Financial constraints in China: firm-level evidence

This paper uses a unique micro-level data-set on Chinese firms to test for the existence of a "political-pecking order" in the allocation of credit. Our findings are threefold. Firstly, private Chinese firms are credit constrained while State-owned firms and foreign-owned firms in China are not; Secondly, the geographical and sectoral presence of foreign capital alleviates credit constraints faced by private Chinese firms. Thirdly, geographical and sectoral presence of state firms aggravates financial constraints for private Chinese firms (“crowding out”). Therefore it seems that ongoing restructuring of the state-owned sector and further liberalization of foreign capital inflows in China can help to circumvent financial constraints and can boost the investment of private firms.Investment-cashflow sensitivity, China, firm level data, foreign direct investment

Financial constraints in China : firm-level evidence

This paper uses a unique micro-level data-set on Chinese firms to test for the existence of a “political-pecking order” in the allocation of credit. Our findings are threefold. Firstly, private Chinese firms are credit constrained while State-owned firms and foreign-owned firms in China are not; Secondly, the geographical and sectoral presence of foreign capital alleviates credit constraints face by private Chinese firms (“crowding out”). Therefore it seems that ongoing restructuring of the state-owned sector and further liberalization of foreign capital inflows in China can help to circumvent financial constraints and can boost the investment of private firmsInvestment cashflow sensitivity; China; firm level data; foreign direct investment

Financial Constraints in China: the conditioning effect of FDI and State-Owned corporate sector

Using a unique micro-level data set over the period 1998-2005 on Chinese firms, this paper presents empirical findings on the presence of credit constraints. Our findings are threefold. Firstly, private Chinese firms are credit constrained while state-owned firms and foreign-owned firms in China are not; Secondly, the geographical and sectoral presence of foreign capital alleviates credit constraints faced by private Chinese firms. Thirdly, geographical and sectoral presence of state firms aggravates financial constraints for private Chinese firms ("crowding out").Investment-cash flow sensitivity; China; Firm-level data; Foreign direct investment

De la libertad al miedo. Conformismo y lógica del poder

El discurso hegemónico impuesto por la cú- pula gobernante de Estados Unidos desde Septiembre del 2001 se caracteriza por una visión política que define los objetivos, mé- todos y razones de su actuación a nivel mundial en concordancia con dos fines: primero, garantizar su supremacía económica, política y militar; segundo, justificar esta y sus consecuencias a partir de un fundamentalismo religioso agresivo mezclado con diversas declaraciones de principios políticos. Basado en las obras de John Dewey, Erich Fromm, David Riesman, Herbert Marcuse y otros, así como desde la perspectiva de la sociología contemporánea como la de Anthony Giddens, Urich Beck, Richard Sennett, Christopher Lasch etc., el presente artículo analiza no sólo la coincidencia de la ideología defendida por el sector ultraconservador estadounidense con los intereses estratégicos del capitalismo globalizado. También destaca el peculiar papel de la manipulación de la opinión pú- blica y de la producción interesada de miedo como instrumentos para la sumisión de la conciencia social bajo los intereses dominantes, generando al mismo tiempo una generalizada y difusa disposición psíquica hacia el debilitamiento del yo y hacia el conformismo con el poder, así como la desconfianza en la democracia, dos tendencias características de la personalidad autoritaria. Se intenta analizar las tendencias actuales hacia la destrucción del “carácter social” en las sociedades “postmodernas” y el resurgimiento del irracionalismo.The hegemonist discourse imposed by the ruling political class of the United States since September 2001 is guided by a vision which defines the objects, methods and reasons of its political behaviour on a global scale in accordance with two strategic aims: first, to guarantee its economic, political and military supremacy, and, second, to justify it and its consequences with the help of an aggressive religious fundamentalism merged with the declarations of political principles. Based on the works of John Dewey, Erich Fromm, David Riesman, Herbert Marcuse and others, and from the perspective of contemporary sociology, such as that of Anthony Giddens, Ulrich Beck, Richard Sennett, Christopher Lasch etc., this article analyses the coincidence of this ideology defended by US–ultraconservatives with the strategic interests of globalized capitalis. It emphasizes the peculiar function of the manipulation of public opinion and the intentional production of fear as instruments for the purpose of submitting public consciousness to the dominant interests, generating a generalized and diffuse psychological disposition towards a diminution of the ego and towards conformity with the ruling power–elites, and producing distrust in democracy, characteristics of the authoritarian personality. It is an attempt to analyse the actual trends of destruction of the “social character” in “postmodern” societies and the upcoming of a new kind of irrationalism

Flamenco andaluz y rembético griego: valor universal y leyenda de un arte subcultural mediterráneo

En número dedicado a: Sevill

Financial constraints in China: firm-level evidence

This paper uses a unique micro-level data-set on Chinese firms to test for the existence of a "political-pecking order" in the allocation of credit. Our findings are threefold. Firstly, private Chinese firms are credit constrained while State-owned firms and foreign-owned firms in China are not; Secondly, the geographical and sectoral presence of foreign capital alleviates credit constraints faced by private Chinese firms. Thirdly, geographical and sectoral presence of state firms aggravates financial constraints for private Chinese firms (“crowding out”). Therefore it seems that ongoing restructuring of the state-owned sector and further liberalization of foreign capital inflows in China can help to circumvent financial constraints and can boost the investment of private firms.investment-cashflow sensitivity, China, firm level data, foreign direct investment.

Financial constraints in China: firm-level evidence.

This paper uses a unique micro-level data-set on Chinese firms to test for the existence of a "political-pecking order" in the allocation of credit. Our findings are threefold. Firstly, private Chinese firms are credit constrained while State-owned firms and foreign-owned firms in China are not; Secondly, the geographical and sectoral presence of foreign capital alleviates credit constraints faced by private Chinese firms. Thirdly, geographical and sectoral presence of state firms aggravates financial constraints for private Chinese firms (“crowding out”). Therefore it seems that ongoing restructuring of the state-owned sector and further liberalization of foreign capital inflows in China can help to circumvent financial constraints and can boost the investment of private firms.

El flamenco como patrimonio cultural o una construcción artificial más de la identidad andaluza.

Lejos de ser una mera manifestación artística y folklórica, la carga simbólica del género flamenco en el marco de la cultura andaluza ha aumentado a lo largo de las últimas dos décadas debido a la diversificación del campo artístico en la era de la globalización y la consiguiente revalorización de lo local y lo autóctono. El presente artículo discute algunos de los argumentos centrales y las posibles consecuencias de la actual política de patrimonialización del flamenco con un enfoque crítico y a partir de la dialéctica entre esencialismo cultural y vanguardia artística.Being far from a simple artistic and folkloristic expression, the symbolic significance of flamenco within the context of the Andalusian culture has increased during the last two decades as a consequence of the diversification of the artistic field in the era of globalizationand the influence of revalorization of the local and the autochthonous. This article discusses some of the main arguments and their implications in the present politics of patrimonialization of flamenco from a critical point of view and based on the dialectics of cultural essentialism and artistic vanguardism