网络货币在我国发展的现状及存在问题分析

网络货币是继电子货币后新出现的一种虚拟信用货币。它具有电子货币的优点,更具有隐匿性好、流通方便等优势。最近几年在我国和世界范围内有较快发展。随着网络在中国加速普及,网络货币在流通、支付、监管等方面出现许多问题。本文通过研究网络货币的发展现状,认为网络货币作为一个金融创新,可以成为未来货币发展的一个方向,应用方面将会从外延和内涵大大发展。但是,央行应该对此尽早制定相应规则,以使其健康发展。     

商业银行政府融资平台信贷业务风险及防范

随着中国投融资体制改革深化，分税制改革导致财政收入向中央政府集中，加剧了各级地方政府旺盛的投资需求与有限财力供给之间的矛盾。为规避现行法律的限制，各级政府都通过融资平台借贷资金用于非经营性、准经营性项目，并依靠财政未来收入还本付息。伴随着商业银行追逐利润产生的放贷冲动，政府融资平台贷款亦呈超常增长之势，这种大规模集中投放隐含了借款主体还贷能力不足、贷款项目政策性风险问题突出、贷款担保流于形式等多种风险。应加强商业银行风险管理，采取各种风险防控的应对措施。     

The determinants of bank interest rate margins: an international study

This paper studies the determinants of bank net interest margins (NIMs) in six selected European countries and the US during the period 1988–1995 for a sample of 614 banks. We apply the Ho and Saunders model (Ho, T., Saunders, A., 1981. The determinants of bank interest margins: theory and empirical evidence. Journal of Financial and Quantitative Analyses 16, 581–600) to a multicountry setting and decompose bank margins into a regulatory component, a market structure component and a risk premium component. The regulatory components in the form of interest-rate restrictions on deposits, reserve requirements and capital-to-asset ratios have a significant impact on banks NIMs. The empirical results suggest an important policy trade-off between assuring bank solvency—high capital-to-asset ratios—and lowering the cost of financial services to consumers—low NIMs. The more segmented or restricted the banking system—both geographically and by activity—the larger appears to be the monopoly power of existing banks, and the higher their spreads. Macro interest-rate volatility was found to have a significant impact on bank NIMs; this suggests that macro policies consistent with reduced interest-rate volatility could have a positive effect in reducing bank margins.     

我国边境贸易研究热点述评

边境贸易是我国对外开放和对外贸易的重要组织部分。近几年,随着国内外环境的深刻变化,我国边境贸易发展遇到了空前的挑战,面临新的转折。文章对影响我国边境贸易发展的国内外环境、边境贸易政策、银行结算和规范贸易秩序等方面的思想观点进行了系统的梳理,并在适当分析和点评的基础上,对其发展趋势给予了展望。     

Categories and causes of bank distress during the great depression, 1929–1933: The illiquidity versus insolvency debate revisited

During the contraction from 1929 to 1933, the Federal Reserve System tracked changes in the status of all banks operating in the United States and determined the cause of each bank suspension. This essay analyzes chronological patterns in aggregate series constructed from that data. The analysis demonstrates both illiquidity and insolvency were substantial sources of bank distress. Periods of heightened distress were correlated with periods of increased illiquidity. Contagion via correspondent networks and bank runs propagated the initial banking panics. As the depression deepened and asset values declined, insolvency loomed as the principal threat to depository institutions.     

日本银企信用关系的约束机制分析

战后,基于日本企业融资结构的特点,日本银企之间形成了一种长期的交易关系,其得以维系依赖于日本主银行制度与企业内在机制约束作用的双重迭加。分析表明,充分发挥作为企业主要金融援助者的银行对于企业的指导与监督作用是实现银企信用关系约束机制有效性的关键。     

中国经济发展必须直面输入型金融危机

中国大宗商品进出口价格的巨大背离、中国国内价格的背离将导致企业整体利润下降或亏损增加。由于我国融资体系以间接融资为主且数家国有银行占主导。因此企业经营风险将集中转移至银行体系，直接表现为银行呆坏账提高。这种风险积聚到一定程度将可能以金融危机形式表现出来，而这种金融危机不同于传统意义的金融危机，而是由于中国对外经济依存度过高、国际市场大宗商品和制成品不合理的定价体系所造成的。     

Does Bank Monitoring Influence Loan Contract Terms?

We examine the impact of bank monitoring on loan contract terms using a new proxy for monitoring ability based on the labor input into monitoring. We show in out-of-sample tests that the proxy is a statistically and economically significant determinant of future loan quality. Accounting for clustering of observations by lead bank, and controlling for borrower characteristics, contract features and bank risk, we find a statistically significant direct relationship between monitoring ability and loan maturity and a statistically and economically significant direct relationship between monitoring ability and the loan yield spread. The relationships are particularly strong for working capital loans. The views and opinions expressed in this paper are those of the authors and do not necessarily reflect those of the Australian Prudential Regulation Authority.     

Bank Consolidation, Internationalization, and Conglomeration: Trends and Implications for Financial Risk

This paper documents trends in bank activity, consolidation, internationalization, and financial firm conglomeration with data on more than 100 countries, and explores the extent to which financial firm risk and systemic risk potential in banking are related to consolidation and conglomeration. The relationship between consolidation, conglomeration and financial risk is documented using financial data on the largest 500 financial firms worldwide and on large banks in about 90 countries. We find that (a) large conglomerate firms did not exhibit levels of risk‐taking lower than smaller and specialized firms in 1995, while they exhibited higher levels of risk‐taking in 2000; (b) highly concentrated banking systems exhibited levels of systemic risk potential higher than less concentrated systems during the 1993–2000 period, and this relationship has strengthened during the 1997–2000 period. We outline research directions aimed at explaining why bank consolidation and conglomeration may not necessarily yield either safer financial firms or more resilient banking systems.