The role of banks in CESEE countries: exploring non-standard determinants of economic growth

This paper explores the finance–growth nexus in 14 countries from Central, Eastern and South-eastern Europe (CESEE) over the 1995–2015 period. It investigates whether including two ‘non-standard’ variables, i.e. a credit cycle dummy and foreign bank relevance, deepens our understanding of the role of a typical financial determinant of economic growth, i.e. bank credit. We find evidence of a negative impact of bank credit on economic growth and the significance of cyclical fluctuations of bank credit. In contrast, a higher market share of loans granted by foreign-owned banks in a cyclical upswing and stock market capitalisation are found to have a proactive effect on growth.     

China–US trade: implications on conflicts

ABSTRACT

In this study, we examine various aspects of China’s trade, the U.S.’ trade, and the bilateral trade between the two countries. The analysis of each aspect has direct and indirect implications on trade conflicts between the two countries. We focus on important factors, such as the growth of trade, import penetration, increased competitiveness of Chinese firms, comparative advantages of Chinese goods, China’s WTO entry and its compliance, and bilateral trade imbalance. While each of the factors can lead to trade frictions, individual factors will not have led to a large-scale trade war. These factors converge within a brief period and thus can be considered the China shock, thereby making other countries’ adjustments to their economic structures difficult. Therefore, trade frictions are inevitable.     

Through trade wars,East Asians finally learning to cooperate with each other?

ABSTRACT

In this paper, I examine the Sino-U.S. trade disputes from less-talked about angles: institutional differences, SOEs, hukou control and contemporary Chinese history. Based on these, I provide suggestions for future cooperation and improvement.     

大学生旅游市场营销误区浅析

大学生旅游市场因其蕴含的巨大潜力已成为业内商家关注的亮点,但在经历了几年的研究与开发之后,大学生旅游市场并没有发生显著的变化,反而似乎已变为让商家望市兴叹的“鸡肋”。文章对这一现象进行了重点分析,找出关键的营销误区,并提出相应的改进建议。     

我国银行卡市场发展状况与对策研究

银行卡是具有存款、取款、转账结算、消费等功能的信用支付工具。我国银行卡市场经过二十几年的发展,取得了重大成就。本文从我国银行卡市场的发展状况入手,分析了发展中存在的问题,在此基础上提出了加快我国银行卡市场快速健康发展的对策建议。     

金融生态建设与信贷风险控制——一个基于破产金融机构信贷风险的实证分析

金融生态建设是一项长期的、复杂的系统工程,金融生态环境与银行信贷风险息息相关。本文通过对破产金融机构信贷风险的实证分析,指出我国县域金融机构金融生态的劣质性主要是制度性欠缺导致的,其中的关键是管理制度不规范,包括行政制度、信贷制度、法律制度与信用制度的缺失,从而导致信贷风险等一系列问题的发生。最后,本文提出金融生态的改良必须彻底转换政府理念,实施金融机构战略转型,并在全社会推进信用工程建设。     

基于集体主义的文化传统与信用制度构建

信用是市场经济不可或缺的重要元素,在我国市场经济体系建设过程中的一大痛疾正是社会信用的缺失。本文首先从制度的角度来解释信用,然后分析了文化传统与信用制度之间的关系,进而探讨了我国的集体主义文化传统对信用制度建设的影响,最后提出了构建适合我国文化传统与国情的完善的社会信用机制的策略,这对于建设我国社会主义信用经济有着重要的理论与现实意义。     

平台融资与中小企业信用增级

制度困境是我国中小企业面临融资困境的关键原因。只有将大型金融机构的融资优势与政府的组织优势相结合，通过构建信用促进会，搭建适合中小企业融资的融资平台，增强对借款人风险和信用硬约束、防范风险，弥补制度缺损，提升信用等级，才能从根本上推动我国中小企业融资。     

我国信用评级业服务模式研究

个性化服务是评级机构生存的必需,而遵循统一的服务模式规范更是行业良性竞争的基本保障。本文从研究国外评级机构的服务模式特点和分析我国评级服务的市场环境及我国信用评级服务现状入手,对我国评级行业的服务模式建设提出了几点建议。     

Market power in input purchase and trade

Market power in the input purchase is becoming increasingly common because of growing consolidation and mergers and also due to multinational firms establishing a stronghold in buying inputs in the developing countries. In this study, we formulate a general equilibrium model consisting of a competitive sector and an oligopsony sector which exercises market power over inputs. Our results indicate that if the oligopsony sector incurs a higher marginal factor cost for the intensive factor, basic results of the standard two-sector model continue to hold. But if the marginal factor cost is higher for the non-intensive factor, then factor intensities in the physical and value sense differ and traditional trade propositions such as the Stolper–Samuelson theorem do not hold.