EFFECTS OF THE EUROPEAN MONETARY UNION ON INSURANCE BUSINESS IN THE EUROPEAN UNION

Abstract: The European Monetary Union is intended to bring about a number of positive consequences, such as more effectiveness and lower cost in foreign trade, economic growth and – not least – an internationally competitive currency. In the short run, two of these effects are of particular interest, namely reduction of exchange rate risk and transaction cost. The paper first describes the scope of these problems, analyzing bid-ask spreads for EU-currencies and selected transaction costs. The particular prospects of insurance companies in EMU-countries depend mainly on their activities in foreign markets. We will therefore look into present foreign business in insurance and the relevance of the single currency for acquisition of production factors and capital investment decisions.     

WAGE CONTROLS DURING THE TRANSITION FROM CENTRAL PLANNING TO A MARKET ECONOMY

Wage controls have been integral to the stabilization programsof the formerly socialist countries of Central and Eastern Europethat are now moving toward market economies. The usual rationalefor such restraints in "heterodox" stabilization efforts hasbeen the need to break the momentum of inflationary expectations.In economies in transition the pervasive weakness of governanceof state enterprises supplies an added imperative: the controlsare needed to hold the line against pressures for excessivewage increases, which must ultimately be paid for by decapitalizationof firms, reduction of tax revenues, or accumulation of enterprisedebt. Examination of the design and enforcement of various systemsof wage control leads to the conclusion that wage controls inevitablydistort decisions on employment and work effort. These distortions,moreover, are the result of the same features of state enterprisesthat necessitate wage controls in the first place. Ultimately,the only way to avoid such distortions is to remove uncertaintyabout the timing of privatization, to ensure that workers andmanagement have a well-defined stake in the newly privatizedfirms, and to establish financial discipline over the enterprises.      

MARKET POWER IN THE PROPERTY/CASUALTY INSURANCE INDUSTRY

Abstract: Pro-consumer groups have charged that insurance firms are able to exercise market power to reduce coverage and/or increase rates. The ability of firms to earn economic rents (abnormal profits) is a factor in banks' interest in entering insurance markets. In classical economics such collusion is usually only possible with cartels. Recent work, examining the relationship between industry structure indicates that the power that can be exercised by cartels may be more limited than under the classical paradigms. We examine the ability of insurers to exercise market power in light of these modern theories.     

欧洲银行业联盟开走“第一步”

秋天过去是冬天。但寒风瑟瑟当中,欧盟各国迎来丝丝希望的暖意。随着欧盟首脑会议于10月19日落下帷幕,欧盟银行业单一监管机制建立也有了明确时间表。根据会议决议,欧盟各国将在2013年1月1日首先建立关于银行业单一监管机制的法律框架,并在之后的一年中逐项进行落实和细节调整。欧盟官员承诺,截至2014年,欧盟6000家银行将     

创业板未来让人期待——访全国政协委员、深圳证券交易所理事长陈东征

陈东征介绍,深交所针对退市制度拿出了两套方案,第一是直接退市,不再进老三板。但考虑到资本市场利益群体的复杂性,其最大的特点是散户众多,再加上散户又是证监会保护的重点,因此,在考虑权衡后,又建议创业板企业退市后进老三板,但要增加交易所对直接退市的权利和制约。     

THE INSURANCE PERFORMANCE MEASURE: BRINGING VALUE TO THE INSURANCE INDUSTRY

The performance of the property and casualty (P&C) insurance industry has suffered in recent years, even prior to the losses incurred in the tragic events of September 11th. Part of the industry's difficulties stems from its focus on premium generation, as measured by the combined or underwriting ratio, at the expense of overall operational performance. In this regard, the underwriting ratio is an incomplete measure of operating performance since it ignores two critical P&C operational functions: investment return and reinsurance results.
In this article, the authors present their Insurance Performance Measure (IPM), a comprehensive performance measure for the P&C industry. The IPM captures the three critical operational functions mentioned above in an overall performance measure. The measure is also versatile in that it can be easily decomposed into critical value drivers in each area of operation. Thus, the IPM framework enables P&C managers to observe the interaction and trade-offs between the operational functions of premium generation, investment return, and reinsurance results separately or as a group, and as they relate to the opportunity cost of surplus.     

谱写产权市场大发展的新篇章——2021年第9期封面回眸

上海联交所要紧紧抓住新一轮国资国企深化改革和推进落实要素市场化配置体制机制改革、构建全要素、全资源一体化大市场的重大历史机遇,发扬与时俱进、努力拼搏的精神,以全面深化改革为动力,以创新发展为主线,谱写产权市场新一轮大发展的新篇章。在《中国金融家》2021年9月刊上,上海联合产权交易所党委书记'董事长周小全作为封面人物,发表署名文章,为读者讲述中国产权市场在“十四五”规划下的新发展机遇。     

中国人保党委副书记、副董事长、总裁王廷科 “双奥”保险为冬奥护航

“人民保险,服务人民。‘双奥’保险已准备好全力服务保障北京2022年冬奥会和冬残奥会。”中国人保党委副书记、副董事长、总裁王廷科在第279场银行业保险业例行新闻发布会上表达了打造“冰雪冬奥,温暖服务”的心声。2019年12月5日,中国人民保险集团成为北京2022冬奥会和冬残奥会官方合作伙伴,这是继2008年北京奥运会、2010年广州亚运会、2019年武汉军运会后,再次牵手国家重大赛事,开启服务奥运新征程。     

A SIMPLER CONSUMPTION-BASED ALTERNATIVE TO THE INCOME TAX FOR SOCIALIST ECONOMIES IN TRANSITION

The tax systems of socialist economies in transition will distortresource allocation, create inequities, and cause administrativeheadaches if not reformed. These countries have weak tax administrations,lack experience with mass taxes based on voluntary compliance,and need to encourage domestic saving and foreign investment.This article suggests an alternative to the conventional incometax that is more suited to these conditions. Attempting to tax real economic income raises complicated timingissues (when to recognize income and allow deductions) and mayrequire complex adjustments for inflation. The simplified alternativetax (SAT) avoids these complications and provides a generalincentive for saving and investment less subject to abuse ordistortions than tax holidays and other tax gimmicks in voguein countries emerging from socialism. The key elements of the SAT are separate taxes on income fromlabor and capital, immediate deduction for all business expenditures,no deduction for interest, and no taxation of interest or dividends.(Interest could be treated as under an income tax, at some cost.)Although the marginal effective tax rate is zero, the governmentshares in extraordinary returns to investment. The article discussespotential problems (including distributional implications, taxlosses, and foreign tax credits) as well as advantages of theSAT.      

实施积极的股市政策——访全国政协委员、广东证监局局长侯外林

作为今后五年资本市场的发展规划目标之一,＂显著提高直接融资比重＂被写入国民经济和社会发展＂十二五＂规划纲要草案之中。相比＂十一五＂规划＂提高直接融资比重＂的提法,＂显著＂二字的增加意义深远。     

MARKET REACTION TO NATIONAL DISCRETION IN IMPLEMENTING THE BASLE ACCORD

We report the wealth effects among banks in the United States, Japan, Canada, and the United Kingdom in reaction to public announcements concerning their respective national implementation of the 1988 Basle Accord, an international risk-based capital regulatory agreement. Previous survey findings indicate bankers in different countries perceive that national discretion could threaten the competitive equity goals of the new risk-based capital rules. Based on a multivariate regression model using seemingly unrelated equations, we find significantly positive and negative market reactions by bank investors to individual announcements of different countries' post-Accord capital rules. However, no particular country's banks were systematically advantaged or disadvantaged with national discretion announcements viewed in aggregate. Although national discretion does affect bank wealth, the evidence does not suggest that national implementation compromises the competitive goals of the Accord.     

应对利率市场化实现战略性突破

深圳发展银行目前正在一个整合的阶段,这给银行一个非常独特的机会来思考一下未来的发展以及未来的战略和方向。在这个过程中,首先要想怎么提升服务,给客户提供更好的服务和价值,其次再想哪些地方需要提升能力。在思考中,一方面要考虑内部因素,另一方面也要仔细研究外部环境。     

公司业务 在转型中寻求新突破

公司金融业务是商业银行最重要的业务之一。在金融市场上,拥有顶尖的公司客户资源,并且承担有国际影响力的公司金融服务,是商业银行做大做加快结构调整与经营转型,不断提升核心竞争力,实现了公司金融业务的快速发展,尤其是股改上市后,公司金融业务在规模、质量、效益上实现了良性发元,年均增长16.2%,贷款规模始终保持市场第一;不良贷款余额从1423亿元下降至732亿元,不良率从1.63%下降至1.56%,     

珍视保险顶层设计作用——中国人民保险集团董事长吴焰就保险实践一席谈

“山西杨凌大寨镇孟家寨村村民购买了人保新的农业保险产品。连日秋雨后,一些村民家的大棚坍塌,眼瞅着这一季就要白忙,理赔人员逐村逐棚地查验了参保户的损失,迅速发放了理赔金。”