Benchmarking macroprudential policies: An initial assessment

In recognition of the severe consequences of the recent international financial crisis, the topic of macroprudential policy has elicited considerable research effort. The present study constructs, for 46 economies around the globe, an index of the capacity to deploy macroprudential policies. Building on elements that have been the subject of recent research, we develop an index that aims to represent the essence of what constitutes a macroprudential regime. Specifically, the index quantifies: (1) how existing macroprudential frameworks are organized; and (2) how far a particular jurisdiction is from reaching the goals established by the Group of Twenty (G20) and the Financial Stability Board (FSB). The latter is a benchmark that has not been considered in the burgeoning literature that seeks to quantify the role of macroprudential policies.     

关于城乡社区信息化标准化工作的思考与建议

城乡社区信息化建设是统筹城乡各项工作的基础平台,是建立以城带乡长效机制的重要支撑。文章在比较国内外信息化建设进展及特点的基础上,分析了我国社区信息化建设的特殊性。以及城乡统筹战略对社区信息化及其标准化的需求,从标准体系框架和标准化工作机制两方面对社区信息化标准化工作进行了思考。     

东西融合之悟性思维:伊隆·马斯克的隐喻谜团

悟性是企业家认知的至高境界,悟性思维是产生创造性认知的源泉。通过对技术型创业家伊隆·马斯克的视频访谈、在线互动和公开演讲文字及视频的分析,本文提炼出反映其思维特征的四个隐喻,包括"玻璃+深渊"、"知识语义树"、"跨界融通"和"第一性原理",并以这些隐喻与创新之间的内在联系为基础,在前期已经完成的关于中国传统悟性思维和悟性创新的理论构建和案例研究的基础上,探讨马斯克所兼具的东西方思维的某些特质,尤其是以此构建东西融合之悟性思维理论框架。     

相对业绩评价研究评介——基于经济学和行为科学整合的分析框架

相对业绩评价的出现既有经济学的解释,也有行为科学的根源,同时考虑经济和行为因素将增加研究的内部有效性。为此文章在前人研究基础上,融合经济学的委托代理理论和行为科学,构建了相对业绩评价研究分析框架,进而对相对业绩评价系统特征、影响因素及后果三个方面的研究进行了综述,以期对这一领域（或更大范围的管理控制系统）的研究和实践有所裨益。     

The Second CSF (Delors' II Package) for Greece and its Impact on the Greek Economy

The Greek Community Support Framework (CSF), which is operational during the period 1994-99, is designed to finance large-scale development projects and investment in physical and human capital in Greece, aiming to gear the economy onto a sustainable path of economic growth and development. This process of real convergence is viewed as a prerequisite for the cohesion of EU and the sustainability of the nominal convergence objective of the Maastricht Treaty in the way to Economic and Monetary Union of Europe. The paper provides, first, an overview of the Greek CSF and, second, an ex ante assessment of the effects that the Second CSF is likely to have on the economy of Greece. The analysis delineates four types of CSF actions according to whether they aim at (i) raising 'hard' infrastructure, (ii) financing 'soft' infrastructure interventions (such as R&D, health services, etc), (iii) supporting productive investment, and, (iv) training the labour force into new skills and improving the civil service. The effects are analysed first assuming that CSF operates only through raising the components of income and aggregate demand, and then by incorporating externalities on the productivity of output in various sectors and the reduction in costs. We find that in the absence of externalities, output rises during the period of the CSF 1994-99 but then returns to the benchmark course without any lasting improvement. When all types of externalities are taken into account, total output in year 2010 will be higher than baseline by an impressive 9.5%, and will continue to grow at a rate faster by 0.26% per annum than would be otherwise, while employment expands by an average of 95.000 new jobs.     

基于作业的商业银行操作风险管理框架:实践者的视角

对无处不在的操作风险进行准确有效的界定、衡量和控制一直是商业银行没能很好解决的问题,原因之一是没能建立一个强有力的风险管理框架。本文从流程管理的角度提出了基于作业的操作风险管理框架(ABORM)。该框架将流程中的“作业”作为银行的基本业务单位,以作业为基础来寻找、确认操作风险驱动因素,进而构建(关键作业,风险动因)组合群。操作风险的衡量和控制都是在这些组合的基础上实现。基于作业的操作风险管理框架能够解决或回答操作风险管理中实践者关心的主要问题,具有较好的有效性和可操作性。     

Applying Conceptual Framework Principles to Superannuation1 Fund Accounting

The Australian accounting standard AAS 25, Financial Reporting by Superannuation Plans, was the first pension accounting standard internationally to apply established conceptual framework (CF) principles. In Australia those principles have guided standard setting for more than a decade. However, AAS 25 has been criticized for failing to provide useful financial information. The analysis provided in this article addresses this paradox. The findings reveal major anomalies in AAS 25 associated with the treatment of accrued benefits that distort financial position and performance measures. The conceptual flaws in the standard are attributed to the misapplication of CF principles and an absence of adequate guidance in the CF for non‐corporate entities such as superannuation funds. Distorted financial information produced by superannuation plans has potential undesirable taxation and social outcomes. Consequently, there is an urgent need to update the Australian and international conceptual frameworks to provide guidance for revising accounting standards that better reflect current fiduciary and ownership relationships in non‐corporate entities such as superannuation funds.     

Public Oversight of Audit Firms: The Slippery Slope of Enforcing Regulation

This study uses the slippery‐slope framework to understand how an oversight regulator's enforcement style influences audit firm compliance. Using data from interviews with audit regulators and audit partners, we find that partners perceive the regulator's enforcement style has shifted from being more collaborative to being more coercive. A consequence of this shift is that partners believe the development of trust between the two parties has been inhibited and a forced compliance climate has emerged. In response, firms have mandated strategies to increase the visibility of compliance, such as increasing mandatory use of checklists. Audit partners express some concern that oversight of the profession has resulted in firms adapting their audit process in ways aimed at minimizing inspection risk and not necessarily improving audit quality.