Attracting investors for public health programmes with Social Impact Bonds

ABSTRACT

Social impact bonds (SIBs) have emerged as an innovative financing mechanism. This paper explores how health SIBs align with investors’ expectations and the conditions required to attract investors. At present, health SIBs are unlikely to provide sufficient financial returns given their financial risk to attract mainstream investors, so may be better suited to investors who are prepared to accept lower financial returns blended with particular health impact returns.     

Information in the U.S. Treasury Term Structure of Interest Rates

We provide evidence of a significant change in the information content of the U.S. Treasury term structure of interest rates over the last 20 years. We apply a regression approach to measure the information in forward interest rates and introduce both a curve fitting method and an alternative data source. We find more information in the recent U.S. Treasury term structure about future interest rates than about expected holding period returns. These results document a significant departure from prior empirical findings.     

有效实现地方国库现金管理的建议

国库现金管理有利于提高财政资金的使用效益,是财政国库管理体系的重要组成部分。地方国库现金管理是指在确保地方国库现金支出需要的前提下,实现地方国库闲置现金余额最小化,投资收益最大化的一系列财政资金管理活动。作为地方国库现金管理工作,应从健全相关法律法规、丰富运作模式、建立现金流量预测机制、调节各部门关系、协调货币政策等多个方面,完善我国地方国库现金管理制度,推进地方国库现金管理改革。     

全球次级债危机对我国债券市场信用评级的启示

由于现代金融体系的全球化,以及参与美国次级债券的投资机构众多,美国次级债危机很快在全球蔓延开来,逐步演变成了一场全球信用危机,而一贯被人们寄予厚望的信用评级机构在这场愈演愈烈的危机中却备受指责.这场全球性的信用危机为我国债券市场信用评级制度的完善提供了有益的启示.     

Estimation of the Economic Effect of Treasury Fund --Based on Extensive Multiplier Channel

基于扩展的乘数渠道理论,本文运用协整方法分析了中国国库资金与货币供应、经济增长之间是否具有均衡关系,并构建SVAR模型研究中国国库资金对货币供应和经济增长的动态影响。结果表明：中国国库资金对货币供应量M1与经济增长之间具有均衡效应。国库资金的增加虽然会导致货币供应量减少,但在政府支出财政乘数效应不断形成的作用下,其仍然对中国经济增长具有一定的正向推动作用。鉴于货币政策对经济增长的效应比国库资金变动的综合效应更为强烈和持久,国库资金的业务操作必须考虑如何适度避免对货币政策形成干扰。     

全面补偿协议在保证保险经营中的应用

全面补偿协议(GIA)是美国合同保证保险业务实践中普遍使用的一种契约形式,其本质是对保险人追偿权利的固化和具体化。以GIA协议代替严格的反担保机制,不仅更加全面地维护了保险人的追偿权益,也更好地兼顾了权利人和义务人共同的利益诉求。借鉴美国经验,全面引入GIA协议,构建保证保险各方当事人共赢机制,是推动我国保证保险制度走向成熟和规范的必要途径。     

Financialized accounts: Share buy-backs, mark to market and holding the financial line in the S&P 500

In recent years the US corporate sector has deployed more cash from operations to finance the repurchase of outstanding share capital for treasury stock. Shares repurchased for treasury stock can help flatter earnings per share, fund senior management share option compensation schemes and finance corporate acquisitions. In financialized accounts these are now significant transactions which, it is argued, serve the financial interests of managers and investors.The US Financial Accounting Standards Board (FASB) is now demanding a “greater use of fair value measurements in financial statements” with the result that share options and corporate acquisitions will be “marked to market”. This will force a financialized ratchet because managers in the S&P 500 will need step up cash extraction if they are to hold the financial line.     

中日银行不良债权成因的比较分析

银行不良债权是中日两国面临的共同问题。在分析中日不良债权现状的基础上,从微观经济学和制度经济学视角对两国不良债权的成因进行了比较分析,并结合中国国情,得出解决这一问题的关键是消除形成金融不良资良的制度性根源。最后提出化解中国不良债权的几点针对性措施。     

Designing an immunized portfolio: Is M-squared the key?

The theoretical and empirical properties of M-squared, a measure of cash flow dispersion used in designing duration-hedged portfolios, are examined. Contrary to prior research, minimizing M-squared is not independent of the stochastic process and the minimum M-squared portfolio is a ‘bullet’ only under a specific, convexity condition derived in the paper.Using a data base of default-free, Government of Canada bonds to set up minimum M-squared, duration-matching portfolios, we find that the convexity property does not hold in general and that minimum M-squared portfolios fail to hedge as effectively as portfolios including a bond maturing on the horizon date.     

关于重新设立国债期货的若干问题

在简单回顾中国国债期货试点经历及其失败深层原因的基础上,本文以金融发展与金融功能理论为主线,从金融深化视角出发对国债期货的产生及其经济效应做了一些分析.我们认为作为市场完全化过程的必然产物,金融衍生产品不仅本质上是"风险中性"的,而且也成为了企业、居民风险管理的重要手段.其风险主要是主体使用动机异化所致.最后,对当前在中国重新恢复国债期货试点的迫切性与必要性进行了分析,指出国债期货的重新恢复对于当前中国金融体制改革的深化可能是具有深远意义的重要步骤之一.