SIGNIFICANT DEVELOPMENTS IN MOTOR INSURANCE IN THAILAND

ABSTRACT: The 1990s saw rapid economic growth in Thailand. Motor insurance grew enormously, becoming the biggest income earner for total general business (both for the whole industry and for many individual companies). Cash flow underwriting seemed to be the recipe for success in a competitive market.
The agency distribution system for motor insurance in Thailand is almost wholly controlled by finance companies and banks, which expect a high rate of commission. Their delay in paying over the premiums to the insurers created bad-debt problems after the 1997 economic crash, when the government closed many of these financing companies. This also meant an end to the motor insurance boom, with a decrease in premium income and a reduction in investment returns and assets, thus threatening solvency margins.
Earlier in the decade, in 1993, there was the introduction of compulsory third-party insurance, followed by the establishment by the government of provincial bureaus to help these third-party claimants. And in 2000, just in time for the next wave of economic growth, a new rating system has been introduced to bring sophistication to the basic process of evaluating and pricing different risks, though still within a government tariff system. Liberalization is coming, in stages, and the industry is making changes so as to be in a fit state to cope with the increased competition and opportunities that this liberalization will bring.
Like all setbacks, the crash of 1997 was an opportunity for Thai motor insurers to examine the fundamentals of their business and plan to increase their professionalism. Some are already well on the way to high-quality service, meeting ISO 9002 standards, and have begun Internet trading.     

在商海中培养,由市场中造就--建立面向市场的金融人才队伍的思考

"未来市场中的稀缺资源不再是资本,而是优秀的人才."美国企管界大师史考特·派瑞博士如是说. 金融改革除体制、机制等结构或政策性改革的重要性外,人的把这部分网点的得关注与探讨.竞争已不单单表现在金融产品、市场份额、服务质量等方面,更突出的表现在对人才资源争夺上.     

LATEST DEVELOPMENTS IN LOCAL GOVERNMENT ACCOUNTING IN SPAIN

This paper provides an analysis of the present situation concerning local government accounting in Spain following recent reforms introduced in the early nineties. It presents a picture of the main features of Spanish local finance—budgeting and accounting, the measurement focus, and the basis of accounting—and analyses the financial reporting system adopted by Spanish municipalities. This is followed by a critical review of several weak points in the reform which in the author's view will encourage further developments.     

CHANGES IN POVERTY AND INEQUALITY IN DEVELOPING COUNTRIES

This paper presents new data on poverty, inequality, and growthin those developing countries of the world for which the requisitestatistics are available. Eco-nomic growth is found generallybut not always to reduce poverty. Growth, however, is foundto have very little to do with income inequality. Thus the "economiclaws" linking the rate of growth and the distribution of benefitsreceive only very tenuous empirical support here.      

REGULARITIES IN THE VARIATION OF SKEWNESS IN ASSET RETURNS

This paper documents regularities in the comparative skewness characteristics across several classes of assets and over time. We find smaller capitalized stock indices are more negatively skewed than larger stock indices. Over time, the skewness of stock indices follows a business-cycle-related variation. Skewness is more negative during economic upturns and less negative, even positive, during downturns. Three alternative methods for testing the statistical significance of skewness and for making confidence interval estimates of skewness are presented. These include a bootstrap methodology and a test that allows for nonindependent observations.     

CORRELATED BEHAVIOR IN LIMIT ORDER CANCELLATIONS,COMOVEMENT IN ASSET RETURNS,AND COMMONALITY IN LIQUIDITY

We examine whether there is common behavior in limit order cancellation activity, that is, commonality in cancellation activity, on U.S. exchanges. We then examine whether this commonality in cancellation activity is associated with increased levels of return comovement and commonality in liquidity. We document strong evidence of limit order traders exhibiting exchange, industry, marketwide, and stock-level commonality with regard to cancellation activity, which is consistent with limit order traders exhibiting correlated trading behavior. We also find that this correlated behavior in cancellation activity is associated with increased levels of return comovement and commonality in liquidity.     

盘锦:一个资源型城市的金融课题--访人行盘锦中心支行行长苏存

在东北,有不少城市是资源型城市,这类城市的发展依赖于某种矿产资源的开发与利用.然而资源是有限的,随着时间的推移,开采难度越来越大,成本越来越高,甚至有枯竭的那一天.目前,东北资源型城市中,有些正面临极大的困难,而有些城市虽然还是那么生机盎然,但毕竟没有往日的风采.     

2019年票据市场回顾与2020年票据市场展望

2019年面对国内外风险挑战明显上升的复杂局面,在以习近平同志为核心的党中央坚强领导下,全党全国贯彻党中央决策部署,坚持稳中求进工作总基调,坚持以供给侧结构性改革为主线,推动高质量发展,扎实做好"六稳"工作,保持经济社会持续健康发展。但是我国仍然处于转变发展方式、优化经济结构、转换增长动力的攻关期,结构性、体制性、周期性问题相互交织,"三期叠加"影响持续深化,经济下行压力加大。     

我国商业银行管理信息系统的建设

商业银行管理信息系统(Management Information System,MIS)是以电子计算机和现代化通讯技术为手段,以先进的系统管理理论为基础,对商业银行经营进行现代化管理的综合性人一机交互信息系统.建设商业银行MIS是一项系统工程,是运用运筹学和计算机技术对组成系统的各部分进行分析、综合和评价的过程.商业银行MIS的实现给商业银行业务处理系统、办公管理系统和决策支持系统带来了深刻的变化,它使银行业务处理方式发生了革命性的变革,尤其是决策支持信息的数据化及网络化,使决策依据更加全面和准确,从而可以大幅度提高决策的质量和效率.     

CHANGES IN THE INTERNATIONAL REGULATION OF AUDITORS: (IN)STALLING THE EIGHTH DIRECTIVE IN THE UK

In 1984 the European Commission issued the Eighth Company Law Directive requiring each member State to ensure that its national rules met common standards for the education, training and qualification of statutory auditors (84/253/EEC; OJ 1984 L126/20). The Directive insisted that national governments take responsibility for the regulation of auditors, a requirement that clashed with the autonomy which many professional bodies believed they possessed. In this article we explore the processes through which the Eighth Directive on the regulation of auditors has been implemented in the UK. We argue that the Eighth Directive illuminates the effects of political and economic discourses on the development of accounting and auditing regulations and the protocols involved in installing such regulations into particular national contexts. The Eighth Directive represents a revealing moment in the shifts in political discourse (towards neo-liberalism) in the UK and the problems of reconciling new modes of economic and political thinking withinternationalregulatory programmes and institutions. Moreover, the implementation of the Eighth Directive in the UK cannot be comprehended outside of (i) an analysis of the problems the British Government has had in “managing” the accountancy profession in the UK and (ii), understanding the powerful image of the auditing industry as a key contributor to the UK economy.