MMC看好中国金融服务业——专访威达信集团总裁兼首席执行官麦克尔·切卡斯基

今天的中国企业面临着更多的国际化问题的思考,资本的流动逐渐加速,那么,对于中国市场的风险与价值该作何思量     

Public sector expenditures and financial crisis in Chile

Working with official government statistics, this paper shows that IMF stabilization guidelines which blame inflation and balance-of-payments disequilibrium on fiscal deficits are incorrect in the case of Chile. There government spending has for the most part been held in check during the military government. However, there are leading and lagging expenditure areas within the government. Military spending has steadily increased, while social expenditures have been cut. The latter point directly contradicts the official government position.     

新农村建设中的金融需求与投资机会

随着新农村建设的进一步展开,农村地区将产生新的金融需求,并催生新的投资机会十七届三中全会的召开,为下一步新农村建设定下了新的基调。全会公报《中共中央关于推进农村改革发展若干重大问题的决定》认为,解决好"三农"问题,拓展农村经济、扩大农业投入、提高农民收入以拉动农民有效需求,将对拉动我国内需起到重要作用,进而也将为中国经济转型提供重要的支撑。     

The agrarian sector: Postcrisis development risks and opportunities

Problems of the Russian agrarian sector are examined in terms of its competitiveness, which can be achieved though an innovation breakthrough, modernization of the material and technical base of the countryside, and promotion of integrative and cooperative ties.     

Human capital in the financial sector and corporate debt maturity

This study examines how human capital in the financial sector affects corporate debt maturity. To illustrate the mechanisms underlying the effects, we propose a theoretical framework that highlights the effects of human capital in the financial sector on mitigating the information asymmetry between financial intermediaries, households, and firms. Using the Chinese National Economic Census in 2008 and the Industrial Enterprises Database over 2011–2013, we find that the financial sector's human capital plays a significant and positive (negative) role in short-term (long-term) debt and this effect is more pronounced for firms with greater information asymmetry. Further analyses demonstrate that the baseline findings are consistent with the credit supply hypothesis. Our study indicates that human capital in the financial sector strengthens its renegotiation capacity for corporate borrowing, which is consistent with China's financial repression policy and leads to increased exposure of firms to credit and liquidity risks.     

Restructuring of financial institutions and the corporate sector in Korea

This paper explores causes of the Korean currency crisis which started in November 1997. This paper also presents restructuring proposals and introduces the progress made so far. The urgency for quick restructuring and the necessity of the injection of money from both the government and foreign investors are emphasized. Restructuring of financial and corporate sectors should be pursued simultaneously. In the financial sector, the restructuring of banks should take precedence over other financial institutions. The key task in terms of bank restructuring involves the resolution of bad loans, recapitalization and the expedited reorganization of nonviable banks. Corporate reform is also important. Banks should play a central role in corporate workouts, especially in lowering excessive corporate debt and triggering corporate restructuring based on core competence. Transparency of corporate management, internationally accepted accounting practices, fuller disclosure requirements and stronger monitoring by minority shareholders are prerequisites for effective market discipline. Reform of ownership and governance structure are also important in enhancing managerial accountability of corporates as well as financial institutions.     

Road crashes in Namibia: Challenges and opportunities for sustainable development

ABSTRACT

Within a broad framework for comprehensive advancement, the Sustainable Development Goals (SDGs) directly address the importance of safe transport to human development. We analysed some 29 000 crashes recorded in Namibia between 2012 and 2015 to identify connections between road safety and sustainable development there and, by extension, throughout Sub-Saharan Africa and other developing countries. The results indicate that the heavy reliance on transport services for basic mobility, especially in rural areas, contributes to negative development outcomes in terms of significant burden of injuries and death, many of which affect younger people of prime working age. The results also suggest that development pressures such as increased commercial traffic and more private vehicles increase the burden of roadway crashes. Many of the underlying factors contributing to these crashes are attributable to driving behaviours and safety cultures that must be addressed as part of programmatic socioeconomic development in order to mitigate the negative effects of transportation and more fully realise its potential to support sustainable development. We document additional ways in which the provision of safe transport is interrelated to successful attainment of the broader SDGs including those not explicitly addressing safe transport such as 4, 5, 8, 9, 16, and 17.     

What sort of financial sector should Indonesia have?

At the time of the 1997 Asian crisis, Indonesia's financial sector had serious weaknesses. This made it vulnerable to the key element of the crisis: massive reversal of foreign capital flows. Despite huge expenditures on restructuring, many of these weaknesses remain and the current strategy does not seem likely to overcome them. The alternative strategy explored here advocates the creation of ‘savings banks’, holding government bonds as their principal asset. With these safe assets, deposits in such institutions would be secure, even in the event of a major economic crisis. With this safe ‘core’, the rest of the financial system could develop on conventional lines (allowing removal of the current blanket guarantee, and making it more feasible to close banks without this causing a run on the system as a whole). The inherent risk to the taxpayer of another expensive bail-out would be greatly diminished.     

国有股、法人股(已上市公司中未流通者)的缩股设想

知识经济是建立在知识与信息的生产和使用之上的经济。因此 ,知识经济时代财务资源的配置需要有“相关利益者合作”产权理论及制度作为基石 ,否则将会加剧财务资本所有者与知识资本所有者之间的矛盾冲突 ;知识经济时代的财务管理应以无形资产投资为主要决策内容 ,财务机构的设     

加快天津金融业发展的对策研究

天津金融服务业的现状 截至2001年底,天津共有金融监管机构3家,地方金融机构7家,中央驻津内资分行级银行12家,中央驻津保险分公司9家,驻津证券分公司1家,资产管理公司4家,外地驻津证券营业部69家,外资银行分行14家,外资金融机构代表处12家。全市金融机构人民     

金融危机中抓住中国修船业发展机遇

中国修船业是1973年周恩来总理“三年改变港口面貌”指示下，开始纳入到大港口发展当中。这一时期，山海关、文冲、澄西三大远洋船舶修理基地建成，并陆续新建了青岛北海、天津新港等一批修船厂，全国万吨级船坞保有量从原来的3座增加到了15座。1973年开始的“大建港”，初步奠定了中国修船业的格局，也使我国修船能力大大提升，1976年基本满足国轮的修理需要。1978年改革开放初期，我国开始承修外轮，但由于专业技术和设备缺乏，     

South Africa's financial sector ten years on: performance since democracy

The South African financial sector, defined as the banking, insurance and securities industries, has contributed to the growth of the economy since democracy in terms of growth in assets and value added, although its provision of financial services to the poor has been less impressive. The article takes a broad approach to evaluating the performance of the sector in terms of the balance between stability and innovation, and the balance between efficiency and allocation of resources. While the financial system has proved to be stable, innovation has generally been for the high‐value, contested market. In terms of cost efficiencies and provision of services to small businesses and poorer consumers, there is room for improvement. The performance of the sector is linked to the regulatory regime, and the extent to which the sector will be able to improve its allocative performance will be influenced by mooted regulatory changes.     

Imbalances of external sector of the Russian financial market and approaches of their regulation

The article considers the main modern imbalances of external sector of the Russian financial market and the main elements of the new concept of cross-border capital movement of the Russian Federation in the conditions of increasing geopolitical and geo-economic risks for ensuring financial stability and maintenance of long-term economic growth in the country.     

The relationship between financial sector development and savings mobilisation in South Africa: An empirical study

This article examines the link between financial sector development and savings mobilisation in South Africa for the period 1980–2012. Taking the life-cycle hypothesis as our theoretical background and using Johansen co-integration that allows for hypothesis testing, the empirical results revealed a long-run relationship between savings, interest rates and financial sector development. We find an inverse relationship between the interest rate and savings, implying that South Africans are net borrowers because the income effect overwhelms the substitution effect. This in part explains the low level of savings in recent time. Important policy lessons for boosting the national savings rate are discussed.     

Corporate citizenship in the context of the financial services sector: what lessons from the Financial Sector Charter?

This article argues that the introduction of the Financial Sector Charter (FSC) in South Africa is an important innovation in terms of creating a framework for the sector to promote corporate citizenship. If implemented in its totality, the FSC promises to make a significant contribution to the transformation of the sector. However, on the basis of performance to date, the authors raise concerns about the prospects of the FSC being instrumental in this transformation. They suggest that the sector risks missing the valuable opportunity it has generated for itself. The lack of progress also raises the fundamental question as to whether transformation in the financial services sector can really be achieved on the basis of the model of self-regulation as embodied in the Charter.