From the State to the Shareholder: Rent and the Production of Shareholder Value in Real Estate

Following the 2008 global financial crisis, the use of real estate tax credits to generate shareholder value for investors increased significantly. While tax credits are lauded as crucial to the delivery of social goods like affordable housing, the multiplier effects they supposedly generate fail to account for the hollowing out of the state that occurs as public funds are transferred to shareholders. Through a detailed case study of the historic tax credit industry in the United States, this research shows how many of the banks and financial institutions investing in tax credits have come to rely on overly engineered forms of landownership, deeply discounted credit pricing, and a wave of stock buybacks to boost their corporate profitability. This paper therefore develops a theoretical framework to understand taxation as a financialised accumulation strategy where the state serves as an important—if not problematic—source of real estate profit.     

中国外资银行空间网络演化的结构特征及其影响因素

本文基于外资银行网点数据,借鉴连锁型网络模型,构建了1990年、2001年和2015年中国外资银行空间网络并分析演化结构特征,最后借助条件Logit模型探讨了外资银行空间分布的影响因素。研究表明：①中国外资银行空间网络小世界网络特征明显,具有较大的集聚系数和较小的平均路径长度,网络中局域小集团网络化特征和核心-边缘结构明显。②随着网络规模的平稳增长,网络的有序性呈现出增强趋势,网络中金融连接度和金融可达性增加,金融传输效率和组织效率进一步提高,核心-边缘结构现象有所加剧。③外资银行空间分布的主导因素在不同时期不一样,1990年主导因素是市场机会和区位效应,2001年和2015年的主导因素是金融集聚,但指标的具体影响概率有所降低。     

Foreign Banking in China: A Study of 279 Branch Units in 32 Cities

Two China-based geographers examine the gradual relaxation of restrictions on the activity of foreign banks in China as a prelude to a more focused investigation of the concentrated locational pattern of foreign banking in that country. The study, which embraces 32 Chinese cities, emphasizes the factors that have attracted foreign banks to particular cities and regions of China, including the existence of special banking opportunities, the so-called "follow-the customer" strategy, externalities associated with major financial centers such as Beijing and Shanghai, relaxed banking regimes in particular urban centers and special economic zones, and exposure to international trade and to a variety of foreign business enterprises. The locational preferences of foreign banks in relation to their countries of origin are addressed in some detail.     

转型期中国城市网络空间结构演变——基于商业银行分支机构网络的视角

21世纪以来,城市网络研究成为全球和区域城市体系研究关注的焦点,但当前对国家层面城市网络空间结构演变的研究还较少涉及。基于2001—2016年间中国商业银行网点空间分布变化数据,运用社会网络分析方法,对中国城市网络空间结构的时空演变特征进行了研究。研究结果显示：中国城市网络结构由等级化向网络化转变,具体表现为在轴辐结构基础上向连通性更强的链锁网络演进;与此同时,城市网络同时呈现少数城市网络连接度的极化以及多中心扩散的特征。区域层面,东部沿海地区,特别是长三角、京津冀和珠三角三大区域的城市网络发展较为完善,与其它区域的差距持续拉大,但山东、东北和福建等省份与区域内外的联系增长也较快。大多数城市的出度和入度差异明显,但这一差异正在逐渐缩小。     

Financial crises and the balance of power in international finance, 1890–2010

Has the centre of gravity of international finance irreversibly started to shift from the Atlantic to the Pacific since the financial debacle of 2007-2008? This article discusses this highly topical question in a historical perspective, by considering previous changes in the balance of power in international finance and the role played by global financial in these changes. Particular attention is paid to the Baring Crisis of 1890, the American Panic of 1907, the financial crisis of July -August 1914, the banking crises of the Great Depression of the 1930s, the financial instability of the early 1970s and the ensuing banking failures, the International Debt Crisis of 1982, and the Japanese Banking Crisis of 1997-8. The article concludes that financial crisis, perhaps surprisingly, did not lead to clear changes in the balance of power in international finance; and that the financial debacle of 2007-8 is unlikely, in the medium-term, to fundamentally alter the current order.     

货币战争:近代中国对外国在华发行钞票的抵制北大核心CSSCI

外国银行在华发钞的走势与列强的侵华路线相一致,从通商口岸深入京畿堂奥,从边疆商埠渐及内地城乡。外钞在华泛滥成灾,引起中国官绅商民的抵制,东北是中外攻防激烈的地区。近代时段,伴随中华民族的觉醒,中国力谋收回金融主权,中外之间展开了没有硝烟的货币战争。中方采取的主要举措有:颁行统一币制的法令章程;建立中国的银行体系;积极发行中国纸钞;直接限禁外钞。1934年的法币改革后,外钞基本退出中国的发行市场。货币战争只有在中华人民共和国建立后才彻底取得最终胜利。     

论抗战时期的杭州钱庄业

钱庄业是传统中国金融机构的代表之一。本文依据日本满铁调查机构1942年对杭州钱庄业的调查资料,重点分析和考查抗战时期杭州钱庄业的基本状况、组织特点和业务领域,指出能够根据外在社会环境变化调整、改革自身是钱庄业得以长期生存发展的根本原因。     

Welfare Convergence,Bureaucracy, and Moral Distancing at the Food Bank

This paper seeks to extend geographic thinking on the changing constitution of the UK welfare state, suggesting the need to supplement ideas of the “shadow state” with an analysis of the blurring of the bureaucratic practices through which welfare is now delivered by public, private and third sector providers alike. Focusing on the growing convergence of the bureaucratic practices of benefits officials and food bank organisations, we interrogate the production of moral distance that characterise both. We reveal the ideological values embedded in voucher and referral systems used by many food banks, and the ways in which these systems further stigmatise and exclude people in need of support. Contrasting these practices with those of a variety of “ethical insurgents”, we suggest that food banks are sites of both the further cementing and of challenge to the injustices of Britain's new welfare apparatus.     

UNDERSTANDING COMPUTERS

Abstract.

Forensic accounting is used to reconstruct the data on emissions, redemptions, and bills outstanding for colonial New Jersey paper money. These components are further separated into the amounts initially legislated and the amounts actually executed. These data are substantial improvements over what currently exists in the literature. They also provide a more complete and nuanced accounting of colonial New Jersey's paper money regime than what has been done previously for any British North American colony. Enough detail of the forensic accounting exercise is given for scholars to reproduce the data series from the original sources.     

Ukraine's Financial Crisis, 2009

A prominent specialist in the economic affairs of the former Soviet Union relates and analyzes the state of Ukraine's economy in light of a series of discussions and interviews with the country's Prime Minister and leading economic officials in Kyiv in 2008 and April 2009. The author, a former economic advisor to the country's government and co-chair of the UN's Blue Ribbon Commission for Ukraine, devotes this paper to a penetrating analysis of the impact of the global financial crisis of 2008-2009 on Ukraine's budget, banks, exchange rates, money supply, industrial sectors (particularly energy and steel), GDP, and inflationary pressures. Due attention is given to economic relations with the EU and Russia as well as to financial assistance from the IMF.Journal of Economic Literature, Classification Numbers: E500, E600, O520, P200. 1 table, 4 figures, 38 references.