金融危机下经济民族主义的回归与思辨

在介绍经济民族主义起源与思想本质的基础上,阐述了金融危机下经济民族主义的三种主要手段:保护贸易、保护资金、保护就业。在对经济民族主义展开理性分析的同时,结合金融危机下国际经济民族主义现状提出了我国的应对建议。     

国际金融危机下广东经济现状与发展趋势评析

广东的经济总量多年领先全国，遭遇国际金融危机后的广东经济呈现出若干特点，包括第三产业、民营经济、区域协调、科技进步等因素都展示了广东对危机的抵抗力，其发展趋势的后劲也可以预期。先行一步的广东对我国区域经济发展理念和规律的认识具有启示作用。     

Corporate giving in Taiwan: agency cost theory vs. value enhancement theory

This article examines the determinants of corporate giving (CG) in Taiwan according to agency cost (AC) and value enhancement (VE) theories. Panel regression test results reveal several new and interesting pieces of evidence. First, VE determinants outweigh AC determinants in explaining CG there. Second, the positive link between the current CG ratio (CGR) and the lagged CGR (CGR(-1)) suggests the consistent nature of CG. Third, after the global financial crisis in 2008, the influence of debt leverage on CGR vanished, but the impact of managerial insiders’ shareholdings on CGR became significant. Last, the influences of VE determinants and CGR(-1) on CGR remain during both pre-crisis and post-crisis periods. Moreover, after the crisis, CG was still motivated to create current value for shareholders, and was apparently used as a business strategy to signal companies’ financial or managerial stability.     

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.     

The Impact of Foreign Banks on Monetary Policy Transmission During the Global Financial Crisis of 2008–2009: Evidence from Korea

This article examines the impact of foreign banks on the monetary policy transmission mechanism in the Korean economy during the period from 2000 to 2012, with a specific focus on the lending behavior of banks with different types of ownership. Using bank-level panel data of the banking system in Korea, we present consistent evidence on the buffering impact that the foreign banks, especially foreign bank branches including US bank branches, on the effectiveness of the monetary policy transmission mechanism in Korea from the bank-lending channel perspective during the global financial crisis of 2008–2009.     

Early-warning analysis for currency crises in emerging markets: A revisit with fuzzy clustering

Currency crises, also often called balance-of-payment crises, occur when massive capital outflows force a country to devalue or float its currency. The world-wide integration of capital markets since the 1980s and 1990s has increased the degree of capital mobility, which also determined a substantial turbulence in foreign exchange markets and frequent currency crises. In this paper, we explore advanced supporting instruments for predicting currency crises, based on an empirical study of the currency crisis episodes in 23 emerging markets around the world during the second half of last century. More specifically, we investigate the usefulness of prediction models built based on the fuzzy c-means method. First we build clustering models that partition data into a certain number of overlapping natural groups. Thereafter, we classify the data clusters into early-warning clusters and tranquil clusters. We compare the performance of our models with a conventional c-means clustering model and a benchmark probit model. The results show that the proposed models achieve a similar level of out-of-sample performance as the probit model and c-means model. The fuzzy approach also introduces additional explanatory advantages into the early-warning analysis process. Copyright © 2010 John Wiley & Sons, Ltd.     

我国消费金融业务的发展困境及对策刍议

根据2009年银监会文件成立的四家消费金融公司，是我国在拓展内需促进经济发展模式转型过程中作出的有益尝试，在前期发展过程中体现出自身的价值。文章针对消费金融公司前期发展过程中出现的业务发展较慢等问题，进行了简要的分析评述，并结合2014年开始施行的《消费金融公司试点管理办法》，针对发展困境提出了对策与建议。     

国际金融危机下完善中小企业税收优惠制度的法律思考

税收优惠是国家在税收方面给予纳税人和征税对象的各种优待的总称。在中国,99%的企业是中小企业。长期以来我国都有关于中小企业税收优惠的规定,从而促进了中小企业的快速发展。此次国际金融危机使我国中小企业的发展面临严峻挑战,保护中小企业迫切需要税收优惠政策的支持。完善中小企业税收优惠制度,对于帮助中小企业顺利度过难关,促进国民经济发展,维护社会稳定均有重大意义。本文通过借鉴当前金融危机形势下各国关于中小企业税收优惠制度的调整经验,对我国现存相关立法进行了全面剖析,并就完善该项制度提出几点建议。     

Financial deregulation,credit allocation across sectors,and economic growth: evidence from China

This paper investigates whether financial deregulation causes economic growth through financial development. Financial development is measured by two channels: (1) changes in the allocation of credit across sectors, and (2) changes in savings and investment rates. We measure financial deregulation in China at the provincial level from 1981 to 1998. Our results suggest that financial reform causes economic growth in China. Further, its effect largely comes through the reallocation of credit across sectors, rather than changes in savings and investment rates.     

突出《债权法》教学的特色,提高法学专业本科人才的法律应用能力

通过阐述《债权法》课程性质、目的与任务,提出《债权法》课程在法学专业本科人才培养过程中的地位、作用,以及债权法的教学内容与基本要求,突出课程的教学特色和教学方法的创新,以达到提高学生知识应用能力的目标,提高法学专业本科人才的法律应用能力。