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November 27 Posted by Andy Yee, Global Voices, Nov. 26, 2009 -- Could the world's lone but weary superpower actually learn something from China? This is a question the Time magazine posted when President Barack Obama began his first visit to China. The article said this is a time when China has ‘emerged as a dynamo of optimism, experimentation and growth', while the US economy is foundering. This is a moment of humility for the US. The article has identified five lessons from China’s success stories. Meanwhile, Xu Ben (徐贲) and Tan Mintao (谭敏涛), a Chinese scholar and lawyer respectively, has each written comments on these lessons in their blogs. . . . by Taras Kuzio, Eurasia Daily Monitor -- Volume 6, Issue 215, Nov. 20, 2009 -- Ukrainian Presidential Candidate Arseniy Yatseniuk’s Foreign Policy 
(Ukrainian Presidential Candidate Arseniy Yatseniuk). In 2008-2009 Arseniy Yatseniuk grew rapidly in popularity and was seen as the rising star of a “new generation of Ukrainian politicians,” with some even touting him as “Ukraine’s Obama” who would inevitably prove “pro-Western.” Evidence of Yatseniuk’s pro-Western stance was seen when he promoted Ukraine’s trans-Atlantic integration as foreign minister in 2007-2008, his election in the first five candidates of the pro-Western Our Ukraine-People’s Self Defense bloc in the 2007 elections and his signature (together with President Viktor Yushchenko and Prime Minister Yulia Tymoshenko) on a January 2008 letter to NATO requesting a Membership Action Plan for Ukraine. These assumptions about Yatseniuk were not based on his statements or election program, which was only released in October (www.frontzmin.org). Yatseniuk’s foreign policy shift away from Brussels and Moscow is described by Ukrainian experts as “isolationist” or a nationalist third-way. In June 2009, Yatseniuk’s main financial sponsor –oligarch Viktor Pinchuk– pressured him to exchange Ukrainian for Russian political technologists: Timofei Sergeitsev, Dmitry Kulikov and Iskander Valitov (www.proua.com, July 3; Ukrayinska Pravda, July 21-22). These political technologists had a poor reputation –they had not only worked in Viktor Yanukovych’s 2004 dirty election campaign, but also belonged to the State Duma Expert Council controlled by the Ukrainophobe Konstantin Zatulin who is banned from entering Ukraine. Russian political technologists moved Yatseniuk away from his pro-Western orientation to a Ukrainian “third way,” isolationist-nationalist platform. In an interview in Korrespondent (July 31), Yatseniuk praised the former Russian President Vladimir Putin for bringing order to Russia. When asked if he wanted to be a “Ukrainian Putin” he replied that he planned to be neither a “Putin” nor an “Obama,” indicating the isolationist-nationalism position he was adopting. Yatseniuk has also used the global economic crisis to become a critic of liberalism (wwwfrontzmin.org). Since last summer Yatseniuk has abandoned the pro-NATO position that he held in 2007-2008. In a lengthy interview in Komsomolskaya Pravda v Ukraini (July 31-August 6), Yatseniuk stated his now often repeated phrase that Ukraine is not being invited into NATO or the E.U. and, therefore, membership in both organizations is currently not an issue for the country. Yatseniuk’s election program, speeches and statements call for a new “Eastern European union” of countries not given a membership option by the E.U. which he defines as “Greater Europe” (Komsomolskaya Pravda v Ukraini, September 28). . . . November 25 
Global imbalances, as reflected in the current account deficits and surpluses of the world’s major regions, fell with the collapse of trade and oil prices in 2008, but should rise again as both recover. This chart shows that global imbalances are driven primarily by the U.S. and China. Absent significant macroeconomic policy changes in one or both, the likelihood of a sustained, significant improvement in global imbalances, without another crisis, is small. . . . Source: Council on Foreign Relations (CFR). by Willy Lam, China Brief, Volume IX, Issue 23, Nov. 19, 2009 -- 
(Mao statue). As the Chinese Communist Party (CCP) leadership tries to convince President Barack Obama and other world leaders that China is eagerly integrating itself with the global marketplace, the ultra-conservative norms and worldview of Chairman Mao Zedong are making a big comeback in public life. In provinces and cities that foreign dignitaries are unlikely to visit, vintage Cultural Revolution-era totems are proliferating. In Chongqing, a mega-city of 32 million people in western China, Mao sculptures—which were feverishly demolished soon after the late patriarch Deng Xiaoping catalyzed the reform era in 1978—are being erected throughout government offices, factories and universities. A newly constructed seven-story statue of the demigod in Chongqing’s college district dwarfed nearby halls, libraries and classroom buildings. Not far from the Helmsman’s birthplace in Juzhizhou village, Hunan Province, the latest tourist attraction is a sky-scraping, 32-meter torso of the young Mao. Moreover, the long-forgotten slogan “Long Live Mao Zedong Thought” has been resuscitated after banners bearing this battle cry were held high by college students and nationalistic Beijing residents during parades in Tiananmen Square that marked the 60th birthday of the People’s Republic (Globaltimes.com [Beijing], November 2; China News Service, October 30; People’s Daily, October 2). . . . The reinvigoration of Maoist standards, then, could prove to be the biggest challenge to unity within the Hu-Wen administration. . . . November 24 by Emrullah Uslu, Eurasia Daily Monitor, Vol. 6 Issue194, Oct. 22, 2009 -- 
(European Enlargement Commissioner Olli Rehn at the October 14 2009 release of the EC report on the progress of countries aspiring to EU membership). The European Commission has released its “2009 Progress Report” and “Enlargement Strategy Paper” in which it assessed developments in Turkey. The strategy paper stressed Ankara’s role in contributing to the stability of the Middle East and the South Caucasus. Turkey’s efforts toward the normalization of its ties with Armenia and its key position on the Nabucco project, which will ease the E.U.’s energy dependence on Russia, was also discussed in the strategy paper (Anadolu Ajansi, October 14). The Enlargement Strategy Paper stressed that the accession negotiations with Turkey have reached a more critical stage, requiring a new impetus for implementing reform. The paper notes that the pace of Turkish reform is often too slow. Furthermore, “the international economic crisis adds to the strain. In several cases, bilateral questions unduly affect the accession process” (E.U. Enlargement Strategy Paper, October 14). As an obstacle to the E.U. enlargement strategy, the report reiterated that Turkey continues to face major challenges relating to the rule of law, in particular the fight against corruption and organized crime. These issues are important in a functioning democracy and economy and largely shape the E.U. accession process (E.U. Enlargement Strategy Paper, October 14). It also emphasized several issues that Turkey has taken major steps toward fulfilling in terms of its E.U. membership requirements. . . . >>Read full article here. November 23 by Valdimir Socor, Eurasia Daily Monitor, Vol. 6 Issue 198, Oct. 28, 2009 -- Russian President Dmitry Medvedev’s October 20 visit to Belgrade (EDM October 27) helped accelerate Serbia’s orientation toward Russia’s economic orbit. The Serbian government is handing additional energy assets over to Russian companies and is eagerly seeking Russian involvement in infrastructure projects and joint enterprises in Serbia. If some of these intentions seem unrealistic at this stage, it is not for want of enthusiasm in Belgrade. In Medvedev’s and Serbian President Boris Tadic’s presence, CEO’s Aleksei Miller of Gazprom and Dusan Bajatovic of Serbian Gas signed a protocol on the South Stream pipeline project. Under the protocol, the sides will within the ensuing 30 days establish a project company to design, build, and operate South Stream’s section on Serbian territory. Gazprom will hold 51 percent and Serbian Gas 49 percent of the shares in the project company. The pipeline is planned to cross from Serbia into Hungary. The route’s configuration and costs, however, cannot be determined while Russia discusses with Croatia and Slovenia the possibility of including these countries in South Stream. According to Miller at the signing ceremony, the technical and economic feasibility studies are to be completed by the end of 2010 for South Stream’s Serbian section. Gazprom has postponed to 2015 the target date for completing the South Stream project overall. However, the Russian side was unable to identify even hypothetically the gas sources for South Stream while signing the protocol in Belgrade. An apparently undeterred Medvedev declared at the signing, “On these projects depends Europe’s energy security, for the sake of which we are so tirelessly laboring” (Interfax, October 20). Along with that document, Miller and Bajatovic signed an agreement on the construction and operation of the natural gas underground storage site at Banatski Dvor. The agreement envisages modernizing and expanding the existing site and turning it from Serbian into joint ownership. Gazprom will hold 51 percent and Serbian Gas 49 percent of the shares. In addition, Gazprom will own the site’s full capacity. Located in a former natural deposit of gas, the site is projected to hold an active volume of 450 million cubic meters. Located in Serbia’s Northern Province of Vojvodina near the Hungarian and Romanian borders, Banatski Dvor is well situated for targeting the three national markets (Interfax, October 20). Meanwhile, Serbian Gas seeks a concession to build a pipeline link from the putative South Stream main line into Bosnia-Herzegovina. Serbian Gas proposes to connect both of Bosnia-Herzegovina’s components –the Serb Republic and the Muslim-Croat Federation– to South Stream, for a combined volume of 1.2 billion cubic meters (bcm) through this line. . . . >>Read full article here. November 22 [by Roman Kupchinsky, Jamestown Blog on Russia and Eurasia – Nov. 2 - 6, 2009] -- Eurasian Energy Briefs, Nov. 4, 2009 The Russian gas monopoly Gazprom, which is being pressured by its European customers to change the current pricing policy for gas which is linked to oil prices, received an unexpected measure of support from the Chinese government. The government in Beijing declared that the linkage between oil and gas prices remain in place. However, many experts believe that this is mostly a symbolic declaration because in the ongoing negotiations between China and Gazprom, the most that Gazprom can expect is a 10-15 percent price increase above the current price of gas sold to China of $269/1,000 cubic meters. Sinopec, the Chinese oil and gas company, announced on October 31 that the price of gas should remain linked to oil and diesel prices and announced that the price of gas will rise on the Chinese domestic market. Pressure from Gazprom’s European customers however, has forced Gazprom management to react to their demands and promise unspecified changes in the existing pricing scheme. Some analysts believe that the Chinese side rushed into supporting the Russian pricing scheme in order to hasten deliveries of gas from the Russian West and East Siberian gas fields. However, it is unrealistic to believe that gas from both regions will be available in the near future. The West Siberian fields can come on line earlier since they already have the needed infrastructure to support deliveries of 30 billion cubic meters/year. Russian gas and Ukrainian politics are being mixed once again in the traditional cat and mouse game between Moscow and Kyiv. Russian Prime Minister Vladimir Putin told the leadership of the United Russia party on October 30 that “It appears that we will have problems with payment for our energy once again” Putin told the party leadership. The Russian Prime Minister refered to his phone conversation with Ukrainian Prime Minister Yulia Tymoshenko during which she allegedly complained that Ukrainian President Viktor Yushchenko is blocking payments for Russian gas. Putin added that Ukraine has the needed funds to pay and could use its gold reserves, valued at $27-28 billion. He quoted an unnamed IMF expert who stated that it was possible and correct for Ukraine to pay Russia from these gold reserves. November 21 [by Arthur Waldron, China Brief Volume: 9 Issue: 21, Oct. 22, 2009] -- 
(Generalissimo Chiang Kai-shek). Now at last we have a good biography of Chiang Kai-shek, one of the most important figures in modern China, but also one of the least understood and most regularly caricatured. Chiang unified his country with the Northern Expedition of 1925-29 and presided over the “Nanking decade,” a period of economic and institutional development as well as considerable freedom that was cut short by the Japanese invasion of 1937. Against that onslaught, Chiang led an indomitable resistance that was arguably China’s finest twentieth century hour, but when the struggle was completed, he gambled on an offensive war to destroy his Communist rivals for power, and lost almost everything. He retreated to Taiwan, which he ruled with an iron hand until his death in 1975, aged 87. . . . Jay Taylor The Generalissimo: Chiang Kai-shek and the Struggle for Modern China (Harvard University Press, 2009). November 20
by Valdimir Socor
Eurasia Daily Monitor, Vol. 6 Issue 198, Oct. 28, 2009
--
Gazprom, Gazpromneft, in Serbia’s Oil and Gas Sector
Russian
President Dmitry Medvedev’s October 20 visit to Belgrade (EDM October 27) helped
accelerate Serbia’s orientation toward Russia’s economic orbit. The Serbian
government is handing additional energy assets over to Russian companies and is
eagerly seeking Russian involvement in infrastructure projects and joint
enterprises in Serbia. If some of these intentions seem unrealistic at this
stage, it is not for want of enthusiasm in Belgrade.
In Medvedev’s
and Serbian President Boris Tadic’s presence, CEO’s Aleksei Miller of Gazprom
and Dusan Bajatovic of Serbian Gas signed a protocol on the South Stream
pipeline project. Under the protocol, the sides will within the ensuing 30 days
establish a project company to design, build, and operate South Stream’s section
on Serbian territory. Gazprom will hold 51 percent and Serbian Gas 49 percent of
the shares in the project company.
The pipeline
is planned to cross from Serbia into Hungary. The route’s configuration and
costs, however, cannot be determined while Russia discusses with Croatia and
Slovenia the possibility of including these countries in South Stream. According
to Miller at the signing ceremony, the technical and economic feasibility
studies are to be completed by the end of 2010 for South Stream’s Serbian
section. Gazprom has postponed to 2015 the target date for completing the South
Stream project overall. However, the Russian side was unable to identify even
hypothetically the gas sources for South Stream while signing the protocol in
Belgrade. An apparently undeterred Medvedev declared at the signing, “On these
projects depends Europe’s energy security, for the sake of which we are so
tirelessly laboring” (Interfax, October 20).
Along with
that document, Miller and Bajatovic signed an agreement on the construction and
operation of the natural gas underground storage site at Banatski Dvor. The
agreement envisages modernizing and expanding the existing site and turning it
from Serbian into joint ownership. Gazprom will hold 51 percent and Serbian Gas
49 percent of the shares. In addition, Gazprom will own the site’s full
capacity. Located in a former natural deposit of gas, the site is projected to
hold an active volume of 450 million cubic meters. Located in Serbia’s Northern
Province of Vojvodina near the Hungarian and Romanian borders, Banatski Dvor is
well situated for targeting the three national markets (Interfax, October
20).
Meanwhile, Serbian Gas seeks a concession to build a pipeline link
from the putative South Stream main line into Bosnia-Herzegovina. Serbian Gas
proposes to connect both of Bosnia-Herzegovina’s components –the Serb Republic
and the Muslim-Croat Federation– to South Stream, for a combined volume of 1.2
billion cubic meters (bcm) through this line. . .
.
>>Read full article here. November 18 [by Fareed Zakaria, Columnist, Washington Post, Nov. 9, 2009] -- The bottom line on last week's elections: The Republicans did well. Yes, these were a grab-bag collection of races with local particularities and low turnout. But notice that independents, who had shunned the GOP over the past few years, voted for Republican candidates in large numbers. And the overall results are consistent with a surprising trend across the Western world -- the rise of the right. . . . It's not just the Republicans who are coming out ahead. In late September a conservative coalition swept into power in Germany. In France, Nicolas Sarkozy's party has considerable public support. In Britain, conservatives are poised to win their first national election in 17 years. Even in Denmark and Sweden, where social democrats usually win, the right is in power. Across continental Europe, only one major country, Spain, has a left-wing ruling party. Part of the reason is that despite the economic turmoil, this is not a systemic crisis of capitalism. Few people seriously believe the answer to our troubles is a turn to socialism. But it is worth looking at the conservative parties that are thriving. Britain's Tory leader, David Cameron, calls himself a "progressive conservative." Sarkozy argues passionately for tight regulation of the financial industry, with pay caps on executive bonuses and more. Angela Merkel staunchly defends the German social market system. In Europe, the right is firmly at the center. . . . Posted by Allvoices.com, Nov. 9, 2009 According to the leader of the global warming movement, Al Gore made the potentially devastating revelation that all the global warming that occurred up until 2001, was not caused by Co2. He also conceded to new studies that suggest that Co2 accounted for only 40% of warming. Could Al be possibly admitting that Global Warming is a hoax? This news will only serve to cast more doubts by Americans and the international community on whether this is a cause worth pursuing. Recent polls continue to demonstrate that Americans do not share Al Gore’s urgency in fighting climate change. Sensing the increasing skepticism over the causes of Global Warming laid out in his first book “An Inconvenient Truth”, and seeing his desire to become the first “Green Billionaire” slipping away, Al has rushed to pen the sequel to his first book titled - Our Choice: A Plan to Solve the Climate Crisis. Two of the main thrusts of his new book, focus on “showing readers how our own minds can be an impediment to change” & appealing to those who believe there is a moral or religious duty to protect the planet. The leader of the Global Warming movement, Al Gore acknowledges that these revelations will make it that much more difficult to build a majority consensus in the Senate to pass any Cap & Trade legislation that would limit carbon emissions. Earlier in the year, a 98 page report prepared by the EPA which pointed to some inconvenient facts that called the connection between CO2 emissions and global temperature into doubt, was buried and it’s author – Alan Carlin, reassigned. The report noted some very important facts that have been conveniently swept under the rug by the State Run Media. "Specifically, the report noted that global temperatures were on a downward trend over the past 11 years, that scientists do not necessarily believe that storms will become more frequent or more intense due to global warming, and that the theory that temperatures will cause Greenland ice to rapidly melt has been 'greatly diminished.' " Despite all of this new information, our government leadership is convinced that they can come up with laws that can control our sun, the rain, the formation of clouds and which way the wind blows. They would have you believe that somehow they are the keepers of our temperature and can legislate its frequency, direction and force. . . . >>Read full article here. by Stephen M. Walt Reading Hu Jintao's mind Foreign Policy (FP), Sept. 22, 2009 -- Hu Jintao is simultaneously President of China, General Secretary of the Chinese Communist Party, and chairman of China's Central Military Commission. Last year Newsweek labeled him the "second most powerful man in the world," and he has undoubtedly watched the events of the past few years with keen interest and no small amount of satisfaction. Here's what I imagine he's thinking these days. . . . Anyway, the good news for us is that these events made the United States look both incompetent and hypocritical and made it harder for Washington to criticize my own domestic policies. I owe former president Bush a real debt of gratitude; I should probably call him and say thanks. I confess that I wanted John McCain to win the 2008 election, because I thought he would keep America on the same failed course. And having someone like Governor Palin as Vice President was almost too much to hope for. So naturally I was worried when Barack Obama got elected; he seemed smart and level-headed and is obviously a gifted politician. He's much more charismatic than Bush and to be frank, he's a lot more charismatic than I am. So I asked myself: Would he be able reverse America's recent missteps and restore its international reputation? And at first, it seemed like he might do just that. But now I'm not so concerned. President Obama may have good instincts and intentions, but his aides don't seem to be giving him very good advice. He is going to get most U.S. troops out of Iraq (a smart move for him, but not so good for me) but he's getting a lot of pressure to put more troops and money into Afghanistan. I hope he does, because that will leave the United States with fewer resources to devote to containing China. Moreover, President Obama doesn't seem to be making any headway with Iran or the Middle East peace process, and failure there will make that big speech in Cairo look rather silly. Obama also wants China and India and other developing countries to make big concessions on greenhouse gas emissions, but he's having trouble getting his own Congress to adopt a serious program and I doubt we'll face much genuine pressure at the upcoming summit in Copenhagen. That's a relief. And I can't help smiling to myself whenever I think about America's domestic political system. Americans like to lecture China about the importance of "free speech" and other quaint Western concepts, but at least I don't have to deal with madmen spouting nonsense on television and radio and special interest groups making it impossible to enact reforms that the nation as a whole badly needs. I may have some minor problems in Xinjiang, but I hear states like California are rapidly becoming ungovernable and that the universities we used to envy are losing their edge. I even hear that Harvard isn't so rich anymore. This makes me smile too, because a well-educated population is the key to future power and a society that is content to be ignorant cannot remain a world power for long. Meanwhile, my economy is beginning to grow rapidly again, while the United States piles up debt and lots of people there are looking for work. I do like that nice young Treasury Secretary; he understands that he needs my help to keep the world economy afloat and he isn't going to try to browbeat us very much. The silly new tariff on imported tires is annoying and we will of course issue a loud protest, but even that reactionary magazine The Economist said it was "bad politics, bad economics, bad diplomacy, and hurts America." . . . . VOLUME 4 (2) • 2009 ISSN (printed): 1842-3191 A peer-reviewed international academic journal THE U.S. FORECLOSURE CRISIS: A TWO-PRONGED ASSAULT ON THE U.S. ECONOMY JOHN A. TATOM
NFI, Indiana State University
john.tatom@isunetworks.org ABSTRACT. The U.S. mortgage loan foreclosure crisis has been called “the worst financial crisis since the great depression.” There are two distinct channels of influence of the subprime problem. The first is the rise in foreclosures that affects homeowners and the real estate industry most directly. The second channel is financial, flowing from the effects on lenders’ financial viability and on financial markets. The timing of developments in these two channels will determine how fast markets work through these problems and restore stability and growth to the nation’s housing and financial markets. The problem is rooted in the housing market, and this market is likely to be very slow to adjust. It takes time for good mortgages to go bad and to then move through to the end of the foreclosure process. While financial markets work much more quickly, they will be held hostage to the unfolding effects of the foreclosures in the housing markets and among lenders. Mortgage loan related losses will continue along with foreclosures over the next year or so and these losses will plague firms even if they have already taken adequate write-downs on their asset values. Complicating the picture is the response of the Federal Reserve, which has reacted chaotically by creating new lending programs that have transformed its credit supply from government securities to private financial institutions, and in the process, violated the first rule of central banking to lend liberally in a liquidity crisis. This failure, compounded by providing a backstop to questionable securities, has slowed market adjustment and risks lengthening and deepening the financial crisis. This paper reviews the emergence of the foreclosure crisis and its real impacts in the economy, the financial market effects of the surge in mortgage foreclosures, the monetary policy response to the problem, and provides an assessment of the outlook for the crisis. (pp. 11–54) JEL classification: E44, E50, G21 MODELLING COMPLEX ECONOMIC SYSTEMSWITH FUZZY LOGIC AND GENETIC ALGORITHMS PETER SMITH
University of Manchester
manindev@yahoo.com ABSTRACT. Many economic models have, to ensure tractability, excluded qualitative and complex dynamic phenomena, focussing instead on static equilibria. This affects how accurately they reflect reality. A combination of fuzzy logic and genetic algorithms should make more complex models tractable, by allowing agents to learn their own rules for surviving and prospering. This combination was used to examine if and how a market, with firms initially trading at different prices, can reach equilibrium (problem of the Walrasian Crier). Under perfect competition, the model finds the normal static equilibrium price; under more realistic conditions, with nonlinearities and risk, it reaches a quantitatively different equilibrium. (pp. 55–78) JEL Classification: C63, E13, P51 POST-SUBPRIME CRISIS: CHINA BANKING AND GATS LIBERALIZATION M. ULRIC KILLION
Shanghai International Studies University
mulrickillion@netscape.net ABSTRACT. This paper first presents a brief history or survey of some of the earlier problems that associate with China’s banking and financial institutions. The paper then addresses specific problems, in the context of the rules, procedures, and practices of the banking and finance sector, which widely range from non-performing loans, to China’s money market and interbank lending business. These problems also directly associate with the liberalization of the banking and finance sector of the economy, and the requirements of both the WTO rules and China’s WTO Protocol on accession. The paper also briefly explores the US sub-prime mortgage crisis and its contagion effect throughout the world, including the Asian region. In the context of China and the subprime crisis, the paper summarizes some of the problems that associate with China banking and financial institutions, by focusing on the policy implications of the history of banking and finance in China, and what this means in terms of both WTO compliance and greater liberalization of banking and financial institutions, especially pursuant to the WTO GATS, as service industries. All of this, eventually, allows for the presentation of certain conclusions concerning China banking and finance in the new era of a global subprime crisis. (pp. 79–90) JEL Classification: F13, G01, G10 A DIAGNOSIS OF THE MEDICAL BRAIN DRAIN PROBLEM IN DEVELOPING NATIONS: A CASE STUDY OF GHANA SAMUEL OWUSU-YEBOAH
University of Applied Management, CG
oysteinsyndicate@yahoo.com ABSTRACT. Medical brain drain is a problem that involves doctors of poorer nations migrating to richer nations to seek greener pastures. This has social and economic implications on poorer nations. This paper attempts to identify the problem of Brain Drain as it occurs in Ghana, a former British colony on the West Coast of Africa. It uses the Gelinas-James Organizational Diagnostic Model to identify the key areas of the situation in the Ghana health service and its implications to the nation as a whole. It also attempts to identify ideals implied by the Gelinas-James Organizational Model in relation to the problem and make recommendations towards solving the problem. (pp. 91–102) JEL Classification: I18, I19, H51 ETHICAL PRACTICES OF THE AUDITING PROFESSION LUMINITA IONESCU
Spiru Haret University
luminitaionescu2003@yahoo.com ABSTRACT. Ashbaugh notes that audit standards require auditors to conduct audits being independent in mental attitude from their clients. Curtis explores the impact of mood on individuals’ ethical decision-making processes through the Graham model of Principled Organizational Dissent. As Carmichael et al. put it, ethical audit determines the internal and external consistency of a company’s values base. Coram et al. find that organizations with an internal audit function are more likely than those without such a function to detect and self-report fraud. (pp. 103–106) JEL Classification: A20, G34, M42 HAVE THE CAP REFORMS DELIVERED SIGNIFICANT CHANGES? IOANA ZAHARIA et al.
University of Craiova
con_zaharia@yahoo.com ABSTRACT. Maier claims that Member States are responsible for setting up a system of ongoing evaluation and for providing the human and financial resources necessary to carry out the respective evaluations. Thompson holds that agricultural policy is a central factor in determining land management regimes on common land. Vidican explains that the post-socialist countries underwent dramatic changes in agricultural land ownership and production system. EGA looks at the current status of farm animal welfare as a consequence of EU agricultural policies and shows the place of animal welfare in EU citizens’ lives. (pp. 107–110) JEL Classification: I38, Q18, R00 CONSTRUCTING JOURNAL RANKINGS AND THE RELIABILITY OF PRESTIGIOUS SCHOLARLY JOURNALS GEORGE LAZAROIU
SHU/CISR, Wittgenstein RC at AAP/CSA
phd_lazaroiu@yahoo.com ABSTRACT. As Engemann and Wall explain, nearly every ranking of economics journals uses citations to measure and compare journals’ research impact. Kalaitzidakis et al. claim that potentially rankings that use a list of research journals with weights from a different period may produce biased and unreliable rankings for the current period. Kodrzycki and Yu develop a flexible, citations-adjusted and reference-intensity-adjusted ranking technique that allows a specified set of journals to be evaluated using a wide range of alternative criteria. (pp. 111–115) SHOULD INTELLECTUAL PROPERTY LAW BE THOUGHT OF AS A FORM OF REGULATION? GEORGE HODOROGEA
Wales University
av_george_hodorogea@yahoo.com ABSTRACT. Landes and Posner find that the statutory expansion in copyrights has been more rapid than in either patents or trademarks. Nasheri claims that the use of intellectual property (IP) is a growing concern in both the criminal and civil justice systems. Barnett argues that the intersection of patent law and antitrust is a hot topic in the developing world, discusses the importance of dynamic efficiency to economic growth, and explain why sound antitrust policy gives great weight to dynamic efficiency. Strasser suggest a possible reason why parts of legal academia have reacted so favorably to the open source philosophy, takes a closer look at the philosophy itself and tries to show that it is conceptually flawed. (pp. 116–120) CORE ETHICAL ISSUES OF EXTERNAL ACCOUNTING LUMINITA IONESCU
Spiru Haret University
luminitaionescu2003@yahoo.com ABSTRACT. On Carmichael et al.’s reading, the best suppliers want to develop long term relationships with customers whom they can trust to deal fairly with them and to pay on time. McAuliffe observes that the concept of “ethics audits” in Australia does not appear to have been developed to the point of creating a useful process or tool that could have adaptability to front-line professional practice in human service organisations. Campbell points out that research into the ethics of accountants and auditors is focussed on discovering how to maximise compliance with generally accepted principles of professional conduct. (pp. 121–124) JEL Classification: A20, M42, L22 MARKET MECHANISMS AND ACHIEVING IMPROVEMENTS IN THE AGRICULTURAL SECTOR NICOLAE TUDORESCU et al.
University of Craiova
con_zaharia@yahoo.com ABSTRACT. Heidhues et al. discuss the current depth and future development of rural finance in Romania in the context of Romania’s macroeconomic and agricultural transformation. Amblard and Colin state that, following the implementation of the land reform in the 1990s, land rentals have developed in Romania. Ciolos remarks that Romania’s accession increased the EU agricultural land area by about 14 million hectares of which about 65 per cent is arable land. Fraser and Stringer establish broad-brush hypotheses identifying some of the potential causes of vulnerability. (pp. 125– 129) JEL Classification: E20, Q13, R00 CONTENT ANALYSIS OF SCIENTIFIC JOURNALS AND METRICS RANKING RESEARCH QUALITY GEORGE LAZAROIU
SHU/CISR, Wittgenstein RC at AAP/CSAv
phd_lazaroiu@yahoo.com ABSTRACT. Cahn says that reliable evaluators do not indulge in captious criticism or inordinate praise. Wall notes that a journal’s ranking is a good indicator of the research quality of individual papers in the journal. Chapron and Husté contend that decisions in research management are often driven by metrics ranking research quality. Hix states that the content of scientific journals is determined by the subjective judegments of journal editors and article reviewers. Scott holds that academic freedom protects those whose thinking challenges orthodoxy. (pp. 130–133) Source: Addleton Academic Publishers. November 17 Posted by Simon Lester, International Economic Law and Policy blog, on Nov. 5, 2009 -- Economist Simon Johnson writes the following at the NY Times Economix blog: But the mainstream consensus is starting to shift toward the idea that the World Trade Organization (W.T.O.), not the I.M.F., should have jurisdiction over exchange rates. The W.T.O. has much more legitimacy, primarily because smaller and poorer countries can bring and win cases against the United States and Western Europe in that forum. It also has agreed upon and proven tools for dealing with violations of acceptable trade practices; tailored trade sanctions are permitted. No one wants to take precipitate action in this direction, but extending the W.T.O.’s mandate in the direction of exchange rates would take time — and presumably warrant discussion at the G-20 level. The United States has great influence over the G-20 agenda, and Mr. Obama’s staff members should hint, ever so gently, that this is where they see the process going. It's interesting to hear that there is a consensus to give the WTO "jurisdiction" over exchange rates. . . . IMFSurvey Magazine: IMF Research IMF Research Conference by Glenn Gottselig
IMF Survey online November 10, 2009 -
Need for much better understanding of macro-financial linkages -
IMF researching how the financial sector affects the broader economy -
Global imbalances raise concerns about future stability Governments need to rethink how the financial sector intersects with the broader economy if future crises are to be avoided, economists agreed at a panel discussion at the International Monetary Fund’s recently held Economic Forum. Opening the November 5-6 research conference, IMF Managing Director Dominique Strauss-Kahn remarked on the positive effects of the timely and effective policy interventions at the global level that have helped stave off an even worse outcome to the recent global crisis. Strauss-Kahn noted that macro-financial linkages are at the heart of the two-way interactions between the real economy and the financial system. “One of the most important lessons we painfully learned is that we need to have a much better understanding of macro-financial linkages,” he said. “At the IMF, we will utilize the results of recent research on macro-financial linkages in order to help our membership devise policies that promote global financial stability and economic growth.” The Economic Forum, chaired by IMF Chief Economist Olivier Blanchard, wrapped up the 10th Jacques Polak Annual Research Conference in Washington, D.C. Since it was first launched, the research conference has become one of the major international forums for researchers and policymakers to exchange their views about issues related to the global economy. Graceful exit Around the world, discussions are under way on how to best move toward unwinding public sector support. Of all the measures of public support implemented thus far—fiscal and monetary policy, interventions to specific institutions, and government support programs—perhaps the one most delicate to unwind will be monetary policy. . . . Policy overhaul When it comes to redesigning monetary policy, there is disagreement as to how this might best be accomplished. Wharton finance and economics professor Franklin Allen believes more checks and balances could be built into the Federal Reserve System. “We need to have a third mandate—a financial stability mandate,” he said. . . . What to watch for Picking up and building on one of the potential risks referred to earlier by Meyer, Allen noted that while a run on the U.S. dollar might be less likely, there are other advanced economies where the risks are greater, particularly those that followed policies of quantitative easing and purchased large amounts of financial assets. “If there is a run on the currency, it is going to be very difficult for [the central bank] to sell these assets back into the market without substantially raising rates.” . . . . >>Read full article here. November 16 The Latest NBER Working Papers and Chapters for Forthcoming NBER Books 2009
Week of August 17, 2009 - August 23, 2009 November 15 [China Tibet Information Center, Nov. 14, 2009] -- U.S. President Barack Obama will start his three-day visit to China from Nov.15 to 18. Journalists from Tibet.cn currently interviewed Jin Canrong, noted Chinese scholar as well as deputy head of the School of International Studies, Remin University of China, on Obama's historical visit and Dalai Lama's role in relationship between China and the US. Prof. Jin Canrong held it was difficult for the US to take positive actions towards Dalai and "Tibet issue". The reasons for western people to support Dalai are complicated and can be divided into four types. I、 Strategist. The strategists merely regard Dalai as a "card" to hinder China regardless of their real attitude towards Dalai. They may totally disagree with Dalai's religious philosophy and status as a religion leader. Those people belong to typical clod-war mentality and it is very hard to change their minds. With the growing of China, the US will have less cards in hand—Dalai is one of the cards, which they are unwilling to throw away. II、People who have prejudice against "Tibet issue" as well as China's policy. They are western centralisms, who started keep a close eye on Tibet some 100 years ago. Germany and America became interested in Tibet following British. During that period, a special western style "Tibet concept" was formed—thinking Tibet is not a part of China, but an independent nation. Such concept was derived from "nation state" in western countries—that is a standard country should have only one nationality and it is wrong to gather many nationalities in one country. Of course, it sounds unreasonable. They distilled the concept in their modern history. It has nothing to do with the clod-war mentality, which existed before and after the cold war. III、Post-modern racist. The westerners live well which promotes a review of modernization. They realize it is the modernization leads to the alienation of human nature, thus establishing the lonely crowd. Post-modern racists come after malady of modernization. They are used to beautifying Tibet, assuming the original appearance of Tibet is the best and regarding China's supports to boost development of Tibet after the founding of the People's Republic of China as a crime. In fact, any government with a sense of responsibility will carry out modernization programs. According to law of social development, some cultural elements will disappear in the course of modernization. It isn't a political matter. However, those post-modern racist blamed it on the Communist Party of China. Actually, Dalai himself approves the modernization in Tibet and the running of the Qinghai-Tibet Railway. I went to Tibet last year. I knew that some Tibetan cadres were objecting to idea of post-modern racist—the foreigners who just go sightseeing in Tibet for a week easily definition that we should live in the pro-modern society, a state like animal. They deprive us of the rights of modernization as well as our human rights, don't they? Actually, most of the Tibetan people wish to live in the modern society after they received the modern education. This phenomenon is very universal. The post-modern racists think we can't launch the modernization. They blame the Communist Party of China, but actually they deny the rights of Tibetan people. It is 40 degrees below zero centigrade, Tibetan people live in tents while the westerners stay in decent houses with heating system, listening to music. IV: The middle class in the western countries. They are not bad, but just have little understandings about Tibet. They have a prejudice in Tibet issue and China influenced by the mainstream western media. So we can easily know that including the US, there are four kinds of people mentioned above with prejudice in China for the Tibet issue. It's hard to change the attitude of the first kind of people, and their attitude may even get worse while it is hopeful for the last kind of people to get some change. [by Aaron Back, History Hovers Over U.S. Official’s Talk - China Real Time Report – WSJ, Nov. 10, 2009] -- In the early 1970s, Robert Hormats accompanied Henry Kissinger as a young economic advisor on trips that helped normalize relations between the U.S. and China. That link to history earned Hormats, now undersecretary of state for economic, energy and agricultural affairs, a particularly warm reception at a Beijing university on Tuesday and helped defuse some, though not all, tension, between Hormats and his audience over recent trade disputes between the two nations. During his appearance at the University of International Business and Economics, students and faculty alike thanked Hormats profusely for his role in helping to establish official diplomatic ties between China and the U.S. But students also peppered him with tough questions on trade issues. Hormats tried to reassure the audience that “the U.S. is not a protectionist country.” Still, he warned that trade imbalances between the U.S. and China are “politically unsustainable.” “Support for international trade in the United States is much less today than it was several years ago,” he said. Especially with rising unemployment, he added, “there is skepticism about trade, and I have to say that to you candidly.” One student asked Hormats to secure a pledge from the U.S. not to take any further protectionist measures, “just like you, four decades ago, advised Kissinger to help Nixon to build bilateral relations with China.” Another student asked whether the timing of an announcement of import duties on Chinese steel pipes by the U.S. Commerce Department just over a week ahead of President Obama’s visit to China was “on purpose.” “It’s not related at all to the visit by President Obama,” Hormats responded. The U.S. government’s actions, he said, are “not as well coordinated as China.” Hormats reached back across the decades to close on a conciliatory note. “It goes back to Kissinger and [former Chinese Premier] Zhou Enlai. They understood that they could fight forever on bilateral differences. There were so many more differences in the 1970s than there are today.” Instead, he said, they chose to “look at the longer term areas where we can work together.”
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