Systemic Risk,Financial Crisis,and Credit Risk Insurance

Differing from conventional insurance firms whose underwriting business does not contribute to systemic risk, credit risk insurance companies providing credit protections for debt obligations are exposed to systemic risk. We show that credit risk insurers (CRIs) underperformed conventional insurance companies during the 2007–2009 financial crisis, and such underperformance is attributed to the greater systemic risk of CRIs. We also find that the credit spreads of insured bonds increase significantly after their insurers are downgraded or put in the negative watch list. We control for alternative factors affecting bond credit spreads and the result is robust.     

用积极视角看大学生心理危机的预防

针对大学生较高的心理危机发生率,很多高校制定了心理危机的预防机制。但是大部分的心理危机预防机制是基于大学生在各方面已有的心理问题和缺陷建立的外部支持系统,对大学生自身具有的内部力量重视不足。积极心理学关注个体积极品质和内在潜能,在这一理论的指导下积极看待大学生心理品质及在学习、人际关系等方面的心理现象能够为有效地进行心理危机预防提供新的视角。     

试论高职院校的校园安全危机管理

当前,高校的安全危机事件时有发生,严重危害着师生员工的生命财产安全和校园的和谐稳定。本文分析了高职院校校园安全危机的主要表现和特点,提出了高职院校校园安全危机管理的主要内容以及应对措施。     

金融危机下的公允价值应用探析

上世纪80年代以来,公允价值计量模式在全世界得到了广泛应用,21世纪上半叶成为计量属性的主流。但是美国次贷危机的愈演愈烈却导致公允价值计量模式遭到了前所未有的质疑,本文通过详细分析公允价值计量属性存在的问题,提出了金融危机下如何进行公允价值应用的完善措施。     

发达国家反金融危机措施比较及中国未来政策取向

文章比较分析了美国、西欧国家和日本的反金融危机措施,并对发达国家的反危机措施进行简要评价,最后,总结了中国的反危机措施,认为中国政府经济刺激政策已经见效,但仍有诸多不稳定因素。实现中国经济可持续增长,要以危机为契机,推进各项改革,通过制度创新释放经济活力,加大科技教育投入,使科技创新成为中国经济增长的新引擎。     

以马克思主义的视角来分析后金融危机中国经济发展的利弊因素

笔者结合两会精神和当前的态势,用马克思主义的视角来分析后金融危机中国经济发展的有利因素、不利因素以及所采取的措施。     

The Impact of the 2007 Liquidity Shock on Bank Jumbo Mortgage Lending

This paper explores the consequences of the collapse of the private‐label residential mortgage‐backed securities market in 2007 on banks’ originations of jumbo mortgages. We show that jumbo lending declined by more at banks that were more dependent on this market and were less well capitalized. In contrast, banks that had little dependence on this market and were well capitalized increased jumbo originations. These findings highlight how dependence on the secondary market may cause amplification of financial shocks, and the potential value of capital requirements that are higher during periods of economic growth in mitigating the amplification effects.     

On Life as a Fictitious Commodity: Cities and the Biopolitics of Late Neoliberalism

Building on a biopolitical understanding of the economic crisis, this essay contends that the occurrence of the crisis warns that life is not a real commodity but — to put it in Karl Polanyi's terms — a ‘fictitious commodity’. This means that life cannot be integrally subsumed within the economy, and therefore the crisis is to be seen as a pathological way in which societies react to the pervasiveness of capitalist relations, showing the illusory character of self‐regulating markets and ownership ideologies. Two mutually contradictory biopolitical responses to the neoliberal crisis, led by the state and grassroots movements respectively, are discussed in the concluding section of the essay.     

Explaining European Union Citizens’ Trust in the European Central Bank in Normal and Crisis Times

We study the determinants of trust in the European Central Bank (ECB) as measured by the European Commission's Eurobarometer survey, in particular during the global financial crisis and the European sovereign debt crisis. We find that the fall in trust in the ECB in crisis times can be rather well explained based on the pre‐crisis determinants. We also show that the fall in trust reflected the macroeconomic deterioration, a more generalized fall in the trust in European institutions in the wake of the crisis, and the severity of the banking sector's problems, to which the ECB was associated in the public opinion.     

FINANCIAL EDUCATION AND BEHAVIORAL FINANCE: NEW INSIGHTS INTO THE ROLE OF INFORMATION IN FINANCIAL DECISIONS

Recent empirical evidence based on surveys and experimental activities within the fields of behavioral finance and financial education has offered economists new empirically based insights into how individuals use information in making financial decisions. Specifically, the importance of information in financial decisions may be reduced or eliminated by psychological aspects of the individual, such as a state of overconfidence that is individual or shared with a group, or by the individual's limited ability to process complex and abundant information. This paper aims to complement this emerging body of literature by studying how individuals perceive and process information when making financial decisions. We review these contributions and suggest a number of broad guidelines that can provide a framework for future discussion of this topic within financial decision theory.