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朝鲜：借货币改革给职工涨薪百倍 朝鲜进行货币改革后，表示将用新币按原先数额支付企业员工的工资。这实际等于将员工薪水上调100倍，因为旧币兑换新币的比例为100比1，货币升值100倍。     

虚拟货币法律关系分析

虚拟货币发行人与消费者之间的合同关系确立了两个法律关系：其一是使用虚拟货币作为支付结算工具的合同关系：其二是以现实货币购买虚拟货币的合同关系。禁止消费者对虚拟货币的转让、回赎，出现了一个两难境地。在一定程度上可以打击利用网络游戏开展赌博的行为，相反却对消费者权益的保护不利，必须在两者之间寻找一种平衡。     

Q币征税：数十亿虚拟货币合法路径

互联网的快速发展,网上代用货币日渐受到重视,由于这些虚拟世界的财产和权益可以通过像Q币这样的虚拟货币与现实货币兑换,使虚拟财产具有了和现实实物财产一样的价值。     

比特币之梦

最初，比特币仅仅在网络上流通，可以购买一些虚拟道具；现在，比特币可以兑换成多个国家的真实货币，这一质变引起了全世界的关注。比特币激起了自由主义者的热情，拥护者认为比特币在日后可以替代实际货币，摆脱中央银行的操控，而且可以形成一个“财政民主化”环境，摆脱政治的控制。     

网络虚拟货币对金融市场影响分析

本文认为,随着互联网的高速发展,网络虚拟货币日益走入人们的日常生活。虽然当前网络虚拟货币还不能顺利地在金融市场上自由流通,但网络虚拟货币已经一定程度上具备了现实货币的作用,甚至可以按一定比例与现实货币交换,这种现象如果不加以引导和规范,势必会引起金融市场的不稳定,甚至会对国家经济产生冲击,值得人们高度警惕。     

基于风险的网络虚拟货币交易规范化探讨

互联网构筑的虚拟世界正不断影响现实生活。值得关注的是,在网络中流通的虚拟货币正成为虚拟世界中盛行的交易手段。但是,由于缺乏必要的法律保障和经济保证、监管缺失、缺乏统一支付平台等原因,虚拟货币交易引发法律风险、持有风险、执业风险、兑换风险、贬值风险等。本文对虚拟货币交易风险的种类进行了分析,对其风险形成的原因进行了探讨,对虚拟货币交易在范围规范化、执业规范化、流转规范化、业务规范化、监管规范化等亟待解决的问题,提出了应采取的措施。     

网络虚拟货币对金融市场影响分析

本文认为,随着互联网的高速发展,网络虚拟货币日益走入人们的日常生活。虽然当前网络虚拟货币还不能顺利地在金融市场上自由流通,但网络虚拟货币已经一定程度上具备了现实货币的作用,甚至可以按一定比例与现实货币交换,这种现象如果不加以引导和规范,势必会引起金融市场的不稳定,甚至会对国家经济产生冲击,值得人们高度警惕。     

关于网络虚拟货币交易税收问题的探讨

随着互联网的飞速发展，网络游戏产业在网络经济中日益壮大。本文在探究虚拟货币特征的基础上，分析虚拟货币交易的税务问题，为今后虚拟货币交易的税收管理提供启示。     

网络虚拟货币特征及其对金融系统的潜在风险冲击

网络虚拟货币,是为了销售虚拟商品和服务而产生的一种代用币,随着电子商务和网络游戏产业的发展,其交易规模正不断扩大。文章从货币职能角度出发,比较网络虚拟货币与电子货币的差异,得出网络虚拟货币的本质特征,即它具有商品属性和货币属性的双重性质,其具有商品属性不断弱化、货币属性不断强化的趋势。同时揭示了网络虚拟货币的发展对金融系统可能产生的冲击,并提出对应的监管对策。     

虚拟货币对现实金融影响的分析

随着互联网应用的快速发展,虚拟货币逐步走入人们的日常生活,它在网络金融交易中扮演着重要的角色,同时对现实的金融市场形成了不小的冲击。文章从虚拟货币的特点出发,分析了我国虚拟货币对现实金融的影响,并对虚拟货币的管制提出了若干建议。     

On the Evolution of Money and its Implications for Price Stability

This review identifies in the literature three distinct conceptual frameworks for analysing money, in which the means of settlement is provided by (i) a special commodity used in exchange, (ii) all generally accepted media of exchange including some bank deposits, and (iii) a book‐keeping system recording changes in ownership of financial assets within a pure credit economy. All three sections consider the implications for monetary policy aimed at maintaining price stability. The paper concludes that future theoretical developments are likely to take place within finance theory rather than being based on the quantity theory of money.     

流动性过剩：基于货币供给决定机制的解析

货币政策的多任务性影响着我国货币供给形成过程,基础货币调整与货币乘数变动同时出现失衡,从而导致资金流动性过剩。采用发行融资债券调节基础货币的非常规策略不能持久,抑止对外净资产过快上升的成本越来越高。现金存款比率和准备金存款比率持续下降而准货币存款比率却变化不大,从而导致我国货币乘数持续上升。货币当局的资产结构和公众的资产偏好分别影响着基础货币和货币乘数,是导致资金流动性过剩的根源,而消除流动性过剩也须借助转变货币当局资产结构和公众资产偏好来实现。     

引进外资对我国货币流通速度的影响

本研究引进外资对我国货币流通速度的影响。外资的流入大大促进了我国的出口，同时也使货币当局的对外资产迅速增加，造成潜在的货币供给压力，使利率处于较低的水平，从而使货币需求成本低下，货币流通速度下降。     

Adaptive learning and monetary exchange

This paper investigates three classic questions in monetary theory: How can an intrinsically worthless asset, such as fiat money, maintain value as a medium of exchange? What are the short-run and long-run effects of a change in the money supply? What is the social cost of inflation? I answer these questions using a microfounded model of monetary exchange that replaces the rational expectations assumption with an adaptive learning rule. First, I show that monetary exchange is a robust arrangement in the sense that agents are able to learn the stationary monetary equilibrium while the non-monetary equilibrium is unstable under learning. Second, an unanticipated monetary injection has real effects in the short-run because learning the value of money takes time. In the long run, agents successfully learn the value of money, hence money is neutral. Third, under a constant money growth policy, an increase in the growth rate of money increases output in the short-run producing a short-run Phillips curve. A ten percent increase in the money growth rate has a social cost of 0.41 percent of output per year. Alternatively, a ten percent decrease in the money growth rate has a social benefit of 0.37 percent of output per year.     

Money and production: A stochastic frontier approach

Considerable controversy surrounds the role of money in the production of goods and services. Previous empirical research has appeared to find that the real money stock affects aggregate output, holding other, more conventional inputs constant. However, the theoretical literature offers no convincing explanation for this empirical finding. One interpretation is that real money balances reduce the extent to which labor and capital are diverted into exchange-related activities instead of being used in production defined in a more narrow sense. To investigate this hypothesis, we estimate a production function augmented with real money balances as an input, using time-series data for the aggregate U.S. economy. A stochastic production frontier is then estimated without real money balances. We use these estimates to establish the presence of technical inefficiency. Finally, we show that the extent of technical inefficiency is negatively correlated with the real money stock. Our results provide a reconciliation between the empirical literature, which finds that real money balances affect output in a production function framework, and the theoretical literature, which suggests that real money balances enhance the technical efficiency of the economy.     

Divisia加权货币供应量作为货币政策中介目标有效性研究——基于LSTAR模型的实证分析

本文在货币需求函数稳健性为货币政策中介目标有效性标准的假设基础上,结合货币政策传导过程中的非对称性,构建具有非对称性的LSTAR模型。货币政策中介目标的选择有不同统计口径的货币供应量,采用M1、M2和Divisia加权M1、M2时,货币需求函数稳健性具有差异性;利用构建的LSTAR模型,使用M1、M2和测算Divisa加权M1、M2对相应LSTAR模型进行实证分析,发现Divisa加权的货币供应量作为货币政策中介目标比不加权的更为有效,而就货币供应量层次分析,Divisa加权的M2比M1更有效。     

对中国通货膨胀的实证研究——从一般到特殊的建模方法

本文采用从一般到特殊的建模方法,利用PcGets软件,实证考察了1994~2009年中国通货膨胀与货币供应、产出缺口、汇率和国际原油价格之间的联系。研究表明,通货膨胀和货币供应之间存在长期稳定的正相关关系,但通货膨胀并不完全是货币现象。除货币供应外,还有其他更多重要变量共同决定通货膨胀的变化。产出缺口与通货膨胀之间存在显著关系,因而不能忽视汇率因素对通货膨胀的影响等。     

资金时间价值实质的再认识

资金时间价值理论是经济学科和财务管理学科非常重要的理论,对其研究具有重要的现实意义。我们不仅要客观上认识资金时间价值的存在,还需要对其实质进行深入的研究。只有清晰理解资金时间价值的实质,才能更好地为现代企业财务决策提供依据。     

The Private Finance Initiative: Has the Accounting Standards Board Reduced the Scheme's Value for Money?

This article examines the state of PFI in the UK following an amendment published by the ASB to FRS 5. It was predicted that this amendment would mean that most properties constructed by the private sector, on behalf of the public sector, would have suddenly to appear on the balance sheets of the latter. This would have led to an unacceptable level of public sector borrowing and could have undermined the entire rationale for the scheme. Having outlined the objectives of PFI and explained the attitude adopted by the ASB, the article examines the reaction of HM Treasury. The article then demonstrates the likely consequences of the main parties in PFI contracts passing on as much risk as possible to the private sector so as to ensure that the assets remain off balance sheet. It concludes by assessing the expected impact that these actions will have on value for money.     

Market Standards for Money

The power of governments to debauch currencies for political ends has long been condemned by market economists. Monetarists have argued that the government should restrain its production of money; Professor Hayek contended in 1976 that monetary continence would succumb to political pressures and argued for national currencies to be replaced by competing private monies. Here he refines this thinking and suggests that a private 'store of value'—the standard—would be more likely to overcome the political obstruction to the wholesale denationalisation of currencies, but would be immune from use as a political tool by the state.