信贷资产证券化为何曲高和寡

一向被社会寄予厚望的信贷资产证券化没有实现预期的进展。自从2005年12月底国家开发银行与建设银行成为公开发行的试点以来，市场上一直未有新的项目来证明该领域的巨大潜力，中国信贷资产证券化的未来之路似乎并非坦途。     

信贷资产证券化：星星之火难以燎原

资产证券化作为一项直接融资的金融技术，在经过多年的学界讨论后，离我们现实的金融生活渐行渐近了!     

信贷资产证券化推动制度创新

对于实施信贷资产证券化的路径，有着各种不同选择。从资产质量来看，分为不良贷款证券化和优质资产证券化；从资产种类来看，有住房抵押贷款证券化、基础设施贷款证券化等：从资产属性来看，可分为表内证券化和表外证券化：从资产形成方式来看，有存量资产的证券化，也有增量资产的证券化。     

中小企业信贷资产证券化破冰

全球金融危机的影响力日渐显现,中小企业融资难问题被再一次摆在了政府与企业的平衡点之上,各种融资尝试层出不穷。中小企业信贷资产证券化,被业界认为是又一破冰之举。     

资产证券化“扬帆启航”——信贷资产证券化“破土而出”

中国人民银行3月21日宣布，经国务院批准，信贷资产证券化试点工作正式启动。国家开发银行和中国建设银行作为试点单位，将分别进行信贷资产证券化和住房抵押贷款证券化的试点。此举意味着各方关注的资产证券化进程已揭开序幕。一个被学术界呼吁了多年、金融界盼望了多年的创新业务——资产证券化终于走向了前台。资产证券化将货币市场和资本市场有机联结，一方面实现银行信贷风险“减压”；另一方面，在为资本市场增添交易品种的同时．为市场输送源源不断的资金“血液”。     

浅析我国开展资产证券化的中间环节

自从2008年美国次贷危机以来,人们渐渐认识到金融产品过度衍生所带来的不可预测风险,而原本兴极一时的资产证券化也慢慢停下了脚步,对其进行重新思考。近些年,随着我国经济的不断发展,大量资产的形成,这些资产在金融系统中整体的流动性相对较弱,如何通过资产证券化将这些资产盘活,提高整体金融系统的运转效率也将成为一项重要的课题。     

信贷资产证券化离我们还有多远？

信贷资产证券化始于70年代美国住房贷款证券，80年代在西方国家开始流行，目前已风靡世界，尽管我们在全国范围内还没有一个地方正式推出信贷资产证券化，但对它的关注之情却与日俱增，信贷资产证券化的时代已快快向我们走来。     

论我国商业银行开展不良信贷资产证券化

一、商业银行不良信贷资产产生的 原因、危害及解决方法 商业银行的不良信贷资产是指处于 非良性经营状态的、不能及时给银行带 来正常利息收入甚至难以收回本金的银 行贷款,一般包括逾期贷款、呆滞贷款和 呆账贷款三类。     

银根收紧何以效果甚微

中国经济增长失衡的特殊复杂性,使得中国货币政策的效率在递减中国经济增长中,货币政策的特殊性面临着一种特殊的失衡背景,对货币政策     

我国商业银行不良资产证券化浅析

本文分析了资产证券化在处理我国商业银行不良资产的必要性和可行性,以及其运行过程中出现的问题。同时在操作环节上提出了具体的政策建议,为我国国有商业银行不良资产证券化的运作提供依据。     

论中小企业信贷资产证券化

目前，我国中小企业融资呈现4个主要特点：①以抵押贷款为主的间接融资是中小企业融资的主要渠道，中小企业一般不能获得信用贷款；②中小企业短期融资难度有所降低，但对于许多创业型企业更重要的中长期贷款仍严重不足；③中小企业的融资成本较高。其中办理抵押贷款的手续费占利息的30％左右，有的还要求预扣一定比例的贷款作为抵押；④中小企业的经济效益对其是否能得到贷款起着决定性作用。初创的中小企业很少能获得贷款。     

为何新一轮宏观调控效果不佳

从2003年央行调升存款准备金率开始，国内这一轮宏观调控已经进行了几年，但是效果并不理想。与上一轮（1992～1996年）宏观调控相比，效果更不显著。是什么原因造成宏观调控失效？可以从上一次宏观调控情况进行分析。     

Interest, credit and liquid assets in Cote d'Ivoire

This paper analyses the evolution of demand for bank depositsin Côte d'Ivoire over a period including the CFA Francdevaluation in 1994. Once we have allowed for smooth transitionsin the deterministic component of the demand function, the estimatedrelationship between deposits and income and inflation levelsis congruent with traditional theory; income variability isalso found to play some role. The impact of interest rates israther different from in non-CFA countries, however, owing topeculiarities of the Franc Zone's financial system.     

Why inflation is not relative price-neutral for primary products

Studies of inflation tend to neglect relative prices although it has long been known (and recently confirmed) that relative price changes are more pronounced in periods of severe inflation. This paper advances the hypothesis that for the developing countries' primary products the distinction between demand and cost inflation is important: the former will improve the relative price of primary products; the latter will cause them to deteriorate if the cost inflation originates in developed countries. In the long run these effects may be cancelled out but not before they have lasted long enough to merit our attention.     

地产调控政策的低效之苦

要抑制商品价格上涨,最有效的办法是减税,而不是加税。试图在需求不断增加的情况下,通过大规模加税导致商品价格下降,这在社会经济发展过程中还没有过先例     

Why Danish credit co-operatives were so unimportant

Abstract

Denmark's credit co-operatives were introduced relatively late and were never as important to the Danish financial system as credit co-operatives in several similar European countries. This experience stands in contrast to the experience of other co-operative enterprises in Denmark, most notably co-operative creameries. We argue that the Danish experience does not reflect a lack of need for such institutions or an inability to adapt them to Danish conditions. Rather, in the 1860s rural Danish people had succeeded in adapting another form of financial institution, the savings bank, to serve the needs of the small borrowers who elsewhere were the main clientele of the credit co-operative. Thus much of the need for credit co-operatives had been satisfied by another institution. The Danish experience illustrates both the adaptability of financial institutions and the sensitivity of co-operatives to competition for their niche in the financial system.