The Financial Sector and Economic Growth*

The Mankiw–Romer–Weil (1992) augmented Solow–Swan ( Solow 1956 ; Swan 1956 ) model is extended to incorporate the financial sector in this study. Distinguishing between financial capital, physical capital and human capital, the research attempts to identify, in particular, the effects of financial capital on economic growth. The effects of financial sector efficiency on economic growth are also examined. The financial sector augmented model is tested on a cross‐section of 35 economies. Strong support is found for the model.     

Optimal Pricing and Price-Cap Regulation in the Postal Sector

This paper studies the optimal price structure in the postal sector when worksharing is available (e.g., for collection, sorting and transportation) and when the operator faces a break-even constraint. Users differ in opportunity and cost to engage in worksharing. We determine the optimal worksharing discount and provide sufficient conditions (on demand functions) under which it exceeds the ECPR level. Furthermore, we show that the optimal prices can be implemented through a global price cap imposed on a weighted average of the prices of all products. The appropriate weights are proportional to the market demand (evaluated at optimal prices) of the corresponding products.     

浅议私营企业财务管理

在市场经济的不断完善中,私营企业得到了前所未有的发展,它们不但成为各地经济增长的主力军,而且在创造税收、增加就业等方面发挥着积极作用。然而私营企业在发展过程中,仍有相当一部分企业处于“高出生与高死亡率”的状态。由于财务管理水平是影响私营企业发展的一个重要因素,因此将针对中国私营企业财务管理的有关问题进行研究,希望能有助于中国私营企业的健康发展。     

金融危机下中国经济系统的内外部冲击影响——基于虚实两部门一般均衡模型的研究及模拟测算

国际金融危机下的石油价格波动、财政金融政策、结构和技术变化等内外部冲击对中国经济系统的影响越来越受到政府部门和中外学者的密切关注.为了能从数量上把握冲击的直接和间接效果,文章基于一个实物部门与金融部门相统合的金融可计算一般均衡(CGE)模型,运用比较静态和比较动态的方法定量分析它们对中国经济的影响,并据模拟结果给出相关政策含义,从而为政策制定提供更充分的理论依据.     

中国股市的世界一体化与区域一体化：行业视角

本文从行业视角出发,研究了我国A股市场的世界一体化与区域一体化的动态进程。研究发现：特定行业因素对工业、原材料和金融行业的冲击超过了外界因素对A股市场整体的影响;与世界因素相比,亚洲区域因素对A股指数及大多数行业的影响占据主导地位;在次贷危机期间,亚洲区域因素对A股市场中金融行业的影响最大,金融行业成为亚洲区域风险向国内市场传递的主要载体。     

Worksharing and Access Discounts in the Postal Sector with Asymmetric Information*

This paper analyzes the optimal worksharing and access amounts granted to mailers and entrants in a liberalized postal sector when there is asymmetric information about the Post Office’s (PO) costs. I show that when the regulator is unable to ascertain which part of the total cost of sorting has to be attributed to each sorting facility, the optimal “access discount” given to entrants is set in a pro-competitive way. This facilitates the entry of firms that are less efficient than the PO. However, the optimal “worksharing discount” may prevent the entry of mailers that are more efficient than the PO.     

Service Quality,Competition, and Regulatory Policies in the Postal Sector

This paper presents a simple model which illustrates the possible policy- and welfare-implications of endogenous product selection in the postal sector. The cost of a unit of mail depends on its "quality" (e.g., speed of delivery) and on the type and location of the addressee (firms, urban households, and rural households). Senders have inelastic demands and differ in their willingness to pay for quality. Addressees are passive but their utility may affect social welfare. Two operators play a two-stage game, first choosing qualities and then prices. We first show that the equilibrium with two private (profit maximizing) operators results in an inefficient provision of quality. Then, we consider the mixed (Nash) equilibrium with one private and one (welfare maximizing) public operator. If the budget constraint of the public firm is not binding, this equilibrium is shown to be first-best efficient even if social welfare accounts for the utility of addressees. If the budget constraint is binding, the mixed equilibrium is not efficient but yields a higher level of welfare than the private equilibrium. Finally, we study the impact of minimum quality standards within our setting.     

Financial Inclusion and Policy-Making: Strategy,Campaigns and Microcredit a la Turca

As in many other cases in the global South, creating more aware financial consumers is a prominent goal of the financial inclusion process in Turkey. The Turkish case has two peculiarities: the non-commercial character of the microcredit sector, which is partly organised by the state; and the state’s proactive role in Turkey’s financial transformation. This article analyses how the global financial inclusion agenda has been adapted for the Turkish context. The strength of Turkey’s financial infrastructure motivated policy-makers to focus on financial consumers, with the state intervening to spread further the financial modes of calculation. The article argues that the financial integration of large segments of Turkish society creates conundrums which cannot be easily overcome.     

金融中介理论的最新进展及对我国金融业发展的启示

目前,中国正处于金融制度转轨时期,主要金融中介机构特别是国有商业银行应如何顺利改革,又该如何应对金融业完全开放后的高度竞争,这些都需要理论的阐释与指导.本文从最新的金融中介理论着手,探讨以银行为代表的金融中介机构的优势所在,并以功能观为导向,提出了一些有关构建中国金融中介机构体系的看法.最后,得出了一些对中国国有商业银行未来发展的启示.     

数字经济、普惠金融与包容性增长

人类正在经历的以互联网为基础的第三次技术革命,对效率和公平的影响巨大且深远。中国尤其得益于互联网革命,使得中国实现了数字经济和数字金融的快速发展。本文将中国数字普惠金融指数和中国家庭追踪调查(CFPS)数据相结合,评估互联网革命所推动的数字金融的发展对包容性增长的影响。首先,基于分样本实证分析,发现中国的数字金融不但在落后地区的发展速度更快,而且显著提升了家庭收入,尤其是对农村低收入群体而言。可见,数字金融促进了中国的包容性增长。其次,对于数字金融至包容性增长的传导机制,本文发现,数字金融的发展帮助改善了农村居民的创业行为,并带来了创业机会的均等化。最后,通过对物质资本、人力资本及社会资本的异质性分析,发现数字金融特别有助于促进低物质资本或低社会资本家庭的创业行为,从而促进了中国的包容性增长。     

Mexico's Financial Sector Crisis: Propagative Linkages to Devaluation

The sharp 1994 Mexican peso devaluation was followed by a financial-sector crisis, forcing the Mexican government to retake control of several banks and to grant substantial assistance to many others. This paper tests several hypotheses concerning the impact of devaluation. First, event-study methodology is used to test whether some sectors of Mexican economy were 'devaluation-gaining' while others were 'devaluation-losing'. Second, we test whether devaluation shocks were transmitted to the financial sector through the liability side versus the asset side of bank balance sheets. Our results indicate the importance of asset diversification.     

Modelling the Equity Beta Risk of Australian Financial Sector Companies

In this paper we apply the generalised auto-regressive conditional heteroskedasticity (GARCH) and Kalman Filter approaches to modelling the equity beta risk of a sample of fifteen Australian financial sector companies. A de-regulated environment in which strong competitive forces are at play typifies the period of investigation. Consistent with the existing literature, we find that these modelling techniques perform well and, in particular, that the Kalman Filter approach is preferred. Further, we find that considerable variability of risk occurs throughout the sample period. Thus, extending the evidence of Harper and Scheit (1992); Brooks and Faff (1995) and Brooks, Faff and McKenzie (1997), we find evidence consistent with the hypothesis that deregulation has impacted the risk of banking sector stocks.     

Debtfarism and the Violence of Financial Inclusion: The Case of the Payday Lending Industry

The official development literature is replete with studies about the alleged benefits of financial inclusion in reducing poverty in the global South. Few analyses have sought to critically explore advanced forms of financial inclusion in the global North, particularly with regard to the highly lucrative and controversial payday lending industry in the USA. This article fills this void by examining the political economic landscape of payday lending in Ohio. In contrast to the mainstream literature, our analysis suggests that the payday lending industry is not a natural feature of the market that has led to universal benefits for all. Instead, we argue that payday lending not only benefits private creditors at the expense of the working poor, but also that the latter have been made to rely on these expensive loans to meet basic subsistence needs largely through the structural violence of labor market restructuring and neoliberal forms of governance, such as workfarism and ‘debtfarism.’     

金融部门利润与平均利润——基于资本功能维度的分析

虽然金融部门利润不是产业利润,但是它唯一的源泉还是生产过程中工人的活劳动.在金融部门执行不同功能的资本,其获得利润的方式各不相同,与平均利润的关系也大相径庭.实证分析表明:金融化之后,美国金融部门参与利润分配的份额明显提高;总体上,金融部门的利润率超过了平均利润率.不同于传统的榨取方式,金融业资本通过对收入和剩余价值的转移而获得超额利润.金融产品的低成本性和强创新性,也是金融部门能保持超额利润水平的重要原因.在实体经济利润长期停滞的条件下,金融部门利润率提高既是金融化的原因也是进一步金融化的结果.     

金融业上市公司高管薪酬影响因素的实证研究

席卷全球的金融危机使得我国金融业上市公司的高管薪酬备受争议,保监会适时出台"限薪令"以控制金融业公司高管的天价年薪.但由于金融业上市公司具有特殊性,其高管新酬的影响因素比较复杂.本文采用实证研究法探析了我国金融业上市公司高管薪酬的影响因素,结果表明:公司规模、前五大股东持股比例与高管薪酬显著相关,而公司业绩、董事会规模、独立董事比例与高管薪酬不相关.进一步对金融业中上市银行进行小样本的回归分析,发现公司高管薪酬与资本充足率、资产负债率相关性显著,而与董事会规模、独立董事比例相关性不显著.     

The Economic Effects of Postal Reorganization

In this paper, I examine the effects of the Postal Reorganization Act of 1970. In passing the Act, Congress hoped to increase postal productivity, decrease dependence on government assistance, and help the Postal Service break-even, while keeping wages comparable to those in the private sector. Researchers have examined various aspects of postal operation, but few have focused on the effects of reorganization per se. Utilizing data on 21 variables from 1930 to 1996, I estimate reorganization's effects using time-series tests for structural change proposed in Econometrica by Pierre Perron. I describe the technique and examine reorganization's effects on the price of various classes of mail, employment, relative salaries, productivity, and profitability. I find that the Act did not increase overall real mail prices, but increased first-class while decreasing fourth-class prices. While there is a strong positive time-trend in postal employment (both absolutely and relative to population), the Act did not exacerbate this trend, but may have counteracted it. When measured by total factor productivity, the Act increased postal productivity. It also increased postal salaries relative to those of other government workers. The Act had little effect on the annual losses of and federal assistance to the Postal Service.     

"互联网+"下的包容性金融与家庭创业决策

文章利用中国家庭跟踪调查(CFPS)2014年度数据,采用离散选择模型和两阶段最小二乘方法,从广度和深度两个方面研究了"互联网+"下包容性金融对家庭创业决策的影响.结果表明:"互联网+"与包容性金融的融合发展将通过"信息流"融通"资金流",降低家庭创业融资中的风险,增加其正规金融市场参与度,从而提升一般家庭的创业可能性,特别是对城市家庭、高收入家庭和受教育程度高的家庭的创业决策具有明显的促进作用;此外,"互联网+"与包容性金融的融合发展还将使家庭更积极地投身于机会型创业活动中.文章进一步检验了"互联网+"下包容性金融影响家庭创业决策的正规金融融资偏好渠道和风险偏好渠道的有效性,这对于在当下的"双创"工作中改善创业者的金融支持环境具有重要的意义.     

集聚生存与集成创新--论中小企业与金融业的融合发展

我国目前正在着力提高自主创新能力、集成创新能力和引进消化吸收再创新能力,他们是科学技术发展的战略基点和调整产业结构、转变增长方式的中心环节.对集成创新能力进行研究必须深入考察中小企业集群为什么具有强大的生命力?中小企业集群令人瞩目的竞争优势在于其低成本和创新能力,纵观国内外中小企业集群的发展路径,无不是从低成本型向创新型转化.在这个过程中,金融业和以会计、法律服务、R＆D等为主要内容的生产性服务业功不可没.生产性服务业虽不直接参与对初级产品或半成品的加工生产,不能直接对消费者产生效应,但贯穿于生产过程的各个环节,与其融合、并为之服务.