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International Journal of Public Policy最新文献

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A tale of two sovereign funds: China's exceptionalism in sovereign wealth management through CIC and SAFE 两只主权基金的故事：中投和外管局主权财富管理的中国例外论
International Journal of Public Policy Pub Date : 2017-08-25 DOI: 10.1504/IJPP.2017.10006454
Angela Cummine
{"title":"A tale of two sovereign funds: China's exceptionalism in sovereign wealth management through CIC and SAFE","authors":"Angela Cummine","doi":"10.1504/IJPP.2017.10006454","DOIUrl":"https://doi.org/10.1504/IJPP.2017.10006454","url":null,"abstract":"China is the only country in the world with two sovereign investment vehicles dedicated to managing excess foreign reserves for return, not just safety and liquidity. As the investment profile and behaviour of both funds align with the aims of the government's economic agenda, it is tempting to view China's two sovereign funds as part of a coordinated effort to further state investment policy. However, analysis of the origin of China's multi-sovereign investor regime shows that this approach is primarily a product of intense bureaucratic rivalry within the Chinese public service, rather than a considered strategy of the sponsoring government. This rivalry had a detrimental impact on aspects of the CIC's institutional design and early investment decision making. Comparison of the CIC, China's flagship sovereign investor, to its peer Asian funds in Korea and Singapore reveals that relative to regional reserve investment corporations, the CIC lacks robust mechanisms to achieve effective arms-length governance from its state sponsor. Reforms to the Chinese sovereign fund to ensure greater clarity of mission and alignment of purpose with internal decision making would ensure Chinese exceptionalism in sovereign investment transitions from cautionary to exemplary.","PeriodicalId":35027,"journal":{"name":"International Journal of Public Policy","volume":"13 1","pages":"191-211"},"PeriodicalIF":0.0,"publicationDate":"2017-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43551590","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Chinese state owned enterprises: an observer's guide 中国国有企业:观察者指南
International Journal of Public Policy Pub Date : 2017-08-25 DOI: 10.1504/IJPP.2017.10006452
P. Hubbard, P. Williams
{"title":"Chinese state owned enterprises: an observer's guide","authors":"P. Hubbard, P. Williams","doi":"10.1504/IJPP.2017.10006452","DOIUrl":"https://doi.org/10.1504/IJPP.2017.10006452","url":null,"abstract":"Not all of China's SOEs have evolved equally. To understand modern SOEs the paper contrasts the giant centrally owned firms in the energy and utilities sectors under the control of the central state-owned Assets Supervision and Administration Commission (SASAC) in Beijing - some of which have financial resources comparable to medium-sized countries - with the tens of thousands of provincially and locally owned SOEs that have survived reform with various degrees of state ownership and across all sectors. The paper finds that giant central SOEs may be politically important to Beijing, but most SOEs are provincial and local businesses operating in competitive, rather than monopolistic, environments. Instead of dealing with SOEs as a class, the challenge for policymakers is to deal with market structures that undermine competition, and to regulate socially harmful behaviour, irrespective of the ultimate owner of the capital involved.","PeriodicalId":35027,"journal":{"name":"International Journal of Public Policy","volume":"13 1","pages":"153-170"},"PeriodicalIF":0.0,"publicationDate":"2017-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42551055","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Australia's foreign investment approval regime: a new way forward 澳大利亚的外国投资审批制度:一条新的前进道路
International Journal of Public Policy Pub Date : 2017-08-25 DOI: 10.1504/IJPP.2017.10006458
A. Lumsden, Lizzie Knight
{"title":"Australia's foreign investment approval regime: a new way forward","authors":"A. Lumsden, Lizzie Knight","doi":"10.1504/IJPP.2017.10006458","DOIUrl":"https://doi.org/10.1504/IJPP.2017.10006458","url":null,"abstract":"Australia's national interest is well-served by having a foreign investment regime that has the right balance between flexibility and certainty. One highly successful aspect of that policy has been the ability to use conditional approvals to ensure that applicants behave in a manner that is consistent with the national interest. The government's new legislation is an ambitious and important attempt to modernise the 40-year old foreign investment rules. We consider the new legislation successfully builds on the system including a conditional approval regime that has been improved to reflect best regulatory practices and support ongoing investment.","PeriodicalId":35027,"journal":{"name":"International Journal of Public Policy","volume":"13 1","pages":"232-243"},"PeriodicalIF":0.0,"publicationDate":"2017-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48668420","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A comparative study of cross-border mergers and acquisitions by privately- and state-owned enterprises 民营企业与国有企业跨国并购比较研究
International Journal of Public Policy Pub Date : 2017-08-25 DOI: 10.1504/IJPP.2017.10006457
Michael Gestrin
{"title":"A comparative study of cross-border mergers and acquisitions by privately- and state-owned enterprises","authors":"Michael Gestrin","doi":"10.1504/IJPP.2017.10006457","DOIUrl":"https://doi.org/10.1504/IJPP.2017.10006457","url":null,"abstract":"This paper empirically examines the proposition that SOE and POE cross-border investments are different. It does so by comparing all M&A by SOEs and POEs (with a value greater than USD 5 million) undertaken between 1 January 1996 and 31 December 2013. This amounts to more than 200,000 deals collectively valued at USD 50 trillion. The main objective is to identify differences in the ways that privately-owned and state-owned enterprises expand into international markets using M&A, a primary vehicle for international direct investment.","PeriodicalId":35027,"journal":{"name":"International Journal of Public Policy","volume":"13 1","pages":"139-152"},"PeriodicalIF":0.0,"publicationDate":"2017-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45901137","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Australia's foreign investment policy: an historical perspective 澳大利亚的外国投资政策:一个历史的视角
International Journal of Public Policy Pub Date : 2017-08-25 DOI: 10.1504/IJPP.2017.086051
Christopher J Pokarier
{"title":"Australia's foreign investment policy: an historical perspective","authors":"Christopher J Pokarier","doi":"10.1504/IJPP.2017.086051","DOIUrl":"https://doi.org/10.1504/IJPP.2017.086051","url":null,"abstract":"Why did Australia, historically open to overseas capital, turn to restrictive policy in the early 1970s, only to significantly liberalise again from the mid-1980s? Furthermore, why has the regulatory apparatus of Australia's Foreign Investment Review Board (FIRB), established in the illiberal mid-1970s, been little changed over the last four decades, despite a return to relative openness? The paper finds that the initial illiberal turn arose from the changing sectoral and country-of-origin mix of foreign investment, a less liberal domestic and international ideational climate FDI, and from oppositional policy entrepreneurship. Liberalisation followed growing external imbalances, elite neo-liberal ideational change and transformative public leadership. The FIRB mechanism placated populist economic nationalist sentiment while allowing liberal policy in general, yet also tailored to the public and private interest logics of specific investment proposals. Remaining sectoral restrictions reflect both private interest influences and sector-specific public interest sensitivities.","PeriodicalId":35027,"journal":{"name":"International Journal of Public Policy","volume":"13 1","pages":"212-231"},"PeriodicalIF":0.0,"publicationDate":"2017-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1504/IJPP.2017.086051","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48046373","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Are Free Trade Agreements Making Swiss Cheese of Australia's Foreign Investment Regime? 自由贸易协定是澳大利亚外国投资制度的瑞士奶酪吗?
International Journal of Public Policy Pub Date : 2017-08-25 DOI: 10.1504/IJPP.2017.10006449
S. Armstrong, Sam Reinhardt, Tom Westland
{"title":"Are Free Trade Agreements Making Swiss Cheese of Australia's Foreign Investment Regime?","authors":"S. Armstrong, Sam Reinhardt, Tom Westland","doi":"10.1504/IJPP.2017.10006449","DOIUrl":"https://doi.org/10.1504/IJPP.2017.10006449","url":null,"abstract":"Until 2005, Australia's foreign investment regime treated all investment sources on a non-discriminatory basis but since then some important preferential exemptions to screening have been introduced. Bilateral deals with the USA and New Zealand more than quadrupled the threshold to A$1.078 billion for investments that must be screened by the Foreign Investment Review Board (FIRB). This represents a major liberalisation towards investment from those countries, given that a vast majority of investment is below the A$1 billion threshold. Some new rules regarding investment have also been introduced in those bilateral agreements which only apply to the signatories of those deals. The piecemeal changes to the foreign investment regime through bilateral trade and economic agreements have occurred without a clear strategy set forth and further piecemeal changes threaten to impact the operation and function of the regime with implications for confidence in Australia maintaining an open investment environment.","PeriodicalId":35027,"journal":{"name":"International Journal of Public Policy","volume":"13 1","pages":"290-303"},"PeriodicalIF":0.0,"publicationDate":"2017-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42546479","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
A strategic analysis of the Australian foreign investment regime and the prospect of reform 澳大利亚外商投资体制的战略分析及改革前景
International Journal of Public Policy Pub Date : 2017-08-25 DOI: 10.1504/IJPP.2017.10006456
R. Mendelsohn, A. Fels
{"title":"A strategic analysis of the Australian foreign investment regime and the prospect of reform","authors":"R. Mendelsohn, A. Fels","doi":"10.1504/IJPP.2017.10006456","DOIUrl":"https://doi.org/10.1504/IJPP.2017.10006456","url":null,"abstract":"Australia's foreign investment regime arguably has four primary objectives. Its purpose is to: facilitate the flow of inbound foreign investment; screen investment for its potential to damage the Australian national interest; reassure the Australian people that foreign investment is consistent with the national interest; educate foreign investors about Australian laws, regulations, and community standards. This paper uses a strategic framework developed by Moore (1995) at Harvard's Kennedy School of Government to assess whether Australia's foreign investment regime is delivering on its four main objectives. We ask if the regime could offer greater public value to the Australian people were changes to be made to its structure and operation. We conclude that the foreign investment regime is very far from dysfunctional. We argue, however, that more public value may accrue from bringing the regime into line with accepted principles of good governance. We also propose that additional value may be generated by creating a specialist body to educate foreign investors and provide them with ongoing assistance in adjusting to the Australian environment. We suggest that these responsibilities could, in the alternative, be readily assigned to the Department of Foreign Affairs and Trade consistent with its existing mandate.","PeriodicalId":35027,"journal":{"name":"International Journal of Public Policy","volume":"13 1","pages":"244-276"},"PeriodicalIF":0.0,"publicationDate":"2017-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42155097","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Emulating models of good governance: learning from the developments of the world's least corrupt countries 模仿善治模式:从世界上最不腐败国家的发展中学习
International Journal of Public Policy Pub Date : 2017-01-01 DOI: 10.1504/IJPP.2017.10001689
A. Anttiroiko
{"title":"Emulating models of good governance: learning from the developments of the world's least corrupt countries","authors":"A. Anttiroiko","doi":"10.1504/IJPP.2017.10001689","DOIUrl":"https://doi.org/10.1504/IJPP.2017.10001689","url":null,"abstract":"This article discusses three success stories of good governance, those in Finland, New Zealand and Singapore, and their ability to serve as benchmarks or models for developing countries seeking to eradicate corruption. The analysis shows that Finland and New Zealand are evolutionary cases with low-profile anti-corruption policies, whereas Singapore is a revolutionary case with an array of institutionalised anti-corruption measures providing a fast track to good governance. At first glance the latter case may appear appealing to developing countries, but in the current economic situation the case of Singapore is difficult to replicate as diminishing growth prospects undermine the viability of this option. In this sense the balance naturally leans towards the evolutionary 'social change' model, which is a cost-effective though slow path towards good governance. Whatever the preferred development path, it is vital that developing countries emulate and adapt success stories on their own terms. This ensures a sufficient degree of ownership and justification for the context-sensitive adjustment, dissemination and implementation of new ideas for controlling corruption.","PeriodicalId":35027,"journal":{"name":"International Journal of Public Policy","volume":"13 1","pages":"21-35"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66662226","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
How toxic is public debt 公共债务的毒性有多大
International Journal of Public Policy Pub Date : 2017-01-01 DOI: 10.1504/IJPP.2017.10001691
Juhana Hukkinen, M. Virén
{"title":"How toxic is public debt","authors":"Juhana Hukkinen, M. Virén","doi":"10.1504/IJPP.2017.10001691","DOIUrl":"https://doi.org/10.1504/IJPP.2017.10001691","url":null,"abstract":"This paper deals with the debt-growth relationship using several time-series tools. The idea is to find out whether the inverse relationship between these variables can be detected without imposing any functional forms on the estimating relationship and whether the relationship does indeed reflect some nonlinear features. Thus recursive correlations with different orderings of the time-series are computed using the Reinhart and Rogoff panel data. After that, recursive correlations are re-estimated with data that are cyclically adjusted to reflect the structural features of the two variables. The nature of the relationship is also scrutinised using several variable-parameter estimation techniques (Kalman filter, logistic functional form and recursive estimation). Finally, some causality analyses are carried out using various transformations of the data up to the point of cross-sections of data. The analysis shows that the inverse relationship between growth and debt is indeed quite robust and tends to support the 'toxic debt' hypothesis rather than the cyclical debt accumulation hypothesis. Yet the causality issue remains largely unresolved.","PeriodicalId":35027,"journal":{"name":"International Journal of Public Policy","volume":"13 1","pages":"53-68"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66662236","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
A MARKAL-MACRO modelling approach to estimate carbon mitigation cost in India 估算印度碳减排成本的MARKAL-MACRO建模方法
International Journal of Public Policy Pub Date : 2017-01-01 DOI: 10.1504/IJPP.2017.10001700
Subhash Kumar
{"title":"A MARKAL-MACRO modelling approach to estimate carbon mitigation cost in India","authors":"Subhash Kumar","doi":"10.1504/IJPP.2017.10001700","DOIUrl":"https://doi.org/10.1504/IJPP.2017.10001700","url":null,"abstract":"Global climate change, energy consumption patterns and economic growth are major issues nowadays for the developing world like India. Owing to global threat of climate change, the Indian economy experiences big challenges to maintain its high growth rate if switched to the clean energy generation for environmental sustainability. In this situation, there is urgent need to formulate solid policy and account for the cost of CO2 mitigation, i.e., effect on GDP. This paper addresses these situations by using MARKAL-MACRO energy model to develop different scenarios up to the year 2045. The result show that the carbon intensity per GDP decreases 2.5% annually during the period 2005 to 2045. The marginal abatement costs vary between 14-245 US$/tC and GDP decreases from 0.12% to 2.4% for the reduction rate between 5% to 50% compared to reference case. Since economic growth remains the priority, it would be more realistic for India to make continuous efforts to reduce carbon emissions by implementing sustainable energy technologies gradually and playing an active role in the international carbon mitigation cooperation mechanism.","PeriodicalId":35027,"journal":{"name":"International Journal of Public Policy","volume":"13 1","pages":"86-101"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66662591","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
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