the US dollar has been mounting. A broad-based theoretical debate on the decline of the dollar and its consequences has begun. There is a large body of studies that sees the origin of an international money as a market-led process. In this view, because the United States will very soon lose its economic pre-eminence the US dollar will consequently share its international role with other currencies or even be replaced by the renminbi. In this paper we contest this argument, focusing on the conditions that make a fiat money acceptable in international transactions. Trust in a type of money like this needs an institutional framework that guarantees the property rights of currency holders. This framework implies a high level of rule of law domestically and a high level of state capability in the international balance of power. Since at present no other currency fulfils these two requirements at the same time, the dominance of the US dollar as an international money is going to last.     

Macro stress testing and resilience assessment of Indian banking

This study conducts policy-based macro stress testing of the Indian banking sector and also assesses its resilience towards compliance with BASEL norms with the aid of an empirical macro-financial model. It uses scenario analysis and quantitative techniques to capture the impact of macroeconomic stress on the stability of the Indian banks by evaluating financial soundness indicators (credit quality, quantity and quality of capital adequacy). The scenarios are generated through policy-based shocks vis-à-vis other external shocks. The results from the estimation of the model indicate a cointegrating relationship between credit quality and key macroeconomic variables including output growth rate, interest rate, money growth rate and exchange rate. The results of the scenario analysis reveal that the Indian banking sector remains largely sound in terms of total regulatory capital adequacy ratio as per current BASEL II and even BASEL III requirement. The results also show that expansionary monetary policy impacts credit quality and capital adequacy in a positive and significant manner via its effect on the economy’s growth rate.     

印度对中国崛起的认知

在中印共同崛起的大背景下,探究印度对中国崛起的认知尤为必要。通过皮尤＂全球态度调查＂项目的数据可见印度对中国崛起的认知呈现＂负面＂态势。究其原因,在个人层面,印度公众对中国的无知与冷漠以及某些媒体记者对中国的歪曲报道直接造成这一结果;在国家层面,中印之间在边界争端、西藏问题、中印巴和中美印这四个关键议题上存在分歧,而这些敏感的议题又通过媒体的肆意渲染而影响印度公众对中国崛起的认知;印度公众对中国崛起的认知源于中印之间存在的＂安全困境＂。     

A network perspective on international banking integration

The aim of this article is to develop new international banking integration indicators together with their components: openness and regularity (balance) of the bilateral bank flows. We define the Standard of Perfect Banking Integration (SPBI), which characterizes the scenario attainable when bank flows are not geographically biased, and cross-border asset trade is not affected by home bias. We assess the gap between a hypothetical scenario of geographic neutrality and the current level of banking integration, along with both of its components. The empirical application to the banking systems of 23 countries over the 2003–2009 period enables us to conclude that the level of banking integration has advanced rapidly over the last few years and, according to our indicators, is close to 45% as of 2009, i.e., we are not halfway to the SPBI. However, notable differences among countries are both persistent and growing, and the integration level achieved for each banking system differs when either assessed from the bank inflows or outflows perspective.     

德国马克的国际化路径研究——兼论对人民币国际化的启示

1980年代到1990年代马克成为仅次于美元的国际货币,从其货币国际化的进程可以发现,马克的国际化从根本上取决于德国战后经济实力的上升以及马克的稳定性,但欧洲货币一体化过程中马克的中心地位从制度上大大推进了马克的国际化。可以说马克的国际化是从马克的区域化开始的。目前已经出现了促进人民币国际化的历史契机。马克的国际化进程,为人民币国际化的路径选择提供了有价值的经验,先区域化再国际化,应该是人民币国际化的一条可行路径。     

论印度实施能源外交的条件

印度是一个能源严重短缺的国家。为了保障能源安全,稳定地从海外获取能源,印度在海外实施了能源外交。印度实施能源外交的有利条件主要有：印度与主要大国及能源生产国的关系比较友好;人数众多且成就突出的海外印度人遍布世界各地;能源生产国希望出口多元化。其不利条件主要有：印度的经济实力不强;主要的能源生产区局势动荡;美国的制约;印度与邻国关系不睦。整体来看,印度的能源外交是成功的,没有发生能源供应中断事件。     

The Potential for Reducing Mortality in Russia

This article attempts to assess current national and regional reserves for reducing the mortality rate in Russia. It explores the potential to reduce the mortality rate in comparison to comparable international benchmarks in rates of growth and gains in life expectancy at birth, identifies a range of circumstances that have an adverse impact on the population’s health in post-Soviet Russia, and shows that the main reserve for reducing mortality remains the “lost health capital” that preceded the collapse of the Soviet Union and continued in the 1990s. Finally, it assesses the current regional potential for lowering the mortality rate, which is “hidden” in differences between regions leading in life expectancy (with the exception of extremes) and the country’s remaining territories. The conclusion presents data revealing the life expectancy of men and women.     

印度的初等教育

本文对印度初等教育（包括小学和初中阶段）的学校教育阶段的状况、学校教育的资金与管理情况进行了介绍,并从学校的基础设施、教师情况、入学率和教学质量四个方面对印度初等教育体系的表现做出评估。本文认为,印度国情复杂,教育水平提高缓慢且具有地区差异,未来教育水平的提高有赖于政府和地方的共同努力。     

Interpersonal comparisons of utility in bargaining: evidence from a transcontinental ultimatum game

This article presents the experimental results of a “Transcontinental Ultimatum Game” implemented between India and France. We use a standard ultimatum game, but in one treatment, Indian subjects made offers to French subjects (ItoF treatment) and, in another treatment, French subjects made offers to Indian subjects (FtoI treatment). We observed that FtoI treatment bargaining mostly ended up with unequal splits of money in favor of French, while nearly equal splits were the most frequent outcome in ItoF treatment interactions. The experimental results are organized through a standard social reference model, modified for taking into account the different marginal value of money for bargainers. In our model, bargaining is driven by relative standing comparisons between players, occurring in terms of real earnings (that is monetary earnings corrected for a purchasing power factor) obtained in the game. The norm of equity behind the equalization of real earnings is called local equity norm, and contrasted to a global equity norm which would encompass the wealth of players beyond the game. According to what we observed, no beyond-game concern seems to be relevantly endorsed by subjects.