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1.
俄罗斯现代金融市场基础设施框架是伴随交易所市场的发展和整合而打造完成 的,其核心是俄罗斯央行金融市场权威的重塑和交易所市场统一局面的形成及发展壮大。经过 多年的发展,俄罗斯现代金融市场基础设施建设取得了显著成效,在促进金融市场发展,保障 市场稳健、高效运行方面发挥了重要作用。作为“一带一路”沿线的重要国家,俄罗斯在强化 金融市场基础设施监管、促进跨境联通、加大金融科技支持力度等方面的经验也值得我们研 究和借鉴。 相似文献
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We analyse Chinese RMB co-movements with the currencies of other developing economies using daily data from January 1, 2006 to December 31, 2020. We find that the RMB plays an important role in East Asia & Pacific. Bilateral trade significantly increases the probability of RMB co-movements with other currencies while inflation differential decreases it. Additionally, the currencies of the economies that are more inclined to adopt a pegging system are less likely to co-move with the RMB. We further divide the sample into three sub-periods based on two major China’s currency reforms and the results are consistent with our main finding. We also investigate the nonlinear determinants of RMB co-movements in high and low volatility regimes, respectively, and show the different patterns. Last but not least, we find that RMB currency swap and the Belt and Road Initiative amplify RMB co-movements in larger and more developed economies. 相似文献
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Using a large panel of US bank holding companies from 2001 to 2015, this study investigates the association between functional diversification and bank liquidity creation. I document evidence of lower liquidity creation for higher diversification. The effect of moving into nontraditional activities on liquidity creation is more apparent with large banks and less pronounced with small banks. The impact of diversification on liquidity creation is less significant during the late stage of crisis and is more clearly observed in small and medium-sized banks. Low liquidity creation banks, leveraged by a higher share of non-interest income, are more likely to further decrease their liquidity creation. The study is of interest to regulators and policymakers who are concerned about bank business models. 相似文献
4.
This paper analyzes the evolution of bank funding structures in the run up to the global financial crisis and studies the implications for financial stability, exploiting a bank-level dataset that covers about 11,000 banks in the U.S. and Europe during 2001–09. The results show that banks with weaker structural liquidity and higher leverage in the pre-crisis period were more likely to fail afterward. The likelihood of bank failure also increases with pre-crisis bank risk-taking. In the cross-section, the smaller domestically-oriented banks were relatively more vulnerable to liquidity risk, while the large cross-border (Global) banks were more vulnerable to solvency risk due to excessive leverage. In fact, a 3.5 percentage point increase in the pre-crisis capital buffers of Global banks would have caused a 48 percentage point in their probability of failure during the crisis. The results support the proposed Basel III regulations on structural liquidity and leverage, but suggest that emphasis should be placed on the latter, particularly for the systemically-important institutions. Macroeconomic and monetary conditions are also shown to be related with the likelihood of bank failure, providing a case for the introduction of a macro-prudential approach to banking regulation. 相似文献
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ABSTRACTThis study reveals the evolution of the Belt and Road trade network, and discusses the determinant factors of trade relationships by employing network analysis methods. Using 65 countries’ trade flow data in 2012, 2014, and 2016, the network indices show that the Belt and Road initiative has improved trade network’s connectivity significantly. The results of blockmodels show that the trade network can be partitioned into four blocks, including “Dominators,” “Brokers,” “Generators,” and “Receivers.” Furthermore, the spatial proximity, cultural differences, trade agreements, economic distance, and trade facilitations have significant impacts on the formation of trade network according to the QAP model. 相似文献
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ABSTRACTSince the Belt and Road Initiative (BRI) has been implemented for five years, it is time to ask whether the BRI contributes to Belt and Road (BR) countries’ economic growth, and how are the five elements of connectivity implemented between China and its partner countries since the BRI was proposed. This study focuses on the development of the five elements of connectivity between China and the BR countries from 2008 to 2017 using a comprehensive connectivity index extracted from principle component analysis, and then investigating if the connectivity has contributed to the economic growth of the BR countries with quantitative analysis of the fixed effect econometrical model. It is found that Russia, South Korea, and Singapore presented the top three levels of connectivity with China with regard to the overall connectivity index, varying from 1.4 to 2.4. Madagascar and Panama have the lowest level of connectivity with China, with values of ?0.8 to ?1.1. The result of the fixed effect model shows that the connectivity of the BR countries with China contributes to their economic growth. This provides quantitative evidence that the connectivity between BR countries and China has a significant influence on the economic growth of those countries. 相似文献
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ABSTRACTThe aviation e-service system is an important part of support for business communication in regions covered by Belt and Road initiative. In exploring the role of airline companies in this system, we examine the structure of the network, which consists of airlines interconnections based on small data of individual attributes of aviation companies in aviation e-services, and study these interconnections across different groups using block modeling. The heuristic solution of airline companies in development of international communication and cooperation is further discussed. Among our policy implications for global managers, we suggest the enhancement of cross-regional cooperation among airlines. 相似文献
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金融结构的不断演变,使得流动性的内涵和创造形式发生了变化。本文认为,在市场主导型的金融结构下．具有较强市场流动性的金融资产被纳入到广义流动性的范畴。非银行金融机构在金融市场上以证券化的方式创造流动性．这是一种广义的、内生于金融市场的流动性扩张,导致整个社会可贷资金总量快速增加,流动性创造形式的变化影响到宏观经济金融的稳定。一国政策当局应该加强流动性管理,建立以流动性为核心的政策框架体系。 相似文献
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自“一带一路”倡议提出,吸引了越来越多的国家加入。鉴于推进“一带一路”的 建设存在巨大的资金缺口,满足这部分资金需求离不开金融的支持。我们以金融作为手段,对 流向“一带一路”合作国家项目融资进行分类管理,从信贷、证券、保险、债券等方面给予不 同的政策支持和控制。如对高污染、高能耗的项目融资活动视环境影响进行限制或禁止,对低 能耗高产出的项目融资进行政策支持,以绿色金融推动绿色“一带一路”建设。 相似文献
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受新冠疫情冲击,全球金融市场剧烈波动.作为应对,美联储祭出了无上限的量化宽松货币政策,此政策在未来几年将持续影响全球金融市场的稳定,同时也给人民币国际化带来新的机遇.在新形势下推进人民币国际化,必须防止中国经济增速下滑过快,进一步深化金融改革和扩大对外开放,加强国际经济与金融合作;充分利用G20政策对话平台,推动疫情防... 相似文献
11.
ABSTRACTThis paper provides a thorough analysis to quantify the financing needs in the Belt and Road countries during 2009 and 2014. By examining financial constraints using financial data of firms in the Belt and Road countries, this study constructs a Financing Needs Index for Belt and Road countries and highlights the characteristics of financing needs across 36 countries and 6 years. By further incorporating information from World Bank Enterprise Surveys, this paper builds an Augmented Financing Needs Index for 56 Belt and Road countries. The findings of this paper provide important policy implications by showing that countries can improve their financial liberalization and institutional environment to address the financing needs of their indigenous firms and thus achieve economic growth. 相似文献
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以\"一带一路\"沿线43个国家作为研究对象,基于2012—2018年的双边贸易数据矩阵,运用修正后的引力模型和社会网络法,考量\"一带一路\"沿线国家双边价值引力常数偏度、区域价值网演化、国家角色定位变迁.结果显示:中国、印度、俄罗斯、印度尼西亚在\"一带一路\"沿线国家中具有较大贸易影响力,与中国区域价值引力较大的国家主要是位于\"一带\"和\"一路\"前端的东盟和俄罗斯;\"一带一路\"区域存在中国、俄罗斯、波兰和匈牙利四个紧密关联的贸易中心,其他国家往往与地理上最接近的中心进行贸易,形成四大空间区域;中国\"核心\"和\"桥梁\"功能显著,与其他国家的贸易引力和网络粘度较高,已在价值网中居于强主导地位. 相似文献
13.
《The British Accounting Review》2017,49(2):138-161
Using a large bank-level dataset, we test the relevance of both structural liquidity and capital ratios, as defined in Basel III, on banks' probability of failure. To include all relevant episodes of bank failure and distress (F&D) occurring in the EU-28 member states over the past decade, we develop a broad indicator that includes information not only on bankruptcies, liquidations, under receivership and dissolved banks, but also accounts for state interventions, mergers in distress and EBA stress test results. Estimates from several versions of the logistic probability model indicate that the likelihood of failure and distress decreases with increased liquidity holdings, while capital ratios are significant only for large banks. Our results provide support for Basel III's initiatives on structural liquidity and for the increased regulatory focus on large and systemically important banks. 相似文献
14.
This study employs bank‐level data covering 3007 individual banks (commercial, savings, and others) in 27 Asian countries to investigate the determinants of bank liquidity creation, considering four conditional factors over the period 1999–2013: credit risk, deposit insurance, financial market regulations, and bank reforms. Bank liquidity creation is shown to be statistically and economically significantly positively related to real economic output, as well as illiquid assets and core deposits. Larger banks increase their liquid assets ratio, but decrease their credit commitment. Countries implementing an explicit deposit insurance scheme may lead to moral hazard and excessive bank risk taking. If supervisory authorities can force a bank to change its internal organizational structure, or have more power to take legal action against external auditors for negligence, or increase capital requirements, then banks generally reduce their lending activities. Nevertheless, larger banks are able to increase liquid assets and lending to those countries with stricter financial regulations. 相似文献
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基于永续盘存法,运用双曲线效率递减的“年龄 效率”模式首次系统估算得到“一带一路”沿线50个国家1995年至2018年的资本投入,并进一步对沿线国家资本投入及其资本回报率的时空演变特征进行分析。研究表明：沿线国家资本投入水平整体呈波动中上升趋势,尤其在2007年后整体呈现资本投入积累加速的典型特征;区域间及区域内部各国之间资本投入差异较大,其中东亚地区积累水平最高、南亚地区次之、东欧地区和西亚地区水平相近、中亚地区积累水平最少;“一带一路”沿线国家整体资本产出比水平呈现下降特征,各地区投资效率得到不断改善;“一带一路”沿线国家资本回报率表现出较强“顺周期性”特征,且亚洲地区资本投入回报率整体高于欧洲地区,区域间资本回报率逐步收敛的趋势不容忽视。 相似文献
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本文在梳理金融危机传染的定义,分析金融危机传染的机理,介绍Copula函数的金融危机传染检验方法的基础上,通过运用多种静态Copula和动态Copula函数对金融危机传染进行了分析。主要结论包括三个方面：一是金融危机时期,中国股市下跌与美国股市下跌在一定程度上存在联动,但中国股市的波动也有一定独立性;二是全球金融危机后,国内股市和债市呈现显著负相关性关系;三是从国内金融机构看,不论是否处于危机期间,国有商业银行之间、国有商业银行与中小型银行之间的风险传染并不明显,中小型银行之间风险传染较强,但不是由金融危机引起的,而是由其他因素导致。 相似文献
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本文借鉴Hsieh and Klenow(2009)的理论框架,采用2010—2018年中国上市工业企业数据,使用双重差分方法,考察“一带一路”建设对要素配置效率的影响。结果表明,从平均意义上看,“一带一路”建设显著改善了位于重点对接省份企业的劳动配置效率,但对资本配置效率的作用尚不明显。机制分析结果表明,“一带一路”建设主要通过深化重点对接省份的开放水平,尤其是促进它们的双向直接投资规模,改善劳动要素配置效率。进一步研究发现,要素流动表现出“劳动往高处走,资本往低处流”的特征,导致劳动和资本的配置效率出现“分野”:在重点对接“一带一路”的省份,劳动生产率高的企业配置了更多的劳动要素,劳动配置效率得以改善;但由于市场资源配置能力尚未得到充分释放,资本生产率高的企业在资本要素获取上还未体现出明显优势。 相似文献
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从人民银行内部控制审计现状出发,通过借鉴内部控制及审计的主流理论,形成若干观点,提出深化风险导向在内部控制审计中的应用,从审计内容、流程和技术方面给出可行性建议,为有关内部控制审计深化与发展的研究抛砖引玉。 相似文献
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吴孔磊 《上海金融学院学报》2013,(4):32-43
在放宽基本假设后,我们通过经典的Diamond-Dybvig模型对存款保险、银行挤兑及流动性创造等问题作了进一步研究.我们得出结论：当假定所有投资者在任何时期都相互独立时,银行是否要创造流动性或者要创造多少流动性,以及银行挤兑最终是否发生,这在很大程度上都受制于投资者的风险偏好类型、相应风险类型的人数、非银行投资项目收益与银行初期利率的关系、某一投资者对其余投资者行为的甑别结果及银行对投资者行为甑别的结果,此时,银行未必能够创造最优量的流动性,原模型失效. 相似文献