Research on Anti-money Laundering of RMB Cross-border Settlement

近年来,中国与越南边境贸易不断发展,两国边贸结算业务量随之增大,本文以边境城市凭祥为研究视角,结合当前中越边境地区人民币境内划转结算业务现状及特点,对其中存在的洗钱风险进行了深入分析,并提出加强边境地区反洗钱工作的政策建议。     

农村支付体系：现状审视、发展取向与构建策略

农村金融供给与需求不平衡,一个重要的原因就在于农村支付体系的滞后。无论是支付主体、支付基础还是支付工具、支付监管,都无法适应当下农村经济发展的新需求。本文在剖析农村支付体系发展模式及其取向的基础上,提出了农村支付体系的构建策略,即管理体制理顺策略、支付组织布局策略、支付工具创新策略、支付宣传先行策略和支付监管完善策略。     

跨境人民币业务发展研究——基于货币国际化视角

本文在界定货币国际化概念的基础上,从跨境贸易人民币结算试点、资本项下跨境人民币投融资和国际货币合作三个角度分析了跨境人民币业务发展现状,探讨了推行跨境人民币业务面临的主要问题,并提出拓宽境外企业人民币来源渠道、增加境外人民币资金保值渠道、加强宏观经济管理能力、防范金融风险等政策建议。     

小微企业融资模式创新研究

小微企业融资长期以来都是国内外学者追逐的研究热点。本文分析了国内外有关小微企业融资的研究成果,并对小微企业融资现状进行了深入考察,剖析了中国小微企业融资难、融资贵的真正原因。在此基础上,讨论了小微企业传统融资模式及其创新模式,以及由此带来的新问题。最后从政府部门、监管部门以及企业等利益相关者角度提出了破解小微企业融资难题的政策建议。     

货币跨境流动的反洗钱监管——基于跨境电子收付报告的视角

跨境电子收付报告能够为货币跨境流动的反洗钱监管提供理想的解决方案。跨境电子收付报告的类型化分析和差异性分析,能够满足金融监管部门对货币跨境流动的反洗钱监管需求,也可以为司法部门打击跨境经济犯罪提供高效的侦查、取证方式。本文认为,目前我国构建跨境电子收付报告制度的最大阻力来自于成本因素,但是可以通过实行批量文件处理、坚持最小信息量原则以及设立触发机制来解决,从而有效提高我国货币跨境流动的反洗钱监管效率。     

An Analysis about the Difficulty of Banning ＂the Stall Bank＂

在中越边境贸易结算中,通过正规银行渠道结算并没有占据主导地位,很多的边贸经营户倾向于通过＂地摊银行＂完成边贸结算。＂地摊银行＂的业务范围和规模也不断发展壮大。本文通过回顾边贸结算的发展历史,比较中越两国有关法律制度以及＂地摊银行＂与商业银行业务操作模式,阐述了＂地摊银行＂相对于正规商业银行的竞争优势,分析了＂地摊银行＂能够与正规商业银行竞争的原因,并基于此提出了限制和监管＂地摊银行＂经营的几点建议。     

On the seasonality in the implied volatility of electricity options

Seasonality is an important topic in electricity markets, as both supply and demand are dependent on the time of the year. Clearly, the level of prices shows a seasonal behaviour, but not only this. Also, the price fluctuations are typically seasonal. In this paper, we study empirically the implied volatility of options on electricity futures, investigate whether seasonality is present and we aim at quantifying its structure. Although typically futures prices can be well described through multi-factor models including exponentially decreasing components, we do not find evidence of exponential behaviour in our data set. Generally, a simple linear shape reflects the squared volatilities very well as a curve depending on the time to maturity. Moreover, we find that the level of volatility exhibits clear seasonal patterns that depend on the delivery month of the futures. Furthermore, in an out-of-sample analysis we compare the performance of several implementations of seasonality in the one-factor framework.     

Payment choice and currency use: Insights from two billion retail transactions

Using three years of transactions data from a discount retailer with thousands of stores, we study payment variation along three dimensions: transaction size and location; weekly and monthly frequencies; and longer time horizons. In each case, we connect empirical patterns to theories of money demand and payments. We show that cross-sectional and time-series payment patterns are consistent with a theoretical framework in which individual consumers choose between cash and non-cash payments based on a threshold transaction size, and we evaluate factors that may account for the variation in threshold distributions across locations and time.     

浅析支票影像业务发展缓慢的原因与对策

支票影像交换系统上线以来,打破了支票使用的地域限制,实现了全国通用,对于提升支票使用率、完善我国支付体系、支持经济发展具有重要的现实意义。但是,经过几年的发展,支票影像业务并未见很大增长,业务量也主要集中在一些大中城市。本文对这一现象进行了初步分析,并结合实际给出了相关建议。     

Which bank is the “central” bank?

Liquidity flows through a financial network cannot be accurately described using external processing constraints alone. Behavioral aspects of participants also matter. A method similar to Google's PageRank procedure is used to produce a ranking of participants in the Canadian Large Value Transfer System in terms of their daily liquidity holdings. Accounting for differences in banks’ processing speeds is essential for explaining why observed distributions of liquidity differ from the initial distributions, which are determined by the credit limits selected by banks. Delay tendencies of banks are unobservable in the data and are estimated using a Markov model.