货币市场基金对银行业的冲击与挑战

银行业作为间接融资的主渠道 ,在金融体系中具有举足轻重的地位。然而 ,由于货币市场基金的出现 ,打破了银行业在货币市场上的绝对优势地位。随着我国货币市场基金面市步伐的加快 ,对传统银行业提出了挑战并推动了银行业的创新     

A Crisis of the Overcrowded Future: Shadow Banking and the Political Economy of Financial Innovation

This article focuses on the role the shadow banking system played in the financial crisis of 2007–9. Engaging with emergent theories of shadow banking, I inquire into its structural role in contemporary capitalism. My main premise here is that the crisis of 2007–9 is distinct in financial history because it did not centre on any organised market. Rather, it was crisis of the overcrowded financial channels bridging the present and the future, which have become congested because of the massive concentration of financial values generated, yet not sustained, through the shadow banking network. My analysis suggests that shadow banking has determined the nature of financial crisis of 2007–9 and continues to play a necessary role in financial capitalism based on futurity. Drawing on scholarship in financial Keynesianism, contemporary legal studies and early evolutionary political economy, I argue that shadow banking is best seen as the organic institutional infrastructure of financialised capitalism based on debt and geared towards futurity, a concept originally developed by John Commons.     

关于我国商业银行市场重新定位的分析

根据我国加入WTO的承诺 ,中国银行业将逐步全面开放。在此前提下 ,实施准确的市场定位策略对我国商业银行的生存而言是至关重要的。本文通过分析我国银行市场与银行市场定位的现状 ,从总体战略与具体策略两个方面提出了在全面开放的条件下我国商业银行市场定位的策略选择。     

中国商业银行规模经济实证分析——基于超越对数成本函数法

商业银行成本结构、规模经济的研究,是世界上商业银行研究的一个重要研究领域,国外有关的研究文献很多,而中国国内的这方面的研究才刚刚开始,相关的研究还很滞后。本文在前人研究的基础上,采用生产法确定银行的产出,利用超越对数成本函数法,选取14家中国商业银行(包括4家国有商业银行、10家股份制商业银行)1999-2003年的数据,对中国银行业的规模经济进行了实证检验,得出了区别于其他学者的一些结论,并指出了今后银行规模经济研究的主要方向。     

双选信道下一种基于混沌交织的FBMC系统

高速移动环境下，无线信道具有时频双选性衰落的特性，使得滤波器组多载波(Filter Bank Multi-carrier，FBMC)系统产生长突发差错。将一种基于Baker映射的混沌交织算法应用在滤波器组多载波系统中，根据混沌密钥对发送数据进行分块和重新排列，按照Baker映射规则完成数据交织。此方法可以将长突发差错变为单突发差错，结合卷积编码能有效地纠正双选信道产生的长突发差错。仿真结果表明，在双选择信道中，基于混沌交织的滤波器组多载波系统误比特率性能优于传统基于块交织的滤波器组多载波系统。     

The Coordination Role of Stress Tests in Bank Risk‐Taking

We examine whether stress tests distort banks' risk‐taking decisions. We study a model in which a regulator may choose to rescue banks in the event of concurrent bank failures. Our analysis reveals a novel coordination role of stress tests. Disclosure of stress‐test results informs banks of the failure likelihood of other banks, which can reduce welfare by facilitating banks' coordination in risk‐taking. However, conducting stress tests also enables the regulator to more effectively intervene banks, coordinating them preemptively into taking lower risks. We find that, if the regulator has a strong incentive to bail out, stress tests improve welfare, whereas if the regulator's incentive to bail out is weak, stress tests impair welfare.     

Banks’ Governance and Innovation: Evidence from the Listed Firms in China

ABSTRACT

The article investigates the relationship between banks, agency costs, and innovation ability of listed firms. The role of banks in affecting innovation is a very important topic especially in China where banks play more important roles than equity markets. We find that banks providing short-term funds to listed non-high-tech firms dampen their innovation ability significantly. However, the relationship between short-term loans and innovation ability in high-tech firms is insignificant. The effects of short-term loans on innovation ability are significantly different between high-tech and non-high-tech firms. Further examination shows that high-tech firms with more short-term bank loans have significantly less abnormal management expenses than non-high-tech firms in the next year. The reduced abnormal management expenses in the next year significantly enhance the innovation ability in the year after next.     

NOMINAL GDP TARGETING AND CENTRAL BANK CONSERVATIVENESS

In the literature on monetary economics, there is the ‘inflationary bias’ result which predicts that the rate of inflation will be biased towards a higher level under discretionary monetary policy than under a rule‐based policy regime. It is established that a credible nominal target can eliminate this ‘inflationary bias’. In this paper, we examine the case of nominal GDP targeting, which is a rule‐based monetary regime. Depending on the degree of conservativeness by the central bank, we show in a stylized model the choice of different combination of inflation and real GDP targets can still result in an ‘inflationary bias’, and there also exists the possibility of a ‘dis‐inflationary bias’.     

基于平衡计分卡的银行系寿险公司绩效评价研究

随着金融混业经营趋势不断加强，2009年起中国的银行开始入股保险公司，且以建立寿险公司为主。为了能全面评价银行入股保险公司后的运营绩效，通过构建平衡计分卡模型，从各项评价指标和总绩效角度将银行系寿险公司与传统寿险公司进行比较，发现在三年的时间里，银行系寿险公司发展迅速，且综合绩效较好，相对于传统的中小型寿险公司，具有明显的优势和发展潜力，但与大型的寿险公司相比仍有一定的差距。