Deposit drains on “interest-paying” banks before financial crises

This paper conducts an econometric test of Diamond and Dybvig’s [Diamond, D., Dybvig, P., 1983. Bank runs, deposit insurance, and liquidity. Journal of Political Economy 91, 401–420] theory of bank runs as interpreted by Chari [Chari, V.V., 1989. Banking without deposit insurance or banks panics: lessons from a model of the U.S. national banking system. Federal Reserve Bank of Minneapolis Quarterly Review 13, 3–19] and Calomiris and Gorton [Calomiris, C., Gorton, G., 1991. Origins of banking panics: models, facts, and bank regulation. In: Hubbard, R.G. (Ed.), Financial Markets and Financial Crises. NBER and Univ. Chicago press, Chicago, pp. 109–173]. We test whether or not seasonal deposit drains on New York banks coincide with the bank panics of 1873 and 1893 in the United States. We use individual bank level data to illuminate the reason for withdrawals. The evidence reveals that the panic of 1873 could have included a seasonal interior drain. A seasonal interpretation of Diamond and Dybvig’s model cannot be applied to the bank panic of 1893.     

寿险合同持续期的实证研究:一个契约的视角

本文将寿险合同持续期,作为研究的对象。以契约经济学的方法,分析保险合同,将影响持续期的因素分为:投保人特点、保险人行为以及契约外部环境。运用来自山东某人寿保险公司的保单数据,研究了各类因素对持续期的影响。极大似然估计的结果显示,三类因素对寿险合同持续期都有显著影响。其中,服务质量、职业风险以及定期存款利率对契约持续的影响最大。另外,收入、年龄、同业竞争,也对持续期有显著影响。     

补充医疗保险对中老年人医疗服务利用的影响研究

我国基本医疗保障制度顶层设计逐渐完善，但针对部分高额医疗费用，基本医保的报销水平仍然有限，与基本医疗保险相衔、面向全体基本医疗保险参保人员的补充医疗保险将作为在更大范围分散风险的补偿手段满足人民群众的医疗需求，为此探究补充医疗保险对中老年人医疗服务利用的影响。 采用2018年中国健康与养老追踪调查（CHARLS）的数据，构建两部模型进行分析探究。 结果表明，补充医疗保险增加了中老年人体检、门诊和住院的可能性，同时减少了其在门诊费用支出。 因此，政府应鼓励居民购买补充医疗保险，以解决基本医疗保险无法满足患者的医疗服务需求的问题，同时为我国补充医疗保险发展提出相关建议。     

建立存款保险制度的博弈分析与我国的选择

存款保险制度对一个国家金融体系的稳定具有一定的作用。文章用一个完全信息的动态博弈模型对建立存款保险制度防止银行挤兑的机理进行探讨,结合我国的实际对我国建立存款保险制度的选择提出了建议,认为现在是建立存款保险制度的最佳时机。     

隐性存款保险向显性存款保险转变对银行道德风险的影响

目前我国没有建立显性的存款保险制度,但存在着对存款人的隐陛保护。本文通过严格的模型证明了当银行特许权价值低、显性存款保险制度的可信性高,被保险存款占负债总额的比例高时,从隐性存款保险向显性存款保险转变有助于降低银行的道德风险。在此基础上．结合我国国情论证了合理的显性存款保险制度有助于降低银行的道德风险。     

存款保险公司建构的理论探析——基于法律金融学的分析视角

存款保险公司是存款保险制度的实际执行机构,其组建是否恰当直接影响存款保险计划能否得以实现。由于存款保险体制的不同,存款保险公司有着不同的设置模式,并且不论在何种模式下存款保险公司都会受到多种消极因素的干扰,因此有必要寻求优化的设计方案。并且,探讨存款保险公司建构的法律需求有利于公司运行与治理的法治化。     

关于中国建立显性存款保险制度的必要性论证和若干建议——基于金融危机背景和国外经验的探讨

以金融危机下国外存款保险制度的应对经验入手,结合隐性存款保险制度的缺陷进行分析,论证了中国建立显性存款保险制度的必要性并提出若干建议。首先介绍存款保险制度的基本理论,国外存款保险制度的发展概况,接着分析国外存款保险制度在金融危机中发挥的作用,以此提出中国在目前建立存款保险制度的必要性,最后就金融危机下国外经验给予的启示和中国特殊国情提出若干建议。     

人格化交易习俗下我国存款保险制度的现实选择

本文采用历史制度分析方法,论述了我国由于受到人格化交易习俗文化约束,政府信用对市场信用具有重要的替代效应。存款保险制度是由政府提供的一种有别于商业保险的“准公共”保险产品。隐性存款保险制度和显性存款保险制度具有同质性,隐性存款保险制度是我国维持金融体系稳定的一种次优选择。所以我国暂时没有必要引入显性的存款保险制度。     

Capitalization of Flood Insurance and Risk Perceptions in Housing Prices: An Empirical Agent‐Based Model Approach

Federally regulated or insured lenders in the United States are mandated to require flood insurance on properties that are located in areas at high risk of flooding. Despite the existence of this mandatory flood insurance requirement, take‐up rates for flood insurance have been low, and the federal government's exposure to uninsured property losses from flooding remains substantial. Meanwhile, the value of capital at risk varies significantly with flood events and changing risk perceptions, which necessitates mechanisms that stabilize these dynamics. In this article we discuss how a scenario of complete insurance uptake, under various risk attitudes, affects the value of properties in the 100‐year and 500‐year flood zones. Our results indicate that an increase in flood insurance uptake may provide such a mechanism by lowering the value of capital at risk in the flood zone consistently, independent of homeowners' risk attitudes. We apply an empirical adaptive agent‐based model to examine the capitalization of insurance costs, risk premiums, and their interaction in housing prices. Our approach combines widely‐used empirical hedonic analysis with the computational economic framework. We highlight the usefulness of our method in capturing the marginal implicit price of homeowners' preferences that may change over time and separately assess the effect of various factors and policies on property values, illustrating the agent‐based modeling as a valuable complement to traditional hedonic analysis.     

构建我国存款保险制度的若干思考

存款保险制度作为一国金融安全网的重要组成部分,已被越来越多的国家采用。我国在建立和运行存款保险制度时,应吸取它国的经验教训,并结合国情在目标确定、管理模式和基础结构等方面进行具体的制度设计,并且采取相应措施防范存款保险制度的缺陷。     

关于我国存款保险制度建设的几点思考

存款保险制度是当今大多数国家金融体系一个重要的组成部分,是世界上公认的金融安全网的三大基本要素之一,它在保护存款人利益和维护金融体系稳定方面发挥着积极作用。我国目前实行的隐性存款保险制度有许多弊端,不利于我国金融业的稳定。因此,建立具有中国特色的存款保险制度已成为我国深化金融改革、完善金融体制的一项战略任务。本文在对我国隐性存款保险制度进行分析的基础上提出了建立适合我国国情的存款保险制度的基本设想。     

Causes of bank suspensions in the panic of 1893

There are several competing theories explaining bank panics. Some argue that panics are driven by real shocks, asymmetric information, and concerns about insolvency. Others argue that bank runs are self-fulfilling, driven by illiquidity and the beliefs of depositors. This paper tests predictions of different theories using information uniquely available for the Panic of 1893. The results suggest that real economic shocks were important determinants of the nationwide scope of panic, however at the local level, liquidity concerns are found to be a more important trigger of bank panics.     

利率市场化、存款保险制度与银行风险承担——基于市场约束的研究

市场约束作为巴塞尔协议Ⅱ三大支柱之一以及衡量金融深化的重要标准，是近年来相关研究的热点之一。而利率市场化等又是提高银行市场约束程度的实质性推动力量。基于此，文章分析了利率市场化进程、存款保险制度与市场约束之间的关系及其对银行风险承担的影响，并藉此评估了存款保险制度实施的政策影响及利率市场化在其中所起的作用。结果发现：（1）我国银行整体的市场约束能显著抑制其风险承担，但分类的结果则表明地方性银行的市场约束效应最明显，大型银行次之，外资银行则不显著；进而，在考虑利率市场化因素之后，除外资银行以外的市场约束效应均有所增强，尤其是，利率市场化对价格约束效应的作用要远强于其对数量约束效应的影响。（2）基于合成控制法的估计结果表明，存款保险制度通过市场约束对地方银行的影响更明显，且存款保险制度通过价格约束对银行风险承担的影响较之其通过数量约束的作用效果要更强。（3）综合而言，存款保险制度会增加利率市场化通过市场约束作用于银行风险承担的正向影响。文章的研究结果显示利率市场化推进以及存款保险制度实施的影响开始趋于明显，并使市场约束机制作用的发挥逐渐与国外相符，但仍然有进一步深化的空间。     

商业银行存款保险制度在我国的发展前景

从当前国内外存款保险制度理论研究现状入手,基于我国特殊国情,探讨我国实行存款保险制度的现实意义、难点及途径.提出我国应充分发挥优势,博采众长,探索建设中国特色存款保险制度.     

存款保险相关制度建设的初步探讨

建立存款保险制度是中国金融业发展的必然趋势。本文就存款保险制度相关制度建设进行了初步探讨,主要从建立健全存款保险制度实施的金融环境角度,提出相关法律制度的修订、金融监管环境的健全以及信息披露制度的完善等措施。     

存款保险制度的国际经验和中国模式的思考

存款保险制度是一国金融安全网三大防线之一,实践证明其对稳定金融秩序、保障存款人利益、维护民众信心、安定社会有重要作用。存款保险制度运行了70多年,积累了一定的国际经验,有必要进行总结,为我国存款保险制度建设提供可借鉴之策。我国银行体系的特有结构、居民金融资产的构成特点、农村多元化金融体系的建设以及金融业互相交叉的风险现状,都表明我国急需建立存款保险制度。而适合中国实际的存款保险制度是最理想的,我国有必要建立统一的、符合国际经验的存款保险新模式。     

Managing financial constraints: undercapitalization and underwriting capacity in Spanish fire insurance

Reinsurance is a vital financial device for enhancing underwriting capacity, ceding risks, and mitigating financial distress. By supplying financial resources and services, reinsurance can facilitate growth and expansion in the insurance business. Focusing on the insurance sector in the emerging Spanish economy and using a novel dataset on fire insurance companies, this article examines the role of fire insurance in the national capital formation, the importance of reinsurance as a vehicle for expanding the country's domestic underwriting capacity, and how the import of capital impacted on the balance of payment, from the introduction of the first comprehensive legislation regarding insurance in 1908 to the outbreak of the Civil War in 1936. Considering the situation of undercapitalization, the singularities of the insurance market, and the changes in regulatory schemes, we find that foreign reinsurance became a key financial vehicle for increasing underwriting capacity in Spain. We also show the struggle of an emerging market to find ways to keep the balance of current accounts and raise capital when financial infrastructure was underdeveloped. The diffusion of reinsurance networks from the core of industrial western countries towards emerging economies was one of the mechanisms for financial modernization on a global scale.     

存款保险、市场约束与国有商业银行对策选择

立足于真实银行市场是不完全竞争市场的实际,采集1999～2010年国内15家主要商业银行的数据,通过改进Salop模型,构建不完全竞争市场条件下市场约束与存款保险理论模型,并对其相互关系和影响进行实证分析。结果表明,由于国有商业银行在隐性存款保险下,放贷冲动更强烈,吸收存款力度大,存款利率高,使得居民不会过于关注银行本身的风险水平,从而削弱了市场约束的力量。     

Guilds and middle-class welfare, 1550–1800: provisions for burial, sickness, old age, and widowhood

Guilds provided for masters' and journeymen's burial, sickness, old age, and widowhood. Guild welfare was of importance to artisans, to the functioning of guilds, to the myriad of urban social relations, and to the political economy. However, it is an understated and neglected aspect of guild activities. This article looks at welfare provision by guilds, with the aim of addressing four questions. Firstly, for which risks did guild welfare arrangements exist in the Netherlands between 1550 and 1800, and what were the coverage, contributions, benefit levels, and conditions? Secondly, can guild welfare arrangements be regarded as insurance? Thirdly, to what extent and how did guilds overcome classic insurance problems such as adverse selection, moral hazards, and correlated risks? Finally, what was the position of guild provision in the Dutch political economy and vis‐à‐vis poor relief?     

监管宽容下的存款保险定价应用研究

本文介绍了Merton期权模型及其扩展对存款保险进行定价的方法,并采用考虑监管宽容的Ronn and Verma(1986)模型来估算上市银行的保费率,针对我国存在大量的非上市银行提出采用"市场对照"法,用上市银行的数据间接的估计出非上市银行的风险特征,再带入Ronn and Verma(1986)模型间接地估计出非上市银行的存款保险费率。本文为我国实行基于风险调整的差别存款保险费率提供了可行的操作方案,最后通过实证研究提出一些政策建议以促进我国存款保险制度的建立。