关于我国金融风险问题研究述评

金融危机对于任何国家来说都是可怕的灾难,它肇始于美国地产业的次贷危机,且转变成经济危机,对全球经济形成严重冲击,给多国带来了大量的失业和政治动荡的危机。金融在现代经济建设的过程中对引导资源配置、调节经济运行、维护国家经济安全发挥着重要的作用,因此,国家对金融制度的改革和发展尤其重视和关注。     

A review of low-carbon city construction research in China

Based on the analysis on the global warming and environmental deterioration,low-carbon concept has received more and more attention from governments,experts and scholars at home and abroad.The British government first put forward the concept of low-carbon economy,and after that the Japanese government proposed the construction of low-carbon society.In our country,experts and scholars began to research on low-carbon city from 2007.This paper looks through the practical and theoretical studies on low-carbon city construction of the domestic experts and scholars.The current background of lowcarbon city construction is first introduced.To clarify fundamental connotation,characteristics and target of China’s low-carbon city is very important.Therefore,this paper summarizes the research progress of the low-carbon city construction from the necessity,the connotation and characteristics of target.Then,we should pay attention to choosing the right index,combining the region characteristics with the current development model and evaluation indexes system,to reflect and improve carbon emissions.Finally,the paper gives an overview of suggestions by experts and scholars on the construction of low carbon city.     

三家旗舰农村金融机构的比较研究

GB、BAAC、BRI-UD是三家旗舰农村金融机构。它们有取得成功的共同特点,又在经营目标、贷款技术、储蓄动员、组织结构、人员培训和激励机制等方面存在着差异。比较它们的运作模式,对我国农村金融机构的设计和发展有一定的借鉴意义。     

国际BOT项目融资财务模型分析

项目融资可分为无追索权项目融资和有限追索项目融资.无追索权项目融资是指贷款人对项目发起人无任何追索权,只能依靠项目所产生的收益作为还本付息的唯一来源.有限追索权项目融资是指项目发起人只承担有限的债务责任和义务.有限追索性一般表现在三个方面:     

河南省中小金融机构培育与发展问题研究

中小金融机构是我国金融体系的重要力量,它们的存在和发展有利于保持金融市场上的竞争与效率.中小金融机构能否正常经营和发展,直接关系到对中小企业及非国有经济金融服务的质量和数量.随着经济结构调整力度的加大,中小企业及非国有经济已成为推动河南省经济有效增长的重要力量.对河南省中小金融机构培育与发展问题做更深入的研究,对河南省经济持续快速健康发展,早日实现中原崛起具有深远的现实意义.     

金融：潜在的危机与必要的防范

全球金融局势动荡不安，从南美到美国再到亚洲，金融危机无处不在。阿根廷金融风暴，犹如推倒的多米诺骨牌，波及阿根廷、乌拉圭、巴西、智利等国家。美国9·11事件以后，股市暴跌，震动全球股市下跌，给美国经济雪上加霜。亚洲的经济大国日本的金融机构出现存款“大逃亡”，对     

长三角地区金融合作优势与前景探讨

长三角是一个地域概念,包括上海、江苏省的八个市(南京、苏州、扬州、镇江、泰州、无锡、常州、南通)和浙江省的七个市(杭州、宁波、湖州、嘉兴、舟山、绍兴、台州).     

河南省中小金融机构培育与发展问题研究

中小金融机构是我国金融体系的重要力量，它们的存在和发展有利于保持金融市场上的竞争与效率。中小金融机构能否正常经营和发展，直接关系到对中小企业及非国有经济金融服务的质量和数量。随着经济结构调整力度的加大。中小企业及非国有经济已成为推动河南省经济有效增长的重要力量。对河南省中小金融机构培育与发展问题做更深入的研究，对河南省经济持续快速健康发展，早日实现中原崛起具有深远的现实意义。     

A few observations on financial liberalization and financial instability

Recent studies have conjectured that there may be a link between financial liberalization (FL) and financial instability in emerging economies. Most of these studies, however, do not investigate whether emerging economies are, in fact, becoming structurally more vulnerable to currency and banking crises. In this paper, I argue that emerging economies are becoming more susceptible to both currency and banking crises after FL. Using data for 27 emerging economies—excluding transition economies—from 1973 to the present, a univariate analysis indicates that the likelihood of currency crises may increase with stronger reactions to financial variables than to real or external trade variables. Similarly, for banking crises, interest rate, exchange rate, maturity, and default may increase, while simultaneously the support structure of the government seems to decline.     

New directions in business cycle research and financial analysis

This paper serves as a partial introduction to and survey of the literature on Markov-switching models. We review the history of this class of models, describe their mathematical structure, and exposit the basic ideas behind estimation and inference. The paper also describes how the approach can be extended in a variety of directions, such as non-Gaussian distributions, time-varying transition probabilities, vector processes, state-space and GARCH models, and surveys recent methodological advances. The contributions of the other papers in this volume are reviewed. A final section offers conclusions and implications for policy. First Version Received: August 2001/Final Version Received: October 2001     

Factors for winning interface format battles: A review and synthesis of the literature

The literature on selection of interface formats is fragmented and does not provide an overall framework in which all relevant factors are included. Current frameworks are incomplete and focus on a subset of the total set of factors. In this paper we develop a more complete overview of factors based on the available literature. First, we perform an extensive literature study of 127 publications, resulting in 29 factors for format dominance. Second, we group the factors into five categories: characteristics of the format supporter, characteristics of the format, format support strategy, other stakeholders, and market characteristics. Third, we perform a meta-analysis and we specify the direction of each factor on format dominance. This results in a framework that facilitates assessing the chances that an interface format achieves dominance. We demonstrate that this framework is more complete than previous frameworks. The framework can be used by both researchers and practitioners to understand historical and current format battles as well as acceptance of formats without direct competitors.     

金融资产定价理论的历史回顾与展望

金融资产定价理论是金融学的核心问题，华尔街的两次“革命”都源自于对资产定价理论的研讨。通过对金融资产定价理论的历史文献回顾，可以把资产定价理论大致分为三个阶段：萌芽阶段、发展阶段和繁荣阶段。其中，萌芽阶段在20世纪50年代以前的时间段，发展阶段在20世纪50年代到70年代，繁荣阶段则在20世纪80年代以后到目前的时间段。最后对金融资产定价理论做出展望，指出现代数学方法的运用仍是资产定价理论向前发展的动力。     

Economic structural reform and China’s financial security

The authors believe that the financial operation based on the issuance of paper money in excess of economic capacity resulting from dependence on the state investment is the central manifestation of factors of China’s financial insecurity. The financial support for the economic reform, the financial reform and the impact of globalization constitute the major logic of its formation. The fundamentals to safeguard financial security lie in the persistence of the state’s comprehensive development strategy, so as to maintain long-term accumulation of the state’s net wealth and the stability of faith in markets. Translated from Jingji Lilun yu Jingji Guanli 经济理论与经济맜理 (Economic Theory and Business Management), 2006, (7): 5–12     

A review of economic research into determinants of divorce

"This paper reviews econometric work on the determinants of divorce. There is a fair degree of agreement over some of the key variables. It seems well-established that the effect of male wage rates is negative while the effect of female wage rates is positive. Nonetheless, controversy still rages over the effect of legal changes. Further work is needed on this. Viewed as a scientific research programme, the study of the determinants of divorce needs access to a wider range of populations. The databases at present are primarily U.S. sample surveys."     

The financial accelerator and the real economy: A small macroeconometric model for Norway with financial frictions

This paper studies the salient features of a core macro econometric model that allows for self-reinforcing co-movements between credit, asset prices and real economic activity. In contrast to the economic literature that cultivates highly stylized model representations aimed at illustrating the workings and the implications of such a feature, the model of this paper integrates two mutually reinforcing financial accelerator mechanisms within the framework of a fully-fledged core macroeconomic model. The impulse responses of such a model is in line with the ones typical of SVAR/DSGE models, though the amplitude of shocks is in most cases stronger than the ones pertaining to these kinds of models. This is due to the workings of the financial accelerators that contribute to magnify the effects of shocks to the economy. A forecast comparison undertaken between our model and an alternative macro econometric model without a financial block, suggests that financial feedback mechanisms may be forecast improving.     

Directed credit,financial development and financial structure: theory and evidence

The recent initiative of the RBI in reviving the policy of directed credit allocation in a period dominated by the neoliberal philosophy necessitates reconsideration of the role of policy-directed credit allocation process on financial development and financial structure of firms. Introducing certain policy parameters, the paper attempts to model how financial development-financial structure interlinkage is influenced by the liberalization policies of the government. The theoretical construct is empirically verified using both aggregated and disaggregated (firm-level) data comprising a panel of 932 Indian manufacturing firms. Findings reveal that following the liberalization measures in the early 1990s, there has been a structural shift in the debt–equity ratio of firms, with equity market activities assuming prominence over time. As regards financial development, it has been observed that the withdrawal of DFIs specialized in term-lending activities in the early 2000s led to a significant increase in the degree of financing constraints faced by the manufacturing firms. This contradicts the basic premise of financial liberalization. The paper argues that under certain conditions, government intervention in the form of directed credit programmes would not only act as an effective instrument in ushering financial development, but also provide important guidelines in ensuring sustainability of institutions.     

金融舆情理论国内外研究综述

通过"中国知网"数据库检索发现,截至2014年4月25日,篇名中包含"舆情"的各类文献有5 352篇,其中期刊文献有3 728篇;但是,包含"金融舆情"的各类文献仅有5篇。金融舆情研究的相关理论基础不仅限于舆情或金融舆情领域,与金融舆情研究主题相关的现有研究可以分为三类:第一类是舆情与舆情演化理论研究;第二类是金融舆情相关理论研究;第三类是社会舆论及其对投资市场的影响。     

Markets contagion during financial crisis: A regime-switching approach

Within a Markov regime-switching VAR framework, we investigate the contagion effects among the stock market, real estate market, credit default market, and energy market covering the most recent financial crisis period when markets experience regime shifts. The results demonstrate that the watershed of regimes occurs around the start of the subprime crisis in 2007, after which the “risky” regime dominates the evolution of market chaos. During the financial crisis, excluding their own shocks, stock market shock and oil price shock are the main driving forces behind the credit default market and stock market variations, respectively. The energy market also appears to be more responsive to the stock market movements than the shocks originating from housing and credit markets. However, the impacts from the credit default market on the real estate market are not significant as expected.     

混业经营：中国金融业的大趋势

由于我国金融监管技术及金融业自律行为的欠缺,长期以来,我国实行的是金融业分业 经营模式,银行不能经营证券业务和保险业务。但是世界各国的金融业发展告诉我们,混业 经营将是未来金融业发展的必然趋势。随着我国经济的发展,市场经济体制的完善,我国金 融业也必将向混业经营发展。 　　一、 WTO推动了金融业混业经营 　　中国即将加入 WTO,中国金融业将融入世界经济和金融发展的轨道,因此必须按照 WTO 制定的游戏规则进行运作。这中间,金融机构一定要按照国际成熟市场的经验,打破分业经 营的限制,逐步实现混业经营,在金融…