The stability–concentration relationship in the Brazilian banking system

In this article, the relation between non-performing loans (NPL) of the Brazilian banking system and macroeconomic factors, systemic risk, and banking concentration is empirically tested. In evaluating this relation, we use a dynamic specification with fixed effects, while using a panel data approach. The empirical results suggest that the banking concentration has a statistically significant impact on NPL, suggesting that more concentrated banking systems may improve financial stability. These results are important for the design of banking regulation policies.     

Highwaymen or heroes: Should hedge funds be regulated?: A survey

There are increasing calls for the regulation of hedge funds, both for consumer protection and systemic reasons. We argue that the consumer protection arguments for direct regulation are not convincing, but find that the systemic concerns are sufficiently serious to warrant some forms of regulation. Existing regulatory methods, disclosure and activity restrictions, are unsuitable for hedge funds. Any future regulation must reduce the likelihood and potential costs of the failure of systemically important hedge funds while at the same time preserving the wider market benefits of hedge funds’ ongoing activities.     

电网建设项目工程造价管理的重要性

电力事业的逐步发展,刺激了市场消费,促进了我国的经济发展,然而,在浮华的社会表面,由于种种原因,电力工程造价被不断抬高,严重影响其健康而稳定的发展。本文针对在电网建设项目工程造价全过程的不同时期的不同特点,提出了不同的管理模式和控制手段,重点阐明电网建筑项目工程造价管理的必然性和重要性。     

城市水利工程建设管理浅析

首先阐明城市水利工程建设项目决策阶段工作的重要性,指出建设城市生态水利势在必行。现就水利工程建设管理出现的问题及注意事项进行讨论。     

论中小公共图书馆的数字信息资源建设

现代信息技术的飞速发展,使人类社会已从信息时代走向数字时代和网络时代,作为文献信息集散中心的图书馆则发生着巨变。文章主要探讨了在这个特定的时代下,信息服务建设对公共图书馆的重要性以及如何更好的建设信息服务平台。     

中国银行业系统性风险的演变:降价抛售传染视角

基于手工整理的中国32家银行2007—2016年的细分资产数据,利用持有共同资产间接关联网络模型,本文从银行体系、银行资产和个体银行三个层面,分别构建了系统性风险指标、系统重要性资产指标、系统重要性银行指标、系统脆弱性银行指标来进行实证分析。研究发现:中国银行体系的系统性风险整体表现出上升趋势,同时银行体系对系统性风险的承受能力也在不断提高。从资产端来看,制造业贷款、个人住房贷款等是影响最大的系统重要性资产。从银行端来看,除国家规定的"五大行"以外,兴业银行、浦发银行等大型股份银行也应纳入系统重要性银行。个体银行的系统脆弱性在总体数值和波动程度上差异较小,但农业银行、兴业银行、浦发银行、招商银行的系统重要性和系统脆弱性都较高,需警惕冲击引发的"联动"风险现象。进一步研究表明,个人住房贷款、个人信用卡业务、权益工具业务对银行系统重要性和系统脆弱性的影响在逐步增强。本文把脉中国银行业系统性风险的事实特征,对针对性地制定防范化解系统性风险的宏观审慎政策具有指导意义。     

Systemic financial distress and auction-based bankruptcy reorganization

Most bankruptcy procedures try to reorganize a financially-distressed firm's debts to a serviceable level through negotiations overseen by courts. Markets are an alternative to such negotiations. This paper develops a market-based approach that is appropriate if claimants are severely cash-constrained and there is merit in having existing owners-managers remain in control.This approach was developed in response to the 1997 Asian Crisis, where the sheer numbers of over-indebted firms, creditors with poor incentives, and inexperienced courts stymied negotiated resolution. The scheme, however, can be applied to other crisis settings that exhibit particular characteristics. One such setting could be the resolution of external sovereign debts, a situation where creditors obviously cannot take possession of a country.The scheme arranges creditors in a queue to be serviced in sequence from the firm's operating cash flows. Creditors bid for their position in this queue, and those accepting a greater proportionate reduction in the face value of their claims are placed ahead of the others. Any existing hierarchy of claims is honored by having claimants bid for their positions within the relevant segment of the queue. No one in the queue (including owners who are last) is paid anything until the (reduced) debts of the first in line are fully discharged using the firm's operating cash surpluses. The queue then moves up and the next claimant in line is serviced.The paper shows that, in equilibrium, the aggregate debts of the firm are reduced enough to provide a positive expected residual return to the owner-managers, which improves their incentives to efficiently operate the firm and can result in an outcome that is Pareto superior to other bankruptcy procedures. We discuss the efficiency properties of this scheme and its appropriateness to situations of systemic financial distress.     

电气设备维修决策中的排序方法研究

针对电气设备在进行以可靠性为中心的维修时需要评判电气设备的重要性,且评判因素具有模糊性和灰色性的特点,本文在确定影响其重要性的主要因素的基础上,提出了一种基于灰色模糊数学的电气设备重要性分析方法,并以断路器为例,建立了断路器重要性评价体系,通过模糊关系来描述评判因素与重要性等级间的关系、以灰度来表征模糊关系的不可信程度,并进行综合判断。实例表明:该方法行之有效,评判结果可为下一步的维修决策提供科学依据。     

构建基于模块化的价值创造网络——对“小狗经济”组织创新的思考

素有"小狗经济"之称的浙江,其产业集群目前存在着结构性、周期性以及内稔性的风险,面临着组织创新的要求。价值创造网络作为当今产业组织形态发展的最新趋势,是基于价值模块动态配置的客户化组织范式。价值创造网络是浙江产业集群系统提升的创新思路,提出了运用价值创造网络进行浙江产业集群提升的具体策略。     

Public Financial Expenditure——A Reflection of the Livelihood Improvement

In recent years.China's public finance put social construction high on the agenda and attaches more importance on livelihood insurance and improvement.The 2003-2007 public financial expenditure reflects a fact that the government isputting more emphasis on livelihood andissues concerning the people.