泛北部湾（广西）资产证券化问题和对策探讨

文章通过分析北部湾（广西）可证券化的资产以及证券化过程中存在的问题，针对存在的问题提出相应对策。     

A Crisis of the Overcrowded Future: Shadow Banking and the Political Economy of Financial Innovation

This article focuses on the role the shadow banking system played in the financial crisis of 2007–9. Engaging with emergent theories of shadow banking, I inquire into its structural role in contemporary capitalism. My main premise here is that the crisis of 2007–9 is distinct in financial history because it did not centre on any organised market. Rather, it was crisis of the overcrowded financial channels bridging the present and the future, which have become congested because of the massive concentration of financial values generated, yet not sustained, through the shadow banking network. My analysis suggests that shadow banking has determined the nature of financial crisis of 2007–9 and continues to play a necessary role in financial capitalism based on futurity. Drawing on scholarship in financial Keynesianism, contemporary legal studies and early evolutionary political economy, I argue that shadow banking is best seen as the organic institutional infrastructure of financialised capitalism based on debt and geared towards futurity, a concept originally developed by John Commons.     

The Subprime Panic*

Understanding the ongoing credit crisis or panic requires understanding the designs of a number of interlinked securities, special purpose vehicles, and derivatives, all related to subprime mortgages. I describe the relevant securities, derivatives, and vehicles to show: (1) how the chain of interlinked securities was sensitive to house prices; (2) how asymmetric information was created via complexity; (3) how the risk was spread in an opaque way; and (4) how trade in the ABX indices (linked to subprime bonds) allowed information to be aggregated and revealed. These details are at the heart of the origin of the Panic of 2007. The events of the panic are described.     

我国信贷资产证券化试点之法律分析

以我国正在试点的信贷资产证券化所涉及的各个主体为切入点,分析了各参与主体的(?)叫、义务和信贷资产证券化参与主体间两类最重要且法律性质截然不同的法律关系,特别分析了两类法律关系中各主体可能面临的法律风险或法律障碍,得出了必须消除信贷资产证券化法律障碍、完善其运行法律环境的结论。     

不良资产证券化的现实意义及实施设想

本文通过研究国际上不良资产证券化的历史和发展趋势,认为不良资产证券化在交易结构、特殊目的载体、制度安排、定价、评级、资产管理等问题上都有着和一般信贷资产证券化不同的特点;不良资产证券化不仅在理论上是可行的,而且对我国商业银行加快不良资产处置进度、提高不良资产回收率、改善信贷资产结构、提高盈利能力等方面具有积极的现实意义;同时,作者提出为推动我国的不良资产证券化进程,需要加快开展不良资产证券化的试点活动;从法律、会计、税收制度等多方面消除原有制度障碍,降低证券化交易成本;提高证券化产品的市场流动性,刺激市场创新活动.     

Empirical investigation of securitisation drivers: the case of Italian banks

This paper explores the determinants of securitisation by Italian banks over the period 1999–2006, investigating the funding, specialisation, and regulatory capital arbitrage hypotheses. According to our evidence, when we consider all securitisation types together, Italian banks seem to have securitised out of funding motives, to diversify and optimise their available funding channels. When we separately consider securitisations backed by residential mortgages and those backed by non-performing loans, we find that the main factors affecting the former type of securitisation are the need for funding and capital arbitrage motivation, whereas the latter appear to have been affected to a lesser extent by a need for funding and to have also been slightly conditioned by a desire to specialise.     

国有商业银行不良资产证券化的可行性分析

如何有效处置不良资产是目前我国国有商业银行亟待解决的问题,资产证券化作为金融创新工具,有助于提高不良资产的流动性,增强银行系统抗风险能力和竞争力。本文首先分析了运行不良资产证券化的可行性,继而深入剖析了在运行过程中出现的问题及障碍,最后给出了相应的对策及建议。     

Looking Beyond Credit Ratings: Factors Investors Consider In Pricing European Asset‐Backed Securities

In this paper, we empirically investigate what credit factors investors rely upon when pricing the spread at issue for European asset‐backed securities. More specifically, we investigate how credit factors affect new issuance spreads after taking into account credit rating. We do so by investigating primary market spreads for tranches of non‐mortgage‐related asset‐backed securities issued from 1999 to the year prior to the subprime mortgage crisis, 2007. We find that although credit ratings play a major role in determining spreads, investors appear to not rely exclusively on these ratings. Our findings strongly suggest that investors do not ignore other credit factors beyond the assigned credit rating.     

Shadow Banking,Chinese Style

Shadow banks are broadly defined as entities which conduct credit intermediation outside the formal banking system. Poorly regulated, engaging in opaque forms of intermediation, deeply interconnected with the official banking system, and operating with implicit government guarantees, they pose a major source of systemic risk. Yet shadow banks provide an important service by channeling credit to excluded investors, and can complement the formal banking sector. What explains the rapid proliferation of shadow banks in China? How large are they and what forms do they take? What types of risks do they pose to the financial system? And how best can China utilise the services of shadow banks while at the same time ensuring that they do not create systemic risks for the financial system?     

Multilateral Organisations and the Limits to International Energy Cooperation

Surging world energy prices, increasing oil market volatility and a nascent ‘energy transition’ are posing major challenges for global energy governance. In response, there has been a proliferation in the number of multilateral bodies addressing energy issues in recent years, and a wide range of organisations now claim a role in facilitating intergovernmental energy cooperation. However, the practical achievements of these organisations have been very poor, with all suffering difficulties that have limited their ability to promote shared energy interests between states. This article examines the dynamics of multilateral energy organisations, arguing that the political economy features of energy – securitisation and attendant patterns of economic nationalism – explain why they have failed to develop more robust cooperative mechanisms. Ten global-level organisations are evaluated and found to suffer from membership, design or commitment issues that limit their effectiveness in global energy governance. These challenges are linked to the securitisation of energy, which has led governments to favour low-cost soft-law approaches over potentially more effective hard-law institutional designs. Moreover, the securitisation of energy poses limits for how far multilateral energy cooperation can proceed and means that contemporary efforts to strengthen these organisations are unlikely to succeed in coming years.