亚洲货币合作的整合和发展——基于清迈系列协议的分析

本文从清迈系列协议的最新进展入手对其成果进行了效用评估;然后依据货币一体化的一般规律及欧元模式明确了清迈系列协议在亚洲货币一体化进程中仅处于初级阶段,根据经济冲击的对称性分析得出该阶段是当前亚洲货币合作的现实选择和必由阶段;最后基于亚洲经济金融一体化的利好面,探讨下一步亚洲货币合作整合与发展的可能路径,从清迈协议到亚洲货币基金,从亚洲货币联盟再到亚元,美元、欧元、亚元＂三足鼎立＂的局面或将实现。     

资本账户开放与货币国际化之辩

正德国马克与日元的国际化日本和德国都是二战战败国,二战结束后,两国充分利用战后有利的国际环境,迅速从废墟中恢复,并在20世纪60~70年代取得经济的高速增长。然而,尽管两国有着相似的政治经济环境背景,日元和德国马克的国际化境遇却有着天壤之别,两国货币国际化对本国经济发展的影     

日本民族精神与日本企业文化

日本之所以能在二战后实现经济腾飞,迅速崛起并成为世界第二经济大国,一个重要原因是得益于日本的企业文化。而日本企业成功的内在动力,从某种意义上可以归功于其民族精神。通过探讨民族精神与企业文化的关系,认识到日本企业文化的实质,从而为我国企业文化建设提供有益借鉴。     

一元钱建起大银行

二战结束后,日本经济陷入危机。多年的战争使这个岛国千疮百孔,日本国内的银行、财团纷纷倒闭,历史悠久的三菱银行也被迫重组,改名为千代田银行。重组后的千代田银行还是     

古饰收藏趣味谈

严格意义上的古董珠宝首饰,是指五千年前到二十世纪中叶二战结束这一段时期内的珠宝首饰。但从上个世纪四十年代到七八十年代的手工制品,也可以归结在这个范畴里。无论在时尚的西方还是古老的东方,古     

一元钱建起大银行

二战结束后,日本经济陷入危机。日本国内的银行、财团纷纷倒闭。历史悠久的三菱银行也被迫重组,改名为千代田银行。毕竟战后日本经济恢复十分迟缓,居民手中没有多余的钱。看着寥寥无几的顾客,千代田银行管理层焦急万分,急忙商量对策。     

苦肉计换技术

二战结束后．日本经济陷入危机。日本国内的银行、财团纷纷倒闭。历史悠久的三菱银行也被迫重组,改名为千代田银行。毕竟战后日本经济恢复十分迟缓,居民手中没有多余的钱。看着寥寥无几的顾客．千代田银行管理层焦急万分,急忙商量对策。     

论日本协调型市场经济模式

论日本协调型市场经济模式高言弘二战结束时，日本经济濒临崩溃的边沿，严重的粮食危机和通货膨胀导致国民生活极端困难。日本人战后发奋图强，经过几年努力，扭转了局面。到１９５５年经济恢复时期止，工矿业生产比战前水平高出９０％，农业生产高出３４％，国民生产总值...     

欧洲复兴开发银行支持小企业的做法对我国商业银行的启示

一、欧洲复兴开发银行支持小企业的做法欧洲复兴开发银行是“二战”后由美国、日本及欧洲一些国家政府发起成立的银行,主要任务是帮助欧洲战后重建和复兴。自上个世纪90年代起,欧洲复兴开发银行开始发展一项划时代的业务——从1994年在俄罗斯开办微小企业贷款业务至今, 已扩张到22个国家,共发放53.5     

日本农业政策性银行的实践及启示

世界银行在1995年年报中指出 :在对全世界的农业政策性金融进行评估后认为 ,其中的80 %是失败的 ,而日本的农业政策性金融则比较成功。可见 ,日本的经验对于我们思考农业发展银行 (以下简称农发行 )发展问题是有借鉴意义的。研究日本农业政策性银行———农林渔业金融公库 (简称公库 )的发展情况 ,对我们很有启示。日本农林渔业金融公库的发展情况一、公库的基本情况。二战结束后 ,日本国内粮食严重短缺 ,农业发展的首要目标是尽快增加粮食产量 ,确保国内粮食需求。 1953年 4月 1日 ,由政府全额出资设立了农林渔业金融公库。其经营目标是依…     

On market price of risk in Asian capital markets around the Asian flu

This study investigates a contemporaneous relationship between realized market risk premia, and conditional variance and covariance in nine Asian markets and the US. The time period for this study is before, during, and after the Asian financial crisis. A contemporaneous state-dependent capital asset pricing model (CAPM) that allows for negative and positive market prices of variance and covariance risk is investigated. In the light of significant upstate and downstate reward to local and world variance risk for all markets and all periods, we conclude that a market return-generating process is a piecewise function of local and world variance over time. Furthermore, a cross-sectional analysis of upstate and downstate market prices of variance and covariance risk indicates that reward to risk is a mix of reward to local and world variance, depending on the ever-changing correlation with the world market. Our findings are consistent with the one-factor conditional international CAPM.     

Volatility Spillovers and Contagion During the Asian Crisis: Evidence from Six Southeast Asian Stock Markets

Using a multivariate generalized autoregressive conditional heteroskedasticity (GARCH-M) model, we investigate volatility spillovers in six Southeast Asian stock markets around the time of the 1997 Asian crisis. We focus on interactions with the U.S. market as a world financial market, and with the Japanese market as a regional financial market. We also use bivariate GARCH-M models to examine the behavior of individual markets and their interactions with other markets in the region. All models lend support to the idea of the "Asian contagion," which started in Thailand and rapidly spread to other markets.     

创新:亚洲发展的关键

“只要东亚地区将机构改革议程进行到底,以技术和创新为本,投资于教育和知识,为地区的发展前景注入新的生命力,加速部分国家加入发达国家行列的进程,东亚地区将有可能实现成为世界上最具活力、恢复能力和相互依存的经济区的目标。”这是世界银行最新报告《创新的亚洲:增长的前景》所描绘的创新型增长的未来篮图。请看有关该报告的重点内容     

Another Look at the East Asian Miracle

This article examines the main ingredients of the East Asiansuccess story in each subphase of its post-war transition growthprocess. It focuses mainly on Taiwan (China), with comparativeside glances at the Republic of Korea. The initial conditionsfacing the region were favorable, especially in Taiwan (China).The early import substitution subphase was unusually mild andcontributed to the emergence of strong linkages between agriculturaland nonagricultural activities. Subsequently, flexible labormarkets, human capital policies, and major macro and structuralpolicy reforms culminated in an increasingly export-orientedindustrialization effort. Once labor surpluses were ultimatelyexhausted, government policies accommodated Taiwan (China)'sentry into the technological era of the 1970s and 1980s. Duringthe past four decades of a signally successful transition growtheffort, public policies in East Asia have consistently accommodatedthe changing needs of the economy, rather than guide its pathdirectly.     

Common Stochastic Trends Among Asian Currencies: Evidence for Japan,Aseans, and the Asian Tigers

This study documents that daily changes in Asian exchange rates are significantly non-normal, serially correlated, non-stationary, and have unit roots. Further, accounting for these time series properties and using a longer time horizon than other similar studies of exchange rates, this study also documents cointegration between the Japanese Yen and two sets of Asian currencies, i.e., currencies of the 'Tigers', Hong Kong, South Korea, Singapore, and Taiwan; and currencies of the ASEANs, Malaysia, Philippines, Thailand, and Singapore. These findings of cointegration among Asian exchange rates are in contrast to the findings for the major currencies, and are evidence of nascent Yen blocs in Asia. The results presented here have important implications for understanding Asian financial integration and the international role of the Japanese yen and should be useful for developing asset allocation, currency overlay, value at risk (VAR), and hedging strategies for investments in these often illiquid Asian currencies.     

Price Linkages in Asian Equity Markets: Evidence Bordering the Asian Economic, Currency and Financial Crises

This paper examines price linkages among Asian equity markets in the period surrounding the recent Asian economic, financial and currency crises. Three developed markets (Hong Kong, Japan and Singapore) and six emerging markets (Indonesia, Korea, Malaysia, the Philippines, Taiwan and Thailand) are included in the analysis. Multivariate cointegration and level VAR procedures are conducted to examine causal relationships among these markets. The results indicate that there is a stationary relationship and significant causal linkages between the Asian equity markets. Nevertheless, lower causal relationships that exist between the developed and emerging equity markets suggest that opportunities for international portfolio diversification in Asian equity markets still exist.     

Banks,the IMF,and the Asian crisis

This paper examines the impact of the Asian crisis on bank stocks. In the second half of 1997, Western banks outperformed their stock markets. In contrast, East Asian bank indices incurred losses in excess of 60% in each of the crisis countries. Most of these poor performances are explained by stock market movements in the crisis countries. After taking into account these movements, currency exposures affected banks adversely only in Indonesia and the Philippines. Except for the Korean program, which affected positively bank stocks in all countries in our sample but one, IMF programs had little effect on bank values.     

亚洲金融:寻找区域性合作新空间

经济全球化的兴起导致了国际间的经济交往日益增加,由此直接影响到了各国在国际社会中的政治地位和作用.为了确保本国的经济利益以及在参与国际事务中的地位与权利,一些经济发展程度相同或相近的国家逐渐走到一起,为了共同的利益而组成贸易集团或者经济金融联盟,从而产生了区域性的经济金融合作.