我国银行中介对产业结构升级影响的实证研究——基于动态面板模型的分析

本文基于我国金融体系以银行中介占主导地位的客观现实和产业结构升级中银行信贷资金的重要作用,利用1990-2005年的分省面板数据,建立动态面板数据模型,检验了我国银行中介对产业结构升级的影响效应.结果表明:从全国整体看,银行中介对产业结构升级具有显著的正向影响效应;从区域看,银行中介对中西部欠发达地区的影响效应大于其对东部发达地区的影响效应.     

长三角养老金融已初具规模,联动仍需深化发展

2019年12月1日,中共中央、国务院正式印发《长江三角洲区域一体化发展规划纲要》,其中多处提到养老产业的发展。长三角是我国区域一体化起步最早、基础最好、程度最高的地区,但同时也是老龄化程度最高的地区,而养老金融正在养老体系中扮演着越来越重要的角色。如何运用长三角一体化来更好地协同发展长三角地区的养老金融,以应对长三角地区严峻的老龄化问题亟待关注,而长三角养老金融的一体化也可为全国其他地区提供可复制的模式和经验。     

长三角银行发展研究

通过建立一套计量中国省域银行业发展的指标体系,据此分析长三角地区银行的发展水平,结果显示:在时间维度上,长三角地区银行规模逐渐扩大,银行结构逐渐优化,银行效率提高。在空间维度上,安徽、江苏、浙江、上海银行发展水平依次提高,银行发展与经济发展存在平行关系;安徽银行发展水平相对滞后,江苏银行业存在发展空间。     

长三角养老金融崛起 高质量发展仍有较大空间

"一体化"和"高质量"是长三角发展的两大"关键词"。长三角高质量发展的道路上,老龄化这一难题始终横亘在前。在这片全国老龄化最严重的区域中,养老金融的高品质呈现,将会为长三角的高质量发展提供核心动力。长三角的养老金融高质量发展之路也能够为全国其他地区起到引领和示范的作用,为解决全国老龄化难题提供范本。     

金融发展与国际贸易:来自长三角地区的经验证据

长三角地区既是中国外向型经济发展的典型代表也是中国金融发展进程中的领跑者。本文基于1998-2010年长三角地区16个市的面板数据,检验了金融发展对国际贸易的影响。结果显示,在控制了物质资本与人力资本禀赋、外商直接投资、民营化水平与政府干预这些因素后,银行中介发展对国际贸易具有显著的促进作用,而股票市场发展在一定程度上对国际贸易具有阻碍作用。     

新时期下湖州经济发展的机遇与挑战

长三角地区经济发展居于全国领先地位。作为长三角城市群中的一员,浙江省湖州市地理位置优越,经济发展迅速。但在其经济的发展过程中,也出现了一些问题。尤其是相较长三角或环太湖其它城市而言,湖州经济发展态势较弱。如何在新形势下结合自身区位等优势,发展特色产业,从而推动经济稳定可持续发展是湖州当前面临的难题。故对其研究具有理论和现实意义。     

打破“银政壁垒”实现联动双赢——关于长三角金融如何实现联动的调研报告

长三角，一块神奇的土地。而积虽然仅占全国的1％，但经济总量却占全国的17％，银行的存贷款增量占全国的近三分之一。长三角，又是一个令世人瞩目、向往的地方。它是世界第六大城市群，16个地级以上城市，中国经济实力最强的35个城市中有10个在长三角，全国综合实力百强县(市)长三角占了一半。这里聚集着近百个工业产值超100亿元的产     

银行的本质与演化

对于“银行是什么?”这一问题,经济学家已经持续地探讨了上百年的时间,关于银行许多人给出过不同的定义.早在十九世纪中期,英国学者Macleod (1856)就提出了银行不是简单地贷出它吸纳来的资金,而是在创造信贷.这种信贷创造学说认为银行并不是借出他们的存款,而是通过扩大其信贷而创造了存款.实际上,对银行的这种认知在经济学界的主导地位持续到了二十世纪50年代,随着金融中介理论的提出而发生了根本性的转变.其中促成这种转变的最强推手是托宾,他认为银行并不特殊,它们和其他非银行机构一样都是金融中介.此后,银行的金融中介观代替了信贷创造观,并形成了主流的货币银行理论.     

长三角地区国际贸易竞争力现状及策略

随着经济全球化的不断发展,中国对外贸易在全球贸易中的地位不断增强。与此同时,中国对外贸易在国民经济发展中的作用也越来越大。作为中国外向型经济的典型代表,长三角地区的经济规模和对外贸易在全国占有相当大的比例。因此,分析长三角地区国际贸易竞争力现状,揭示该地区发展中的问题,并从产业结构调整与升级,改善政府职能等方面提出相应策略具有一定的现实意义。本文首先从长三角地区对外贸易规模及结构两个方面阐述长三角地区国际贸易竞争力的现状,并分析该地区国际贸易面临的机遇与挑战及其具备的优势及劣势;其次将通过科学合理的方法,对这些问题进行深入研究与剖析,并寻求提升长三角地区国际贸易竞争力的对策和建议。     

长三角金融合作与上海国际金融中心建设

随着上海国际金融中心建设的不断推进,各方面的认识也在不断深化。上海国际金融中心建设是一项系统工程,涉及到方方面面,但其中最重要的核心内容,是金融要素市场体系的建设。在这个市场体系的构建和完善过程中,服务长三角地区经济和金融发展,是上海国际金融中心建设服务全国战略的重要组成部分。而加强长三角地区金融合作,     

Money, intermediation, and banking

The business of money creation is conceptually distinct from that of intermediation. Yet, these two activities are frequently—but not always—combined together in the form of a banking system. We develop a simple model to examine the question: When is banking essential? There is a role for money due to a lack of record-keeping and a role for intermediation due to the existence of private information: both money and intermediation are essential. When monitoring costs associated with intermediation are sufficiently low, the two activities can be separated from one another. However, when monitoring costs are sufficiently high, a banking system that combines these two activities is essential.     

外资难舍长三角

相对于集中辐射国外的珠三角而言，长三角的情况恰恰相反，它有着很强的内部“消化能力”，外商们也因此难挡来自长三角的市场诱惑。     

Bank liabilities channel

The financial intermediation sector is important not only for channeling resources from agents in excess of funds to agents in need of funds (lending channel). By issuing liabilities it also creates financial assets held by other sectors of the economy for insurance or liquidity purpose. When the intermediation sector creates less liabilities or their value falls, agents are less willing to engage in activities that are individually risky but desirable in aggregate (bank liabilities channel). The paper shows how financial crises driven by self-fulfilling expectations about the liquidity of the banking sector are transmitted to the real sector of the economy. Since the government could also create financial assets by borrowing, the paper analyzes how public debt affects the issuance of liabilities by the financial intermediation sector.     

Interest rate spreads and banking system efficiency: General considerations with an application to the transition economies of Central and Eastern Europe

Low spreads between loan rates and deposit rates are indicative of a more efficient financial system. We argue that spreads are better cross country measures of banking system efficiency than the net interest margins used in previous studies. We present theoretical and empirical evidence that the spread may be a particularly good measure of efficiency, both for the transition economies and other countries. The spread is a financial intermediation measure and is highly negatively correlated with conventional measures of intermediation. Consistent with theory, the spread is negatively related to economic growth. We also find that the spread has determinants similar to other FI measures. International agencies should report spreads and put more emphasis on this measure of efficiency.     

长三角一体化背景下金融营商环境评估与优化

作为我国深化金融开放、推进金融创新的重要区域,长三角地区不仅金融总量庞大、金融业态丰富、金融生态优越,而且还拥有上海国际金融中心这一龙头以及各类区域金融改革试点,金融体制机制创新十分活跃,这些因素都为长三角经济社会一体化发展奠定了坚实的金融基础。然而,与长三角一体化加快推进的大趋势相比,金融领域的一体化建设总体还处于酝酿和规划阶段,有待实质性破题。其中,一个基础性的问题在于:长三角一体化发展大背景下,金融业的高质量一体化发展需要怎样的金融营商环境。本文借鉴企业生命周期视角下营商环境的定义,对金融营商环境的内涵进行准确界定,给出长三角一体化背景下金融营商环境评估的分析框架和评估结果,并针对性地提出优化金融营商环境的政策建议。     

城市集群引领中部崛起——武汉城市圈谋定而动

借鉴“长三角”、“珠三角”的经验，制定区域经济一体化的联动政策．已成中部共识。六省已经或正准备出台各自的区域经济发展蓝图。城市集群的形成和发展正引领中部地区快速崛起。     

The regulator’s trade-off: Bank supervision vs. minimum capital

We develop a simple model of banking regulation with two policy instruments: minimum capital requirements and the supervision of domestic banks. The regulator faces a trade-off: high capital requirements cause a drop in the banks’ profitability, whereas strict supervision reduces the scope of intermediation and is costly for taxpayers. We show that a mix of both instruments minimises the costs of preventing the collapse of financial intermediation. Once we allow for cross-border banking, the optimal policy is not feasible. If domestic supervisory effort is not observable, our model predicts a race to the bottom in capital requirement regulation. Therefore, countries are better off by harmonising regulation on an international standard.     

推进"长三角"金融协调发展与建设上海国际金融中心的有效互动

建设上海国际金融中心是一项国家战略,而推动"长三角"地区协调发展则是国家区域发展总体战略的重要组成部分。同样是作为重要的国家经济金融发展战略,如何把二者有机地结合起来,形成"长三角"经济金融协调发展和上海国际金融中心建设良性互动的局面,是本文重点研究和思考的问题。作者从"长三角"金融协调发展现状、"长三角"地区协调发展与上海国际金融中心建设作为两项国家战略的结合、"长三角"金融协调发展与上海国际金融中心建设有效互动的重要意义、推进"长三角"金融协调发展的重要突破口等方面做了深入阐述。     

A lost century in economics: Three theories of banking and the conclusive evidence

How do banks operate and where does the money supply come from? The financial crisis has heightened awareness that these questions have been unduly neglected by many researchers. During the past century, three different theories of banking were dominant at different times: (1) The currently prevalent financial intermediation theory of banking says that banks collect deposits and then lend these out, just like other non-bank financial intermediaries. (2) The older fractional reserve theory of banking says that each individual bank is a financial intermediary without the power to create money, but the banking system collectively is able to create money through the process of ‘multiple deposit expansion’ (the ‘money multiplier’). (3) The credit creation theory of banking, predominant a century ago, does not consider banks as financial intermediaries that gather deposits to lend out, but instead argues that each individual bank creates credit and money newly when granting a bank loan. The theories differ in their accounting treatment of bank lending as well as in their policy implications. Since according to the dominant financial intermediation theory banks are virtually identical with other non-bank financial intermediaries, they are not usually included in the economic models used in economics or by central bankers. Moreover, the theory of banks as intermediaries provides the rationale for capital adequacy-based bank regulation. Should this theory not be correct, currently prevailing economics modelling and policy-making would be without empirical foundation. Despite the importance of this question, so far only one empirical test of the three theories has been reported in learned journals. This paper presents a second empirical test, using an alternative methodology, which allows control for all other factors. The financial intermediation and the fractional reserve theories of banking are rejected by the evidence. This finding throws doubt on the rationale for regulating bank capital adequacy to avoid banking crises, as the case study of Credit Suisse during the crisis illustrates. The finding indicates that advice to encourage developing countries to borrow from abroad is misguided. The question is considered why the economics profession has failed over most of the past century to make any progress concerning knowledge of the monetary system, and why it instead moved ever further away from the truth as already recognised by the credit creation theory well over a century ago. The role of conflicts of interest and interested parties in shaping the current bank-free academic consensus is discussed. A number of avenues for needed further research are indicated.     

长三角城市群经济联系网络结构研究——基于社会网络视角的分析

作为中国经济活动最活跃的地区之一,长三角城市群网络化发展将是长三角城市区域今后发展的主要特征。本文基于社会网络分析方法,借鉴城市引力模型,以长三角城市群16个中心城市间的经济联系为例,对长三角城市群网络的基本形式、结构属性和网络微观特征进行实证分析。研究结果显示,长三角城市群经济关联网具备了中等网络规模,但内部各城市间联系不均衡性特征明显,多中心网络协同发展格局已初步形成。