Global Financial Crisis： Systemic Failure and the Underlying Knowledge Gap

Recently, global financial crisis or meltdown rocked the international financial market. This havoc was the result of the reckless use of financial derivatives that received spontaneous patronization from the financial whiz, but it is strange to discover that those proponents of market economy embarked on policy that was purely Keynesian in principle. The episode started in August 2007 with the collapse of subprime mortgage market and reached its climax during August 2008. Central banks in many countries of the western world intervened in the market to pump additional fund to give buoyancy in the credit market. The crisis encapsulated with the queer idea of financial instruments and multiple origins related to subprime mortgage left its trail in both developed and developing countries. Thus, an elaborate analysis of the causal link among various innovative instruments highlighting a mismatch between academic doctrine and real-life perspective and the inadequacy of the institutional arrangements supposed to tame the volatility of the market may be a useful guide to financial analysts and policy planners. The purpose of this paper is to highlight systemic gaps in the meltdown and redefine the contour of macroeconomics most appropriate to weather such catastrophe in the future.     

The Role of Comprehensive Income as Financial Performance Predictor： Panel Evidence From Italy

The aim of this study is to investigate whether the comprehensive income （CI） and its individual components are useful in assessing the future cash flows for Italian listed companies. In addition, we verify whether the recent requirement of International Accounting Standard （IAS） 1 （r2011） of providing the other comprehensive income （OCI） separates in two sub-totals （recycling and non-recycling items groups） is useful to explain the expected cash flows. We consider a sample of 121 Italian non-financial companies listed on the Italian Stock Exchange for the testing period of 2008-2011, employing a fixed-effect regression model, and we test the relationship between the changes in the variables considered and not the relative absolute value reducing, in this way, the risk of not grasping a report if the independent variable and the response variable do not have the same sign. Our results stress that CI and the two new sub-aggregates are not relevant to explain future cash flows, while net income （NI） and OC1 as a whole seem to be more relevant to make explicit the future financial position. The study contributes, as a sort of post-implementation review, to the current debate on the ability of Cl to predict the future cash flows and on the real usefulness of the CI and the sub-aggregate identified by the IAS 1 revised as well.     

Oil Crisis,Market Reforms,and Human Welfare： An Econometric Analysis of the Australian Economy

As an active trader in international crude oil and petroleum product markets, Australia＇s human welfare is affected by oil crisis and contagion from the perspectives of economic growth, income inequality, and environmental sustainability. This paper investigates the impacts of oil price shocks upon Australia＇s gross domestic product （GDP） growth, Gini coefficients, and carbon dioxide emissions per capita from 1970 to 2012 with yearly frequency. Hypotheses concerning whether Australia＇s economic immunity against oil crisis is affected after the deregulation of oil market and whether endogenous oil price shocks account for more variations in human welfare than exogenous oil price shocks are tested. The methodologies include a theoretic model and a series of econometric tests. For the short-run dynamics, oil price is integrated into the model both linearly and non-linearly. Oil price shocks are categorized into exogenous and endogenous shocks. The conclusions are that inflated oil prices exert mainly non-linear negative impacts upon human welfare indicators and exogenous shocks induce endogenous shocks through labor price, Consumer Price Index （CPI）, interest rate, and exchange rate. For the long-run equilibrium, non-linear shocks＇ effects decay more slowly than linear shocks and the impacts of endogenous shocks last longer than that of exogenous shocks. Finally, oil market policies are evaluated and proposed.     

金融稳定概念界定、影响因素及对经济的影响研究述评

<正>全球范围的调查显示,全球影子银行业务量已达67万亿美元,比早前预计的高出6万亿美元,引起全球金融监管者的重视,也体现了金融市场不稳定特征。同样,自从我国加入世界贸易组织以后,金融体系面临巨大的挑战和新的风险,维护金融稳定已经成为促进经济增长的关键因     

许小年：钱多惹的祸

这场金融危机的总源头是美联储,始作俑者是艾伦·格林斯潘(Alan Greenspan)。中欧国际工商学院经济学与金融学教授许小年毫不客气地说,次贷来源于‘9·11'之后,美联储把过低的利率保持了过长的时间。所以今天格林斯潘说‘美国碰上了百年不遇的金融危机'。但这是为什么?这是因为美国有一个百年不遇的美联储主席,就是您本人。     

Global Financial Crisis and Accounting Rules： The Implications of the New Exposure Draft （ED） Financial Instruments： Expected Credit Losses on the Evaluation of Banking Company Loans

During the financial crisis, the delayed recognition of credit losses on loans and other financial instruments was identified as a weakness in existing incurred loss model of impairment stated by International Accounting Standards （IAS） 39, because it is believed that this delay might generate pro-cyclical effects. In response to the recommendations of G20, Financial Crisis Advisory Group （FCAG）, and other international bodies, the International Accounting Standards Board （IASB） has undertaken, since 2009, as a part of the project to replace IAS 39, a project （partially shared with Financial Accounting Standards Board （FASB）） aimed at introducing an expected loss model of impairment. Within the scope of this subset project, the IASB has previously issued two exposure documents proposing models to account for expected credit losses： an exposure draft （ED） Financial Instrument： Amortized Cost and Impairment, published in November 2009, and a supplementary document （SD） Financial Instrument： Impairment, published jointly with the FASB in January 2011. However, neither of the two proposals received strong support from interested parties. Recently, the IASB, after the FASB＇s decision to withdraw from the joint project and to develop a separate expected credit loss model based on a single measurement approach consisting in the sole recognition of lifetime expected credit losses, published a third proposal--Ahe so-called expected credit losses model （ED/2013/3 Financial Instruments： Expected Credit Losses）.     

中小企业度过当前危机的研究与建议

当前,我国经济的发展正处在一个十分关键的时期。经济长期持续快速增长所积累的体制性、结构性矛盾到了集中爆发阶段,同时又恰逢国际金融市场动荡,金融危机对实体经济的影响日趋明显。2008年国内还接连发生冰冻灾害和特大地震灾害,给经济发展带来更多不确定因素。国内外环境的变化使得企业生产成本提高,市场环境恶化,各方面压力和挑战不容低估。因此,一定要按照中央保增长、扩内需、调结构的要求,充分认识2009年经济发展的严峻性和复杂性,积极应对挑战,保持经济发展的好势头。     

Usefulness and Effectiveness of Related Party Transactions （RPTs） Disclosure： Empirical Evidence From Italy

Related party transactions （RPTs） can be used by corporate insiders （e.g., managers, controlling shareholders） to expropriate corporate outsiders （e.g., minority shareholders）. We argue that effective disclosure of RPTs can eliminate or at least reduce expropriation phenomena by letting corporate outsiders assess the fairness of the transactions and identify the underlying conflicts of interest. We consider a sample of large RPTs carried out by listed corporations in Italy, a country that has been affected by significant corporate scandals in recent years. In particular, we analyse the content of several compulsory informative documents, required by CONSOB （the Italian Securities and Exchange Commission）, concerning large RPTs. The focus of our content analysis is on the ＂warnings＂ sections of these documents that should convey clear and comprehensive information on potential risks and conflicts of interest. Our empirical results show that, while the ＂warnings＂ sections of the studied documents generally contain all the information required by existing rules, the depth of the information provided is often unlikely to be sufficient to communicate the implications of the RPTs. Thus, readers may not find the disclosed information adequate to evaluate the fairness of the transactions. Moreover, visual representations are rarely used in the informative documents. The use of such representations could allow companies to convey the structures and features of complex RPTs in a simpler and more direct way.     

王珺说：广东经济转型经验有普遍意义

广东经济学会会长、中山大学经济学教授王瑁表示,近五年,基于内在发展的需求,广东开始由轻型化向重型化转型,这种转型不仅符合经济发展客观规律,同时对国内其他地区的发展具有启示作用。（一）未雨绸缪布局重化工业。上世纪90年代初,广东经济模式以“轻型、外向、高效”著称,并以此引领中国经济发展。但1997年以后,国内经济环境发生了变化,轻型工业开始由卖方市场向买方市场转变,广东顺应市场变化,率先启动了重工业化战略。自2002年以来,广东在粤西、粤北等相对落后地区基本完成了汽车、能源、钢铁等重型项目布局,这种未雨绸缪的做法,保证了广东的可持续发展。（二）“双轮驱动”确保高质量发展。近年,广东在大力发展新型重化工业同时,能耗、污染等指标为何能够不升反降呢？这固然得益于新型重化工业之“新”,也得益于第三产业的高速发展,广东目前已形成了第二、第三两大产业“双轮驱动”增长效应。（三）对其他地区发展具启示作用。从轻型化到新型重工业化,由产品终端向上游延伸,这不仅是广东经济发展的内在需求,也是符合经济发展客观规律的。在目前中国全面进入工业化的阶段,广东率先进行的这种转型,是为全国探路,对国内其他地区的发展具有启示作用。     

完善金融市场体系 支持实体经济发展

正党的十八届三中全会《决定》将完善金融市场体系作为全面深化改革的重要内容之一,强调扩大金融业对内对外开放,在加强监管前提下,允许具备条件的民间资本依法发起设立中小型银行等金融机构;推进政策性金融机构改革;发展普惠金融;鼓励金融创新,丰富金融市场层次和产品。这为完善金融市场体系,促进金融支持实体经济发展、缓解中小企业融资难等指明了方向。一、存在的主要问题(一)金融体系自身1.存在进入障碍,具有垄断性特征。在市场经济快速发展的过程中,     

The Perception of Small- and Medium-Sized Enterprises （SMEs） on the Importance of a Proper Accounting System： Malaysian Evidence

This paper examines the relationship between small- and medium-sized enterprises＇ （SMEs） entrepreneurs＇ perceptions towards a proper accounting system with the level of accounting staff recruited, preparation of final accounts, meetings with accounting staff, and entrepreneurs＇ ranking of accounting according to their priority. The methodology used to gather the data is survey questionnaire. It has been distributed to SMEs based on simple random sampling method. Three hundred businesses were selected from the total of 3,390 businesses listed in Kuala Lumpur, Malaysia area obtained from Small and Medium Industries Development Corporation （SMIDEC） website and a few random selected from Ampang and Cheras areas. Regression analysis has been used to analyze the data. The results of the study reveal that there was a significant relation between SMEs entrepreneurs＇ perceptions on the importance of a good accounting system and the level of professional accounting staff recruited. Furthermore, findings of this study also found that there was an insignificant relationship between SMEs entrepreneurs＇ perceptions on the importance of a good accounting system and preparation of final accounts of the company and frequency of meetings with accounting staff.     

辜胜阻：改善法治环境促进民营经济发展

民营企业特别是小微企业现在是创新的重要力量,它是实体经济的坚实基础。但是,民营企业也是在夹缝中生存的企业,现在中国民营企业的平均寿命只有2．9年到3年,它们不仅融资难,还存在融资贵的问题,因此生存发展不是很乐观。现在有不少民营企业家往海外移民,原因是觉得企业的生存环境不理想,对未来没有信心：另外就是企业发展面临瓶颈,出于资产安全、分散风险的考虑,他们在往外走。要想民营企业家留下来,营造良好的法治环境非常关键。     

抓牢实体经济 营造良好发展环境

中央经济工作会议强调,要牢牢把握发展经济实体这一坚实基础,努力营造鼓励脚踏实地、勤劳创业、实业致富的社会氛围。这是中央针对复杂严峻的国际国内经济新形势作出的科学判断和战略部署,对2012年经济工作稳中求进发展具有重要意义,也为下一阶段如何发展实体经济指明了方向。