论我国票据市场的规范与发展

发展票据市场,要与拓宽企业融资渠道、改善金融服务、促进商业银行转变经营方式、健全社会信用制度、完善货币政策传导机制的需要相适应,不断加强金融法制建设、合理规避票据风险、坚持真实贸易背景原则、发展票据市场工具、建立票据专营机构、建立票据业务信息系统、加快票据利率市场化进程。     

高校票据管理存在的问题与建议

随着市场经济的发展和高等教育体制改革的深化,高校办学资金来源和收费渠道呈现多元化。票据管理作为收费管理的重要环节,在财务管理中起着举足轻重的作用,是高校健全财务制度、强化内部监管的重要保障。本文就目前一些高校在票据管理工作中存在的问题进行探讨,提出了加强高校收费票据管理的若干建议,以提高财务管理水平。     

论票据行为的独立性

票据在现代经济生活中被广泛地使用，作为支付工具、信用工具，已经渗透到经济联系、商业往来、财产流转、债权债务等关系当中。独立性是票据行为的重要特征，它指的是每一个票据行为都以其文字记载及记载时的票据内容为依据独自发生效力，某一票据行为无效不影响其他票据行为的效力。票据法强调票据行为的独立性，是票据法对票据行为作出的特别规定，有利于保护持票人的权利，以加强票据的流通性。     

Bills of exchange, interest bans, and impersonal exchange in Islam and Christianity

A vast economic history literature suggests that medieval institutions supporting contract enforcement were necessary for impersonal exchange to emerge. Yet this literature cannot account for the bill of exchange, an important financial instrument that had positive legal standing in both the medieval Islamic and Christian worlds but remained relegated to personal networks only in the former. This paper suggests that a seemingly innocuous difference - the involvement of currency exchange in European but not Middle Eastern bills, a difference resulting from the secular legalization of interest in Europe - encouraged divergent endogenous processes resulting in these distinct institutional arrangements.     

票据诈骗罪的犯罪构成

票据诈骗罪构成的客体是复杂客体，既侵害了公私财产的所有权，又妨碍了金融票据的正常流通和使用，侵犯了国家对金融票据的管理制度。客观方面表现为非法占有为目的，采用以作废、无效票据等非法票据骗取公私财物数额较大的行为。关于本罪客观方面主要论述了五种行为：明知是伪造、变造的汇票、本票、支票的；签发空头支票或与其预留印签不符的支票，骗取财物的；汇票、本票的出票人签发无资金保征的汇票、本票或者在出票时作虚假记载，骗取财物的。该罪的成立对犯罪主体没有特别要求，后于一般主体，包括自然人和单位。主观方面，分析了行为人直接故意和非法占有他人财物的目的。     

Government Securities Markets in the West African Economic and Monetary Union: A Review

Abstract: The paper reviews trends and developments in the WAEMU government securities markets. Issuance of debt has grown more than tenfold since 2000 in the region, driven by the rapidly growing Treasury bills segment. The elimination of central bank financing of government has been the catalyst of this growth while excess liquidity in the banking system has helped sustain the market. Common institutions, such as a regional central bank and uniformity of issuance and distribution procedures have led to high cross‐border transactions. However, supply and demand conditions are more important than economic fundamentals in determining Treasury bill rates.     

浅析“CRT市场”对金融系统稳定性的影响

近年来,信用风险转移市场迅速发展已引起各国金融监管当局和国际组织的关注,与之相关的理论研究也渐成热点。本文首先介绍了信用风险市场信用转移市场,然后分析了信用风险转移市场对金融稳定性的双面影响,最后结合我国金融市场的实际情况对我国发展信用风险转移市场提出了三点借鉴意见。     

国内外金融危机预警模型述评

随着全球化进程的加快,金融市场逐渐成为各国经济运行的核心。金融体系本身的特殊性,其既给各国经济发展带来了机遇的同时也伴随了大量的风险。世界范围内接连不断的金融危机暴露出金融风险的严重紧迫性和金融危机的破坏性,尤其在发展中国家和新兴市场国家这一问题更加突出。因此,构建有效的金融危机预警体系,筛选恰当的预警指标,能够相对准确的预报警情,确定危机来源,判断危机大小就显得迫切重要。在此对国内外流行的金融危机预警方法的基本原理、模型的发展和缺陷进行梳理和对比分析,为我国金融危机预警研究工作提供参考。     

新疆票据市场发展现状及策略选择

新疆票据市场经历了从无到有、从小到大的发展历程，近年来更是得到了快速发展。本文分析了新疆票据市场发展的总量及结构特点，分别对票据的签发、承兑、贴现、再贴现以及利率进行了分析，并针对新疆票据市场的缺陷提出了策略选择。     

中国人民银行央行票据的可持续性问题分析

自2003年我国中央银行票据开始登上公开市场的舞台,并且逐步发展成为中央银行公开市场操作的主流工具之一。本文主要从央行票据在公开市场操作中的作用、我国流动性过剩、存款准备金等货币政策的局限性和央行票据所承担的新的政策职能的角度来说明因为我国所处特殊经济金融的环境,央行票据作为我国公开市场操作的中长期工具,具有可持续性。最后本文还对完善央行票据制度提出几点政策建议。     

现代金融体系视角下的民间借贷市场规范化探索

由于正规金融的缺位与民间借贷自身融资优势的显现,民间借贷市场越来越成为现代金融体系不可或缺的一个组成部分。本文对当前民间借贷市场中存在的问题进行了分析,并提出了规范其发展的相关对策,同时对小额贷款公司等新型的民间借贷形式的规范化问题提出建议。     

我国金融机构碳金融业务创新研究

在过去的几年中,由于商业银行等金融机构的介入,金融产品及金融业务的创新已经成为了国际金融市场发展中的一个新亮点。发展中国碳金融体系,为金融业提供了巨大的发展空间。尽管国内与低碳经济相关的碳金融已经取得了相当的进展,但其发展仍处于相对初级的阶段。针对我国金融机构参与碳金融创新存在的几个问题,从构建碳信用交易平台,增强金融机构作为资金中介及交易中介的作用和努力推动碳金融产品创新的角度进行了阐释。     

Dynamics of Money Market Interest Rates in Ghana: Time-Frequency Analysis of Volatility Spillovers

As the second longest practicing inflation targeting economy in Africa, it is of interest to investigate the degree to which policy interest rate influences other money market rates so as to gauge the overall effectiveness of monetary policy transmission in Ghana. This study evaluates the degree of connectedness among money market rates and also determines the most dominant money market rate(s) in Ghana. The basic finding is that the monetary policy rate has a low-to-moderate influence on volatility dynamics of other money market rates in Ghana across historical time-interval and time-frequency domains. This is a reflection of a generally weak capability of policy interest rate to drive other market rates in Ghana. Both monetary policy rate and Treasury bill rate are net transmitters of shocks, while interbank, lending and saving rates are net receivers of shocks in the money market. However, the Treasury bill emerges as the largest shock transmitter in the money market, across all forecast horizons and analytical domains. The lending rate is the largest shock recipient in the money market, largely from the Treasury bill rate which suggests ample evidence of fiscal dominance in Ghana. The study accentuates the exigency for monetary and fiscal policies to expeditiously address the domestic structural bottlenecks, especially in the financial sector and the fragile fiscal profile, in order to strengthen policy transmission in Ghana.     

探讨金融市场发展对提升外商直接投资质量的作用

外商直接投资通过溢出效应可以促进东道国经济的持续增长,但这种促进作用的实现受到东道国"吸收能力"的影响。金融市场发展是提升吸收能力的一个重要因素。实证研究表明,金融市场信贷规模的扩大以及两者间的交互作用,有助于增强FDI对经济增长的促进作用。不过,目前我国由金融市场发展而决定的FDI溢出效应尚不明显,为此,本文提出了如何推动国内金融市场发展提升FDI质量的相关政策建议。     

金融市场开放条件下中国金融监管体制改革构想

置身于世纪之交全球经济一体化的滚滚潮流,面对金融市场全面开放的机遇和挑战,怎样建立和完善适应开放经济条件下的中国金融监管体制,向国际金融监管原则和发展方向靠拢,以确保中国经济、金融与国际接轨,实现健康快速发展,就成为中国金融改革不可回避的重要现实问题。而金融监管并没有一个标准统一的模式,也不存在一个普遍使用的通用模式,一个合理的金融监管体制应在既尊重传统与现实,又在考虑未来金融发展趋势的基础上,结合各国的历史、文化、经济金融运行状况等实际情况,选择最适合自己国情的监管模式。     

Financial Market Turmoil： Implications for Monetary Policy Transmission in China

The recent financial market turmoil has initiated another search for insightful understanding of the interactions between the financial market and monetary policy. This paper explores these interactions in terms of the transmission mechanism of monetary policy in China. We argue that evolving financial development, enhanced by the expansion of the financial market, has altered the conventional channel for monetary transmission in China. Analyzing marked changes in the financial landscape and taking into account policy regime shifts in China, the paper provides clear evidence showing that the financial market has become a new and important channel for transmission of monetary policy in China.     

基于非参数模型的股市波动性研究综述

随着金融行业的发展和金融市场的不断完善,证券市场与人们的生活息息相关,而波动性作为股票市场赖以存在和发展的基础,越来越成为金融经济学研究的热点。但这些研究的角度、方法和结论都不尽相同。本文通过集中梳理最近二十年国内外对于股市波动性的研究文献,对这些文献进行了一定的总结,并提出了以往研究中存在的问题。     

论我国现行商业银行风险管理法律制度的不足及完善

由于全球经济一体化与金融一体化的发展以及现代金融理论、信息技术和金融创新等因素，金融市场出现前所未有的波动性，商业银行等金融机构的经营管理面临日趋严重的金融风险，加强商业银行风险管理法律制度的建设已成为一国金融风险管理的中心工作。本文在分析了我国现行商业银行风险管理法律制度不足的基础上，就如何完善提出了自己的一点看法和建议。     

Credit Markets and the Propagation of Korea's 1997 Financial Crisis

We consider the roles of monetary shocks and tightening credit market conditions in the transmission of South Korea's 1997 financial crisis to the real sector, and compare the relative impacts of these factors on production in light and heavy industries. Using structural regression equations, vector autoregressive models, and the accompanying dynamic forecasts, we find that the ratio of commercial bills dishonored to the total value of bills to be cleared can explain the decline in industrial production more fully than either the decline in the real stock of money or the spread between yields on corporate and government bonds. These results are most emphatic in light industry, for which small and medium-sized firms account for more than 70% of the total value added. Since fluctuations in the dishonored bills ratio may reflect components related to increases in the cost of credit intermediation and its effect on small and medium-sized firms more precisely than the corporate-government bond spread, we interpret the evidence as suggestive of a credit channel and “flight to quality” at work.     

组合融资推动市场信用体制建设防范系统风险

组合融资是一种综合资源、削峰填谷、对冲风险、协调发展的思想和融资机制。国家开发银行针对我国市场信用体制比较落后的实际情况,借鉴国际先进组合投资理论,开创性地提出了具有中国特色的组合融资思想和信用组合融资办法,大力支持市场信用体制建设,防范金融系统风险。组合融资已成为开发性金融贯彻国家宏观经济政策,实现“增强国力,改善民生”重要使命的强有力工具,具有广阔的发展前景。