2010年的市场看点

最大规模的投资将发生在低碳、航空、生物制药等创新型行业中中央经济工作会议为2010年经济工作定调。从已经披露的信息来看,今年三大工作重点:保增长、调结构、促消费。听着平淡无奇,实际上每块都是难啃的硬骨头。     

理财十大看点

一、个人炒金:进入“黄金”期随着国内开放黄金投资领域,黄金需求量将会有大幅度的增长。2004年黄金饰品将实行“价费分离”,5%的消费税有望取消,黄金期货市场也有望推出。对于历来就有买金藏金理财习惯的中国人来说,黄金无疑会成为2004年一个热门的投资品种。二、国债:步入价值投资时代从2003年四期国债发行利率上扬的情况看,2004年国债发行利率将有局部上升的可能。三、股市:机会多多2004年,股票市场充满机会。经过近三年的下跌,目前市场市盈率指标正在结构性趋好,外部环境和内部条件都促使证券市场恢复活力。四、基金:改变传统存钱习惯据…     

三大机构预测2010全球媒介市场

2009年岁末临近之际，实力传播、盟诺公司及惠誉国际都对全球广告市场的未来做出了预测。整体而言，全球广告市场将缓慢恢复，但各地区．各媒体又表现出较大的差异牲。     

2010年关税看点

最惠国税率 调整了6个税目的最惠国税率。至此，我国加入世贸组织的降税承诺全部履行完毕。税则税目总数达到7923个。     

2010北京车展看点大起底

北京车展日益临近,各式各样的汽车媒体也都进入了车展关注周期。本期我们也加入到了搜集、取证的队伍当中,力求提前揭露车展上各个企业到底给观者准备了哪些"大餐"。当然,我们之所以不避流俗做这样的选题还有另一个原因:让读者朋友自己判断,北京车展这回能不能称得上顶级。     

2010楼市凸显四大看点

房价涨势得到遏制，房企资金全面吃紧，保障房建设创下历史新高……刚刚过去的2011年，中国楼市“屡调屡涨”的怪象终结。2012年楼市交易僵局能否打破，长效机制能否建立，保障房的“稳定器”作用能否发挥……这是展望2012年乃至以后中国楼市的关键看点。 房价再度反弹还是合理回归？     

互联网理财须防三大风险

<正>动辄数倍于银行存款利率的收益率,眼花缭乱的红包,令人眼馋的补贴,看起来万无一失的保障,使得互联网理财产品攻城略地,规模瞬间秒杀诸多传统理财产品。然而,风险提示不足、违规宣传高收益、担保不靠谱等三重风险,是投资者夺宝必须规避的陷阱。风险一是,风险提示不足。目前,余额宝为代表的互联网理财产品以货币基金为主,普遍属于风险较低的金融产品。但在铺天盖地的宣传中,互联网企业对风险提示严重不足,片面强调安全性和收益率,     

The Competitiveness of European Financial Markets

The countries that together make up the euro area are undergoing a process of far-reaching change, with established national financial markets merging into one new European market accompanied by deregulation, cross-border consolidation, and increased competition within the euro area. These developments will help to increase longterm economic growth and will have a strong bearing on the international competitiveness of the European financial sector, leading to innovation and modernisation. This paper presents the underlying rationale of financial integration and increased competitiveness of European financial markets and provides a snapshot of where financial integration has been successful and where work is ongoing. It also notes important historical experiences of U.S. financial integration. It concludes by highlighting the role and recent activities of the European Central Bank and the Eurosystem in promoting and enhancing further financial integration. JEL Classification F15, G15     

US Downgrade Hits Financial Markets

The United States has lost its top AAA credit rating for the first time On August 5, in a move that could severely undermine the recovery of the world's largest economy and prompt further calamitous falls on world stock markets in the following week. Emerging markets stocks and currencies plummeted on August 8,after     

Banks,Financial Liberalisation and Financial Crises in Emerging Markets

The East Asian financial crisis has raised a series of important issues. Amongst them is the question of the role of the banking sector and financial liberalisation in contributing to financial crises. How do weaknesses in the domestic banking sector, when combined with both domestic and international financial liberalisation, engender currency crises? What is lacking in the literature is a simple conceptual framework within which these connections can be conceptualised and drawn out and in which the role of banks is explicitly discussed. This paper seeks to provide just such a framework. Within it, international financial liberalisation can be seen as fuelling a boom in domestic credit, which leads to acute balance sheet problems for domestic banks, and exposes the country concerned to a currency crisis in the event of a sudden reversal of capital inflows, which banking weaknesses may itself trigger.     

Fairness in Financial Markets: The Case of High Frequency Trading

Recent concern over “high frequency trading” (HFT) has called into question the fairness of the practice. What does it mean for a financial market to be “fair”? We first examine how high frequency trading is actually used. High frequency traders often implement traditional beneficial strategies such as market making and arbitrage, although computers can also be used for manipulative strategies as well. We then examine different notions of fairness. Procedural fairness can be viewed from the perspective of equal opportunity, in which all market participants are treated alike. The same rules apply to HFT as to other traders. Another approach to fairness is in the equality of outcomes. Many HFT strategies are beneficial to other market participants, so one cannot categorically denounce the practice as unfair. Other strategies, for both high and low frequency trading, are not. It is thus important to distinguish between the technology and the use of the technology to make judgments on fairness.     

The Effects of the Global Financial Crisis on Supply Chain Members in Non‐BRIC Emerging Markets

The global economic crises that began in 2008 had profound effects on the supply chains of many multinational firms across all industries including altering some fundamental supply chain characteristics. This study discusses the effects of the crises on lower‐level supply chain members in the context of the textile and garment industry in emerging markets. The fieldwork for this research and the integration of new United Nations data provide evidence for the vulnerability of those supply chain members that provide only commoditized basic services that do not depend on talent skills or resource availability. Most of these, less sophisticated supply chain members are located in non‐BRIC emerging economies, including Vietnam, Bangladesh, Pakistan, Haiti, Honduras, and so on. We present a framework that is transferable across industries. The framework is useful for managers when evaluating the feasibility and reliability of different suppliers from emerging and developing countries in particular. © 2013 Wiley Periodicals, Inc.     

中国入世一延再延

中国加入世贸再次遇到农产品谈判障碍而延迟."反对"和"赞成"中国入世的两种观点对垒,令中国入世时间一延再延(这两种人在国内、国外都有).国内持"反对"意见者认为,中国不少民族工业仍在发展初期,已发展的也不见得在产品和服务方面可与西方同行争一日之长短,加上中国开放后国人对进口洋货的喜好有增无已,近年西方的各种连锁经营项目纷至沓来,令国人目不暇接,趋之若鹜,不少民族工商业以至服务行业曾一度奋起迎战,可惜其中有实力的亦是昙花一现.     

The Influences of Major Currencies in Foreign Exchange Markets: A Regression‐Based Measure and Its Application

Based on the regression explanatory power, we propose a measure of the relative influences of a group of major currencies, including the US dollar, euro, Japanese yen, and UK pound, on the exchange rate behaviors of lesser currencies. Using the measure and 27 sample floating currencies, we empirically examine the cross‐currency and temporal variations in the relative influences of two, three, and four major currencies during the 16‐year post‐euro period of 1999 to 2014.     

Financial Globalisation and Emerging Markets Volatility

The volatility of capital flows to emerging market (EM) countries and frequency of financial crises have imposed high welfare costs on the countries involved. The empirical literature provides, at best, a mixed picture on the relationship between long‐run EM country growth and financial integration. Meanwhile, the prevailing policy discourse regarding reform of the international financial system remains incomplete: the focus has largely been on either institutional and policy measures required of EM countries or international crisis‐resolution procedures. The role played by private financial markets and institutions in the developed world has not received adequate attention. This paper describes some of the structural features inherent in today's financial markets that directly contribute to the instability in EM capital flows.     

论我国金融服务贸易市场的开放

金融服务贸易市场作为服务贸易的重要领域，在国民经济与宏观政策中具有特殊的地位与影响力，我国加入世界贸易组织（WTO）后，《服务贸易总协定》（GATS）的约束将对我国的金融服务贸易市场造成强烈的冲击，本文通过回顾我国金融服务贸易市场的开放历程，在分析加入WTO给我国金融服务贸易市场带来的机遇和挑战的基础上，提出按照逐步自由化原则开放和保护我国金融服务市场的若干对策。