第四届北京国际金融博览会

<正>近年来,金融改革和金融创新促进了金融市场发展,金融机构不断涌现,金融工具不断创新,金融理财产品的种类发展很快,投资者可以从更多的金融理财产品中选择合适的产品,金融理财产品已从大众化、同类化向市场专业细分化发展。越来越多的社会公众通过持有基金、     

第三届北京国际博览会圆满成功

历时七天的第三届北京国际博览会于4月8日在中国国际展览中心落下帷幕。来自23个国家和地区的300余家中外客商参加了此次博览会。博览会期间,各类产品出口总额达8.9亿美元,其中电子仪器仪表项目达2亿美元,占第一位。国内贸易金额达3.1亿人民币;转口贸易40万美元;达成技术转让项目7项,转让金额达1000万人民币,合资项目4项;各类展品留购     

第11届中国国际金融论坛

<正>时间10月24日-25日地点上海浦东星河湾酒店金融创新与实体经济发展主办单位:国际资本市场协会中国保险行业协会注册国际投资分析师协会中国保险学会金融时报中国股权投资基金协会中国银行业协会中国证券投资基金业协会承办单位:亡海财景文化传播有限公司易财金投资顾问(北京)有限公司     

第八届中国国际中小企业博览会

8月30日,第八届中国国际中小企业博览会新闻发布会在北京国际饭店召开。工业和信息化部党组成员、总工程师朱宏任,广东省人民政府副省长陈云贤,广东省人民政府副秘书长林英,泰国中小企业促进署外事局局长瓦赤拉·交科出席发布会。     

第5届国际环境保护技术博览会

博览会于1986年2月17日至21日在联邦德国杜塞尔多夫市的 NOWEA 国际展览中心举行。机械工业部石化通用局熊福元,环保办公室丁宪华,哈尔滨环保设备工业公司汪满江,北票机械厂刘玉汉,诸暨电除尘器研究所赵国     

第三届中国国际中小企业博览会暨中意中小企业博览会

2006年9月15日,第三届中国国际中小企业博览会暨中意中小企业博览会(以下简称中博会)在广州隆重开幕,出席开幕式的有关部委领导、各地区参展商和采购商代表、国内外有关新闻媒体记者以及其他各方面的嘉宾,共约5000多人。据统计,为期四天的中博会参展企业共3970家,其中境外参展企业948家,占全部参展企业的23.8%;设展位5110个,其中境外企业展位1094个,占全部展位的21.4%。境外参展企业数和企业展位数均双双超过国际展20%的标准。参展企业除主宾国意大利外,还有18个国家和地区组团参展。展会期间,共吸引了来自世界50多个国家和地区21万人次到场…     

第九届中国国际中小企业博览会开幕

（本刊讯）9月22日上午,第九届中国国际中小企业博览会在广州琶洲国际会议展览中心隆重开幕。中共中央政治局委员、广东省委书记汪洋,中国工业和信息化部部长苗圩,全国人大法律委员会副主任委员洪虎,厄瓜多尔工业生产部副部长胡安·弗朗西斯科·巴彦,越南工业贸易部副部长阮成边出席开幕式。广东省副省长刘志庚主持开幕式。     

RECENT ADVANCES IN INTERNATIONAL FINANCE: INTRODUCTION

Arguably, international finance is one of the most exciting areas in economics. The development of international finance is influenced and shaped, at least in part, by the continuing process of globalization and integration. In the last 25 years the profession has witnessed the proliferation of both theoretical models and empirical analyses in international finance. The analysis of both new and existing issues has benefited from increasingly elaborate modelling techniques and sophisticated empirical tools.     

北京奥运会与上海世博会旅游业效应及对比分析

分析了2008北京奥运会和2010上海世博会将给旅游业带来的期间效应、长期效应以及空间效应，并对其影响力进行了比较分析。提出北京和上海应该借鉴2000年悉尼奥运会等活动的成功经验，延长事前效应和后续效应，以增强奥运会和世博会对旅游业的影响力。     

CORRUPTION AND CORPORATE FINANCE PATTERNS: AN INTERNATIONAL PERSPECTIVE

Abstract.  This study demonstrates the importance of government corruption in shaping corporate finance patterns across countries. Corruption contributes to a more prevalent and higher degree of corporate equity ownership concentration and more reliance on bank financing in raising external finance. It argues that corporate governance under corrupt governments is particularly poor. Firm management, taking advantage of political capital acquired through bribery, is especially powerful in expropriating from outside investors. Ownership concentration and reliance on bank financing are means of mitigating the corporate governance problem under a corrupt government.     

国际供应链金融三种典型模式分析

供应链金融是一种旨在降低供应链融资成本以及解决供应链节点资金短缺问题的金融创新。本文分析了以美国联合包裹服务公司（UPS）为代表的物流企业主导模式,以通用电气信用公司（GECC）为代表的企业集团合作模式,以渣打银行（SCB）为代表的商业银行服务模式;其次从融资主导、运作优势、信息掌控、适用对象以及法律环境等方面对这三种模式进行了比较分析;最后提出了对我国更好地开展供应链金融业务的若干启示。     

OPTIMAL DEBT AND ENDOGENOUS GROWTH IN MODELS OF INTERNATIONAL FINANCE

The International Monetary Fund, the World Bank and the bond rating agencies did not anticipate the crises in Asia 1997–98 and in Argentina 2001 . With this statement in mind, we consider some multi-stage inter-temporal stochastic optimisation models in international finance that imply theoretically founded and empirically measurable Early Warning Signals. The mathematical technique is dynamic programming/stochastic optimal control (DP/SOC).
The variables of interest are the optimal foreign debt, consumption, capital and the growth rate of GDP. They are used as benchmarks of economic performance. By comparing the actual debt to the optimal debt we derive a measure of the sustainability of the debt and vulnerability to default problems. The two sources of uncertainty – the productivity of capital and the real interest rate on the foreign debt – are modeled as stochastic processes. Specific applications of the DP/SOC techniques are given for country defaults in Asia and Latin America, and the US current account deficits.     

金融与区域发展国际研究进展及启示

关于金融与区域发展关系的研究大多沿用宏观金融发展理论的思路和方法来分析金融与区域发展的关系,以两者的因果关系和识别金融促进区域经济增长的机制为重点,往往将区域视为封闭的、孤立的,忽略区域所具有的空间结构属性。而最近一些研究极其强调自地理学的空间视角来研究金融及其与区域发展的关系。这些研究多来自金融地理学领域,一些来自区域金融学领域,文章从金融空间和金融空间与区域发展两个方面评述国际有关研究,在此基础上提出我国需要特别关注的金融与区域发展问题。     

ELIMINATING THE INFLATIONARY FINANCE TRAP IN A POLITICALLY UNSTABLE COUNTRY: DOMESTIC POLITICS VS. INTERNATIONAL PRESSURE

This paper presents an intertemporal political economy model of public finance relevant for developing and transition countries where there is inherent political instability. As in Cukierman et al. (1992) , it is shown that political instability causes myopic behaviour by a rational government resulting in high levels of revenue from seigniorage. It is then argued that inflationary finance also increases barter and currency substitution, but if the government tries to suppress them, seigniorage taxation rises even more. Only international financial pressure can help eliminate the inflationary finance trap, but becomes less effective as the instability increases.     

DEGREASING THE WHEELS OF FINANCE

Can there be too much trading in financial markets? We construct a dynamic general equilibrium model, where agents face idiosyncratic liquidity shocks. A financial market allows agents to adjust their portfolio of liquid and illiquid assets in response to these shocks. The optimal policy is to restrict access to this market because portfolio choices exhibit a pecuniary externality: Agents do not take into account that by holding more of the liquid asset, they not only acquire additional insurance against these liquidity shocks, but also marginally increase the value of the liquid asset, which improves insurance for other market participants.