The effect of banking market structure on the lending channel: Evidence from emerging markets

This paper analyses the extent to which the level of bank competition influences monetary policy transmission. Using a large panel dataset of 978 banks from 55 countries, and employing the Lerner index model as a measure of market structure, our results show that an increase in banking sector competition weakens the effectiveness of monetary policy on bank lending. The findings are robust to a broad array of sensitivity checks including control of alternative measurements of the Lerner index, different samples and different methodological specifications. By extension, these results have important policy implications for regulators in assessing the effectiveness of monetary policy transmission mechanisms.     

On Monetary Policy and Stock Market Anomalies

This study utilizes a macro‐based VAR framework to investigate whether stock portfolios formed on the basis of their value, size and past performance characteristics are affected in a different manner by unexpected US monetary policy actions during the period 1967–2007. Full sample results show that value, small capitalization and past loser stocks are more exposed to monetary policy shocks compared with growth, big capitalization and past winner stocks. Sub‐sample analysis, motivated by variation in the realized premia and parameter instability, reveals that the impact of monetary policy shocks on these portfolios is significant and pronounced only during the pre‐1983 period.     

宁波中小企业融资模式与对策思考

宁波中小企业具有集群化、块状化、市场化以及劳动密集等特点,提供的就业岗位占全市从业人员总量的70%以上,针对中小企业融资难的问题,近年宁波创新了城乡小额贷款保证保险、银企合作、银行专营服务、金融租赁、融资洽谈会等六种融资模式,今后解决融资难问题,关键是抓好善用民间资金、善用征信体系、善于科技创新、善于提升管理、善于金融创新。     

Fiscal financing and the efficacy of fiscal policy in Korea: An empirical assessment with comparison to the U.S. evidence

This paper aims to assess the empirical implications of fiscal financing in Korea and study how they differ from those of the U.S. We estimate two versions of the dynamic stochastic general equilibrium (DSGE) model—a small open economy (SOE) model for Korea and its closed economy counterpart for the U.S.—in which the former nests the latter as a special case. The fiscal policy specification posits that government spending, lump-sum transfers, and distortionary taxation on labor income, capital income and consumption expenditures respond to the level of government debt and the state of economic activity. Analysis of the data from 2000 to 2015 shows that distortionary capital taxes play a critical role in stabilizing government debt in the U.S., whereas non-distorting fiscal instruments are the primary means of fiscal adjustment in Korea. Regarding the magnitude of debt-financed fiscal stimuli, the substantial trade openness of Korea is significant in that it produces relatively smaller government spending and transfer multipliers compared to the U.S.     

Impact of Trade Credit on Firm Inventory Investment During Financial Crises: Evidence from Latin America

This paper studies whether trade credit is used as a substitute for bank credit in crisis periods in Latin America. The sample is composed of firms listed on the Argentine, Brazilian, and Mexican stock exchanges from 1994 to 2009. For the small firms, the substitution hypothesis was not rejected. However, this hypothesis was not confirmed homogeneously for all the firms during the crises. Unlike Brazilian and Argentine firms, Mexican firms use more cash reserves than trade credit. The big firms tend to use other financing sources. A pattern of trade credit use by sector has not yet been found.     

基于应用层通道的局域网出口流量控制策略设计

广域网流量需求的急剧扩张和局域网运营方出口带宽的矛盾迫使流量控制节点被部署到局域网关键链路当中。分析了网络用户的流量需求。从局域网运营方的角度出发,阐述了基于应用层通道的流量控制的原理、原则和目标。设计了流量控制的四类通道和两种策略的方案。     

货币供应量统计口径演变历程及其影响

文章在介绍货币供应量统计口径调整的基本原则并回顾其在我国经历的三次调整及其原因的基础上，详细分析了目前货币供应量统计指标的组成部分及其中需注意的问题，说明了目前尚未计入M2的货币相关成分。最后，文章分析了货币供应量统计口径可能的调整对我国宏观调控和金融市场发展等方面的影响。     

事业单位会计如何做好基建财务工作

随着社会主义市场经济的不断发展,我国经济实力不断增强,相关事业单位的基建项目也日渐增多,使基建会计所处的客观经济环境发生了很大变化,对基建会计工作的要求也越来越高。由于对相关制度的学习检查不够以及会计人员自身素质等原因,一些基本建设单位存在会计核算不规范、财务管理不到位、监督职能未发挥等问题。     

互助担保基金的创新模式——ESMGF模式、运作机制

中小企业的不断发展,使其对资金的需求也越来越大,仅凭自身积累已远远不能解决问题。然而,由于中小企业自身及金融系统等多方面的原因,融资难的问题日益显现,成为阻碍中小企业发展的主要因素。为解决上述问题,设计了一种以产业集群为单位,由地方政府、协作银行、集群中小企业三方共同出资,共同承担风险,联合再担保机构的互助担保基金创新模式——嵌入再担保的互助担保基金(Embedded Se-curity Mutual Guaranteed Fund,ESMGF)。     

网络营销策略

电子商务已成为当代社会中企业所不可缺少的竞争手段,网络营销已成为未来企业生存必不可少的基本条件之一。营销策略是关系到企业生死存亡的关键性问题,有必要对电子商务中的市场营销策略进行探讨研究。