影响我国农产品期货交易所效率的因素与对策

为了进一步促进我国农产品期货市场的完善与发展,提高我国农产品期货市场的效率,对影响我国农产品期货市场效率的交易所因素进行了具体分析.指出当前我国农产品期货市场在期货交易所的交易方式、组织体制等方面存在的问题.提出建立多样化的与我国农业相适应的期货合约体系、降低交易成本,提高市场效率、进行农产品期货交易所组织体制改革等具体政策建议.     

中国期货市场的监管及风险防范

中国期货市场的监管及风险防范中国社会科学院金融研究中心一、中国期货市场的发展１９８８年，中国建立了第一家期货交易所。至此，我国期货从业人员已有２０余万，期货交易所达１４家，会员超过３千家，全社会有三、四百家期货公司，国家也已成立了期货管理机构。可以说...     

期货市场及其管理讲座

期货市场及其管理讲座《工商行政管理》编辑部国家工商局市场局合办第十讲期货经纪商和期货经纪人一、期货经纪商、经纪人的产生与存在期货交易所规定：只有会员才能进入期货交易所进行期货交易，而且只有全权会员才能接受他人委托，代替别人进行期货交易的具体买卖业务。...     

波罗的海交易所和运价指数介绍

一、波罗的海交易所船舶企业背景: 波罗的海交易所船舶企业是世界第一个也是历史最悠久的航运市场.从1744年诞生于美国佛吉尼亚波罗的海咖啡屋至今,它已经发展成为世界最有名的国际性自律的海运、船舶买卖市场.全球46个国家的656家公司成为波罗的海交易所船舶企业的会员,大约有1400名员工代表公司在交易所里交易.     

对中国期货市场结算体系与制度的几点看法

一、目前我国期货市场结算体系与制度1、我国结算机构组织形式期货市场的结算部门是期货市场的重要组成部分.我国期货交易结算机构目前也有两种组织形式.一种是隶属于交易所的结算机构,即期货结算与期货交易连为一体,结算部门是交易所的一个职能部门,其资产和组织管理与交易所合在一起,结算部负责本交易所期货交易的结算,实物交割和风险控制.在现有14家交易所中,有13家采取这种组织形式.另一种组织形式是独立于交易所之外的清算公司.广东省广发期     

培育发展市场体系纵横谈我国期货市场发展现状及关于宏观管理的几点建议

我国期货市场发展现状及关于宏观管理的几点建议王宝桐期货市场是以转让标准化的期货合约为特征的一种市场交换关系。这种交换关系是由期货交易所、结算公司以及交易的主体，包括会员、经纪公司、客户等组成的一个有机整体。期货市场是商品经济发展的必然产物。从１８４８...     

浅谈期货市场与实货市场的区别与联系

<正> 期货市场是指按一定的规章制度买卖期货合同的有组织的市场。交易所不等于期货市场,它只是进行特定商品买卖的场所,是期货市场的前     

美国期货市场的规范化管理

美国期货市场的规范化管理＊黄泰岩＊本文是国家教委留学回国人员基金课题的阶段性成果。美国对期货市场实行了三位一体的管理体制，即由联邦政府、行业协会和期货交易所共同组成的严密的相互分工、相互合作的管理体制。分析这一有效的监管体制，对于我国期货市场的规范化...     

关于停止钢材、食糖、煤炭期货交易的请示

关于停止钢材、食糖、煤炭期货交易的请示国务院：根据国务院常务会议和国务院领导同志批示精神，经组织期货市场联席办公会议成员单位和有关主管部门对钢材、食糖、煤炭等３个期货品种的交易问题认真研究后认为，当前我国期货市场还很不成熟，一些交易所的会员结构也不合...     

期货交易所风险化解模式的思考

我国期货市场风险频发,严重地影响了市场的发展,控制期货市场的风险是市场稳步良性发展的前提.而期货市场的风险管理体系远未成熟,客观上存在着风险爆发的土壤,风险控制的重心是交易所风险的化解.多年来,交易所在化解市场交易风险的实践上存在着交易所市场干预行为不规范的问题,缺乏规范化制度化的风险化解模式;在认识上,很少探讨风险化解模式对市场的影响.本文首先基于我国期货市场的特点,提出交易所风险化解的原则;其次,归纳目前交易所在实践中的化解套路并分析其缺陷;最后,在平仓环节提出新的观点以及相应的防险平仓制度,推出了规范化的化解模式--信号灯制度.     

Competition and Environmental Policy in the EU: Old Foes,New Friends?

European competition authorities consider environmental and competition policy to be complementary, as each has the objective of improving social welfare. Naturally, one would imagine that environmental considerations have already been accounted for in competition policy practice, but thus far, only in the case of voluntary environmental agreements. This paper analyzes the extent to which the two types of policy are complementary by examining the legal framework of competition policy, voluntary environmental agreements and three competition cases with equal relevance to the environment and then examines the basic theoretical economic observation that less competition implies lower pollution levels relative to more competition. This trade-off between the benefits of reduced emissions on the one side and increased competition on the other implies that disregarding environmental considerations in the implementation of competition policy entails a negative externality, which can be eliminated if environmental considerations are internalized in competition policy. The impact of the externality is found to depend on the emission level, the emission damage, and market size. Further, this implies that if competition authorities were to adopt a broad definition of the relevant market in competition cases, then environmental considerations would play a limited role in competition policy, whereas a narrow definition implies that environmental considerations should have a much more important place than competitive considerations in competition policy.     

Is competition from China so special?

Competition from China is perceived as particularly damaging. We study whether this is true for firm performance. Using the universe of Spanish export transactions, we find that an increase in competition from China does not have a more damaging effect on export revenues, prices and number of exported products than an equally sized increase in competition from other countries. We document, though, that Chinese competition raises the probability that a firm ceases to export a good to a destination more than competition from other countries. This effect declines over time. We document an omitted variable bias in studies focusing only on Chinese competition, even when controlling for unobserved heterogeneity of destinations for different products within firms.     

The EU's evolving stance on the international dimension of competition policy: A critical commentary

In recent years there has been a rapid increase in both the numbers and the value of cross-border mergers and acquisitions. As more and more competition cases fall within the jurisdiction of two or more competition authorities, the possibility of divergent and unpredictab]le outcomes increases. This article explores the response of the European Union to international competition concerns that impact on its, jurisdiction.     

Does Competitive Behavior not Mean Lower Prices? Impact of Growing Demand and Limited Seat Availability in Asia-Pacific Commercial Aviation Industry

This article explores the airline industry where passengers are heterogeneous in their willingness to pay and markets are capacity constrained. Contrary to conventional wisdom, theauthor find that more intense competition can result in higher prices and a lower aggregate supply. It is shown that the price of the seat with a lower profit margin-per-unit capacity may be higher when there is a smaller number of companies in competition. It is also shown that total supply of business class seats may be reduced when there are more firms in competition. These phenomena occur because of how competition affects airlines’ seat capacity allocation among products. Interactions between competition and seat capacity constraints are nontrivial including nonmonotonic relationships.     

进口竞争与多产品企业出口二元边际

运用2000~2006年中国工业数据库和海关数据库的匹配面板数据,本文研究了进口竞争与多产品企业出口二元边际的关系。研究发现:(1)进口竞争显著提高了多产品企业出口的集约边际和扩展边际,且对集约边际的促进作用更强;(2)区分贸易类型的研究发现,相比于一般贸易,进口竞争对加工贸易的边际促进效应更加显著;(3)分行业回归的结果表明,具有比较优势的行业,进口竞争对出口边际的促进效应更为显著。使用系统GMM模型控制可能存在的内生性,发现进口竞争对集约边际和扩展边际的促进作用依然稳健。     

中韩工业制品比较优势及出口相似性分析

本文运用显性比较优势指数和产品出口相似度指数对中国与韩国工业制成品出口结构进行了实证分析。研究结果表明,中国与韩国在工业制成品上的出口相似度正在逐步提高,出口结构正逐渐趋于收敛,双方在第三方市场上的竞争逐渐加剧,中国与韩国对外贸易关系正从原来的互补关系逐渐转化为竞争关系,且竞争日渐激烈。文章对中韩两国贸易模式转变的原因进行了探讨,并提出了相应建议。     

食品安全问题：揭发或模仿的影响因素研究

食品质量难以被检测导致了食品安全问题频繁出现。为了解决这一问题,需要设计一种市场竞争环境,激励厂商揭发制造有毒食品的行为。通过数字例子对古诺竞争、斯坦克博格竞争、价格领导者竞争及差异化竞争等,厂商模仿或揭发激励相容条件的对比分析,得出产量竞争相对于价格竞争,在提高市场集中度时更能有效的提高食品安全。产品差异化水平较高时,价格竞争更有利于提高食品安全。需求弹性只有在价格竞争时才发挥作用。     

Bank competition in Russia: An examination at different levels of aggregation

We analyze bank competition in Russia at different levels of aggregation. First, we compute a country-level measure of competition and compare it to that for similar-sized economies. Second, we contrast competition across different groups of banks in Russia. Third, we analyze bank competition across Russian regions. We find that banks in Russia are less competitive than those in Brazil, but more so than those in China and India. Large and state-owned banks exert more market power than others. Finally, competition is stronger in regions where there is less bank concentration, greater presence of banks, and greater financial and/or economic development.     

Sequential Product Design

I consider a model of duopoly where firms make sequential product design changes prior to price competition. I show that a socially desirable outcome is possible in this model. In equilibrium, the leader's product is less specific, implying a customer attraction strategy, and the follower's product is more specific, implying a customer retention strategy. This outcome is in contrast with the equilibrium outcome of a similar model, where simultaneous design competition takes place prior to price competition. In this latter model, the product designs are more specific and the prices are higher in equilibrium, leading to a reduction in welfare. I compare the design incentives under price competition with those in models where price collusion or merger is expected and with multi-product monopoly. In models with no price competition, less specific designs may serve to attract more customers, to improve current or future pie of monopoly profits, or to improve the outside option in bargaining game, depending on the model.     

Banking competition and firm-level financial constraints in Latin America

Prior literature argues that, given the existence of information asymmetries and agency costs, higher competition may increase financial constraints by reducing banks' incentives to build lending relationships. Using a sample of listed firms for six Latin American countries, we analyze the relation between banking competition and financial constraints. We find evidence in line with prior research that banking competition increases financial constraints. This result is robust and heterogeneous. We include other country-specific variables and check the robustness of our findings; the main results hold. Our results show that the effect of competition differs across firms and industries. Specifically, consistent with the information hypothesis, the negative impact of competition is higher for small quoted firms and for low-assets tangibility industries. Also, as expected, we find evidence that firms are more affected by financial constraints during the last crisis. This negative effect is larger for firms in more competitive banking industries.