External wealth, the trade balance, and the real exchange rate

We examine the link between the net foreign asset position, the trade balance and the real exchange rate. In particular, we decompose the impact of a country's net foreign asset position (‘external wealth’) on its long-run real exchange rate into two mechanisms: the relation between external wealth and the trade balance; and, holding fixed other determinants, a negative relation between the trade balance and the real exchange rate. We also provide additional evidence that the relative price of nontradables is an important channel linking the trade balance and the real exchange rate.     

A different perspective on operating leverage: Comments

A recent article in this journal by Dran (1991) suggests that the usual treatment of degree of operating leverage (DOL) is misleading because it improperly attributes the DOL to the ratio of fixed to total costs rather than the closeness of the firm’s output to breakeven. Managerial economics texts are clear in identification of DOL as an elasticity concept which varies with the nearness to break-even. Examples associating DOL with the relative level of fixed cost arise from association of higher fixed costs with higher breakeven points, and this appears to be the normal economic relationship.     

典则判别在财务困境预测的应用

本以我国上市公司为研究对象,选取了2003-2005年ST的108家公司和非ST的108家公司共216家为样本,利用上市公司公开披露的年报财务信息和数据,选取了38个财务指标,应用逐步回归方法,选取显的预测变量,运用判别分析法,借助SPSS统计分析软件,建立上市公司财务困境预测模型.研究发现,判别分析能比较准确地预测上市公司。     

论人力资本理念下的现代企业会计理论模块与观念构架

运用传统会计知识和经验、兼容演绎法和归纳法对人力资本理念下的现代企业会计进行创新思考,先演绎成包括会计假设、会计确认、会计计量、会计账户、会计记录、会计报告六个一体化的理论方面,后归纳为包涵传统会计、人力资源会计两个立体化的观念层次,形成了人力资本理念下的现代企业会计理论模块与观念构架。     

Financial crisis in Southeast Asia: dispelling illusion the Minskyan way

This paper extends Minsky's financial instability hypothesisto the case of the open, ‘liberalised’, economy,making it possible to put forward a specifically Minskyan accountof the road to the financial crisis in Southeast Asia (1997/1998).The analysis suggests that the threats to growth and employmentemanating from the financial sector which Minsky identifiedin the closed economy setting are much intensified in open,liberalised, developing economies. Financial liberalisationis an important key factor in this process. Rival explanationsof the crisis are examined and rejected in favour of the extendedMinskyan explanation. The policy implications are derived anddiscussed.     

美国商业银行内部控制制度及其对我国的启示

随着我国经济的不断高速发展，金融银行业在国民经济中的地位和重要性也日趋凸现，本文从我国国有商业银行内部控制制度的现状分析入手，详细介绍了美国商业银行内控的基本理论，并以此为依据．提出了建立、健全我国商业银行内部控制制度的方法和措施，从而对我国商业银行的发展起到一定的借鉴作用。     

我国人力资本参与企业收益分配的制度安排

人力资本参与企业收益分配不仅是企业系统演进的产物，更受相应制度的激励和影响，这已被不断贴近现实的人力资本理论所证实。成功的制度激励是人力资本充分发挥作用的必要条件，但我国转型经济时期的制度却制约着人力资本的提升。因此，加强对人力资本参与企业收益分配制度的研究和建设，对于促进我国人力资本的形成和积累，实现经济的快速增长，具有重要的现实意义。     

Ombudsman schemes in the United Kingdom's financial sector: The insurance ombudsman,the banking ombudsman,and the building societies ombudsman

The problems facing consumers in pursuing complaints against suppliers through the courts are well known and have given rise to the development of alternative strategies. This paper considers the development and use of one such strategy — the ombudsman — in dealing with the complaints of consumers against insurers, banks and building societies. The decisions to create these schemes can be seen against a background of the radical changes in the financial markets during the 1980s. However, the practice of the different ombudsmen is also influenced by the history, rules, practices and commercial contexts of their respective industries. It is argued, for instance, that the ombudsmen have developed standards of fairness which enable them to step outside established law and practice. However, the extent to which each is willing to do this may depend on the history and legal context of the relationships which a particular sector has had with its customers.

---

Ombudsmann-Regelungen im Finanzsektor Grobritanniens: Die Ombudspersonen für Versicherungen, für Banken und für Wohnbaugenossenschaften

Zusammenfassung Die Schwierigkeiten, die Konsumenten haben, wenn sie Beschwerden gegen Anbieter auf gerichtlichem Wege klären lassen wollen, sind gut bekannt und waren Anla\ für die Entwicklung alternativer Strategien. Der Beitrag behandelt eine dieser Alternativen — den Ombudsmann — bei der Behandlung von Verbraucherbeschwerden gegenüber Versicherern, Banken und Wohnbaugenossen-schaften. Die Entscheidungen, die zur Schaffung dieser Regelung geführt haben, sind vor allem vor dem Hintergrund der starken Veränderungen auf den Finanzmärkten in den 80er Jahren zu sehen. Dabei wird das praktische Vorgehen der Ombudspersonen von der Entstehungsgeschichte, von Gewohnheiten und Praktiken und vom wirtschaftlichen Zusammenhang ihrer jeweiligen Branche beeinflu\t. So haben die Ombudspersonen zum Beispiel Richtlinien für Fairne\ entwickelt, die ihnen auch Möglichkeiten au\erhalb der etablierten Bereiche des Rechts und der Praxis eröffnen. Allerdings hängt die Bereitschaft des einzelnen Ombudsmannes, solche Möglichkeiten zu ergreifen, von der Geschichte und dem rechtlichen Kontext der Beziehungen ab, die seine Branche mit ihren Kunden gehabt hat.

---

---

The authors would like to thank VW-Stiftung which funded the project, of which an earlier version of this study formed a part: Southern Extension of the EC, Financial Services and Consumer Protection; as well as Magda D'Ingeo and Katrina Wilson, both of Brunel University.     

欧美国债市场做市商制度分析与比较

考察国外债券市场发展的实践,我们发现做市商制度是活跃国债市场不可缺少的因素,起着举足轻重的作用.目前,我国银行间债券市场虽然也存在做市商制度,但是有行无市的困扰一直存在,形同虚设.本文重点对美国国债市场和欧洲MTS市场的做市商制度进行介绍,以期对我国国债市场做市商制度的发展和完善起到一定的借鉴作用.     

E-Finance: An Introduction

E-finance is defined as “The provision of financial services and markets using electronic communication and computation”. In this paper we outline research issues related to e-finance that we believe set the stage for further work in this field. Three areas are focused on. These are the use of electronic payments systems, the operations of financial services firms and the operation of financial markets. A number of research issues are raised. For example, is the widespread use of paper-based checks efficient? Will the financial services industry be fundamentally changed by the advent of the Internet? Why have there been such large differences in changes to market microstructure across different financial markets?