证券市场中货币政策传导的利率渠道——协整与误差修正检验

货币政策传导机制是货币政策的核心内容,涉及宏观经济政策和微观经济运行,决定着货币政策的效应;而这一机制又是市场经济国家在金融运行和金融调控中所面临的非常复杂的问题.在货币政策传导的诸多机制当中,利率传导机制最为基础和重要,其它机制最终都要依赖利率机制发挥作用.各学派的学者都十分重视利率在货币政策传导中的作用,而各国的中央银行--尤其是发达市场经济国家的中央银行--也都将利率作为主要的宏观调控工具.     

基层人行执行货币政策的着力点及思路

一、执行货 币政策的着力点 货币政策 的实现重要环 节是货币传导 机制。货币传导 机制是运用货 币政策工具到 实现货币政策 手段的作用过 程，货币传导机 制由要素、过 程、内容及形式 所组成，其中主 要的是过程和 内容两个方面。 货币政策 传导总的链条 是：中央银 行--金融机 构(金融市场) --企业或个 人等--国民 收入。从货币政     

经济欠发达地区货币政策传导中存在的问题及对策

货币政策是直接调控总需求间接影响总供给的一项宏观经济政策，货币政策的有效性与货币政策传导机制息息相关。中央银行通过制定货币政策运用货币政策工具，增加或减少货币供应量，直接影响企业、居民的总支出，从而达到经济增长，币值稳定的最终目标，而经济增长是要依赖微观经济和其它因素共同作用实现。由于经济发达地区有很好微观经济基础和完善金融市场，故货币政策能够顺畅的传导，而在经济欠发达地区却传导受阻。     

厂商预期在我国货币政策传导机制中的作用

货币政策传导机制是指货币当局从实施货币政策到实现其政策目标的过程。传导机制是否畅通在一定程度上决定着货币政策的有效性，鉴于此，二十世纪三十年代经济学界就开始关注货币政策传导机制对于经济的影响，由于从货币政策工具变动影响货币供应量的变化到影响最终目标的过程十分复杂。因此始终没有形成一致观点，至今仍为研究热点。近年来国内外学对我国货币政策传导机制从利率、信贷、     

资本市场发展对我国货币政策的影响及对策

《国务院关于推进资本市场改革开放和稳定发展的若干意见》出台后，资本市场的发展将迎来新的飞跃。随着经济证券化程度的不断提高．资本市场逐步成为货币政策传导的重要渠道，同时，其发展对我国货币政策的中介目标、传导机制和政策工具的选择等产生越来越大的影响。中央银行应积极调整和完善货币政策体系，有效运用货币政策工具，疏通资本市场与货币市场的联系，以充分发挥资本市场对货币政策的传导作用。     

对我国货币政策传导机制现状的分析

所谓货币政策传导机制是指中央银行运用一定的货币政策工具,影响经济机制内的一系列经济变量,进而最终实现既定货币政策目标的传导途径和作用机理.它是一个过程,起点是货币政策工具,中介目标是货币供应量或利率,终点是既定政策目标,从起点到终点的实现过程即是传导机制发挥作用的过程.     

证券市场中货币政策传导的利率渠道——协整与误差修正检验

货币政策传导机制是货币政策的核心内容,涉及宏观经济政策和微观经济运行,决定着货币政策的效应;而这一机制又是市场经济国家在金融运行和金融调控中所面临的非常复杂的问题。在货币政策传导的诸多机制当中,利率传导机制最为基础和重要,其它机制最终都要依赖利率机制发挥作用。     

我国货币政策传导机制研究

货币政策是各国政府重要的宏观经济政策,中央银行执行货币政策是通过货币政策传导机制作用于实体经济来实现经济目标。货币政策传导机制指中央银行确定货币政策目标后,从选用货币政策工具并付诸实施到实     

加快建设中国的公开市场业务

加快建设中国的公开市场业务许崇正公开市场业务是市场经济调控的主要力量和手段，是一国货币政策传导的主要操作工具，是其“最重要的稳定经济的武器”。因此，我国要建立社会主义市场经济运行模式，要实现金融市场体制的创新，理所当然地必须借鉴和运用公开市场业务这个...     

我国贷币政策传导机制的操作工具研究

我国正处于经济转轨的关键时期，货币政策传导机制的改革与完善是国民经济稳定运行的必要保证。本文介绍了我国货币政策传导的操作工具，研究了我国货币政策传导机制操作工具的发展与现状，深入分析了其操作中存在的问题，并提出了完善的对策。     

升值之言该如何听

自今年6月中国暗示将松动人民币汇率以来,人民币升值幅度仅为0．4％,这大大低于华盛顿的期待,因此,中美两国的关系日益紧张起来。随着失业率的膨胀,以及选举年即将到来,美国国会再一次将人民币汇率摆上了议事日程：9月6日,华盛顿两位高官为缓和中美关系前往北京,就人民币及其他重要问题进行高峰会晤,以期达成共识。     

商业银行如何应对利率市场化

最近,中国央行的利率政策传达出利率市场化步伐骤然加快的信号,沉浸在央行利率管制环境下的国内商业银行突然感到"利基"竞争的性质发生了重要变化。那么.在利率市场化环境下商业银行应采取怎样的风险偏好,才能使贷款定价覆盖风险溢价?这是银行管理者必须回答的问题。     

When to ally & when to acquire

Acquisitions and alliances are two pillars of growth strategy. But most businesses don't treat the two as alternative mechanisms for attaining goals. Consequently, companies take over firms they should have collaborated with, and vice versa, and make a mess of both acquisitions and alliances. It's easy to see why companies don't weigh the relative merits and demerits of acquisitions and alliances before choosing horses for courses. The two strategies differ in many ways: Acquisition deals are competitive, based on market prices, and risky; alliances are cooperative, negotiated, and not so risky. Companies habitually deploy acquisitions to increase scale or cut costs and use partnerships to enter new markets, customer segments, and regions. Moreover, a company's initial experiences often turn into blinders. If the firm pulls off an alliance or two, it tends to enter into alliances even when circumstances demand acquisitions. Organizational barriers also stand in the way. In many companies, an M&A group, which reports to the finance head, handles acquisitions, while a separate business development unit looks after alliances. The two teams work out of different locations, jealously guard turf, and, in effect, prevent companies from comparing the advantages and disadvantages of the strategies. But companies could improve their results, the authors argue, if they compared the two strategies to determine which is best suited to the situation at hand. Firms such as Cisco that use acquisitions and alliances appropriately grow faster than rivals do. The authors provide a framework to help organizations systematically decide between acquisition and alliance by analyzing three sets of factors: the resources and synergies they desire, the marketplace they compete in, and their competencies at collaborating.     

How to Tie Equity Compensation to Long-Term Results

Companies, investors, and regulators around the world are now seeking to tie executives' payoffs to long-term results and avoid rewarding executives for short-term gains. Focusing on equity-based compensation, the primary component of top executives' pay, the authors analyze how such compensation should best be structured to provide executives with incentives to focus on long-term value creation.
To improve the link between equity compensation and long-term results, the authors recommend that executives be prevented from unwinding their equity incentives for a significant time period after vesting. At the same time, however, the authors suggest that it would be counterproductive to require that executives hold their equity incentives until retirement, as some have proposed. Instead, the authors recommend that companies adopt a combination of "grant-based" and "aggregate" limitations on the unwinding of equity incentives.
Grant-based limitations would allow executives to unwind the equity incentives associated with a particular grant only gradually after vesting, according to a fixed, pre-specified schedule put in place at the time of the grant. Aggregate limitations on unwinding would prevent an executive from unloading more than a specified fraction of the executive's freely disposable equity incentives in any given year.
Finally, the authors emphasize the need for effective limitations on executives' use of hedging and derivative transactions that would weaken the connection between executive payoffs and long-term stock values that a well-designed equity arrangement should produce.     

NYSE execution quality subsequent to migration to hybrid

In October 2006, the NYSE began rolling-out phase three of a four-phase plan initiate its new Hybrid trading mechanism. The results show that this new trading platform introduced a much larger proportion of electronic transactions relative to floor auction transactions. This migration to electronic transactions is further evidenced by a mirror shift in price discovery from floor trades to trades marked for automatic electronic execution. In addition, the move to Hybrid trading introduced a significant decrease in inventory control costs, as well as a noticeable increase in trade persistence. Finally, the new trading platform has increased the speed with which orders are met, and has also decreased the proportion of executed shares which receive price improvement.

How to stop the race to the bottom

Standard tax multipliers are a widespread feature of fiscal equalization systems. A simple theoretical model shows that actual tax multipliers respond positively to changes in standard tax multipliers. This theoretical prediction is tested empirically using data on municipalities in Germany. A quasi-experiment in the state of North Rhine-Westphalia is exploited to identify the incentive effect. The empirical results confirm that local business tax policy is shaped by standard tax multipliers. They provide a straightforward practical tool to avoid a race to the bottom in local business tax rates.