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This article finds evidence of return cross-predictability among trading partners in international financial markets. We show that the predictability of international customers dominates the predictability of domestic customers, and the predictability of international intra-industry customers dominates the predictability of international inter-industry customers. This return cross-predictability decreases with two country characteristics: financial sophistication and size. 相似文献
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Gerhard Maier 《Intereconomics》1986,21(4):170-175
The appearance of the international financial markets is changing rapidly; new instruments are constantly being hatched and marketed, often with considerable success. However, the ingenuity of the markets does not always meet with applause; the banking supervisory authorities and central banks view the rapid pace of innovation with concern and the banking community also displays occasional unease. On balance, do the positive aspects outweigh the negative ones? 相似文献
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The impact of sovereign wealth funds on global financial markets 总被引:1,自引:0,他引:1
If sovereign wealth funds act similarly to private investors and thus allocate foreign assets according to market capitalisation
rather than liquidity considerations, official portfolios reduce their “bias” towards the major reserve currencies — the US
dollar and the euro. As a result, more capital flows “downhill“ from rich to less wealthy economies. In this scenario, the
euro area and the United States would be subject to net capital outflows while Japan and the emerging markets would attract
net capital inflows. The potential implications of a rebalancing of international capital flows for stock prices, interest
rates and exchange rates remain uncertain, however.
The authors wish to thank Marcel Fratzscher for excellents comments. The views expressed in this paper are those of the authors
and do not necessarily reflect those of the European Central Bank. 相似文献
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Beate Reszat 《Intereconomics》1997,32(5):211-219
In its annual report, published in June, the Bank for International Settlements (BIS) warned of increasing systemic risk in international financial markets. Competitive pressures will intensify in the years to come and financial institutions and regulators around the world appear ill-prepared to cope with the resulting challenges. The pressures are expected to grow for three reasons above all: the prospective “Big Bang” of the Japanese financial system, a further erosion of the Glass-Steagall restrictions in the United States and the preparations of financial institutions in Europe to position themselves for the introduction of the euro.1 相似文献
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本文选取国际储备对国内生产总值的比率、国际储备与进口的比率以及国际储备对短期外债的比率三项指标,论证了主要新兴市场都采取了大量囤积国际储备的模式.但是当金融危机发生时,他们对国际储备的使用呈现了两种不同的方式:一种是大量减持国际储备;另一种是保持国际储备规模基本稳定.国际储备变动方式的不同反映了囤积国际储备的不同动机.大量减持的国家是为了发挥储备的自我保险作用,而保持储备基本稳定的主要动机包括提升国家信用和经济实力、综合考虑下的谨慎使用以及重商主义动机. 相似文献
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当前,如何在香港建立人民币离岸金融中心的问题,成为同时牵动内地与香港金融界的一个重要问题。在“更紧密经贸安排(CEPA)”框架下,中央政府再次表示允许香港银行在港试办个人人民币业务,并同意在条 相似文献
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Yang-Chao Wang Jui-Jung Tsai Shushu Li Yiying Huang 《International Review of Finance》2023,23(3):502-523
Using the DCC-GARCH model, this study considers distinctive features of China's foreign exchange market to investigate the impacts of RMB internationalization on exchange rates in onshore and offshore markets in different stages during 2010–2017. The results show that policies concerning RMB internationalization, such as interest rate liberalization, exchange rate liberalization, and capital market internationalization, have different impacts on the central parity rate, onshore exchange rate, and offshore exchange rate. In terms of exchange rate liberalization, as the daily trading band was gradually widened in 2012–2015, the onshore exchange rate followed the offshore exchange rate more closely. The central parity rate functioned as a managed floating role. It stabilized onshore and offshore exchange rate fluctuations, while allowing partial marketization. After the exchange rate reform on August 11, 2015, the central parity rate plays a benchmark role based on a more market-oriented price formation mechanism. It makes the central parity rate regain pricing power in onshore and offshore markets. Further, it promotes exchange rate liberalization and RMB internationalization. Nevertheless, with the slowdown of China's economic growth and the narrowing of the interest rate differential between China and the US, the RMB is under pressure to depreciate, and its volatility increases significantly. 相似文献
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Jesse Arman 《The Service Industries Journal》2013,33(8):1393-1409
This paper examines the impact of three of the main financial planning designations on financial planner income. This study uses a sample of over 1800 financial planners including those with the Certified Financial Planner (CFP®), Chartered Financial Consultant (ChFC), Personal Financial Specialist (PFS), and no designation. The study results indicate that the CFP® designation is associated with a significant increase in income when compared with planners with no designation or holding the other designations cited. The researchers find no significant impact on earnings of the ChFC designation or the PFS designation. It is also found that the impact of the CFP® designation is greater for those planners relying on performance-based earnings rather than salary-based earnings. 相似文献
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《The Columbia journal of world business》1996,31(3):34-48
This paper investigates recent trends in counterfeiting in the international marketplace. The primary objectives of this paper are to provide the international manager with (1) an overview of the legal framework that governs the protection of intellectual property rights, primarily against pirates; (2) a review of different anti-counterfeiting strategies; and (3) a summary of distinct labeling techniques used to distinguish between the “real” versus “fake” good. 相似文献
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This paper investigates the effects of macroeconomic policy announcements on financial markets in three Central European economies: Czechia, Hungary, and Poland (CE–3). We focus on the unprecedented stabilisation policies implemented from March to December 2020 during the COVID-19 pandemic, including unconventional monetary measures and large stimulus programs. Detailed categories of monetary and fiscal measures are introduced into vector autoregressions with exogenous regressors and dynamic conditional correlations, which we estimate using daily data. This allows us to control for policy spillovers from abroad, as well as global risk factors and pandemic-related variables. We find that, in general, macroeconomic policy measures implemented in the CE–3 countries played an important role in stabilising financial markets during the pandemic. We uncover several notable patterns in the reaction of markets to anti-crisis measures across the region. The impact of the monetary policy announcements on 10-year sovereign bond yields was more substantial than on stock market returns and exchange rate returns. The communication of the unconventional tools proved effective in lowering the bond yields. Interestingly, we document that the effects of non-standard measures for some variables, such as the exchange rate, can be qualitatively different from those resulting from a conventional monetary expansion. Even though the domestic monetary events became more important than the fiscal ones, the latter proved relevant for financial market returns, especially when large-scale immediate fiscal measures and tax deferrals were introduced. We also show that the CE–3 economies were subject to the cross-border transmission of policy announcement effects from the Euro Area and the US, although the magnitude of these effects was smaller than expected and varied across the CE–3 countries. 相似文献
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从2003年3月20日开战到2003年4月中旬,萨达姆政权瓦解,美伊战争迅速走向终结,事实证明这是一场缺乏悬念的短期局部战争。然而,在世界经济领域,美伊战争的影响正在逐渐显现。短期而言,战争结局对世界经济的动态影响有限,不会改变各主要经济体 相似文献
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Maximiliano González 《Thunderbird国际商业评论》2007,49(1):141-148
Harvey Arbeláez and Reid Click. 2005. Latin American Financial Markets: Developments in Financial Innovations (Vol. 5). Amsterdam: Elsevier JAI. 445 pages. ISBN: 0‐7623‐1163‐0. 相似文献
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张学琴 《中国对外贸易(英文版)》2011,(10)
随着我国企业改革的不断深入,企业财务管理呈现出一些突出的问题,制约着企业的健康快速发展.新形势下,企业应通过重新定位内部审计的职能和作用,强化企业内部审计,提高财务管理水平.本文就内部审计对企业财务管理的影响谈几点粗浅认识. 相似文献
16.
我们对国际金融危机的预测是失误的,解读是失误的,教训的吸取也是失误的。本文指出,经济危机并非只和资本主义制度相伴随,只要存在三个必备条件,就会周期性地出现经济危机。尽管经济危机必不可免,但它具有三重革命性作用。中国应对国际金融危机为国际社会作出了重大贡献,但中国式的应对定会产生许多中国式的问题和困难。 相似文献
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This paper discusses the nature of financial business relationships by drawing on the IMP Group’s theory of industrial relationships.
It discusses, among other aspects, the interaction process between banks and their corporate clients, the longevity of relationships,
the interdependence between both sides, and the atmosphere of financial services relationships. The conclusions are thought
to be interesting and useful for the managers of firms and financial services when setting relationship marketing policies
and for academic research on business-to-business services relationships. The field research was done in Portugal and the
case method was used.
相似文献
Luís M. de CastroEmail: |
18.
This study explores the impact of corporate governance on financial control by studying manufacture industry. Results show
that factors such as the percentage of shares held by the controlling shareholder, independent directors system, and the degree
of activeness of the board of directors all have marked influences on financial control. Suggestions for financial management
improvement are also discussed. 相似文献
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