风险分担机制变迁、银行经营模式转型与银行安全

经济全球化过程中,金融市场横向风险分担机制侵蚀了银行中介跨期风险分担机制;一部分资金从银行中介转移到金融市场,致使商业银行传统盈利模式遭受冲击。银行必须从传统的存贷款经营模式转变为参与金融市场和衍生工具交易的、提供综合金融服务的现代经营模式。在这一转型过程中,如果转型过快或者银行不能适应变化,银行体系则可能积累大量风险,并导致银行危机。实证检验结果显示,风险分担机制变迁显著增加了银行危机的概率。     

Pareto weights as wedges in two-country models

In models with recursive preferences, endogenous variation in Pareto weights would be interpreted as wedges from the perspective of a frictionless model with additive preferences. We describe the behavior of the relative Pareto weight in a two-country world and explore its interaction with consumption and the real exchange rate.     

Self-Enforcing Labour Contracts and Macroeconomic Dynamics

To properly account for the dynamics of the key macroeconomic variables, researchers incorporate various internal propagation mechanisms in their models. In general, these mechanisms implicitly rely on the assumption of a perfect equality between the real wage and the marginal product of labour. This paper features a micro-founded model of a limited-commitment firm, and derive endogenous dynamic labour contracts that produce a different linkage between the real wage and the marginal product of labour. The risk-sharing between the entrepreneur and the worker, both faced with enforcement problems, provides a different type of propagation mechanism. I investigate the dynamic properties of this endogenous rigidity in relation to the initial bargaining power of each agent.      

Optimal Decision-Making with Time Diversification

One of the most enduring topics in financial theory is thepersistence of investment risk across time. Traditional financelacks methods for considering and hedging non-diversifiablerisks. This paper is based on the general equilibrium model ofAllen and Gale (1997). We extend their model in variousdirections: the intermediary is a firm and not a planner,financial markets are assumed to be incomplete, and the mechanismof intergenerational risk-sharing is endogenously determined. Ourmodel allows for the analysis of optimal behavior of individualsand the intermediary together with the respective feedbackprocesses.     

发展中国家非正式风险分担研究述评

近年来，风险和脆弱性成为贫困问题研究的新领域。在发展中国家的农村地区，正规的保险市场不发达．非正式的风险分担成为穷人应对风险分担的主要方式。在对目前非风险分担研究的几个方面进行综述的基础上，展望了进一步的研究方向。     

基于风险转移模型的次贷危机传导研究

利用金融体系风险转移模型及其对风险分担和金融稳定性的影响的理论分析了美国次贷危机中的风险分担和风险传导。分析表明,银行体系的激进性贷款行为和恶意转移风险的道德风险促成了次贷危机的生成与传导;而金融市场的衍生产品创新在转移和分散风险的同时,也放大了美国次贷危机的风险。     

在养老服务业中推广应用PPP模式的风险与收益分配分析

社会化养老问题已成为社会的焦点问题。吸引并鼓励社会资本进入养老服务领域,创新养老服务模式是历史的必然选择。PPP作为一种基于合作、优势互补、风险分担、利益共赢的公私合作模式,其在养老服务业中的推广应用重点是解决好风险和收益的科学对等分配;对比多种模式下的收益分配效率,发现基于风险分担的Shapley值方法更能真实公平地反映公私双方的贡献度,也有利于实现项目总收益最优,提高社会公共服务水平与质量。     

Public policy dilemma—gender equality mainstreaming in UK policy formulation

The UK government has committed itself to improving the representation of women in public service and has introduced a number of legislative measures, policies and development programmes to do this. In 2006, the government enacted a regulatory duty, placed on public sector organizations, to mainstream gender equality in policy and service delivery. This article explores the extent to which this duty could promote gender equality and makes some recommendations for improving the representation of women.