金融创新、金融脱媒与信用货币创造

近年来,随着利率市场化改革的加快推进和基本完成,中国以银行理财和互联网金融为代表的金融创新和金融脱媒迅猛发展,传统的以货币供应量为中间目标的数量型货币调控效果日益下降.本文以余额宝为代表的互联网金融创新和金融脱媒为例,从信用货币创造理论出发,构建了考虑金融脱媒情形的货币供给和货币乘数模型,并利用中国数据进行了检验.结果表明,金融创新和金融脱媒使传统以银行存款为媒介的信用货币创造机制更为复杂,进一步扩大了存款的货币乘数边际效应,货币供给的可控性更加困难.在金融改革和金融体系深化发展的当下,中国的货币政策亟需向价格型调控转型,本文对此提供了理论支持.     

从内生货币到内生金融:后凯恩斯主义货币金融理论的发展与启示

后凯恩斯主义从反向因果关系和金融创新两个维度诠释了货币内生的机理和过程,但却由于把关注焦点集中于传统商业银行而受到Palley的批评,后者提出用内生金融概念取代内生货币以涵盖非银行金融机构的流动性创造.尽管非银行金融机构创造的负债可以代替货币执行交易媒介的职能,然而其流动性终究是虚拟的,离不开商业银行"真正"流动性的参与和支持.现实生活中,商业银行和非银行金融机构之间的界限日益模糊,整个金融体系在带来远大于内生货币理论描述的金融弹性的同时,也导致更大的金融不稳定性.后凯恩斯主义从内生货币到内生金融理论的发展,丰富了我们对货币金融本质和规律的认识,为走出中国特色金融发展之路提供了参考和借鉴.     

中央银行独立性与货币、金融稳定政策协调

当今,金融危机给经济发展带来了极大的危害,为此,金融稳定是当务之急.审视中国的金融现状,我们必须加强金融体系各组成部分内部及其相互之问的有效风险配置、资源配置等核心功能,将中央银行独立性、货币稳定政策及金融稳定政策纳入统一框架之下,有效协调货币、金融稳定政策,提高金融机构风险管理水平.     

中国在金融深化改革过程中的金融约束之简析

在我国金融体制改革中,金融深化一直是一个重要的绕不过去的难题,虽然一定的金融约束是必需的,但我们要明白金融深化是我国整个金融体系改革的终极目标.该如何实现这个目标,本文展开了相关讨论.     

金融中介发展平抑了经济波动吗?——来自中国的经验证据

金融中介发展与经济波动的联系属于学术研究前沿课题。文章基于1994-2010年中国省级面板数据研究发现,尽管中国金融中介发展具有显著的货币冲击减震效应,但总体而言,中国还未到达金融中介发展对经济波动产生平抑效应的阶段。文章还发现,中国正从金融中介发展对经济波动具有放大效应的阶段步入临界区间。因此,文章研究结果所蕴含的一个重要政策涵义是,中国金融中介发展已处于一个关键时期,进一步加快发展必定会为宏观经济稳定和经济增长产生积极影响。     

金融不稳定性的逻辑:一个马克思主义的阐释

马克思运用辩证唯物主义方法论,按照从逻辑抽象上升到历史演绎的路径,考察了金融的不稳定性.马克思基于劳动价值范畴对货币信用关系进行了逻辑抽象分析,揭示了货币信用关系内含不稳定基因,使危机由可能性上升为现实性;揭示了构筑于不确定性之上的现代资本主义金融系统在信用衍生机制加持下,使金融不稳定上升为一种系统性风险,危机由现实性转变为必然性;因此,金融不稳定的根源在于资本主义积累的无政府性.作为资本积累的调节性制度,信用与资本积累之间的互动从时间、空间和竞争等维度逐渐深化,金融不稳定趋于加剧;新自由主义及金融化将金融不稳定催化到极致,并助力金融不稳定向全球扩散.     

金融、金融学及其学科建设(金融覆盖范围、金融学科体系设计、金融专业办学方向)

本文讨论了三个相互联系的问题,基本观点是：1．中文“金融”与西方文字Finance涵盖的范围并非全然等同,而且两者均各有不同口径。应正视这一客观现实,把握不同用法的含量。2．按通常理解的金融口径,金融学学科体系应大体分为：宏观金融分析和微观金融分析;微观金融分析有两大分支：金融市场分析和金融中介分析;在金融市场与金融中介分析之下是技术层面和管理层面的学科。至于具体教程的设计,应以国内外现有的课程作为出发点;并应鼓励不同的设计方案在教学研究实践中相互推动。其中的紧迫任务之一是关于金融中介经济学的建设。3．金融专业的建设,应处理好学生培养与组织教师队伍、本科教学与研究生教学、一般要求与发挥特长、办出特色等诸多方面之间的关系。     

金融创新对货币供求关系的影响

自20世纪70年代开始至今仍方兴未艾的全球大规模全方位的金融创新,使世界金融业发生了深刻而全面的变化.这股金融创新风潮,使得各国中央银行对国际国内经济的发展以及对货币政策的实施都造成了冲击,提出了挑战.分析了金融创新下对货币供求的影响,确保货币政策的顺利实施,具有重要的理论和现实意义.     

论货币市场与资本市场的融合

货币市场与资本市场的整合，是现代经济条件下适应客户客观需求和金融市场一体化的反映，也是金融创新的发展趋向，它的根本动力是金融企业的利益激励和内部约束。有计划、有组织地推进金融市场的融合、促进金融企业组织结构的调整和进化，将从根本上改变中国金融业的面貌，推动金融业的全面进步，并促进国家经济的长期、持续、快速发展。     

我国"低碳金融"的发展现状

低碳经济被作为转变经济发展方式、调整经济结构的有力手段,大力发展低碳金融是我国应对全球气候变暖的一大法宝.本文从低碳金融的内涵出发分析我国低碳金融发展的必要性,并通过对比分析指出目前我国低碳金融的发展水平,并就面临的问题提出了发展我国低碳金融的对策.     

John Stuart Mill's Theory Of Justice

John Stuart Mill has traditionally been portrayed as self-contradictory and failing to construct a unified social theory. Recent scholarship, however, has challenged this view, finding Mill's work to be creatively synthetic in bridging the antinomies inherent in liberal democratic thought. This revisionist interpretation of Mill is advanced by an understanding of his theory of justice and its role in shaping his policy positions on issues such as welfare, education, voting rights, property rights, taxation, government intervention, and the future of capitalism.     

A Rich Vein for “Reality Mining”北大核心CSSCISSCI

Arik Hesseldahl In the aftermath of the September 11 attacks, U.S. officials quickly turned their attention to other potential targets, including California's Golden Gate Bridge. What would happen if terrorists took down the bridge between San Francisco and Marin County? How much of the region would be affected and for how long?     

中国养活自己能力的长期预测:技术和政策分析

中国拥有世界五分之一强的人口 ,收入又在迅速增长。因此 ,国际上很自然地会考虑或推测她在今后的几十年是否有能力养活自己。中国的人口预计将从 2 0 0 0年的 1 2 8亿增长到 2 0 2 0年的 1 4 6亿 ,和 2 0 3 0年的 1 4 9亿。与此同时 ,人均收入的增长将导致对家畜和鱼类产品更大的需求 ,因而对饲料的需求也将有很大的增长     

John Stuart Mill's Theories of Wealth and Income Distribution

Although he was much influenced by David Ricardo when he wrote the classical part of his Principles , John Stuart Mill was not a Ricardian when he penned his theories of wealth and distribution. They are based on a triple foundation. First, a belief that economics is a moral discipline. Second a theory of custom-driven human behavior. Third, an empirically formed conviction that the institutions of state, education and business cooperate to structure the distribution of income. On the basis of these presuppositions, Mill formulated 1) an institutional theory of the formation of human and non-human wealth and 2) an even more institutional theory of distribution demonstrating how the aforementioned institutions malignantly skew the distribution of income to the advantage of the propertied classes and to the extreme disadvantage of the working class. As a social economist, Mill recommended institutional reforms designed to eradicate the poverty of the working class.     

Toward a Phylogenetic Reconstruction of Organizational Life

Synopsis Classification is an important activity that facilitates theory development in many academic disciplines. Scholars in fields such as organizational science, management science and economics and have long recognized that classification offers an approach for ordering and understanding the diversity of organizational taxa (groups of one or more similar organizational entities). However, even the most prominent organizational classifications have limited utility, as they tend to be shaped by a specific research bias, inadequate units of analysis and a standard neoclassical economic view that does not naturally accommodate the disequilibrium dynamics of modern competition. The result is a relatively large number of individual and unconnected organizational classifications, which tend to ignore the processes of change responsible for organizational diversity. Collectively they fail to provide any sort of universal system for ordering, compiling and presenting knowledge on organizational diversity. This paper has two purposes. First, it reviews the general status of the major theoretical approaches to biological and organizational classification and compares the methods and resulting classifications derived from each approach. Definitions of key terms and a discussion on the three principal schools of biological classification (evolutionary systematics, phenetics and cladistics) are included in this review. Second, this paper aims to encourage critical thinking and debate about the use of the cladistic classification approach for inferring and representing the historical relationships underpinning organizational diversity. This involves examining the feasibility of applying the logic of common ancestry to populations of organizations. Consequently, this paper is exploratory and preparatory in style, with illustrations and assertions concerning the study and classification of organizational diversity.     

Information infrastructure: Who builds broadband networks?

This paper examines the essential difference between the U.S. and Japan, when one considers information infrastructure. There are seven perception gaps between the U.S. and Japan concerning Information Infrastructure policies. These gaps must be understood in order to compare the countries' governmental policies in this area. In looking at the present circumstances, the essential question to answer concerns who is to build, own and operate the network(s) of the infrastructure. Liberalization is certain to be a central factor in the ongoing telecommunications debates. Now that customers have had a taste of the liberalized market-place, the movement toward more open markets will be difficult to stop. When considering options, it is necessary to pay close attention to standardized network access and the increasingly important role software plays. These issues are causing us to take a new approach to the traditional role played by regulators. They also force a closer look at the appropriate structure of utility companies. This paper addresses the above issues in hopes of stimulating dialog on the new telecommunications infrastructure paradigm.     

海岛地区产业演替及资源基础分析--以舟山群岛为例

改革开放以来,舟山市产业构成发生了显著变化,其经济发展过程可以划分为三个阶段。1992年前,是以产业结构渔业占绝对地位的单一结构阶段;1993—1998年,以旅游业为主的第三产业快速发展阶段;上世纪末以来,又进入了新一轮的经济发展时期,即工业产值比重快速增加阶段。根据海岛的自然资源基础和特点,在新世纪的经济发展过程中,舟山市应定位为生态型的港口旅游城市。以港口及临港工业为主导,以海岛旅游和海洋经济为特色,大力发展第二产业和第三产业。海岛地区的主导产业应体现海岛资源优势及区位优势,以集群性环保型产业为主。同时由于海岛地区淡水资源缺乏,主导产业也应着重选择低耗水型产业。     

风险视角下企业治理结构和研发创新——基于委托代理模型的研究

本文基于委托代理模型,从风险的视角研究企业治理结构对研发创新能力的影响。本文构建了一个包含创新活动的委托代理模型进行理论分析,利用动态DEA 模型测算创新能力,并使用2015-2018年我国上市制造业企业数据进行实证检验。实证部分检验了理论结论:委托代理问题不利于企业提升研发创新能力,且客观风险和主观风险厌恶会加剧该负面影响。基于此,本文认为上市企业应根据企业自身研发活动特点有针对性地改善企业治理结构,提出了适当延长代理人任期、推动股权激励计划、提升代理人的风险承担能力等建议。     

Nonlinearity in Stock Exchange Markets: The Case of Bist 100 Indices

In this paper,using data for the Bist 100 index,we investigate the presence of nonlinearities by employing several nonlinearity tests.The Brock,Dechert,and Sche...