影子银行体系的信用创造：机制、效应和应对思路

本文从金融功能视角,将影子银行体系的范畴界定在发挥了类似于商业银行存款、贷款、结算等功能的三大类非银行金融机构。在此前提下,从金融机构和金融产品视角,重点剖析了前两类金融机构的信用创造机制。同时,提出影子银行体系的信用创造机制对商业银行具有有限替代效应,并在货币市场上产生外部溢出效应。即流动性之谜。最后,基于影子银行体系信用创造机制缺陷,提出从抵押品管理角度入手。在金融市场中建立证券最后贷款人,以规避影子银行体系信用扩张的风险。     

Siting controversies analysis: framework and method for questioning the procedure

Siting controversies are commonplace, as well against the construction of roads, railways, nuclear waste disposals, as against windfarms. Local citizens resist against siting decisions taken by the authorities, following a dynamics often quoted as ‘Not In My Back Yard’. Yet contested for its lack of analytical value, NIMBY is still used strategically by actors to qualify citizens as irrational and egoistic. Beyond this labeling, many factors are investigated to understand the dynamics behind siting controversies. In this paper, we focus on the impact of the legal procedure structuring the implantation of windfarms in the Walloon Region (Belgium), and its translations within different decision-making processes in specific case studies. To that regard, we consider the legal procedure as a ‘public policy instrument’. It is neither neutral nor natural, and carry values and interests. It organizes interpersonal relations between actors, and is potentially catalyzer of frustrations. In addition, this legal procedure is the object of translations within different contexts, including different actors participating to specific decision-making processes. The empirical approach of this paper is based on case studies data and on the use of an innovative methodology called ‘Open Process Workshop’. This methodology consists of a structured workshop with key stakeholders, during which the legal procedure is questioned. Overall, we demonstrate that the focus on the legal procedure – and its translations within different decision-making processes – allows systemic analysis providing deep understandings of controversies and reaffirming the interlinks between ‘the social’ and ‘the technical’ in such controversies. In addition, we argue that the methodology used fosters the production of innovative knowledge, mutual understanding, and collective learning between the participants.     

借贷便利创新工具有效影响了商业银行贷款利率吗？

本文基于手工收集的2009—2017年中国银行业数据,利用我国借贷便利工具创新这一准自然实验,以借贷便利工具的运用需要商业银行提供合格担保品这一要求为切入点,考察了借贷便利工具对商业银行贷款利率的影响。研究发现,借贷便利工具创设后,商业银行持有的合格担保品规模越大,其贷款利率越低,且这一效应随着时间推移逐渐增强。进一步的作用机制检验发现,央行的借贷便利操作扩大了商业银行向中央银行借款规模和贷款投放规模,从而有效降低了商业银行贷款利率,也表明借贷便利工具可通过商业银行合格担保品渠道发挥作用。因此,可以通过调整借贷便利操作规模、操作利率以及合格担保品范围的方式有效影响商业银行贷款利率进而发挥对社会融资成本的调控作用。     

A location-inventory model for large three-level supply chains

We study the location-inventory problem in three-level supply networks. Our model integrates three decisions: the distribution centers location, flows allocation, and shipment sizes. We propose a nonlinear continuous formulation, including transportation, fixed, handling and holding costs, which decomposes into a closed-form equation and a linear program when the DC flows are fixed. We thus develop an iterative heuristic that estimates the DC flows a priori, solves the linear program, and then improves the DC flow estimations. Extensive numerical experiments show that the approach can design large supply networks both effectively and efficiently, and a case study is discussed.     

Locating road-vehicle refueling stations

This study follows the concept of set cover for proposing a refueling-station-location model using a mixed integer programming method, based on vehicle-routing logics. Its solution uses only the easy-obtain data of the origin-destination distance matrix. A case study that focuses on the siting of refueling stations for achieving multiple origin-destination intercity travel via electric vehicles on Taiwan demonstrates the applicability of the model. Sensitivity analysis shows that greater vehicle range will result in a lower number of refueling stations that need to be sited. Range is crucial in reducing the facility-location costs, and therefore is an important issue in the development of alternative-fuel-vehicle technology.     

Design and application of task administration protocols for collaborative production and service systems

This research investigates the design of Task Administration Protocols (TAPs) for effective task allocation and administration in collaborative production/service systems. Customer-focused and concurrent engineering service systems process tasks more effectively as a result of the power of collaboration among multiple participants. In such environments, however, complex situations might arise that require decisions that cannot be handled by simple Coordination Protocols (CPs). To design an effective control mechanism to manage complex situations, this research identifies basic problems in collaborative task administration and proposes the design framework of protocols to solve the problems. In the framework, TAPs consist of three component-protocols: (1) Task Requirement Analysis Protocol, (2) Shared Resource Allocation Protocol, and (3) Synchronization and Time-Out Protocol. Each component protocol is activated to address priority-based allocation, resource-aware allocation, and task re-allocation at a different task administration context, ranging from task initialization, task allocation, to task monitoring, respectively. To analyze feasibility and effectiveness of the proposed design, TAPs are applied to two collaborative production/service systems. Simulations are conducted to evaluate the performance achieved by different TAPs and non-TAP CPs under various load conditions. The results show that there is a significant performance improvement by TAPs over CPs in most cases, e.g., 84% vs. 64% in terms of task completion ratio. The advantage of TAPs can be explained by their design with relatively higher level of collaborative intelligence, addressing more complex control logic than non-TAP CPs.     

电池检测安全性系统研究

以电池检测安全性系统为研究对象,以CNAS-CL01：2006（ISO/IEC17025：2005）《检测和校准实验室能力认可准则》为依据,基于相关IEC、GB、UL、EN电池检测标准要求、实践分析以及电池产品的特殊性,从设施环境安全性和检测设备安全性出发,对电池检测实验室建筑结构、消防、排烟、环保、电气控制、监控、管理等领域开展相关安全性系统的探索研究,研究成果应用于上海出入境检验检疫局机电中心电池检测实验室。     

An integrated production–distribution model for the dynamic location and allocation problem with safety stock optimization

The design and management of a multi-stage production–distribution system is one of the most critical problems in logistics and in facility management. Companies need to be able to evaluate and design different configurations for their logistic networks as quickly as possible. This means coordinating the entire supply chain effectively in order to minimize costs and simultaneously optimize facilities location, the allocation of customer demand to production/distribution centers, the inbound and outbound transportation activities, the product flows between production and/or warehousing facilities, the reverse logistics activities, etc.Full optimization of supply chain is achieved by integrating strategic, tactical, and operational decision-making in terms of the design, management, and control of activities. The cost-based and mixed-integer programming model presented in this study has been developed to support management in making the following decisions: the number of facilities (e.g. warehousing systems, distribution centers), the choice of their locations and the assignment of customer demand to them, and also incorporate tactical decisions regarding inventory control, production rates, and service-level determination in a stochastic environment. This paper presents an original model for the dynamic location–allocation problem with control of customer service level and safety stock optimization. An experimental analysis identifies the most critical factors affecting the logistics cost, and to finish, an industrial application is illustrated demonstrating the effectiveness of the proposed optimization approach.     

A metaheuristic approach to the reliable location routing problem under disruptions

This paper examines a reliable capacitated location–routing problem in which depots are randomly disrupted. Customers whose depots fail must be reinserted into the routes of surviving depots. We present a scenario-based mixed-integer programming model to optimize depot location, outbound delivery routing, and backup plans. We design a metaheuristic algorithm that is based on a maximum-likelihood sampling method, route-reallocation improvement, two-stage neighborhood search and simulated annealing. Numerical tests show that the heuristic is able to generate results that would keep operating costs and failure costs well balanced. Managerial insights on scenario identification, facility deployment and model simplification are drawn.     

Challenges in service network expansion: An application in donated breastmilk banking in South Africa

Neonatal infections are the leading cause for neonatal deaths in developing countries, resulting in more than 1.5 million infant fatalities annually. The most effective prevention against neonatal infections is exclusive breastfeeding. However, reasons such as maternal death during birth, maternal illnesses such as HIV and TB-meningitis, and lack of rooming-in facilities prevent the infant to be breastfed by his/her mother. One way to mitigate these infections is by supplying pasteurized donor-expressed breastmilk. In this paper, we consider the network expansion of the donated breastmilk distribution supply chain in South Africa. As with the distribution of most public sector and humanitarian relief goods and services, the transportation of donated breastmilk is hampered by the inherent uncertainty in the environment, and by the fact that in addition to efficient usage of resources, distribution should be made in an equitable manner. We incorporate uncertainty into our models by means of multiple scenarios, which are determined based on different assumptions about population size, HIV prevalence, and status of public health in the country, income, and education. We consider various equity-based objectives and propose rounding-based heuristics to solve these. We focus on two delivery schemes; one which uses out-and-back transportation, and one that makes multiple stops on the delivery route. Using computational experiments, we analyze the trade-offs between the objectives as well as the effects of various public health policies, network expansion budget, and assumptions on supply and demand. We also describe the teaching materials resulting from this paper, which include a case study, a supply/demand estimation tool, and an interactive decision support tool.