TAX AND SAVINGS IMPLICATIONS OF THE CANADIAN REGISTERED RETIREMENT SAVINGS PLANS

This paper shows that the net effective tax rate on the Registered Retirement Savings Plans (RRSPs) in Canada has not been inflation non-neutral because of the combination of the non-neutrality of various sources of retirement income and the progressivity of the personal tax system. The paper also shows that although the RRSPs provide some tax arbitrage opportunities, these opportunities in Canada are limited due to the non-tax-deductibility of interest on mortgage and consumer credits. Finally, on theoretical grounds, the paper argues that the RRSPs may not have provided any incentives for personal savings in Canada.     

PENN SQUARE,PROBLEM LOANS,AND INSOLVENCY RISK

This paper investigates the influence of the failure of Penn Square Bank of Oklahoma City on stock prices within the banking industry. This influence is compared to the results of previous studies of the failures of Franklin National Bank of New York and United States National Bank of San Diego. While each of these earlier studies finds only a transitory impact on bank securities, this paper finds evidence of a structural change in the pricing mechanism for bank stocks after the Penn Square failure.     

储蓄分流、金融风险与储蓄-投资转化效率

本文针对当前存在的对储蓄分流的一些模糊认识,在区别储蓄和储蓄存款的基础上,重新界定了储蓄分流这一概念的内涵.在对我国近几年储蓄分流现状进行剖析的基础上,指出当前的储蓄分流没能较好地达到储蓄分流的预期目标.因此,当前的居民储蓄分流仅仅是一种有储蓄分流之名而无储蓄分流之实的储蓄分流.最后,本文提出了提高储蓄分流实际效果的政策建议,包括:储蓄分流应着眼于促进多层次金融市场的发展和融资形式及工具的多样化;应该从优化资源配置的高度审视股市的发展战略;适当提高消费占居民可支配收入的比重;重构微观经济基础和建立市场经济的支持性系统.     

LOAN DEFAULT RISK, RETURN ON EQUITY AND SIZE EFFECTS AND OWNERSHIP CONTROL - EMPIRICAL EVIDENCE ON SAVINGS AND LOANS ASSOCIATIONS IN THE USA

This study examines how size interacts with the ownership factor in determin- ing which intermediary is more efficient in terms of loan default risk and return on equity when Mutual and Stock Savings and Loan Associations in the USA are compared. Economies of scale in the Savings and Loan Industry in the USA are suggested. Stock associations are found to be more efficient in utiliz- ing those economies and outperform mutuals at each size category except for the smallest associations. These findings have important policy implications for conversions from mutual stock ownership and for chartering new associations.     

THE DIFFERENTIAL EFFECTS OF DEREGULATION ON SAVINGS AND LOAN ASSOCIATIONS AND BANKS

The passage of the Garn-St Germain Depository Institutions Act of 1982 was a legislative response to the plight of the thrift industry. The Act broadened the asset/liability powers of thrifts and granted regulators emergency authority to aid failing institutions. In this paper we analyze the effect of the Act on the market returns of large S&Ls and banks using a two-factor estimating procedure. Single-factor models of depository institutions' returns produce biased estimates and confound the Act's interpretation. Explicit treatment of the event/risk interaction is necessary to avoid ambiguities in the interpretation of the Act's effect on the returns of depository institutions. It is difficult to use capital market data to pinpoint the effect of information flows on complex regulatory changes.     

商业银行助学贷款的现状及发展策略研究

国家助学贷款业务是最近几年发展起来的一项新业务,党中央、国务院对此项业务十分重视,要求银行业积极主动做好国家助学贷款工作.本文通过对宁波市助学贷款现状的调查,分析了当前助学贷款业务发展中存在的突出问题,包括:缺乏统一的贫困生衡量标准、社会信用环境不佳、助学贷款隐藏着潜在的风险等,致使银行发放贷款的积极性不高,助学贷款总量偏小.作者还就今后如何进一步发展助学贷款提出了要提高认识、强化管理、防范风险、建立助学贷款业务信贷管理体系和贫困生衡量标准与筛选机制等相应的对策建议,以促进商业银行助学贷款业务健康、快速和持续发展.     

我国邮政储蓄体制的改革步骤和方案选择

邮政金融无论在国外还是在我国都有较长的发展历史 ,并成为一国金融体系的重要组成部分。本文在对我国现行邮政储蓄制度进行全面分析的基础上 ,提出从中央银行、邮政总局、商业银行和农村经济等方面来看 ,现行邮政储蓄制度存在的问题已经对我国的经济和金融产生了较大负面影响。为了促进邮政储蓄健康、有序发展 ,理顺和完善我国银行机构组织体系 ,便于银监会加强对邮政金融业务的监管 ,应该尽快对现行邮政储蓄体制进行改革。为此 ,作者提出了改革的原则和步骤。作者认为 ,目前邮政储蓄脱离邮政的条件尚不成熟 ,因此尽快“成立邮政储蓄银行 ,实行邮政金融商业化经营”是较好的现实选择。