Bank–firm relations and the role of Mutual Guarantee Institutions at the peak of the crisis

We examine the role played by Mutual Guarantee Institutions (MGIs) in the lending policies undertaken by banks at the peak of the Great Crisis of 2007–2009. We address this issue by using a large database on Italian firms built from the credit files of UniCredit banking Group and focusing on small business. We provide an empirical analysis of the determinants of the probability that a borrowing firm will suffer financial tension and obtain two main innovative findings. First, we find that small firms supported by MGIs less likely experienced financial tensions even at that time of utmost financial stress. Second, our empirical evidence shows that MGIs played a signaling role beyond the simple provision of collateral. This latter finding suggests that the information provided by MGIs turned out to be key for bank–firm relations as scoring and rating systems – being typically based on pro-cyclical indicators – had become less informative during the crisis.     

湖南省农村金融与经济相互促进发展实证分析

金融发展与经济增长之间存在着互为影响的关系.通过引入二元经济结构强度指标和ADF检验法对湖南省金融发展与经济增长关系进行实证检验,结果表明:二者之间存在长期的均衡关系,并具体表现为农村金融供给对经济增长的强势推动作用.因此,要适应新农村建设需要,实现湖南省农村经济的可持续发展,关键在于构建高效的农村经济与金融相互促进发展的运行机制.     

A framework model for assessing sustainability impacts of urban development

Urban man-made assets have impacts not just on those who develop, build and operate them, but on people who may be quite remote from them. For example, the impact of a building on greenhouse gas emissions arising from fossil fuel use, pollution caused by travel to work patterns and employment opportunities provided by urban developments may be far removed from their immediate locality. There is a growing recognition of the need to internalize these external costs and benefits in accountancy frameworks, drawing on experiences in accounting for sustainable development. This desire, however, presents major challenges in identifying, evaluating and allocating the external environmental, social and economic costs and benefits of an urban environment. This paper reports on the development of an Urban Development Sustainability Assessment Model (UD-SAM) which allows decision makers to identify sustainability indicators (economic, environmental and social) and which may lead to more holistic evaluation of the sustainability impact of elements of the urban environment. The UD-SAM builds on a sustainability assessment model (SAM) developed originally in the oil industry. This paper describes how SAM has been tailored for the construction industry and urban sustainability assessment, and how a set of generic sustainable development indicators have been identified and validated by stakeholders.     

新时代全面建成小康社会的辉煌成就及新征程展望——基于“中国平衡发展指数”的综合分析

建党100周年之际,全面建成惠及十几亿人口的更高水平的小康社会,是我们党向人民、向历史作出的庄严承诺,也是实现中华民族伟大复兴中国梦的关键一步。本文紧扣新时代我国社会主要矛盾和全面建成小康社会的时代内涵,深入学习理解“十三五”和“十四五”规划纲要,结合发展不平衡不充分问题的一些新情况新变化,基于清华大学中国平衡发展指数,重点对党的十八大以来我国全面建成小康社会期间经济发展、社会治理、文化建设、脱贫攻坚、人民生活和生态环境等核心内容进行统计监测与分析。结果表明:党的十八大确立了“全面建成小康社会决定性阶段”以后,以习近平同志为核心的党中央带领全国各族人民接续奋斗、攻坚克难,2020年我国实现脱贫攻坚战的全面胜利,经济实力、科技实力、综合国力跃上新的大台阶,决胜全面建成小康社会取得历史性成就。在全面建成小康社会的基础上,乘势而上开启全面建设社会主义现代化国家新征程,需要牢牢聚焦解决发展不平衡不充分问题。站在“两个一百年”的历史交汇点上,本文进一步结合监测结果展望新征程,深入剖析了全面建设社会主义现代化国家面临的问题与挑战,并提出了相应的对策建议。     

Contending voices: futures, culture and development

This essay discusses some aspects of the World Commission on Culture and Development (WCCD), a major UN initiative. It describes, in particular, the fate of a proposal to establish a General Agreement on Culture and Development (GACD) similar to other international agreements, but which takes a ‘bottom-up’ rather than a ‘top-down’ approach to negotiation. The proposed GACD would contribute to the resolution of culture-related crises and promote new directions for development based on cultural diversity and shared global values. The aim of the essay is: to indicate the aims and progress of the Commission; to consider how cultural futures-oriented thinking might assist in the conceptualization of a GACD; and to reflect on how different voices within the world community affect the progress of such initiatives and proposals.     

基于德阿亚恩模型的中国农业发展银行发展模式研究

中国农业发展银行在我国农村金融体系中处于重要的地位,它运行绩效的好坏以及存在问题的解决直接关系到整个农村金融安全体系的构建,事关社会主义新农村的建设.本文借助德阿亚恩模型,提出解决中国农业发展银行问题的新思路.     

After the Green Revolution Sustainable and equitable agricultural development

Despite impressive results, the Green Revolution has encountered major problems of equity, stability and sustainability, calling for a ‘new phase’ of agricultural research and development. In this article four indicators of agricultural performance—productivity, stability, sustainability and equitability —are defined. Agro-ecosystems are described as a hierarchy ascending from the level of the individual plant or animal all the way to national systems linked by international trade, and it is argued that development cannot be based on any one level. This is demonstrated with a discussion of international constraints on sustainable and equitable development, the necessary national policies, and the needs of rural households. In conclusion, the article summarizes the research and development priorities for the new phase of development.     

亚行早期预警系统对中国风险监测的借鉴与启示

VIEWS（经济和金融监测的脆弱性指标及早期预警系统）是亚洲开发银行开发的一个涵盖印度尼西亚等十国经济金融月度数据库和预测货币危机和银行危机的模型。本文系统介绍了VIEWS系统的建模思路和数据库构成,并简要评介了该系统的优势,在此基础上,结合中国实际提出了构建中国早期预警系统的思路与建议。     

A New Database on the Structure and Development of the Financial Sector

This article introduces a new database of indicators of financialstructure and financial development across countries and overtime. The database is unique in that it combines a wide varietyof indicators that measure the size, activity, and efficiencyof financial intermediaries and markets. It improves on previousefforts by presenting data on the public share of commercialbanks, introducing indicators of the size and activity of nonbankfinancial institutions, and constructing measures of the sizeof bond and primary equity markets.     

高等学校《程序设计语言》课程教学方法探索

本文引用互动式教学模式的理论,针对高等学校低年级学生学习计算机程序设计语言存在的问题,设计了程序设计语言教学模式———即建、仿、读、改、写五个环节。提出了每个环节的教学要求,分析了教学效果,基本形成了一套完整的教学方案,探索了计算机程序设计语言教学的路子。     

内陆开放型经济发展与外汇管理服务方略探微——“十二五”时期外汇管理支持宁夏涉外经济实现跨越式发展的工作思路

随着新的重要发展机遇期——＂十二五＂时期的到来,国家做出了深入实施西部大开发战略和支持宁夏＂加快发展内陆开放型经济＂的重要决策。宁夏人民银行及外汇管理各基层部门根据自治区地方特色,把握好发展的主题和主线,积极探索支持新一轮西部大开发、支持宁夏涉外经济大发展的新思路和新模式。     

中国商业银行的经营绩效——基于14家上市银行2009年数据的分析

本文以中国14家上市商业银行2009年公告数据为基础,以净资产收益率等8个主要财务指标构建盈利因子、偿债因子和可持续发展因子,利用各因子的解释能力计算中国上市商业银行的综合绩效得分。评价结果显示,以南京银行、浦发银行和北京银行为代表的股份制商业银行的经营绩效高于大型国有银行,在赢利能力和可持续发展能力方面,两类银行的差距较为显著。但大型国有银行仍然具有独特的核心竞争力,如庞大的客户资源、广泛的分支网络、稳健的经营战略、隐性的国家信用支持等,从长远角度看,大型国有银行的可持续发展能力与股份制银行并没有显著差异。     

外汇视角下支持长吉图先导区外商投资发展的思考与建议

2009年8月30日,国务院正式批复《中国图们江区域合作开发规划纲要——以长吉图为开发开放先导区》,标志着长吉图开发开放先导区建设已上升为国家战略,这也为吉林省经济的发展带来了新的机遇。本文认真梳理了长吉图地区外商投资发展的现状,并分析限制外商投资发展的主客观因素,据此提出相应的政策建议。     

The Investment Performance of Unit Trusts and Mutual Funds in Australia for the Period 1969 to 1978

The investment performance of Unit Trusts and Mutual Funds has been extensively researched in the United States and in Britain. However, in Australia relatively little published research is available. This paper analyses the investment performance of a sample of Australian Unit Trusts and Mutual Funds over the ten-year period 1969 to 1978. The paper uses risk-adjusted measures of performance to compare performance between funds and with benchmark portfolios over different time periods. The results were similar to overseas research with the funds on average unable to earn positive abnormal returns.     

Galton's Error and the under-representation of systematic risk

Science progresses by improving its measurement apparatus. This holds true in finance too. The new methodology of “complete identification”, using simple algebraic geometry, throws new light on Galton's Error in finance and economics and the resulting misinformation of investors. Mutual funds conventionally advertise their relative systematic market risk, or “betas”, to potential investors based on incomplete measurement by unidirectional bivariate projections: they commit Galton's Error by under-representing their systematic risk. Consequently, far too many mutual funds are marketed as “defensive” and too few as “aggressive”. Using the new methodology it is found that, out of a total of 3217 mutual funds, 2047 funds (63.7%) claimed to be defensive based on the current industry standard methodology, but only 608 (18.9%) actually are. This under-representation of systematic risk leads to inefficiencies in the capital allocation process, since biased betas lead to mispricing of mutual funds. Complete bivariate projections produce a correct representation of the epistemic uncertainty inherent in the bivariate measurement of relative market risk and provide a new CAPM taxonomy. Our conclusions have also serious consequences for the proper “bench-marking” and recent regulatory proposals for the mutual funds industry. Extension of the new methodology to multivariate systematic risk measurement by Asset Pricing Theory (APT) is suggested.     

Towards the age of corporate responsibility? Emerging challenges for the business world

The article seeks to show how the issue of ethical corporations can be examined and challenged through the concept of corporate responsibility. Corporate responsibility first emerged as a term around 10 years ago with the rise of environmental reporting systems. At that time, the UNCED summit in Rio boosted the general level of consciousness concerning these issues and the first business-driven international organisation to tackle the field, Business Council for Sustainable Development, emerged. Globalisation, which by any indicators accelerated enormously during the 1990s, has challenged corporations to consider responsibility in a new light. The evolution and spread of a global network of finance have increased the need for transparency and responsibility, at the same time as the shift from ‘international’ to ‘global’ signified the gradual breakdown of old institutions and the emergence of new ones. This article evaluates how corporations have responded to this challenge and postulates, in the light of increasing pressures on human and natural conditions, a coming ‘Age of Responsibility’ that will set corporate responsibility a basis for any action in business world.     

浦发银行,蓝海亮剑

上海浦东发展银行（以下简称“浦发银行”）董事长吉晓辉是位从银行基层一步步走上银行一把手岗位的实力派金融家，加之其间他曾在上海市政府主抓金融工作的背景，使他在思考问题时，更擅长于从国家战略层面分析。     

我国企业创新效率评价与提升路径研究

企业的创新效率对于企业的发展和国家经济增长都十分重要。为了考察我国企业创新效率,本文在研究已有评价方法的基础上,结合我国实际情况构建了包括4个一级指标和19个二级指标的企业创新效率评价指标体系。以我国2012年相关指标数据面板为基础,采用主成分分析法客观得出各个地区企业创新效率的评价,最后依据得出的结论找出现阶段提升我国企业创新效率的参考思路。     

The future of European development aid

Development assistance represents one mechanism for the redistribution of global wealth. This article examines key external challenges that the development aid systems in the EU currently confront. Among the most important elements of the changing backdrop against which decisions on preparing EU development cooperation for the future will be made are the increasing differentiation of countries within the developing world and the rise of new global development actors, and the growing prominence of issue linkages between security and development and the environment and development. These challenges raise important questions for the EU concerning the future rationale and organization of development assistance.     

LOAN DEFAULT RISK, RETURN ON EQUITY AND SIZE EFFECTS AND OWNERSHIP CONTROL - EMPIRICAL EVIDENCE ON SAVINGS AND LOANS ASSOCIATIONS IN THE USA

This study examines how size interacts with the ownership factor in determin- ing which intermediary is more efficient in terms of loan default risk and return on equity when Mutual and Stock Savings and Loan Associations in the USA are compared. Economies of scale in the Savings and Loan Industry in the USA are suggested. Stock associations are found to be more efficient in utiliz- ing those economies and outperform mutuals at each size category except for the smallest associations. These findings have important policy implications for conversions from mutual stock ownership and for chartering new associations.