营造实体经济发展良好政策环境

综合运用多种货币政策工具,按照＂有扶有控＂的原则,着力引导和促进信贷结构优化,加大对社会经济重点领域和薄弱环节的支持力度,保持社会融资总规模合理增长。此外,我们还需要了解全社会融资中用于支持实体经济的总量,同时也看到随着金融市场的深化和金融工具的发展,     

WHAT DO WE KNOW ABOUT THE POLITICAL ECONOMY OF ECONOMIC POLICY REFORM?

The recent wave of democratization in developing countries andin formerly communist ones has sparked renewed interest in therelation between politics and economic adjustment. Adjustmentprograms, however well designed in a technical economic sense,are often politically difficult to launch and, once launched,to keep afloat. Success in implementing an adjustment programmay depend on a government's skill in generating political supportand holding off the opposition. This article explores the politicsof economic reform, drawing on country studies by politicalscientists and country specialists, the growing theoreticalliterature by economists, and the findings of a World Bank researchproject on the political economy of adjustment in new democracies.The article examines three broad clusters of variables: institutionalcharacteristics of the political system, aspects of the internaland external economy, and the design of the reform program.It also considers the relevance of political analysis for policymakersand for international financial institutions.      

国务院常务会议要求 保持宏观经济政策连续性稳定性

继续实施和用好积极的财政政策和稳健的货币政策,增强政策针对性,统筹考虑稳增长、控通胀、防风险。同时,用更大气力释放改革红利,加大结构调整力度,激发企业和市场活力,稳中求进,增加就业和收入,提高质量与效益,加强节能环保,努力打造中国经济升级版。     

中国人民银行分支行行长座谈会提出 深入分析经济金融形势 继续实施稳健货币政策

8月2日至3日,2013年中国人民银行分支行行长座谈会在北京召开。会议传达学习了党中央、国务院关于当前经济形势和下一阶段工作部署的会议精神,总结了人民银行年初工作安排的落实情况及人民银行系统党的群众路线教育实践活动开展情况,分析研究了上半     

ECONOMIC POLICY UNCERTAINTY AND BOARD MONITORING: EVIDENCE FROM CEO TURNOVERS

We examine whether economic policy uncertainty (EPU) affects a board's chief executive officer (CEO) replacement decision. We find that high EPU reduces the likelihood of forced CEO turnover. Our results support the idea that performance assessment may be more difficult when uncertainty is high. We provide evidence that succession planning may be important to firms in reducing the effects of EPU, as firms with an identifiable heir apparent are not influenced by high EPU. Likewise, voluntary CEO turnovers are not affected by EPU. Overall, our results provide evidence that boards make personnel decisions in response to external macroeconomic pressures.     

经济复苏的曙光——2009中国金融论坛掠影

2009年12月22日,由中国金融学会和金融时报社联合举办的“2009中国金融论坛”在北京召开,与会嘉宾紧紧围绕论坛主题“后金融危机时代中国金融业改革和发展”发表了精彩的演讲。     

深化金融体制改革 促进经济结构调整

刚结束不久的中央经济工作会议对2009年经济工作做出了全面总结,提出了2010年经济社会发展的主要预期目标和宏观经济政策,具体部署了2010年经济工作的六大任务。会议甫一落幕,中国人民银行、各金融监管部门及各主要国有金融机构迅即召开会议,结合本单位实际,部署贯彻落实中央经济工作会议精神。     

2001年我国宏观经济形势展望及政策建议

进入2000年以来,我国经济开始摆脱亚洲金融危机所造成的不利影响,经济增长率稳步回升,企业经济效益明显好转,宏观与微观经济都出现重要转机.但城乡经济发展极不平衡,制约经济增长的结构性、体制性深层次问题尚未根本解决,企业发展的内在活力和创新能力不足;同时,促成2000年经济回升的政策性、外部性和短期性因素在新的一年中存在新的变化和不确定性.因此,要将转机变为转折,一方面必须坚持扩大内需的需求管理政策,保持必要的积极财政政策力度,保持较快的经济增长速度;另一方面必须深化改革以激发经济增长的内在动力,加快经济结构调整以促进供给创新,切实提高经济增长的质量和效益.     

THE ECONOMIC CONSEQUENCES OF ESOPS

The purpose of this paper is to assess the economic consequences of Employee Stock Ownership Plans (ESOPs) by developing a general analytical model. The model is used to compare ESOPs with attempts to replicate the effects of ESOPs via alternative arrangements. The general conclusion of the paper is that in the absence of improved employee motivation, ESOP implementation has no particular economic consequence. However, an important exception to this finding may be the inexpensive access to the equity markets for the smaller, non-public firm provided by the ESOP.     

新型城镇化的经济思量

从2012年的十八大到2013年“两会”,城镇化都是各界关注的“重头戏”,成为未来经济社会发展的一条战略主线。未来推进的城镇化与以往有着根本的区别,因而被称为“新型城镇化”。新型城镇化的推进将给商业银行带来新的机遇,提供更广阔的“蓝海市场”。