中国金融市场分割问题探源

银行的不良贷款问题得到了学术界的广泛关注,而金融体系中另一个潜在的缺陷,资本的低效率使用问题却没有引起足够的重视。金融理论告诉我们分割的金融市场是阻碍资本自由流动的原因, 本文的目的在于对我国金融市场分割的原因进行探讨。     

Financial Reforms and Emerging Markets

In this discussion chapter, the author summarizes the main features of recent financial developments in emerging markets, including market development, governance and regulatory issues. In light of the financial crises that have taken place in those markets, emphasis is made on the actual path of reforms, main policy lessons and issues of concern from the country cases presented in the panel.     

金融业改革和开放进程中需保持金融稳定

近期,在党中央国务院的直接领导下,我国金融业改革和开放的步伐在不断加快,金融市场呈现出一片崭新的景象,各个金融机构纷纷出台内部机制改革和服务业务改进新举措。然而,在高歌猛进的过程中,也存在一个不容忽视的事实,即我国金融业的潜在风险有加大的趋势,金融机构的不良资产仍然在生成,个别金融机构倒闭和破产的事件时有发生,金融信用体制还有待建立和完善。总体上看,在金融业改革和开放的过程中保持我国金融稳定性的问题应该引起高度重视。     

Corporate Financial Reporting in Nigeria

This paper reports on the extent of financial reporting by a sample of publicly quoted companies in Nigeria. Rather than examine the disclosure of specific items of information, the paper deals with the entire contents of the corporate annual report and highlights its different parts. The index of disclosure methodology is used to describe the trend of reporting practices between 1982 and 1986.     

The Economics of Farm Fragmentation: Evidence from Ghana and Rwanda

Farm fragmentation, in which a household operates more thanone separate parcel of land, is a common phenomenon in Sub-SaharanAfrica. Concerned by the perceived costs of fragmented as opposedto consolidated holdings, several countries have implementedland consolidation programs. But these interventions overlookthe benefits that land fragmentation can offer farmers in managingrisk, in overcoming seasonal labor bottlenecks, and in bettermatching soil types with necessary food crops. This articleuses household data from Ghana and Rwanda to discuss the incidenceand causes of fragmentation. It then formally tests the relationbetween fragmentation and land productivity and risk reduction.The conclusion is that consolidation programs are unlikely tolead to significant increases in land productivity and may actuallymake farmers worse off. Policymakers should focus instead onreducing the root causes of fragmentation: inefficiencies inland, labor, credit, and food markets.     

The duties of a receiver/manager in Nigeria and Ghana

This paper critically examines the duties of receiver/managers in Nigeria and Ghana with a view to determining their adequacy or otherwise. The paper distinguishes between a receiver/manager appointed pursuant to ownership or management dispute and a receiver/manager appointed pursuant to the realization of security. With respect to the former the paper concludes that the persons appointed thereby are better described as managers and suggests a more detailed elaboration of their duties. To determine the duties of receiver/managers appointed to realize security the paper examines the meaning of the receiver/managers; the capacity to be appointed to that office and the duties of a receiver/manager appointed by the court as well as those appointed out of court by the security holders. The paper also considers the consequences of a breach of duty and concludes that the law on receivership is largely the same in Nigeria and Ghana even though there is more litigation in Nigeria. Furthermore the paper suggests the importance of appointing professionals as receiver/managers; the need for the clarity of rules to enable the receiver/managers effectively discharge their duties to enable an assessment of the adequacy of the duties. In this regard the paper recommends a comprehensive reform of insolvency law in Nigeria and Ghana. Copyright © 2005 John Wiley & Sons, Ltd.     

建立离岸金融市场完善上海金融市场体系

在上海建成国际金融中心的过程中,不断完善金融市场体系仍是一项重要工作.国际经验表明:离岸金融市场是国际金融中心金融市场体系不可缺少的组成部分.我国金融机构和企业开展离岸金融业务的经验教训表明:中国金融机构和企业在走向国际金融市场过程中,迄今为止对国际金融市场游戏规则还远未掌握,交易、风险管理等专业和金融管理人才经验还很不足,因此付出的学费较大.在目前国际金融市场巨变的情况下,抓住时机在上海建立类似新加坡的分离型离岸金融市场,是当务之急.     

技术创新、金融市场泡沫与金融制度的适应性效率

金融市场对于技术创新的重要性是不言而喻的。但金融市场的发展不可避免地会产生泡沫。严重的泡沫会导致金融市场的崩溃,从而对经济增长造成灾难性的后果。政府对金融市场泡沫的不同干预方式又会将金融市场锁定在不同的发展路径。我们发现,政府的角色十分关键,金融市场的发展,一方面需要政府的良好执法来建立竞争性市场秩序,并降低既得利益集团对金融市场创新的阻挠;另一方面,又需要避免政府过多的行政干预所导致的对投资者权力的破坏。只有这样,才能有效地将泡沫效应转化为推动金融市场创新的原动力。     

亚洲金融体制改革专家谈

自从亚洲金融危机以来,关于金融体制改革的讨论就一刻也没有停止过.人们从危机刚刚发生时单纯对于国际游资的仇恨,一直到今天对于自身金融体系弊端的正视和剖析,不能不说是一个进步.     

监管模式没有放之四海而皆准

一般来说,金融监管主要有两个目标：第一是确保金融系统的安全与稳健;第二是促进金融市场的成长与发展。在未完全脱离全球金融危机阴影的当下,各国政府对金融监管的改革思路都倾向于保护投资者与确保体系安全,而弱化了促进发展的目标。回顾几年前美国的金融监管思路就可以看出,正是由于美国当局连续多年过度鼓励和支持金融创新与发展,忽视对系统性风险的控制,才引发了恶性的泡沫破裂。通过全球金融危机,人们深刻地认识到金融市场参与者的流动性与不确定性,这种快速的流动甚至可以导致一个国家的技术性破产（2008年10月6日,     

Financial Transaction Taxes,Market Composition,and Liquidity

We use the introduction of a financial transaction tax (FTT) in France in 2012 to test competing theories on its impact. We find no support for the idea that an FTT improves market quality by affecting the composition of trading volume. Instead, our results are in line with the hypothesis that a lower trading volume reduces liquidity and in turn market quality. Consistent with theories of asset pricing under transaction costs, we document a shift in security holdings from short‐term to long‐term investors. Finally, we find that moderate aggregate effects on market quality can mask large adjustments made by individual agents.     

资本市场发展与家庭金融资产结构变迁互动关系研究——对机构投资者发展的一个理论解释

资本市场发展与家庭金融资产结构变迁之间的互动规律无法用简单的因果关系概括,从本质上说,两者是螺旋式前进、相互推动、相互促进的发展规律:家庭部门的决策变化作为需求力量推动了资本市场供给的变化;而资本市场供给本身,又引致了家庭部门多样化的金融资产需求。透过两者螺旋式前进的轨迹,我们提出了对机构投资者整合资本市场供给和家庭部门投资需求的功能解释,并提出了对我国机构投资者发展的政策建议。     

金融危机、财政注资与市场波动

本文通过运用GARCH模型和事件研究方法分析美国政府财政注资在金融危机中的作用。研究表明,在金融危机中,财政注资能有效地稳定市场情绪和抑制金融市场波动。据此,本文为我国健全财政注资机制,完善金融安全网指明了方向。     

Reforms in the Korean Financial Reporting Systems and Earnings Quality

This study examines the effect of reforms in the Korean financial reporting systems on earnings quality through an investigation of two sample periods: (1) prior to, and (2) after the 1997 financial crisis in Korea. The results indicate that financial sector reforms have reduced the opacity of Korean firms’ earnings reports.     

Political Uncertainty, Financial Crisis and Market Volatility

This paper examines the impact of political uncertainty on financial crises using a panel of 22 emerging markets. By examining political election cycles, we find that eight out of nine of the financial crises happened during the periods of political election and transition. Using a combination of probit and switching regression analysis, we find that there is a significant relationship between political election and financial crisis after controlling for differences in economic and financial conditions. We observe increased market volatility during political election and transition periods. Our results suggest that political uncertainty could be a major contributing factor to financial crisis. Thus, politics does matter in emerging markets. Since the odds of financial crisis tend to be much larger during the political election periods, institutional investors should take that into account when making emerging market investment during those time periods.