近期越南金融危机的评估

按照国际通行标准,越南已经发生金融危机。越南金融危机事出有因,是其经济虚高增长的矫枉过正,它对周边国家经济影响有限,但给我们提供了经验教训。只要发展基础没有改变,越南今后的经济前景仍可看好。     

Capital requirement and financial crisis: The case of Japan and the 1997 Asian crisis

This study investigates the direct link between the implementation of the 1988 Basel capital requirement in Japan and the shrinkage of banks’ foreign assets, particularly in Thailand in the 1990s. The empirical analysis proceeds in two stages. The first stage investigates the hypothesis that the capital crunch in Japan induced Japanese banks to alter their portfolios and reduce their foreign assets. The second step tests the hypothesis that the change in behaviour of the Japanese banks induced the increase of the probability of financial crisis in Asia. Our results support the responsibility of the Japanese capital requirement, among other factors, in triggering the 1997 Asian financial crisis as an external common shock and give a new angle on the financial crisis literature.     

金融危机对贸易结构的影响:作用及传导

本文结合20世纪以来发生的四次主要国际金融危机,从市场传导、金融传导、政策传导三个方面系统分析金融危机对贸易结构的影响和传导机理。     

揭露美国次贷危机所引发的全球金融危机真相

美国次贷危机爆发两年来,国内外经济学界以及政界都对此进行了深入研究,观点主要集中在市场主体和监管主体的"有限理性"、内外部经济结构失衡和货币政策环境的影响、全球金融货币体系制度设计的缺陷、以及资本主义制度基本矛盾等几个方面,试图勾画组合出一幅危机的完整图象。但因缺少一条逻辑主线将这些正确的归因与少数为了转移矛头故意歪曲事实真相的借口有机串连,致使图象主题不够立体、清晰。为了更好地认清危机的实质,本文运用中华文明辨证逻辑思维这条主线,深度透视危机的本源,还原危机背后的真相,揭露真正的幕后元凶及其支配主体行为的片面思维逻辑,以便呈现出一幅更为清晰、立体的美国次贷危机全景图。     

The international financial crisis and problems of Russian Economic Development

This paper analyzes the development factors of the Russian economy and causes of the financial crisis, as well as anti-crisis policy objectives and methods.     

透过金融危机看我国的金融监管

从根源上看,以美国次贷危机为导火索的全球金融危机与金融监管不力密切相关。本文从金融危机的成因及传递机制入手,对金融监管在整个金融体系中的重要作用进行分析,并针对目前的金融危机,对改革金融监管提出了自己的一些意见     

金融危机改变美国人生活

有一个中国老太太和美国老太太的故事曾广为流传,说的是中国老太太攒了一辈子钱,临死前终于住上了新房;美国老太太则先贷款买房,住了一辈子的新房。如今,不知道是中国老太太笑了,还是美国老太太哭了     

金融风暴中的华尔街精英们

华尔街一个个巨无霸公司相继倒闭,华尔街精英们的职业生涯也陷入风雨飘摇之中。但来自中国的高级打工者们似乎多了一个选择,那就是回国.     

金融危机下美国养老计划难养老

已经在美国实行了近三十年的401K计划曾一路顺畅,但这次金融危机让401K计划提早进入衰退期,美国人享受401K计划带来的幸福养老时代,将变得遥不可及     

Origins of the financial crisis and requirements for reform

This paper examines the causes of the global financial crisis (focusing in particular on why residential mortgage-backed securities and credit default swaps exploded from around 2004) and the policy reform agenda. Arbitrage opportunities in capital rules and the tax system were available, and changes in regulations affecting the leverage of international banks (IBs) played a key role in allowing these opportunities to be exploited on a greater scale. Changes to the Basel rules also actively contributed to the sharp rise in toxic securities. The policy agenda focuses on the need to deal with toxic assets, and for broader reforms to incentive structures, not only of capital rules, but also of corporate governance and banking structures. Specific policy reform recommendations are made. Recent numbers on the capital needs of banks suggest that we are not very far into the process of dealing with the crisis, and lack of transparency in this respect is a major issue in Europe. The longer-run reform process too is not focusing on the ideal building blocks.     

企业财务危机问题分析

一、企业财务危机的成因分析1.企业财务危机发生的外部原因①国家宏观管理制度不健全。伴随着我国市场经济体制的建立,使企业成为自主经营、自负盈亏的市场经济主体。这虽然为企业的自由发展创造了条件,但也在一定程度上放松了对企业的监督和约束。同时,我国经济和会计法律制度     

金良镐：金融危机对我们冲击小

金融危机的爆发迫使LG CNS对原定的全球市场发展计划进行调整,原本作为重点发展的美洲市场现在沦为一般市场,而中国市场的地位有所上升     

借金融危机重新规划产业分区

中国目前的很多问题,包括养老、教育、科研,等等;都可以安排在合理的产业分区中,用市场经济方式加以解决     

Contagion in the stock markets: The Asian financial crisis revisited

This paper presents empirical evidence of herding contagion in the stock markets during the 1997 Asian financial crisis, above and beyond macroeconomic fundamental driven co-movements. We analyze the cross-country time-varying correlation coefficients among the stock prices for the countries of Thailand, Malaysia, Indonesia, Korea, and the Philippines, between crisis and tranquil periods. Macromodels are constructed and implemented to capture the pure contagion effects on the markets. After controlling for the economic fundamentals for the five countries, the paper finds strong evidence of herding contagion.     

国际金融危机下我国积极财政政策的效应评析

由美国次贷引发的国际金融危机对我国经济产生了巨大的冲击。在出口、投资和消费均出现下滑的态势下,我国政府果断出台了扩大内需的积极财政政策,以实现稳定经济增长的目标。本文在分析国际金融危机背景下我国经济基本走势的基础上,对我国政府实施的积极财政政策进行了政策回顾及效应评析,充分肯定了积极财政政策在应对国际金融危机中发挥的积极作用。     

克鲁格曼，金融风暴的受益者

克鲁格曼获得今年的诺贝尔经济学奖,也许应该感谢目前正在全球蔓延的美国金融风暴.     

Factors contributing to the financial crisis in Korea

Korea's economic development is a well documented fact. The globalization of the Korean economy brought with it a high rate of economic growth. The Korean economy began to experience a financial crisis from late 1997. This paper inquires into the causes that led to such a crisis. It shows that there were economic indicators foretelling the crisis. Among many factors causing the crisis, the current account deficit, the inadequate cash flows of corporations and the banks' weakening finances, and the small amount of international reserves, provided conditions for a successful speculative attack on the Korean won. The government guarantees led to over-investment and excessive borrowing. Thus, the self-fulfilling hypothesis of Flood and Garbers (1984) and Obstfeld (1986) and the hypothesis of Krugman (1998) explain the causes of the Korean crisis to a great extent. This paper addresses banks' performance and the weak financial condition of corporations and concludes that to get back on the path of stable economic growth, export diversification and productivity growth, together with a sound financial system, is necessary.