Статьи
Всего статей в данном разделе : 106
«Единое сообщество – наше будущее» [статья]
Опубликовано на портале: 14-12-2006
Внешнеэкономические связи.
2004.
Т. 12.
№ 12.
С. 38-42.
Статья представляет собой Декларацию стран – членов форума «Азиатско-Тихоокеанское
экономическое сотрудничество», которая была принята 21 ноября 2004 года в Сантьяго
главами государств и правительств. В Декларации поднимаются вопросы ускорения развития
путем либерализации торговли и инвестирования, расширения торговли, упрочнения безопасности
личности, развития образования, проблемы коллективной и национальной безопасности
и т.д.
Опубликовано на портале: 03-12-2007
Hsing Yu
Southeastern Louisiana University.
2005.
No. 6.
P. 1-9.
Extending the IS-MP-IA model (Romer, 2000), we find that equilibrium output in Singapore
is negatively affected by the expected inflation rate and the world interest rate
and positively influenced by real appreciation, stock market performance, and world
output. Equilibrium GDP would rise by 0.872% if the real effective exchange rate
rises by 1%. The coefficient of real government deficit spending is found to be insignificant,
suggesting that pursuing fiscal discipline and budget surpluses in the long run by
the Singapore government is appropriate.
Опубликовано на портале: 03-12-2007
Gabriel Di Bella, Mark Lewis, Aurelie Martin
IMF ,Working Paper.
2007.
No. 07/201.
Assessing a country's competitiveness routinely starts with an analysis of the real
exchange rate. However, in low-income countries, empirical analysis of the real exchange
rate is often subject to important limitations that seriously weaken the results.
This paper summarizes the methodologies used to assess real exchange rate misalignments
and discusses the range of obstacles common to low-income countries. Recognizing
the importance of using a wide range of indicators for assessing competitiveness
in low-income countries, the paper discusses alternative competitive measures and
then proposes a template of indicators to allow for a systematic assessment of competitiveness
in low-income countries. The template is then used to rank countries according to
their competitiveness performance in 2006.
Опубликовано на портале: 12-02-2007
Klaus J. Hopt, Patrick C. Leyens
ECGI - Law Working Paper.
2004.
No. 18.
The struggle for efficient internal management control is the centre of the corporate
governance debate in Europe since the incorporation of the Dutch Verenigde Oostindische
Compagnie in 1602. Recent developments in Europe illustrate a trend towards specialised
rules for listed companies and indicate growing convergence of internal control mechanisms
independent of board structure.
The revised Combined Code in the United Kingdom and also the French revised Principles
of Corporate Governance, both of 2003, strengthen the presence of independent directors
on one-tier boards in Europe. Another systemic break-through for the two-tier board
model is the growing tendency to separate the positions of CEO and board chairman.
For the German two-tier structure, the strengthening of the strategic role of the
supervisory board (Aufsichtsrat) by the new German Corporate Governance Code of 2002
means an attempt to incorporate a key advantage of the one-tier model. Similarly,
the control duties of the
Italian internal auditing committee (collegio sindacale) were extended by the Testo
Unico of 1998 and bring the Italian second board closer to the German supervisory
board. The common trend to stricter standards of independence is challenged in Germany
by its rigid concept of co-determination and, to a lesser extent, by the more fl
exible model of labour participation in France. Director’s duties and liabilities
and also derivative actions are a focus of the reform debate in Germany since 1998
and are currently under review in the United Kingdom. After the Enron debacle the
interplay between internal control devices and independent external auditing has
become a major focus of interest in all
countries considered. Driven by Anglo-Saxon codes of conduct audit committees today
serve as a common denominator for good corporate governance.
Though formal convergence is strong company organs in each country take on their
own specifi c garment. Path dependent system development especially depends on shareholder
structures and banking systems. The trend to greater structural fl exibility on board
level is strongly triggered by the introduction of a threefold board model choice
under the French Loi Nouvelle Régulations Economique of 2001 and under the Italian
Vietti-Reform that is in force since January 2004.
Опубликовано на портале: 16-04-2007
Jae-Seung Baek, Jun-Koo Kang, Kyung Suh Park
Journal of Financial Economics.
2004.
Vol. 71.
No. 2.
P. 265-313.
We show that during the 1997 Korean financial crisis, chaebol firms with higher ownership
concentration by unaffiliated investors experience a smaller reduction in their share
value. Firms with higher disclosure quality and alternative sources of external financing
also suffer less. In contrast, chaebol firms with concentrated ownership by controlling
family shareholders experience a larger drop in the value of their equity. Firms
in which the controlling shareholders' voting rights exceed their cash flow rights,
borrow more from the main banks, and are highly diversified also have lower returns.
Finally, we find that downsizing (diversifying expansionary) actions during the crisis
have a positive (negative) effect on the value of chaebol firms. Our results suggest
that change in firm value during such a crisis is a function of firm-level differences
in corporate governance measures and owner-manager incentives.
Опубликовано на портале: 12-02-2007
Varouj Aivazian, Ying Ge, Jiaping Qiu
Journal of Banking & Finance.
2005.
No. 29.
P. 1459-1481.
This paper examines empirically the quality of the governance mechanisms of Chinese
state-owned enterprises from 1994–1999, a period marked by substantial changes
in policies affecting the governance structure of these firms. It shows that the
restructuring of these enterprises according to corporate law improved the effectiveness
of their governance system. Specifically, restructuring strengthened the links between
manager turnover and firm performance.
The results indicate that firm performance was significantly and negatively related
to manager demotion for incorporated state-owned enterprises, while this relationship
was insignificant for unincorporated enterprises. They also indicate that manager
turnover was a viable incentive mechanism for improving future enterprise performance.
Опубликовано на портале: 13-02-2007
Charles P. Oman
OECD Working Papers.
2001.
No. 180.
Corporate governance matters for national development. Case studies of Argentina, Brazil, Chile, China, India, Malaysia and South Africa suggest that it has a role of growing importance to play in helping to increase the flow of financial capital
to firms in developing countries. Equally important are the potential benefits of improved corporate governance for overcoming barriers, including the actions of vested interest groups, to achieving sustained productivity growth. Improved corporate governance, however, cannot be considered in isolation. In the financial sector, attention must also be given to measures to strengthen the banking sector, and a country’s financial institutions as a whole. In the “real” sector, close attention must be given to competition policy and sector–specific regulatory reform. Forces working in favour of improved corporate governance in developing countries include those operating both on the demand and on the supply side of
domestic and international portfolio equity flows to corporations in those countries.
Forces working against significantly improved corporate governance (which may nonetheless give lip service to the need for such improvement) include many dominant shareholders and other corporate insiders — in the private and public sectors
— in entrenched distributional cartels. The heightened risk of regulatory capture in countries
with clientelistic relationship–based (as opposed to rules–based) systems of governance
reinforces the fact that good corporate governance requires good political governance, and vice–versa.
Опубликовано на портале: 16-04-2007
Bernard S. Black, Hasung Jang, Woochan Kim
Journal of Law, Economics, and Organization.
2006.
Vol. 22.
No. 2.
P. 366-413.
We report strong OLS and instrumental variable evidence that an overall corporate
governance index is an important and likely causal factor in explaining the market
value of Korean public companies. We construct a corporate governance index (KCGI,
0~100) for 515 Korean companies based on a 2001 Korea Stock Exchange survey. In OLS,
a worst-to-best change in KCGI predicts a 0.47 increase in Tobin's q (about a 160%
increase in share price). This effect is statistically strong (t = 6.12) and robust
to choice of market value variable (Tobin's q, market/book, and market/sales), specification
of the governance index, and inclusion of extensive control variables.
We rely on unique features of Korean legal rules to construct an instrument for KCGI.
Good instruments are not available in other comparable studies. Two-stage and three-stage
least squares coefficients are larger than OLS coefficients and are highly significant.
Thus, this paper offers evidence consistent with a causal relationship between an
overall governance index and higher share prices in emerging markets.
We also find that Korean firms with 50% outside directors have 0.13 higher Tobin's
q (roughly 40% higher share price), after controlling for the rest of KCGI. This
effect, too, is likely causal. Thus, we report the first evidence consistent with
greater board independence causally predicting higher share prices in emerging markets.
Опубликовано на портале: 22-12-2007
Alex Segura-Ubiergo, Alejandro Simone, Sanjeev Gupta
IMF, Working Paper.
2006.
No. 06/244.
This paper analyzes the relationship between fiscal adjustment and real GDP growth
in a
panel of 26 transition economies during 1992–2001. Unlike most previous studies
using
cross-country regressions, the paper finds a positive and statistically significant
relationship
between fiscal adjustment and growth that is robust to different model specifications
and
estimation methods. The paper also presents country experiences to delve deeper into
the
mechanisms that may underlie this statistical relationship.
The Growth Performance of Developing Countries in the Last Thirty Years. Who gained?
Who Lost? [статья]
Опубликовано на портале: 03-12-2007
Horst Siebert
Kiel Working Papers.
2006.
No. 1280.
This paper answers the question which developing countries have gained and which
have lost in the international division of labor during the last thirty years. The
indicators used are GDP per capita in constant purchasing power parity and relative
distance to the United States. Nearly all developing countries have improved in absolute
terms over the last thirty years; many, among them China and India with large populations,
have also reduced their relative distance to the United States. The paper classifies
developing countries and discusses impediments to economic development and core elements
of a growth strategy.
The World Income Distribution [статья]
Опубликовано на портале: 16-11-2004
Daron K. Acemoglu, Jaume Ventura
NBER Working Paper Series.
2001.
We show that even in the absence of diminishing returns in production and techno-logical
spillovers, international trade leads to a stable world income distribution. This
is because specialization and trade introduce de facto diminishing returns: countries
that accumulate capital faster than average experience declining export prices, depressing
the rate of return to capital and discouraging further accumulation. Because of constant
re-turns to capital accumulation from a global perspective time-series behavior of
the world economy is similar to that of existing endogenous growth models, with the
world growth rate determined by policies, savings and technologies. Because of diminishing
returns to capital accumulation at the country level, the cross-sectional behavior
of the world economy is similar to that of existing exogenous growth models: cross-country
variation in economic policies, savings and technology translate into cross-country
variation in incomes, and country dynamics exhibit conditional convergence as in
the Solow-Ramsey model. The dispersion of the world income distribution is determined
by the forces that shape the strength of the terms of trade effects the degree of
openness to international trade and the extent of specialization. Finally, we provide
evidence that countries accumulating faster experience a worsening in their terms
of trade. Our estimates imply that, all else equal, a 1 percentage point faster growth
is associated with approximately a 0.7 percentage point decline in the terms of trade.
Опубликовано на портале: 01-11-2006
Eugene K. Lawson, E. Neville Isdell
Внешнеэкономические связи.
2005.
Т. 20.
№ 8.
С. 40-44.
3-4 октября 2005 года Американо-Российский Деловой Совет провел 13-е ежегодное заседание членов и директоров Совета в Москве. На конференции выступили официальные лица и представители бизнеса, которые обсудили такие темы как американо-российские отношения, страны БРИК (Бразилия, Россия, Индия, Китай), корпоративная социальная ответственность, потребительские расходы, сотрудничество в энергетическом секторе и т.д. Статья рассказывает о результатах встречи.
Опубликовано на портале: 03-12-2007
Felix Hammermann, Mark J. Flanagan
IMF ,Working Paper.
2007.
No. 07/189.
Panel estimates based on 19 transition economies suggests that some central banks
may aim at comparatively high inflation rates mainly to make up for, and to perhaps
exploit, lagging internal and external liberalization in their economies. Out-of-sample
forecasts, based on expected developments in the underlying structure of these economies,
and assuming no changes in institutions, suggest that incentives may be diminishing,
but not to the point where inflation levels below 5 percent could credibly be announced
as targets. Greater economic liberalization would help reduce incentives for higher
inflation, and enhancements to central bank independence could help shield these
central banks from pressures.
Опубликовано на портале: 23-12-2007
IMF, Occasional paper.
2007.
The World Economic Outlook (WEO) presents the IMF staff's analysis and projections
of economic developments at the global level, in major country groups (classified
by region, stage of development, etc.), and in many individual countries. It focuses
on major economic policy issues as well as on the analysis of economic developments
and prospects. It is usually prepared twice a year, as documentation for meetings
of the International Monetary and Financial Committee, and forms the main instrument
of the IMF's global surveillance activities.
Опубликовано на портале: 12-11-2004
Людмила Александровна Аносова
Экономическая наука современной России.
1999.
№ 2.
С. 87-93.
Экономическое сотрудничество Европы и Азии — это обширное поле деятельности
для испытания новых его форм, ведущих к обоюдовыгодному результату. В статье рассмотрена
концепция наведения «моста» между Западной Европой и Россией, между Западной
Европой и Азией. Новые возможности развития экономического и торгового сотрудничества
открывает инициатива Китая, призвавшего создать объединенными усилиями заинтересованных
стран Евразийский континентальный «мост», протяженностью около 11 тыс.
км, который должен соединить более 40 стран с населением 2,2 млрд. чел. На фоне этой
перспективы западные страны начинают заново познавать и оценивать Китай как державу
мирового плана.
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