Interview with Robert A. Lindsay,Vice President,Public Affairs and Communication for Coca-Cola Africa Group,United Kingdom

ABSTRACT

The paper empirically investigates the extent to which environmental factors affect the intermediation performance of the financial superstructure in Nigeria. A number of intermediation-environmental models were constructed and estimated against annual Nigerian data from 1970 to 2000. Among the various environments of financial intermediation, the socio-political environment, the regulatory environment, and the eco-financial environment exert very great influences on the operations of the financial superstructure. This is based on the evidence from the results, which revealed the socio-political index, regulatory index, and foreign exchange market variables as the most critical predictors of the financial intermediation-output-related index. Other factors such as inflation, taxation, financial market imperfection, and the growth rate of the economy appear not to exert statistically significant effects on the intermediation operations of the financial superstructure. Generally, the utility of the specified models was satisfied as indicated by the results of the global statistics.     

中国的金融市场开发要打造新的模式

当今全球的金融市场上,市场对金融系统的压力越来越大,传统的融资方式已经不能满足投资者的需要。一种新的金融工具—贷款证券化,使资金拥有者可以通过这一渠道将资金转移到贷款者手中。这种形式可以很好地解决当今社会许多融资难的问题,如果能够在我国的金融体系中得到完善,会极大地促进我国的经济建设,也能很好地解决我国金融体系的现实问题。     

Liquidity Pools, Risk Sharing, and Financial Contagion

This paper reevaluates the Allen–Gale (2000) analysis of interbank deposits to explain financial contagion. This paper modifies the pecking order of asset liquidation developed in Allen–Gale, which is essential in fragility analysis. Furthermore, we also provide a claim structure called liquidity pool that can both achieve risk sharing and prevent financial contagion across regions when asymmetric information about bank assets is absent. This model can partly explain why bank panics reduced substantially after the founding of the Fed and the role of IMF in regional financial crises.     

Asymmetric information, financial intermediation, and business cycles

Summary. This incorporates a debt contracting problem with asymmetric information into a standard monetary business cycle model. The model incorporates a limited participation assumption in order to induce a liquidity effect of monetary shocks and propagate monetary disturbances. The model economy shows that a positive money supply shock generates a decrease in nominal interest rates and an increase in output level. Asymmetric information amplifies the response of capital to the money supply shock, but does not propagate them in other ways. When the monetary shock is an innovation in reserve requirements, it induces a persistent response of the economy. Received: March 20, 1998; revised version: 1 April 1998     

Active intermediation in a monetary overlapping generations economy

This paper establishes that the profit-seeking activities of private intermediaries can ensure Pareto efficiency in the standard pure-exchange monetary overlapping generations economy without the need for government monetary or fiscal policy intervention. Moreover, these profit-seeking activities are shown to rule out all aperiodic and k-periodic cycles for k greater than 2. Contrary to much recent work on intermediation, the profit opportunities that arise for intermediaries in this context are not due to assumed frictions or asymmetric information. Rather, they are due to the dynamic open-ended structure of the economy, which permits debt roll-over.     

金融中介发展、企业家精神与区域经济增长——基于省级面板数据的实证研究

本文利用1999--2010年我国30个省市的面板数据,对金融中介、企业家精神和区域经济增长之间的关系进行了实证研究。实证结果显示：金融中介发展尤其是效率的提高,对经济增长有直接的推动作用,但其增长效应存在地区差异;企业家精神能够促进经济增长,但企业家创新精神的经济增长效应远低于创业精神的经济增长效应;金融中介发展主要通过支持企业家创业活动促进经济增长。     

Interbank market frictions, international banks and growth

In developing countries and countries in transition, a lack of finance is regarded as a major reason for the underperformance of the SME sector. The financial sector does not channel funds efficiently from savers to the most efficient investment. In a general equilibrium endogenous growth model, we explain the underperformance of the SME sector by interbank market frictions. High information costs in the interbank market lead to a high loan/deposit spread and hence to a low growth equilibrium. The solution to this problem is twofold. First, central bank policy could reduce interbank information problems by providing effective bank supervision. Second, if the central bank is expected not to have sufficient monitoring capabilities, reputation and reserves, opening up the interbank market to international banks can substitute for insufficient central bank activities.The sources of this advantage in efficiency are stronger incentives for workers and managers (direct connection between effort and return), easier monitoring and greater flexibility (McIntyre 2001).     

MODELS OF BANKING INSTABILITY: A PARTIAL REVIEW OF THE LITERATURE

Abstract. This paper critically examines the theoretical literature on banking instability that has followed Diamond and Dybvig (1983). It explores the extent to which it (a) explains banking instability within a theoretical context in which financial intermediaries improve on unintermediated markets, and (b) justifies government involvement in the financial intermediation industry. It suggests that the literature has yet to provide a satisfactory theoretical basis for banking instability as such since the intermediaries which arise from it are peculiar mutual funds that bear little resemblance to real-world banks. In addition, the paper challenges the widespread belief that this literature provides a sound foundation for government involvement in the industry. It suggests that arguments for government intervention are open to objection on various grounds, the most important one being that they are inconsistent with the existence of properly motivated financial intermediation in these models.     

金融中介服务产出核算方法研究

如何间接测算金融中介服务产出是目前国内外国民经济核算研究的热点问题。联合国SNA（2008）对SNA（1993）的净利息收入法做出了修订,主张采用参考利率来计算,但却面临参考利率难以确定的问题。通过对SNA（2008）的方法进行改进,创新地提出通过计算金融中介服务费率来获得参考利率,并估算了广东的金融中介服务总产出。