提升农村金融在新农村建设中整合力的对策

文章对当前农村金融所面临的困境进行了深入探讨,从银行业金融机构和非银行业金融两个层面分析了农村金融在新农村建设中存在的诸多困境;从农村信用社、农业发展银行、中国农业银行、邮政储蓄银行、农业保险和农村非正规金融等方面提出了整合农村金融的对策,化解新农村建设中农村金融面临的困境,从而推进社会主义新农村建设。     

关于推动农村金融发展的研究

农村金融在农村经济发展中起着重要的作用,包括资金融通,提供金融服务,推动农村产业结构调整,促进农业的产业化经营等。基于此,本文从目前我国以中国农业银行、农业发展银行、农村信用社、农村邮政储蓄为代表的正规金融机构和以小额借贷、民间借贷为代表的非正规金融机构出发,针对其各自存在的问题以及由此导致的我国农村资金供不应求的现状,从完善农村金融体系、深化金融机构改革和提高农村金融服务质量、推进农村金融创新以及建立健全农村信用体系、加强农村金融监管等方面提出相应的对策建议。     

习惯法调整民间金融的实践逻辑

温州一起民间金融个案表明,当地熟人社区中的民间金融合约关系主要依靠习惯法来调整。社区成员依照习惯法立约、履约,由此积累经济资源、拓展人际信任网络和获得社会合法性,违反者则会遭受来自习惯法的群体性强制和惩罚,基层政府不能完全依法调整民间金融活动,并有限默认了习惯法的存在。习惯法本身在实践过程中也经历了小农互助、商业营利、政治嵌入三类逻辑的演化更替。     

关于民间融资的理性思考

目前,民间融资日趋活跃,已经成为一种普遍存在的经济现象。它在发挥推动经济发展、优化资源配置、补充正规金融机构等正面效应的同时,也带来了引发道德风险、干扰金融秩序、削弱宏观调控等方面的负面效应。本文在对民间融资做出理性思考之后,提出了引导民间融资健康发展的可行性建议。     

REGIONAL FINANCIAL INTEGRATION IN SUB‐SAHARAN AFRICA – AN EMPIRICAL EXAMINATION OF ITS EFFECTS ON FINANCIAL MARKET DEVELOPMENT

This article examines the effects of political agreements on regional financial integration (RFI) on financial market development and access to and cost of finance in Sub‐Saharan Africa (SSA). Our results suggest that RFI positively affects financial development – measured very broadly as ratio of liquid liabilities to gross domestic product (GDP) – when combined with a sufficient level of institutional quality. If institutional quality is below a threshold level, RFI apparently has negative effects on financial development. However, we cannot find any significant effects of RFI on the ratio of private credit to GDP or on the efficiency of the banking sector. Regarding the effects of RFI on access to and costs of finance of enterprises in SSA, our results are mixed. We can find no significant effect of RFI on access to finance for all firms in the aggregate, but the results indicate that RFI actually impedes small firms' access to finance. Furthermore, there is a significant positive influence of foreign bank involvement on the severity of the credit constraint for small enterprises, while we do not find such an influence for large enterprises. These results provide some support for the foreign bank barrier hypothesis in the context of RFI.     

我国农村民间金融的规范和发展

农村民间金融内生于经济发展过程之中，其作用是体制内金融部门所不能替代的。政府应为其发展提供一个与国有金融体系平等竞争的市场环境和政策环境。构建我国农村民间金融体系应以产权制度理论为指导，通过宏观调控和市场竞争机制，把捉村民间金融组织纳入统一的金融体系之中。     

规范非正规金融发展

由于正规金融供给不足,而非正规金融以信息优势、成本优势、效率优势深受中小企业和农户偏好,在一定程度上缓解了资金缺口,促进了中小企业和农村经济的发展。但非正规金融也存在规模和范围狭小、道德风险、法制欠缺等问题;因此,要建立健全相关法律和制度,适度监管,规范非正规金融行为。     

我国金融监管模式的现实选择

一个合理有效的金融监管模式应该在既尊重传统与现实的同时又考虑到理想和未来金融发展趋势的基础上,符合经济学意义的成本——有效性原则。本文认为在设计我国未来金融监管模式,或者对现行监管模式进行适当调整的过程中,我们应以从本国国情出发为原则,借鉴国外先进经验和教训,坚持低成本与高效率、协调性与独立性、前瞻性与历史性的有机结合为前提条件,改革现行金融监管模式,通过金融监管专业化水平的不断提高,循序渐进地完善向混业监管过渡的演进路径：第一阶段,协调式金融监管委员会；第二阶段,牵头武金融监管委员会；第三阶段,金融监管局。     

制度范式下的中国农村金融制度变迁与改革路径研究

现阶段,由于我国的农村金融受到政府、金融机构和外部环境等多种力量的制约,表现出严重的金融抑制。主要表现为农村金融供给机制不健全,资源分配不公,正规金融供给不足,商业性金融在农村金融领域内的功能严重弱化,政策性金融功能不全,合作性金融由于自身条件的限制,难以适应农业和农村经济发展的新变化,非正规金融所具有的制度缺陷也严重影响了它金融支持作用的充分发挥。所有这一切,都需要从全新的视角来审视今天的农村金融制度安排,要从根源上把握农村金融制度创新的方向,创新农村金融制度,加速金融深化,推进农村金融市场良性发展。     

农村金融改革的历史性思考

由“民工潮”一下子变成了“民工荒”，打破了中国劳动力无限供给的神话，主要发生在东南沿海等加工制造业聚集地区的结构性、局部性的民工短缺，影响了生产，暴露了社会不公，已引起社会的普遍关注。本文运用微观经济学的分析框架，从供给和需求两个方面分析产生“民工荒”的原因，并提出解决的相应对策和措施。     

京津地区金融协调与发展

随着经济的发展 ,金融业的主导作用日益凸现 ,各城市各地区之间的竞争尤其是金融业的竞争不断加剧。京津两大相邻城市也各自提出了构建金融中心的设想。本文从分析京津两地的金融业发展现状和潜力入手 ,提出整合京津两地金融资源 ,找准各自定位 ,协调发展 ,构建京津金融联合体     

Access to Finance,Financial Development and Firm Ability to Export: Experience from Asia–Pacific Countries

With particular reference to Asia–Pacific countries, the present study examines how access to finance and financial development affects firms’ ability to enter export markets. Using firm‐level data from the World Bank Enterprises Survey, we found that access to finance plays a significant role in improving firms’ ability to export. In addition, development of the financial sector fosters export market entry. Among the financial development indicators, reach of the banking sector variable is most prominent. The present study suggests that improvements in access to finance and financial development (increases in the reach of the banking sector) enable firms operating away from capital or major cities to enter export markets easily. The present study supports policy intervention to strengthen access to the financial sector, which would encourage firms to export, and to facilitate export market entry for remotely located firms.     

非正规金融、制度变迁与经济增长:一个文献综述

本综述在剖析非正规金融交易微观运作机理的基础上,揭示了非正规金融对中小企业融资、经济增长的重要性以及对金融制度变迁的导向意义;在进行正规金融机制设计、改善中小企业融资与金融体制改革时,要利用非正规金融的优势和正面效应。     

The financial systems approach to development finance: Origin,evolution and prospects

This article focuses on the prospects of the financial systems approach to development finance to ensure sustainable access to financial services for microentrepreneurs. It discusses three prerequisites for the success of this approach: the continued application of financial liberalisation policies; the delivery of financial services on a commercially viable basis by emulating the successes of informal financial intermediaries in solving the problems normally experienced by the formal financial sector when serving microentrepreneurs; and the continued appropriate support from governments and the donor community. It is postulated that these prerequisites will be fulfilled, making the author cautiously optimistic that the financial systems approach to development finance will succeed in securing sustainable access to financial services for microentrepreneurs in the 21st century.     

金融业全面开放后中国金融服务业的法律风险探析

在金融全球化浪潮席卷全球的今天,中国经历了加入世贸后的第一个五年期在中国境内享有国民待遇,由此给中国金融机构所带来的不仅仅是机遇也存在着挑战,但无论一个五年承诺期,金融业全面对外开放。外资金融机构大量涌入中国金融市场是机遇还是挑战无疑都加深了金融服务业的风险,本文从法学的角度对我国金融服务业的法律风险产生的原因和特点进行全面的分析,为金融立法监管以及法律风险的防范提供参考。     

Effects of financial inclusion on tax revenue mobilization: Evidence from WAEMU countries

Financial inclusion remains at the heart of governments concerns. By creating favorable conditions for access to a diversified range of adapted financial products and services at affordable costs for the populations, financial inclusion generates important opportunities that could lead to increased tax revenue mobilization. This paper analyzes the effects of financial inclusion on tax revenue mobilization, using panel data from West African Economic and Monetary Union (WAEMU) countries over the period 2006–2019. The findings suggest that financial inclusion positively and significantly influences government's tax revenue. Moreover, by looking at the effects of disaggregated financial inclusion dimensions (access, use, and affordability) on various components of tax revenue, we find that the estimated coefficients on the subcomponents of financial inclusion are statistically significant. Results also indicate that the magnitude of effect of financial inclusion is higher on indirect taxes compared to direct tax revenues. This research recommends that policy-makers should prioritize financial inclusion in their policies and development agenda through National Financial Inclusion Strategies (NFIS) because it can increase countries' resource mobilization and help them to build fiscal resilience.     

从行为金融学看金融创新

基于“理性经济人”假设的标准金融理论由于对金融市场上的种种异象无法给出令人信服的解释而受到人们的质疑,行为金融学因其更接近真实的市场而备受关注。本文阐述了行为金融学产生的背景、意义以及行为金融理论的主要内容,最后从行为金融学的角度对金融创新提出了一些构想。     

人力资本财务理论:创新视点

人力资本日益成为中国创新的突破口,如何适应人力资本理论发展进行财务理论创新,是一个值得关注的问题。文章从人力资本财务目标理论创新、人力资本财务投资理论变革、人力资本财务分配理论创新、人力资本财务机制理论完善等主要方面阐明理论观点。     

Inflationary shocks and real output growth in nine Muslim-majority countries: Implications for Islamic banking and finance

Low and stable inflation is important for maintaining the viability of Islamic banking and finance within a dual banking system. Inflationary shocks when transmitted to real output growth cause a shift of investment to fixed return products as a hedge against the uncertainty of returns on equity investment under Islamic profit-loss sharing contracts. This study examines the transmission of inflationary shocks to the real economy for nine Muslim-majority countries (Bahrain, Bangladesh, Egypt, Indonesia, Iran, Malaysia, Pakistan, Saudi Arabia, and Turkey) that have introduced Islamic banking, all except Iran within dual-banking systems. A structural vector autoregressive (SVAR) framework is deployed to understand macroeconomic relationships using annual data from the late 1970s to 2014. The key finding is that inflationary shocks affect real interest and exchange rates which in turn impact real output growth. The paper argues that the absorption of inflationary shocks in real interest and exchange rates is the outcome of rigidities in nominal interest and exchange rates within repressed financial systems. Policy regimes that allow for greater adjustment in nominal interest and exchange rates under a deregulated financial system would offer better shock absorption capacity which would lead to less volatility in inflation, real interest and exchange rates, and real output growth. The resulting more stable macroeconomic environment would be more conducive to the development of an Islamic financial sector that would promote economic growth.     

Three stokvel clubs in the urban black township of KwaNdangezi,Natal

Academic studies have neglected the financial aspect of the informal economy. This article examines saving among the poor and their savings institutions (stokvels). The black community is disadvantaged in the financial market by having limited access to formal sources of finance. Stokvels are important in filling this gap. A planning priority for South Africa is adequate financial provision for all its people. In financing the reconstruction of the economy, policies for enhancing savings and redirecting them into investment will prove crucial.