Macroeconomic Effects of Asset‐Price Shocks in a Globalized Financial Market

In this paper, I study a model in which shocks to asset prices affect the real sector of the economy through a credit channel. As financial markets become internationally integrated, the economy becomes less vulnerable to domestic asset‐price shocks, but more vulnerable to foreign asset‐price shocks. To the extent that monetary policy stabilization is feasible and desirable, the globalization of financial markets shifts the focus of monetary policy from domestic asset prices to worldwide asset prices.     

美国社区银行的发展及其对我国新农村金融建设的启示

改革开放以来,我国中小企业发展迅速,但中小企业金融银行服务体系并不健全.与欧美发达国家相比,作为银行体系重要组成部分的社区银行在我国依旧少见.本文在介绍美国社区银行发展状况及运营特点的基础上,总结了美国社区银行在服务农村建设方面的成功经验与启示借鉴,以期对我国社区银行业的深化改革提出一点想法.     

Too Little or too much? Exploring U‐shaped Relationships between Corporate Environmental Performance and Corporate Financial Performance

Despite 40 years of research on the relationship between corporate environmental performance (CEP) and corporate financial performance (CFP), there is no generally accepted theoretical framework that explains the contradictory results that have emerged. This unsatisfactory status may be attributed to the fact that linear models dominate the research. Based on an international sample of 2361 firm‐years from 2008 to 2012, we find empirical evidence of a non‐linear, specifically a U‐shaped, relationship between carbon performance and profitability as well as between waste intensity and profitability. The same result holds for the relationship between carbon performance and stock market performance, but solely for manufacturing industries. Our empirical findings provide evidence for the theoretical framework of a ‘too‐little‐of‐a‐good‐thing’ (TLGT) effect, which indicates that the type of relationship (positive, negative) depends on the level of CEP. More precisely, there is a negative CEP–CFP relationship for companies with low CEP and a positive association for high CEP. Copyright © 2015 John Wiley & Sons, Ltd and ERP Environment     

The Role of Financial Ratios in the Variance of Stock Trading Volume in Emerging Stock Markets

The study used quarterly panel data of 6 years from 2010 to 2015 of all companies listed on both Vietnamese stock markets including the Ho Chi Minh City Stock Exchange and Ha Noi Stock Exchange, and on three leading industries consisting of insurance-banking, foodstuff, and real estate to explore the relationship among four key financial ratios and stock trading volume. Two models, fixed effects model (FEM) and random effects model (REM), with robust standard errors, were applied for this study. The key findings showed that earnings before tax on sales, debt on owner’s equity, and owner’s equity on total assets significantly influenced trading volume.     

Monetary policy,endogenous transactions,and financial market segmentation

An endogenous financial market segmentation model is constructed to explore the role of costly credit as a medium of exchange in the monetary policy elasticity of financial market activity. Against inflation risk, credit is an alternative insurance device to a cash transfer from the financial market. In equilibrium, credit reduces the financial market activity rate. Monetary policy has redistributive effects across economic individuals. Inflation may not tax financial market non-participants. However, it may tax financial market participants by increasing the financial market activity rate. Welfare may increase and the optimal money growth rate can be positive.     

大城市劳动力供需平衡与外来劳动力就业政策研究——以上海市为例

文章在经济转型和大城市人口调控背景下,研究了上海劳动力资源供需平衡趋势与外来劳动力需求情况。研究显示,在上海经济保持一定的增长速度下,2015-2020年外来劳动力需求量在700-856万人之间,这使大城市在对待外来劳动力上处于尴尬境地,一方面面临着经济发展对外来劳动力的依赖性,另一方面面临着大城市人口调控的压力。目前上海劳动力市场中外来劳动力与本地劳动力在就业岗位、工资待遇、社会福利等方面仍存在一定的差异。外来劳动力与本地劳动力在岗位上更多的是一种优势互补关系,对外来劳动力歧视有悖于社会公平理论,同时政府的强行调控政策也不利于劳动力市场的发展。政府的职责应该是尽可能地创造出健康、有序、公平的市场秩序,让市场在调节劳动力供需和结构性短缺上发挥决定性作用。     

Can the Islamic bank be an emerging leader? A panel data causality analysis

This short note investigates the ability of Islamic banks (IBs) to play a leading role in revamping and driving conventional banking. To this end, we used a panel of 10 major conventional banks (CBs) and 10 IBs over the period 2006–2013. We applied panel regression tests and carried out a panel causality analysis. Our findings identified no significant causality effect from IBs to CBs and indicated that IBs are not able to play a role of leader.     

Optimal penalty and accounting policy

This study considers risky investment projects under adverse selection and examines optimal penalties for erroneous auditing reports to maximize social welfare. These penalties give firms an incentive to choose accounting policies that maximize social welfare. We characterize the optimal penalties such that efficient firms choose an aggressive accounting policy and inefficient firms choose a conservative accounting policy.     

Evaluating monetary policy with financial stability objective: rules vs. discretion

This article explores whether adding the goal of financial stability to the more traditional goals of output and price stability could improve optimality of monetary policy. A Dynamic Stochastic General Equilibrium model that endogenously incorporates financial frictions is used to derive optimality conditions across rule-based and discretionary monetary policy environments. The results indicate that it is optimal for the Central Bank to keep output below the potential level in the short term so as to dampen the inflationary effects arising from supply and financial shocks. When the economy is exposed to a financial shock, both leverage and credit spread rise significantly, thereby tipping the economy into a financial crisis and raising the probability of macroeconomic risk.     

INTERNATIONAL MIGRATION: A CASE AGAINST BUILDING EVER‐HIGHER FENCES

International migration, seen as a powerful force of truly global character that is shaping today's socio‐economic reality, is a highly controversial and politicised issue. This paper explores its ramifications in the context of a growing backlash against immigration across the rich world. Specifically, it argues that the free flow of people – like the free movement of goods and capital – is beneficial to developed and developing economies alike and, in doing so, shows how migration produces win–win outcomes. Thus the study, while admitting that inflows of foreign‐born workers pose challenges and entail trade‐offs, makes a case for the liberalisation of immigration policies. The paper deepens our understanding of the issues at hand and constitutes a voice in favour of liberal‐policy choices.