系统重要性机构识别和监管研究综述

2008年国际金融危机与以往危机最大的不同在于危机肇始于著名跨国金融机构的倒闭。通过对危机进行反思,二十国集团要求确保所有具有系统重要性的金融机构、市场和工具受到适当的监管和监督。该文从国际监管组织提出的“系统重要性金融机构”的概念出发,介绍了系统重要性机构的识别方法,以及当前有关强化系统重要性机构监管的国际实践,并对降低我国系统重要性金融机构的风险提出了政策建议。     

Contingent convertible bonds: Who invests in European CoCos?

Using a comprehensive data set on issuances and holdings of contingent convertible debt instruments (CoCos) issued by European banks, we investigate who invests in European CoCos. The results indicate that most European CoCos are not directly held by euro area investors. Foreign investors outside the euro area and investment funds located in Ireland and Luxembourg hold the large majority. Euro area banks, insurers and pension funds only have very limited direct exposures. Households in the euro area hold almost no direct positions in European CoCos, although there could be indirect holdings through non-euro area entities and euro area investment funds. Concerns for contagion through cross-holdings of CoCos by banks seem to be unwarranted.     

论中国特色社会主义金融发展与经济增长理论——中国金融发展与经济增长关系的政治经济学

中国特色社会主义金融发展与经济增长的伟大实践走过了一条不同于传统金融发展与经济增长理论所描述的经济和金融自由化之路。中国特色社会主义金融发展与经济增长理论的逻辑是,强调中国共产党对金融工作的领导,强调通过国有所有权来实施金融控制战略,通过金融控制来有效降低或阻隔金融市场上的"羊群效应"和"传染效应",从而最大限度地去解决金融监管始终滞后于金融创新带来的现实或潜在系统性风险难题,牢牢守住不发生系统性风险的底线。新时代中国特色社会主义金融发展与经济增长理论在持续深化。在进一步寻求金融控制程度和降低金融系统性风险之间的最佳组合上,在让金融回归服务于实体经济的本质属性上,在发展普惠金融弥补市场天生之不足、促进公平增长上,都取得了重大进展。中国特色社会主义金融发展与经济增长理论和实践有助于实现金融发展与经济增长之间的良性互动,是中国特色社会主义金融发展与经济增长关系的政治经济学。     

公允价值会计能否放大银行体系的系统性风险

宏观审慎监管框架下公允价值会计被认为是顺周期机制,放大了银行体系的系统性风险而广受诟病。本文尝试从正向冲击和逆向冲击角度研究公允价值是否存在放大作用。研究发现两类冲击下系统性风险均存在;公允价值会计作用不对称,逆向冲击下放大了系统性风险,正向冲击下作用不明显;进一步分析逆向冲击的作用渠道时发现,市场流动性不足是放大作用的显著原因,银行以公允价值计价的风险敞口和资本充足率对放大作用没有显著影响。     

Integrated Management of Land Use Systems under Systemic Risks and Security Targets: A Stochastic Global Biosphere Management Model

Interdependencies among land use systems resemble a complex network connected through demand–supply relationships. Disruption of this network may catalyse systemic risks affecting food, energy, water and environmental security (FEWES) worldwide. We describe the conceptual development, expansion and practical application of a stochastic version of the Global Biosphere Management Model (GLOBIOM), used to assess competition for land use between agriculture, bioenergy and forestry at regional and global scales. In the stochastic version of the model, systemic risks of various kinds are explicitly covered and can be analysed and mitigated in all their interactions. While traditional deterministic scenario analysis produces sets of scenario‐dependent outcomes, stochastic GLOBIOM explicitly derives robust outcomes that leave the systems better‐off, independently of which scenario applies. Stochastic GLOBIOM is formulated as a stochastic optimisation model that is critical for evaluating portfolios of robust interdependent decisions: ex‐ante strategic decisions (production allocation, storage capacities) and ex‐post adaptive (demand, trading, storage control) decisions. As an example, the model is applied to the question of optimal storage facilities, as buffers for production shortfalls, to meet regional and global FEWES requirements when extreme events occur. Expected shortfalls and storage capacities have a close relationship with Value‐at‐Risk (VaR) and Conditional Value‐at‐Risk (CVaR) risk measures. A Value of Stochastic Solutions is calculated to illustrate the benefits of the stochastic over the deterministic model approach.     

基于系统理论的我国企业国际化战略选择

中国在成为”世界制造基地”的过程中,国内企业也在经济全球化进程中加快了国际化的步伐。所以选择和实施什么样的国际化战略,是当前中国企业要明确的关键问题。文章在对相关企业国际化理论评述的基础上,分析了全球化条件下我国企业国际化的特征及面临的问题,最后基于系统理论提出了相应的企业国际化战略体系。     

系统性金融风险：来源、最新研究进展及方向

本文对系统性金融风险的概念界定、生成原因、传导渠道以及防范等方面具有代表性的文献进行了梳理和述评,总结了系统性金融风险的最新研究进展,指出了今后的研究方向及对中国的启示。     

论无纸化环境下证券账户的系统重要性

在无纸化环境下,证券账户不仅仅是非凭证式证券的存放空间和记账工具,更是投资者持有证券、行使权利的权利凭证,是无纸化证券的表彰形式。证券账户集中体现了投资者、证券公司与中央证券登记机构之间的法律关系,是维护证券交易结算顺利实现的基石,证券权利的创设、转让、担保、公示等需要借助证券账户来完成。在我国,证券市场基本上完成了无纸化改革,证券账户具有系统重要性。     

Banking Regulation and Systemic Risk

The term Systemic Risk belongs to the standard rhetoric of economic policy discussions related to the banking industry. Besides the goal of protecting small depositors, control of systemic risk is given as one of the main arguments for banking regulation. Various recent financial crises have increasingly focused the regulatory debate on issues of systemic risk and financial stability. There is, however, no generally accepted definition of systemic risk and the effectiveness and the economic consequences of various instruments of banking regulation that are intended to attenuate it are still only partially understood both theoretically and empirically. In this paper, we make an attempt to discuss some of the issues raised in this debate by reviewing recent contributions to the academic literature.     

论旅游循环经济生态系统

旅游循环经济生态系统的研究有利于推进旅游循环经济、实现旅游可持续发展,将会促进旅游循环经济学的真正确立。基于产业生态学、循环经济学、景观生态学等的基本原理与方法,提出了旅游循环经济生态系统的内涵、系统结构、基本空间形态,在此基础上提出了优化调控策略。旅游循环经济生态系统实质是基于产业生态学、循环经济学、景观生态学等学科的旅游产业生态系统,它包括内生系统、外生系统、共生系统3个子系统,表现为国家、区域、企业等基本空间形态。为了促进旅游循环经济生态系统的良性发育与运行,需要采取产业导向、环境管理、伦理与社会责任、利益协调、应用科学技术等策略,进行优化调控。