Exploring the Relationship between Financial Education and Financial Knowledge and Efficacy: Evidence from the Canadian Financial Capability Survey

Researchers and policymakers in many countries are interested in better understanding the relationship between financial education participation and cognitive outcomes such as financial knowledge and self‐efficacy. We used two waves of the nationally representative Canadian Financial Capability Survey along with propensity score matching (PSM) to compare outcomes between persons who had taken a financial education course to those who had not. After matching and adjusting for demographic and economic factors, financial education participants exhibited significantly higher objective and subjective financial knowledge and financial self‐efficacy scores. Post‐estimation analysis showed that higher overall objective financial knowledge scores were at least partially driven by higher scores of men. Financial education participants had higher subjective knowledge and financial self‐efficacy scores for both genders and across age. Future research into financial education ought to consider cognitive dimensions in addition to behavioral and financial outcomes.     

金融发展与资本账户开放的跨境资本流动效应——基于PSTR模型的非线性实证检验

20世纪90年代以来各国金融市场逐步开放,资本账户开放在给新兴市场带来境外流动性的同时,也加剧了新兴市场境内资产价格和汇率的波动。基于非线性分析框架,本文探讨全球52个国家和地区资本账户开放的跨境资本流动效应,并结合金融发展水平考察两者之间关系的渐进演变,比较资本账户开放的跨境资本流动效应在新兴市场和发达经济体中存在的差异。研究发现:资本账户开放对外商直接投资和对外证券投资有促进效应,且该效应会随着金融发展水平的提升而增强,呈现出非线性特征;当金融发展处于较低水平时,资本账户开放会降低对外直接投资和对内证券投资规模,只有金融发展水平较高时,资本账户开放才会促进对外直接投资和对内证券投资规模;相较于发达经济体,新兴市场的跨境资本流动与资本账户开放之间非线性关系的转换速度更快,即受金融发展水平变化的影响,资本账户开放对新兴市场跨境资本流动影响的动态效应更加显著。     

资本账户开放与顺周期财政政策倾向——来自跨国面板数据的证据

在构建一个局部均衡模型的基础上,利用92个国家1960—2016年的面板数据,实证考察资本账户开放对财政政策周期性的影响,得到三个方面的研究结论。(1)主权国家整体上具有明显的顺周期财政政策倾向,并且随时间的推移呈现一定增强趋势;发展中国家的顺周期财政政策倾向要远远高于发达国家。(2)随着资本流动管理的强化,顺周期财政政策倾向趋于减弱。从管制口径来看,资本账户流入管制对顺周期财政政策的缓解作用要明显强于资本账户流出管制;从管制类型来看,股票、房地产等市场的顺周期缓解效果要明显强于直接投资。(3)对于发展中国家,适当的资本流动管理可以弱化顺周期财政政策的不利影响。研究结论亦支持中国当前渐进式的资本账户开放路径。     

金融约束:经常项目失衡分析的新思路

国际收支中的经常项目长期大量顺差,这种失衡状态对宏观经济产生了诸多不利影响.本文从金融约束理论出发,分析经常项目顺差的根本原因在于金融约束导致的投资和储蓄关系不协调;因此,本文提出以金融深化为调整思路来实现经常项目的相对平衡,以促进国民经济的可持续性发展.     

我国金融系统的演进对货币政策的影响

金融系统的演进模式划分为银行主导型和市场主导型两种。根据我国经济发展及金融运行的实际情况,我国金融系统的演进应该是朝着银行与市场互补发展的模式演进。这对当前货币政策的制定、执行及货币政策效应带来很大的影响。     

Gauging the Financial Capability of Americans

There is an increasing interest in the economic and financial knowledge of the public. Former Federal Reserve Chairmen Greenspan and Bernanke often stressed the importance of improved economic and financial knowledge of the general public. Recent survey results from the 2012 National Financial Capability Study provide a rich source of information on the state of financial capability of Americans. In this paper we examine the actual knowledge of individuals, investigate how they self-assess their financial capability and knowledge, and analyze the way these relate to financial outcomes. We also examine the way these measures relate to demographic variables. We find that there is room for improvement in financial knowledge, decisions, and capability, which varies among demographic groups and suggest measures for such improvement.     

对中国金融资产管理公司作用与发展的认识

1999年中国政府先后成立了信达、华融、东方、长城四家资产管理公司,三年来它们在有效处置不良资产,促进国有企业和国有商业银行改革发展,维护社会信用秩序等方面作出了积极贡献,有效化解了金融风险.作为大规模集中处置国有企业不良资产的专门机构,资产管理公司具有行政和企业双重性质,不应仅作为一个过渡性机构,而应纳入我国市场经济体制建设的统筹规划中.其未来的发展应实施金融控股集团公司战略或者独立发展成为投资银行.     

Financial Literacy as More than Knowledge: The Development of a Formative Scale through the Lens of Bloom's Domains of Knowledge

For well over a decade, financial literacy has been a primary lens through which researchers approach financial education. Unfortunately, in most cases, this potentially rich construct is reduced to mere financial knowledge. This myopic conceptualization hampers the development of the concept and programs to build financial literacy. Despite research that reveals these limits, the field has either persisted with this narrow definition of financial literacy or abandoned the model altogether in favor of capability or similar constructs. Using Bloom's domains of knowledge, we redefine financial literacy as the combination of three different indicators reflecting three domains of knowledge: financial skill, self‐efficacy, and explicit knowledge. Using data from a national survey, we apply the methods of formative scale development to construct and validate a more robust conceptualization and measurement of financial literacy. We explore how this financial literacy index might inform development of innovative financial education programs.     

Abstract Knowledge and Reified Financial Innovation: Building Wisdom and Ethics Into Financial Innovation Networks

This article argues that abstract knowledge in the form of formally developed theory plays an increasingly important role in the economy and in financial innovation in particular. Abstract knowledge is easily reified, and this is an aspect of knowledge work that is insufficiently researched. In this article, we problematize reification of abstract knowledge in financial innovation from wisdom, ethics, and social network analysis perspectives. This article, therefore, considers the composition and structures of financial innovation networks that help avoid reification by building ethicality through social practice wisdom. Finally, we discuss future directions that empirical ethics research can take.     

财政垫付责任:基于社会法理论的分析

及时救治受害人是突发事件处置中最重要的措施,因此,充足的救治费用保障至为关键。突发事件可能没有侵权行为人、其他法定责任人或相关主体缺乏即时赔付的责任能力,而受害人也可能欠缺自行给付救治费用的能力,由公立医院垫付救治费用则于理不合,这些都是财政垫付救治费用的客观理由。垫付责任已被《侵权责任法》确立为一种侵权责任,而财政垫付则有别于传统的财政支出行为,财政垫付责任可以视为财政支出行为与侵权责任发生的竞合。财政垫付将有力促进突发事件造成损害的填平,理论上属于社会救助体系中专项救助的范畴。     

金融支持与战略性新兴产业发展研究:一个文献综述

建立良好的金融支持体系,充分发挥金融的支持功能,是实现战略性新兴产业快速发展的重要保障。现有研究对于金融支持战略性新兴产业发展的作用机理、战略性新兴产业发展的金融支持模式选择、战略性新兴产业发展的金融支持风险、金融创新与战略性新兴产业发展等问题进行了探索。     

金融中介与金融市场的互动发展:功能深化与发展趋势

金融市场与金融机构作为实现金融功能的载体,在金融体系的动态发展过程中实现了功能的互补与深化。各国金融实践在不同经济制度背景、不同经济发展阶段表现出不同的融资结构特征,但从金融产品创新、不同产业融资特性以及风险管理角度看,金融中介与金融市场的互补性显著;从发展趋势上看,金融中介的发展越来越离不开市场化业务方式,而金融市场交易的完成有赖于各种金融中介机构的沟通。     

中国资本账户开放的条件分析

根据蒙代尔的国际货币体系中三角难题理论,资本账户开放的前提必须取舍汇率的稳定性和货币政策的独立性。国际短期资本具有流动迅速性和易受心理预期影响的特性,国际投机资本的非正常流动是各国资本账户开放后产生危机的根源。泰国资本账户开放的实例表明中国资本账户开放必须具备五个条件：稳定的经济基础、合理的汇率机制、利率的市场化、完善的金融监管体系和国内资本市场的发展和壮大。     

目前积极财政政策不能淡出

多数人基于积极财政政策的风险和其它负面效应而持反对观点。但对国债余额占GDP比重的实证分析得出一般的财政风险论并不成立。积极财政政策产生不可或缺的作用 ,不宜在当前退出。     

金融发展与家庭金融资产投资:基于中国数据的分析

文章使用中国2000-2011年的季度数据,运用动态最小二乘(DOLS)和误差修正模型(ECM),检验了金融发展与家庭金融资产投资之间的长期和短期动态关系.结果表明,在金融发展和资产收益率之间不存在明显的分工,金融发展无论是在短期和长期都会影响家庭投资组合的动态变化,其中,无论在短期和长期,股票市场发展在家庭存款和股票资产之间都产生了较强的替代效应.     

Financial Stability and the Hemianopsia of Monetary Policy

Financial stability concerns cannot be separated from macroeconomic objectives of monetary policy. Stimulative monetary policy works by creating financial conditions that could lead to instability in markets that could, in turn, engender deflationary pressures. Although the Federal Reserve Act does not explicitly mention financial stability as an FOMC objective, it is fundamentally bound together with the achievement of the explicit goals of maximum employment and price stability.