科威特在阿拉伯国家的投资

科威特是一个发展中国家,但巨额石油收入使它跨入了世界资本输出国的行列.它大量投资西方,己为世人熟知,而对它在阿拉伯国家的投资却知者甚少.本文试对科威特在阿拉伯国家投资的背景、渠道、分布、效益及前景作一考察.1.投资背景科威特对阿拉伯国家的投资由国内外诸多因素决定.首先是科威特外向型经济发展战略.科威特国土狭小,人口稀小,但石油资源丰富,历史上对外贸易发达,独立后走上开放型的外向型经济发展道路.海湾战争前,科威特海外资产达1000亿美元以上,投资收入仅次于石油收入,是第二大财政来源.科威特主要投资西方国家,但出于安全保障,加强阿拉伯兄弟国家的情谊,并不轻视对阿拉伯国家的投资,科威特自身安全保障能力有阻,独立后一     

未来10年，中国本土PE高速发展的黄金时段

中国资本市场缺乏让水沸腾的1摄氏度资本，是任何一个国家都稀缺的资源。资本市场是资本的“加工厂”，衡量一国资本市场的效率，就是看它能把多大比率的储蓄转化为投资。我国是世界上储蓄率最高的国家之一，也是资本市场效率最低的国家之一。一方面，大量的资金在银行、在居民手中闲置；另一方面，国家又要千方百计地吸引高成本的国外资本用于投资。问题的症结在于我国的资本市场不完善，储蓄转化为投资的机制尚未健全。     

从英语到“球语”

除了英语国家向全球输出的商品、技术和资本等因素外，使英语能在被输出国落地生根发展还得依靠英语自身的特点。     

上海建设全国海外投资中心研究

上海建设全国海外投资中心,包括完善国际金融市场体系、聚集国际金融机构、创新国际金融(衍生)产品和汇集国际金融人才等。上海建设全国海外投资中心的策略包括:积极推动建立相关产业的国际生产和服务体系;推动对外投资项目经营管理过程的持续改进;适度加大海外投资服务平台的项目融资支持;鼓励海外资本投资于高新技术领域等。上海海外投资中心的主要任务有:努力创新和推动有利于金融市场发展的各种新措施在上海先行先试;努力为对外投资企业提供更好的配套服务;继续推进不同层次金融市场的发展和建设。     

基于社会资源的社会资本与区域经济增长实证分析

一、社会资本的经济学意义 从社会资本思想起源到社会资本概念的提出,直至社会资本研究框架的奠定,研究社会资本理论的声音主要来自社会学领域.但自世界银行开展一系列社会资本研究项目之后,社会资本理论逐渐被经济学家们所关注,一些经济学家找到了一种新的增长源泉和解决发展问题的新钥匙,由此开始了从社会资本的概念、形成及作用机制等多方面将社会资本融入经济分析框架的努力.     

中沙经贸合作现状及前景分析

中沙两国经贸合作虽起步较晚,但互补性较强,发展空间广阔。沙特已成为中国在西亚非洲地区最大的贸易伙伴,中国则是沙特第二大进口国和第四大出口市场。沙特作为中国实施"走出去"发展战略的理想市场之一,也是中方企业开拓海湾市场的主要窗口。当前中沙两国经贸合作的特点是:经贸合作全面、快速发展;贸易互补性强;进出口发展不平衡;相互投资起步较晚。随着两国友好关系的加强和两国国内经济的持续发展,双方的经贸关系也将进入全面发展的新阶段。     

社会转型:发展社会学的新议题

在传统的发展社会学中,学术传统主要有两个,一个是以发达国家的现代化为研究对象的现代化理论,一个是以拉丁美洲、非洲和东亚模式为研究对象的发展理论。这两个学术传统构成了发展社会学的主要论题,同时也限制了发展社会学的视野。本文认为,中国、前苏联、东欧等社会主义国家的转型过程为发展社会学提出了一系列新的议题,包括如何看待不同国家和地区的发展道路,如何看待发展和转型过程中国家与社会的关系,如何看待发展过程中社会不平等的问题等。这些议题扩展着发展社会学的视野,也为建构新的发展社会学理论提供了可能。在此基础上,作者提出发展社会学应当面对转型国家的社会转型实践过程,形成现代化理论、发展理论、转型理论三足鼎立的发展理论新格局。     

谈经济增长方式转型

转变经济增长方式,首要的是深化改革。收入分配、腐败、消费比重过低、外贸不平衡等问题,需要通过深化改革加以解决。如果将双轨制改革遗留的弊病革除掉,形成一个有效的市场,经济增长会很快,产业也会继续升级;在产业升级的过程中,政府发挥作用,经济增长是可以持续的。我国经济持续高速增长的潜力很大,而且在经济增长的过程中,收入分配会持续改善,消费比重也会提高,投资比重则会下降,并且生态环境也会随着我国进入高收入国家行列、经济结构向服务业逐渐转型以及实施环境治理而不断改善。     

货币自由可兑换与国际金融中心建设的国际经验及教训

上海作为中国国内的金融中心目前已基本成形。但是在人民币尚未实现资本项目可兑换的大环境约束下,上海的金融中心建设还远未达到国际化的水平。金融市场的运行效率、定价能力、金融产品数量以及金融机构的治理结构和运作方式也未达到国际金融中心的水平。放眼世界,我们发现一国金融业的发展与其本币在国际上的可接受程度息息相关。一国货币实现可兑换的过程,往往是一国金融业飞速发展和效率提升的过程。同时,一国只有实现了本币的国际化,才能支撑起一个大国型国际金融中心。本文选择新兴经济体韩国、台湾地区、印度、俄罗斯来分析本币在可兑换过程中如何促进金融业的发展,选择全球性的国际金融中心纽约、伦敦以及区域性国际金融中心东京来研究货币国际化与金融中心建设之间互动关系,为上海国际金融中心的建设提供借鉴和启示。     

中国近代政治思想脉络分析

进入半殖民地半封建社会后,传统的自然经济模式被打破,经济基础的变动引起中国社会的动荡和变化,进而引起人们观念的变化。国家的维持与发展成为这个时期不同阶级思考的相同问题。各阶级、各阶层围绕着各自的国家发展观展开了一系列的理论与实践的政治思潮。本文从政治思想的性质角度出发,采用文献法,对中国近代的政治思想的发展过程进行分析,认为中国近代史是一个试错史,在这一过程中各阶级都以救国救民为思想发展的首要主题。     

Expectations, Capital Gains, and Income

A theoretical framework for the measurement of income under uncertainty is developed that addresses some long-standing controversies about the treatment of capital gains. The consequences for economic analysis and policy making are potentially serious, because the treatment of capital gains can significantly affect some major macroeconomic aggregates, including national income and savings, balance of payments deficits, government deficits, and depreciation. (JEL O47 , P44 , Q32 )     

Global Political Economy: Power, Labour, Politics

This discussion examines the issue of globalisation in terms of the interaction of economy, politics and power. It begins by considering the claims implied by the language of globalisation. How extensive and inclusive is the global economy? The second section goes on to outline the broad geography of globalisation in terms of a balance of power that is both highly uneven but also subject to marked changes. While the global economy as this developed since the 1970s may have reproduced established patterns of colonial and post‐war economic power, in the current century, power is shifting away from these nineteenth‐ and twentieth‐century models to a new balance of regional power in which large Asian economies may dominate. Alongside these patterns of regional and national power, third, the discussion considers the uneven geography of capital and labour captured in models of an international division of labour that is organised by flows of capital investment but also of mobile workers. The final section offers an overview of the architecture of global politics, from the level of international institutions and nation‐states, to non‐governmental bodies that operate across borders to support or resist the workings of a global economy.     

Structural Risks of Foreign Liabilities: Impact of Investment Income Repatriation in Emerging Economies

This paper explores the structure of foreign liabilities, the extent of capital repatriation in the form of investment income of foreign investors and its impact in emerging markets. The concept “coverage ratio of foreign investment” is introduced, which is defined as the share of total income repatriated by foreign investors in the respective cumulative inflows of the financial account. The impact of foreign investors’ returns onto external imbalances in emerging economies is studied empirically. The tendency of growing role of the investment income balance in the formation of the current account balance reveals new threats for the emerging economies.     

International Tax Competition: A Case for International Cooperation in Globalization

The liberalization of international financial flows and foreign direct investment has induced countries to use diverse measures to attract inflow of foreign capital and foreign direct investment, which is expected to have a positive effect on the growth of GDP and thus a positive effect on social welfare. Tax exemption, reduction of tax rate, tax holiday, or diverse subsidies are some of the most important measures used. In this paper we study international tax cooperation, i.e., countries change and especially reduce tax rate for corporate income or for asset revenues to attract inflow of foreign direct investment. Both theoretical and empirical studies have shown the sensibility of foreign direct investment decision with respect to tax rate differences between home countries and host countries. In general, more inflow of foreign direct investment can be expected if the tax rate of the home country is lower than that of foreign countries. This is the main reason for international tax cooperation. In this paper we propose a simple model to prove the sub-optimal Nash non cooperative solution in a two-country tax-competition game. The model shows that international tax cooperation can improve welfare of the participating countries. How to reach a cooperative solution for an international tax competition game (ITCG) is therefore an important issue for further discussions and studies. International institutions can play a crucial role to reach international tax cooperation or international tax harmonization.     

Savings–Investment Correlation and Capital Outflow: The Case of Pakistan

This study explores the savings–investment relationship in the context of financial liberalization and flexible exchange rate regime in Pakistan. Ng–Perron test is employed to examine the order of integration of the variables used in the model. For long-run analysis, ARDL bounds testing approach is used and short-run dynamics are captured from error correction model (ECM). Time series data are utilized covering the period 1976–2006. Empirical findings indicate that in the case of Pakistan, there is a weak correlation between savings and investment. The study suggests that in the presence of inadequate capital mobility within the country, domestic investors have financed investment projects from international market. Furthermore, devaluation and inflation have stimulated investment activities in the country and significantly contributed in closing the gap between domestic savings and investment.     

The Uniqueness of Nonprofit Finance and the Decision to Borrow

Previous studies of nonprofit capital structure (borrowing relative to assets) support contradictory decision models of borrowing, but with no control for an endowment effect, which this article shows to be an important factor in the decision to borrow. Well‐endowed nonprofits borrow more relative to their physical assets. When endowment and investment income are backed out of the data, nonprofits are seen to optimize the balance between debt and physical assets.     

Migration of Highly Skilled Chinese to Europe: Trends and Perspective

Since China's economic opening and reforms in 1978, the country has broadened and deepened its exchanges and relations with other countries. This has contributed to the increase in the scale of international migration of highly skilled Chinese abroad. The impact of the migration of highly skilled Chinese on China and the relevant nations particularly deserve attention and study. Following the earlier migration flows mainly to the United States, Japan, Canada, Australia, and New Zealand, the migration of highly skilled Chinese to Europe has become a notable new trend. Currently, the flow of international migration of highly skilled Chinese personnel is mainly oriented toward Europe and the United States. While studying abroad has been the main form of migration of the skilled, this has now been joined by the migration of technical and professional staff, and the trend is increasing. The main country of destination for Chinese students is the United States, which absorbs more than half of the total, while Australia and Canada receive the largest number of skilled Chinese manpower. The United States also receives a large number of Chinese technical personnel, but its proportion has declined, while the flow to Europe has sharply increased. This development may be attributed to the global expansion of economic, scientific and technological, as well as cultural and educational exchanges and cooperation. But it is also the result of an increase in the educational investment made by the Chinese people following the continuous increase in China's economic strength and the population's personal income. Of greater importance are the gaps between China and Europe at the scientific, technological, and educational levels and the research and marketing environment. The intervening changes in labour market and immigration policies in European and American countries accelerate the trend further. For all of these and other reasons, the spatial distribution of Chinese students will become more balanced and play a positive role in the promotion of mutually beneficial exchanges between China and other countries.     

上海国际金融中心建设过程中的人民币跨境使用

随着跨境贸易人民币结算试点的开展以及向更广领域的拓展,人民币跨境使用逐步从边境贸易、跨境旅游等小范围走向国际贸易结算、贸易融资、跨境直接投资等更加广泛的领域,人民币提升国际地位迎来重大发展机遇。人民币跨境使用的扩大,有利于上海国际金融中心建设,上海国际金融中心建设也将推动人民币跨境使用的进一步发展。推动人民币的跨境使用、建设上海国际金融中心符合我国的核心战略利益。人民币资本项下的不完全可兑换,是影响人民币跨境使用的因素之一,也是制约上海国际金融中心建设的因素之一。应根据人民币可兑换进程的发展,研究探索人民币跨境使用的形式,推动人民币跨境使用规模的扩大。亚洲、拉美以及非洲是推动人民币跨境使用的境外重点区域。应鼓励我国在涉外经济中掌握主动权的行业和企业使用人民币进行跨境收付,同时推动官方涉外经济活动更加广泛地使用人民币。要根据人民币跨境使用的需要,不断取消人民币可兑换方面的限制,通过推动境内金融市场对外开放、支持中资金融机构拓展跨境业务、完善人民币跨境支付清算体系等扩大人民币的跨境使用,并以此推动上海国际金融中心建设。