Implications of the Financial Crisis for China’s Information Supervision and Curbing of Financial Corruption

美国次贷危机 (金融危机) 彰显了现有金融监管模式对于系统性风险的防范失 败。次贷危机的根源, 很大程度上可以归咎于金融信息披露严重失范滋生的金融腐 败。作为一种规制金融信息披露、通过透明度约束降低腐败的需求与供给的监管方 式, 信息监管对于遏制金融腐败具有重要作用。比较美国新的金融监管体制改革, 立 足中国实践, 重构金融监管体制, 可以以信息监管为中心, 进一步完善金融机构的信 息披露制度, 努力构建一个统合的金融信息平台, 建设有效的信息共享机制, 整合监 管资源, 形成金融反腐防腐的强大合力。

关键词: 信息监管 金融腐败 次贷危机

The US subprime crisis (financial crisis) highlights the failure of existing mechanisms of financial regulation to prevent systemic risk. Reflection shows that the fundamental causes of the subprime crisis are largely attributable to financial corruption arising from grave violations of financial information disclosure. Information supervision is an important check on financial corruption in that it serves as a means of regulating financial information disclosure and through transparency, reducing the demand for and supply of corruption. Drawing upon the recent reform of the US financial regulatory system and grounding ourselves on Chinese practice, we believe the reconstruction of the financial regulatory system should center on information supervision, with a focus on improving the system of information disclosure for financial bodies, building a unified financial information platform and an effective information-sharing mechanism, and integrating all supervisory resources into a unified and powerful force against financial corruption.     

Cultural Reflection on the East Asian Financial Crisis

I. The Crisis of Nepotistic CapitalismThe fuse which ignited the East Asian financial crisis was the successof certain international money manipulators in engineering a massivedepreciation in the baht - the Thai currency. Like the plague, the crisisspread to other countries and regions in the area one by one. Thesuperficial cause of the crisis was international monetary speculation, butthe true root of the problem was the unique system integrating politicsand economics that had developed in…     

SPECIAL ISSUE： ANTI-CORRUPTION STRATEGIES IN TRANSITIONAL CHINA --Implications of the Financial Crisis for China＇s Information Supervision and Curbing of Financial Corruption

美国次贷危机（金融危机）彰显了现有金融监管模式对于系统性风险的防范失败。次贷危机的根源,很大程度上可以归咎于金融信息披露严重失范滋生的金融腐败。作为一种规制金融信息披露、通过透明度约束降低腐败的需求与供给的监管方式,信息监管对于遏制金融腐败具有重要作用。比较美国新的金融监管体制改革,立足中国实践,重构金融监管体制,可以以信息监管为中心,进一步完善金融机构的信息披露制度,努力构建一个统合的金融信息平台,建设有效的信息共享机制,整合监管资源,形成金融反腐防腐的强大合力。     

Does Difference Make a Difference in Financial Planning for Risk?

Current policy‐making assumes people perceive and respond to financial risk in a uniform and rational way. This research sought to investigate whether social and cultural differences along the dimensions of disability, sexuality, faith and ethnicity influence attitudes to money and approaches to planning for possible financial risk eventualities. Eighty in‐depth interviews with individuals committed to different faiths (Muslim and Christian), disabled people, gays, lesbians and bisexuals, and members of black and minority ethnic groups (black and Asian) were conducted in 2005/2006. Mainstream cultural reference points were dominant in respondents’ accounts; however, difference was also found to be more determining in some areas than has previously been documented. The article explores the impact of these relationships on financial planning and draws out the policy implications of the different elements of difference on financial planning. The study argues that socio‐cultural approaches to risk need to be better understood at the policy‐making level.     

Financial Crisis and Sustainability of US Fiscal Deficit: Indicators or Tests?

Whether or not budgetary policies are sustainable and can be conducted without creating the potential for government bankruptcy is a central question for macroeconomic analysis. In this paper, we show that indicators and tests to assess government solvency should not be used alternatively. We lay out a simple and intuitive procedure to integrate simultaneously the results from the two approaches to fiscal sustainability. Indicators are forward looking, for they are based on published forecasts, thus reacting to a set of current and expected future conditions in fiscal-policy making. Tests, by contrast, are backward looking, for they are based on a sample of past data. In the event of conflicting results, indicators may signal the occurrence of a structural change in policy, which may reverse the predictions of tests. Whether the results from indicators or from tests should be given priority in the assessment of the sustainability of public debt will thus depend on the structural stability of the historical data generating process of the primary surplus. Only in the absence of a structural break in the stance of fiscal policy, the potential warning predictions of fiscal indicators should be interpreted as merely reflecting transitory factors to be eventually reversed. An application to U.S. post-World War II historical data, from 1948 to 2016, and forecasts, from 2017 to 2027, demonstrates the empirical relevance of the proposed comprehensive approach and helps add new insights to the evaluation of the U.S. fiscal position. In particular, our results suggest that the potentially unsustainable course of U.S. fiscal policy from 2008 onwards, advocated by the use of fiscal indicators, reflects systematic—not cyclical—factors. The main policy implication is that deficit increases in the U.S. from 2008 onwards cannot be regarded as a transitory phenomenon and hence do entail an urgent need for a structural change in the future stance of budgetary policy.     

WTO Accession and Chinese Economy:~1 Impacts on Agriculture,Financial Sector,and State-owned Enterprises

本文分析了入世对中国农业、金融业和国有企业的潜在影响。中国加入的关于农业的协定要求消除壁垒、取消出口补贴、削减关税并允许谷物进口,这给人们一种印象,似乎中国在有关中国经济薄弱环节的外部压力方面让步太多、然而,本文分析表明,实际上入世对中国农业的益处大于害处。至于对中国低效率的金融业无疑将产生强大的竞争压力:金融制度急需强化和透明:利率需要自由化:债券市场和中央银行公开市场业务也要正常化。这将可能导致高效率的金融机构的迅速发展与低效率的金融机构退出市场。最后,入世将促使中国政府采取必要的改革措施,以进一步搞活国有企业。可以预见,许多国有企业将在未来的全球化市场上变得更富有竞争力。     

Financial self‐sufficiency or return to welfare? A longitudinal study of mothers among the working poor

Cheng T. Financial self‐sufficiency or return to welfare? A longitudinal study of mothers among the working poor Int J Soc Welfare 2010: 19: 162–172 © 2010 The Author(s), Journal compilation © 2010 Blackwell Publishing Ltd and International Journal of Social Welfare. This study investigated how working‐poor mothers who withdrew from a US government assistance program were affected by the economy, welfare reform policies, and their own human capital, in terms of their likelihood of returning to welfare and their likelihood of becoming nonpoor through work. The study employed longitudinal data (covering 42 months) extracted from a national data set. The sample for the current study, which relied on event history analysis, consisted of 228 working‐poor former welfare mothers. Results showed that the women's return to welfare was correlated to high unemployment, restrictive welfare policies, enrollment in Medicaid and food‐stamp programs, possession of service‐job skills, and being Hispanic. The women were most likely to attain relative financial independence in the presence of generous government assistance program policies, housing assistance, full‐time employment, operative‐job skills, college education, and marriage. African American ethnicity also made achievement of financial independence more likely.     

Changes of Electoral Politics under the Growing Wealth Gap in East Asia since the Global Financial Crisis: South Korea and China’s Taiwan in Comparison

Abstract

The economic recession caused by the global financial crisis of 2008 affected political change across the world in different ways. Economic and social problems turned into political crises in North Africa. In Europe and America, dissatisfaction over such problems caused social unrest but did not imperil the political order. In East Asia, where competitive party politics have just emerged, the financial crisis sparked a correlative political and economic reaction model involving economic recession—growing wealth gap—public policy transition in electoral politics. Major electoral campaigns over the past five years in China’s Taiwan, the Republic of Korea and other economies in East Asia indicate that prioritizing economic growth and equitable distribution are emerging to be common core issues in different parties’ electoral competition despite remnant historical questions and highly politicized issues. The new electoral politics based on public policy competition has gained greater space for development against the background of an economic recession and a growing wealth gap, and is exerting a profound influence on the political and economic development process in East Asia.