对我国商业银行特许权价值形成要素的实证分析

特许权价值是银行具有的从受保护市场获取未来租金的牌照价值,由市场相关因素和银行相关因素决定.本文在5家上市银行1999-2006年的面板数据基础上,利用托宾Q的方法度量特许权价值,并构建多元线性回归模型,得知随着市场优势因素的弱化,特许权价值整体呈现下降的趋势,而银行内在效率是其稳定的关键,对于银行业的稳健经营具有重要意义.     

非饱和流对边坡内水文过程及稳定性的影响分析

为了探究渗流水文过程对非饱和土质边坡稳定性的影响机制,建立了能够模拟地下水流和分析边坡稳定性的耦合模型.基于3种表述边坡水文过程的H SB模型开展建模对比分析,揭示边坡内非饱和渗流对水文过程的影响机制;通过耦合水文模型与边坡稳定极限平衡模型,比较了浅层边坡在不同水力渗流条件下,因邻近水位升降所造成稳定性系数变化的差异,...     

Bank Capital Regulation,Economic Stability,and Monetary Policy: What Does the Academic Literature Tell Us?

This paper surveys academic research exploring the macroeconomic and monetary policy implications of the Basel I and Basel II systems of risk-based capital requirements. This research indicates that regulatory tightening of capital ratios can generate aggregate shocks, that capital regulation can enhance the procyclicality already inherent in banking, and that capital requirements can influence macroeconomic outcomes and alter the monetary policy transmission mechanism. The paper offers suggestions for future avenues of research on the interplay between bank capital regulation, the economy, and monetary policymaking. Although any errors are my own, I received very helpful comments on earlier versions from Kenneth Kopecky, John Pattison, and Jack Tatom. I am grateful for research support from Networks Financial Institute.     

泰国进出口银行发展及其对中国的启示

泰国进出口银行在发展中国家里是发展比较成功的，本文在介绍泰国进出口银行概况的基础上，分析了泰国进出口银行的主要功能以及在目前全球金融危机背景下的新作用，并探讨了泰国进出口银行的发展经验对中国发展进出口银行的启示。     

开放经济下我国货币政策目标的内在冲突性分析

货币政策的币值稳定目标在理论上具有对内物价稳定、对外汇率稳定的双重含义。文章通过理论模型和实证检验得出,我国币值稳定的货币政策目标无论是在固定汇率制度还是在有管理的浮动汇率制度下都存在显著的内在冲突性,指出我国人民币汇率将会出现盯住美元制的发展趋势,提出我国当前宏观经济调控政策不仅要注重货币政策和财政的合理搭配,更应该重视支出增减政策和支出转换政策的有效搭配的政策建议。     

Bank performance and its determinants in Korea

In this study we develop a measure of bank performance based on the Malmquist index approach. This measure supplements existing financial ratios such as ROA and ROE by addressing some of limitations of these ratios. In our empirical investigation building upon the Malmquist index measure as well as the profitability ratios, we never find convincing evidence of economies of scale present in the Korean banking sector. It also appears that a certain type of ownership such as foreign international banks has the potential to significantly improve bank performance while the management control of government or foreign buyout funds has mainly unfavorable effects on bank performance.     

How do leverage ratios affect bank share performance during financial crises: The Japanese experience of the late 1990s

This study investigates the relationship between leverage ratios and bank share performance for a sample of Japanese banks during the period of financial crisis in the late 1990s. We differentiate between two types of leverage ratios: book leverage and market leverage. We show that market leverage instead of book leverage observed before the crisis has statistically and economically significant predictive power for the cross-sectional variation in bank performance during the crisis, even after controlling for a variety of other indicators reflecting bank’s characteristics and financial conditions. We also find that banks with lower market leverage ratios were affected more adversely by the failure announcements of large financial institutions during the crisis. The results are robust across alternative model specifications, statistical methodologies, lengths of sample intervals, and measures of bank share performance during the crisis. Our results therefore have important implications for regulators in identifying distressed banks that are vulnerable to the deterioration in conditions of the financial system.     

银行资本充足率监管对宏观经济的影响——基于亚洲地区的实证研究

<巴塞尔协议>资本充足率的规定已经成为发达国家或发展中国家银行系统资本监管的标准,提高银行资本充足率对于一国的宏观经济是否有负面的影响,(尤其是在经济低迷时期),这一问题在最近的十年中引起广泛的关注.本文借助于Peek和Rosengren的测算方法,通过计算和分析亚洲各国(地区)在经历金融危机后加强资本管制、提高资本充足率对该国宏观经济的影响时发现,这样的举措在经济低迷时期不但不会改善宏观经济状况,反而会恶化经济的发展.     

银行个人金融业务经营策略探讨

个人金融业务的创新和发展既可以推动商业银行经济功能的转变,又有助于银行资产、业务、收益及客户结构的优化。然而发展定位不明确,业务创新迟缓,营销管理落后,缺乏专业化人才是直接影响我国个人金融业务发展与竞争实力提高的主要因素。作者进而指出,调整战略布局,在产品创新、市场营销和专业团队等关键环节上取得突破并注重整体协同发展将是银行个人金融业务解决问题取得发展的根本途径。     

Environmental coordination in dynamic oligopolistic markets

This article deals with the design of a coordination scheme which leads a set of firms competing on an oligopolistic market to achieve a global environmental constraint, for example, a global upper bound on some pollutant emissions. The concept of normalized equilibrium is used to design a noncooperative equilibrium under the global emission constraint. This equilibrium is based on the computation of a common multiplier for the global constraint, associated with a weighting vector, which indicates the relative importance given to each firm in the achievement of the constraint. This weighted multiplier is used to design an ad nominem tax scheme which induces the oligopolists to achieve the common global constraint. Finally it is shown that this equilibrium can be designed, for the long term, by restricting the analysis to an asymptotic equilibrium steady state, called turnpike equilibrium.Research supported by FNRS-Switzerland, FCAR-Quebec, and NSERC-Canada.