Marx,Finance and Political Economy

ABSTRACT

Shortly after the publication of Volume I of Capital, the financial requirements of capitalist enterprise forced the financial innovation of bond and stock finance for joint stock companies. Marx intended to re-write Capital in order to incorporate this change. He did not achieve this. The economic analysis of capitalism with long-term finance was undertaken by Hilferding in his Finance Capital. Thereafter, a strand of economic analysis of production and distribution emerged in the work of the Austro-Marxists, Veblen, Keynes, Kalecki, Steindl and Sweezy, and the Italian Kaleckians, Joseph Halevi and Riccardo Bellofiore, which incorporated the change made to the structure and dynamics of capitalism by long-term finance. However, this shift in capitalist financing has largely been ignored in economic theory, while much of the heterodox analysis that seeks to challenge the role of finance in contemporary capitalism has not integrated finance consistently. The change from the classic capitalism to finance capital raises important questions about the meaning and relevance of Marx’s work today.     

Financial capital and banks in Hilferding and Sraffa: lessons for today

Rudolf Hilferding’s Das Finanzkapital dealt with the increasing role of finance in the German economy and the resulting structural transformations. The young Sraffa shared with Hilferding an interest on the role played by the banks in the transformation of capitalism. The relationship among banking and industrial capital implied different business models of the German and UK banks and determined the resulting domination of financial capital on the economy. We deepen the methodological and practical similarities and differences of the two scholars, discussing the aspects that are still relevant today to understand financialisation and instability of capitalism.     

金融市场化背景下我国信用衍生品的创新研究

在金融市场化的背景下,信用衍生品是一项备受瞩目的金融创新。信用衍生品具有转移信用风险、提高基础资产流动性以及提高资本回报率等功能。基于对信用衍生品市场发展的国际经验的分析,并结合我国在制度框架、现货市场规模、监管及利率基准体系等方面为信用衍生品的创新奠定了必要的现实基础上,提出了我国在加强管理、严防风险的前提下,遵照"由简到繁、从易到难"的基本思路推动信用衍生品的创新与可持续发展的构想。     

国际碳金融市场发展对我国的启示及借鉴

碳金融市场的发展为控制温室气体排放提供了市场化的手段,同时也促进了金融交易的拓展与金融产业的升级。介绍了国际碳金融市场的市场结构、发展现状及主要经验,认为我国应该借鉴国际碳金融市场发展的经验,从健全法律法规、完善碳交易制度、培育碳金融服务中介、建立碳金融产品体系等方面入手构建我国的碳金融市场。     

Estimating sensitivities of temperature-based weather derivatives

Pricing of temperature-based weather derivatives has been studied in the literature; however, there is no analysis of the estimation of the sensitivities of weather derivatives in a stochastic model of temperatures. We use pathwise derivative and kernel methods to derive Monte Carlo estimators for the sensitivity (Greeks) of temperature-based weather derivatives. These sensitivities can be used by investors for choosing the most suitable weather contracts for partial hedging or speculation. Temperature data from New York, Atlanta and Chicago are used in the discussion of numerical results.     

Winners and losers from financial derivatives use: evidence from community banks

This article provides empirical evidence on how profitability of small community banks was affected by derivatives use before and after the 2008 crisis. We use an endogenous switching regressions model to estimate the sensitivity of bank profitability to risks and control for the endogenous choice to use or not to use derivatives. We then compute counterfactual effects and show how profitability would have looked without derivatives use for banks that used derivatives and how it would have looked with derivatives for banks that did not use derivatives. The results show that derivatives helped reduce the sensitivity of profitability to credit risks and improved profitability for most specialists. However, for the largest number of banks which are non-user non-specialists, devivates use would have resulted in lower return on assets had they used derivatives post 2008. Therefore, our evidence suggests that implementation of the Volcker Rule, imposing high compliance costs on community banks and, thus, discouraging hedging, may have a negative impact on profits of specialists banks but, overall, a neutral effect on profits in the community banks industry as a whole.     

科技金融及创业投资的发展对策——以江苏省为例

现在很多国家都把科技金融及创业投资的发展放在非常重要的位置,并且出台了很多扶植政策,目的就是为了解决中小企业融资难的问题.本文根据江苏省现状提出了通过高等教育的有效教学理念及实践模式的创新解决科技人才和金融人才缺乏问题;完善多层次资本市场和实物市场以便增加融资、套保和产品供销等渠道,从多个角度进行稳妥的金融衍生品的设计,如利用收益互换等提高科技企业的融资机会,创立省级碳金融市场促进环保的合理性等;通过科技金融产品和创业投资的风险管理降低投资高科技产业的风险,降低盲目投资造成的损失程度,解决投资和筹资不规范等问题.     

地方财政运行与城镇化机理探讨

中国正进入加速推进城镇化发展时期,城镇化水平的提高可以为经济持续增长提供不竭的动力。城镇化在本质上是一个人口地域集中以及产业聚集的过程。为实现城镇职能而进行的财政分配活动尤其是地方财政的安排尤为重要,地方财政职能发挥将直接影响到城镇化的进程以及水平。     

Mobilizing moral boundaries: the politics of derivatives reform in the US

This paper explains the reform of derivatives markets in the US by stressing the influence of moral distinctions on financial market regulation. The results show that business and consumer groups outside finance activate boundaries between legitimate risk management and illegitimate speculative practices. This categorical distinction delegitimised certain practices within the financial industry and affected both the relative power of interest groups and the political agenda. First, the mobilisation of moral boundaries strengthened the position of legitimate groups and weakened that of the financial industry in negotiations. This forced the latter to alter its lobbying strategies. Second, by highlighting inappropriate speculative practices, groups outside the financial sector changed policy-makers’ perception of problems. Policy-makers adopted a position which is congruent with broader moral understandings. The study is based on data from Congressional hearings, interviews, media articles, letters and interest group publications. The process tracing analysis advances our understanding of the social mechanisms linking moral perceptions and institutional change in financial markets.     

Exchange rate exposure, foreign currency derivatives and the introduction of the euro: French evidence

We investigate the impact of the introduction of the Euro on exchange rate exposures for French corporations and examine the corporate use of foreign currency derivatives to hedge exchange rate exposure post-Euro. Our findings indicate that the introduction of the Euro is associated with both a reduction in the number of firms that have significant exchange rate exposure and the absolute size of exposure. Consistent with these reduced exposures, French firms use foreign currency derivatives less intensively. Furthermore, the use of foreign currency derivatives is found to be associated with lower exchange rate exposure but there is insufficient evidence that these instruments are more effective in the post-Euro environment.     

Marx and Menger on value: as many similarities as differences

This paper argues that, as far as theories of value and moneyare concerned, Marx and Menger have more in common than hasbeen traditionally maintained. Each of them had his own abstractconcept of value, distinct from labour or utility and priorto prices. Moreover, both proposed theories of value form andprovided explanations of the origin of money. These conceptsand theories can hardly be found in the works of Smith and Ricardo,nor in those of Jevons and Walras, because they were primarilyconcerned with the determination of exchange ratios. Furthermore,Marx and Menger become more sharply divided owing to their similarities.They shared many questions to which they offered opposite answers.     

马克思关于技术变迁的演化经济思想

几乎所有的演化经济学家都承认,马克思的确是位有着丰富演化思想的经济学家,而这一点在其有关技术变迁的理论中表现得尤为突出.马克思在关于技术与社会的关系、关于技术的本质、关于技术进步的累积过程和选择过程,以及关于技术消失的考察中都广泛地应用了生物学隐喻研究方法,蕴含着丰富而深邃的演化经济思想和洞见,这也为后人继续研究和发展一种技术变迁的演化理论指明了方向.     

金融生态视角下的国家助学贷款困境解析

国家助学贷款是我国对贫困学生资助的一种重要形式,虽几经改革,但目前开展国家助学贷款仍然困难重重。一方面,我国金融生态的非良性是造成国家助学贷款外部环境恶劣的原因所在;另一方面,我国国家助学贷款的制度性缺陷、自我调节机制的丧失以及助贷生态链的功能缺失则是国家助贷困境的问题所在。重塑良性金融生态,修复调整助学贷款生态链,促进主体平衡发展,是我国国家助学贷款可持续发展的必由途径。     

Weather derivatives structuring and pricing: a sustainable agricultural approach in Africa

The objective of this article is to calculate the price of weather derivatives for different African countries with payout depending on temperature. A new approach for computing degree day contracts is shown and gives another scale to the numerical relevance and practical implementation of the findings. With historical data for each country, a stochastic process based on continuous time with mean reversion representing the evolution of the temperature is determined. Focusing on the Monte Carlo simulation method, the price of each contract and the potential implications to solve several aspects of the threatened African economy are presented.     

试析金融开放中的金融风险

2004年2月10日,中国银行、证券、保险工作会议在北京召开,确定了中国金融改革的重点是进一步扩大银行、证 券、保险业的对外开放,并提出注意防范金融开放中可能产生的风险。本文详细分析了发展中国家在金融开放中产生风险的 原因,以求对中国的金融开放提供些许借鉴作用。     

为什么要加强对"国有资本财政"的研究

从近几年来的研究动态看,无论是财政理论界还是政府财政职能部门,关注的热点大多集中在如何建立“公共财政”上,把单一的“公共财政”作为与我国社会主义市场经济相适应的唯一目标模式。我国是以公有制为主体的国家,存在着面广量大的国有资产,这就决定了国有资产总量中除了非市场赢利性的部分外,还包含了巨额的经营性国有资产,因而我国在市场赢利性的国有经济基础上就必然相应产生“国有资本财政”。因此,由公共财政与国有资本财政所构成的国家财政必然要实行“双重(元)结构财政”模式,这是适应我国经济体制转轨特征和需要的财政运行模式。作为其重要组成部分的国有资本财政是社会主义市场经济的必然选择。加强对国有资本财政问题的研究有利于“双重(元)结构财政”模式的理论建构;有利于巩固我国公有制的主体地位;有利于矫正国有资本财政“越位”与公共财政“缺位”并存的格局;有利于澄清国有资本在市场竞争领域进与退的理论误区。     

农村民间金融问题与对策探究

农村民间金融的存在弥补了正规金融在农村金融活动中的缺位,是对正规金融的一种有益补充,在农村经济发展和社会主义新农村建设中发挥着重要作用,但其在发展过程中存在着诸多问题。因此,分析了农村民间金融存在的主要问题,并提出了完善的对策。     

供应链金融研究综述与展望--基于产业与金融互动机理

文章基于国内外供应链金融研究的相关理论文献,对供应链金融研究的现状进行了总结和梳理。通过比较物流金融和侧重金融的供应链金融研究,提出应从产业整合的视角重新界定供应链金融的实质和内涵。文章基于产业视角将供应链金融模式分为三类：银行等金融机构主导、核心企业主导和第三方物流企业主导。最后基于产业整合视角,总结了供应链金融协同机制研究。通过文献挖掘深入剖析供应链金融的实质、模式和协同机制,以产业的视角建立供应链金融系统的理论分析框架并设计供应链金融的协同发展机制,能够弥补供应链金融理论研究中所缺失的关键内容。     

农村民间金融问题研讨述评

在综述当前理论界对农村民间金融研究成果的基础上,首先对民间金融的概念及特点进行阐述,接着对其产生和发展的原因进行分析,然后对农村民间金融对经济社会发展的正负效应进行深入分析,最后提出了一些促进农村民间金融健康发展的政策建议。     

金融生态、金融创新与金融监管关系新辩

金融生态、金融创新与金融监管三者之间存在着辩证统一的关系。金融生态与金融监管是协同统一关系．金融监管与金融创新是对立统一关系．金融生态与金融创新是依存统一关系。金融生态、金融创新与金融监管三者相互影响、相互作用、相互促进．统一在金融生态系统之中．共同推进金融业发展。