This paper reviews the progress of banking reforms in China. Since 2002, the reform strategy has relied on publicly-financed bailouts, implementation of international best practices in bank governance and regulation, and listing of major banks in Hong Kong. The three largest banks have been stabilised, but we find little reason to expect this to be sustainable. Prudential indicators are comparable to international averages, but this is an outcome of bailouts and ongoing credit boom. Reforms of bank governance and regulatory frameworks that would alter banker’s incentives are implemented in a selective manner; principles that concentrate key powers in the centre are implemented vigorously, whereas those that require independent boards and regulators are ignored. Selectiveness of institutional reform means that the largest banks remain under state control and can be used as means of development policy for the better or the worse.
Balcerowicz , L. – Fischer , S. ( 2006 ): Living Standards and the Wealth of Nations: Successes and Failures in Real Convergence . Cambridge, Mass.: MIT Press.
CGD ( 2008 ): The Growth Report: Strategies for Sustained Growth
Authors:Agnieszka Słomka-Gołębiowska and Piotr Urbanek
between the quality of executive remuneration policy and corporate governance standards in banks with a controlling blockholder in the banking sector in Poland. Taking into account that the board is responsible for setting executive remuneration policy, we
Authors:József Varga, Gyöngyi Bánkuti, and Rita Kovács-Szamosi
scores for all of them. In this way we get evaluation of the bank's-years. After pivoting these results by indicators and years, we get a nice evaluation of banks. We also calculate the average, min., max. the slope and even the standard deviation of this
The promotion of educational standards and the rising independent awareness of females, females are gradually taking a place in the employment market. Industrial structure evolution and social transformation have the societies in Taiwan change from traditional manufacturing to hi-tech, information, and food service industries. Demands for human resources therefore become different from the past that lots of employment opportunities were indirectly created for females. Regarding the labor participation rate, the increasing female engagement in workplaces has enhanced the generation of female leadership. The unique female personality traits could assist female managers in forming unique management styles in business management. Aiming at Wowprime, total 650 copies of questionnaires are distributed, and 477 valid copies are retrieved, with the retrieval rate 73%. The results conclude 1. positive effects of leadership on teamwork, 2. positive effects of teamwork on organizational performance, and 3. positive effects of leadership on organizational performance. The results are expected to help the leadership of female managers in catering industry.
This paper explores the evolution of Kornai’s thought on general equilibrium theory (GET) and his position on mainstream economics. Three moments in this evolution will be highlighted, starting by his rejection of GET and advocating disequilibrium in Anti-Equilibrium (1971). While Kornai does not treat the “equilibrium paradigm” as irrelevant, he suggests an alternative paradigm, namely economic systems theory that he further develops in the 1980s as “system paradigm”. Economics of Shortage (1980) marks a second phase in which Kornai distinguishes Walrasian equilibrium from normal state or Marshallian equilibrium. In this phase, he supports Marshallian equilibrium rather than disequilibrium. Finally, By Force of Thought (2006) is a critical self-appraisal in which Kornai considers Anti-Equilibrium as a “failure” and acknowledges GET as a benchmark of an ideal competitive market. He now advocates a Walrasian equilibrium as an abstract reference model, but refuses to consider this model as a description of reality. In this sense, he rejects the New Classical economics. Paradoxically, however, his original heterodox concept of “soft budget constraint”, irreconcilable with standard microeconomics, has been integrated into new microeconomics as an optimal intertemporal strategy of a maximizing agent in the absence of credible commitments. It will be argued that Kornai’s so-called failure is rather related to his half-in, half-out mainstream position, while his institutionalist system paradigm is still a heterodox research project of the future.
The series of adverse shocks of both economic and political character that Europe has suffered since 2008, the last of them coming from the Brexit referendum, revealed numerous institutional gaps and asymmetries in the EU integration architecture. They originate from the voluntary nature of the EU project and the necessity to obtain unanimous approval of all member states to take new integration steps. To increase the resilience of the EU project against current and future shocks, its major institutional gaps and asymmetries should be addressed as quickly as possible. In this paper, we use the theory of fiscal federalism and subsidiarity principle to set the agenda of the EU reform. This includes the identification of areas such as completing the EMU and Schengen projects, foreign, security, and defence policies, environmental and climate change policies where further integration can offer substantial returns to scale and better provisions of global and pan-European public goods. On the other hand, there are also areas such as agriculture policy, products, services and labour standards, and fiscal surveillance rules, where deregulation in favour of market forces could ease business environment and make EU regulations less bureaucratic. Developing integration beyond the traditional economic sphere will also have an impact on the size of the EU budget, balance of power between the EU governing bodies (a bigger role of the European Parliament) and the democratic legitimacy of the EU project.
The aspiration of this research paper is to investigate the impact of international gold prices on the equity returns of Karachi Stock Index (KSE100 index) of Pakistan Stock Exchange. The daily observations from January 1, 2000 – June 30, 2016 have been divided into three sub-periods along with the full sample period on the basis of structural breaks. Descriptive analysis used to calculate the average returns, which showed significant returns of KSE100 for the full sample, the first and the third sample periods as compared to gold returns. Standard deviation depicted the higher volatility in all the sample periods. Correlation analysis has shown an inverse relationship amid equity returns and gold returns, whereas, Philips-Perron and Augmented Dickey-Fuller tests have been employed, and time series data became stationary after taking the first difference. Johansen cointegration results have shown that the series are cointegrated in the full-sample and the first sample periods. Thus, this has demonstrated the long run association amid equity returns and gold returns in the first sub-sample and the full-sample periods. However, the second and the third sub-sample periods do not exhibit long-term association amid equity returns of KSE100 and gold returns. The outcomes of Granger causality approach identified bidirectional causation amid equity returns and gold returns in the full sample period in lag 2, and unidirectional causality has been observed from gold prices to stock prices in the full sample and the first sub-sample periods in lag 1 and lag 2 respectively.
The main goal of this paper is a quantitative identification of bear market periods during the 2007–2009 global financial crisis in the case of the Visegrad Group stock markets. We analyse four countries, namely Poland, the Czech Republic, Hungary, and Slovakia and, for comparison, the US stock market. The sample period begins on May1, 2004, and ends on April 30, 2013, i.e. it includes the 2007 US subprime crisis. We use the statistical method of dividing market states into bullish and bearish markets. Our results reveal October 2007–February 2009 as the common downmarket period of the recent global financial crisis, except for Slovakia. It is instructive to formally identify crises, as it enables sensitivity analyses of various relationships and linkages among international stock markets using econometric and statistical tools, with respect to the pre-, post- and crisis periods. Moreover, we investigate the effect of increasing cross-market correlations in the crisis compared to the pre-crisis period, applying both standard contemporaneous correlations and volatility-adjusted correlation coefficients. The results confirm that accommodating heteroskedasticity is critical for detecting contagion across economies. A number of studies document that crossmarket correlations vary over time, thereby making the benefits of international portfolio choice and diversification questionable.
The enhancement of economic development and living standard in last years has the people stress more on recreational life that tourism becomes prevalent in Taiwan. County and city governments positively promote tourism and hold cultural festivals to enhance the boom of accommodation and catering industries and further fire national tourism market and catering industry.
Through online questionnaire survey, the customers of Wang Steak, TASTy, Tokiya, and ikki, which are the subsidiaries of Wowprime and burst out the oil scandal recently, are distributed 800 copies of questionnaires. Total 388 effective copies are retrieved with the effective rate 49%. The research results are concluded as follows. 1. Crisis Communication Strategies would affect Media Report. 2. Crisis Communication Strategies would influence Corporate Image. 3. Media Report has significantly positive effects on Managerial Capacity in Corporate Image. 4. Media Report presents remarkably positive effects on Corporate Reputation in Corporate Image. 5. Media Report shows notably positive effects on Communication News in Corporate Image. It is expected that catering businesses could enhance the countermeasures of Crisis Communication Strategies to cope with crises.