衍生产品与汇率政策工具

中国人民银行面临着持续的人民币升值外在压力和基础货币供应量被动扩张的内在压力,引入中央银行发行的货币掉期作为汇率政策工具可以较为有效的解决这两方面的问题。本文首先简要描述了当前中国人民银行对货币掉期的使用及其中存在的问题:然后说明了央行货币掉期的定价原理和均衡价格的形成,分析了其对汇率水平的信号发送功能。文章的结论是货币掉期具有易操作性、独立性和内在稳定性,可以设计成为一种供中央银行选择的汇率政策工具。     

中原城市群生态环境保护的技术整合研究

通过生态工程技术来维护与提高城市群生态环境质量,是未来城市与区域发展的新理念,也是城市群可持续发展的基本支撑。在对中原城市群生态环境的现状问题分析的基础上,对中原城市群的生态环境的技术整合进行了研究。针对当前出现的生态环境问题,运用生态防护林地技术、自然保护区技术、生态园区设计技术、水源地保护技术、市区绿地系统规划技术、文物古迹保护技术、环境影响监测评价技术等进行整合,可为壮大中原城市群地区的生态资源与保障生态安全提供技术支撑。     

新疆丝绸之路经济带核心区建设探析

新疆得天独厚的区位优势、人文优势以及资源优势等使其具备成为丝绸之路经济带核心区的基础条件、优势和潜力,未来将成为我国新的经济增长极,在丝绸之路经济带建设中具有不可替代的地位。面对机遇与挑战,新疆应通过准确战略定位、创新政府管理、加强与周边国家的互联互通以及争取国家给予相应的倾斜政策来建设核心区。     

Research on the Credit Cycle and Business Cycle with a Focus on Ten States from Central,Eastern, and Southeastern Europe

By performing an econometric analysis of the credit cycle and business cycle from an individual as well as a comparative perspective, with a focus on ten relevant economies from the areas of Central, Eastern, and Southeastern Europe, this research offers a fresh view regarding the importance of banks in promoting long-term economic growth through their lending capacity. The purpose is to better understand the behavior (the short- and medium-term dynamics) of the credit cycle and business cycle and the effects of the interactions between them. The results of this study offer valuable insights for both academics and policymakers and provide a warning to regulators not to overregulate or put too much pressure on banking activity.     

Equity culture development in Central and Eastern Europe: The role of institutional and managerial factors

In this paper we argue that the development of equity culture in the CEECs is dependent on the presence of a combination of factors stemming from the external institutional and internal managerial environments of the firm. We adopt an inductive approach by firstly analysing two levels of data followed by a conceptualisation based on gained results. We examine data for ten CEECs (all current EU members) for four years 1996, 2000, 2004, and 2008. To examine the characteristics of the institutional and managerial environments of the CEECs and assess their similarities to four benchmarks (UK, USA, Germany, and Japan) we apply a Co-Plot methodology. We find that the presence of an advanced and well developed institutional framework together with the existence of specific managerial conditions is a necessary condition for equity culture development. One could argue that in the CEECs the transition process of institutional conditions necessary for the development of a sound financial system is in place but with some limitations. Furthermore, we find that managers in countries with the best potential for equity culture development are highly motivated, high-skilled people with international corporate experience.     

美英央行对受困金融机构的救助方式评鉴

中央银行在危机救助中应该扮演怎样的角色,各国并无统一定论.本文通过深入研究美英央行在金融危机中对受困金融机构采取的救助手段及其履职效果,论证了央行在危机救助中发挥投资功能对平衡金融稳定职责和价格稳定职责具有重要意义,同时也是中央银行最终贷款人职能的必然延伸,可以有效填补央行与财政部门在金融稳定职责方面的模糊地带.     

关于藏传佛教中国化的几点思考

中央第七次西藏工作座谈会进一步明确了西藏宗教工作总体要求:“必须坚持我国宗教中国化方向、依法管理宗教事务”。本文认为坚持藏传佛教中国化方向,必须在藏传佛教教义阐释和藏传佛教代表人士的教育引导上下功夫。教义阐释要服务于国家利益,确保政治上自觉认同;融汇于中华文化,确保文化上自觉融合;交融于当今社会,确保社会上自觉适应。教育引导必须将反对分裂维护统一主题贯穿始终,必须以政治共识教育为核心,必须以文化认同教育为基础。     

委托代理视角下董事会的治理核心作用研究

委托代理理论认为,现代公司制度的本质是委托代理关系,而董事会应该充分运用代理权,有效地发挥自身在公司治理中的核心作用,成为连接股东和企业经理层及其他相关方面的关键。董事会在公司治理中的核心作用,主要体现在完善公司治理、行使决策权和承担受托责任等三个方面。     

Poverty, food security, and nutrition in Central Asia: a case study of the Kyrgyz Republic

This paper attempts to provide insights into poverty, food insecurity, and malnutrition in Central Asia in the period following independence, and presents the available evidence from household-level data in the Kyrgyz Republic. It finds that although some improvement has been made in recent years, significant levels of poverty, food insecurity, and child malnutrition still exist. The paper argues that, in the short run, efforts should be made to protect vulnerable groups by investing in information generation and building capacity to design and implement food security and nutrition policies and programs. Increasing the speed of policy reforms and investment in productivity-enhancing agricultural research and rural infrastructure are fundamental for long-tern sustainable development in Central Asia.     

Food policy research for improving the reform of agricultural input and output markets in Central Asia

Agriculture is a significant component of the Central Asian economies. Since independence, the republics have implemented agricultural reforms in varying measure, yet production has fallen sharply across the region. The more ambitious agricultural reform programs have included measures aimed at liberalizing agricultural marketing, trade and prices. However, so far the expected supply response has yet to emerge. The objective of this paper is to highlight key policy and research issues surrounding reform of agricultural markets. It summarizes the main features of agricultural performance since the reforms, highlighting trends in grain and cotton, livestock, input use, and trade and analyzes key constraints to improvement of the sector, emphasizing price policy, sequencing problems, and institutional weakness. It presents a research agenda by identifying the main research needs for better agricultural policy design. It calls for more research on input and output market efficiency, private sector development, the effects of reform on farmers, sequencing issues, comparative advantage, water management, land tenure and farm size.