Micro and macroeconomic effects of financial innovation in a domestic and international perspective

This paper is focused on the rise and the fall of structured finance, derivatives, and asset-backed securities. Special focus is made on the attempts of the banking sector to improve the economic performance, particularly the ROE, by creating, acquiring, and selling derivatives. The possible outcome of public intervention to rescue the financial sector is finally discussed. V. Coppola supported the research in collecting and elaborating data.     

Industrial development environment and innovation efficiency of high-tech industry: analysis based on the framework of innovation systems

This present paper studies the relationship between the industrial development environment (IDE) and the innovation efficiency (IE) of China’s high-tech industry. First, drawing upon insights from research on regional innovation systems and sectoral innovation systems, the paper proposes a definition of the IDE within which China’s high-tech industry exists. Then, by a factorial analysis, three main components reflecting the IDE are obtained: regional development conditions, regional consumption potential, and interactions between innovation actors. Furthermore, the impacts of various facets of the IDE on three kinds of IE are investigated through the DEA-Tobit regression approach. Based on the results, our analysis can provide information for policymakers to create a favourable environment for China’s high-tech industry.     

Embedding environmental innovation in local production systems: SME strategies,networking and industrial relations: evidence on innovation drivers in industrial districts

Technological innovation is a key factor for achieving better environmental performances. Its role is even more relevant in local productions system, where innovation density, knowledge spillovers and externalities are concentrated in a circumscribed territory. The paper exploits new data for a sample of manufacturing firms in Northern Italy. New evidence is provided by testing a set of hypotheses, concerning primarily the role of environmental‐devoted R&D, networking activities, quality/nature of industrial relations. The role played by environmental policy pressure, structural firm features and past firm performances is also investigated to account for more exogenous forces. We show that structural characteristics of the firm appear to matter less than R&D, induced policy costs and innovative‐oriented industrial relations. Environmental auditing schemes also show some relevant correlation to innovation adoptions. R&D efforts appear to be associated to networking activities, which substitute for size‐related economies of scale. Overall, endogenous factors driven by firm strategy or local idiosyncratic features matter more than exogenous and structural firm factors.     

信誉、财富与农村信贷配给——欠发达地区不同农村金融机构的供给行为研究

文章使用2006年云南、宁夏近800个农户家庭的调查数据,实证分析了欠发达地区不同农村金融机构的信贷供给行为.在区分农户的名义需求和有效需求的基础上,研究发现信用社和银行在发放贷款时偏向富有农户,民间借贷者没有这种偏向,因而其服务的覆盖面远远超过正式机构.两者都重视农户的信誉状况,但信用记录没有实现共享.这些行为的差异主要来源于各类金融机构之间信息成本和交易成本的差别.     

产业创新的理论综述与发展趋势

产业创新理论是创新理论的一个重要分支,包括产业创新和产业创新系统两大部分。本文阐述了国内外产业创新理论的研究现状,探索了产业创新理论的学科发展方向,并分析了我国产业创新的发展趋势。     

金融创新与金融监管和谐发展

金融创新是金融深化的突破口,金融监管作为一种管制手段对金融创新既有促进作用也有抑制作用。不同类型的金融创新对金融监管也提出了不同的要求。金融创新与金融监管在"博弈"互动过程中共同促进金融业发展。     

Excess price volatility and financial innovation

Summary. In a three-period finite exchange economy with incomplete financial markets and retrading, we study the effects of the degree of incompleteness and of changes in the financial structure on asset price volatility. In what are essentially no aggregate risk economies, asset price volatility is a sunspot-like phenomenon. If markets are completed by financial innovation, asset price volatility reduction is generic. With aggregate risk, changes in the financial structure affect asset price volatility through a pecuniary externality. Financial innovation which decreases equilibrium price volatility can be crafted under conditions of sufficient market incompleteness. Numerical examples illustrate the role of risk aversion for volatility changes and show that, with or without aggregate risk, reducing the degree of incompleteness per se is not necessarily associated with a volatility reduction.Received: 10 October 2003, Revised: 3 June 2004, JEL Classification Numbers: C60, D52, G10. Correspondence to: Alessandro CitannaThis research project stems from and expands previous work circulated as Financial innovation and price volatility, GSIA Working Paper #1996-E30 and Controlling price volatility through financial innovation, Kellogg Working Paper #2002-1338. We thank Herakles Polemarchakis and Chris Telmer for their comments. We are grateful to an anonymous referee for careful reviews of earlier versions. The first author thanks also GSIA - Carnegie Mellon University for the kind hospitality during Fall 2002, when part of this project was completed.     

铜陵市产业投资基金发展研究

推动铜陵工业转型升级的一个重要路径是发展产业金融,通过产融结合,快速高效地推进产业转型升级。产业金融是更高层次的发展平台,铜陵市是一个高度工业化的城市,具备推动产业资本与金融资本融合的基础条件。产业投资基金是产融结合的主要形式,目前国内的产业投资基金主要有市场化专业投资机构主导的股权投资基金、政府主导促进特定产业发展的基金、政府与市场化投资机构合作基金三种类型。针对铜陵的实际情况,铜陵市应选择政府导向型基金模式。从组织方式看,契约性产业投资基金更适合铜陵市。从基金形式方面看,伞形基金的模式是一个好的选择。     

物流金融业务运作模式分析

物流金融是国内近年来逐渐兴起的一种新型物流增值服务,它运用金融工具促使物流业产生价值增值,在我国很多省市已经得到迅猛发展。目前,我国越来越多的中小企业开始尝试通过物流金融产品获得银行的贷款授信以改善资金流,国内许多物流企业包括中国外运、中储、中远、中铁现代物流、宝供等多家企业也积极抓住这一有利时机,努力拓展业务。     

黑龙江省农村金融领域的信用风险及其防范

信用是市场经济的基础,也是市场经济的必然产物,因此,信用风险一旦发生就会对经济发展产生诸多不利影响,在金融领域的影响尤为严重。中国作为一个农业大国,农村金融领域发生信用风险就会严重地制约经济的总体发展水平。因此,从农村金融的角度,以黑龙江省为例,提出合理防范农村金融领域的信用风险,对黑龙江省整体县域经济发展具有重要意义。基于此,分析了农村金融领域信用风险产生的原因和对区域性农业经济发展的影响,提出了相应的风险防范措施.     

Design and rating of risk-contingent credit for balancing business and financial risks for Kenyan farmers

Weather-related agricultural risks and limited access to credit are serious impediments to agricultural productivity and growth in developing countries. This paper describes a novel insurance linked credit model piloted in Kenya, where insurance markets are effectively absent, and farmers do not borrow because of the risk of losing their collateral. One of the challenges in deigning bundled credit products, in the absence of traded securities, is the actuarial pricing and risk rating of the insurance and the loan product. We develop a rainfall linked risk-contingent credit that transfers drought risk related perils from borrower to lender via insurance mechanism that provide a balance between business and credit risks for smallholder farmers. We describe the methodology used to design and rating of a risk-contingent structured operating agricultural credit instrument using CHIRPS rainfall data from 1981–2016 in Kenya. We illustrate the use of Monte Carlo methods to risk modelling that can be integrated within the general insurance and credit rating framework. The innovative design and methodology presented in this paper are as important as the product delivery mechanism and will be of interest to specialists in development economics and agricultural finance.     

缄默知识、产业集群及其技术创新

产业集群内部存在着显性知识和缄默知识两类知识。与显性知识相比;缄默知识是产业集群更重要的知识资源,是产业集群技术创新成功的一个不可或缺的变量;而产业集群有利于缄默知识的传播和扩散从而促进技术创新。     

产业政策创新促进山西经济持续发展

能源原材料定价方式的市场化及其相应的价格变化是2000以来山西经济发展水平相对上升的主要原因.这种经济增长方式既不具有可控性也不具有可持续性,因而,是非常脆弱的.在创新能力与资本积累都没有明显改善的条件下,依靠市场的力量来实现山西经济增长方式的调整是不现实的.在这种情况下,必须加强政府能动性的作用.     

高技术制造业的技术创新、产业升级与产业韧性

基于1997—2019年中国高技术制造业时序数据,在理论分析的基础上,运用最小二乘法、工具变量两阶段最小二乘法、中介效应和门槛效应模型对技术创新、产业升级如何影响产业韧性进行了实证研究。研究发现：技术创新对高技术制造业韧性具有正向效应,且对冲击韧性的正向效应更强;从中介效应角度,产业升级在技术创新对产业韧性的正向影响中发挥中介效应,存在技术创新通过推进产业升级,进而增强产业韧性的间接效应,且对断裂韧性发挥的中介效应强于冲击韧性;从门槛效应角度,产业韧性能够做为门槛变量,在技术创新、产业升级对产业韧性的促进作用中发挥门槛效应,高产业韧性水平下,技术创新、产业升级对产业韧性的正向促进作用增强。研究结论为高技术制造业增强产业韧性水平,推进制造强国建设提供政策启示。     

Risk allocation and uncertainty: some unpleasant outcomes of financial innovation

Financial innovation introduces the possibility of exchange on wider time-events sets. In this way, market incompleteness should be reduced with an overall advantage. The existence of this advantage also depends on other elements, like the degree of market competition, the level of information, and the presence of inefficiencies generated by moral hazard. One kind of behavior which has been widely common among banks consists in the reduction of risk taking in relation to credit activity. Credit risk tends to be covered through the packaging of credits into securities. This situation means that since the bank is not shouldering the risk, it does not invest in the acquisition of knowledge regarding the borrower, but only regarding his/her generic characteristics which are reflected in the evaluation of the assets in which the credits are packaged. Moreover, financial innovation was developed, in particular by investment banks, with non-standardized products, exchanged over-the-counter, and substantially lacking secondary markets. The greatest problems derive from the low liquidity of these products and from the uncertainty over their returns. This is why it would be good to stimulate the introduction of standardized products, whose risks are easy to determine, to be exchanged on organized markets, instead of complex products, which are substantially illiquid and exchanged over-the-counter.

Industrial Policy and Islamic Finance

Debates on industrial policy have typically focused on interventions in the ‘real’ sector to facilitate the transformation of a resources-based economy to one that is based on manufacturing. Although the financial sector has always figured strongly in these discussions, its development, or rather repression, is almost always considered in the context of serving the ‘real’ sector. In contrast, this paper contributes to the emerging literature on government policies to develop financial sectors into independent and internationally competitive sources of economic growth on their own right through an analysis of the development of Islamic finance in Malaysia. The paper argues that the emergence of Islamic finance in Malaysia, and the country's evolution into a key player of the sector in the global market, can be attributed to developmental efforts or industrial policies adopted by the government. The case of Islamic finance in Malaysia suggests the continuing relevance of industrial policy for developmental purposes. More importantly, it demonstrates that developing countries can chart a path towards services-led growth, the next frontier in economic development.     

优化产业结构，提升苏南地区的产业竞争力

产业结构的优化升级是增强产业竞争力的重要途径。苏南地区要实现经济长期可持续发展,必须在促进产业结构优化升级方面下工夫。本文对苏南地区产业发展现状进行了分析,指出了当前苏南产业发展中存在的问题。在此基础上,就如何解决存在的问题,进一步提升苏南地区产业竞争力提出了6个方面的建议。     

国内外金融创新进展及其在中国的发展趋势

当前中国金融市场进入了全面开放时期,国内外金融机构将在同一个市场环境和同一套监管规则下直接竞争。在新的竞争形势下,实体经济对金融服务的需求量正在迅速扩大,需求层次也在不断提高,金融创新将进入全新的发展时期。本文在对国内外金融创新现状做出全面分析和评价的基础上,从金融业务创新、金融体制改革的深化、资产证券化和证券投资机构化、衍生金融工具市场发展和混业经营等多个角度,探讨了中国金融创新的发展趋势。     

技术能力对产业创新的影响——以东方汽轮机厂为例

以东方汽轮机厂的产业创新实践为背景,着重分析了技术的原始积累对产业创新当期竞争优势的影响,以及企业的技术创新能力对产业创新后续发展的支撑作用,对其获取长期竞争优势具有重要的实践意义。     

Credit market imperfection,lack of entrepreneurship and capital outflow from a developing economy

This paper explores the impact of credit market imperfection on lack of demand for capital, trade, and capital flows in an economy with wealth heterogeneity. In particular, we look at the implications of wealth heterogeneity. We show that the low return of capital and lower output of credit-intensive output in autarky may reflect lack of entrepreneurship and demand for credit due to wealth heterogeneity and eventually may lead to capital outflow from a capital-scarce country. This is a different way of echoing the sentiment of the well–known Lucas paradox, which suggests that capital might flow from the poor to the rich countries. We also show the possibility of trade and capital flow being complements and not substitutes, as is usual in standard trade models driven by factor abundance.