国际银行监管改革:突破、影响与中国应对前瞻

吸取全球金融危机的教训和经验,中国已正式将构建逆周期的金融宏观审慎管理制度框架写入十二五规划。本文对金融危机后巴塞尔委员会主导推出的国际银行监管改革的背景、主要创新和突破进行介绍,结合我国银行业的发展状况和特点,分析巴塞尔委员会提高资本和流动性监管标准的意见对国际银行业监管思想的影响及对我国银行监管的挑战,最后提出我国银行业在后危机时代应对国际银行业监管变化的对策和建议。     

国际银行监督

1981年5月,《国际货币评论》根据巴塞尔‘协议’的秘密性,发表了一篇题为‘中央银行和第三世界债务’的特写文章。我们刚开始的时候反应了‘中央银行只是在重大事件的压力下才能被说服进行合作,而它们从来不能在预期全球性金融困难的情形下这样做’。于是在1974年7月赫斯塔特(Bankhaus Herstatt)垮台以后就匆忙提出了最初的‘巴塞尔协议’,但原文一直没有发表过。1975年9月,中央银行试图在巴塞尔对最后贷款人的职责问题达成一项谅解。然而,由于法律的原因,会议公报结果变成了陈词烂调,协议内容后来只是以“叙述”的形式向金融界透露了。1983年5月的‘高级’协议明确地但有点令人难以信服地谈到银行监督问题,然而明显忽略了最关键的问题——中央银行应该怎样分担最后贷款人的责任,包括‘不可接受的’全球性债务危机的后果。     

国际银行监管改革对商业银行转型的影响

本轮全球金融危机暴露了发达经济体大型商业银行业务模式、发展战略方面存在的重大隐患。危机以来,全球主要经济体联手重构国际金融监管规则,主要目标之一就是通过严格审慎的监管纠正危机暴露出的这些根本性缺陷,构建有利于金融稳定的微     

泰华国际银行:专注中国的中小企业

泰华国际银行于1992年在广东汕头创立,是经中国人民银行批准的在中国设立的首家外资独资银行.1996年,银行将总行迁至上海.目前,银行设有汕头分行、北京代表处和广州代表处.……     

国际银行监管规则改革趋势和几点思考

<正>国际金融危机爆发以后,按照二十国集团领导人承诺和确定的改革方向,金融稳定理事会和巴塞尔银行监管委员会积极推进国际金融监管改革,其基本逻辑是通过重构金融监管框架和机制,修复引发危机的"断层线",尽可能防范金融危机的再次发生,并最大限度降低金融危机的负面冲击和破坏性。迄今为止,以抑制系统性风险累积和扩散为核心,巴塞尔委员会在巴     

国际银行会计比较

在70年代与80年代,国际银行业已经成为主要的成长行业屹立于世界,新的金融中心如雨后春笋般地涌现。因此,在世界范围内有必要形成一个通行的银行会计制度,以便满足各国银行家和投资者在不同的法律和惯例条件下对银行会计的要求。 一、以专门法为根据的银行会计 大多数国家的银行,一般都是作为一个公司或有限责任的企业而组建的,因而要求以公司法为依据。然而,也有许多国家有专门的法律和规定来左右银行会计的形式和内容。银行法规定银行在处理其经营业务和编制完整的会计报表的方法时,既要满足管理当局的要求,又要满足股东和一般公众的要求。 根据法律或法规所指定的会计的形式和内容,银行会计一般要编制资产负债表和损益表,并通过完整的注释来提供一些说明。欧洲大陆的一些国家普遍倾向于采用提要式的年度财务报表;     

分拆上市:国有商业银行改革的现实选择

与国内外同业相比,我国国有商业银行具有高风险、低效率、低资产质量的特点,原因在于产权不清造成的所有者缺位和委托一代理危机.解决问题的出路是通过股份制改造最终实现上市.但就证券市场的容量、运行环境和市场秩序、银行自身的地区差异和准备工作以及经济体制改革的稳健原则而言,在短期内都不可能实现整体上市,因而分拆上市不仅具有现实可行性,而且日益迫切.分拆上市的方式有部分机构和单一产品上市等,在解决了上市动机、内部核算和利益分配以及母公司和子公司之间的关系等问题后,参照中移动和中联通的模式,逐步推行上市并最终实现整体上市是当前国有商业银行股份制改造的惟一出路.     

国际银行监管的新趋势:不良债权信息披露

有效的银行监管要充分重视的公众披露必要信息，由于银行体系存在的巨额不良债权已严重地影响了银行的经营环境，不良债权信息披露已成为有效银行监管重要制度，在宏观与微观层次上，不良债权信息披露都可以带来相应效用。在制度与技术方面不良权信息披露出现了一些新的趋势：强调资产价值的公允表达，由自愿披露转向强制披露，由内部信息规范转向外部信息规范。     

创新管理:国际银行经验与国内银行策略

尽管欧美银行业因过度创新而遭受重挫,但创新依然是银行在市场竞争中取胜的利器.与发达国家相比,中国银行业创新还显不足,借鉴国际活跃银行的创新管理经验对提升中国银行业的创新管理水平具有重大现实意义. 花旗银行的创新管理 花旗银行以创新著称,在全球金融创新进程中几乎总会扮演"急先锋"的角色.     

Corporate Focus and Stock Performance International Evidence from Listed Property Markets

Does corporate focus translate into superior stock performance? We use 17 years of international data on 275 property companies from the U.S., British, French, Dutch and Swedish listed property share markets to answer this question. After analyzing corporate structures, we document significant differences in corporate focus strategies both between nations and firms and over time. By linking these focus profiles to risk-adjusted performance measures, we show that companies with high levels of geographical focus perform significantly better than the overall market. With regard to industrial focus, our results are mixed but again imply a positive relationship between corporate focus and stock outperformance. At the same time, our results show that the firm-specific risk of a company increases with higher levels of corporate focus. Hence, our results imply that within the real estate sector a focused strategy mildly increases both a firm’s return and risk.     

绕不过去的四道坎

此间不去辨析四大银行上市是为"圈钱"处置坏资产抑或建立现代企业制度之类不易说清楚的话题.仅想在经营信息尚未全面透露下,认真较劲按照上市标准,四大银行有哪些绕不过去的"坎".     

Emerging Stock Markets and International Asset Pricing

This article investigates whether emerging stock markets arenow part of the global financial market and characterizes returnbehavior in these markets. Tests of the conditional InternationalCapital Asset Pricing Model (ICAPM) reveal that eighteen ofthe twenty largest emerging markets were integrated with theworld market between December 1984 and December 1991, but thatmany of the same markets reject the model when data for 1977–84are used. These results suggest that large capital inflows fromindustrial economies, beginning in the late 1980s, caused pricesin emerging markets to reflect covariance risk with the worldportfolio, thus inducing their consistency with the ICAPM.     

Integration Between the Baltic and International Stock Markets

Using cointegration tests, this paper analyzes the existence of long-run relationships among Baltic stock markets and major international stock markets, including the United States, Japan, Germany, the United Kingdom, and France. Bivariate and multivariate cointegration tests indicate a common trend linking Latvia to European markets. Evidence indicates that the German market dominates this long-run relationship. In general, short-term Granger causality indicates causality running from the European markets to the Baltic markets, as well as among the Baltic states, excepting Latvian and Lithuanian short-term effects on the Estonian market. Overall, the results suggest that international investors can obtain diversification benefits given a long-term investment horizon because of the low degree of integration between the Baltic and international capital markets.     

The Risk‐Return Relation in International Stock Markets

We investigate the risk‐return relation in international stock markets using realized variance constructed from MSCI (Morgan Stanley Capital International) daily stock price indices. In contrast with the capital asset pricing model, realized variance by itself provides negligible information about future excess stock market returns; however, we uncover a positive and significant risk‐return tradeoff in many countries after controlling for the (U.S.) consumption‐wealth ratio. U.S. realized variance is also significantly related to future international stock market returns; more importantly, it always subsumes the information content of its local counterparts. Our results indicate that stock market variance is an important determinant of the equity premium.     

The Impact of Terrorist Attacks on International Stock Markets

We examine the effects of terrorist attacks on stock markets, using a dataset that covers all significant events and that directly relate to the major economies of the world. Our event study suggests that terrorist attacks produce mildly negative price effects. We compare these price reactions to those from an alternative type of unanticipated disaster, earthquakes, and find that price declines following terror attacks are more pronounced. However, in both cases prices rebound within the first week of the aftermath. We also compare price responses internationally and for separate industries, and find that reactions are strongest for local markets and for industries that are directly affected by the attack. Our results suggest that financial markets react strongly to terror events but then recover swiftly and soon return to business as usual. The September 11th attacks turn out to be the only event that caused long‐term effects on financial markets, especially in terms of industries' systematic risk.     

Dynamic Linkages Between the China and International Stock Markets

China has become recognized a fourth world economy and is playing a much more important role than ever before in the world economy. In this paper, we study the relationship between the China and the international main stock markets, including the stock markets in the U.S., the U.K., Japan and Hong Kong. Both long-term and short-term dynamic linkages between the China and the international main stock markets are explored by applying a Markov-Switching Vector Error Correction Model (MS-VECM), which takes into account the three regimes of depression, boom and speculation in the market. Our new findings with the data under study include: (i) There has been a significant trend of long-term co-movement between the China and the international stock markets since 1999. (ii) In short term, the stock market in China has been impacted directly or indirectly by the international main stock markets, which varies under different regimes. This impact is still weak in the depression regime, but strong in the boom regime, and, in particular, it has become very strong through the co-integration error correction in the regime of speculation. These findings are different from those documented in the literature and are potentially interesting for international investment and risk management.