Disinflation in the Italian economy in an optimal control setting

In this article we use optimal control techniques and a nonlinear, small-size econometric model of the Italian economy, with the purpose of analyzing the disinflation process that has characterized the Italian economy during the period 1984–1987. Within the optimization framework, we question a wide range of issues of political economy, the role of incomes policy, and nominal anchors in promoting low-cost disinflation.     

新国际监管准则下的财务公司操作风险管理

管理操作风险对于包含企业集团财务公司在内的银行业是至关重要的。巴塞尔协议II奠定了对操作风险的监管基础,提出了完整的计量标准;巴塞尔协议III更收紧了操作风险的监管要求。结合构成金融安全网的资本充足率、监管检查和市场约束三大支柱对银行业尤其是财务公司操作风险的管理进行了分析。最后针对财务公司操作风险管理的实际提出了五点改进建议。     

亚洲金融危机与金融开放问题

亚洲金融危机向人们显示了金融开放的风险。自亚洲金融危机发生以来,国际社会纷纷就金融开放风险管理问题提出了各种建议,这些建议包括提倡发展中国家限制短期资本移动和谨慎实施资本项目开放等内容。可以说国际社会就这些内容达成了广泛的共识。本文将探讨这一共识形成的背景,并在此基础上分析和总结金融开放的一些基本教训。     

我国金融抑制背景下农村金融体系的重构

文章结合美国经济学家罗纳德·麦金农和爱德华·肖的"金融抑制和金融深化"理论,分析了当前农村金融体系的组织结构和农村金融抑制的表现形式,提出在我国现存农村金融抑制背景下,重构农村金融体系的对策和思考.     

金融服务贸易自由化下的金融管制研究

本文首先在对金融服务贸易壁垒和金融管制内涵界定的基础上，澄清了学术界关于金融服务贸易自由化和金融管制关系看似矛盾的观点。文章接着通过对《金融服务协议》相关制度和WTO成员国金融服务市场开放度情况的考察说明西方部分学者所说的金融服务贸易自由化下WTO成员国金融管制权自主性仅是理论上的，实际中则并不完全自主。最后本文还提出了我国金融服务贸易自由化下的新金融管制模式。     

金融危机下企业财务战略与财务竞争力研究

此次金融危机的破坏性越来越严重,尽快走出危机的“泥潭”成为政府、企业和社会公众的一致愿望。文章对本次金融危机爆发的根源进行简要阐述,指出克服“旁观者”效应,鼓励企业“打造核心竞争力”．变“救市输血”为“强企造血”才是应对危机的根本。提升企业核心竞争力的方面很多,文章以财务竞争力和价值链的视角为企业应对危机,进而也为后危机时代建立系统完善有效的财务管理体系提出思路。     

Systemic Risk in the Financial Sector: An Analysis of the Subprime-Mortgage Financial Crisis

The paper analyses the causes of the current crisis of the global financial system, with particular emphasis on the systemic elements that turned the crisis of subprime mortgage-backed securities in the United States, a small part of the overall system, into a worldwide crisis. The first half of the paper explains the role of mortgage securitization as a mechanism for allocating risks from real estate investments and discusses what has gone wrong and why in the implementation of this mechanism in the United States. The second half of the paper discusses the incidence of systemic risk in the crisis. Two elements of systemic risk are identified. First, there was excessive maturity transformation through conduits and structured-investment vehicles (SIVs); when this broke down in August 2007, the overhang of asset-backed securities that had been held by these vehicles put significant additional downward pressure on securities prices. Second, as the financial system adjusted to the recognition of delinquencies and defaults in US mortgages and to the breakdown of maturity transformation of conduits and SIVs, the interplay of market malfunctioning or even breakdown, fair value accounting and the insufficiency of equity capital at financial institutions, and, finally, systemic effects of prudential regulation created a detrimental downward spiral in the overall financial system. The paper argues that these developments have not only been caused by identifiably faulty decisions, but also by flaws in financial system architecture. In thinking about regulatory reform, one must therefore go beyond considerations of individual incentives and supervision and pay attention to issues of systemic interdependence and transparency. Revised and expanded text of the Jelle Zijlstra Lecture at the Free University of Amsterdam on May 27, 2008. I am very grateful to the Jelle Zijlstra Professorial Fellowship Foundation for inviting me to visit the Netherlands as Jelle Zijlstra Professorial Fellow 2008 and to the Netherlands Institute for Advanced Study for providing a wonderful environment for this visit. This expanded text tries to respond to comments and questions from the discussant, Gerrit Zalm, and from members of the audience at the Lecture, for which I am very grateful. I am also grateful for comments on this text from Christoph Engel. Kristoffel Grechenig, Hans-Jürgen Hellwig, Isabel Schnabel, and two referees. As the text was being written, its subject itself has been evolving at a catastrophic pace. Some anachronisms are therefore unavoidable. However, the core of the analysis is, I believe, unaffected.     

Entrepreneurship of SMEs in the framework of globalization

Currently, in Europe, 98.9 percent of all enterprises are small and medium size enterprises （SMEs） which employ 52 percent of all employees. This means that l.1 percent of all enterprises employ 48 percent employees, among whom the multinationals have the biggest and most global influence. But the biggest number of new jobs is provided by the micro-enterprises which employ 23 percent employees. In central and eastern European countries, SMEs are rather a recent feature, but in terms of numbers they are coming close to figures of most development countries of EU. How entrepreneurial are these new SMEs？ How innovative are they, including undertaking appropriate development？ This paper discusses two issues： （1） Improving SMEs＇ competitiveness by becoming sustainable enterprises to requisitely, holistically meet requirements in social/business environments; （2） Improving business by helping SMEs＇ members understand/implement ＂sustainable-enterprise ethics＂. The SMEs＇ future of SMEs depends very much on their innovating of individual/organizational values, culture, ethics and norms.     

从金融交易的信息摩擦看金融制度、金融管制与经济增长的关系

发达的金融制度可以通过降低金融交易的信息成本促进资本形成、技术创新和经济增长。当金融交易存在严重信息不对称时，金融管制有其存在的经济合理性，通过放松金融管制促进金融发展和经济增长的前提是通过完善法制建设和提高司法效率降低金融交易的信息摩擦。     

Financial impact of wheat quality standards on South African wheat producers: A dynamic linear programming (DLP) approach

The South African wheat industry has been under pressure in recent years from global economic instability and a fast-changing domestic policy environment. This has manifested itself in declining wheat production and profitability at the farm level. Wheat quality plays a key role in wheat buying decisions, with quality improvements correlating negatively with yield and, ultimately, productivity. Yet any new wheat cultivar released for commercial production must still meet the standards of the country’s wheat classification system, which has led to wheat sometimes being imported in the face of a domestic shortfall. This situation has inevitably led to tension within the industry and affected both performance and pricing. Using various data sources and a dynamic linear programming (DLP) approach, this paper takes an in-depth look at the link between wheat quality and yield, with a view to determining the impact of wheat quality standards (ceteris paribus) on the profitability of South African wheat producers. Results indicated that were these classification discrepancies removed, the country-wide effect on net farm income is estimated to range between ZAR606 million and ZAR920 million per annum.     

Volatility in International Financial Market Issuance: The Role of the Financial Center

We study the pattern of volatility of gross issuance in international capital markets since 1980. We find several short-lived episodes of high volatility. Over the long run, however, volatility has declined, suggesting that international financial integration has not made financial markets more erratic. We use VAR analysis to examine the determinants of the time-varying pattern of volatility, focusing in particular on the role of financial centers. Our results suggest that a significant portion of the decline in volatility of issuance in international capital markets can be explained by the reduction in the volatility of US interest rates.     

东亚金融体系变革与区域金融合作的深化

本文首先分析和评述了亚洲金融危机后东亚国家和地区的金融体系变革及其存在问题,在此基础上指出进一步深化东亚区域金融合作的必要性,并提出决定东亚区域金融合作深化的重要因素。     

亚洲金融危机中的金融创新

读史使人睿智,在新世纪刚刚开始的时候,回顾百年风云长券令人浮思万千,思考历史,会使人于未来行动时变得更加聪明。     

试析金融体系大变革后日本的区域金融发展

金融体系大变革的实施对日本区域金融产生了很大的影响。提倡金融竞争与自由的方针改变了变革前日本区域金融经营与发展的传统模式，并随之带来一系列新的问题和挑战，虽然日本的金融管理部门提出了区域紧密型金融发展等对策，但仍有许多课题尚未解决。正确的做法应该是，提高授信能力，加强风险管理和处理好金融机构自身管理和支持地方经济的关系，这样才能保证日本区域金融的进一步发展。     

国际金融危机后的欧盟金融体制改革研究

面对近年国际金融危机的挑战,欧盟选择了加强金融监管和规范金融市场的路径,实施了一系列金融体制改革计划,其具体措施包括机构创新和规则修订,分别从微观审慎监管和宏观审慎监管两个层面入手改革欧盟金融监管体系;并进一步规范资本市场和市场参与者,提高银行资本金要求、消除跨境支付障碍、严格信用评级机构制度、加强欧盟基金体制的协调和统一等等。欧盟中央银行在此次金融体制改革中扮演了重要的角色,尽管这些改革措施不是对现有各成员国监管的取代,泛欧监管体系的形成还有赖于采取更为实质性的措施,但从技术标准和共同监管的文化角度而言,欧盟的金融体制改革仍然取得了巨大的进展。这对我国深化金融体制改革具有重要的借鉴意义和启示作用。     

国际金融危机背景下的金融交易税:从理论到实践

国际金融危机席卷全球之后,金融交易税重新受到高度关注,各国陆续提出了若干种实施方案。本文首先回顾了当前国际金融危机下的全球经济走势及各国提出金融交易税的宏观经济背景,其次阐述了金融交易税理论的内涵及效应,并结合国内外关于金融交易税的各类研究探讨交易税如何影响金融市场的有效性和稳定性。论文不仅比较了历史上各国征收金融交易税的经验及效果,而且估计了调整证券交易印花税对中国股市的实际影响。最后,分析了国际上开征金融交易税的可行性,并就中国金融交易税的方案提出政策建议。     

政府财政行为对金融风险影响的分析及定位

中国经济属于政府主导的投资拉动型增长方式。在后金融危机时期，我国必须改变现有的经济发展方式，加强金融风险的防范，才能实现可持续发展。文章从政府投资行为角度，对政府财政行为对金融风险影响的进行了分析及定位，认为现阶段我国政府的主要职能是积极培育和完善市场，从事基础设施建设，制定政策和计划，应通过构建法律体系明确和界定政府职能，约束政府权力，实现民主和透明的政府决策程序。     

翻转课堂在程序设计类课程实践教学环节的探索

程序设计类课程是目前高等学校计算机专业的必修课,高质量专业人才的培养必须更加注重实践环节的有效性。翻转课堂作为一种新兴的教学手段,在不同教育阶层和学科渗透。文章结合翻转课堂就程序设计类课程实践教学环节的具体改革措施进行了探索。