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金融脆弱性是金融业的本性,随着金融全球化进程加速推进,金融脆弱向金融危机的转化速度大大加快.本文介绍了金融脆弱性的形成机理,分析我国金融脆弱性的现实表现,最后提出在我国经济快速增长和金融业逐步开放过程中,建立稳健、和谐、完善的金融稳定制度不仅是防范金融脆弱性、抵御金融危机的需要,也对我国逐步推行金融经济国际一体化意义重大. 相似文献
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中原城市群金融一体化发展实证分析 总被引:1,自引:0,他引:1
本文通过对中原城市群及区域城市相关经济金融指标的定量分析,论证了中原城市群金融一体化发展的可行性,同时,就如何促进中原城市群区域金融业的整合与创新、加快金融一体化进程提出了对策建议. 相似文献
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金融业向前迈进的每一步都体现着金融创新的过程,金融创新是金融业本身存续和发展的客观要求和必然方式,推动着金融业的发展。开放条件下,全球金融一体化的趋势正在推动我国商业银行的金融创新快速发 相似文献
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功能性监管:现代金融业发展的必然选择 总被引:2,自引:0,他引:2
在全球化和金融一体化发展背景下,现代金融业向着混业经营方向发展。功能性金融监管在传统的金融监管模式基础上,更加侧重金融效率与金融机构的协调,从而顺应了这一发展潮流,成为现代金融业发展的必然选择。 相似文献
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金融业的分与合都有一定的理论基础 ,美国的金融一体化的动因主要来自于经营环境的转变 ,对中国金融业经营的影响主要表现在金融政策、经营模式、国际定位等三个方面。 相似文献
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我国金融业是以分业监管制度为主,随着金融创新与金融监管的博弈,金融监管制度亟待创新。本文就此阐述中国金融创新的监管制度环境,对监管制度环境进行基本情况分析,建议进行一体化监管制度。 相似文献
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在经济一体化、金融全球化以及区域经济一体化浪潮面前,我国金融业如何抓住机遇才能积极应对挑战,已经成为我国金融业的重大课题。2011年5月6日,云南建设"桥头堡"战略正式成为国家战略,无疑对于本地区的金融合作提供了一次极好的机遇。本文主要就沿边金融合作现状进行了初步分析,并提出了一些云南银行业在沿边金融合作的较可行的构想和建议。 相似文献
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This paper examines financial stress transmission between the U.S. and the Euro Area. To better understand the linkages between financial stress in the two regions, we construct a financial stress index for the U.S. similar to the Composite Indicators of Systemic Stress (CISS) that has been developed for the Euro Area with a focus on systemic risk. Using weekly data from 2000 to 2021 and Granger predictability in distribution test, we analyze stress transmission in “normal” times as well as under unusually high and low stress episodes. While we document unilateral transmission from the U.S. to the Euro Area under normal conditions based on the center of the distribution, tail dependence tests and impulse response analysis show significant bilateral transmission, particularly in unusually high financial stress episodes. This holds true for aggregate indices as well as the subindicators of financial stress in various financial markets. As such, there must be global efforts to contain financial crises and ensure a strong and resilient financial system. 相似文献
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We contribute to the literature by providing a more comprehensive understanding of the impact the euro has had on financial market integration with economies of different characteristics outside and within the European market via inclusion of market conditions influence on the level of financial integration. Our paper employs the recently developed cross-quantilogram (Han et al., 2016) approach to examine quantile dependence between the conditional stock return distributions of Germany and the UK with that of three common currency groups within EMU (Finland, France, and Italy), two global leading markets (the US and Japan), and two of the most promising emerging markets (China and India). We find three key results. First, both the EU membership and the common currency union affect the degree of financial market integration. Nevertheless, disentangling the effects of EU membership from the common currency shows that the common currency group has an additional impact on financial integration, as the degree of dependence is stronger in the common currency group than in the sovereign currency group and other groups. Second, there is a heterogeneous dependence structure, which is strongly observed for the UK and German stock returns with that of developed (the US and Japan) and emerging markets (India and China). Third, cross-quantile correlations change over time, especially in low and high quantiles, indicating that they are prone to jumps and discontinuities in the dependence structure. As far as we are aware, this is the first study in this field employing a cross-quantilogram method to examine the impact of different market conditions on the correlations, making our study a pioneer in the field of stock market integration. 相似文献
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Post-institutionalization, the Eurozone has seen a marked increase in the integration of its financial markets. An important outcome of this has been the elimination of exchange rate risk because of the introduction of a common currency. We study the effect of this integration through a discrete-time affine term structure model with state variables obtained from the application of two extensions of principal components analysis to the multi-country setting by focusing on seven members of the Eurozone. Our results, derived from formulating and testing three hypotheses, show that Germany has gained disparately larger benefits from its membership in the Eurozone. 相似文献
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K. Smimou 《Research in International Business and Finance》2011,25(1):88-103
By examining the impact of the introduction of the Euro on stock markets and on country diversification within the Eurozone, the evidence does not suggest a high risk to the stock market to justify a risk premium as a result of currency union. Although the Euro market integration has increased inter-country correlations, it does not preclude gains from international diversification, which partially rely on the non-Eurozone countries for an optimal portfolio in a mean-variance framework. Furthermore, the empirical evidence supports that there is a significant stationarity of average correlations over time between pre-Euro and post-Euro periods, and it has improved since the introduction of the Euro. Also, results show that the Euro produced a change in volatility with a different pace within the Eurozone vis-à-vis non-Eurozone countries, to support a direct and opposite relationship between volatility and correlation. 相似文献
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欧洲金融市场一体化进程中的金融中心研究 总被引:1,自引:0,他引:1
Bai Dangwei 《国际金融研究》2008,(7)
欧洲金融市场一体化目前已经达到了非常高的程度。对欧洲金融市场一体化进程中的金融中心的研究表明,金融市场一体化并不会导致欧洲只存在一个(或少数几个)金融中心,尽管欧洲金融中心体系内各层次金融中心的功能和作用有了调整,但欧洲多层次金融中心体系并没有因此而受到削弱。中国各区域之间同样正经历着一个金融市场日益融合的过程,因而欧洲的经验对于中国金融中心建设具有较强的借鉴意义。 相似文献
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2020年成渝两地加快打造重要增长极、共建西部金融中心,研究成渝地区双城经济圈金融市场一体化建设具有重大理论和实践意义。本文选取2010-2019年重庆市和四川省16个主要城市组成的“成渝地区双城经济圈城市群”相关数据,利用威尔逊模型和F-H模型分别分析中心城市金融辐射力和金融一体化的情况。研究发现,重庆和成都两大金融中心辐射半径接近,但仍有少数城市不完全在辐射范围中,未来建设须考虑重要节点区域中心城市的金融效应;同时经济周期和财政政策对成渝地区双城经济圈金融市场一体化建设的影响较大,未来建设须赋予地方政府和地方金融监管局更多的金融政策,实施一系列逆周期措施。 相似文献
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Using data for 48 advanced and emerging market economies during 1985–2008, this paper examines the impact of measures of financial integration and globalization on several dimensions of real activity. We find that both advances in financial integration and globalization are associated with higher growth, lower growth volatility, and lower probabilities of severe declines in real activity, with the positive impact of financial integration on macroeconomic stability enhanced by improvements in corporate governance. Thus, we find no evidence of a trade-off between advances in financial integration, globalization, and growth and macroeconomic stability. 相似文献
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This paper uses a copula model to investigate the degree and determinants of European market dependence across 10 industries in 12 Euro zone and 8 non-Euro zone stock markets during the period 1992–2011. Most of the industries in Euro countries show a dependence increase with the Euro-area after the introduction of the Euro. The effects are strongest in countries with larger market capitalization and in the Financials, Industrials, Consumer Goods, Utilities, Technology and Telecommunications industries. Overall, the export intensity, interest rate sensitivity and competitiveness of an industry and the financial development and economic openness of a country are the most important determinants of changes in equity market dependence. The period around the Lehman collapse also shows higher equity market dependence between European countries, while the lower dependence increase during the period of the recent European sovereign debt crisis suggests that country-specific factors may matter more than before. 相似文献
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文章以翔实的数据比较分析了金融危机前后(包括欧债危机以来)欧元区金融运行格局的变化,探讨欧盟推动建立单一监管机制的原因及前景。文章指出2008年以前,欧洲的金融一体化进程快速推进,银行业市场和金融市场不断融合。金融危机爆发后,监管制度缺位的问题暴露出来,欧洲银行业面临巨大的信心危机,金融一体化进程停滞,货币政策传导遇阻。欧盟反思危机教训,推动建立单一监管机制,重塑银行业信心,重启一体化进程,但实现这一目标任重而道远。 相似文献