Monetary Policy Transmission with Interbank Market Fragmentation

This paper shows how interbank market fragmentation disrupts the transmission of monetary policy. Fragmentation is the fact that banks, depending on their country of location, have different probabilities of default on their interbank borrowings. Once fragmentation is introduced into standard theoretical models of monetary policy implementation, excess liquidity arises endogenously. This leads short-term interest rates to depart from the central bank policy rates. Using data on monetary policy operations, I show that this mechanism has been at work in the euro area since 2008. The model is used to analyze conventional and unconventional monetary policy measures.     

Market Delineation under the Merger Guidelines: Monopoly Cases and Alternative Approaches

Despite the well-known Cellophane fallacy, the Merger Guidelines' market-delineation paradigm, which examines the effects of price increases above the prevailing level, has substantial utility in many monopoly cases. For monopoly cases in which the Guidelines' approach is not appropriate due to the Cellophane fallacy, no modification of that approach appears to solve the problem is a useful way. More direct methods for assessing monopoly power are likely to be preferable to structural analysis in many monopoly and merger cases.     

集装箱港区物流及周边道路交通系统规划研究

结合周边道路交通对集装箱港区物流系统进行现状评估及预测,并通过建模分析提出规划方案,对于紧临城市中心的集装箱港区的建设与改造有着重要的参考价值。     

渗透脱水技术在农产品绿色物流中的应用

为达到节约资源和降低能源消耗,实现绿色物流,运用SWOT分析技术分析绿色物流现状,采用渗透脱水技术,处理新鲜的蔬菜。得出影响红萝卜渗透脱水关键因素的主次顺序,脱水溶液种类和脱水时间选择。试验结果表明对红萝卜渗透脱水后再进行振动流化床干燥,食用时再复水,能实现较好的绿色效益。     

基于层次分析法的公路港物流服务差异化模型构建

从服务差异化管理角度出发,运用层次分析法构建公路港服务差异化模型进行定量分析,总结出提升公路港物流服务差异化竞争力所需关注的主要因素,为公路港物流进行差异化管理寻找解决方案,对公路港物流服务的提升具有实际参考意义。     

基于成本调查的西安市中小物流企业运行效率分析与思考

通过对西安市中小物流企业实地调查,从成本的角度出发分析中小物流企业成本构成,通过探析导致各项成本发生的原因分析中小物流企业运行效率和引致成本升高的原因,并提出提高西安市中小物流企业运行效率、降低成本的具体实施措施。     

外包物流服务水平监督下的效率工资激励机制

针对如何提高第三方物流服务水平的问题,建立了物流服务水平监督下的效率工资激励机制,分析了监督程度与效率工资的关系,研究了外生变量对发包方最优监督程度和最优效率工资的影响,为促进第三方物流服务商提高服务水平提供了一种新思路.     

2013年4月银行间市场运行报告

2013年4月,银行间市场的主要运行特点是：货币市场利率大幅冲高回落;债券代持风波冲击债市．国债短期收益率小幅上行;互换利率总体下行,短端跌幅明显;在人民币对美元中间价强势升值的带动下,人民币对美元交易汇率持续升值,并创下历史新高;汇率衍生品市场交易保持活跃,衍生品汇率隐含的人民币贬值预期有所缩小。     

A State‐Price Volatility Index for China's Stock Market

This study derives a volatility index for China's stock market with similar properties to the Chicago Board Options Exchange Volatility Index (the ‘VIX’). A long‐term benchmark of historic volatility expectations is here presented for China from 1996 to 2011, called the ‘China‐ State‐Price Volatility (SPV)’. Construction of this index involves the use of SPV methodology, using implied volatility calculated from options on the Hang Seng China Enterprise Index (HSCEI). Historic open–high–low–close volatility on the Shanghai Composite Index (SHCI) is also used to extend the benchmark prior to the availability of HSCEI options data. The China‐SPV successfully forecasts realised volatility for the Shanghai Stock Exchange. It also serves as a ‘fear gauge’ in that it monitors daily movements of the SHCI in the same way that the VIX monitors the S&P 500 index (Whaley, 2009). The China‐SPV evidences an increasing relation with the US market in terms of the dynamic correlation of levels and changes with the VIX since 2004.     

Goodwill write-off and financial market behaviour: An analysis of possible relationships

The aim of this contribution is to verify whether there exists a reaction of financial markets to the new accounting method for goodwill introduced by SFAS 142 and IAS 36. Our research hypothesis is that financial markets should have no significant reaction to the goodwill write-off following the impairment test, since the latter's outcome represents an economic estimate without financial significance. The hypothesis was checked by the analysis of the companies added to the Standard & Poor's Europe 350 index over a three-year period, taking note of goodwill write-off announcements and relating them with the stock market prices and their volatility. The results demonstrate a correlation between the goodwill write-off and the behaviour of financial markets, while the same connection cannot be evinced for prices volatility. Also, what comes out from our analysis is that markets need a relatively long period, over one semester, before absorbing in full the effects resulting from the write-off announcement.