温州企业家族经营规则与市场规则的结合

通常认为家族经营是难以与市场经济相容的 ,家族经营只有转变为现代企业制度才能发挥市场机制的效率与作用。文章从温州企业家族经营规则与市场规则的相容性出发 ,论述了家族企业在现代市场经济中顽强的生命力 ,论述了家族经营规则与市场规则有相容的一面 ,也有矛盾的一面 ,从     

加入WTO对我国财务的影响

本文结合CLM图和信用危机特征 ,分析指出 :当今信用危机已显现 ,我们必须从文化、资源、社会等成因出发 ,提高道德水平和加强法制建设 ,才能防范其恶化。     

关于医院建立管理会计制度的思考

本文分别从会计法律法规体系、会计教育、注册会计师制度等方面论述了中国会计在国际化进程中所作的努力及与国际会计惯例、准则等的融合与协调过程 ,并就中国会计在未来国际化进程中应注意的问题提出了自己的看法。     

转轨时期国有企业经营管理者监督机制问题的探讨

从家族企业向现代公司制度的转换是一种趋势 ,但这种转换是有条件的 ,至少在现阶段来看 ,家族企业家族化经营仍是不少家族企业的恰当选择。     

论中国资本市场的国际接轨问题

本文从市场准入、内地企业到境外融资和金融监管体制角度论述了我国资本市场如何同国际接轨问题,指出应尽快推行合格的境外机构投资者制度,允许外资直接投资、入股或以技术股参与国内资本市场的重组并购和改革,鼓励建立以市场为导向的金融企业、保险业及咨询中介机构的合作。     

战争、疫病等危机与传播业的关系

战争、疫病等危机在阻碍、破坏当时当地传播业发展的同时,也在一定程度上影响了以新闻传播、公关传播、公益广告传播为代表的传播业的发展。传播业又改变了危机解决的进程,使世界向和平、安宁迈进。     

国有股配售定价模式分析

面对债务转为股本过程中出现的新问题 ,笔者从财务角度提出间接的债务转为股本的模式、设置优先股、设置可转换债券以及规范员工持股制度与股票期权制度等解决办法。     

京、赣两地民众“非典”时期社会心理行为的比较研究

本文根据SARS突发事件带来的一系列问题,从国家社会稳定和经济发展的长远需要的角度,根据不同地区民众面对危机突发事件时的心理行为,将京、赣两地民众进行了对比研究,通过对研究结果的相关分析,得出了两地民众SARS期间社会心理行为的结论,并提出了危机管理的对策建议。     

税费改革后农村所面临的问题和思考

目前我国风险投资业还很不完善 ,在风险资本规模、运作机制和退出机制等方面存在着许多缺陷。本文主要讨论我国风险投资在资本规模和资金来源结构两方面存在的问题 ,重点探讨如何进行制度创新 ,利用信托基金这种运作机制来吸引民间资本发展风险投资。     

我国民间资本进入风险投资的方式探讨

本文从技术创新理论和实践的角度分析了浙江省企业技术创新的根本特征 ,并从三个方面展开论述 :浙江省企业技术创新动力来源 ;浙江省企业技术创新过程的主要特征 ;地方政府在技术创新中所起的作用等。     

The Global Financial Crisis Revisited: Competition and Regulation

Abstract

Using data of the systematic banking crises from 1981 to 2008, we examine how competition and regulation are related to the crises. We find that countries with higher concentration and/or higher market power of the banking industry are less prone to crises. Further, they are more likely to have weathered the 2008 global financial crisis. However, regulatory and institutional factors play little role and the estimation results are shown to be sensitive to measures of the degree of competition or severity of the crisis, as well as the coverage of the crises.     

Why clashes between internal and external stability goals end in currency crises, 1797–1994

We argue that recent currency crises reflect clashes between fundamentals and pegged exchange rates, just as did crises in the past. We reject the view that crises reflect self-fulfilling prophecies that are not closely related to measured fundamentals. Doubts about the timing of a market attack on a currency are less important than the fact that it is bound to happen if a government's policies are inconsistent with pegged exchange rates. We base these conclusions on a review of currency crises in the historical record under metallic monetary regimes and of crises post-World War II under Bretton Woods, and since, in European and Latin American pegged exchange rate regimes.     

Great crashes in history: have they lessons for today?

Crashes in asset markets have been common throughout history,while financial crises, defined as crises in the banking system,have in some countries and periods been as common, and in othersmuch more rare. This article examines historical attitudes tothose events, and looks at some of the events themselves. Itis concluded first, that crashes need not inevitably be followedby crises; second, that crashes without crises do not have seriouseffects on the economy; and third, that there is a policy instrument,the lender of last resort, to prevent financial crises fromoccurring even should there be a substantial preceding fallin asset markets. These lessons from history, so it is argued,hold for recent events in South-east Asia and, indeed, applygenerally to any economy. The present can still learn from thepast.     

Currency Crises and the Term Structure of Interest Rates

The currency crisis literature has identified two possible types of crisis: fundamentals based crises and self-fulfilling crises. A fundamentals based crisis arises when some state variable, such as foreign exchange reserves, reaches a critical level and triggers the abandonment of the fixed rate. A self-fulfilling crisis is triggered by an autonomous change in the beliefs of speculators. This paper demonstrates how these two types of crises generate different behaviour in the term structure in the period before the crisis. JEL Classification Numbers: E43, F31     

Financial Globalization and Banking Crises in Emerging Markets

Bank crises in emerging economies have been a feature of the recent global crisis, and their incidence has increased in the post-Bretton Woods era. This paper investigates the impact of financial globalization on the incidence of systemic bank crises in 20 emerging markets over the years 1976–2002 using measures of de facto and de jure financial openness. An increase in foreign debt liabilities contributes to an increase in the incidence of crises, but foreign direct investment and portfolio equity liabilities have the opposite effect. A more liberal de jure capital regime lowers the incidence of banking crises, while a regime of fixed exchange rates increases their frequency. The results of the econometric analysis is consistent with the experience of East European and central Asian emerging markets, which attracted a relatively large proportion of capital flows in the form of debt in recent years and have been particularly hard hit by the global financial crisis.     

新兴市场国家金融危机原因浅析

新兴市场国家经济在过去的20年里取得了举世瞩目的成就,但自20世纪90年代开始,其却频频受到金融危机的冲击:1994年的墨西哥危机、1997年的东南亚危机、1998年的俄罗斯危机、2001年的阿根廷危机。这反映了新兴市场国家在金融全球化进程中的脆弱性。本文主要详细分析新兴市场国     

Analyzing and managing exchange-rate crises

This paper reviews theoretical work on exchange-rate crises and discusses recent attempts to reduce the risk of crises and manage them more effectively. Models usually used to explain crises—those in which they are due to bad policies and those in which they are due to self-fulfilling speculative attacks—do not often explain the timing of crises. Bad policies often play a role, but the onset of a crisis is frequently due to a political shock that leads market participants to revise their views about a government's ability to improve its policies. For this reason, efforts of the IMF to promote the publication of more economic data may not be very helpful in preventing crises. Turning to crisis management, the paper criticizes plans like those of Jeffrey Sachs, which would give soveregn debtors protection resembling that afforded by bankruptcy law. It favors instead the pragmatic approach developed in the report recently endorsed by the major industrial countries.     

主权债务危机分析及启示

近来欧洲主权债务危机成为全球经济关注的焦点,本文从当前主权债务危机的现状、主权债务危机发生的原因、主权债务危机对世界经济的影响及主权债务危机对中国的启示等方面来分析主权债务危机问题。     

European crises and the Asian economies

This paper analyses the impact of recent financial crises in Europe on the Asian economies. What is often abbreviated to GFC included three distinct crises: the 2007–2008 North Atlantic financial crisis, a 2008–2009 global economic crisis and public finance crises which became increasingly focussed on the eurozone in 2010–2012. Asia did not experience significant financial crises, and the open economies recovered relatively rapidly from the global economic crisis. The relative weight of Asian economies in the global economy, which had been increasing for several decades, grew even more rapidly in 2009–2011 as the economies of the USA and Europe faltered. This poses challenges for global economic governance, although there are constraints on Asia being a more assertive force. Problems in the eurozone hold lessons for Asia; the euro and the Schengenzone are positive responses to the emergence of increasingly complex supply chains. In a similar context, East Asia is moving hesitantly toward financial cooperation and adopting second-best approaches, such as de facto dollar pegs, to reducing bilateral exchange rate volatility.     

The main determinants of banking crises in OECD countries

Banks’ stability can be affected by economic fluctuations, banks’ risk-taking behavior, connections among banks and countries’ financial system structure. At the same time, banking regulation and supervision were designed to protect banks from failure, but a large number of banking crises were not prevented recently. Using binary response models for panel data and focusing on OECD countries, this paper studies the main determinants of banking crises over a period of 21 years. Results suggest a bank’s high debt and a country’s low GDP growth rate as the major determinants of banking crises. There is also evidence of contagion across countries from the same geographical region and from G7 to other countries, and that bank-based financial systems are less prone to borderline banking crises. Regulatory and supervision practices are found not to have been relevant in bankruptcy prevention.