Macroeconomic interdependence under incomplete markets

This paper uses a two-country, flexible-price model with overlapping generations of infinitely lived households to study the role of net foreign asset dynamics in the propagation of productivity shocks. Absence of Ricardian equivalence ensures existence of a unique steady-state level of net foreign assets, to which the economy returns following temporary shocks. Model dynamics are significantly different from those of a setup in which terms of trade movements perform all the international adjustment and net foreign assets do not move. The difference relative to a complete markets economy in which net foreign asset movements play no role in shock transmission is smaller. It is amplified if the substitutability across goods rises and if shocks are permanent.     

Vertical intra-industry trade and foreign direct investment in East Asia

As economic integration in East Asia progresses, trade patterns within the region are displaying an ever-greater complexity: Though inter-industry trade still accounts for the majority, its share in overall trade is declining. Instead, intra-industry trade (IIT), which can be further divided into horizontal IIT (HIIT) and vertical IIT (VIIT), is growing in importance.In this paper, we set out to measure and examine vertical intra-industry trade patterns in the East Asian region and compare these with the results of previous studies focusing on the EU, to which such analyses so far have been confined. Based on the supposition that VIIT is closely related to offshore production by multinational enterprises, we then develop a model to capture the main determinants of VIIT that explicitly includes the role of FDI. The model is tested empirically using data from the electrical machinery industry. The findings support our hypothesis, showing that FDI plays a significant role in the rapid increase in VIIT in East Asia seen in recent years. J. Japanese Int. Economies 17 (4) (2003) 468–506.     

我国上市公司资本结构的评价模型

加入世贸组织 ,将对我国国有商业银行的银行业务、优质客户、人力资源和资产质量造成严重的冲击 ,为此 ,国有商业银行必须采取五个方面的对策 :增强银行实力、开展业务创新、提高服务质量、完善人力资源管理制度和加强资产质量管理。     

论交际法教学中听说能力的培养

当代外语教学的主要目的是培养学生的交际能力,而英语会话主要涉及听、说两方面内容。在外语教学中,仅仅教会学生一套机械的语法规则,一定数量的词汇,学生是无法令人满意地参与目的语交际活动的,因此,在外语教学中应充分重视听说能力的培养,做到听说领先。     

对外贸易对我国生态环境影响的实证分析

学术界对对外贸易与生态环境的关系还存在争论。本文建立了对外贸易影响环境的投入产出分析模型，并以此模型为基础，利用我国2002年投入产出表和我国能源消费数据，对我国2002年对外贸易对环境的影响进行了实证分析，得出了对外贸易有利于我国生态环境改善的结论。     

浅议中央银行沟通策略的选择

近十多年来,中央银行货币政策操作逐步从隐秘性转向开放和透明.中央银行与公众之间,不仅沟通内容日趋丰富,而且沟通渠道更加多样化.为了保持沟通的连贯性和一致性,提高沟通的有效性,中央银行必须实施明确的沟通策略.     

论商业银行核心竞争力的内涵及主要特征

商业银行的核心竞争力是商业银行在激烈的市场竞争中形成的优于竞争对手、保持竞争优势和持续发展的能力,体现了商业银行特殊的市场价值取向、抵抗市场风险和获得持续竞争优势的能力,集中反映了商业银行在市场竞争下的竞争能力和竞争优势。商业银行的知识、信息技术、经营机制、文化和伦理是影响商业银行核心竞争力的主要因素。战略价值性、独特性、延展性、系统整合性和动态性是商业银行核心竞争力的主要特征。     

Orange County Bankruptcy: Financial Contagion in the Municipal Bond and Bank Equity Markets

We examine the spillover wealth effects of the Orange County, California bankruptcy announcement in December 1994 on municipal bonds, municipal bond funds, and bank stocks. This bankruptcy is prominent because of unprecedented losses and because it was caused by a highly leveraged derivatives strategy rather than a shortage of tax revenues and excess spending. We find contagion in the bond market with significantly negative abnormal returns for municipal bond funds without direct exposure to Orange County and for non‐Orange County municipal bonds. In addition, our findings suggest the contagion spills over to the common stocks of investment and commercial banks that deal in or use derivatives; however, the equities of banks unexposed to derivatives are not affected.     

国有银行应战外资银行的初级阶段及对策

国有银行面临着中国入世后外资银行的强大挑战。在中国银行业逐步开放的过程中，将会形成一个双方竞争的初级阶段。这个阶段是国有银行在同对方全面竞争前调整自己，适应新对手、新环境的难得机遇。本文分析了竞争初级阶段的特征及对手可能采取的策略，并阐述了发挥国有银行竞争优势、提高技术水平和管理能力的基本对策。     

浅谈我国银行内部审计的发展

银行内部审计随着银行业务的扩大，越来越受到高层管理者的重视，它是由相对独立、较为超胶铁稽核部门来执行的一种再监督。加入WTO以后，银行稽核工作从观念到工作方法都将发生重大变革。首先是观念的变革，银行内部审计的重点将由事后审计向事前审计转移，突出表现为检查风险向控制风险转移，内容由财务收支、资产质量等专项稽核向整体评价转移，更加注重绩效审计，同时加强对风险评估和管理方面的审计；其次是工作方法的变化，手段上充分利用计算机处理原始数据，方法上改变过去被动地接受稽核项目，按稽核方案对所辖行实施无差别的稽核，转为利用内部控制评价结果有区别地决定稽核对象、稽核频率、现场稽核的检查面。