Financial globalization and wage inequality

This paper analyzes how financial globalization affects skilled-unskilled wage inequality. We treat financial globalization as more regions being integrated into the global financial market. We find that a higher degree of financial globalization will decrease skilled-unskilled wage inequality if it induces a small increase in the capital tax rate. However, a higher degree of financial globalization will increase skilled-unskilled wage inequality if it induces a big increase in the capital tax rate.     

Financial openness and financial development: an analysis using indices

This paper examines the link between financial openness and financial development through panel data analysis on advanced and emerging market countries. Using indices, financial openness together with institutional and educational variables explains a large part of the variation in financial development across countries and over time. Our analysis demonstrates that different indexing strategies serve to find better measures for financial openness and financial development in comparison with the individual indicators used in the literature. Our principal-component-type financial openness index conveys a positive effect on financial development independent from the lag structure or specifications used.     

金融全球化与中国金融安全

在经济全球化的过程中，金融全球化是其发展的主要内容和高级阶段。金融的全球化会为经济的进一步发展创造更优越的金融条件，但与此同时也必然会带来金融风险的变化。金融全球化对世界经济和国别经济产生了深刻的影响，对国家金融安全的影响同样深刻，使国家金融安全问题更为突出。鉴于我国目前在金融安全领域存在的问题及国际上的经验教训，我国在制定发展战略、融入全球化浪潮时，对金融安全问题必须超前研究对策，做到趋利避害。     

金融全球化过程中的伦理问题

金融全球化是经济全球化进程中的一个重要板块。金融全球化对世界经济发展具有积极作用,但是这一进程中也有一些问题需要解决,其中发达国家和发展中国家之间难以体现利益共享原则,发达国家和发展中国家在金融管理和金融经验上的差异,使发展中国家时刻面临金融危机的旋涡,是这一进程中凸现的经济问题,也是包含着深刻伦理内涵的伦理问题。关注这一问题,强调金融全球化进程中的伦理理性,是金融全球化健康发展的客观要求。     

Directed credit,financial development and financial structure: theory and evidence

The recent initiative of the RBI in reviving the policy of directed credit allocation in a period dominated by the neoliberal philosophy necessitates reconsideration of the role of policy-directed credit allocation process on financial development and financial structure of firms. Introducing certain policy parameters, the paper attempts to model how financial development-financial structure interlinkage is influenced by the liberalization policies of the government. The theoretical construct is empirically verified using both aggregated and disaggregated (firm-level) data comprising a panel of 932 Indian manufacturing firms. Findings reveal that following the liberalization measures in the early 1990s, there has been a structural shift in the debt–equity ratio of firms, with equity market activities assuming prominence over time. As regards financial development, it has been observed that the withdrawal of DFIs specialized in term-lending activities in the early 2000s led to a significant increase in the degree of financing constraints faced by the manufacturing firms. This contradicts the basic premise of financial liberalization. The paper argues that under certain conditions, government intervention in the form of directed credit programmes would not only act as an effective instrument in ushering financial development, but also provide important guidelines in ensuring sustainability of institutions.     

Financial innovation and regional money

This article studies the effect that financial innovation, which has been very common in recent years, has on money. Using Japanese regional data and the money demand specification, we first provide evidence of instability in the simple money-output relationship. However, when this relationship is extended to include a proxy for a comprehensive measure of financial innovation, the model is found to be stable. Furthermore, consistent with economic theory, evidence is obtained of financial innovation leading to decreased demand for liquid financial assets. In this respect, in Japan demand deposits seem to possess very similar characteristics to cash over recent years.     

基于金融安全的公司治理

金融安全和公司治理都是实现企业效益最大化，促使一国经济稳定健康发展的关键问题，但在学术界它们通常是被分开进行研究的，这在很大程度上制约了对企业发展的综合思考。完善的公司治理是保证金融安全的基本条件，目前的国际竞争在很大程度上是公司治理的竞争。这为研究公司治理问题提供了一个新的视角，也为我国公司治理改革思路提供了启示。     

金融发展与中国二元经济结构转换

传统的二元经济理论只考察了资本因素在经济发展不平衡中的作用,并没有把金融发展因素纳入其中进行分析,而传统的金融发展理论研究的焦点主要集中在金融发展与经济增长的关系上,对金融发展与二元经济结构之间的关系重视不够。中国是一个典型的城乡二元经济结构的发展中国家,而我国城乡金融发展差距是城乡经济发展差距存在的一个重要原因。因此,解决我国二元经济结构问题的一个重要方面就是要均衡城乡金融发展。     

金融危机冲击与企业现金持有的动态调整

运用动态面板模型及系统GMM估计方法,得出不同财务特征的企业在解释现金持有及动态调整速度与成本方面的差异,发现金融危机会显著增加公司调整持有现金的成本。进一步分析显示,正常状况下公司进行现金调整的资金来源主要依靠银行贷款与经营性现金流量,但在金融危机冲击时,中国上市公司对银行融资性资金来源的依赖更为明显,这与我国以银行为主体的间接融资方式相一致。     

Welfare Impacts of the 1998 Financial Crisis in Russia and the Response of the Public Safety Net

We compare welfare indicators for a nationally-representative sample of Russians interviewed shortly after the 1998 financial crisis with data on the same people two years earlier. Both objective and subjective measures reveal a widespread, though not universal, deterioration in welfare. Current expenditures generally contracted more than incomes. Inequality fell. There were both gainers and losers at all levels. The safety net's response fell far short of what was needed to protect living standards, but it did help prevent even greater poverty. Even without better targeting, a modest expansion of the safety net could have prevented an increase in income poverty in the aftermath of the crisis.     

金融发展与城乡收入分配的“库兹涅茨效应”研究

中国当前的金融发展规模显著拉大城乡收入差距.加强农业贷款对农民收入增长具有显著作用,会缩小城乡收入差距.金融发展效率的提高有助于城乡收入差距的缩小,在金融发展和收入差距之间存在库兹涅茨效应.金融发展水平与城乡收入分配之间存在长期的均衡关系.金融发展规模、农村信贷与城乡收入分配之间存在单向因果关系,金融发展效率与城乡收入分配之问存在双向因果关系.     

金融全球化与商业银行创新发展

金融全球化是当代国际经济金融领域最为注目的发展趋势之一 ,金融全球化的种种特征和表现是金融产业适应国际化竞争 ,谋求全球化发展的必然结果。在金融全球化的背景下 ,国际银行业竞争呈现新的特征 :机构全能化、巨型化 ,经营特色化、个性化 ;服务电子化、网络化。面对国际化竞争挑战 ,中国银行业唯有通过持续的战略创新、业务创新、机构创新和文化创新 ,才能在国际同行竞争中争取生存空间和发展契机。     

Financial Globalization,Social Exclusion and Financial Crisis

This paper suggests one set of mechanisms that ties financial globalization processes to local dynamics of financial inclusion or exclusion. Specifically, this paper explores the worldwide reconsideration of financial firms’ strategies that has accompanied financial globalization. It is shown that the neoliberal and asymmetric‐information approaches to credit markets and financial crises in developing economies overlook these dimensions of financial globalization because of their tendency to focus on representative credit markets. Banks’ strategic shift has led to the global homogenization and stratification of financial practices—and this in turn has been a key driver of processes of financial exclusion. Financial exclusion then involves bifurcation within financial markets, so that different markets serve different portions of the household and business population. This analysis suggests a reconstruction of Minsky’s microfoundational model of the origins of financial fragility and crisis, which shifts from Minsky’s emphasis on a representative borrower–lender relationship to a situation of borrower–lender relationships in bifurcated markets.     

金融结构差异与货币政策传导的区域效应

作为货币政策体系中最为关键和核心的环节——货币政策的传导对货币政策效应的发挥具有重要作用。文章在分析我国区域金融结构差异的基础上,利用面板向量自回归模型(PVAR)对保费收入、股本融资以及银行信贷规模等变量进行脉冲响应分析和方差分解,检验了区域金融结构差异对货币政策信贷传导的重要影响。数据分析和模型检验发现保费收入、股本融资等区域金融结构间的变量差异在统一货币政策传导中存在着非对称性,我国货币政策传导存在着较为显著的区域效应。改善货币政策调控的经济效应,提高货币政策传达的效率,需要政府在制度和政策方面完善区域间巨大的金融结构差异。     

浅析金融全球化与中国银行业重构

任何事物都具有两重性,金融全球化对任何国家都是利弊共存的,本文先就金融全球化的定义和特点作简要地阐述,然后通过对其他学者研究结论进行分析,得出结论,一个国家是否能从金融全球化中受益,取决于国家具体环境和体制特征,而这其中最重要的是金融体制,由于中国是以银行为主导的金融体制,所以,银行业重构就成了这个问题的关键。得出结论后,通过分析中国目前银行业存在的主要问题,参照韩国银行业重构的成功经验.提出了相应的重构方案。     

The impact of private vs. public ownership on the level and structure of employment

We examine the effects of private vs. public ownership on the level and structure of employment using uncommonly rich data on the population of Portuguese firms from 1991 to 2009. We find that private ownership is associated with sizeable job losses. This occurs whether we consider privatizations or nationalizations, and the relationship tends to be stronger in the presence of foreign capital. We also find some evidence that private ownership is associated with higher skill utilization, particularly following privatizations and when foreign investment is present. The estimated job losses associated with private ownership are consistent with a theory in which the shift in ownership increases the degree of profit orientation and leads to lower job security.     

Financial structure and diversification of European firms

Small and medium enterprises have been shown to rely mainly on banks for funding and, unlike larger firms, rarely have direct access to capital markets. This article looks at the extent to which SMEs avail of a wider range of funding options and how their use differs across firms and countries. Across all countries, we find that firms are currently using two or three sources of finance to fund their operations and have had previous experience of other types of funding. There are some noticeable differences across countries with peripheral economies generally being less diversified. Differences across firm size and age groups are more marked than cross-country variation, with smaller and younger firms significantly more reliant on a limited set of finance types and older, larger firms having more diversified financial structures. Looking at individual sources of financing, we find that trade credit and informal sources of finance are extremely prevalent across all countries, with Irish firms being particularly likely to use them as sources of funding.     

Interbank Relationships and the Credit Channel in Germany

A crucial condition for the existence of a credit channel through bank loansis that monetary policy should be able to change bank loan supply. This papercontributes to the discussion on this issue by presenting empirical evidence fromdynamic panel estimations based on a dataset that comprises individual balancesheet information on all German banks. It shows that the average bank reduces itslending more sharply in reaction to a restrictive monetary policy measure the lowerits ratio of short-term interbank deposits to total assets. A dependence on its size canonly be found if explicitly controlled for this dominating effect. Overall, the evidenceis compatible with the existence of a credit channel but the results indicate that it is weakened by the network structures that exist in the German banking system.     

金融发展、能源消费与经济增长关系研究——基于动态面板数据的分析

通过面板数据系统广义矩估计方法,从金融发展、能源消费与经济增长的角度对我国1985~2011年省份进行的实证分析发现,整体而言,金融发展、能源消费与经济增长之间存在显著正相关关系;按照东、中、西部三个地区分类估计得出,区域金融发展、能源消费对经济增长的作用效果存在显著的区域差异性:金融发展对经济增长的作用效果存在自东向西逐次递减的现象,而能源消费对东部地区经济增长的作用效果最大,西部居中,中部最小。     

基于DEA方法的上市公司财务治理效率评价

股权分置改革对中国资本市场和上市公司的影响深远。通过几年的实施,上市公司的财务治理发生了根本性的变化。为了衡量股权分置改革对上市公司财务治理的影响,使用数据包络分析法（DEA方法）计算评价公司财务治理的效率,明确影响财务治理的主要因素：机构持股,第一大股东持股,债权人治理,高管薪酬,独立董事制度。它们分别从财务治理结构、财务治理机制等方面影响财务治理效率,应成为公司改善财务治理的着手点。