关于碳排放权交易立法的若干思考

目前国家层面尚无规范碳排放交易的法律法规,推动地方碳排放交易试点需要立法先行。首先需要解决碳排放总量控制、减排义务设置、配额交易法定化等问题。应该大胆借鉴吸收国外经验,结合国情和本地区特点,针对额度分配、碳排放量评价、市场中介和买卖等行为,制定行之有效的制度和交易规则。     

货币政策透明性制度的国际比较:以央行沟通方式为基调

自20世纪90年代末期以来,世界绝大多数央行的货币政策透明性有了显著提高,但是未表现出一致性收敛特征。各国央行的货币政策信息沟通面临着不同程度的现实约束,有的央行在某些方面透明性还非常有限。在央行信息沟通方面还有许多值得研究的策略性、细节性技巧,处理不当就可能损害央行信誉。我国货币政策透明度还处于较低水平,需要进一步提高。     

Openness to Trade and the Potency of Monetary Policy: How Strong is the Relationship?

Economic theory suggests that an economy's openness to international trade reduces the ability of monetary policy to affect output. Using quarterly data from the 1960:1–1993:4 period for a set of eight countries (Australia, Canada, Germany, Italy, Japan, South Africa, the U.K., and the U.S.A.), this article's empirical results support this theoretical prediction: the more open the economy, the smaller the output effects of a given change in the money supply. This finding, robust across all the different specifications and estimation methods examined, has straightforward implications for stabilization policy. Moreover, it suggests that an economy's net benefit from joining a monetary union is increasing with the economy's openness to foreign trade.     

从金融传导领域分析我国的货币政策传导机制

中央银行的货币政策引起实际经济变量的改变是通过货币政策传导机制实现的。而货币政策的传导机制包括金融传导领域和经济传导领域。其中金融传导是中央银行与金融中介相互影响和相互作用的过程。文章着重通过对金融传导领域中的执行主体、传导中介、市场基础和调节杠杆进行分析,来研究我国的货币政策传导机制。     

我国参与国际碳金融市场面临的问题及对策

当前,应对气候变化已成为全球各领域关注的问题,其中市场机制和金融工具发挥着重要的作用。本文将从我国参与国际碳金融市场现状谈起,分析我国参与发达国家维持的碳金融规则、秩序时面临的问题,并给出相应的对策。     

低碳经济下碳排放权法律问题探讨

文章通过对我国低碳经济下碳排放面临的法律问题进行分析,提出碳排放行为涉及多种法律关系,碳排放权是一种特殊的用益物权,碳排放权交易合同是一种特殊的民事合同,以及出台《碳排放权交易法》等建议,从而为规范我国碳排放权交易市场的发展提供理论依据。     

中国建筑碳排放权交易制度设计和深圳实践

建筑碳排放是温室气体的主要碳排放源之一。城镇化后期,随着服务业发展和居民生活水平的提高,我国建筑能耗呈逐渐上升的趋势。因此,建筑碳排放权交易制度设计时,碳排放总量控制要考虑现有存量和未来增量。深圳的建筑碳排放权交易机制设计,以建筑能耗限额作为总量控制和配额分配的基准,综合考虑了建筑能耗模拟值、现在值和增长潜力,综合了现有法律和能耗监测基础,并确定了三个阶段的实施步骤,为我国建筑碳排放权交易市场的建立提供参考。     

Marketization of Environmental Resource Management

Environmental resource is a kind of resource forms that are employed in the production. Mankind, while knowing it constantly, is exploring the rational management mode, too. Since the seventies of the 20th century, the public management transformation leaded by marketization, including environmental resource management, has become an international trend gradually. The representative of environmental resource management marketization is the system of emissions trading which is a new environmental management measure that has widely developed, and its growth is closely connected with the market development level. Chinese EPA should pay attention to this tendency, cast off the government＇s direct control on the market of emissions permit, adjust the environmental management work properly and strengthen the management method, and gradually open the market of emissions permit in order to prepare for the marketization process of the environmental resources management.     

The Information Content of the Yield Curve for Monetary Policy: A Survey

The information content of the yield curve with respect to future inflation as well as future real economic activity is discussed. Both theoretical arguments and the empirical validity of these arguments are reviewed. The empirics favouring the yield curve as leading indicator for inflation is not found to be entirely convincing. The curve possesses information content, but it is difficult to empirically discriminate between the effects on real interest rates and future inflation. The yield spread is a stable leading indicator for future real economic activity, but there are several theoretical interpretations of this (positive) relationship, depending on the nature of shocks hitting the economy and the behaviour of prices in the economy. The proper reaction of monetary policy could differ among these interpretations. All in all, care should be taken in using the yield curve as information variable for monetary policy.     

我国货币政策效果的影响因素分析

货币政策效果受货币政策工具、传导机制、实体经济对货币的需求等多种因素影响 ,受上述因素制约 ,我国用扩张性货币政策对付通货紧缩的效果并不显著     

Inflation targeting in Indonesia, 1999–2012: an ex-post review

Around the end of 1999, Bank Indonesia (BI) adopted inflation targeting as part of its approach to monetary policy. This article reviews the experience up to 2012, examines BI's performance in hitting its inflation targets and considers certain broader indicators of success. Overall, inflation targeting in Indonesia has been a messy, evolutionary process, and BI's implementation record compares unfavourably with that of its peers. Yet Indonesia recorded a significant downward trend in inflation during this period and maintained strong economic growth. Also, almost all of its inflation-targeting arrangements are now in line with common international practice. Looking ahead, this article offers suggestions for sustaining progress in inflation targeting, such as setting more ambitious targets in the outer years and implementing strong policies to reduce inflation further, including after large administrative price shocks.     

Monetary Policy and Corporate Investment： Evidence from Chinese Micro Data

This paper investigates how a firm's characteristics restrict the influence of monetary policy changes on its investment behavior. Focusing on China's listed companies for a sample period from the first quarter of 2002 to the first quarter of 2011, we find that quantity‐oriented and price‐based monetary policies have heterogeneous impacts on corporate investment behavior, but the influence of monetary policies is constrained by the liquidity, inventory, size and asset–liability ratio of a firm. Firms with higher liquidity, lower inventory level and lower asset–liability ratios are less sensitive to the impact from two kinds of monetary policies. The larger the size of the firm, the less it is subject to influence from quantity‐oriented monetary policy; it responds more to price‐based monetary policy. The policy implication is that the monetary authorities should pay attention to the importance of policy‐making based on the monetary demand of microeconomic entities.     

财政政策与货币政策的动态搭配和组合模式

基于经济周期的不同阶段,从IS-LM曲线和供求理论的双重视角解析利用财政政策与货币政策对宏观经济进行调控的内在机理,揭示两类政策搭配组合的理论逻辑,分析制约财政政策与货币政策调控效应的现实因素。研究发现,财政政策与货币政策的搭配组合要根据经济发展的不同阶段进行动态供给,以满足经济周期不同阶段的需求,如此方能实现经济的稳定增长。现阶段,我国应采取"更加积极的财政政策与稳健适度的货币政策"这一政策组合。产品市场与货币市场对利率的弱敏感性使政策刺激经济的效果受到制约,因而两类政策不仅要在总量层面"对冲"经济增速减缓的压力,而且要在结构层面增强协调性。     

浅析金融危机带给我国的经验和启示

通过分析金融危机对我国产生的机遇和挑战,提出坚持推进金融体制改革,及时调整货币政策和财政政策是预防及应对金融危机的不二法门。我们应该抓住机遇,进一步承担更大的责任,提升我国的国际地位,从而实现和平崛起。     

Research on the Stock Price Transmission of China＇s Monetary Policy

With the further development of the economic reform of China, the stock price in the monetary policy transmission deserves more and more attention of the experts and the scholars. This paper studies the stock price transmission theory in the monetary policy transmission, analyzes the problems of the stock price transmission in China, and in the end, puts forward some advice on policy for the purpose of exerting effectively the influence of China＇s stock price in the monetary policy transmission.     

政策操作透明度下的货币政策传导机制研究

货币政策的有效性在很大程度上取决于货币政策传导机制的灵活畅通。通过增加货币政策的透明度,从而提高货币政策的可信性和有效性,成为当前各国中央银行关注的焦点。文章介绍了货币政策透明度的内涵,分析了增强货币政策透明度对提高货币政策传导机制的作用,并对改进我国货币政策透明度问题进行了探讨。     

货币供给扰动与我国真实的经济增长

西方经济学理论关于货币变动是否对真实经济产生影响一直存在争论,一些经济学流派认为货币与真实经济无关,而另一些经济学流派认为货币与真实经济高度相关。本文通过对这两种观点进行简单综述的基础上,着重分析由于信息不对称,有限理性,产权不清晰,收入分配差距过大等原因,使得货币变动对我国当前的真实经济增长有着举足轻重的作用,并就我国货币政策目标选择与推进对策提出一些建议。     

Central Banking in a Democratic Society

This Tinbergen lecture addresses two issues. The first concerns the principles of monetary policy in a low-inflation environment. The second, more fundamental, issue concerns the institutional arrangements by which monetary policy is set in a democratic society. Three conclusions are drawn: (1) Monetary policy matters. Despite some major mistakes, American postwar economic policy has led to far greater stability of the economy. (2) Strategies of opportunistic disinflation or pre-emptive strikes are based on hypotheses for which there is little empirical support. An alternative strategy, called cautious expansionism, would be preferable. (3) A central bank must be accountable and sensitive to democratic processes; there must be more democracy in the choice of decision makers and more representativeness in the governance structure.     

Microdata Evidence on the Bank Lending Channel in the Netherlands

This study contributes to the empirical evidence on the lending channel in the Netherlands using individual bank data. The main conclusion is that a lending channel is operative in the Netherlands. However, it is only operative for unsecured lending and not for secured lending, possibly because loans with government guarantees get special treatment by banks. Effects of monetary tightening on unsecured lending are more negative for smaller, less liquid and less capitalised banks, in line with the lending channel theory. The contribution of this study is that it gives evidence that the monetary policy impact on bank lending also depends on the market segment in which a bank is active. The evidence suggests that the policy impact is weaker on credit to households than it is on lending to firms.