全面贯彻人民银行工作会议精神 做好2011年上海总部各项工作

本文结合人民银行工作会议精神,在认真分析形势的基础上,结合上海总部辖区特点,提出了人民银行上海总部2011年的各项工作。     

海峡两岸税收协调的基本原则与具体路径

海峡两岸经济的逐步融合是客观的现实要求,对两岸的经济主体而言,都有对两岸主管税务机关进行交流与合作的需求。本文从实证角度出发,以客观实际的态度,比较全面地考量了各种现实情况,提出了海峡两岸税收协调可能的路线图。     

银行信贷监审中的合谋腐败问题研究

商业银行是一个典型的层级组织,存在多重委托代理问题,内部合谋腐败问题非常严重,本文以Laffont和Tirole所提出的P-S-A三层级代理硬信息约束模型为分析框架,分析了诚实但成本高昂的监审人员、廉价但会腐败的监审人员、廉价但会腐败和诚实但成本高昂的监审人员三种情况存在的信贷活动,研究作为代理人的银行信贷经理和信贷监审者之间可能合谋的问题,指出了可能会引致腐败的内部监审仍然是必要的,而只依赖于高成本但有效的外部审查缺乏效率,并相应地给出了一些建议。     

我国货币政策工具的演进、不足及改革方向

选择什么样的货币政策工具组合来确保货币政策目标的实现,必须与一国的货币政策调控方式相适应。本文通过回顾我国货币政策工具的演进过程,对比分析与西方发达国家的差异和不足,进而提出下一步货币政策工具的改革思路。     

“小银行优势”的理论突破与实践新进展

传统的理论观点认为小银行在中小企业信贷方面具有比较优势,并且主要依赖关系信贷技术,而大银行在开展中小企业信贷方面,存在着信息不对称、组织规模不利于软信息传递等方面的劣势。但近年来的理论与实践置疑传统观点的正确性。学术界认为,实施新资本协议、信贷技术的提升以及大型银行的优势,使得其开展中小企业信贷将比中小银行更具有优势。在中小企业信贷的国际实践中,新加坡淡马锡、美国富国银行、印尼金融银行等大型金融机构以及美国硅谷银行、孟加拉格莱珉银行等中小银行在中小企业信贷方面已经获得巨大的发展,并已形成各具特色的业务模式。中国银行业已经开始重视中小企业信贷业务的发展,可以从中学习与借鉴国外银行业的发展经验。     

企业政治关联研究综述

政治关联对企业行为的影响成为公司金融领域研究的热点问题。文章主要是对政治关联与企业行为的国外文献进行回顾,介绍企业建立政治关联的动机,重点对政治关联对企业行为的影响和我国经验的研究进行综述,并提出未来可能的研究方向。     

Resolving the puzzle of the underissuance of national bank notes

Much of the puzzle of underissuance of national bank notes can be resolved for the period 1880–1900 (the period when detailed, bank-level data are available) by disaggregating, taking account of regulatory limits, and considering differences in banks’ opportunity costs cross-sectionally and over time. Banks with poor lending opportunities issued more, within regulatory limits. Banks tended to issue more when bond yields (the backing for notes) were high relative to lending opportunities. The profitability of note issuance was insufficient to attract entrants primarily or mainly for the purpose of note issuance. The observed lack of a general relationship between note issuance and reserve demand is inconsistent with the view that redemption costs from note issuance explain low note issuance in general. However, some variation in the propensities of urban banks to issue notes is associated with variation in reserve demand costs associated with the note issues of those banks. Generally, however, note issuance enjoyed economies of scope with deposit banking, including reduced costs of reserve requirements.     

Soft budget constraints, bank capital, and the monetary transmission mechanism

This paper investigates the effect of monetary policy in a situation where soft budget constraint problems prevail in the economy and the bank faces a capital requirement. Under these circumstances, an expansionary monetary policy may increase quantity of bank lending without improving the quality and thus may not stimulate economic activity. On the other hand, in order to solve the problem of soft budget constraint problems and to improve the quality of bank lending, the quantity of bank lending should be decreased. Central authorities need to keep this tradeoff in mind when exercising monetary policy and injecting public funds.     

The necessity and countermeasures of developing China＇s Land Bank Investment Trusts

The problem of Land Bank financing channels＇ being single has become the obstacle that restricts the development of China＇s land bank financing market. In this paper, we discussed the necessity of developing Land Bank Investment Trusts, and considering at presented, the obstacles and countermeasures of the development of China＇s Land Bank Investment Trusts.     

流动性覆盖率监管会影响货币政策传导效率吗？——来自中国银行业的证据

本文从流动性覆盖率监管要求出发,探讨了流动性监管与货币政策的协调机制问题。我们将流动性覆盖率监管要求纳入传统的Monti-Klein模型中,推导出流动性覆盖率监管对货币政策传导效率的影响及其作用机制。在此基础上,采用手工收集的我国65家商业银行2015—2019年半年度面板数据对理论假设进行实证检验。研究发现,流动性覆盖率监管要求会对货币政策传导效率产生影响,但这种影响取决于流动性监管约束下商业银行流动性管理行为的选择。商业银行主动调整融资结构、增强负债质量的行为在提高银行短期流动性水平的同时,也能显著提高货币政策传导效率,而流动性资产的囤积则可能降低货币政策传导效率。因此,应客观看待流动性覆盖率监管对货币政策传导效率的影响,引导商业银行的流动性管理行为,这将有助于实现流动性监管与货币政策有效传导的“双赢”目标。