我国虚拟货币监管机制研究

虚拟货币在网络交易中表现出一些货币特征。本文根据我国虚拟货币的市场规模和流通方式，分析虚拟货币在流通与交易中存在的风险，借鉴美国和欧洲等国家经验，提出构建以虚拟货币发行厂商交易平台为枢纽的监管体系。     

虚拟货币洗钱风险研究

本文厘清了虚拟货币的概念、分类、实质与定位以及虚拟货币体系中的参与者,分析了虚拟货币潜在的洗钱风险,总结了利用虚拟货币进行洗钱的基本原理,以四账户为例模拟了跨境虚拟货币洗钱的模式。结合当前国内外虚拟货币反洗钱现状给出虚拟货币反洗钱方面的政策建议。研究结论表明,分散式和可兑换式虚拟货币更易于用于洗钱,虚拟货币发行方和交易服务应纳入反洗钱监管以有效降低虚拟货币洗钱风险。     

论加强对虚拟货币市场的监管

随着信息技术与互联网的高速发展,虚拟货币成为必不可少的网络小额支付手段,其方便、快捷、高效和经济的结算方式带来了极大的社会效益,但其应用也带来了诸多风险。本文从虚拟货币的定义、功能、特点入手,分析虚拟货币市场潜在的风险,并提出相关监管建议。     

虚拟货币洗钱风险及其控制研究

虚拟货币交易快捷方便、匿名性的特点被犯罪分子利用成为洗钱新手段.虚拟货币洗钱问题引起FATF及各国金融监管部门的高度关注.我国禁止虚拟货币境内发行和交易,但境内主体仍通过互联网参与境外虚拟货币交易,而现行反洗钱运行体系对虚拟货币洗钱风险的有效控制仍有待提升.应借鉴国际经验,加强顶层设计,尽快完善虚拟货币反洗钱制度,将虚拟货币纳入反洗钱监管;明确有关机构的反洗钱职责,督促其认真履行反洗钱义务,有效控制虚拟货币的洗钱风险.     

虚拟货币市场主体的规范与指引:基于反洗钱视角

当信息技术与互联网的高速发展,虚拟货币(virtual money)成为必不可少的网络小额支付手段.本文从虚拟货币的功能、特点以及现有相关法规入手,分析虚拟货币市场潜在的洗钱风险与常见的洗钱模式,在此基础之上,针对虚拟货币市场主体提出相关的对策与建议,目的在于规范虚拟货币市场,引导其向健康的方向发展.     

虚拟货币反洗钱问题研究

随着信息技术的发展,虚拟货币等新型数字化支付工具不断涌现。我国对虚拟货币的研究、监管相对滞后,使其容易被犯罪分子利用进行洗钱活动,如何有效防范虚拟货币洗钱风险是理论界和监管层面临的难题。通过研究了虚拟货币反洗钱监管的理论与现实基础,分析虚拟货币面临的洗钱风险;在借鉴国外理论和实践的基础上,对我国规范、完善虚拟货币监管和防范洗钱风险做了深入的探索研究。     

试论虚拟货币的风险和监管策略

虚拟货币是伴随互联网发展而产生的新兴产物。它在提高发行人交易效率和方便消费者的同时,也伴随着巨大的潜在风险。本文首先分析了虚拟货币的相关风险,主要包括安全风险、进行非法交易的风险和流动性风险等,然后在分析我国虚拟货币监管状况和国际监管经验的基础上,指出了我国加强虚拟货币监管的重要意义,并提出了相关建议。     

电子货币与虚拟货币比较研究

本文首先对电子货币与虚拟货币的概念进行了界定,然后从发行主体与信用保证、支付方向与支付范围、是否具有借币收费过程等方面的性质进行了比较研究。本文认为,银行等金融机构发行的电子货币具有交易媒介功能,是具有无限支付能力的全局货币;网络企业发行的法币预付充值型网络虚拟货币不是交易媒介,在性质上不是真正的货币,只是局部性单向支付工具;类似人大经济论坛币这样的纯粹虚拟货币在其虚拟经济系统中是双向支付工具,具有交易媒介性质,是一种有限支付能力的局部货币,但是其离开了虚拟社区就不再作为交易媒介,而最多可能成为倒卖对象。     

虚拟货币洗钱问题的监管研究

近年来,随着区块链技术应运场景的不断扩展,据此开发的各种虚拟货币层出不穷,令人眼花缭乱。因其交易的匿名性、跨界性、虚拟性以及不可追溯性,为犯罪分子带来了可乘之机。他们通过虚拟货币进行洗钱、贩毒、逃税、诈骗等违法活动,对社会和经济发展造成极大危害。为此,本文从分析虚拟货币洗钱风险入手,通过重点分析虚拟货币交易特点、风险表现形式以及我国的监管实际,在比较国际虚拟货币洗钱监管实践的基础上,提出目前我国应对虚拟货币洗钱的监管对策。     

从虚拟货币的生命周期论金融监管体系构建

虚拟货币具有完整的产品生命周期特性,并且在货币发行上呈现出新的特征,虚拟货币本身的稳定性与坚实性,虚拟货币赎回问题都对金融稳定性提出了挑战,而虚拟货币的虚拟性和跨国界交易的跨时空特性对反洗钱等金融监管活动提出了挑战。本文从新巴塞尔协议入手,探讨现代金融监管的特征,通过对虚拟货币生命周期的分析和对现代金融监管带来的挑战,并比较国际上现有的虚拟货币监管框架,阐述并提出虚拟货币监管体系构建框架,提出了虚拟货币监控机制的6个核心问题。     

构建同业拆借和债券交易监测指标

该文在分析银行间同业拆借和债券交易业务风险类别的基础上，构建了这两种业务的监测指标体系，并进一步设计了预警系数；该体系的运用将有助于金融监管部门及时准确地了解金融机构在货币市场中所面临的风险。     

货币服务商洗钱风险分类与管理研究

洗钱风险分类与管理是货币服务商反洗钱工作的重要内容。本文从国家地域风险、客户风险、产品风险等方面对货币服务商洗钱风险作了理论上的分类,并从内部控制、客户尽职调查、监测可疑交易、对代理的尽职调查与监测、教育培训等方面对货币服务商洗钱风险管理予以政策分析。     

Money laundering and audit fees

We investigate the association between state-level money laundering sentences and audit fees in the US. Money laundering measures a broad category of offenses involving financial transactions using funds or monetary instruments gained through criminal activities and tax evasion. We find that firms headquartered in US states with high rates of money laundering sentences pay more audit fees. Our results suggest that auditors incorporate, as a fee premium, the higher risks involved when clients operate in those states. Our result remains robust to alternative specifications of money laundering proxies, and to the inclusion of a number of firm-level and state-level control variables. We also conduct two-stage least squares and propensity score matching analysis to mitigate the endogeneity problem that might arise from omitted variables, reverse causality, or model misspecification problems.     

并购保证及补偿保险：机理、释义及展望

随着全球经济的企稳回暖和政府"走出去引进来"战略的实施,我国企业跨国并购交易稳步增长。但在并购过程中,风险无处不在。企业应如何转移、规避并购交易风险?学术界往往从企业和政府角度探讨解决方案,忽视了保险的重要作用。本文在分析我国企业跨国并购趋势及风险的基础上,从经济学视角剖析了并购保证及补偿保险的产生机理,对其主要术语进行了释义,并展望了其在我国的应用前景。并购保证及补偿保险将成为我国企业跨国并购的"稳定器"和"助推器"。     

The Use of Electronic Funds Transfers to Capture the Effects of Cash Management Practices on the Demand for Demand Deposits: A Note

The rapidly increasing use of more sophisticated cash management practices is a factor influencing the demand for money that is not considered in standard models of money demand. Within the framework of an inventory theoretic model of money demand, this paper provides theoretical grounds for using the number of electronic funds transfers as an indication of increasing cash management sophistication. Specifically, the demand for demand deposits is determined from the solution of a simultaneous equation system that also determines the optimal level of cash management. Therefore, the level of cash management services influences transactions costs, implying that transactions costs are endogenous. The number of electronic funds transfers is closely linked to the level of cash management services and is therefore related to transactions costs. Models of money demand that treat transactions costs as exogenous and fixed are therefore misspecified and will not perform well when transactions costs are changing. By explicitly incorporating the changing nature of transactions costs through the use of electronic funds transfers, the problems of instability and poor predictive power associated with the demand for money in the 1970's are overcome.     

Money,Bitcoin, and Monetary Policy

A search-theoretic model is constructed, where money and Bitcoin can be used as mediums of exchange. We investigate how each currency facilitates transactions and how they compete with each other. Quantitative analysis shows that welfare in an economy with both money and Bitcoin is lower than in a money-only economy due to congestions in the confirmation of Bitcoin transactions and that the welfare gap between the two economies expands as inflation rises. Moreover, an increase in transaction fees for Bitcoin can increase welfare by reducing inefficient Bitcoin transactions.     

The Weekend Eurodollar Game

A growing number of large U.S. banks have used artificial Eurodollar transactions in connection with the heavier weighting of Fridays in the calculation of required reserves to significantly reduce the impact on them of that requirement. This reserve avoidance behavior bestows an unintended and inequitable benefit on those banks engaging in it, unnecessarily increases risks from credit exposures and potentially distorts money stock measures. The incentive for this activity and hence its practice can best be removed by paying interest on required reserves or weighting Fridays equally with all other business days in the reserve requirement calculations.     

An Empirical Analysis of Stock and Bond Market Liquidity

This article explores cross-market liquidity dynamics by estimatinga vector autoregressive model for liquidity (bid-ask spreadand depth, returns, volatility, and order flow in the stockand Treasury bond markets). Innovations to stock and bond marketliquidity and volatility are significantly correlated, implyingthat common factors drive liquidity and volatility in thesemarkets. Volatility shocks are informative in predicting shiftsin liquidity. During crisis periods, monetary expansions areassociated with increased liquidity. Moreover, money flows togovernment bond funds forecast bond market liquidity. The resultsestablish a link between "macro" liquidity, or money flows,and "micro" or transactions liquidity.