共查询到20条相似文献,搜索用时 0 毫秒
1.
与把央行票据性质定位为中央银行债券的传统角度不同,本文从债务置换工具的视角重新阐释了央行票据的性质。我国的"外汇资产—人民币"发行模式导致了货币的超额发行,央行票据是对中央银行超额发行债务的置换。外汇资产的递增趋势决定了央行票据作为债务置换工具的可持续性。针对央行票据过度膨胀带来的负面影响,文章认为,应该从根源上解决人民币超额发行问题。 相似文献
2.
与把央行票据性质定位为中央银行债券的传统角度不同,本文从债务置换工具的视角重新阐释了央行票据的性质.我国的"外汇资产-人民币"发行模式导致了货币的超额发行,央行票据是对中央银行超额发行债务的置换.外汇资产的递增趋势决定了央行票据作为债务置换工具的可持续性.针对央行票据过度膨胀带来的负面影响,文章认为,应该从根源上解决人民币超额发行问题. 相似文献
3.
公共债务管理与债券市场发展已成为发达国家和发展中国家共同关注的课题.20世纪80年代拉美债务危机和90年代东南亚金融危机充分说明,合理的公共债务管理框架和债券市场发展战略有助于政府积极面对经济和金融风险的冲击,促进货币市场与资本市场的协调发展.目前,在全球债务管理与债券市场问题上,以下问题正逐渐成为焦点:清晰的债务管理目标的建立;评估风险成本;债券市场与货币政策的协调;债券市场发展的级次问题1;债务工具的设计;提高市场的流动性;促进功能完善的国内债券市场乃至金融市场的发展(同时避免制订任何会分割市场的政策).本文将对英国的债务管理与债券市场发展战略作一初步探讨. 相似文献
4.
5.
6.
本文通过借鉴英日两国地方债务管理的成功经验和做法,在深入剖析我国地方政府债务现状和问题的同时,提出了央行在权责范围内化解地方政府存量债务风险,促进地方政府债务稳健发展的政策建议,对提升我国地方债务管理工作水平具有重大现实意义。 相似文献
7.
中央银行票据作为公开市场业务操作下的一项货币政策工具,与其他货币政策工具相比具有操作迅速、灵活性、流动性、可逆性强的特点。中央银行通过发行央行票据来控制基础货币,进而调控货币供给量。同时,货币供给量的变化也会使得中央银行做出反应,通过发行央行票据来调控它。本文运用了VAR模型、脉冲响应函数和方差分解,对我国中央银行票据交易与货币供给量的关联性进行了实证研究,并得出了相关结论,为中央银行货币政策的制定与实施提供决策依据。 相似文献
8.
9.
10.
近几年,央行票据已经成为中央银行进行冲销操作,回收基础货币最重要的手段。本文运用VAR模型、Granger因果检验等方法,对央行票据冲销操作的政策传导路径进行实证检验。结果表明:央行票据的货币冲销效果在短期内是非中性的,它不仅通过影响基础货币直接影响货币供给量,而且通过影响货币市场利率间接影响货币供给量;长期内央行票据冲销操作对基础货币和狭义货币供给量能够产生一定影响,但对货币市场利率和广义货币供给量的影响趋于中性。 相似文献
11.
经营负债杠杆与金融负债杠杆效应的差异性检验 总被引:2,自引:0,他引:2
本文将企业的负债划分为经营负债与金融负债,以2001—2005年期间沪深两市A股上市公司为样本,比较检验了经营负债杠杆与金融负债杠杆对公司创值能力和成长性影响的差异性。结果发现:①经营负债杠杆比金融负债杠杆对公司的创值能力和成长性产生更大更显著的积极效应,即拥有更多的经营负债更能提升公司的创值能力和成长性;②两种负债的杠杆效应均存在"规模效应",即公司的规模越小,杠杆效应越强;③金融负债杠杆与经营负债杠杆具有显著的互补性,即随着金融负债杠杆比率的增加,经营负债杠杆效应会显著增强;反之亦然。显然,本文的研究结论对企业制定其负债安排策略具有一定的启示意义。 相似文献
12.
Deepak Kulkarni 《Accounting & Business Research》2013,43(39):291-297
13.
Off-balance sheet financing schemes take a variety of forms. An important class involves offsetting liabilities and assets, a practice traditionally frowned upon by accountants, and for good reason. This paper argues that attempts to limit offsetting can, if taken too far, result in the elimination of reporting alternatives which are useful when viewed from efficient contracting and information perspectives. Particular reference is made to the issues raised by mortgage securitisation in general, and the peculiar accounting method employed by one particular participant in the market (HMC Group PLC), to show the group accounting dimension of the problem. The position adopted here is that the recognition issue essentially boils down to whether the enterprise is judged to have an economic interest in the net or gross cash flow prospects afforded by the asset and liability in question. 相似文献
14.
在当今的都市里生活着一群这样的人.他们收入不菲,积蓄却不多,买了房子和车子,欠着巨额的债务,这样一个群体正变得越发宠大,他们有一个好听的名字——“负翁”,“量入为出”是中国老一辈人过日子的信条,“寅吃卯粮”却是他们的生活态度,在这个超前消费的年代, 相似文献
15.
Abstract With Statement of Financial Accounting Standards 115 (FASB 1993), insurers are now in the awkward situation that almost half of the balance sheet is marked to market. This has created a material inconsistency with the way liabilities are reported, thus diminishing the usefulness of financial reporting to shareholders and potential new investors. Discussion has emerged in the industry about the process of market valuing liabilities. The American Academy of Actuaries has formed a “Fair Valuation of Liabilities” task force to compare and review various alternative methodologies. During 1995 the Society of Actuaries and New York University jointly sponsored a conference on “Fair Value of Insurance Liabilities.” Motivated by the conference, this paper attempts to bridge the gap between option pricing and actuarial appraisal methodologies. The author suggests we refocus attention toward the assumption-setting process, which is the key driver of a fair valuation. In this regard, this paper attempts to advance practice and methodology with respect to life insurance company valuation. 相似文献
16.
傅道忠 《中央财经大学学报》2001,(6):19-22
政府隐性负债是客观存在的事实,而且在目前表现得相当突出,这给政府财政造成了极大的压力。隐性负债大致可分为直接的隐性负债和或有的隐性负债两种类型,并各有不同的表现形式。对隐笥负债风险的防范与化解,要从预算管理、提高预算内收入所占比重、体制改革、政府与市场共同化解等多方面入手。特别是要充分发挥市场机制的作用,要通过进一步深化改革,建立风险分担的机制和制度。 相似文献
17.
18.
P. Linnemann 《Scandinavian actuarial journal》2013,2013(2):81-104
Surrender and paid-up states are incorporated in the valuation of guaranteed benefits and payments of a level premium paying life insurance policy. We present different valuation methods and examine to what extent they avoid capitalizing and releasing future loadings which are associated with the payment of future premiums. We demonstrate how to avoid capital being required in the future to cover valuation strains. The paid-up benefit valuation method is being extended so that it does not require the premium basis to be on the safe-side of the valuation basis. We obtain a unification and integration of the level premium and paid-up valuation principles. 相似文献
19.
A lending boom is reflected in the composition of bank liabilities when traditional retail deposits (core liabilities) cannot keep pace with asset growth and banks turn to other funding sources (noncore liabilities) to finance their lending. We formulate a model of credit supply as the flip side of a credit risk model where a large stock of noncore liabilities serves as an indicator of the erosion of risk premiums and hence of vulnerability to a crisis. We find supporting empirical evidence in a panel probit study of emerging and developing economies. 相似文献
20.