非对称信息下商业银行资本配置研究——基于PCA理论模型分析

资本配置是银行风险管理的核心,是决定银行竞争力的重要因素.经典的资本配置理论均以信息在银行内部各机构完全对称作为基本假设,忽略了总分行问的委托代理关系.鉴于此,本文借鉴PCA模型,在商业银行内部构建一套资本配置的优化机制,以提高银行资本配置的有效性.     

投保人与保险人博弈关系分析

博弈论是研究信息不对称问题的一种有效方法 ,其广泛应用于军事、政治、经济等领域。保险业作为信息不对称最为集中的行业 ,投保人与保险人之间的信息不对称现象尤为突出 ,道德风险也极易发生。如何用博弈理论与方法分析这些信息不对称问题 ,并据此提出切实可行的解决方法 ,已成为保险界日益关注的问题。     

基于不对称信息理论的第三方电子支付产生机制研究

第三方电子支付作为信用中介,能够以其自身的安全性和稳定性替代电子商务活动中使用商业信用的风险性和不稳定性,以此为基础建立交易信用关系,可以解决电子商务活动中买卖双方的信用问题。第三方电子支付实质上是电子商务中的信用中介,是买卖双方动态博弈无法取得有效均衡而借助于外力的产物。     

投资方与项目公司的委托代理博弈分析

项目投资中,投资人与项目公司之间存在着“委托-代理”关系。由于两者之间的信息非对称,导致了项目投资中道德风险的存在。借助信息经济学中的“委托-代理理论”建立了项目公司道德风险模型,定量的分析了如何通过设立约束机制使投资人实现利益最大化,得出了有利于提高投资人项目管理水平的分析结论。     

中国货币政策效果区域不对称性探讨

探讨中国货币政策效果的区域差异对于研究完善货币政策传导机制具有较强的实践意义。文章通过数据的聚类分析和模型设计对中国货币政策效果的区域差异进行了实证分析,结果显示东部地区的传导效果最为显著。对此文章阐述了地区差异的形成原因,并提出了相应的治理方法。     

Competition and Regulation in Franchise Bidding

In this work we show that the separation property identified in the franchise bidding literature depends strictly on the hypothesis of coincidence of the regulator's beliefs with those of the competing firms. Nevertheless, in many contexts it is more truthful to hypothesize that the regulator's information is vaguer than that of the producers, so we introduce the possibility that the regulator is dealing with a double informational asymmetry as compared to the firms. In this case, the separation property is no longer valid, and the optimal tariff becomes a decreasing function of the degree of competition exercised during the auction.     

Joint implementation under asymmetric information and strategic behavior

Joint Implementation (JI) under the Framework Convention on Climate Change means that countries could partly offset their national abatement commitments by investing in CO₂ abatement projects abroad. JI is introduced as a mechanism for achieving a certain global abatement target less costly by separating the commitments from the implementation of measures. This paper studies the design of a JI contract when the investor has incomplete information about the foreign firm which carries out the JI project (the host). Asymmetric information leads to a decrease in the potential cost savings from JI. Furthermore, private information held by the potential host firm could give the firm a significant positive utility of participating in JI projects. The possibility of being a host for a JI project in the future can prevent potential host firms from investing in profitable abatement projects today. The paper analyzes the impact on emissions of CO₂ of strategic behavior among potential hosts for JI projects.     

The hydroelectricity consumption and economic growth in Asian countries - evidence using an asymmetric cointegration approach

ABSTRACT

This study examines the four commonly tested hypotheses in hydroelectricity consumption – economic growth literature for 12 Asian countries. Our results from a recently developed hidden cointegration technique uncover rich and significant relationships between negative and positive components of the variables under consideration. In particular, we find evidence to support the neutrality hypothesis in five countries (Bangladesh, Indonesia, Pakistan, Philippines, and Thailand), the growth hypothesis in four countries (India, Japan, South Korea and Taiwan), and both growth and conservation hypotheses in three countries (China, Malaysia, and New Zealand). These findings suggest that appropriate economic policies should be elaborated on the basis of the country’s specific hydroelectricity consumption–growth nexus. Finally, our new evidence suggests that the lack of stable relationship between hydroelectricity consumption and economic growth documented in previous studies for some of these countries could be due to the failure to properly account for the nonlinearity property in the data.     

Minimum Quality Standards under Asymmetric Duopoly with Endogenous Quality Ordering: A Note

In this note, we revisit minimum quality standards (MQS) under a vertically differentiated duopoly. We generalize the model in Ronnen (1991) and Valletti (2000) by introducing asymmetry into the fixed cost of quality improvement and by explicitly taking into account the endogeneity of quality ordering. In the generalized model, we show that the results derived by Ronnen (1991) and Valletti (2000) are largely robust.     

The Monetary Policy of the European Central Bank

The first six years of ECB monetary policy are examined using a general framework that allows central bankers to weight differently positive and negative deviations of inflation, output and the interest rate from their reference values. The empirical analysis on synthetic euro‐area data suggests that the objective of price stability is symmetric, whereas the objectives of real activity and interest‐rate stabilizations are not. Output contractions imply larger policy responses than output expansions of the same size, while movements in the interest rate are larger when the level of the interest rate is relatively high. The hypothesis of M3 growth‐rate targeting is rejected.