关于电子货币理论与现实问题的探讨

电子货币的产生是货币发展史上的第三次革命。电子货币同传统货币相比具有虚拟货币、在线货币、信息货币、结算和支付货币、准通货等特性。电子货币在活跃和繁荣商业 ,刺激消费、扩大需求 ,促进营销结构和营销方式的创新 ,加剧竞争、提高质量和对整个金融业经营方式的影响等方面产生了巨大的社会经济影响。电子货币同时带来了诸多问题与挑战 ,如电子货币的发行主体在法律上如何定位 ,中央银行如何监管 ,电子货币的安全使用 ,银行金融业如何顺应电子化发展趋势 ,电子货币的税收监控、法律规范和如何规避电子清算系统风险等。     

Unemployment, Real Wages and the Money Supply in Australia*

Many observers have attributed the high unemployment experienced in Australia in the 1970s to the rises in real wages which have occurred in the decade. An alternative or additional hypothesis is that unemployment has resulted from policy directed at controlling inflation and that this has been exacerbated by the occurrence of adverse external factors, particularly bul not solely the oil price shocks, which have made inflation more difficult than otherwise to control .
The results of econometric tests suggest that a significant portion of fluctuations in the unemployment rate can be explained by real wage movements, and as well monetary policy through its effects on the real money supply also seems to affect unemployment. Both real wage rises and monetary restrictions appear to have contributed to the jump in unemployment in 1974–75, and since then the continuing high and rising unemployment rate is closely associated with the low growth rate of the real money supply .     

Unit Root Investigation of Greek Real Money Supply and GDP

In this article, the time series of Greek real GDP and real money supply are investigated for the presence of a unit root, allowing for maximum two breaks which take place at an unknown point in time. This methodology is preferred to conventional Dickey & Fuller tests because the covered time horizon, namely from 1858 to 1938, is characterized by a number of very important events, the nature of which is either economic or historical. In addition, time series stationarity is checked through a Kwiatkowski, Phillips, Schmidt, and Shin (KPSS) test.University of Macedonia—Greece. The article was presented at the Fifty-Ninth International Atlantic Economic Conference, London, England, March 9–13, 2005     

International Transmission of Monetary Shocks and the Non‐neutrality of International Money

Monetary shocks and how they are transmitted internationally are investigated in this paper. The paper shows that where a national currency is used as an international medium of exchange, the international money is non‐neutral. In particular, an increase in the supply of the international money leads to a transfer of real resources to the international money‐issuing country from its trading partner. It also induces an expansion of the nontradable sector in the international money‐issuing country, and an expansion of the tradable sector in its trading partner. The real impact of a monetary shock is greater under a fixed exchange rate system than under a flexible exchange rate system.     

房地产行业洗钱行为分析及监测

洗钱活动逐渐从金融机构向其他领域蔓延,房地产行业已成为洗钱的高发地。对比房地产行业洗钱的两大主体——腐败的公职人员和以民营企业家为代表的非公职人员的洗钱行为,结果表明:腐败的公职人员注重安全效用,常常通过能在短时间内利用他人名义的房地产交易活动洗钱,具有较强的隐蔽性;非公职人员则注重收益最大化,主要通过将非法资金注入企业经营,虚假报账,具有较强的欺骗性。     

Optimising Agents, Staggered Wages and Persistence in the Real Effects of Money Shocks

In this paper we incorporate Taylor's (1979) staggered wage setting into an optimising dynamic general equilibrium framework to study whether staggered wages could induce a high degree of persistence in the real effects of money shocks. We conclude that high persistence is an unlikely outcome. Sensible values of the microeconomic parameters and/or a moderate rate of underlying inflation imply a low degree of persistence. Furthermore, once explicit microfoundations are taken into account, we show that: (i) the model is highly non-linear; (ii) the inertia of the system is inversely related to the level of average inflation.     

房地产泡沫国际比较及中国房地产业发展

本文对比研究了日本和美国的房地产泡沫,分析了房地产泡沫产生的原因。总结了一些共同点,并对中国房地产的供求关系进行了分析。本文认为,由于中国仍处于高速增长阶段,城市化水平仍然较低,并且房地产业是半市场化的,因此即使存在泡沫,也不会出现日本式崩盘。     

Money and Inflation: International Evidence Based on Cointegration Theory

This study investigates the relationship between money and inflation using cointegration tests. For a broad sample of countries, the paper finds that most time series data underlying a typical monetarist model are nonstationary, indicating that it is necessary to appropriately transform the data in order to render the confidence tests reliable. Our principal finding is that money and inflation are related only in countries with high inflation [E 31]     

Money Matters (Not Only,but Also)

Journal of Quantitative Economics -     

国际热钱进入与国家粮食安全

2006年末以来,世界农产品价格大幅上涨,围绕粮食、食品的国内外投资和交易成为新的经济热点。作为世界粮食大国和人口大国,为控制通货膨胀,实施低粮价政策,这为国际热钱进入粮食领域提供了条件。本文分析了我国现有粮食管理体制下热钱进入的可能性、规模、方式和途径,在此基础上提出了打击热钱进入粮食领域的长效措施。     

跨国并购：中国与世界的相互需要

利用外资是我国必须坚持的一项长期战略,当今跨国并购是国际FDI流动的主导方式.我国必须抓住这个机遇,不断完善环境,让跨国并购更好地“引进来”;练好内功强壮自身,更好地“走出去”,创造一个中国与世界共赢的局面。     

虚拟经济与实体经济关系研究--基于货币循环流模型的分析

20世纪70年代以来,世界经济出现虚拟化的趋势,虚拟经济与实体经济的背离成为一种常态.与此同时,虚拟经济对实体经济日益表现出两面性:在促进其增长的同时也会带来消极破坏性影响.其中缘由在于货币循环流中虚拟经济与实体经济资金流量占比和其规模之比相等与否.为了维护经济的稳定运行,货币政策应对两面性问题有所为.     

现行国际货币体系与我国货币供给内生性

基于后凯恩斯主义的内生货币供给理论,本文重点从基础货币的角度分析了我国货币供给的内生性,主要结论是:1994年以前,"对金融机构债权"项目的变动是导致我国基础货币投放具有内生性的主要原因,而从1994年开始特别是在2002年以后,则由"国外资产净额"项目即外汇占款的增加主导了我国基础货币的被动投放.进而影响了中央银行对货币供应量的控制能力,使我国货币政策的传导在起点上就缺乏有效性.在现行的国际货币体系下,为减轻货币内生性带来的影响、提高货币政策的有效性,我国应加速人民币国际化进程和建立更具弹性的汇率制度.