文化对金融的影响力:中国的案例

在LLSV把金融模式的差异归结为各国法律制度的差异时,Stulz则指出文化与金融之间存在很大关联.文化对金融的影响力通过三种途径文化决定价值观,文化决定制度,文化影响资源在经济体中的配置.中国金融的发展同样也能发现传统文化作用的印记.     

First-author conditions: evidence from finance journal coauthorship

We study the trend and the author name-ordering rule in finance publication using the publication records of 21 core finance journals during the period from 1990 to 2004. We empirically model the underlying factors that affect the alphabetical ordering rule among multi-authored finance articles. We find that the choice of alphabetical ordering is based on the quality of the article, institutional heterogeneity, team size and cultural factors. The central argument rests upon the need to signal and the importance of signalling within the context of bargaining behaviour among coauthors. The probability of choosing alphabetical name ordering rule is associated with high article quality, higher ranked institutions, smaller research team and the presence of European authors.     

Power laws in top wealth distributions: evidence from Canada

This article investigates Pareto power law (PPL) behavior at the top of the Canadian wealth distribution. To this end, Canadian Business data on the wealthiest 100 Canadians for the years 1999–2008 are used. The resulting estimates of the PPL exponent ranged from approximately 1.0 to 1.3 depending on the year of analysis and the estimation method used. These estimates are roughly comparable to those based on Forbes’ list of the wealthiest 400 Americans. Furthermore, whereas modified OLS and maximum likelihood estimates of the power law exponents conform to Zipf’s law, the OLS estimates do not. These results raise some concerns about deducing the magnitudes of and trends in the power law exponents based on a single estimation method and highlight the importance of extensive hypothesis testing for model adequacy. The battery of diagnostic tests pertaining to PPL behavior at the top of the Canadian wealth distribution yields some conflicting results.     

Non-linear budgetary policies: Evidence from 150 years of Italian public finance

We investigate the sustainability of Italy’s public finances from 1862 to 2012 adopting a non-linear perspective. Specifically, we employ the smooth transition regression approach to explore the scope for non-linear fiscal adjustments of primary surpluses in response to the accumulation of debt. The empirical results show the occurrence of a significantly positive reaction of primary surpluses to debt when the debt–GDP ratio exceeded the trigger value of 110 percent. The after-threshold positive response implies that the path of Italy’s fiscal policy is sufficiently consistent with the intertemporal budget constraint.     

The impact of digital finance on household consumption: Evidence from China

Using panel data from the China Household Finance Survey (CHFS) in 2013, 2015, and 2017 and the digital inclusive finance index developed by Peking University, this study examined impacts of the digital inclusive finance on household consumption and explored its mechanisms. Results suggest that the digital inclusive finance could promote households consumption. A heterogeneity analysis showed that households with fewer assets, lower income, less financial literacy and in third- and fourth-tier cities experienced larger facilitating effects of digital finance on consumption compared to their counterparts. For consumption categories, digital finance was positively correlated with food, clothing, house maintenance, medical care, and education and entertainment expenditures. In terms of consumption structure, digital finance mainly promoted the recurring household expenditures rather than the non-recurring expenditures. Further analyses based on the mediating model found that online shopping, digital payment, obtainment of online credit, purchase of financing products on the internet and business insurance, were the main mediating variables through which digital finance affected household consumption.     

The role of institutions in finance curse: Evidence from international data

This paper investigates the effect of banking sector development on economic growth in a panel of 87 countries, paying particular attention to the role of institutions in reducing the finance curse phenomenon. The dynamic generalized method-of-moments (GMM) results indicate that institutions play an important role in mediating the positive relationship between banking sector development and growth. This suggests that the marginal impact of financial development on growth depends on institutional quality. Using the four-way partition of institutions classified by Rodrik (2005), we also find that resilient market-regulating, market-stabilizing, and market-creating institutions act as mediators to the financial market in facilitating growth. The results are robust to using alternative institutions indicators, estimation strategies, and stopping the sample before the 2007-2008 global financial crisis.     

Technology and finance: The electronic markets

Change is afoot in the land of global finance, driven in large part by rapid technological advances. The convergence of computers, telecommunications that link computers and related devices, and applications software has enabled the birth of a whole new financial products and services. Finance is now a 24-hour-a-day, seven-day-a-week, nearly instantaneous marketplace. The advantages are seen in lower unit costs, broader financial access, and more rapid transaction times. Diasdvantages also abound. The investment costs of keeping technologically up to date are huge. As a result, the number of bank mergers is increasing, and the financial industry job market is contracting. Rapid, often virtual markets have created regulatory headaches around the globe. Both commercial financial institutions and government central banks find it harder and harder to manage the pace of technological and market change. The implications for social change are many. For individual firms and for industry in general, the opportunities and tensions attributable to this change are beginning to be well defined. But, there is no clear indication of how far or how fast change will affect society overall. The capacity of society to absorb major changes in monetary mechanisms may, in fact, act as a brake on the uptake of technological change.     

Growth and finance: An intertemporal model

Frequently, intertemporal models, for example, Uzawa's (1969) work on growth, are based on the separation of investment and the financing decisions of firms. Finance variables are disregarded. In contrast, along the lines of the theory of imperfect capital markets, the present paper allows for cross-effects between firms' financial structure and the value of firms. A steady-state analysis gives empirical predictions on the relation of investment, finance and debt, and Hopf-Bifurcation analysis establishes the possibility of cyclical paths.     

Labor taxation, public finance, and wage determination: evidence from OECD countries

This paper analyzes the relationship between unemployment, average effective labour tax rates and public spending in 17 OECD countries. The focus is on the degree of centralization and cooperation in wage setting. Estimation results from a dynamic time-series-cross-section model suggest that the countries where wage setting takes place at the firm level have used labour taxes less extensively in financing welfare spending, compared to countries with centralized or decentralized bargaining. This is consistent with another finding, according to which labour taxes distort the labour demand the least in the countries with firm level bargaining.     

Matching mechanisms and matching quality: Evidence from a top university in China

We compare competing college admission matching mechanisms that differ in preference submission timing (pre-exam, post-exam but pre-score, or post-score) and in matching procedure (Boston (BOS) and serial dictatorship (SD) matching). Pre-exam submission asks students to submit college preferences before entrance exam scores are known, whereas post-score (post-exam) submission removes (reduces) score uncertainties. Theoretical analyses show that although mechanisms with post-score submission or SD matching are ex-post fair and efficient, they are not so ex-ante. Instead, the mechanism with pre-exam submission and BOS matching can be more fair and efficient ex-ante. These hypotheses are supported by empirical test on data from a top school at a top-ranked Chinese university with identification based on temporal and provincial changes. We find that although students admitted under the pre-exam BOS mechanism have lower college entrance exam scores than students admitted through other mechanisms on average, they exhibit similar or even better college academic performance.     

School finance reform: Assessing general equilibrium effects

In 1994 the state of Michigan implemented one of the most comprehensive school finance reforms undertaken to date in any of the states. Understanding the effects of the reform is thus of value in informing other potential reform initiatives. In addition, the reform and associated changes in the economic environment provide an opportunity to assess whether a simple general equilibrium model can be of value in framing the study of such reform initiatives. In this paper, we present and use such a model to derive predictions about the effects of the reform on housing prices and neighborhood demographic compositions. Broadly, our analysis implies that the effects of the reform and changes in the economic environment are likely to have been reflected primarily in housing prices and only modestly on neighborhood demographics. We find that evidence for the Detroit metropolitan area from the decade encompassing the reform is largely consistent with the predictions of the model.     

Corruption and public finance: an IMF perspective

Public finance should be a means whereby governments in low-income countries are able to increase economic growth and end poverty. Corruption, however, reduces tax revenue and makes public expenditure policies ineffective for achieving social objectives. The papers in this volume, which is sponsored by the Fiscal Affairs Department of the International Monetary Fund (IMF), describe how corruption makes public finance ineffective in promoting economic development.