Financial development and private investment in Sub-Saharan Africa

This study examines the relationship between financial sector development and private investment in Sub-Saharan Africa. It uses panel data covering the period 1991-2004 from 18 countries in Africa. The main findings of the study are as follows: there is a negative relationship between interest rate and private investment, signaling large interest rate spreads in African economies. It is also found that both the credit to the private sector and the turnover ratio have significant relationships with private investment. However, the effect of turnover ratio on investment is insignificant. The insignificance of the stock market indicator reflects the low stage of stock market development in most of the African economies. In addition, it is found that the informal sector is still large and has positive effects on private investment and that institutional variables play a key role in determining the level of private investment in Africa.     

我国房地产宏观金融风险研究

本文通过对房地产业中资金循环的三个环节以及影响房地产金融风险的宏观经济因素和制度因素的分析,研究了存在于我国房地产业中的宏观金融风险.通过与国际经验的比较,发现存在于我国房地产业中的宏观金融风险主要集中在开发企业环节,但是仍处于比较合理的范围内;宏观经济的繁荣带动了房地产业的本轮上升;制度因素对房地产宏观金融风险影响较大.从供给和需求两个层面的分析发现,存在着对房地产业金融风险的误读,对此需要进行客观评价.最后提出了从制度建设方面防范房地产宏观金融风险的建议.     

市场主导与银行主导:金融体系变迁的金融契约理论考察

中国应该建立以银行为主导的金融体系还是以资本市场为主导的金融体系,这是当前金融改革面临的一个问题.本文在对世界上几个主要国家的金融体系演变历史进行考察的基础上,从金融契约理论的角度分析了这一问题.研究表明,经济力量是推动金融体系演变的内在原因,而政治制度在很大程度上约束、影响着金融体系的具体技术安排;此外一些广义的技术因素,如信息收集技术、处理技术等从外部对金融体系的现实演进也有不可忽视的作用.     

Financial development and international trade: Is there a link?

This paper explores a possible link between financial development and trade in manufactures. The theoretical model focuses on the role of financial intermediaries in facilitating large-scale, high-return projects and shows that economies with better-developed financial sectors have a comparative advantage in manufacturing industries. We provide evidence for this hypothesis, first proposed by Kletzer and Bardhan (Journal of Development Economics 1987;27:57-70), using a 30-year panel for 65 countries. Controlling for country-specific effects and possible reverse causality, we show that financial development exerts a large causal impact on the level of both exports and the trade balance of manufactured goods.     

Financial development and growth: A clustering and causality analysis

This article examines the relationship between financial development and economic growth in a sample of 69 countries. A regime switching panel vector autoregression model is specified to detect directional changes in finance-growth causality and potential time variation of such causality patterns. In addition, a clustering analysis is performed to identify the presence of convergence clubs based on data properties. The findings show that most countries have switching between two states: one way causality from growth to financial development but not the other way round, and coexistence of bi-directional causality. Poorer countries are represented by a system with stable steady state while the clusters of advanced economies tend to exhibit multiple steady states. The clustering results map closely the degree of financial openness, and the cultural and geographical proximities of member countries.     

金融阈值视角下的金融危机——从美国次贷危机看被漠视的金融临界点

此次美国金融危机是过度衍生和过度虚拟的金融资源危机,是全球经济金融发展的最大的不可持续,再次尖锐地考问虚拟经济与金融的本质及二者有无边界。金融必须尊重极限,仅用增长规模和财富聚敛作为衡量成功的惟一尺度,正破坏着珍贵的金融资源。通过生态阈值的警醒、逻辑斯蒂增长模型的提示,应该认识到金融发展和扩张同样有其不可逾越的金融阈值。面对人类贪婪而自负的挑战,次贷危机的爆发证实了金融临界点的客观存在性。沙堆实验、混沌论提供了理性认识金融阈值的科学方法,而确立正确的价值观是更为现实的道德标准。     

Financial integration, productivity and capital accumulation

Understanding the mechanism through which financial globalization affects economic performance is crucial for evaluating the costs and benefits of opening financial markets. This paper is a first attempt at disentangling the effects of financial integration on the two main determinants of economic performance: productivity (TFP) and investment. I provide empirical evidence from a sample of 70 countries observed between 1975 and 1999. The results for both de jure and de facto indicators suggest that financial integration has a positive direct effect on productivity, while it does not directly affect capital accumulation. I also control for indirect effects of financial globalization through financial development and banking and currency crises. While financial integration does not systematically increase domestic financial depth, it may raise the likelihood of banking crises, though only to a minor extent. Yet, the overall effect of financial liberalization remains positive for productivity and negligible for investment.     

金融监管改革与金融稳定:美国金融危机的反思

由次贷问题引发的全球金融危机凸显了美国金融监管缺失的风险和加强金融改革的重要性。在几十年的发展中,美国金融监管体系逐步演进为双层多头的分业监管模式,促进了美国金融市场的繁荣。但是危机的爆发表明这种监管体系缺乏统一监管者,无法有效防范系统性危机,因而存在监管缺陷和监管效率相对低下的问题。危机后,美国政府开始意识到有效金融监管的重要性,并着力进行实质性的改革,以减轻美国金融监管体系与其金融市场制度、金融业务模式等的背离程度。新的监管体系方案有利于提高监管的有效性和促进金融稳定,但并不能根除金融危机根源,并且可能萌生新的金融风险。     

金融发展促进太原市制造业优化升级研究

通过研究太原市制造业面临的主要困境,发现金融支持不足是其破局路上的重要阻碍。现以太原市为例,重点研究其金融发展与制造业优化升级存在的问题,并选取太原市2000-2017年的金融业与制造业的相关数据进行了实证分析,结论是金融发展促进了太原市制造业的优化升级,最后从金融机构方面、资本市场方面提出了相应的建议,由此更好地助力中国制造2025的建设。     

Coping with a Small Financial System

Abstract

Does it matter that all of the sub-Saharan African countries have small financial systems? In this short paper, we review the reasons why absolute size is relevant, and consider some of the possible ways of alleviating the problems resulting from having a small financial system. One of the potential solutions is regional cooperation. This has already been tried, with a degree of success, in parts of Africa. More could be done.     

Financial repression and external openness in an endogenous growth model

An endogenous growth model has been developed that extends Sidrauski (1967), Roubini and Sala-i-Martin (1992,1995) and Lucas (1988) by combining financial development, human capital investment, and external openness. Financial development and trade liberalization are shown to increase the economic growth rate by increasing the marginal benefits of human capital investment. Expansionary governments are, however, provided with an incentive to increase the money supply growth rate, to repress the financial sector, to close its economy, and to impose a high proportional income tax rate.     

金融发展、金融脆弱与银行国际化

银行国际化一方面会促进金融发展,另一方面也将导致金融脆弱.本文以理论分析和实证检验相结合的方式,探讨了我国银行国际化从不同方面促进金融发展以及导致金融脆弱之间的逻辑关系,并对两种不同效应从整体宏观的角度进行比较,得出银行国际化正效应大于负效应的结论,从而在理论上回答了政策当局是否应当推行银行国际化的问题.     

金融集聚下的金融人才培养研究

产业集聚理论是产业运动变化的结果,金融集聚是伴随着产业集聚出现的。金融集聚不仅能够发挥规模经济效应,还会促进集聚区产业结构升级及人才集聚。金融集聚的发展对金融人才的数量和质量的需求不断增加,我们可以通过高校培养潜在金融人才,校企合作后续培养现有金融人才,引进高层次人才三管齐下的方式适应金融集聚下金融人才的培养要求。     

国内外金融稳定有关问题研究进展与述评

金融稳定是一个古老而又现代、历久弥新的课题,该课题引起广泛关注是与20世纪90年代以来世界各国频仍发生、带来惨重损失的金融危机、风波及动荡联系在一起的.金融稳定方面的理 论研究在国内外尚处于起步的阶段.本文总结了国内外对金融稳定几个主要问题的研究进展状况,重点就金融稳定的框架、货币政策和金融稳定与中央银行和金融稳定等问题梳理、分析和评述了现有中外基本文献,以便促进金融稳定研究的深入.     

当前农村新型合作经济组织发展现状与对策研究

“三农”问题关系到我国全面建设小康社会宏伟目标的实现。大力培育与发展农村合作经济组织是实现农民增收、农业增效的有效途径。当前我国在发展农村合作经济组织中尚存在规模普遍较小、运行机制不健全、缺乏有效管理等问题,要以组织创新、重新整合组织架构、培养良好的发展环境加以应对。     

浅谈出版业财务管理

财务管理在出版业集团管理工作中占有重要地位,并发挥着特殊的作用.在集团经营发展过程中,大量内部控制活动的落实,诸多管理数据信息的反映,以及经营决策的实施,都离不开财务系统的支持.加强财务管理是出版业增加利润的需要通过成本指标,可以发现出版业经营管理中存在的缺点和薄弱环节,从而提高出版业的管理水平,使企业在激烈的市场竞争中立于不败之地.     

论中国金融发展中的结构制约

加入WTO以后中国金融发展面临的主要问题是既要增强国际竞争力,又必须维护国家的金融安全.但目前中国的金融结构存在着严重缺陷,制约了中国金融业的进一步发展与国际竞争力的提升,对金融稳定与安全产生了诸多的不利影响,因此,中国金融发展不能继续依赖数量增长和加快速度的路径,需要转变思路,以结构调整为重点推进中国金融的改革开放与发展,寻求提升国际竞争力与安全性相统一的金融发展之路.     

试论法与金融风险

法律对投资者、债权人的权益保护得力,金融业就能发展;金融业的发展有利于化解金融风险;企业破产中的金融风险在于金融机构的债权处于什么法律地位;法律诉讼中的金融风险表现在诉讼的期限、证据和法官自由裁量权方面;增强人们的法治观念,能避免和减轻金融风险;行长任期制产生风险转嫁.     

Institutional environment and firms' sources of financial capital in Central and Eastern Europe

The external business environment is a major determinant of which sources firms select to obtain financial capital. We examine how the regulatory, political, and financial dimensions of the institutional environment influence the extent to which firms rely on informal sources of financial capital. The analyses of data from 2869 firms in twenty-six transition economies in Central and Eastern Europe (CEE) indicate that ineffective regulatory system, underdeveloped financial system, and government corruption are strong determinants of firms' reliance on informal channels for financial capital. We also find that smaller firms are more vulnerable when the local financial system is underdeveloped and the regulatory institutions are less effective in these transition economies. A subgroup analysis of firms' forms of establishment shows that private firms are sensitive to the level of development of the local financial system and state-owned enterprises are particularly sensitive to the degree of corruption.