Global implications of national unconventional policies

Financial integration in the markets for banks' assets and liabilities makes balance sheet constraints highly correlated across countries, resulting in a high degree of financial and macroeconomic interdependence. Likewise, under financial integration unconventional policies aimed at stabilizing domestic financial and credit conditions could entail large international spillovers. Therefore, stabilization by one country will also benefit other countries, reducing incentives to implement credit policies in a classic free-riding problem, especially when these policies entail domestic costs. We show that this outcome can emerge in an open economy model featuring financial intermediaries that face endogenously determined balance sheet constraints.     

Global implications of national unconventional policies: A comment

This comment discusses “Global Implications of National Unconventional Policies” by L. Dedola. P. Karadi and G. Lombardo, which was presented in Carnegie-Rocherster conference in April 2012.     

海外风险投资税收政策之借鉴

作为国家宏观调控的重要手段,税收政策支持已成为各国促进风险投资发展的普遍做法,而在我国这样一个政府主导型的经济体系中,税收政策对这一领域的调节却几乎是空白。为使风险投资在我国得到进一步的发展,应尽快制定鼓励风险企业的税收政策措施和鼓励风险投资公司(基金)的税收政策措施。     

印度金融市场震荡的成因，前景及应对启示

自2013年5月美联储释放退出量化宽松（QE）的政策信号之后,印度金融市场出现剧烈震荡。文章在与亚洲金融危机期间印度金融市场表现进行历史对比的基础上,对此次印度金融市场动荡的成因及危机治理措施进行了评析,指出印度固有经济结构缺陷和美联储货币政策退出信号是导致市场波动的重要内外部诱因。未来1～2年内印度金融市场出现阶段性震荡的概率仍然较大。此外,文章还探讨了此次印度市场案例带给中国经济金融的影响和启示。     

Institutional spending policies: implications for future asset values and spending

University endowments, sovereign wealth funds, and foundations support spending. In this paper, we analyze how different spending policies affect future asset values and spending opportunities. We show that the covariance between the asset returns and the spending rate implied by the spending policy is important in this regard. Many of the spending policies used in practice aim at smoothing the spending level by letting current spending be a function of both current asset values and earlier spending levels. One feature of these types of spending policies is that the funds can be depleted. Depleted funds cannot support spending.     

Financial frictions and real implications of macroprudential policies

I model a number of imperfections in financial intermediation that have implications for real economic activity in a production economy with technological risk. Partially opaque firms are financed by both debt and insider equity. Banks have market power over borrowers. There can be a prior bias in public beliefs about aggregate productivity (business sentiment). I investigate the dependence of equilibrium on the biased business sentiment and a prudential policy instrument (a convex dependence of bank capital requirements on the quantity of uncollateralized credit). Loss given default can be reduced by both a monetary restriction and a macroprudential restriction. Real implications of both are very similar in the aggregate, but macroprudential policies are more advantageous for bank earnings. On the other hand, the policies considered here are unable to reduce the number of defaulting firms (default frequency). Economic activity is highly sensitive to ??leaning against the wind?? actions on both fronts, so that using a macroprudential instrument to intervene against an asset price bubble has tangible welfare costs comparable to those of a monetary restriction. The costs can be offset by fine tuning capital charges as a function of corporate governance on the borrower side (specifically, by discouraging limited liability of borrowing firm managers).     

Price volatility,international market links,and their implications for regulatory policies

Conclusions The October 1987 stock market crash spawned an abundance of research papers, as scholars attempted to explain what seemed at the time, and to some extent remains, an inexplicable event.Except for the period immediately around the crash, there is only meager evidence that international linkages across markets have become tighter over time. Yet the crash was worldwide in scope, and its similarity across countries was uncanny. Just on the face, this international similarity puts doubt to such explanations as particular macroeconomic events in one country, failure of a given country's market system, or simultaneous changes in underlying fundamentals (which were quite different across countries).Assigning the origination of the crash to one country cannot be entirely ruled out, however, because of the possibility of a non-fully revealing equilibrium contagion process of the type suggested by King and Wadhwani (1988). Such a process would allow a world-wide crash to begin by a particular news event or even by a market mistake in one country. Evidence in favor of this process is that international correlations of returns increased dramatically during the crash period. However, this increase is consistent with other explanations, such as transaction costs hindering international arbitrage except during periods of high volatility.Was the crash the bursting of a bubble? Some evidence seems to support this proposition: for example, in the majority of countries, the pre-crash period displayed significant serial dependence in stock returns, dependence that was definitely not present in the post-crash period. However, further work is necessary to ascertain whether this measured serial dependence is unusual relative to what one would have expected to find, even in a perfectly random process, by choosing a sample period that happened to culminate in a random peak. Ross (1987) shows that such ex post sample period selection will induce upward bias in estimates of serial dependence. Cross-country tests failed to detect this bias, but there are several ambiguities in the tests that will have to be resolved in future work.The crash is history. What implications, if any, does it have for regulatory policy? Is there evidence that popular regulations or rules would have mitigated the crash, or that they would decrease price volatility in general? There is very little evidence in favor of the efficacity of margin requirements, price limits, or transactions taxes. Despite a large number of empirical studies, no one has provided evidence that margin requirements have an impact on volatility. There has been at least one recent paper claiming the contrary, but a careful examination of its methods have uncovered enough problems to cast those results into doubt.As for price limits, there must be a very short-term impact on measured volatility, for the measured market price at a trading halt is likely to understate the direction of movement. Yet even for daily data, the cross-country evidence is slim that price limits reduce volatility, and there is no evidence at all that they work over periods as long as a week. In other words, trading halts caused by limits seem to have no effect on true volatility.Transaction taxes are inversely but insignificantly correlated with volatility across countries, and the effect is too questionable for taxes to be used with confidence as an effective policy instrument.     

Chinese cross-border insolvency laws: Recent developments and international implications

The present Chinese insolvency law is under the process of legislative reform, and one focus point among legislators and academics is cross-border issues. China is slowly opening up its market to foreign insolvency proceedings, as demonstrated by the 2021 Chinese Mainland-Hong Kong cross-border insolvency cooperation mechanism. This first attempt, however, is only available in three trial cities in the Mainland and does not apply to jurisdictions other than Hong Kong. Nevertheless, it does not undermine the intention of the Mainland to advance its cross-border insolvency framework. Based on a thorough examination of Chinese legislation and judicial practices, this article submits that China would be willing to accept international standards and be a more active player in international insolvencies.     

国际场外衍生品电子交易确认平台发展趋势及启示

交易确认是交易后处理过程中的重要环节,可以通过电话、邮件、传真等人工形式进行,也可以通过电子交易确认平台完成。由于人工确认的不及时可能导致交易失败从而增大交易成本和风险,近年来电子交易确认在国际O T C衍生品市场上得到了广泛的应用。文章梳理和区分了交易确认的概念,回顾了电子确认平台的发展历程,并在此基础上对电子交易确认平台的发展趋势进行了展望。     

Information technology and organization design

This report looks at technological impact on organizational design and discusses a study carried out by the Institute of Manpower Studies on organizational design and new technology.     

Management compensation contracts and distribution policies in the US technology sector

This paper examines the impact of executive compensation practices on (a) the decision to distribute and (b) the distribution channel employed by companies from the US technology sector. We report that firms that compensate their managers using executive stock options (ESOs) tend to distribute less and firms that use stock awards make more distributions. When we simultaneously examine the distribution and the channel used, we find firms using ESOs restrict their dividend payments but their propensity for stock repurchases is unaffected. Firms using stock awards to compensate managers make greater distributions across all channels. We also provide strong evidence in favour of the agency and leverage explanations for distributions.     

Information technology and financial services consolidation

This paper examines the interaction of information technology and the current consolidation in the financial services industry. It suggests that an important reason for financial service firms to consolidate and not outsource their information technology may be to retain the strategic option to be more diversified firms that offer both financial and information services in the future.     

Federal capital expenditures and budget deficits: Gross national product and labor implications

The issue of separating capital from operating expenditures has been largely ignored in discussions of the U.S. Federal Government's deficit. This paper attempts to overcome this void by conducting a simulation experiment designed to assess the macroeconomic consequences of separating capital from current expenditures under several alternative balanced budget rules and financing arrangements. The alternatives considered are directly related to management accounting issues and thus the purpose of this paper can be seen as compatible with the literature on the relationship between accounting techniques and economic analyses. The results of the study reaffirm the need for federal capital investment planning.     

Information technology and the board of directors

Ever since the Y2K scare, boards have grown increasingly nervous about corporate dependence on information technology. Since then, computer crashes, denial of service attacks, competitive pressures, and the need to automate compliance with government regulations have heightened board sensitivity to IT risk. Unfortunately, most boards remain largely in the dark when it comes to IT spending and strategy, despite the fact that corporate information assets can account for more than 50% of capital spending. A lack of board oversight for IT activities is dangerous, the authors say. It puts firms at risk in the same way that failing to audit their books would. Companies that have established board-level IT governance committees are better able to control IT project costs and carve out competitive advantage. But there is no one-size-fits-all model for board supervision of a company's IT operations. The correct approach depends on what strategic "mode" a company is in whether its operations are extremely dependent on IT or not, and whether or not it relies heavily on keeping up with the latest technologies. This article spells out the conditions under which boards need to change their level of involvement in IT decisions, explaining how members can recognize their firms' IT risks and decide whether they should pursue more aggressive IT governance. The authors delineate what an IT governance committee should look like in terms of charter, membership, duties, and overall agenda. They also offer recommendations for developing IT policies that take into account an organization's operational and strategic needs and suggest what to do when those needs change. Given the dizzying pace of change in the world of IT, boards can't afford to ignore the state of their IT systems and capabilities. Appropriate board governance can go a long way toward helping a company avoid unnecessary risk and improve its competitive position.     

信息技术平台与银行金融资源整合能力

信息是知识经济时代最重要的因素。美国著名未来学者托夫勒有一句话名言,“谁掌握了信息,控制了网络,谁将拥有整个世界。”银行业由于具有一定的行业特殊性,是一个具有信息优势的部门,也是一个以信息为最宝贵的无形资产的部门。因此,挖掘信息技术平台的功能,强化银行对经济金融     

信息安全标准与安全技术应用

在全球经济一体化的环境中，信息的重要性被广泛认可，网络与信息系统的基础性、全局性作用日益增强，信息技术在提高企业服务水平、促进业务创新、提升核心竞争力等方面发挥了重要作用。企业对信息系统不断增强的依赖性，以及业务应用系统带来的风险、收益和机会，使得信息安全成为经营管理的关键一环。     

信息技术：外汇管理的一个重要抓手

从2006年国家“十一五”科技攻关金融信息化专项启动以来的短短一年多中,规划中提到的监管系统、征信系统、网间平台等建设都取得了令人瞩目的重大进展。