The evolution of Hayek's thought on gold and monetary standards

Early in his career, Hayek viewed attempts to stabilize exchange rates by facilitating cooperation between central banks, with respect to their demand for gold, to be at odds with the fundamental mechanisms of the gold standard. He opposed proposals by Irving Fisher, Gustav Cassel, and Ralph Hawtrey that promoted stabilization of demand for gold and price levels as a next best option. Hayek viewed the nations that refused to devalue their currency after monetary expansion during wartime as complicit in degrading the international gold standard. In 1935 Hayek's emphasis began to change, his position sounding much like the arguments of Cassel and Hawtrey. Though he eventually gave up hope that the international gold standard would be reestablished, his later work on money provides theoretical underpinnings for systems that would promote the same sort of stability and predictability that the classical gold standard had provided.     

裕廊公司散粮三期筒仓出仓流程冲突工艺技术优化攻关改造

散粮流程冲突制约船舶接卸和筒仓出仓,严重影响了船舶接卸能力,本文介绍了一种流程设备优化改造技术方案,并阐述其应用效果,为打造高效港口作出贡献。     

距离因素对商业银行操作风险的影响研究

自20世纪90年代以来国内外银行界频频发生重大操作风险事件,其中大部分都发生于与总行距离较远的分支机构,由此提出问题:操作风险是否会受到距离因素的影响?基于操作风险成因理论和风险管理要素理论进行分析,发现分支机构与总行之间的距离对分支机构操作风险状况具有"多重影响机制",相互邻近的分支机构之间距离则会引致"孤岛效应"。进一步基于商业银行内外部操作风险数据进行实证分析,结果验证并拓展了理论分析部分。最后提出了一系列针对性措施来降低距离因素对分支机构操作风险的负面影响。     

Visible Reserves in Banks – Determinants of Initial Creation,Usage and Contribution to Bank Stability

The opportunity of building up visible “Reserves for General Banking Risks” by the bank management represents a peculiarity in the German financial accounting framework for banks. We investigate German banks' motives for the creation and usage of these reserves and assess their role in financial stability. We find that banks primarily create and use GBR reserves to build up Tier 1 capital for regulatory capital management and earnings management purposes. Most importantly, however, we also reveal that banks using these reserves are less likely to experience a future distress or a bank default event. We therefore conclude that the existence of GBR reserves within the financial accounting framework represents both a convenient capital and earnings management tool for bank managers and a beneficial regulatory instrument to enhance bank stability.     

Predatory trading,Stigma and the Fed׳s Term Auction Facility

Predatory trading may affect the incentives for banks to raise liquidity in times of financial distress. In these periods, borrowing becomes a signal of illiquidity, exposing borrowers to predatory trading and possible insolvency. A stigma of borrowing thus arises, leading distressed banks to take on more illiquid positions than they would otherwise. The Fed׳s Term Auction Facility (TAF) can alleviate this problem. The TAF׳s competitive auction format allows auction winners to signal that they are illiquid but relatively strong. The TAF may therefore be an effective policy tool during financial crises: by altering the signal value of borrowing, this facility supports the injection of liquidity into distressed banks. In normal times, however, this auction facility becomes counterproductive: by cream-skimming the relatively strong banks, the weakest banks are left as potential prey for predators. This suggests that the TAF is a policy best reserved for times of crisis.     

Credit Crunches from Occasionally Binding Bank Borrowing Constraints

We present a model in which banks and other financial intermediaries face both occasionally binding borrowing constraints, and costs of equity issuance. Near the steady state, these intermediaries can raise equity finance at no cost through retained earnings. However, even moderately large shocks cause their borrowing constraints to bind, leading to contractions in credit offered to firms, and requiring the intermediaries to raise further funds by paying the cost to issue equity. This leads to the occasional sharp increases in interest spreads and the countercyclical, positively skewed equity issuance that are characteristics of the credit crunches observed in the data.     

中央企业重组的历史沿革及发展研究

以中央企业为代表的大型国有企业如何通过优化重组,转变自身发展方式,直接关系到央企国际竞争力的提升及大公司大集团战略的实现,也关系到我国产业结构的升级和经济增长方式的转变。本文从国有企业重组的历史发展、中央企业重组的历史考察出发,回顾了以中央企业为代表的国有企业重组的历程,对当前中央企业重组思路从规划、主体、方式、目标、途径、过程、内容、范围八个方面进行了反思与探讨,并提出了相应的建议。     

论网络银行的风险与监管

网络银行业务不仅具有传统银行业务的风险 ,而且赋予了传统银行业务风险新的内容、增加了新的风险品种 ,包括系统风险、业务风险和跨国界风险。网络银行对现行监管体制提出了挑战。中国政府应尽快制定有关法规 ,健全网络银行业务发展和管理的法规框架 ,包括市场准入规则的制订、网络交易公平规则的制订、网络银行的信息披露制度的建立、跨国法律的适用与管辖权问题的解决等等。     

“双手册”党建工作标准模式探析——以中国人民银行日喀则市中心支行为例

习近平总书记在党的十九大报告中指出,要把基层党组织建设成为宣传党的主张、贯彻党的决定、领导基层治理、团结动员群众、推动改革发展的坚强战斗堡垒。面对全面从严治党的新形势新要求,人民银行日喀则市中心支行坚持"抓党建、带队伍、促履职"的党建工作思路,转变观念、丰富措施、拓宽载体、强化落实,主动调研,坚持传承和创新相结合,通过几年来大量的实践和调研,探索建立了一套以《党建工作手册》和《党支部工作手册》为基准的"双手册"党建工作标准模式,有力促进了基层党建工作的发展和党员"两个作用的发挥"。     

The natural rate of interest: An estimate for the United Kingdom

The natural rate of interest, also known as R*, is a central concept for many monetary economists. Although policymakers and commentators make judgements based on an implicit belief regarding its value, attempts to measure it are quite rare. This article uses productivity data to estimate the natural rate for the UK economy during 1998–2018. It finds that the median real natural rate up to and including 2008:2 was 2.11 per cent and has been 1.9 per cent since then. This supports the view that the natural rate can change over time and has fallen in recent years. Policymakers who use the natural rate as a benchmark should therefore monitor this more closely.