金融危机对保险监管的启示

美国次贷危机引发的金融海啸席卷全球,各国保险业在此次危机中均受到不利影响。本文针对了当前保险监管体系中存在的问题,提出相应的解决措施,同时也指出措施实行过程中所遇到的问题,并结合中国实际,提出加强我国保险行业监管的几点建议。     

论金融危机背景下我国金融控股公司的监管

金融控股公司是现代金融业发展的主要模式,对其进行科学有效的监管对于维护静态稳定和促进金融业健康有效的发展具有深远的意义,对于我国的经济建设具有重要价值。     

论金融危机背景下我国金融控股公司的监管

金融控股公司是现代金融业发展的主要模式,对其进行科学有效的监管对于维护静态稳定和促进金融业健康有效的发展具有深远的意义,对于我国的经济建设具有重要价值。     

探究金融危机和保险监管

金融危机的发生对保险行业产生了一定的影响。文章主要探究了保险监管体系中的问题,并提出了应对策略,最后和我国实际相结合,为我国保险监管提出了几点意见。     

欧洲金融一体化波折与单一银行监管机制的构建

文章以翔实的数据比较分析了金融危机前后（包括欧债危机以来）欧元区金融运行格局的变化,探讨欧盟推动建立单一监管机制的原因及前景。文章指出2008年以前,欧洲的金融一体化进程快速推进,银行业市场和金融市场不断融合。金融危机爆发后,监管制度缺位的问题暴露出来,欧洲银行业面临巨大的信心危机,金融一体化进程停滞,货币政策传导遇阻。欧盟反思危机教训,推动建立单一监管机制,重塑银行业信心,重启一体化进程,但实现这一目标任重而道远。     

国际金融监管变革及其对中国保险监管的启示

本文以瑞士考察调研成果为基础,初步阐述国际金融危机发生的根源,危机后各主要经济体金融监管改革措施及其发展趋势．并结合国内保险业发展实际,得出了金融危机对我国保险监管工作的几点启示。     

金融一体化和亚洲金融危机

1997年泰国突然爆发了一场货币危机，并发展成一个金融和经济危机，而且，很快波及东亚的其他国家和地区，连一向被称为是发展奇迹的亚洲四小龙也逃脱不了这场厄运。危机中，大多数东亚经济的货币和资产价值跌落了30％-40％，遭受打击最为严重的几个经济下跌得更为厉害。东亚地区的银行和企业陷入空前的财务困境。     

长三角金融一体化与银行业监管对策选择

本文在对全球金融一体化趋势下长三角银行业发展现状进行研究的基础上，指出当前影响长三角金融一体化进程的四大因素，从金融创新激励机制、区域监管协调机制、银行监管方式手段、会平竞争市场环境四个方面提出推进长三角金融一体化的监管对策。目的在于促进区域经济金融的良性互动，防范和化解区域金融风险，树立区域银行监管合作的良好典范。     

金融危机下的保险监管分析

相对于别的产业偿付能力所带来的影响,保险公司的偿付能力对于消费者来说,即使是对于整个社会来说,都是至关重要的。因此,建立一个高效合理的保险监督体系对于保险产业乃至于金融市场都有着至关重要的作用。全球金融危机后,保险监管当局开始反思现有的保险监管模式,并开始将眼光投向概率模型和压力测试。本文试图了解在全球金融危机下,来考察这两种模型对保险监督的适用性。     

金融危机下中国保险业的发展契机

由美国次贷危机引发的金融危机迅速成为影响全球的经济危机,保险业面临着严重的挑战,但只要紧紧抓住保险业的本质特征,以科学发展观为指导,金融危机就能成为拉动保险业发展的契机。要使危机能够拉动保险业的发展,首先要转变经营理念,使保险业恢复它的本质功能。危机拉动保险的关键是产品开发,要大力进行抗风险的产品创新,开发出适应社会应对金融危机中需求的保险产品;同时在金融危机中完成保险市场转型,彻底改变保险业的形象,真正实现保险业从以保费为中心的市场转变为以风险控制为中心的市场。     

The global financial crisis and the evolution of markets, institutions and regulation

This paper analyses the recent global financial crisis in the context of the dual processes of market development and regulation. It discusses how, in the absence of a globally integrated financial framework, past and present regulations and interventions in reaction to national and global financial crises did not resolve the cross border regulatory arbitrage. The paper discusses how crises often lead to the emergence of new national and international institutions. It also analyses the proposed “new global framework” that needs to be in place if the policy recommendations contained in the G20 communiqué are going to be effectively implemented. The paper argues that unless international agreements are ratified by all nations and become part of national rules and laws, the presence of regulatory arbitrage and the lack of adequate cross border information and data may prevent the global economy from addressing the underlying causes of the recent global financial crisis. The paper also discusses the evolution of central banks and their new role in contributing to global financial stability. The paper argues that the recent global financial crisis has provided a unique opportunity to go beyond economic data and attempt to capture cross border financial data and other information that could assist international and national institutions to measure and manage financial risk more effectively. Finally, the paper discusses “too big to fail” and argues that only an internationally integrated financial system will make large banks global, both when operational and in the event of insolvency.     

冰岛金融危机的起因、教训与启示

在全球金融危机的冲击下,冰岛成为第一个陷入困境而向IMF求助的发达国家。该文分析了冰岛金融危机的起因及教训,认为冰岛危机是自身经济发展失衡、金融过度膨胀且存在结构缺陷的后果;政府的金融监管与危机应对措施也负有重大责任。对其他国家都有着重要的警示意义。     

金融海啸后我国保险监管的方向和边界

席卷全球的金融海啸再次凸显出金融监管的重要性,促使我们对当前的监管模式进行反思,对今后监管的方向和边界进行定位。这场国际金融危机暴露出的监管漏洞及美国所提出的监管改革方案都对我国保险监管有一定的启示。本文结合金融海啸,探讨了我国保险监管模式的选择,以及保险监管的方向和边界。     

Capital regulation,deposit insurance and bank risk: International evidence from normal and crisis periods

In this paper, we examine the impact of capital regulation on bank risk and the moderating role of deposit insurance on the relationship between capital regulation and bank risk during both normal and crisis periods. Using an international sample of banks from 111 countries, our results show that stringent capital regulation reduces bank default risk, in general, during normal growth period, and this effect is not conditioned by the existence of explicit deposit insurance. Further, stringent capital regulation in place during the pre-crisis period reduces bank default risk during the crisis period, and this effect is stronger for countries with explicit deposit insurance during the pre-crisis period. These results have important policy implications to design the optimal bank regulations.     

保险监管国际比较及发展趋势研究

本文对IAIS核心监管原则、欧盟偿付能力Ⅱ监管模式、美国RBC监管模式和北美动态偿付能力监管模式等四个当前最新的保险监管模式及其发展趋势进行了归纳论述,并阐述通过国际保险监管比较研究对我国保险监管的几点启示。     

The global financial crisis and integration in European retail banking

The aim of this paper is twofold. Firstly, to investigate the integration process within the European Union retail banking sector by analysing deposit and lending rates to the household sector during the period 2003–2011. Secondly, to assess the impact of the 2008 global financial crisis on the banking integration process, an area that is yet unexplored. An important contribution of the paper is the application of the recently developed Phillips and Sul (2007a) panel convergence methodology which has not hitherto been employed in this area. This method analyses the degree as well as the speed of convergence, identifies the presence of club formation, and measures the behaviour of each country’s transition path relative to the panel average. The empirical results point to the presence of convergence in all deposit and lending rates to the household sector up to 2007. In sharp contrast, the null of convergence is rejected in all deposit and credit markets after the onset of the 2008 financial crisis. These results show that the global crisis has had a detrimental effect on the banking integration process. We find some convergence in a few sub-clusters of countries but the rate of convergence is typically slow and several countries are identified as diverging altogether. In addition, we find that the credit market, in general, is far more heterogeneous than the savings market.     

The influence of accounting enforcement on earnings quality of banks: Implications of bank regulation and the global financial crisis

We study the effects of country-level accounting enforcement on earnings quality of banks and whether bank regulation substitutes or complements the effect of accounting enforcement on bank earnings quality. We also examine whether the influence of accounting enforcement on bank earnings quality changed after the global financial crisis. Using a sample of listed banks from 40 countries between 2001 and 2014, and abnormal loan loss provisions (ALLP) as our main proxy for earnings quality, we document a consistent and strong association between accounting enforcement and bank earnings quality. More specifically, an increase in accounting enforcement decreases the level of ALLP and decreases the propensity to manage earnings to avoid losses. Furthermore, we provide empirical evidence that bank regulation complements the effect of accounting enforcement on bank earnings quality. Finally, unlike in the pre-crisis period, we find a positive association between accounting enforcement and income-decreasing ALLP in the post-crisis period, which indicates that stronger accounting enforcement is associated with more conservative earnings and higher loan loss reserves. Overall, our results indicate that accounting enforcement reduces opportunistic earnings management.     

Linkages between Indian and US financial markets: impact of global financial crisis and Eurozone debt crisis

This paper examines inter-linkages between Indian and US equity, foreign exchange and money markets using the vector autoregressive-multivariate GARCH-BEKK framework. We investigate the impact of global financial crisis (GFC) and Eurozone debt crisis (EZDC) on the conditional volatility and conditional correlation estimates derived from the multivariate GARCH model for Indian and US financial markets. Our results indicate that there is significant bidirectional causality-in-mean between the Indian stock market returns and the Rs./USD market returns, and significant unidirectional causality-in-mean from the US stock market returns to the Indian stock market returns. As regards volatility spillovers, we find that volatility in the Indian stock market rises in response to domestic as well as US financial market shocks but Indian financial market shocks do not impact the US markets. Further, impact of the recent crisis episodes on the covariance matrix is found to be significant. We find that volatility in the Indian and US financial markets significantly amplified during GFC. The conditional correlations across asset markets were significantly accentuated in the wake of the two crisis episodes. The impact of GFC on cross-market conditional correlations is higher for majority of the asset market pairs in comparison to the EZDC.