问题银行的识别及处理

问题银行是一个全球现象,监管部门需要做好准备及时对其进行处理。在总结各国实践经验的基础上,巴塞尔委员会于2002年发布了《应对问题银行的监管指引》。2007年至2009年的金融危机后,全球金融市场和监管格局发生了重大变化,巴塞尔委员会于2013年成立工作组对该指引进行修订。2015年7月,巴塞尔委员会发布《问题银行的识别及处理指引》,新的指引包括问题识别、纠正措施、处置技术、退出策略等内容,为监管部门识别及处理问题银行提供了一套较为完整的工具。     

政策性银行监管政策设计与创新

本文借鉴政策性银行监管的国际经验,从目前对政策性银行监管的主要内容切入,分析了政策性银行监管中存在的问题,提出了"立法为先,差别监管,优惠激励,加强合作"的政策性银行监管政策设计与创新思路.     

从国外的监管实践看我国银行监管中的立法与执法

进入20世纪80年代以来,世界上许多国家相继发生金融危机,并在某种程度上演变为经济危机、政治危机甚至国家危机.为此,加强和完善银行监管中的立法和执法,防范金融风险,成为目前亟待解决的课题.本文借鉴美国的有关经验,就银行监管中的立法和执法问题进行了深入探讨,并提出了相应的建议.在立法方面,论述了遵循金融市场规律,加强银行监管立法;立法应维护客户权益,做到以人为本;立法应增强客观性,强化对金融市场新生事物的辨别、扶持和确权功能.在执法方面,论述了改革金融体制,成立"银监局"的设想;银行应加强自律,依法合规经营,提高公信力;改革司法体制,做到有法必依、执法必严、违法必究.     

电子银行市场准入监管立法探析

文章分析了电子银行市场准入监管立法的经济本质，介绍了巴塞尔银行监管委员会以及典型国家（地区）电子银行市场准入监管立法的状况，并在反思我国电子银行市场准入监管立法的基础上，对我国相关立法提出若干建议。     

对外资银行监管的法律审视和立法完善

为了保证国内银行与外资银行的健康发展、处理好国内银行与外资银行的竞争关系,在分析外资银行监管及其必要性的基础上,对我国现有相关外资银行监管的法律、法规和规章进行了梳理和重新认识;主要从立法目标、立法原则、立法层次、立法内容、立法体系上对我国目前外资银行监管法律进行了问题审视;就提高立法层次和推行统一监管模式,完善市场准入立法和建立市场退出立法,业务运行过程中的立法,对外资银行的监管原则,改善风险监控体制等方面提出了建议.     

“影子银行”在信贷资产转让中的特征分析与法律监管研究

信贷资产转让的监管问题应归属于对影子银行监管的命题范畴。针对我国信贷资产转让业务的发展,央行和银监会采取了"疏、堵"不同的监管路径。通过对信贷资产转让和影子银行的主体、客体和内容三个要素特征的比较分析,可以发现现存的监管制度还存有缺失,信贷资产转让监管可以借鉴对影子银行的监管,在其中跨行业风险、制度变迁和金融消费者权益保护等问题仍需要进一步的立法规制。     

存款保险制度早期纠正问题研究--基于中国商业银行风险承担行为的监管实践北大核心

本文围绕存款保险制度实现早期纠正功能的边界是什么,中国存款保险制度是否实现早期纠正功能以及如何更好地实现存款保险制度的早期纠正功能三个方面的问题展开研究。研究结果表明,当投保银行与监管者的博弈处于分离均衡状态时,存款保险制度能够实现早期纠正功能。然而,当高风险承担银行通过修饰财务指标规避监管时,该行为导致的混同均衡状态会降低存款保险制度有效性。中国自2017年起开展的早期纠正实践虽能抑制银行被动风险承担行为,但却促使银行主动承担更多风险,说明该实践正处于准分离均衡状态,存款保险早期纠正功能并非完全有效。通过提高监管效率和降低早期纠正措施的监管成本,能够收紧混同均衡的条件区间,从而更好地实现存款保险制度的早期纠正功能。     

美国银行控股公司的监管实践、监管改革及其借鉴

本文分析了美国银行控股公司立法动因和市场最新发展,阐述了美联储对银行控股公司的持续性监管、监管评级和监管协调,详细分析了美国金融监管改革方案中有关银行控股公司的改革建议。在此基础上,提出了我国金融集团监管和银行控股股东监管的相关建议。     

美国对银行业综合经营的立法规制及其启示

自十九世纪以来,受国内外经济、金融环境等复杂因素影响,美国在银行业综合经营问题上,立法制度几经变迁,最终定型为现行的金融控股公司模式。美国的银行可以依法有限度地介入不动产、股票投资、证券投资、经纪、承销等领域,在资产证券化和信托等领域则有着更大的经营权。历史上,美国国会对银行控股公司和金融控股公司架构下的综合经营可能产生的反竞争后果长期保持了高度警惕,并针对银行业综合经营作出了明确的规范与限制。本文通过分析美国对银行业综合经营立法和监管的发展演变,得出以下启示:竞争、反竞争与风险防控一直是银行业综合经营立法的核心考量;适时立法,及时回应或指引银行业综合经营的集团化发展;根据立法现状,渐进发展具有自身特色的银行监管体系。     

浅析我国外资银行监管法律制度的国际接轨——以巴塞尔新资本协议为视角

《巴塞尔新资本协议》在跨境银行的国际合作方面做出了巨大的贡献。为此,本文首先介绍了巴塞尔委员会解决跨境银行监管问题的法律成就,然后对其核心内容以及涉及跨境银行监管的相关规定进行了分析和评价。在此基础上,分别介绍和总结了新协议对我国外资银行监管立法的影响和我国外资银行监管立法的相关内容。最后,探讨了我国外资银行监管法律制度如何与巴塞尔新资本协议契合,并提出了几点构想,以期我国的外资银行监管法律制度能更好的符合银行国际监管的发展趋势且尽早与国际接轨。     

Bayesian Premium Rating with Latent Structure

We propose a fully Bayesian approach to non-life risk premium rating, based on hierarchical models with latent variables for both claim frequency and claim size. Inference is based on the joint posterior distribution and is performed by Markov Chain Monte Carlo. Rather than plug-in point estimates of all unknown parameters, we take into account all sources of uncertainty simultaneously when the model is used to predict claims and estimate risk premiums. Several models are fitted to both a simulated dataset and a small portfolio regarding theft from cars. We show that interaction among latent variables can improve predictions significantly. We also investigate when interaction is not necessary. We compare our results with those obtained under a standard generalized linear model and show through numerical simulation that geographically located and spatially interacting latent variables can successfully compensate for missing covariates. However, when applied to the real portfolio data, the proposed models are not better than standard models due to the lack of spatial structure in the data.     

The development of the group accounts disclosure system in Japan

The Japanese disclosure system of consolidated statements was introduced in 1977 and extensively revised in 1997. The role of the bureaucracy has been significant in these developments and seems to be part of Japan's closed culture. However, other explanations could also be applied. In particular, although Japanese firms opposed such disclosures on the basis of preparation costs, the Japanese government had to modernize the disclosure system, including consolidation, in order to develop the securities market regardless of an individual company's interests.     

Moments of Compound Mixed Poisson Distributions

Recursive formulae are derived for the evaluation of the moments and the descending factorial moments about a point n of mixed Poisson and compound mixed Poisson distributions, in the case where the derivative of the logarithm of the mixing density can be written as a ratio of polynomials. As byproduct, we also obtain recursive formulae for the evaluation of the moments about the origin, central moments, descending and ascending factorial moments of these distributions. Examples are also presented for a number of mixing densities.     

The designing of corporate accounting law in Japan after the Second World War

After the Second World War, during the neutralization of the controlled economy of wartime Japan, a design for a Corporate Accounting Law was elaborated by the Investigation Committee on the Business Accounting System. The Investigation Committee tried to establish not only new business accounting standards but also a central and independent administrative organ of corporate accounting regulation on the basis of the Corporate Accounting Law. The Corporate Accounting Law was expected to lay the legal foundation of the new corporate accounting regulation regime in Japan. Nevertheless, even though the original design of the fundamental accounting law was never realized, it should be considered the starting point for our understanding of external accounting history in post-war Japan.     

The deliberation around accounting techniques: accounting for depreciation and foreign exchange in an Indian jute company, 1870-1900

This paper examines the way two accounting techniques, namely depreciation and foreign exchange, were deliberated on, between 1870 and 1900, in an Indian jute company whose shareholders resided in the UK. The arena for these deliberations was the conflictual relationship between controlling and non-controlling shareholders as to how best to account for depreciation and foreign exchange especially when the particular accountings affected distributional issues such as the dividend decision. The purpose of this paper is to analyse and explain the processes by which a company's accounting practices emerge and develop as a contest between different interests. Accounting framed the parameters of the deliberations and provided the language of power and dissent. The paper uses a rich archive that includes narrative and accounting material.     

Pricing Dynamic Insurance Risks Using the Principle of Equivalent Utility

We introduce an expected utility approach to price insurance risks in a dynamic financial market setting. The valuation method is based on comparing the maximal expected utility functions with and without incorporating the insurance product, as in the classical principle of equivalent utility. The pricing mechanism relies heavily on risk preferences and yields two reservation prices - one each for the underwriter and buyer of the contract. The framework is rather general and applies to a number of applications that we extensively analyze.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:1 Submissions must be original     

International harmonization of Japanese accounting standards

Historically, Japanese accounting standards have been quite distinct from International Accounting Standards (IASs) which have been perceived as being modelled on British-American accounting standards. However, in the 1990s, after the publication of E32 in 1989 and the IASC-IOSCO Agreement in 1995, the Business Accounting Deliberation Committee (BADC), the standards-setting body in Japan, has pursued a policy of harmonization with IASs. Accounting standards relating to consolidated financial statements of companies that make cross-border offerings of securities or operate worldwide are being revised drastically. This paper focuses on the development of international accounting harmonization and its impact on Japan.     

Commodity financialization and sector ETFs: Evidence from crude oil futures

We investigate the diversification benefits of energy assets in the setting of commodity financialization using data on crude oil futures and Sector ETFs (SPDRs). Correlations between commodities and financial assets increased during the post-Commodity Futures Modernization Act (CFMA)/commodity bull cycle period, resulting in lower benefits of diversification. However, we find that conditional correlations between crude oil futures and sector ETFs meaningfully increased only since the 2008–09 financial crisis. The results therefore suggest that the financial crisis, rather than CFMA regulation, explains changes in the diversification benefits of commodities. Moreover, we find that oil futures returns are less correlated with SPDRs than with the S&P index. Thus, energy futures, and crude oil in particular, offer the potential for diversification benefits in sector-style investing.     

Dutch accounting in Japan 1609-1850: isolation or observation?

The trading station or factory maintained by the Dutch East India Company (VOC) was Japan's sole window on the Western world during most of the Tokugawa period (1600-1868). While many aspects of the factory's role in Dutch/Japanese cultural exchange have been researched little is known in the West of the accounting at the factory. This paper considers the possibility that double-entry bookkeeping employed by the Dutch may have been diffused to the Japanese. The available evidence is synthesized after considering the accounting system in the Dutch factory.