Systemic Risk Monitoring and Financial Stability

This discussion briefly outlines key elements of a systemic risk monitor to help identify risks to financial stability. The monitor distinguishes shocks, which are varied and difficult to predict, from vulnerabilities, which can amplify shocks and lead to instability. Better data and models of amplification channels, and better communication among different authorities, are needed to be effective.     

Individual Responsibility within Organizational Contexts

Actions within organizational contexts should be understood differently as compared with actions performed outside of such contexts. This is the case due to the agentic shift, as discussed by social psychologist Stanley Milgram, and the role that systemic factors play in shaping the available alternatives from which individuals acting within institutions choose. The analysis stemming from Milgram’s experiments suggests not simply that individuals temporarily abdicate their moral agency on occasion, but that there is an erosion of agency within organizations. The point about the erosion of agency is deepened in the discussion of a case study which illustrates the difficulty of identifying even the bare “ownership” of actions within organizations. While this is the case, explicating these reasons suggests that both individual actors and firms can bear ethical responsibility within organizational contexts. As part of the effort to present the whole picture, business ethics courses should introduce students to the relevant insights from social psychology and human factors research.     

Environmental Sustainability Versus Profit Maximization: Overcoming Systemic Constraints on Implementing Normatively Preferable Alternatives

There is a systemic condition inherent in contemporary markets that compel managers not to pursue more morally preferable initiatives if those initiatives will require actions that conflict with profit maximization. Normative arguments for implementing morally preferable practices within the existing system fail because they are insufficient to counter-act the systemic conditions affecting decision-making that is focused on maximizing profit as the primary operational value. To overcome this constraint we must elevate a more normatively preferable value, ‚ideal environmental sustainability,’ to the level of being the primary filtering value through which other competing values are evaluated, prioritized, and implemented. In order for this to occur in practice, a change must be made relative to the laws, rules, and regulations that define and guide the market. This can be done by suitably defining the epistemic constraint of impartiality utilizing Rawls’ notion of a ‚veil of ignorance’ as a heuristic device. John K. Alexander is an Adjunct at Grand Valley State University (Allendale MI) and Grand Rapids Community College (Grand Rapids MI). Areas of interest include Socratic, philosophy, business/organizational ethics, health care ethics, and philosophy of management. He has published papers in HEC Forum, Teaching Philosophy, Philosophy of Management, Journal of Business Ethics and Business Ethics Quarterly. Prior to becoming a visiting professor at GVSU in 2001, he had thirty-five years experience working and managing in foundries.     

保险业与系统性风险：研究进程与争议回顾

以2000-2019年6月发表的118篇中外文献为基础,对2007-2009年金融危机前后的保险业系统性风险研究进行回顾和总结。研究发现：学界对保险业系统性风险的研究在金融危机后开始快速增长,研究内容最初集中在系统性风险的存在性与实证检验,随后转向对影响因素和成因机制的关注,同时,监管制度研究具有持续性。现有文献已经取得初步成果,今后可以从风险衡量手段比较、影响因素探析和监管制度等方面开展和深化研究。     

加强我国影子银行监管 防范系统性风险

目前影子银行已经成为影响我国金融稳定运行的潜在风险。虽然我国影子银行不论在构成还是运作方式特别是风险表现形式和程度上与美国影子银行有较大差别,但是,当前我国影子银行的不规范和无序运作,开始对我国金融健康运行构成威胁。所以,应及早规范我国影子银行的运行规则,完善相关法律制度,促进影子银行有序发展。     

系统重要性金融机构的国际监管趋势浅析

系统重要性金融机构的监管已经成为当前国际金融改革的一个重要组成部分。国际金融组织和各国金融监管机构正致力于降低其道德风险，终结大型金融机构“过大而不能倒”的局面。我国的监管需要从中国的国情和实际出发，不断完善宏观审慎管理框架，建立健全金融基础设施，积极参与国际游戏规则的制定，为防范系统性风险和维护金融稳定做出不懈努力。     

The Causes of Contagion： Rational or Irrational Behavior？

The threats concerning financial stability seriously affect the overall functioning of the economy at a local, regional, national, and continental level instead of a global level, and therefore, the emphasis is laid on analyzing the causes and effects of such threats. Financial crises in the current decade, as well as those in the past have shown that a major cause of instability in the global market is the so-called financial contagion. This leads to a natural question： whether similar authorities could specify and mitigate these shocks through efficient calculation followed by stability measures taken by banking networks. To answer this question, an empirical research was conducted by analyzing the degree of contagion induced by markets in Central and Eastern Europe, based on an econometric model, involving over 17 European countries, from January 2006 to January 2013.     

农地征用制度的制度经济学分析与创新路径研究

农地征用制度改革必将成为我国近期重大的制度变迁之一，这不仅仅是为了增加农民收入或者保护农民权益，甚至也不仅仅是为了保护耕地或者粮食安全，关键在于征地已经成为目前我国各种矛盾的聚焦点。从制度经济学角度分析现行农地征用制度，可以看出正是由于农地征用制度设计上的缺陷与不足，直接导致了农地所有权主体虚置及农地征用权被滥用，影响了农民对土地使用权、处分权和收益权的有效运用。农地征用制度的改革与创新研究也必须对此予以充分关注。