金融支持疫情防控应急体系建设

习近平总书记在2月3日召开的中共中央政治局常务委员会研究加强新型冠状病毒感染的肺炎疫情防控工作会议上明确指出,要针对疫情应对中暴露出来的短板和不足,健全国家应急管理体系,提高处理急难险重任务能力,要从源头上控制重大公共卫生风险。健全国家疫情防控应急体系,提升重大公共卫生风险应对能力是国家治理体系和治理能力现代化的重要内容。做好包括这次疫情防控在内的国家疫情防控应急体系建设工作至关重要,直接关系人民生命安全和身体健康,直接关系经济社会大局的稳定,也直接关系我国的对外开放。     

突发新冠肺炎疫情对完善支付系统应急管理体系的启示

新冠肺炎突发疫情是对国家治理体系和治理能力的一次大考验。支付系统作为国家关键金融基础设施,是社会资金汇划的主渠道,在本次疫情期间,支付系统顺利运行保障了疫情防控有关资金的顺利划拨,有效助力了打赢疫情防控阻击战。而当前疫情防控对支付系统也提出了新挑战,因此,从近期、中期和远期分别探讨进一步增强支付系统应急保障措施,完善支付系统应急管理体系,提高应对重大突发事件的能力水平,对进一步提升国家治理体系和治理能力将具有重要意义。     

重大疫情下对央行IT应急管理工作的思考与探索

在疫情防控期间,各地采取了交通管制、人员隔离、场地封闭等安全保障措施,在有效控制疫情的同时,也对人民银行各级分支机构IT应急管理工作提出了新的挑战。笔者根据当前形势下可能产生的应急处置场景进行了研究与探索,并就如何提高IT应急管理工作水平提出了相关意见和建议,如健全应急协调管理机制、全面提升应急预案的可靠性、重视和加强应急队伍建设等。     

导读与推荐

2019年底新型冠状病毒感染的肺炎疫情严重威胁人民的健康和生命安全,影响到经济的发展和社会的有序运转,突发的公共卫生事件折射出公共治理中的短板。《财政科学》基于服务现实的办刊理念,聚焦当前政策研究,重点关注疫情对经济、财政、金融、民生、就业等各方面的影响,希望及时反映相关政策研究成果,并就此进行主题征文。     

新技术助力疫情防控

2019年12月底,新型冠状病毒感染引发肺炎疫情,为了有效应对疫情冲击,在利用举国体制优势采取果断防控措施的同时,也要积极利用新技术助力高质量发展,从而更好地平滑疫情对我国社会生活带来的冲击和影响。     

试论突发公共卫生事件应急财务管理体系建设

疫情防控工作是新时代的人民战争,不仅对我国公共医疗卫生体系提出了重大挑战,也对各级医疗机构应急体系建设、安全体系建设和经济运行管理提出了更高的要求。各级医疗机构均应执行突发公共卫生事件应急财务管理标准,从财务管理的角度提升医疗机构的物资管理、捐赠管理、结算管理能力。构建一套应急财务管理体系,应对突发公共卫生事件,为医疗机构提供有力的资金支持和财务保障,是医疗机构财管人的任务和责任。     

疫情下对基层央行IT应急管理工作的思考

随着金融信息化的快速推进,人民银行各项业务对网络和信息系统的依赖程度不断增强,对IT应急管理工作也提出了更高的要求.特别是在疫情防控时期,IT应急管理面临了新的挑战.笔者结合当前疫情防控新形势,探讨了基层人民银行在IT应急管理工作中存在的问题,并提出了相关改进建议.     

有责任有担当,招商银行信用卡多措并举抗疫情

近日,新型冠状病毒感染的肺炎疫情不仅严重威胁着人民群众的身体健康,更给生产和生活带来了严峻挑战。为坚决贯彻落实国家部署,全力支持新型冠状病毒肺炎疫情防控工作,我国银行机构纷纷做出快速反应,多措并举助力抗击疫情。招商银行在第一时间就通过武汉市慈善总会捐赠了2亿元人民币,招商银行信用卡中心在决战疫情的关键节点不仅推出了两大驰援政策、多项智能服务,还打造了“抗疫生活圈”,全面做好疫情防控的相关金融服务工作。     

重大突发公共卫生事件下城市儿童的危机与应对——基于脆弱性理论与抗击新型冠状病毒肺炎疫情的实践

重大突发公共卫生事件下儿童更容易陷入困境。本文运用脆弱性理论并结合新型冠状病毒肺炎疫情的防控实践,对城市儿童的脆弱性进行全面分析。研究表明,重大突发公共卫生事件下生活在城市的儿童普遍面临预防、救治、照护等多重困境,对此,各级政府的迅速反应、跨部门合作以及多元社会力量的积极参与发挥了重要的支持保障作用。研究结果揭示了以下政策建议:改变目前社会治理中的"问题—应对"型模式,我国重大疫情防控的儿童视角亟须建立;将"儿童优先"融入社会政策,充分考虑不同儿童群体的特殊需求与资源可及性;避免政策执行过程中的教条与偏差,建立增进儿童福祉的长期支持体系;采用跨学科的研究方法解决政策方案设计问题,为生活在城市中的儿童构建一道可靠的安全保障网。     

突发公共卫生事件中应急审计的风险及防控

新冠肺炎疫情防控中应急审计的风险包括项目和人员性风险、程序和方法性风险、数据和分析性风险.审计风险的形成原因,主要是"双线作战"造成的人力资源调配紧张、对原则性和灵活性的处理不当、信息化建设落后和大数据应用能力不足.突发公共卫生事件中应急审计的风险防控对策包括健全法规和预案、统筹审计组织、重置审计方式及流程、加强信息化建设.     

新冠疫情的经济金融影响与应对建议--基于传染病视角的分析

传染病疫情一直威胁着人类的生命健康,对经济社会发展造成较大影响。未来传染病疫情仍然会继续存在,并可能呈多发的趋势。虽然传染病疫情本身难以有效预测,传染病疫情对经济的冲击具有短期、外生性的特点,但是仍然有必要从传染病疫情应对政策方面进行总结研究,形成框架性的政策思路,以有效应对传染病疫情并降低其对经济金融的负面影响。本文结合新型冠状病毒肺炎疫情的经济金融影响和应对政策实践,探讨了传染病疫情应对的政策框架建议。     

Return connectedness across asset classes around the COVID-19 outbreak

In this paper, we show evidence of a dramatic change in the structure and time-varying patterns of return connectedness across various assets (gold, crude oil, world equities, currencies, and bonds) around the COVID-19 outbreak. Using the TVP-VAR connectedness approach, the results show that the dynamic total connectedness across the five assets was moderate and quite stable until early 2020. After that, the total connectedness spikes and the structure of the network of connectedness alters, which concurs with the COVID-19 outbreak. The equity and USD indices are the primary transmitters of shocks before the outbreak, whereas the bond index becomes the main transmitters of shocks during the COVID-19 outbreak. However, the USD index is a net receiver of shocks to other assets during the outbreak period. Furthermore, using a recently developed newspaper-based index of uncertainty in financial markets due to infectious diseases to capture the recent impact of COVID-19, we find that connectedness is positively related to this index, and increases at higher levels (conditional quantiles) of connectedness. Overall, our results reflect the speedy disturbing effects of the COVID-19 outbreak, which matters to the formulations of policies seeking to achieve financial stability. The results also indicate a possibility to threaten investors’ portfolios and fade the benefits of diversification.     

人民银行召开电视电话会议部署金融支持中小微企业复工复产工作

为贯彻落实2月23日统筹推进新冠肺炎疫情防控和经济社会发展工作部署会议和2月25日国务院常务会议要求,2月26日,人民银行召开电视电话会议,部署金融支持中小微企业复.工复产工作。会议认为,当前疫情防控正处在最吃劲的关键阶段,支持配合统筹推进新冠肺炎疫情防控和经济社会发展是金融系统当前的头等大事。人民银行认真贯彻稳健的货币政策要更加注重灵活适度的要求,在前期已经设立3000亿元疫情防控专项再贷款的基础上。     

应对疫情冲击的财税政策建议

公共财政的主要职能就是提供满足公共需要的产品与服务,公共卫生是其重要组成部分。面对新冠肺炎疫情,财政需要在支持抓好疫情防控工作的前提下,深入系统分析新冠肺炎疫情对我国经济社会发展造成的影响,进一步发挥财政职能作用,帮助企业渡过难关、恢复生产,努力保持经济社会平稳健康发展。     

Corporate immunity,national culture and stock returns: Startups amid the COVID-19 pandemic

Small and medium-sized firms, particularly startups, are highly vulnerable to the COVID-19 pandemic because of their financial instability. Using a sample of listed startups across four countries, we investigate whether a startup's built-up capacity pre-COVID-19 can stimulate corporate immunity to endure the impact of the COVID-19 pandemic, reflected via stock performance. We find that the increase in the accumulated COVID-19 confirmed cases worsens stock returns and that the negative effect is alleviated if startups are greater in size as well as have low debt, large board size and CEO duality. Moreover, national cultural dimensions significantly moderate the relationship between stock returns and COVID-19. The COVID-19 negative impact is relieved in societies where people are more collectivistic and cooperative, less tolerant towards uncertainty, and more long-term oriented. Overall, our results support the consolidation of corporate capacities and suggest policymakers consider national culture when formulating COVID-19 or similar infectious pandemic strategies.     

Capture the contagion network of bitcoin – Evidence from pre and mid COVID-19

COVID-19 is the first global scale crisis since the inception of Bitcoin. We compare the contagion phenomenon of Bitcoin and other financial markets or assets pre and during the COVID-19 shock in both contemporaneous and non-contemporaneous manner. This paper uses the directed acyclic graph (DAG), spillover index, and network topology to provide strong evidence on the directional contagion outcomes of Bitcoin and other assets. The empirical results show that the contagion effect between Bitcoin and developed markets is strengthened during the COVID-19 crisis. Particularly, European market has a dominant role. Excluding Bitcoin’s own shocks, United State and European markets are the main contagion sources to Bitcoin. European market also works as a intermediary to deliver infectious from United State and market fear. The findings show that gold always has contagion effect with Bitcoin, while gold, US dollar and bond market are the contagion receivers of Bitcoin under the shock of COVID-19. The empirical results further proved the safe haven, hedge and diversifier potential of Bitcoin in economic stable time, but also shows that the sustainability of these properties is undermined during the market turmoil.     

COVID-19 and A-share banks' stock price volatility: From the perspective of the epidemic evolution in China and the US

With a financial market dominated by indirect financing, China's banking system played a critical role in the government's response to COVID-19, which piqued our interest in the short-term impact of COVID-19 on the risk of China's banks. Examining the stock price of A-share listed banks and the number of confirmed cases in China and the US during the short time window surrounding the COVID-19 pandemic's outbreak, this study reveals that COVID-19 increased the A-share banking price volatility in both China and the US, reflecting a strong spillover effect of the US economic and financial system. Furthermore, COVID-19 in China has a smaller impact on the stock price volatility of China's state-owned banks (SOBs) than that of medium- and small-sized (M&S) banks, reflecting the higher risk resistance capability of large SOBs. Further analysis confirms that the impact primarily reflected systematic risk rather than idiosyncratic risk, as small and micro enterprises and M&S banks received more targeted financial support from the government. In contrast, large banks took on more responsibilities in the emergency financial stimulus, narrowing the idiosyncratic risk gap between the two types of banks and allowing the banking industry to better play its core role in the recovery of real economy in China. These findings will assist us in better understanding the effectiveness of financial assistance policies during the epidemic and will provide insights for future policymaking during similar crises.     

New development: COVID-19 as an accelerator of digital transformation in public service delivery

ABSTRACT

In an unexpected circumstance, such as the COVID-19 pandemic, public service delivery cannot be suspended, but must be delivered online, relying on the available digital technology. Social media, specifically, have been widely used to reach a broader portion of the population. This article discusses the digital acceleration that governments and organizations are now facing. The focus is on Italian state museums, which have been pushed for years to adopt digital tools to increase participation. This article highlights three main dilemmas in service delivery: user engagement; planning and control; and costs. The three dilemmas show the social and organizational challenges connected to digital transformation, underlining the issues that organizations will have to face in the future and not just in an emergency such as COVID-19.     

Modelling the Distributional Impact of the COVID-19 Crisis*

The COVID-19 emergency has had a dramatic impact on market incomes and income-support policies. The lack of timely available data constrains the estimation of the scale and direction of recent changes in the income distribution, which in turn constrains policymakers seeking to monitor such developments. We overcome the lack of data by proposing a dynamic calibrated microsimulation approach to generate counterfactual income distributions as a function of more timely external data than are available in dated income surveys. We combine nowcasting methods using publicly available data and a household income generation model to perform the first calibrated simulation based upon actual data, aiming to assess the distributional implications of the COVID-19 crisis in Ireland. Overall, we find that the crisis had an equalizing real-time effect for both gross and disposable incomes, notwithstanding the significant hardship experienced by many households.     

Stock market reaction to COVID-19: Evidence from U.S. Firms’ International exposure

We examine the U.S. stock market reaction to the World Health Organization's announcement declaring COVID-19 a global health emergency, with a focus on firms' international exposure. We find that while international exposure through foreign sales, foreign assets, imports and exports are significant and negatively associated with standardized cumulative abnormal returns in the short-run, the effect reverses in the long-run. In the long-run, internationalization contributes to multinational firms being more resilient to economic shocks caused by COVID-19.