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41. Developing a National Standard to Regulate the Operation and Management of Venture Capital Guiding Funds

Author:
Pangoal Institution
Publication Date:
12-2016
Content Type:
Special Report
Institution:
Pangoal Institution
Abstract:
Though National Development and Reform Commission, Ministry of Finance and Ministry of Commerce jointly released theGuiding Opinions on Guiding Funds in 2008 and local governments also issued relevant guiding opinions when they set up guiding funds, these guiding opinions lack the administrative regulations and concrete standards for the operation of venture capital guiding funds. The establishment and operation of the 40-billion-RMB Emerging Industry Venture Capital Guiding Fund will drive the new round of peak for the establishment of venture capital guiding funds in China. To better standardize the operation and management of guiding funds, improve the operation efficiency, and prevent through systems rent-seeking behaviors such as connected transactions and inbreeding, it is imperative to formulate a national standard for guiding funds.
Topic:
Regulation, Investment, Capital, and Venture Capital
Political Geography:
China and Global Focus

42. Veiled Repression: Mainstream Economics, Capital Theory, and the Distributions of Income and Wealth

Author:
Lance Taylor
Publication Date:
12-2015
Content Type:
Working Paper
Institution:
Institute for New Economic Thinking (INET)
Abstract:
The Cambridge UK vs USA capital theory debates of the 1960s showed that the workhorse mainstream growth model relies on unsustainable assumptions. Its standard interpretation is not consistent with the last four decades of data. Part of an estimated increase in the ratio of personal wealth to income in recent years is due to higher asset prices. The other side of the accounts reveals that financialization and growing business debt partially offset the greater net worth of households. Attempts to interpret growth in wealth principally as a consequence of capitalization of rents are misleading. An alternative growth model based on Cambridge ideas can help correct these misinterpretations.
Topic:
Economics, Income Inequality, Economic Theory, Repression, Capital, Redistribution, and Wealth
Political Geography:
North America and United States of America

43. Politics in the Interest of Capital: A Not-So-Organized Combat

Author:
Cornelia Woll
Publication Date:
07-2015
Content Type:
Working Paper
Institution:
Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo)
Abstract:
The rise in inequality has been explained with reference to organized groups and the lobbying of the financial sector. This article argues that the image of politics as organized combat is contradicted by empirical evidence on lobbying in the United States, and does not travel well to Europe. The power of finance does not operate through organized political influence. Rather, politics in the interest of capital unfolds as a structural feature of advanced economies over time. Tellingly, at the height of the financial crisis, one of the most promising strategies of institutions seeking government support was not organizing for combat, but collective inaction. Our challenge, then, is to explain how the power of finance has built up and is playing out in creating inequality. A more structural, less agency-focused perspective highlights how the rise of finance has been supported by actors that few would accuse of being finance-friendly, such as the European center-left parties and consumers. Reconceptualizing the power of finance has important implications for political solutions to rising inequality.
Topic:
Economics, Politics, Inequality, Finance, and Capital
Political Geography:
Europe

44. Large Capital Inflows, Sectoral Allocation, and Economic Performance

Author:
Gianluca Benigno, Nathan Converse, and Luca Fornaro
Publication Date:
03-2015
Content Type:
Commentary and Analysis
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This paper describes the stylized facts characterizing periods of exceptionally large capital inflows in a sample of 70 middle- and high-income countries over the last 35 years. We identify 155 episodes of large capital inflows and find that these events are typically accompanied by an economic boom and followed by a slump. Moreover, during episodes of large capital inflows capital and labor shift out of the manufacturing sector, especially if the inflows begin during a period of low international interest rates. However, accumulating reserves during the period in which capital inflows are unusually large appears to limit the extent of labor reallocation. Larger credit booms and capital inflows during the episodes we identify increase the probability of a sudden stop occurring during or immediately after the episode. In addition, the severity of the post-inflows recession is significantly related to the extent of labor reallocation during the boom, with a stronger shift of labor out of manufacturing during the inflows episode associated with a sharper contraction in the aftermath of the episode.
Topic:
Industrial Policy, Labor Issues, Capital Flows, Manufacturing, and Capital
Political Geography:
Global Focus

45. The Offshore-Intensity Ratio: Identifying the Strongest Magnets for Foreign Capital

Author:
Jan Fichtner
Publication Date:
11-2015
Content Type:
Working Paper
Institution:
City Political Economy Research Centre (CITYPERC), University of London
Abstract:
This paper presents the Offshore-Intensity Ratio ʹ a simple and straightforward way to identify which countries and jurisdictions could be seen as offshore financial centres(OFCs). By setting the aggregated amount of external capital booked in a jurisdiction in relation to the size of its domestic economy, we get a ratio that expresses the strength with which the particular jurisdiction has acted as a magnet for foreign capital. Sixteen jurisdictions are identified as probable OFCs, including the Cayman Islands, the British Virgin Islands, Bermuda and Luxembourg, but also Ireland and the Netherlands. A novel visualization shows the role of the largest offshore centres in contemporary global finance.
Topic:
Finance, Capital, Financial Systems, and Tax Havens
Political Geography:
Global Focus

46. Growth Dynamics in South Africa: Key Macroeconomic Drivers and Policy Challenges

Author:
Themba Chirwa and Nicholas M. Odhiambo
Publication Date:
07-2015
Content Type:
Journal Article
Journal:
The Rest: Journal of Politics and Development
Institution:
Centre for Strategic Research and Analysis (CESRAN)
Abstract:
In this paper we examine which key factors at the macroeconomic level are associated with the economic growth performance of the South African economy. These drivers have been identified by assessing the economic events that occurred during the period 1960-2013. During this period, the South African economy went through two economic and political systems: an apartheid system that covered the period 1948-1993; and a democratic system from 1994 to date. Regardless of the economic system implemented, we find the accumulation of physical capital, human capital development, international trade, real exchange rate growth, and inflation as the most significant macroeconomic drivers of economic growth in South Africa. We also find that the weak performance of the South African economy in recent years has been grossly affected by declining trends in the accumulation of capital stock, low quantities and quality of human capital, worsening balance of payments position, and real exchange rate instability.
Topic:
Development, Economic Growth, Macroeconomics, and Capital
Political Geography:
Africa and South Africa