美国金融危机后东亚货币合作路径探讨

始于美国的次贷危机为世界经济特别是东亚经济发展带来的巨大冲击的同时也为东亚地区货币合作的深化带来的机遇.此次金融危机后,东亚各国、各地区加快了货币合作的进程.在概括了东亚货币合作现状的基础上,分析了金融危机后东亚货币合作的面临的主要问题,并对其今后的路径选择进行了分析.     

论亚太地区的货币合作

论亚太地区的货币合作宋士云，杨伟１９９５年以来日元对美元比值出人意料地上升，４月１９日已突破了８０大关，由于日元过度升值，引起了目前国际金融体系的大动荡，将波及亚太经济发展与经济合作的推行，为ＡＰＥＣ提出新的议题。１．加强亚太地区国际金融协调的必要性...     

国际货币合作的缺陷是导致金融危机的重要原因

本文从金融危机视角证明国际货币合作的匮乏性与逆效性是导致金融危机的重要原因,并就国际货币合作理论的进一步发展和体制的构建给出了建议。     

国际金融合作新发展:背景、特点与中国因素

次贷危机对世界经济的严重破坏使各国认识到加强金融合作的重要性,从而开启了新一轮的国际金融合作浪潮。本文以背景分析为起点,着重考察了此轮合作的特点,并对中国如何在新一轮金融合作中更好地发挥积极作用、维护国家利益提出了参考建议。     

帮倒忙的国际金融监管合作

在金融危机之后,尽管国际金融监管合作越来越流行,但是,在很多时候,国际金融监管合作往往是在帮倒忙。2010年5-6月号的《外交》杂志中发表了MarcLevinson的一篇文章,其中谈到,从过去30多年的历史来看,关于国际金融监管的国际合作尽管取得了很多成绩,但是也犯了许多严重的错误。     

货币运动与金融危机:马克思的警告

众多学者从不同的角度探讨了金融危机的成因、进程和解决办法. 在马克思货币理论的视角下,金融危机孕育于资本化的货币运动中,是商品经济发展到一定阶段,在信用发达条件下因金融资本家的疯狂投机行为使货币游离于商品之外而产生的一种危机现象. 金融危机的背后是缺乏规制的金融过度创新. 基于这一理解,我们考察当前国际金融危机的原因与本质,并得出若干结论与启示.     

金融危机下国际货币体制策略选择

这次金融危机的严重后果之一是,由美元主导的国际货币体制给全球经济带来了重大损失,也使各国看清了当前国际货币体制的不合理性。作为世界储备货币,美元的发行不受任何限制,在现行的国际货币体系中,美国拥有太多的特权和霸权,弱国和小国没有平等的参与权和决策权。必须约束美国的宏观经济政策和货币发行,重构国际货币体系,遏制美国金融霸权,建立比较公平合理的国际货币新体系。要用货币多元化的方法取代以美元为主的货币体系,进一步改革国际货币基金组织。     

浅析金融危机与国际货币体系改革

此次金融危机来自于以美元为中心的国际货币体系,这再次使人们必须正视一个问题,那就是国际货币体系的改革.当前的国际货币体系存在着诸多问题,做出一些实质上的改变是必要的.在后危机时代,我们应该反思如何进行货币体系改革.     

The 2014–15 Financial Crisis in Russia and the Foundations of Weak Monetary Power Autonomy in the International Political Economy

ABSTRACT

This article contributes to international political economy debates about the monetary power autonomy (MPA) of emerging market and developing countries (EMDs). The 2014–15 Russian financial crisis is used as a case study to explore why an accumulation of large international reserves does not provide protection against currency crises and macroeconomic adjustments in EMDs. The analysis centres on the interplay between two dimensions of MPA: the Power to Delay and the Power to Deflect adjustment costs. Two structural factors condition Russia’s low MPA. First, the country’s subordinated integration in global financial markets increases its financial vulnerability. The composition of external assets and liabilities, combined with cross-border capital flows, restrict the use of international reserves to delay currency crises. Second, the choice of a particular macroeconomic policy regime embraced the financialisation of the – mainly state-owned – Russian banking sector, thus making it difficult to transform liquidity inflows into credits for enterprises. Russia’s main comparative advantage, hydrocarbon export revenues, is not exploited. The type of economy created due to the post-Communist transition means that provided ‘excessive’ liquidity remains in the financial system and is channelled into currency arbitrage. This factor increases exchange rate vulnerability and undermines Russia’s MPA.     

Futurity,Pro-cyclicality and Financial Crises

Nearly a century ago, one of the leading forefathers of the school of evolutionary economics, John R. Commons, coined the term ‘futurity’ to describe an epochal change in the late nineteenth-century advanced economies. Futurity refers to the reorientation of economies towards the future, and specifically to the fledgling practice of treating businesses as ‘going concerns’ and measuring its value in terms of their anticipated future profits. Curiously, the implication of such epochal changes on the performance of the financial system had rarely been discussed, let alone addressed. This article presents a theoretical argument that suggests that futurity encourages pro-cyclical dynamics that are pulling the financial systems in ever more violent and disastrous swings.     

金融危机背景下中国消费信贷政策探讨

2007年美国爆发的次贷危机最终导致了全球性的金融危机,其根源在于美国社会的过度负债消费。受金融危机的影响,中国出口受阻、产能过剩凸显,为防止经济下滑,政府出台了扩大内需的政策,而追加投资在一定程度上又加剧了产能过剩,不利于经济结构的调整和长远发展,因此应大力促进居民消费,其有效方式是发展消费信贷。消费信贷促成了美国社会的高消费,曾极大地拉动美国经济增长,但过度负债最终拖累了美国经济。因此,中国应该吸取美国的经验和教训,结合中国的国情,合理发展消费信贷,鼓励和提倡适度负债。     

农村合作金融生态研究

本文对我国农村合作金融发展过程中的合作金融生态问题进行了分析，提出了合作金融生态的研究框架，从合作金融生态主体、合作金融生态环境、合作金融生态调节三方面对合作金融生态建设进行了讨论，最后提出了农村合作金融生态建设的建议。     

The Vatican and the International Monetary System

This paper considers the Note issued by the Pontifical Council for Justice and Peace in 2011 calling for reform of the international financial and monetary systems. Three main themes are identified: (a) the inequality of global economic growth over the last century, (b) the failings of economic liberalism as a guide for the conduct of policy and (c) the need for a degree of transfer of sovereignty from individual states to the global level. This paper articulates the meaning of these themes in economic terms and illustrates the nature of the changes in thought and practice that the Note considers necessary in the interests of the common good.     

金融创新与货币政策:冲击与变革

本结合国际上己有的经历，分析了金融创新对传统货币供求机制与贷币政策操作体系的深刻影响，并根据我国目前金融改革与发展和实际，提出了我国货币政策操作体系在应对入世与金融创新冲击等方面所应当进行的调整和适应性准备。     

金融投资中介化、噪声交易与金融危机模型的微观建构

随着金融市场的发展,投资者更多地通过金融中介间接参与金融市场投资。然而,金融中介的风险转移倾向容易导致风险资产的均衡价格偏离其基础价值,形成价格泡沫。长期存在的噪声交易者与金融投资中介化引发的资产泡沫相互推动,最终形成金融危机。即使在经济稳定的环境下,同样会由于金融市场本身发展的内在矛盾而导致危机的发生。     

External Constraint and Financial Crises with Balance Sheet Effects

This article investigates the dynamic implications of Krugman's (1999 Krugman, P. 1999. Balance sheets, the transfer problem, and financial crises. International Tax and Public Finance, 6(4): 459–472. (doi:10.1023/A:1008741113074)[Crossref], [Web of Science ®] , [Google Scholar]) model of financial crises with balance-sheet effects, which has a considerable impact on the literature of international financial crisis. Considering explicitly the wealth-accumulation constraint and the external equilibrium condition, I describe an emerging-market financial crisis as a jump from an unstable dynamic trajectory to a stable one, instead of a jump from a ‘good’ to a ‘bad’ equilibrium with zero investment and zero foreign debt. By discriminating the financial crises according to the severity of the negative impacts of some internal and external factors, this article also adds some insights into the anti-crisis policy.     

Financial Globalization,Financial Crises,and the External Portfolio Structure of Emerging Markets*

We study the transitional dynamics of financial integration in emerging economies using a two‐sector model with a collateral constraint on external debt and trading costs incurred by foreign investors. The probability of a financial crisis displays overshooting; it rises sharply initially and then falls sharply, but remains non‐zero in the long run. While equity holdings fall permanently, bond holdings initially fall, but rise after the probability of a crisis peaks. Conversely, asset returns and asset prices first rise and then fall. These results are in line with the post‐globalization dynamics observed in emerging markets, and the higher frequency of crises that they display.     

Financial conditions and economic activity: the potential impact of the targeted long-term refinancing operations (TLTROs)

This article explores the relationship between financial conditions and real economic activity in the euro area as a whole and for Greece in particular. We use a financial conditions index (see Angelopoulou et al. 2014) which is constructed using a wide range of prices, quantities, spreads and survey data in line with theory. We update the indices and use them within a VAR framework to estimate the potential impact of the targeted long-term refinancing operations (TLTROs) on aspects of economic activity. Our results suggest that financial conditions do have a significant effect on economic activity, and thus the TLTROs, to the extent that they are designed to improve financial conditions, will provide a boost to the real economy.