The Rocky Road to Implementation of Basel II in the United States

This paper contends that the problems US officials have encountered in their efforts to implement Basel II reflect inherent weaknesses in the structure of the approach. It begins with a brief overview of the original Basel Accord on Capital Adequacy (Basel I) and a summary of the Basel II approach, with emphasis on the Pillar I weights for credit risk. Next an analysis of the Fed’s bifurcated approach to implementation of Basel II is followed by an examination of three unanticipated obstacles: (1) perceived competitive inequities within the USA; (2) the surprisingly lower and variable capital charges revealed in the fourth quantitative impact study; and (3) the request by four leading banks for permission to implement the simpler, Standardized Approach rather than the Advanced Internal Ratings Approach (A-IRB). These reflect the erosion of several crucial predeal understandings as described by Kane (J Financ Serv Res 32(1):39–53, 2007a). The paper concludes with a consideration of whether it may have been possible to achieve equivalent improvements in risk management with lower compliance costs and less uncertainty about the impact on financial stability.

Basel II and Bankers’ Propensity to Take or Avoid Excessive Risk

Both Basel I and Basel II are concerned (indeed, obsessed) with risk taking by bankers. But risk is an essential part of banking. The essential issues are “when are such risks excessive and does Basel II effectively constrain bankers from taking excessive risks?” I answer these questions by outlining alternative definitions of excessive risk and analyzing the extent to which Basel II deals effectively with this risk. I find the Basel II measures both costly and inadequate, and likely increase excessive risk taking. I conclude with a preferable alternative procedure – including subordinated debt fully in required capital and prompt corrective action based on prestructured capital/asset ratios.     

国际银行业统一监管体系的发展与完善

布雷顿森林体系解体以来,银行业发展迅速,机构跨国化,业务多样化以及创新工具不断涌现,金融危机频发,急需一个有效的国际统一监管体系。巴塞尔委员会自1975年成立以来,对国际银行统一监管发挥了重要作用,文章就巴塞尔协议这35年以来的发展趋势进行了研究,并试图找出新协议的缺陷和仍需继续改进的地方,提出进一步完善的重点。     

银行资本充足率监管对宏观经济的影响——基于亚洲地区的实证研究

<巴塞尔协议>资本充足率的规定已经成为发达国家或发展中国家银行系统资本监管的标准,提高银行资本充足率对于一国的宏观经济是否有负面的影响,(尤其是在经济低迷时期),这一问题在最近的十年中引起广泛的关注.本文借助于Peek和Rosengren的测算方法,通过计算和分析亚洲各国(地区)在经历金融危机后加强资本管制、提高资本充足率对该国宏观经济的影响时发现,这样的举措在经济低迷时期不但不会改善宏观经济状况,反而会恶化经济的发展.     

泡沫经济破灭前后日本银企信用风险管理制度及其功效分析

战后,日本金融体系效仿欧美国家建立起一系列信用风险管理制度。同时,根据市场主导型金融市场的特点,逐步建立起具有自身特点的信用风险管理制度。日本银企信用风险管理制度包括商业银行的内部控制制度、银行风险防御及挽救制度、商业银行外部监管制度。通过对日本银企信用风险管理制度的功效进行剖析,可以看出这一制度存在局限性并与日本的泡沫经济、金融危机、金融效率存在内在关系。     

论社会中介组织在食品安全监管中的作用

我国食品安全监管问题一直深受人们关注。理想状态的监管体制是企业高度自律、政府监管体系高效公平。但是由于存在“市场失灵”与“政府失灵”问题,因此必须重视并积极发挥社会中介组织在食品安全监管中的作用,建立完善的食品安全监管体制必须有社会中介组织的参与。     

贸易自由化进程的国家利益分析

文章以国家利益为视角,分析从GATT到WTO的贸易自由化进程,说明国家利益是贸易自由化的内在动力,中国在贸易自由化进程中既要遵循国际惯例,更要遵循“国家利益原则”。     

金融开放外源性风险对中国经济金融稳定与安全的影响分析

本文在构建金融开放外源性风险体系基础上,应用“3δ”原理和偏最小二乘法对中国、东南亚和拉美等共26个国家的金融开放的外源性风险及其影响进行了分析,所得结果与26个国家的金融开放的实际十分吻合.研究表明“3δ”原理和偏最小二乘法在监测和分析发展中国家金融开放外源性风险产生的影响具有很强的实用性和可操作性,为建立金融开放外生源风险的评价机制,为提高金融开放监管效率,提供了相应的方法依据.     

国有煤炭企业的安全问题和经理人的关系

国有煤炭企业在我国的经济发展中发挥着重要作用,但是煤炭企业的安全生产问题一直比较突出,在煤炭企业的安全生产中,经理人起着重要作用。文章从经理人角度分析了煤炭企业安全事故的深层原因,并且提出了相关建议。     

International Financial Cooperation and the Number of Adherents: The Basel Committee and Capital Regulation

Theoretical analyses of international cooperation point to cooperation being optimized with a small number of participants. History is consistent with this view. However an anomaly is the international capital standards created by the Basel Committee on Banking Supervision (BCBS). Basel I has over 100 adherents, and approximately that number of countries have been identified in a survey as candidates for Basel II. The author demonstrates that this is not an anomaly. First, Basel I was a product of a duopoly and then an oligopoly prior to approval by the BCBS. Secondly, self-interest and other factors explain why more than 100 countries have agreed to accept these standards. JEL Classification Numbers: E58, F33, G15, G28     

国有商业银行流程再造战略结构模型的经验解析

业务流程再造是我国商业银行的一项重要管理战略,是提高商业银行核心能力的一项重要动因,业务流程再造的兴起在很大程度上源于信息技术的发展。国有商业银行流程再造战略结构模型的构建可以为商业银行进一步实施业务流程再造战略提供有效的理论指导。因子分析可以为理论模型提供较好的信度检验和效度检验,从而揭示了我国国有商业银行业务流程再造过程中的成效与不足。     

中国金融发展与对外贸易比较优势关系的经验分析——一种外部融资支持的视角

本文分析了金融发展通过外部融资支持渠道影响一国比较优势的传导机制,并利用中国23个行业的金融发展与对外贸易方面的相关数据进行经验分析.研究表明,金融发展通过外部融资支持提高了对外部融资依赖较强行业的比较优势.相应地,政府应加大金融系统对重点行业、中小企业和年轻企业的融资支持.     

金融发展与增长源泉：要素积累、技术进步与效率改善

本文通过基于DEA的经济增长核算框架将中国28个省市的劳均GDP增长分解为了劳均资本积累、技术进步和技术效率改善三个部分的贡献,然后采用GMM动态面板回归技术分别检验了在1994—2003年间金融发展对这三者的影响,研究发现,金融发展显著加速了劳均资本的积累,但其却阻碍了技术进步和技术效率的改善。本文的研究为理解中国金融发展与经济增长问的关系提供了新的视角和经验证据,金融发展通过不同的机制对经济增长产生了不同的效应可以解释为何“金融引导经济增长”这一命题在中国难以成立。     

Categories and causes of bank distress during the great depression, 1929–1933: The illiquidity versus insolvency debate revisited

During the contraction from 1929 to 1933, the Federal Reserve System tracked changes in the status of all banks operating in the United States and determined the cause of each bank suspension. This essay analyzes chronological patterns in aggregate series constructed from that data. The analysis demonstrates both illiquidity and insolvency were substantial sources of bank distress. Periods of heightened distress were correlated with periods of increased illiquidity. Contagion via correspondent networks and bank runs propagated the initial banking panics. As the depression deepened and asset values declined, insolvency loomed as the principal threat to depository institutions.     

The Riskiness of Large Audit Firm Client Portfolios and Changes in Audit Liability Regimes: Evidence from the U.S. Audit Market*

We investigate whether the financial riskiness of large U.S. audit firm clienteles varied with the changing audit litigation liability environment during the period 1975‐99. Partitioning the period of study into four distinct periods (a benchmark period (1975‐84), a period of increasing concerns about litigation liability (1985‐89), a period of lobbying for reform (1990‐94), and a post‐relief period (1995‐99)), we find some evidence of risk decreases during 1985‐89, strong evidence of risk decreases during 1990‐94, and strong evidence of risk increases during 1995‐99. However, we also find that over the period of our study, a time during which Big 6 market shares grew appreciably, the proportion of litigious‐industry clients in Big 6 client portfolios grew at about the same rate as the proportion of such clients in the population. Moreover, the Big 6 share of the financially riskiest clients in the economy did not grow as fast as the overall Big 6 market share. In sum, although our evidence is consistent with the hypothesis that the riskiness of Big 6 client portfolios responded to changes in the audit litigation liability environment, we find no systematic evidence of a "race to the bottom" or "bottom fishing" by these firms in a bid to increase their market shares.     

环境规制对工业企业绿色创新效率的影响——基于空间杜宾模型的实证分析

对我国省域工业企业绿色创新效率的测算和财政分权条件下不同环境规制对企业绿色创新效率影响的分析表明,工业企业绿色创新效率具有明显的正向空间集聚效应,财政分权对工业企业绿色创新效率存在显著的抑制作用,不同环境规制工具存在明显差异,财政分权和环境规制的交互效应在"行政命令型"环境规制中尤为显著。不同地区的环境规制以及与财政分权的交互效应具有显著的区域异质性。我国应优化财政分权制度与地方官员绩效考核评价体系,充分考虑环境规制工具与地方财政分权的交互效应,在不同区域选择不同的环境规制工具,制定跨区域的环境规制政策,发挥东部地区绿色创新的优势,进一步完善中西部地区的绿色创新补偿机制。     

新型国家公共卫生信息系统建设:提高系统韧性的思考

针对此次新冠肺炎疫情暴露的短板,提出了一个利用区块链、物联网与人工智能等新一代信息技术建设国家公共卫生信息系统的韧性模型,并以技术条件、目标价值与决策机制为变量分析了新型公共卫生信息系统建设的基本原则。分布式的公共卫生数据共享平台是新型国家公共卫生信息系统的底层基础设施,建议通过机构改革,纠正现行卫生系统行政权与专业技术相分离的弊端,以社会、群体与个人的充分协作,将各种表现为数据形式的公共卫生实践,通过数据分析转换为电子病历、临床决策、政务协同、社会治理监督四大类信息,并进一步提炼整合为可供传播与决策的有效公共卫生知识,如此方能提升突发公共卫生事件的应急能力,实现公共卫生的智能化治理。