我国对外贸易与国际物流关系的实证研究

为了更好地理解国际贸易与国际物流的关系,制定出合适的协同发展战略,本文选取国际贸易与国际物流之间的关系作为研究对象进行了实证分析。首先,结合指标的合理性和数据的可得性选取了分析变量;在此基础上利用时间序列数据,运用Granger因果检验的方法对国际贸易和国际物流之间的关系进行了研究,并得出结论:我国的国际贸易与物流存在着反馈性的因果关系;其中,物流对贸易的促进作用比贸易对物流的促进作用要稍大一些。     

Corporate Social Responsibility in the International Banking Industry

This article aims at providing a framework to assess corporate social responsibility with international banks. Currently, it is mainly rating institutions like EIRIS and KLD that provide information about firms’ social conduct and performance. However, this is costly information and it is not clear how the rating institutions arrive at their conclusion. We develop a framework to assess the social responsibility of internationally operating banks. We apply this framework to more than 30 institutions and find significant differences among individual banks, countries, and regions. Furthermore, it appears that social responsibility of these banks has significantly improved between 2000 and 2005.      

Liability of Foreignness in Fast-Expanding Markets: Evidence from Ghana

In this study, we sought to establish if the idea of liability of foreignness (LOF) also persists in the fast-expanding markets (FEMs) and whether there are certain firm characteristics that can mitigate or accentuate this effect. We utilize data from the World Bank enterprise surveys conducted in Ghana in 2007 and 2013. We operationalize liability as the probability that a firm suffered from a crime in the year under study. We also specify empirical probit and instrumental probit models with controls to answer the above research question. We find that there is LOF in fast-expanding markets, and this effect is robust to different specifications. Given that our liability is crime, we moderate the LOF effect with data on security expenditure. The results still show that even if firms increased their security expenditure, the LOF effect still persisted. The study makes a contribution to the international business literature by testing the LOF effect in a new unit of analysis and is also one of the earliest to operationalize a firm's liability in the form of crime it suffers in its operating environment. © 2015 Wiley Periodicals, Inc.     

资产价格波动与银行系统稳定

本文主要研究资产价格波动与银行系统稳定之间的关系.有关金融危机的理论研究表明,资产价格波动与银行脆弱性之间存在很强的相关性.资产价格波动主要通过信贷风险渠道、市场风险渠道、经纪业务收入渠道、为附属机构注资的风险渠道及"第二回合"渠道等传导渠道,影响到银行系统的稳定.发生在斯堪的纳维亚和日本的银行危机证明,资产价格剧烈波动确实会造成严重的银行问题,因此为维持银行系统的稳定,监管当局应该密切关注资产价格可能出现的剧烈下跌对银行部门可能产生的风险,并以相应的方法应对.     

Durable Goods Monopoly and Forward Markets

The existence of forward markets has long been explained by risk hedging behaviour. More recently, attention has focused on the Cournot competition rationale for the emergence of forward markets since the quantity of forward transactions can be used as strategic variable. However, an important facet of many forward markets that has typically been ignored in the literature is the durable nature of output (e.g. nickel and lead). We show that forward markets may optimally emerge as long as a monopolist sells any fraction of its durable output. In particular, the comparative static analysis shows that as the durability of the product increases or the fraction of output sold increases, the monopolist will optimally increase the number of forward contracts purchased due to an exacerbated commitment problem with buyers. Our analysis also provides another explanation for differences between the forward price and the expected future spot price of a commodity that does not rely on uncertainty or risk considerations.     

Country-of-Origin Premiums for Retailers in International Trades: Evidence from eBay's International Markets

Using real-world transaction prices in the Internet auction Web site eBay's U.S., U.K., and global markets, the authors study the price dispersion of homogeneous products related to the sellers’ country-of-origin. For both tangible and intangible products and services, sellers from the United States enjoy a price premium. This premium appears to stem from country-of-origin equity instead of trading risk or product quality. The findings of this research suggest potential profitable opportunities in international trade by employing the retailer's country-of-origin as an arbitrage tool.     

Multistrategic Spatial Competition in Banking

This paper presents a model whereby banking firms use various strategies (price and non‐price) simultaneously in a monopolistically competitive model of spatial competition when the various strategies are used across different markets in the presence of a multioutput technology. The theoretical model is estimated with Spanish data pertaining to the pre‐ and post‐deregulatory periods in order to investigate the effects of deregulation of both interest rates and branches on the (differential) strategic conduct of private and savings bank.     

对我国银行业管制的思考

20世纪30年代经济大危机之后,西方各国银行业普遍实施了严格的银行管制,以减低或消除银行业的市场失灵。但是60年代以后,银行管制的作用受到诸多质疑,并逐步发展形成了放松银行管制论。鉴于历史和制度的原因,中国银行业一直受到严格的管制,如:利率管制、高进入和退出壁垒、不同所有制银行的差异化政策等,这些管制导致中国银行业整体竞争力不强和效率低下。基于此,放松银行管制既是大势所趋,也是解决我国银行业内存在矛盾,提高银行业整体竞争力的必要举措。     

Estimating Reaction Functions in Experimental Duopoly Markets

It is well known that, in general, there are a multitude of supergame equilibria in noncooperative duopoly markets, suggesting the inability (without severe restrictions) of theory alone to determine the 'best' strategy in a repeated game context. Axelrod's prisoner's dilemma simulation tournaments have led to the view of the somewhat cooperative 'tit-fortat' approach as an attractive strategy, in particular compared to an alternative strategy of 'always defecting' (choosing at all times the single period Nash solution). In this paper, we use data obtained from two independent posted-offer duopoly experiments to investigate the actual dynamic reaction functions of participants. Neither of the above seems to be commonly employed as a pure strategy.We also provide some support for the Axelrod view of 'tit-for-tat' as the most profitable strategy.     

Financial Restructuring in European Banking and Foreign Expansion

ABSTRACT

This paper examines the main structural and performance features of European banking. It demonstrates that while banking markets have become increasingly concentrated and bank numbers have fallen, competition appears to have intensified. Given the large number of banks and branches in many countries, there still remain indicators of possible excess capacity in the system and that the consolidation trend, especially with the advent of the EMU, will continue. The paper considers ways in which banks have diversified to add to their revenues, and also discusses market power and competition issues relating to increased market concentration. Finally, we briefly discuss the foreign expansion strategies of European banks, particularly the Spanish banks in South America. The strategic emphasis of the top Spanish banks has primarily been based on building market power and a name presence in a region that has massive market potential.

RESUMEN. Este documento examina las principales características estructurales y de desempeño de la banca europea. Demuestra que, mientras que los mercados bancarios se han ido concentrando cada vez más determinando la disminución del número de bancos existentes, la competencia parece haberse intensificado. De acuerdo al gran número de bancos y sucursales que existen en muchos países, esto parece mostrar que todavía existen indicadores de posible exceso de capacidad en el sistema, y que la tendencia hacia la consolidación, especialmente con la llegada del EMU, continuará. El documento considera las formas en que los bancos se han diversificado para aumentar sus ingresos, así como el poder del mercado y temas relacionados a la competencia para aumentar su concentración. Por último, traza rápidamente las estrategias de expansión extranjera de los bancos europeos, especialmente los bancos españoles en Sudamérica. El hincapié estratégico de los principales bancos españoles se basó, primordialmente, en aumentar su poder de mercado y la presencia de la marca en la región que tiene un potencial de mercado masivo.

RESUMO. Este estudo analisa as características estruturais e o desempenho do sistema bancário europeu. Ele demonstra que, enquanto o mercado bancário tornou-se cada vez mais concentrado e o número de bancos diminuiu, a competição parece ter se intensificado. Apesar do grande número de bancos e de filiais em muitos países, ainda permanecem indicadores de excesso de capacidade do sistema, e que a tendência de consolidação continuará, especialmente com o advento da Unidade Monetária Européia. Este trabalho considera as diversas estratégias utilizadas pelos bancos para aumentar a sua receita e, também, discute o poder de mercado e os aspectos competitivos relacionados à maior concentração do mercado. Finalmente, discutem-se, sucintamente, as estratégias de expansão estrangeira dos bancos europeus, particularmente dos bancos espanhóis, na América do Sul. A ênfase estratégica dos maiores bancos espanhóis baseia-se, principalmente, na construção do poder de mercado e da presença da sua marca em uma região com grande potencial de mercado.     

影子银行、刚性兑付与宏观审慎政策

近年来,影子银行发展迅速,在满足居民财富管理需求、优化社会融资结构、支持实体经济发展的同时,也逐渐暴露出一些问题。本文分析影子银行对货币政策的影响和刚性兑付的风险机制,评估纳入表外资产的宏观审慎政策。研究发现:(1)紧缩货币政策降低信贷规模,却推动影子银行资产扩张,引发流动性"水床效应",削弱了货币政策有效性。(2)刚性兑付抬高无风险利率,扭曲市场定价机制,增加金融脆弱性和金融监管难度。(3)将表外资产纳入银行资本要求的宏观审慎政策,有效缓解了外部冲击造成的资产恐慌抛售压力,显著增强了逆周期调控效果。(4)仅有"逆风向而行"资本充足率调控还远不够,有序打破刚性兑付的重要性,并不亚于丰富和完善宏观审慎政策工具箱,这也应是构建宏观审慎政策框架的重要组成部分。     

Banking crises and exchange rate regimes: is there a link?

This paper investigates the linkages between banking crises and exchange rate regimes, using a comprehensive cross-country dataset for the last two decades. The paper examines whether the choice of exchange rate regime affects the likelihood, cost, and duration of banking crises. Empirical results seem to indicate that adopting a fixed exchange rate diminishes the likelihood of banking crises among developing countries. However, once crises occur, the real costs associated with them appear to be larger in countries with fixed exchange rates. The duration of crises does not seem to be robustly affected by the exchange rate policy.     

金融部门FDI和金融服务贸易的理论与实证分析

金融部门FDI理论和金融服务贸易理论是两个既独立又相互关联的研究领域.近年来,金融部门FDI理论与金融服务贸易理论出现了相互融合、相互渗透的趋势.本文描述了金融服务贸易和金融部门FDI理论的最新进展,利用国际经济学、产业组织理论、国际商务理论等经典理论解释金融服务贸易和金融FDI的动机、影响因素及趋势,并通过建立一个实证模型来进一步验证金融部门FDI和金融服务贸易存在的互补关系.     

A Contingency Perspective on Psychic Distance in International Channel Relationships

Internationalization theory states that firms, which attempt to forge exchange relationships with foreign counterparts, will be most successful with those who appear to be similar to their own culture and business practices. Other research has pointed toward a psychic distance paradox, whereby successful trading relationships thrive when the parties are “far apart” along these lines (i.e., great psychic distance). These inconsistent findings suggest a contingency approach may better determine when differences between international channel partners are a hindrance to success and when they are an asset. A conceptual model is proposed as to how psychic distance affects an international channel relationship at different stages of its development. In general, it is felt that significant psychic distance will be detrimental to the relationship in its early stages, where it may serve as an asset in later stages of the relationship.     

Buyer Attitudes and the Continuity of Manufacturer/Retailer Relationships

Abstract

This research focuses on the delisting (or unbuying) of products and what in the attitude of the buyer might lead to a delisting of all the supplier's products, thereby ending the relationship. A del-isted product is defined here as one which was still being sold by other retailers. The decision to delist therefore involves a purposive action by the retail buyer. Using confirmatory analysis of a model of delisting behaviour, both cognitive and affective components of buyers' attitudes were found to correlate with the ending of the relationship by the retail buyer. Of the antecedent factors, frequency of contact was found to be the most salient. The practical and theoretical implications are discussed.     

我国商业银行并购前景与机制完善

并购是商业银行实现规模经营增强竞争能力的重要手段.面对全球银行业并购浪潮和2006年底我国金融业开放时间表的临近,涉及我国商业银行的并购案在过去几年已经明显增加.本文以我国近年来银行业并购现状为切入点,总结当前我国商业银行并购的特征,分析展望我国银行业并购前景,指出要加快我国银行业并购步伐,有关部门还需创造更加有利的条件,从外部环境和内部条件两方面共同完善我国商业银行并购机制.     

Size,Growth, and Variance among the World's Largest Non-merged Banks

This paper analyses growth, size, and variance of the capital, assets, and pre-tax profits of large international banks during 1987-97.We test hypotheses on whether size matters. It turns out that there is an inverse relationship between the amount of bank capital, assets, and profits and the growth rate of these items.This is in line with the findings for US banks in the pre-BrettonWoods era. Furthermore, we did not find, in contrast with Tschoegl's observations for international banks in the 1970s, a negative relationship between the size of large banks and the variability of growth in capital, assets, or profits. We conclude that size is not a self-sustaining attribute of international banks.     

金融科技如何影响银行业竞争

金融科技的产业化发展给商业银行和银行业竞争格局带来了显著而深远的影响。本文利用2011—2016年全国31个省份的经济金融面板数据,通过构建空间计量模型实证检验金融科技对于地区银行业竞争的影响。研究结果显示,金融科技对于地区银行业竞争的影响存在显著的空间地理效应和产业竞争效应。其中,金融科技的空间地理效应主要体现为显著的空间依赖效应,而金融科技的产业竞争效应则主要来源于“市场挤出”和“技术溢出”两个作用渠道。研究结论对于如何通过金融科技促进银行业有效竞争,促进商业银行更好地发挥服务实体经济功能具有重要意义。     

Buyer-Seller Relationships in Transition

ABSTRACT

Two Russian case studies have been investigated by adopting a relationship marketing perspective and adding a new concept, that of relationship knowledge. Relationship knowledge is assumed to be the main condition for relationship success in terms of and is visible through the more efficient execution of activities and implementation of new resources. The conclusion is that in Russia, the inadequate levels of trust, commitment and business activity lead to low external knowledge of the counterpart, which hampers development.     

Retail Banking and Customer Behaviour: A Study of Self Concept,Satisfaction and Technology Usage

Prior research has investigated the effects of self-image congruence on satisfaction and brand preference. With the help of empirical research, the paper argues that, while self-image congruence may be related to customer satisfaction in a normal context, it may not necessarily affect satisfaction levels when customers are using technology-based self-services. Furthermore, during encounters involving self-service technologies, customers might experience satisfying or dissatisfying incidents which may not be related to their overall satisfaction and brand preference levels. The paper discusses implications for brand managers in the retail banking sector and suggests future research directions.