Financial Integration in Asset and Liability Holdings in East Asia

In this article, we examine the evolution of intra-East Asian financial integration from 2001 to 2013. Most existing studies on this topic look primarily at asset holdings; we examine liability holdings as well. Using the International Monetary Fund’s Coordinated Portfolio Investment Survey data for equities, long-term debt, and short-term debt, our analysis generally supports the conventional wisdom that East Asian countries are more financially integrated with global financial centers than they are with each other. This is true for both asset holdings and liabilities and is confirmed by an econometric analysis based on financial gravity equations. However, the gap between global integration and regional integration has narrowed for asset holdings over time but not for liability holdings. The results of additional econometric analysis indicate that diversification of liability holdings can mitigate financial instability due to global financial shocks. More precisely, diversification was associated with smaller exchange rate depreciation during the quantitative easing taper tantrum of 2013. These results point to a possible benefit from strengthening regional financial integration. Deeper regional integration would reduce dependence on global financial markets for funding and hence vulnerability to global shocks.     

《企业会计制度》与会计职业判断

《企业会计制度》的颁布,赋予了企业更大的自主权,客观上给会计人员提供较大的职业判断空间。本文着重分析了《制度》中会计职业判断的在会计核算、会计政策等方面的具体体现,并对实务中如何引导会计人员合理运用会计职业判断提出了自己的看法。     

LOCAL GOVERNMENTS,UNEXPECTED DEPRECIATION AND FINANCIAL PERFORMANCE ADJUSTMENT

Prior management and manipulation of financial accounting information research has overwhelmingly been focused within a private sector setting. This study adopts a public sector focus in empirically examining the use of a specific discretionary accrual (i.e., depreciation) to adjust the financial performance of New South Wales (Australia) local governments. Findings indicate a significant positive association between absolute unexpected depreciation and absolute local government income before capital contributions, and a significant positive association between absolute unexpected depreciation and capital contributions. Overall, the results make significant contributions to various literature streams with implications for various stakeholders interested in local governmental financial performance.     

央行外汇市场干预与协调国内货币政策

我国央行的汇率政策目标已演变成稳定汇率的单一目标,央行频繁地对外汇市场进行冲销干预,使人民币对美元的名义汇率处于超稳定状态,这种汇率政策的施行与国内货币政策目标可能协调,也可能发生冲突。国家应采取综合治理的办法,提高人民币汇率波动的弹性,大力发展债券市场回购,以加强对基础货币的调控     

固定资产折旧政策的选择

文章阐述了几种常用的计算固定资产折旧的方法,对国有资产折旧过程中应注意和存在的问题进行了讨论,并分析企业在采用不同折旧方法时应纳所得税额的不同。     

美元短期走势分析

目前美元仍是各国外汇储备持有的主要资产,美国的货币和资本市场是世界上最具广度和深度的成熟市场之一,在未来相当长的时期里,美元资产仍将是包括中国在内的各国政府和民间对外投资的主要组成部分。美元贬值与世界经济走势并非经济基本面因素所致,美元走弱还属于货币当局“可控制的贬值”。高油价及通货膨胀的困扰,次级债危机的冲击使本来就不明朗的美国经济前景更加暗淡,无论是从美国的国内经济还是国际经济的基本面来分析,美元短期贬值已是大势所趋,无可挽回了。     

国际经济背景下美元贬值的原因、影响及对策分析

美元贬值主要是由美元与主要经济体货币调整不同步以及方向选择差异而形成。对于不同经济体而言,美元贬值存在着非常分明的正负效应,由此导致了各国政府态度认识上的不同。同时,总体上美元的渐次贬值有利于全球经济走向均衡,但速率过猛的美元贬值却会破坏国际经济的均衡。因此,未来美元的下跌空间会受到限制,“美元危机”只是一个伪命题。     

The role payment depreciation in short temporal separations: Should online retailer make customers wait?

In recent times, it has become common for customers to pre-pay for goods but consume them later. The pain of payment reduces over time, in a phenomenon called payment depreciation (PD). Researchers have examined this phenomenon in situations when payment precedes consumption by long periods, ranging from three weeks to several years. The present study examines the occurrence of payment depreciation when costs precede benefits by short periods, such as three days to two weeks. The three experiments establish the presence of PD in short intervals of less than two weeks. The results are robust for both inventoried and non-inventoried consumption. The results further suggest that the sunk cost of a payment devalues discretely and not continuously. The value of the sunk cost in the consumer's mental account drops significantly after two weeks, as compared to one week. The results fail to demonstrate the effect of payment mode on the payment depreciation phenomenon. Implications indicate that retailers can vary their order delivery period to reduce product returns.     

Invoice currency choice,nonlinearities and exchange rate pass-through

ABSTRACT

Estimating time-varying thresholds as a proxy for exporter’s predicted exchange rates, this study proposes a new approach to analyse possible asymmetric behaviour of exchange rate pass-through (ERPT) or pricing-to-market (PTM) in Japanese exports between yen appreciation and depreciation periods. Constructing the industry-specific nominal effective exchange rate on a contract (invoice) currency basis, we perform the multivariate threshold near-vector autoregressive (near-MTVAR) estimation and reveal a strong tendency of symmetric ERPT in the short-run, between yen appreciation and depreciation periods. From the 2000s, however, Japanese machinery exporters increased the degree of PTM even in the long-run, while other industries raised the degree of long-run ERPT, reflecting the difference of product differentiation across industries. This evidence has significant implications for the recent unresponsiveness of the Japanese trade balance to the large depreciation of the yen.