Enhancing Bank Transparency: A Re-assessment

Transparency regulation aims at reducing financial fragility by strengthening market discipline. There are, however, two elementary properties of banking that may render such regulation inefficient at best and detrimental at worst. First, an extensive financial safety net may eliminate the disciplinary effect of transparency regulation. Second, achieving transparency is costly for banks, as it dilutes their charter values, and hence also reduces their private costs of risk-taking. We consider both the direct costs of complying with disclosure requirements and the indirect transparency costs stemming from imperfect property rights governing information and particularly infer the conditions under which transparency regulation cannot reduce financial fragility.     

国际黄金市场发展状况及其趋势分析

在新的国际货币体系下，黄金的货币性虽然被取消，但由于黄金本身所拥有的保值性、安全性、流动性等属性，使其最根本的金融属性并没有降低。全世界40多个大小不一的黄金市场作为金融市场的构成部分，近10年来有了更快的发展。分析各主要黄金市场发展的现状，研究其发展趋势，对于研究其未来的发展路径以及对金融市场的作用具有相当重要的意义。     

Government Deposit Insurance and the Diamond-Dybvig Model

The apparent banking market failure modeled by Diamond and Dybvig [1983] rests on their inconsistently applying their sequential servicing constraint to private banks but not to their government deposit insurance agency. Without this inconsistency, banks can provide optimal risk-sharing without tax-based deposit insurance, even when the number of type 1 agents is stochastic, by employing a contingent bonus contract. The threat of disintermediation noted by Jacklin [1987] in the nonstochastic case is still present but can be blocked by contractual trading restrictions. This article complements Wallace [1988], who considers an alternative resolution of this inconsistency.     

洪江青山洞金矿深部钻探工艺探讨

液动锤在钻探施工中具有能提高硬岩钻进速度、减小孔斜和提高岩心采取率等优点,技术成熟,应用领域正在拓宽。文章结合工程实际,介绍了绳索取心液动锤钻探技术在洪江青山洞金矿区的使用情况,并对应用效果进行了分析探讨。     

债台高筑的美国经济

美国的财政赤字正以几何级数的速度在增长,但美国人自己并不为此而担心,他们甚至认为负债本身就是一种创造财富的过程。美国的决策者和经济学家们对于真正通过经济中的储蓄和投资所创造的财富和市场上依赖信贷政策鼓吹起来的资产泡沫所创造的"财富",是从来不加以区别的。居高不下的负债和不断增长的赤字消费,使美国成为一个债台高筑的国家。美国的赤字消费是影响全球经济的一个重大问题,对中国经济的影响也十分显著,从长远利益出发,我国的汇率、贸易及产业政策都应进行相应的调整,以确保中国经济长期稳定发展、企业竞争实力不断增强和人民生活水平不断提高。     

2008年10月金融形势评述

2008年10月,金融运行总体平稳,主要特点是：广义货币M2和狭义货币M1增速回落幅度有所减缓;贷款平稳增长,票据融资连续7个月反弹;储蓄存款增速快速回升,企业存款增速小幅回升;人民币汇率较上月末微贬0.11%,海外人民币汇率贬值预期有所增强。     

金矿矿床成因及找矿标志探究——以陕西省镇安县金龙山地区金矿矿床为例

金龙山金矿床是近年来在南秦岭地区金找矿的新突破。上泥盆统南羊山组和下石炭统的袁家沟组高频交替叠置的台盆浊积岩相构成本区重要的含矿和容矿地层,为成矿提供了物质基础。以矿区地质为切入点,深入分析了矿床地质构造、含矿围岩蚀变、含矿热液来源、成矿物质来源、岩相古地理、含矿构造等方面,从而提出了金龙山金矿床成因为沉积—构造叠加改造成矿,并总结了找矿标志。     

中国外汇储备适度规模分析

截至2007年6月中国外汇储备已达13326亿美元。如此巨额的外汇储备引起了政府与学者的广泛关注。合理的外汇储备结构与中国的经济发展的水平应当保持一致,适应世界经济、金融形势变化。在国际金融市场风云突变的今天,持有的外汇越多,承担的汇率风险也就越大。稍有不慎,持有巨额的外汇储备就会面临风险,不仅不会带来收益,还可能遭受损失。因此,中国的外汇储备管理问题重要性日益凸现。     

Is Government Regulation of Banks Necessary?

Banks have been involved with and regulated by governments for hundreds of years. Following a brief review of this history, I delineate nine reasons that could justify continued regulation, particularly in the United States. These include deposit insurance, preventing banks from obtaining excessive economic power, reducing the cost of individual bank insolvency, avoiding the effects of bank failures on the economy, protecting the payments system, serving the interests of popularly elected officials, enhancing the Federal Reserve's control over the money supply, suppressing competition, and protecting consumers. Analysis of each leads me to conclude that deposit insurance, which allows banks to hold insufficient capital, is the only public-policy-justifiable rationale for regulation. This concern can be managed with capital requirements; otherwise, banks should only be regulated as are other corporations.     

我国居民消费和储蓄行为分析

通过建立消费和储蓄模型分析我国居民的消费和储蓄行为。居民当年的总收入对消费品零售总额的影响起决定作用；居民储蓄不等于结余购买力，结余购买力也不是现实的购买力。