我国商业银行不良资产证券化障碍与对策研究

商业银行不良资产问题是现代金融业发展中的一个全球性难题,当前我国商业银行不良资产问题十分严重,文章试图对我国商业银行开展不良资产证券化存在的制度性、技术性和风险性障碍进行了系统研究,然后提出了对我国商业银行不良资产实施证券化的对策。     

Rules versus discretion - A disinflation case

This paper compares a strict inflation target regime to a conservative central bank regime to determine the monetary regime appropriate for a disinflation process. The analysis shows that in a two-period model, in which policymakers face given first-period inflationary expectations, a strict inflation target could be preferred to the appointment of a conservative central banker who has discretion. The result differs from that of Rogoff (1985), who assumed rational expectations and concluded that a conservative central banker is always preferable. The disadvantage of the conservative central banker derives from his tendency to accelerate disinflation relative to rate that maximizes social welfare.JEL Classification: E52, E58The authors are grateful to Alex Cukierman, Nissan Liviatan, Allan Drazen, Amit Friedman and Yoav Friedmann for their useful suggestions. We also thank the anonymous referees for helpful comments. Earlier versions of this paper were presented at the Tel Aviv University macroeconomic workshop, at the Research Department seminar, Bank of Israel, and at the Bank of Israels conference on Macroeconomic Policy, October 2002.     

市场分割下中国加工贸易出口主体分化问题研究

外部采购与加工贸易是近年来出现的新贸易现象,对中国来说,低廉的劳动力成本是取得加工贸易比较优势的主要原因,加工贸易发展进程中出口主体的分化是中国从城乡二元劳动力市场向城市二元劳动力市场转变的结果,要继续保持加工贸易比较优势,就应该增强劳动力市场的流动性,实现劳动力市场的统一。     

构建和谐社会需要正确处理的十大关系

构建和谐社会,是一个长期的过程.在经济高速发展的轨道上,各种利益、各种关系的摩擦、碰撞是激烈的.构建和谐社会,要处理的关系非常多.其中,尤其要正确处理好十个主要方面的关系:经济增长与可持续发展的关系;人口与就业的关系;经济和教育的关系;城市和乡村的关系;高新技术产业与传统产业的关系;积累和消费的关系;内需和外需的关系;强势群体与弱势群体的关系;改革与发展的关系;中国特色与国际惯例的关系.     

Property rights protection and access to bank loans

Poor protection of private property has limited the access to bank loans by private enterprises in developing and transition economies. Under those circumstances, private entrepreneurs have resorted to various ways of enhancing the de facto protection of private property. Using a dataset of 3,073 private enterprises in China, this paper empirically investigates the impact of political participation and philanthropic activities – informal substitutes for the lack of formal protection of private property – on the access to bank loans.     

Capital needs in Eastern countries

This paper reviews estimated capital needs for Eastern Europe and rejects most of the claimed foreign capital contributions as too high and, in fact, unnecessary. It argues that whilst foreign investments may usefully assist reforms, they can neither substitute for reforms nor assure the success of reforms. Historically there is no evidence of sustained growth predominantly financed by foreign capital anywhere. The West's effort should therefore focus on assisting reform efforts, providing some capital but, above all, opening its markets to Eastern products.Opinions expressed in this paper are strictly personal. I would like to thank H. Handler for his comments.     

信息约束下的金融监管与银行声誉

如何在信息不对称的约束条件下降低金融风险、提高监管绩效,是金融监管中的一项重要课题.本文分析了信息结构对于监管的重要性,认为声誉机制的建立可以降低银行与监管部门之间信息不对称的程度和风险发生的概率,并运用KMFW模型,分析了不对称信息下银行声誉机制减少违规动机的过程,指出应该注重激励相容的制度安排,将外部监管与自律有机结合起来,促使银行自发选择接受监管且减少进行高风险投资的动机,这是信息不对称条件下提高监管效率的重要策略.结合我国实情,本文提出可通过银行风险评级、建立可置信的惩罚机制、完善银行内部治理机构、改进监管人员激励约束机制、构建和完善金融监管信息系统等措施,建立健全银行声誉机制,以进一步改善监管绩效.     

东道国ESP系统与东道国外商直接投资特征研究--以中国为例

国际直接投资地域结构的时空差异性对忽视东道国因素的传统国际投资理论提出了挑战。文章研究了东道国因素对国际生产资本地域运动的影响，提出了国际直接投资是东道国因素与投资主体三优势综合作用的结果，东道国环境、体制、政策系统的状态特征决定了东道国外资特征等观点，并实证研究了中国改革开放进程与外商对华投资规模和结构的内在互动性。     

中部地区金融发展与经济增长关系的实证研究

在“中部崛起”这一号召之下，中部金融业的发展如何能更有效地为其经济增长起到支撑作用显得尤为重要。本文运用回归分析和格兰杰因果检验法对我国中部地区六省1995-2004年金融发展与经济增长的关系进行实证研究，探求二者之间的因果关系，并在此基础上给出相应政策建议。这一研究对中部地区形成科学而有效的发展战略，实现经济振兴是有益的。     

南京市人地关系合理性研究

随着我国城市化进程的加速，中心城市将会得到快速发展，大量的人口将会在中心城聚集，会使中心城市的人地矛盾变得越来越复杂。文章以南京市为例，对其进行分析研究和客观评价，确定城市用地与人口的合理关系，并提出相应的实施对策。