Investment liberalization — Why a restrictive cross-border merger policy can be counterproductive

Investment liberalizing countries are often concerned that cross-border mergers and acquisitions, in contrast to greenfield investments, might have an adverse effect on domestic firms and consumers. However, given that domestic assets are sufficiently scarce, we identify a preemption effect and an asset complementarity effect, which imply that the acquisition price is substantially higher than the domestic seller's profits. Moreover, we show that for the acquisition to take place, the MNE must be sufficiently efficient when using the domestic assets, otherwise rivals will expand their business, thereby making the acquisition unprofitable. Consequently, restricting cross-border M&As may also hurt consumers.     

Privatization and foreign competition

This paper determines the equilibrium market structure in an international oligopoly, where a state enterprise is sold at an auction. The paper suggests that high greenfield costs and high trade costs do not necessarily induce foreign acquisitions in privatizations, despite the fact that foreign firms would gain considerably from acquiring in such situations. The reason is that domestic firms can then prevent foreign firms from becoming strong local competitors and thus, their willingness to pay for the state assets is high.     

《资本账户开放内涵及定义的探讨》

由于资本账户交易的复杂性,关于资本账户开放,国际上没有严格统一的权威定义,对相关概念进行辨析后可以发现,常见的资本账户开放定义有一定的欠缺。资本账户开放可定义为"持续地避免对资本跨货币区边境的交易进行各种直接和间接的限制"。     

利率市场化对商业银行影响的经验及启示——以台湾为例

利率市场化的加速推进给国内城商行的经营发展带来深刻的影响。国内利率市场化遵循渐进改革思路,与台湾地区利率市场化具有相似之处,经历14年的利率市场化改革,台湾银行业在低利差的环境下通过推进组织流程优化来提升运营效率;强化金融服务手段来改善资金来源结构,从而降低资金成本;依托金融控股公司平台,发挥整合行销效益,扩大客户基础;积极调整优化资产结构,大力拓展民营企业和消费金融业务等举措实现发展转型及安全稳健经营。台湾银行业的发展经验值得国内城商行借鉴。     

商业银行应对利率市场化能力探析——以抚顺为例

以抚顺为例,对商业银行应对利率市场化改革的能力及存在问题进行分析研究,提出应提升商业银行定价能力、合理确定内部资金转移价格、建立存款保险制度、加强监管和引导.     

Monetary dynamics: a market approach

The behaviour of the short-run responses implied by the identification of a long-run money demand relationship is examined. These responses have recently been interpreted as representing the policy stance of the monetary authority. However, as movements in the monetary aggregate reflect both demand and supply adjustments, estimating the short-run dynamics solely within the money demand relationship may produce biased results. In order to address this issue, the paper explicitly acknowledges the importance of the supply of money function by including the function alongside the demand for money function. While the interaction of the two equations continues to produce the long-run quantity theory result, the additional detail provides more accurate estimates of the individual short-run adjustments within the two equations.     

日本资本市场开放:动因、过程与经验教训

战后日本经济的恢复与发展和来自美国、OECD等外部环境的压力是日本资本市场对外开放的内外两大背景因素,日本采取的是全方位的有限制的渐进的直接开放模式。日本政府采取的逐步开放政策,对于日元向资本项目下自由兑换体制的平稳过渡发挥了积极作用。由于我国目前的情况与日本有相似性,因此,深入分析日本资本市场开放的动因、过程与经验教训,可对我国资本市场的开放提供借鉴。     

Volatility of capital flows and financial liberalization: Do specific flows respond differently?

This paper examines the volatility of capital flows following the liberalization of financial markets. Utilizing a panel data set of overlapping data, the paper focuses on the response of foreign direct investment, portfolio flows, and other debt flows to financial liberalization. The financial liberalization variable comes from the chronology and index developed by Kaminsky and Schmukler [Kaminsky, G.L. and Schmukler, S.L., 2003, Short-run pain, long-run gain: The effects of financial liberalization, IMF Working Paper WP/03/34.]. Different types of capital flows are found to respond differently to financial liberalization. Surprisingly, portfolio flows appear to show little response to capital liberalization while foreign direct investment flows show significant increases in volatility, particularly for the emerging markets considered.     

国际投资协定中最惠国待遇条款的新发展与中国的应对之策

在经济全球化时代，跨国投资日益成为与跨国贸易相提并重的国际经济支柱之一。对跨国投资的保护也成为当今社会各国间谈判的主要议题。国际投资协定在具体内容上已显现出与传统国际投资协定的很大区别，最惠国待遇条款作为其中的一个核心要素，在具体内容、适用范围以及投资仲裁实践中也出现了一些新的发展，成为国际投资领域经济自由化的一个重要手段，体现了国际投资领域的发展趋势。     

金融深化与政策性银行的发展

金融全球化、金融自由化和经济金融化构成了中国金融深化的主要方面 ,对政策性银行的影响也越来越大。为此 ,必须加快立法 ,协调政策性银行与商业性银行的关系 ;加强财政支持 ,完善资金来源渠道 ;积极进行业务创新 ,拓展运营方式 ;加强风险管理 ,走可持续发展道路。