In the era of economic globalization,the concept of Economic Polarized Area comes into being as an effective vehicle to agglomerate the economic elements and sustain the economic lifeline of the region. Based on the r...In the era of economic globalization,the concept of Economic Polarized Area comes into being as an effective vehicle to agglomerate the economic elements and sustain the economic lifeline of the region. Based on the region's specific development mode and construction form the concept is working in such a way that it will contribute to guide the economic development of the country and will play an important role in competing with other regions or countries in the world. Due to the high speed development of the last 30 years,the Yangtze Delta Region starts to show the features of Economic Polarized Area. But,compared with other world-class Economic Polarized Areas,the economic strength and the ability of the Yangtze Delta Region to drive the country's economic development is still very low and the competitive power is still very limited. Expanding the boundaries of the Economic Polarized Area of the Yangtze Delta may extend the economic hinterland of the core area of the Yangtze Delta Region,will lighten the pressures from the limited resource and promote the rationalization of the industrial structure in the Yangtze Delta Region's core area. With regard to the reasonable boundaries of the Yangtze Delta Region,there are different opinions and controversial arguments in political and academic circles. Starting from the idea of increasing the competitive power and improving the economic strength of the Yangtze Delta Region,the paper firstly is discussing the requirements to become a world-class Economic Polarized Area. In a second step an analysis of functional complementation and economic collaboration between the cities of an "extended" Yangtze Delta Region has been carried out by in particular considering the feasibility of integrating these "newly included" cities. The final result of the study is,that the Region should be expanded from the number of 16 cities to 37 cities,and the appended cities should be divided up into two categories:Wenzhou,Jinhua,Yancheng,Huaian,Maanshan,Wuhu,Tongling,Chaohu,Hefei,Chuzhou,Xuancheng should be taken as Preferred Extending Area,and Suqian,Xuzhou,Lianyungang,Lishui,Quzhou,Chizhou,Anqing,Bengbu,Huangshan,Suzhou (Anhui Province) should be taken as Retained Qualification Area.展开更多
Through the analysis on China＇s economic develop- ment, utilization of resource environment and soft power, a basic judgment was made of the influence of ＂China development＂. The overall influential power of China ...Through the analysis on China＇s economic develop- ment, utilization of resource environment and soft power, a basic judgment was made of the influence of ＂China development＂. The overall influential power of China development on international community was misunderstood. What we see is the role of ＂China Factor＂ in different fields. In the process of economic globalization, what economic system of capitalist market has seen is ＂China＇s cheap labor＂, ＂China＇s loose economic system environment＂, ＂earlier abuse of unlimited resource environment＂, ＂China＇s broad consumption market＂ and ＂demographic dividend＂. In global or Asian financial crisis, what other countries valued was China＇s ＂foreign currency＂ accumulated over the years. In global gov- ernance or crisis management, what international community expected was ＂China＇s obligations and responsibilities＂ without the right of speech, etc.. All these are the ＂passive＂ roles produced by ＂a single factor＂ in definite fields. The active and initiative role China will play in international community still needs time and the continuous efforts of several generations. China once was a big country that had significant inftuential power on the world, and China＇s renaissance is a normal process of development of things. What excessive talks about its influential power reflect may be the lack of China＇s influence.展开更多
Studies about the elderly are mostly focused on morbidity and psychological conditions of the elderly. Effects of social relations have been noted to be important for the well-being of an elderly person. Later studies...Studies about the elderly are mostly focused on morbidity and psychological conditions of the elderly. Effects of social relations have been noted to be important for the well-being of an elderly person. Later studies have begun to look at socioeconomic status of the elderly to see its relation to the level of morbidity. This paper is based on a nationwide survey. A total of 10 percent of elderly total population was interviewed to obtain socioeconomic and lifestyle information. A self reporting method was used as it was easiest to obtain the answers from the elderly. A total of 1410 elderly respondents aged 60 and above were interviewed from the regions of northern, eastern, middle and southern Peninsular Malaysia and also from Sabah and Sarawak. The data was analyzed using the SPSS 16. Quantitative analysis based on mean, standard deviation and multiple regressions was done. Findings show that higher morbidity rate lowers ones economic well-being. Females report higher morbidity then males, while those who are married and residing in rural area also reoort lower morbidity.展开更多
The Macedonian economy gets out relatively little hurt by the global economic crisis not facing with financial crisis, the recession was short-lived, and social crisis emerged in modest sizes. However, the global cris...The Macedonian economy gets out relatively little hurt by the global economic crisis not facing with financial crisis, the recession was short-lived, and social crisis emerged in modest sizes. However, the global crisis revealed the major weaknesses of the economic model which was implemented. It turned out that the Macedonian economy is very dependent on the performance of only a few sectors and movements on the prices of its most important export and import products, and that the scope of supply and demand for domestic goods and services is small. These lectures from the economic crisis posed by the need to create a new model for country economic development in the future. The application of historical, statistical, analytical and comparative method shows that Macedonia should exercise other holistic approach in the remodeling of their economy. This means that, besides keeping macroeconomic and financial policy in the future the Macedonian government should act more vigorously in the direction of creating new jobs and provide greater social security. The economic model that we propose in this paper recommends it be done by encouraging small and medium enterprises, diversification of production, encouraging domestic investments, developing human capital, improving infrastructure, encouraging exports and harmonization the macroeconomic instruments. The application of this model will result in increasing investments, industrial production and exports, increasing the competitiveness of domestic products, reducing the trade deficit and maintaining the macroeconomic stability. The general conclusion of the paper is that application of the proposed economic model should lead to realization of two most important goals： achieving lasting, sustainable and significantly higher rates of economic growth and reducing the high rate of unemployment in the country.展开更多
This paper first summarizes China＇s economic growth rate fluctuations over the past 60 years since 1949 and examines the new developments in China＇s economic structure behind these fluctuations since reform and open...This paper first summarizes China＇s economic growth rate fluctuations over the past 60 years since 1949 and examines the new developments in China＇s economic structure behind these fluctuations since reform and opening-up in the late 1970s.In tackling the global financial crisis,China is embracing a new economic cycle and must draw upon its economic history to prolong the upward momentum in the new cycle.To do so means maintaining an appropriate growth rate in the new cycle.This paper also analyzes the importance urbanization and the housing sector will play in the new cycle and how to address rising housing prices.展开更多
The development of the Internet coincides with 90s financial crises. The net seemed to realize what Karl Polanyi defined social self-defence from the capitalism against the transformation of labour, land and money in ...The development of the Internet coincides with 90s financial crises. The net seemed to realize what Karl Polanyi defined social self-defence from the capitalism against the transformation of labour, land and money in fictitious commodities. In this paper we try to consider how Internet, and in particular social network, has modified many deep aspects of our life. With two different approaches, sociological and philosophical, we try to understand how social networks support new shapes of happiness and trust in an economic crisis context.展开更多
With the advent of the economic crisis, fair value once again becomes a hot topic. This paper discusses the issues of fair value from three aspects including the meaning of fair value, its serious impacts and its inap...With the advent of the economic crisis, fair value once again becomes a hot topic. This paper discusses the issues of fair value from three aspects including the meaning of fair value, its serious impacts and its inapplicability in China. As for this point, this paper stress that the rub of the fair value is its inaccurate recognition elements which will inevitably lead to the inaccurate measurement. Finally, the paper puts forward the viewpoint that China should be careful enough to apply the fair value accounting.展开更多
In Turkey, banks having ＂Islamic＂ features that are long neglected have experienced strong business growth since 2003 that is just after the date of a moderate Islamic party which emerged victorious in parliamentary...In Turkey, banks having ＂Islamic＂ features that are long neglected have experienced strong business growth since 2003 that is just after the date of a moderate Islamic party which emerged victorious in parliamentary elections. While Turkey has only four ＂Islamic＂ banks, they capture more than 4% market share. The purpose of this research is to analyze the mechanisms that have allowed such a growth between 2002 （just after the financial crisis in 2001） and 2009, by comparing the results of activities of these four Islamic banks and find out possible opportunities that might exist in this sector. The results indicate that these institutions have a respectively higher risk-taking and internationally more fair open policy than the banks known as ＂conventional＂. While Bank Asya （the market leader of the participatory banks in Turkey） and Albaraka Turk capture the individual customers, the other two institutions that are TurkiyeFinans and Kuveyt Turk capture the commercial customers. In addition, the development of these institutions seems to be very difficult because of the lack of Turkish Sukuk in Turkish banking context having no adequate liquidity. Moreover, in its political context, leading actors in Turkish political and economic structure reject utterly the existence of Sharia Board. In fact, it is clear that the Turkish banking sector is an untapped potential market that could be easily converted into an opportunity by improving the regulatory framework and communication strategy for these institutions. Indeed, since the controversy still exists around the concept of secularism, which is an impediment to the development of these banks called ＂Islamic＂ in Turkey, there is a necessity for a communication strategy to break down prejudices and to become popular for Islamic finance sector, which is still known very poorly and superficially by general public in Turkey.展开更多
Since the 2008 international financial crisis, international political and economic disorder has become obvious. Major reasons are the decline of US-led Western developed economies' global influence; US and other ...Since the 2008 international financial crisis, international political and economic disorder has become obvious. Major reasons are the decline of US-led Western developed economies' global influence; US and other Western countries inaction or ineffective actions; power diffusion allowing non-state actors to intervene; a global governance short of needed rules; and mainstream economic theory's overemphasis on market roles. International disorder is a long-term process posing a potential threat to China's national interests. The situation challenges China to create an international economic and trade order, thereby shaping itself as prophet of global free trade, shaper of international economic and trade rules, and trendsetter for globalization.展开更多
Affter the eruption of the global financial crisis in 2008, China adopted proactive monetary expansion in an attempt to offset the economic slump. However, monetary expansion failed to bring the economy back to the st...Affter the eruption of the global financial crisis in 2008, China adopted proactive monetary expansion in an attempt to offset the economic slump. However, monetary expansion failed to bring the economy back to the state of the mean and instead caused tremendous negative output gaps that led to a negative producer price index （PPI） for three consecutive years. The impotence of monetary stimulation and investment seems to be caused by the emergence of the shocks of efficiency deceleration, i.e., a tremendous amount of supply proves ineffective, leading to accumulation of inventory due to lack of demand, lack of short term profitability or profitability being siphoning off by zombie firms. These inefficient firms, sectors of overcapacity and inefficient local infrastructure construction cannot be rescued by the infusion of money flow. Macroeconomic policy should stimulate the transformation of China＇s economy from rapid quantitative expansion to efficiency enhancement. For instance, tax credits should be offered for accelerated depreciation to clear up zombie firms and expedite mergers and acquisitions through capital markets. Institutional and inventory reform and adjustment must be carried out in order to complete the transition from quantitative expansion to high efficiency supply.展开更多
Thailand has currently enhanced and promoted intensive trade and investment liberalization and implemented long-term growth policy according with current regional economic integration, WTO obligations and globalizatio...Thailand has currently enhanced and promoted intensive trade and investment liberalization and implemented long-term growth policy according with current regional economic integration, WTO obligations and globalization. Nevertheless, several recent internal and external factors e.g. the massive SARS and avian flu outbreaks, the Indian Ocean tsunami devastation, the Asia financial crisis and domestic policy reforms （ICSEAD, 2006） have also impeded this policy. While the issues are important for Thailand and developing countries in Asia, only limited research has been undertaken to investigate them. The paper conducts a substantive quantitative study to contribute to these trade and development policy issues. A new econometric modelling policy method, namely the generalized gravity theory （Tran Van Hoa, 2004） is used to develop a simple flexible simultaneous-equation econometric model of Thailand＇s openness model with its seven major trade partners （ASEAN-4, Australia, the USA, the EU, China, Japan and India）. Using data from the ICSEAD, the World Development Indicators and the Bank of Thailand databases, the paper reveals efficient and reliable empirical findings on trade-growth causality, trade determination including the impact of shocks and policy reform on trade and growth between Thailand and its major trade partners over the past two decades. The paper also provides evidence on the linkages between trade in goods, FDI and services and regional economic integration for more credible policy implications.展开更多
China＇s mini-stimulus policy is justi^ed for some proven effects on economic stabilization. However, the policy should not be used on regular, long-term base. Mini- stimulus economic policy is still essentially inves...China＇s mini-stimulus policy is justi^ed for some proven effects on economic stabilization. However, the policy should not be used on regular, long-term base. Mini- stimulus economic policy is still essentially investment-driven and by nature no different from the four trillion yuan stimulus package introduced in the aftermath of the global financial crisis of 2008. The policy strength of mini-stimulus packages the Chinese government resorted to has already accumulated to ascend to quite an extent. Further, ministimulus policy cannot stabilize growth and promote economic restructuring simultaneously. In fact, its effects on restructuring are short-term and may even be negative. Additionally, the diminishing potency of China＇s mini-stimulus policy efforts may force the government to resort to another hefty stimulus package with severe side effects. In the final analysis, it is social policy not economic stimuli that will help the Chinese economy achieve a soft landing.展开更多
This paper analyzes the evolution of the insurance sector in Europe, focuses on the European Union （EU） member states, and considers the impact of economic and financial crisis on that sector. The European private i...This paper analyzes the evolution of the insurance sector in Europe, focuses on the European Union （EU） member states, and considers the impact of economic and financial crisis on that sector. The European private insurance market is a developed market having an investment portfolio of 7,740 billion euros in 2011, an amount corresponding to 55% of the gross domestic product （GDP） of the 32 European markets members of Insurance Europe. Therefore, the importance of this sector as a long-term investor and major employer is obvious for the stability and growth of European economy. However, the insurance sector has been considerably affected since 2009 due to the global economic and financial crisis, which has had negative effects not only on the evolution of the value of insurance premiums underwritten, but also on the return on investment of the insurance companies.展开更多
The financial crisis has deeply affected Eastern European countries since the end of 2008. The global economic crisis put an end to a period when the region witnessed solid economic growth, high inflows of foreign inv...The financial crisis has deeply affected Eastern European countries since the end of 2008. The global economic crisis put an end to a period when the region witnessed solid economic growth, high inflows of foreign investment and a dynamic real estate sector, which was one of the main drivers of the region＇s economic growth （Abelson, Kaemar, ＆ Jackofsky, 1990）. The Eastern European real estate market was deeply impacted by the crisis. Investment in real estate dropped sharply due to the significant increase in risks and difficulties in financial borrowing （Bruce, 1991）. Rising unemployment affected retail sales, as well as office net absorption. Take-up fell significantly in all markets： Transactions were of smaller size and demand for buildings decreased. On the supply side, vacancy increased sharply due to the high level of completions entering the market （Smith, 1992）. The strong rise in vacancy rates has put pressure on rents, which dropped sharply in 2008 and in early 2009. They started to stabilize only by the end of 2009. How will the Romanian real estate market evolve？ No one knows for certain. Through this work we try to get some predictions based on statistical theory and not on the lessons learned from other crises.展开更多
The U.S.suffers The United States is a nation famous for its power of innovation,universal- ly acknowledged as the major factor that makes the U.S.the worlds' economic and political superpower.Without it,the U.S. ...The U.S.suffers The United States is a nation famous for its power of innovation,universal- ly acknowledged as the major factor that makes the U.S.the worlds' economic and political superpower.Without it,the U.S. would not have reached the level of prosper- ity it has in the world.But today,things展开更多
This paper＇s objective is to examine the relationship between public and private sectors through the mechanisms of public intervention in the market. With the financial and economic crisis of 2008, there has been a c...This paper＇s objective is to examine the relationship between public and private sectors through the mechanisms of public intervention in the market. With the financial and economic crisis of 2008, there has been a coordination of states （G20） for the implementation of affirmative action in order to support the international financial system. Our hypothesis is that resource dependence is the basis of all interactions between the public and private sectors. The fact that the public sector bails out private sector activity shows that it is beneficial to citizens through employment and taxes repaid by the company and all this contributes to social stability. Here we develop an argument in two phases. The first is to revisit the question of the relationship between the state and the market. The second part develops the hypothesis by focusing on the interdependence of resources. The theory of resource dependence often applied to international relations and inter-organizational business has allowed us to highlight the correlation between public and private sectors展开更多
＂Decoupling＂ refers to the divergence of business cycles among different countries, while ＂re-coupling＂ corresponds to the convergence or the synchronization of business cycles among different countries. The decou...＂Decoupling＂ refers to the divergence of business cycles among different countries, while ＂re-coupling＂ corresponds to the convergence or the synchronization of business cycles among different countries. The decoupling debate is popular in the field of economics, especially after global financial crisis. As trade integration increased among Asian countries, business cycle synchronization among these countries was expected to increase through trade transmission. The aim of this study is to discover whether there has been decoupling or convergence of business cycles through various trade channels. However, theoretically, increased trade can lead to business cycle synchronization either rising or falling. Inter-industry trade resulting in higher specification will induce less synchronized business cycles, while intra-industry trade could lead to increased business cycle synchronization. Thus, it is important to distinguish between intra- and inter-industry trade flows. Both correlation and dynamic factor models are utilized to study the evolution of global business cycle linkages. Results indicate that the world factor has become less important in explaining macroeconomic fluctuations from sub-period 1961-1984 to sub-period 1985-2007, while regional factors do not play an important role in explaining aggregate volatility, with the expectation of consumption. Overall, the explanatory power of country factors increases. Domestic consumption and domestic investment variances are more driven by country and idiosyncratic factors than by the world factor, contrary to the output growth fluctuations. Regional factors and country factors also play a more prominent role in explaining gross import fluctuations than in explaining gross exports. Results cast doubt on the strong forms of both the decoupling and the re-coupling hypothesis.展开更多
The financial crisis in 2008 dragged the U.S. economy into the dilemma of imbalanced and sluggish growth. Thus, the federal government carried out the sustainable and balanced growth strategy. This paper draws the fra...The financial crisis in 2008 dragged the U.S. economy into the dilemma of imbalanced and sluggish growth. Thus, the federal government carried out the sustainable and balanced growth strategy. This paper draws the framework of U.S. new growth strategy and summarizes the main measures applied in last five years. Further, it assesses the comprehensive strategic effects on economy and finally discusses the future challenges for the U.S..展开更多
As indicated by a survey of 105 villages in 19 provinces and cities, the 2008 international financial crisis had a serious impact on migrant workers＇ employment, which is prominently manifested in their earlier retur...As indicated by a survey of 105 villages in 19 provinces and cities, the 2008 international financial crisis had a serious impact on migrant workers＇ employment, which is prominently manifested in their earlier return to their hometowns, the dismissal of 20 percent of migrant workers from their jobs and a considerable decline in their wages. Thanks to a series of policies the state adopted to ensure growth and expand consumption, migrant workers soon got re-employed. However, some deep-rooted problems surrounding the issue of migrant workers＇ empoyment came to light as a result of this crisis. These problems need to be solved on an urgent basis, though it will involve a considerable amount of hard work over an extended period of time. While this will require a combination of transitional measures and long-range strategies, the employment of migrant workers should also be incorporated as a fundamental part of the undertaking to ensure economic growth, adjusting the industrial structure, transforming the development mode and pushing forward with the reform.展开更多
基金National Natural Science Foundation of China, No.40671077 No.40571058
文摘In the era of economic globalization,the concept of Economic Polarized Area comes into being as an effective vehicle to agglomerate the economic elements and sustain the economic lifeline of the region. Based on the region's specific development mode and construction form the concept is working in such a way that it will contribute to guide the economic development of the country and will play an important role in competing with other regions or countries in the world. Due to the high speed development of the last 30 years,the Yangtze Delta Region starts to show the features of Economic Polarized Area. But,compared with other world-class Economic Polarized Areas,the economic strength and the ability of the Yangtze Delta Region to drive the country's economic development is still very low and the competitive power is still very limited. Expanding the boundaries of the Economic Polarized Area of the Yangtze Delta may extend the economic hinterland of the core area of the Yangtze Delta Region,will lighten the pressures from the limited resource and promote the rationalization of the industrial structure in the Yangtze Delta Region's core area. With regard to the reasonable boundaries of the Yangtze Delta Region,there are different opinions and controversial arguments in political and academic circles. Starting from the idea of increasing the competitive power and improving the economic strength of the Yangtze Delta Region,the paper firstly is discussing the requirements to become a world-class Economic Polarized Area. In a second step an analysis of functional complementation and economic collaboration between the cities of an "extended" Yangtze Delta Region has been carried out by in particular considering the feasibility of integrating these "newly included" cities. The final result of the study is,that the Region should be expanded from the number of 16 cities to 37 cities,and the appended cities should be divided up into two categories:Wenzhou,Jinhua,Yancheng,Huaian,Maanshan,Wuhu,Tongling,Chaohu,Hefei,Chuzhou,Xuancheng should be taken as Preferred Extending Area,and Suqian,Xuzhou,Lianyungang,Lishui,Quzhou,Chizhou,Anqing,Bengbu,Huangshan,Suzhou (Anhui Province) should be taken as Retained Qualification Area.
文摘Through the analysis on China＇s economic develop- ment, utilization of resource environment and soft power, a basic judgment was made of the influence of ＂China development＂. The overall influential power of China development on international community was misunderstood. What we see is the role of ＂China Factor＂ in different fields. In the process of economic globalization, what economic system of capitalist market has seen is ＂China＇s cheap labor＂, ＂China＇s loose economic system environment＂, ＂earlier abuse of unlimited resource environment＂, ＂China＇s broad consumption market＂ and ＂demographic dividend＂. In global or Asian financial crisis, what other countries valued was China＇s ＂foreign currency＂ accumulated over the years. In global gov- ernance or crisis management, what international community expected was ＂China＇s obligations and responsibilities＂ without the right of speech, etc.. All these are the ＂passive＂ roles produced by ＂a single factor＂ in definite fields. The active and initiative role China will play in international community still needs time and the continuous efforts of several generations. China once was a big country that had significant inftuential power on the world, and China＇s renaissance is a normal process of development of things. What excessive talks about its influential power reflect may be the lack of China＇s influence.
文摘Studies about the elderly are mostly focused on morbidity and psychological conditions of the elderly. Effects of social relations have been noted to be important for the well-being of an elderly person. Later studies have begun to look at socioeconomic status of the elderly to see its relation to the level of morbidity. This paper is based on a nationwide survey. A total of 10 percent of elderly total population was interviewed to obtain socioeconomic and lifestyle information. A self reporting method was used as it was easiest to obtain the answers from the elderly. A total of 1410 elderly respondents aged 60 and above were interviewed from the regions of northern, eastern, middle and southern Peninsular Malaysia and also from Sabah and Sarawak. The data was analyzed using the SPSS 16. Quantitative analysis based on mean, standard deviation and multiple regressions was done. Findings show that higher morbidity rate lowers ones economic well-being. Females report higher morbidity then males, while those who are married and residing in rural area also reoort lower morbidity.
文摘The Macedonian economy gets out relatively little hurt by the global economic crisis not facing with financial crisis, the recession was short-lived, and social crisis emerged in modest sizes. However, the global crisis revealed the major weaknesses of the economic model which was implemented. It turned out that the Macedonian economy is very dependent on the performance of only a few sectors and movements on the prices of its most important export and import products, and that the scope of supply and demand for domestic goods and services is small. These lectures from the economic crisis posed by the need to create a new model for country economic development in the future. The application of historical, statistical, analytical and comparative method shows that Macedonia should exercise other holistic approach in the remodeling of their economy. This means that, besides keeping macroeconomic and financial policy in the future the Macedonian government should act more vigorously in the direction of creating new jobs and provide greater social security. The economic model that we propose in this paper recommends it be done by encouraging small and medium enterprises, diversification of production, encouraging domestic investments, developing human capital, improving infrastructure, encouraging exports and harmonization the macroeconomic instruments. The application of this model will result in increasing investments, industrial production and exports, increasing the competitiveness of domestic products, reducing the trade deficit and maintaining the macroeconomic stability. The general conclusion of the paper is that application of the proposed economic model should lead to realization of two most important goals： achieving lasting, sustainable and significantly higher rates of economic growth and reducing the high rate of unemployment in the country.
文摘This paper first summarizes China＇s economic growth rate fluctuations over the past 60 years since 1949 and examines the new developments in China＇s economic structure behind these fluctuations since reform and opening-up in the late 1970s.In tackling the global financial crisis,China is embracing a new economic cycle and must draw upon its economic history to prolong the upward momentum in the new cycle.To do so means maintaining an appropriate growth rate in the new cycle.This paper also analyzes the importance urbanization and the housing sector will play in the new cycle and how to address rising housing prices.
文摘The development of the Internet coincides with 90s financial crises. The net seemed to realize what Karl Polanyi defined social self-defence from the capitalism against the transformation of labour, land and money in fictitious commodities. In this paper we try to consider how Internet, and in particular social network, has modified many deep aspects of our life. With two different approaches, sociological and philosophical, we try to understand how social networks support new shapes of happiness and trust in an economic crisis context.
文摘With the advent of the economic crisis, fair value once again becomes a hot topic. This paper discusses the issues of fair value from three aspects including the meaning of fair value, its serious impacts and its inapplicability in China. As for this point, this paper stress that the rub of the fair value is its inaccurate recognition elements which will inevitably lead to the inaccurate measurement. Finally, the paper puts forward the viewpoint that China should be careful enough to apply the fair value accounting.
文摘In Turkey, banks having ＂Islamic＂ features that are long neglected have experienced strong business growth since 2003 that is just after the date of a moderate Islamic party which emerged victorious in parliamentary elections. While Turkey has only four ＂Islamic＂ banks, they capture more than 4% market share. The purpose of this research is to analyze the mechanisms that have allowed such a growth between 2002 （just after the financial crisis in 2001） and 2009, by comparing the results of activities of these four Islamic banks and find out possible opportunities that might exist in this sector. The results indicate that these institutions have a respectively higher risk-taking and internationally more fair open policy than the banks known as ＂conventional＂. While Bank Asya （the market leader of the participatory banks in Turkey） and Albaraka Turk capture the individual customers, the other two institutions that are TurkiyeFinans and Kuveyt Turk capture the commercial customers. In addition, the development of these institutions seems to be very difficult because of the lack of Turkish Sukuk in Turkish banking context having no adequate liquidity. Moreover, in its political context, leading actors in Turkish political and economic structure reject utterly the existence of Sharia Board. In fact, it is clear that the Turkish banking sector is an untapped potential market that could be easily converted into an opportunity by improving the regulatory framework and communication strategy for these institutions. Indeed, since the controversy still exists around the concept of secularism, which is an impediment to the development of these banks called ＂Islamic＂ in Turkey, there is a necessity for a communication strategy to break down prejudices and to become popular for Islamic finance sector, which is still known very poorly and superficially by general public in Turkey.
文摘Since the 2008 international financial crisis, international political and economic disorder has become obvious. Major reasons are the decline of US-led Western developed economies' global influence; US and other Western countries inaction or ineffective actions; power diffusion allowing non-state actors to intervene; a global governance short of needed rules; and mainstream economic theory's overemphasis on market roles. International disorder is a long-term process posing a potential threat to China's national interests. The situation challenges China to create an international economic and trade order, thereby shaping itself as prophet of global free trade, shaper of international economic and trade rules, and trendsetter for globalization.
文摘Affter the eruption of the global financial crisis in 2008, China adopted proactive monetary expansion in an attempt to offset the economic slump. However, monetary expansion failed to bring the economy back to the state of the mean and instead caused tremendous negative output gaps that led to a negative producer price index （PPI） for three consecutive years. The impotence of monetary stimulation and investment seems to be caused by the emergence of the shocks of efficiency deceleration, i.e., a tremendous amount of supply proves ineffective, leading to accumulation of inventory due to lack of demand, lack of short term profitability or profitability being siphoning off by zombie firms. These inefficient firms, sectors of overcapacity and inefficient local infrastructure construction cannot be rescued by the infusion of money flow. Macroeconomic policy should stimulate the transformation of China＇s economy from rapid quantitative expansion to efficiency enhancement. For instance, tax credits should be offered for accelerated depreciation to clear up zombie firms and expedite mergers and acquisitions through capital markets. Institutional and inventory reform and adjustment must be carried out in order to complete the transition from quantitative expansion to high efficiency supply.
文摘Thailand has currently enhanced and promoted intensive trade and investment liberalization and implemented long-term growth policy according with current regional economic integration, WTO obligations and globalization. Nevertheless, several recent internal and external factors e.g. the massive SARS and avian flu outbreaks, the Indian Ocean tsunami devastation, the Asia financial crisis and domestic policy reforms （ICSEAD, 2006） have also impeded this policy. While the issues are important for Thailand and developing countries in Asia, only limited research has been undertaken to investigate them. The paper conducts a substantive quantitative study to contribute to these trade and development policy issues. A new econometric modelling policy method, namely the generalized gravity theory （Tran Van Hoa, 2004） is used to develop a simple flexible simultaneous-equation econometric model of Thailand＇s openness model with its seven major trade partners （ASEAN-4, Australia, the USA, the EU, China, Japan and India）. Using data from the ICSEAD, the World Development Indicators and the Bank of Thailand databases, the paper reveals efficient and reliable empirical findings on trade-growth causality, trade determination including the impact of shocks and policy reform on trade and growth between Thailand and its major trade partners over the past two decades. The paper also provides evidence on the linkages between trade in goods, FDI and services and regional economic integration for more credible policy implications.
文摘China＇s mini-stimulus policy is justi^ed for some proven effects on economic stabilization. However, the policy should not be used on regular, long-term base. Mini- stimulus economic policy is still essentially investment-driven and by nature no different from the four trillion yuan stimulus package introduced in the aftermath of the global financial crisis of 2008. The policy strength of mini-stimulus packages the Chinese government resorted to has already accumulated to ascend to quite an extent. Further, ministimulus policy cannot stabilize growth and promote economic restructuring simultaneously. In fact, its effects on restructuring are short-term and may even be negative. Additionally, the diminishing potency of China＇s mini-stimulus policy efforts may force the government to resort to another hefty stimulus package with severe side effects. In the final analysis, it is social policy not economic stimuli that will help the Chinese economy achieve a soft landing.
文摘This paper analyzes the evolution of the insurance sector in Europe, focuses on the European Union （EU） member states, and considers the impact of economic and financial crisis on that sector. The European private insurance market is a developed market having an investment portfolio of 7,740 billion euros in 2011, an amount corresponding to 55% of the gross domestic product （GDP） of the 32 European markets members of Insurance Europe. Therefore, the importance of this sector as a long-term investor and major employer is obvious for the stability and growth of European economy. However, the insurance sector has been considerably affected since 2009 due to the global economic and financial crisis, which has had negative effects not only on the evolution of the value of insurance premiums underwritten, but also on the return on investment of the insurance companies.
文摘The financial crisis has deeply affected Eastern European countries since the end of 2008. The global economic crisis put an end to a period when the region witnessed solid economic growth, high inflows of foreign investment and a dynamic real estate sector, which was one of the main drivers of the region＇s economic growth （Abelson, Kaemar, ＆ Jackofsky, 1990）. The Eastern European real estate market was deeply impacted by the crisis. Investment in real estate dropped sharply due to the significant increase in risks and difficulties in financial borrowing （Bruce, 1991）. Rising unemployment affected retail sales, as well as office net absorption. Take-up fell significantly in all markets： Transactions were of smaller size and demand for buildings decreased. On the supply side, vacancy increased sharply due to the high level of completions entering the market （Smith, 1992）. The strong rise in vacancy rates has put pressure on rents, which dropped sharply in 2008 and in early 2009. They started to stabilize only by the end of 2009. How will the Romanian real estate market evolve？ No one knows for certain. Through this work we try to get some predictions based on statistical theory and not on the lessons learned from other crises.
文摘The U.S.suffers The United States is a nation famous for its power of innovation,universal- ly acknowledged as the major factor that makes the U.S.the worlds' economic and political superpower.Without it,the U.S. would not have reached the level of prosper- ity it has in the world.But today,things
文摘This paper＇s objective is to examine the relationship between public and private sectors through the mechanisms of public intervention in the market. With the financial and economic crisis of 2008, there has been a coordination of states （G20） for the implementation of affirmative action in order to support the international financial system. Our hypothesis is that resource dependence is the basis of all interactions between the public and private sectors. The fact that the public sector bails out private sector activity shows that it is beneficial to citizens through employment and taxes repaid by the company and all this contributes to social stability. Here we develop an argument in two phases. The first is to revisit the question of the relationship between the state and the market. The second part develops the hypothesis by focusing on the interdependence of resources. The theory of resource dependence often applied to international relations and inter-organizational business has allowed us to highlight the correlation between public and private sectors
文摘＂Decoupling＂ refers to the divergence of business cycles among different countries, while ＂re-coupling＂ corresponds to the convergence or the synchronization of business cycles among different countries. The decoupling debate is popular in the field of economics, especially after global financial crisis. As trade integration increased among Asian countries, business cycle synchronization among these countries was expected to increase through trade transmission. The aim of this study is to discover whether there has been decoupling or convergence of business cycles through various trade channels. However, theoretically, increased trade can lead to business cycle synchronization either rising or falling. Inter-industry trade resulting in higher specification will induce less synchronized business cycles, while intra-industry trade could lead to increased business cycle synchronization. Thus, it is important to distinguish between intra- and inter-industry trade flows. Both correlation and dynamic factor models are utilized to study the evolution of global business cycle linkages. Results indicate that the world factor has become less important in explaining macroeconomic fluctuations from sub-period 1961-1984 to sub-period 1985-2007, while regional factors do not play an important role in explaining aggregate volatility, with the expectation of consumption. Overall, the explanatory power of country factors increases. Domestic consumption and domestic investment variances are more driven by country and idiosyncratic factors than by the world factor, contrary to the output growth fluctuations. Regional factors and country factors also play a more prominent role in explaining gross import fluctuations than in explaining gross exports. Results cast doubt on the strong forms of both the decoupling and the re-coupling hypothesis.
文摘The financial crisis in 2008 dragged the U.S. economy into the dilemma of imbalanced and sluggish growth. Thus, the federal government carried out the sustainable and balanced growth strategy. This paper draws the framework of U.S. new growth strategy and summarizes the main measures applied in last five years. Further, it assesses the comprehensive strategic effects on economy and finally discusses the future challenges for the U.S..
文摘As indicated by a survey of 105 villages in 19 provinces and cities, the 2008 international financial crisis had a serious impact on migrant workers＇ employment, which is prominently manifested in their earlier return to their hometowns, the dismissal of 20 percent of migrant workers from their jobs and a considerable decline in their wages. Thanks to a series of policies the state adopted to ensure growth and expand consumption, migrant workers soon got re-employed. However, some deep-rooted problems surrounding the issue of migrant workers＇ empoyment came to light as a result of this crisis. These problems need to be solved on an urgent basis, though it will involve a considerable amount of hard work over an extended period of time. While this will require a combination of transitional measures and long-range strategies, the employment of migrant workers should also be incorporated as a fundamental part of the undertaking to ensure economic growth, adjusting the industrial structure, transforming the development mode and pushing forward with the reform.
