开放地方债券市场的可行性分析

随着市场经济的进一步发展，地方债券这一目前在国外已经比较普遍的债券市场品种，必然也会再次出现在我国的债券市场上，从我国目前的情况来看，作为发债主体的地方政府有着强烈的发债需求和冲动，市场也有着较强的需求或随能力，同时我国已经有了一些发行“准地方债券”的实践，而且地方债券市场的开放和发展已经具备较好的外部市场环境，再加上有丰富的国际经验可资借鉴，所以重新开放我国地方债券市场的时机和条件已经成熟。     

西部开发中地方环境保护立法与可持续发展

西部开发，生态先行，环境立法更要先行。加强地方环境保护立法是西部法制建设和经济可持续发展的基础，而地方环境保护立法应遵循可持续发展的原则，通过立法确立资源管理制度、推进资源价格合理化、加强资源核算、建立资源开发利用市场机制和自然资源有偿使用与生态环境补偿机制，加强西部大开发中环境地方法制建设的科学研究和国际合作，以保障西部经济的可持续发展。     

国外地方政府债券市场的发展经验

发达国家发展以市政债券市场为主导的地方政府信贷市场的经验是：市政债券市场发展与城市化同步,市政债券市场大发展时期也是城市化加速时期;市政债券市场也经历由不完善到完善的变化过程;信用评级制度、信息披露制度和私人债券保险制度是减少地方政府债券市场违约风险的重要机制。在发展中国家,城市化、中央政府和地方政府分权、以及减少财政赤字是影响其经济发展的最基本趋势中的三个最重要的组成部分,地方政府信用体系与这三个最基本趋势密切相关,因此也成为发展战略中曩基本的因素。在发展中国家,发展地方政府债券市场是满足地方政府巨大融资需求的方法之一,其主要的发展经验是：政府对债券收益提供的保证可能招致市场扭曲;中央政府对地方政府债务提供的信用保证会造成债务入主动违约的道德风险和投资者忽视借款人信用特征的问题。     

尝试发行地方政府公债,促进西部开发

积极财政政策的运用是一国尽快走出经济低迷状态的重要手段 ,但单纯通过中央政府发行公债来加大政府投资力度 ,在目前的中国是有一定局限性的。本文对发行地方政府债券的必要性和可行性进行了分析 ,并提出了发行地方公债中应注意的问题。     

我国地方政府债务性融资模式选择

尽管我国预算法禁止地方政府融资,但面对不断加快的工业化和城镇化进程,地方政府只能采取迂回策略,通过组成各种城投公司等各类机构为地方政府筹集资金,现行以银行贷款为主的地方政府融资格局,面临加大财政与银行风险的难题,迫切需要改变。"城投债"作为标准化的债务性融资方式,需要认识到其存在的合理性,尽快给予其合法的地位,使其发挥更大作用。借鉴国际经验、结合我国实际,基于"十二五"时期加强地方政府债务管理的考虑,"城投债"要向项目收益债券引导,以便更好地满足地方基础设施建设的融资需求。     

西部开发与人才开发之我见

新中国成立50年来，国家对西部地区的开发一直没有停止过，其间“大开发”有两次。一次是“一五”时期（重点在西北），一次是“三线建设”时期（重点在西南），改革开放后，对西部地区也进行了较大规模的能源，原材料基地、交通、水利等重大基础设施建设及扶贫开发。这些开发建设无疑推动了西部地区的工业化进程。但是西部地区仍然没能摆脱贫穷落后的面貌。目前西部地区的人均收入仅相当于全国平均水平的60％一70％，只有东部发达地区的1／3左右。西部贫穷、落后的原因何在？我认为其根本原因不是缺乏资金，缺乏项目，而是缺乏知识，缺乏人…     

关于西部大开发中发行地方政府公债的研究

本文主张我国应准予地方政府发行地方公债，并由西部地区优先发行。首先简要回顾了我国地方公债的发行历史，然后依次从可行性、框架设计两个方面对地方公债的发行进行了论述。文章选择美日两国经验作为我国地方政府发行公债进行借鉴的主要对象，同时吸取了我国多年来国债的发行经验，重点对地方公债的规模、品种结构、发行方式、发行主体、发行对象、利率和债期选择等7个方面的内容进行了论述。     

西部资本市场的制度创新

由于中国各地区具有明显的差异性，因此从发挥西部地方政府推动落后地区发展的作用出发，给予西部地方政府一定的融资权，既有利于西部金融事业的发展，也有利于西部地方经济的发展。赋予西部地方融资权包括：(1)依法设立为西部地方建设和生产经营筹措资金的西部发展银行。目前地方发展银行主要建立在东部沿海省市，如深圳的发展银行和上海浦东发展银行，笔者认为应快速通过地方立法和制度安排建立西部地方发展银行。该银行在贷款的对象、用途、期限等方面都将进一步体现西部的实际需要，从而成为名副其实的西部大开发的推动器。     

西部大开发与固原地改市

一、固原地改市的必要性 固原地区历史悠史，固原县城自古以来就一直是我国历史上各朝代的西北边关重镇。秦代在固原设乌氏县，属北地郡。汉置高平，归安定郡。著名的古丝绸之路从此经过。隋唐置原州，明置固原卫，清设固原州。民国改府为道，届甘肃省径源道，后改归陇东行政专区管辖。建国后，１９５３年将固原、西吉、海原３县从平凉专区划出，成立了西海固回族自治州。１９５８年成立宁夏回族自治区，西海固、隆德、径源划归宁夏管辖，改为固原专区。１９７０年改为固原行署至今。纵观历史，自古至今，固原地区，尤其是固原县城，一直是…     

波状对接模式与西部城市化战略选择

西部大开发中的农村城市化问题是实现西部区域均衡发展的关键,利用“城市”和“农村”两个辐射波的对接,是目前西部农业城市化的战略选择,本文对波状对接模式对及在西部在开发中的作用进行了详细的探讨。     

Security design,market risk and round quotes in the treasury bond market

Prior literature finds that the tendency of price-endings to cluster on rounder fractions increases with price volatility. We estimate the separate influences and relative importance of the determinants of price volatility, security design and market risks. Our data is from a market setting that is ideal for isolating and studying the relations of interest. Results for both quote and trade prices indicate that the tendency to use round price-endings increases with both a security’s inherent risk, attributable to security design, and variation over time in market risks. Security design influences clustering more than market risks, but market risks are influential in determining clustering once security design is fixed. The estimated effects are strongest in the on-the-run market segment where liquidity facilitates the aggregation of information into price.     

Uncertainty and liquidity in corporate bond market

We examine the uncertainty–liquidity connection in the corporate bond market. Using monthly corporate bond data from 2005 to 2010, we construct proxies for parameter uncertainty by using firm-level parameters generated from a structural model of corporate debt. We find that uncertainty about firm parameters decreases trading volume but increases bid-ask spreads and price bouncing in the cross-section and across time. In addition, the panel VAR results show that parameter uncertainty has negative forecasting power for future bond liquidity, with greater uncertainty in the current month leading to lower trading volume, higher bid-ask spreads and higher price fluctuations on subsequent months. We conclude that parameter uncertainty is one of the underlying factors giving rise to the high level of illiquidity in the corporate bond market.     

Government risk premiums in the bond market: EMU and Canada

This paper focuses on risk premiums paid by central governments in Europe and sub-national governments in Germany, Spain, and Canada, using data for bond yield spreads for the period 1991–2005. We find that risk premiums by central governments respond positively to debt and deficits; German states enjoyed a favourable position in financial markets before EMU but not thereafter; Spanish and Canadian provinces risk premiums over the whole period; German and Spanish sub-central governments pay liquidity-related interest rate premiums; Canadian and German provinces/states that benefit from fiscal equalization lower spreads. This is evidence of market discipline at work and of credibility of the EU no-bailout clause.     

Price transmission and local market power: empirical evidence from the Austrian gasoline market

We analyse the impact of local market power on price margins and different dimensions of price adjustment dynamics (speed and asymmetry of price transmission) using data for a large number of individual gasoline stations in Austria. Specific attention is paid to threshold effects in price adjustment. Our results clearly suggest that the speed of price transmission between the Brent crude oil index and retail diesel prices is higher in a more competitive environment. While evidence on the relationship between local market power and asymmetries in the speed of price adjustment is mixed, our findings regarding asymmetries in price thresholds are clear: in regions where competition from neighbouring rivals is weak and/or consumers’ price elasticity of demand is low (stations located on the highway), positive thresholds significantly exceed negative ones, which corresponds to the ‘rockets and feathers phenomenon’. As expected, we observe that prices are lower in more competitive local markets.     

我国企业债券市场滞后的原因及对策

本文分析了我国的企业债券市场的现状和存在的许多问题，并分析了造成这种现状的原因、在此基础上，提出了一些促进我国企业债券市场发展的建议和措施。     

Remittances and bond yield spreads in emerging market economies

This paper tests whether remittances reduce bond yield spreads in emerging market economies. Drawing upon instrumental variable techniques, our paper reveals that remittance inflows significantly reduce bond yield spreads. This result is robust to different specifications, alternative instrumentation techniques, additional control variables, and the use of credit default swap spreads in place of bond spreads. In addition, we find that the effect of remittances on spreads (i) is larger in (more) poorly developed financial systems, (ii) increases with the degree of trade openness, (iii) is larger in low fiscal space regimes, and (iv) is larger in nonremittance‐dependent countries. The paper concludes that policies that improve the measurement of remittance inflows and reduce their transfer costs or that enable countries to develop securitization of remittances and diaspora bonds could help emerging market economies to leverage remittances for international capital market access.     

Unemployment durations and local labour market conditions

ABSTRACT

Unemployment durations vary across local authority districts in the UK. We explore the extent to which this variation is explained by differences in local labour demand as opposed to composition, business cycle and regional effects. We use seventeen waves of the British Household Panel Survey to identify the determinants of the duration of unemployment spells. Once we adjust for individual-level, business cycle and regional controls, we do not find evidence that living in a local authority district with relatively high unemployment is associated with longer spells of unemployment. This indicates that differences in labour demand operate at larger geographic scales, such as between large regions. Our findings have implications for the design of policies to help high unemployment districts.     

Quote activity and round quotes in a voice-brokered bond market

We investigate the relation between quote activity and the precision with which prices are quoted. Where prior literature finds that the tendency of price-endings to cluster on rounder fractions declines monotonically with quote activity, we show that the decline is limited to an initial range of quote activity. Once a very high level of quote activity is reached, the use of rounder quotes increases with quote activity. Also contrary to the conventional view is our finding that round quotes are used more frequently in the more active of two market segments where equivalent assets are traded. We attribute our results to two opposing influences of activity on price clustering, the price resolution and negotiation effects, that reflect the cognitive limitations of humans when dealing with uncertain values.     

The institutional,economic and social determinants of local government transparency

Interest in transparency is increasing worldwide. Literature on their determinants is evolving but is still in early stages. So far, it has typically focused on national governments while neglecting local governments. This paper examines the economic, social, and institutional determinants of local government transparency in Spain. We broaden the traditional fiscal focus by including corporate, social, contracting, and planning transparency indexes. Our results indicate that large municipalities and left-wing mayors report better transparency indexes; while the worst results are presented by provincial capitals, touristic cities and mayors with absolute majority. The analysis of specific transparency categories generally shows the consistent impact of these determinants.