存款准备金制度谋变

当前过快增长的信贷已引起央行与研究者的重视,然而仅仅加息还不能达到抑制这一趋势的作用,央行还需通过恢复差额准备金制度、同时降低商业银行准备金存款利率(直至为零)的政策双管齐下,才能达到预期的政策效果。     

准备金制度功能的异化与我国准备金政策的取向

"利率走廊"调控是当前国际最新的利率调控范式,加拿大等国在"利率走廊"调控基础上,实行零准备制度,这使人们误认为准备金制度似乎走到头了.实际情况并非如此,其实行零准备金并非抛弃准备金制度,而是在利率调控的新背景下,以准备金为零的制度.它的机制和功能与传统准备金制度有很大的异化,但是却代表着准备金制度发展演变的趋势.所以研究准备金制度功能异化的动因,以及它未来的变动趋势,对于我国准备金制度的规范完善具有重要的借鉴意义.     

存款准备金工具低效之谜解析——基于最优存款准备金规模理论

本文针对存款准备金工具低效现象,基于三大假设推导商业银行最优超额存款准备金规模的函数,利用面板模型对8个商业银行的最优存款准备金规模进行理论与实证研究,研究表明商业银行最优存款准备金规模除了受到法定存款准备金比率的影响外,还受到商业银行的资产质量状况的影响。同时,存款准备金规模还受到商业银行规模的影响。商业银行存款准备金持有规模的规律要求中央银行在操作存款准备金工具时,既要考虑整个银行业资产状况,又要考虑商业银行自身的资产状况、规模。     

过度上调准备金的弊端

中国人民银行决定,从2011年3月25日起上调存款类金融机构人民币存款准备金率0.5个百分点。这是从2010年以来央行第9次上调存款准备金率。上调后,大型商业银行(工农中建交)缴存央行的存款准备金率高达20%。按照目前     

我国存款准备金发展研究

自20世纪二三十年代世界各国开始实行存款准备金制度以来,存款准备金制度经历了历史性的演变过程,从最初的保持银行的清偿能力,到调节货币供应量的有效手段。本文主要对我国存款准备金的现状及其发展进行分析解读。     

央行或向高银退还准备金

申银万国分析师李慧勇表示,2008年10月15日存款准备金率下调0.5个百分点,预计将释放2000亿元的流动性。光大证券分析师金麟表示,两次共下调存款准备金率1.5个百分点,央行放松准备金率实际执行将会退还银行大约6000亿~7000亿元的资金。央行或向高银退还准备金@于     

我国准备金政策取向分析

我国的准备金率一直处于相对较高的位置,从2003年以来6次提高准备金率,由6%上调至9.5%,预计未来很可能恢复到1998年13%的水平。这显然与目前大幅度降低准备金率的世界趋势背道而驰,但是却不能否定目前我国这样操作的必要和合理性。就长期的发展趋势而言,我国的准备金制度也要转移到国际惯例的轨道上去。准备金制度功能的异化,既反映了人们对准备金制度功能及其与信贷控制、货币供给、宏观金融环境和市场利率关系的认识的逐步深入,又反映了金融体系的变迁和银行运作方式的变化对准备金制度功能不断提出新的要求。在商业银行运作的早期,银行家…     

谈谈我国的存款准备金制度

经国务院批准,中国人民银行从2003年9月21日起,提高存款准备金率1个百分点,即存款准备金率由现行的6％调高到7％。此次存款准备金率调整的金融机构范围为国有独资商业银行、股份制商业银行、城市商业银行、农村商业银行(农村合作银行)、中国农业发展银行、信托投资公司、财务公司、金融租赁公司、有关外资金融机构等。农村信用社和     

保险合同准备金计量问题与对策

在国际会计实务中,针对保险合同的会计处理一直存在着多种多样的做法,并且,十分依赖保险精算部门对保险会计核心数据的生成。因此,保险公司会计成为会计准则体系中的异类,使保险公司会计信息的可靠性、相关性和可比性大大降低,同时也对股东、监管部门和投保人依据会计信息做出正确决策产生不利影响。本文对保险合同准备金计量问题与对策进行了研究。     

The Macro-prudential aspects of loan-to-deposit-ratio-linked reserve requirement

Micro-prudential regulation is sometimes more focused on the health of the financial institutions and pays less attention to the objective of sustainable intermediation and financial stability in the long run. A macro-prudential policy is formulated to reduce this myopic tendency. This article shows analytically how Loan-to-Deposit-Ratio (LDR)-linked Reserve Requirement (RR) can be used to apply counter-cyclical measures in banking industry by providing disincentive mechanism when a bank operates outside the preferred operational corridor. At the lower limit of LDR, a requirement of higher RR can push banks to extent more loans in order to support economic development in a period of economic bust. At the upper limit of LDR, a requirement of higher RR and/or capital can also provide disincentive to slow down its investment activities in an economic booming period and manage liquidity risk better.     

Working capital requirement and the unemployment volatility puzzle

Shimer (2005) argues that a search and matching model of the labor market in which wage is determined by Nash bargaining cannot generate the observed volatility in unemployment and vacancy in response to reasonable labor productivity shocks. This paper examines how incorporating monopolistically competitive firms with a working capital requirement (in which firms borrow funds to pay their wage bills) improves the ability of the search models to match the empirical fluctuations in unemployment and vacancy without resorting to an alternative wage setting mechanism. The monetary authority follows an interest rate rule in the model. A positive labor productivity shock lowers the real marginal cost of production and lowers inflation. In response to the fall in price level, the monetary authority reduces the nominal interest rate. A lower interest rate reduces the cost of financing and partially offsets the increase in labor cost from a higher productivity. A reduced labor cost implies the firms retain a greater portion of the gain from a productivity shock, which gives them a greater incentive to create vacancies. Simulations show that a working capital requirement does indeed improve the ability of the search models to generate fluctuations in key labor market variables to better match the U.S. data.     

The calculation of capital requirement using Extreme Value Theory

The Basel Committee has suggested some formulas for calculating capital requirement using the Advanced Internal Ratings-Based Approach. However, these formulas were derived under the assumption of a normal distribution. Thus, the capital requirement estimated by the Basel formula may be incorrect when the asset distributions are not normal. Using an analysis of qualifying revolving retail exposures as an example, this paper introduces a formula based on the Extreme Value Theory to calculate the capital requirement. This formula is more general and accurate than its predecessors, because it can be used with any type of distribution. Numerical examples are provided to demonstrate that the capital requirement estimated by the Basel formula is less than by our formula when the asset distribution has a heavy tail, and more than by our formula when the distribution has a short tail. Our formula is also more sensitive to risk than competing models in the context of the recent financial crisis.     

Optimal targeted reduction in reserve requirement ratio in China

This study determines the optimal targeted reduction in reserve requirement ratio in China. We find that a targeted reduction in reserve requirement ratio incentivizes commercial banks to reallocate more credit resources to micro and small enterprises, thus eliminating the negative output gap, slightly dampening the rise in unemployment, but also increasing financial instability. Although there is little direct effect on inflation, raising the targeted reduction in reserve requirement ratio can help mitigate the positive effect of output gap on inflation so that an output gap increase is accompanied by a smaller increase in inflation. Optimal rules for targeted reduction in reserve requirement ratio and interest rate policy are derived. Output gap, inflation, and financial instability are three main factors driving the policy dynamics. A targeted reduction in reserve requirement ratio is complementary to interest rate policy, which helps eliminate the negative output gap and allows the interest rate to be less responsive to inflation volatility.     

实施准时化(JIT)生产方式的基本条件探讨

准时化生产方式是由日本丰田汽车公司首创的先进生产管理技术和管理理念。虽然它有许多优点，但它毕竟是从一家企业的实践经验总结出来的。能否营造出类似于丰田公司的基本条件是其他企业效仿实施准时化生产方式的前提。均衡化生产、完善的质量控制体系、最终产品生产企业与分包协作企业地域相对集中，则是实施准时化生产方式的基本条件：     

Minimum investment requirement,financial market imperfection and self-fulfilling belief

We develop a model in which a strategic complementarity in saving decisions arises due to a minimum investment requirement and financial market imperfection. We explore the role of self-fulling beliefs in determining the long run dynamics. The model exhibits a wide range of dynamic phenomena such as a poverty trap, a big push and a sunspot equilibrium, depending on the level of financial market imperfection. They account for excessive volatility and a sudden change in the saving rate and its macroeconomic consequences without any shocks to fundamentals.     

Supply-side effects of the 150-hour educational requirement for CPA licensure

This study examines issues associated with professional licensure in the context of the recently implemented 150-hour educational requirement for CPA licensure. We base our hypotheses on prior professional licensure research in economics and accounting. The results show that the implementation of the requirement has been associated with a substantial decline in the number of candidates taking the CPA exam, a significant increase in the pass-rate on the exam and an overall decline in the number of successful candidates. We also find that a substantial number of candidates advanced the timing of their candidature to circumvent the requirement and that candidates migrate from states that implement the requirement to non-implementing states.      

Local content requirement on foreign direct investment under exchange rate volatility

This paper analyzes the effects of exchange rate volatility of both the host country and the parent country on host-government policy related to local content requirement (LCR) on export-oriented foreign direct investment (FDI) in the context of an oligopolistic market in a third country. We, inter alia, find that an increase in the volatility foreign exchange rate decreases optimal LCR both under free entry and exit of foreign firms and when the number of foreign firms is fixed. We also find that the government uses a less strict LCR policy when the number of foreign firms is endogenous than when it is exogenous.     

区域一体化协定与东道国业绩要求

近年来,区域一体化协定发展迅速。业绩要求作为协定涉及的内容之一,受到越来越多的关注。本文针对主要一体化协定中有关业绩要求的条款及其对经济发展的影响和未来发展趋势进行了比较研究,最后提出了发展中国家参与一体化协定过程中有关业绩要求安排的政策选择。     

试论技术美在设计艺术中的内容及要求

技术美产生于机械生产中科技与美的规律相结合的条件下,随着现代工业批量化生产,它在设计艺术审美中起着重要作用,成为设计产品的审美标准之一。文章阐述设计艺术中技术美的内容,探讨了设计艺术对技术美在功能、形式和材料等方面的要求。