The Risk Microstructure of Corporate Bonds: A Case Study from the German Corporate Bond Market

This article presents joint econometric analysis of interest rate risk, issuer‐specific risk (credit risk) and bond‐specific risk (liquidity risk) in a reduced‐form framework. We estimate issuer‐specific and bond‐specific risk from corporate bond data in the German market. We find that bond‐specific risk plays a crucial role in the pricing of corporate bonds. We observe substantial differences between different bonds with respect to the relative influence of issuer‐specific vs. bond‐specific spread on the level and the volatility of the total spread. Issuer‐specific risk exhibits strong autocorrelation and a strong impact of weekday effects, the level of the risk‐free term structure and the debt to value ratio. Moreover, we can observe some impact of the stock market volatility, the respective stock's return and the distance to default. For the bond‐specific risk we find strong autocorrelation, some impact of the stock market index, the stock market volatility, weekday effects and monthly effects as well as a very weak impact of the risk‐free term structure and the specific stock's return. Altogether, the determinants of the spread components vary strongly between different bonds/issuers.     

论公证债权文书在融资担保业务中的正效用

在担保公司的业务实践中,如何最大限度的保护担保公司的追偿权,是一个至关重要却又困难重重的问题。按照《担保法》、《物权法》等相关法律的规定,担保公司可以与反担保人进行协商折价,或者以拍卖、变卖反担保物的形式实现债权。但在实践中,担保公司权益的实现需要通过诉讼(或者仲裁)、执行等司法阶段才能得以保障,使得担保公司的维权成本巨大。但是,公证债权文书却具有诉讼或者仲裁所不具备的独特优势,为担保公司的维权之路开辟了一条更为便捷、有效的新途径。     

Credit growth,current account and financial depth

Exploring the determinants and dynamics of the current account balance is one of the priorities of academic literature and policy circles. Although the effects of structural variables are deeply analysed, a lesser attention has been paid to the impact of financial variables. Drawing on standard empirical current account models and with a large sample of industrial and developing countries, we report a significant deterioration in the current account balance in case of an increase in the credit growth. Moreover, we find that this link is substantially stronger for the developing ones motivating a closer examination. Therefore, we further advance our analysis and show that credit growth causes a stronger impact on the current account balance for lower levels of financial depth. In other words, at the early stages of financial development, acceleration in the credit growth might cause a larger deterioration in the current account balance; thus, it might be suggested that monetary policy and macro-prudential measures aimed at preventing financial excess might be more effective to reduce the external imbalances at the early stages of financial deepening.     

WHY FREE MARKETS SHOULD NOT BE BLAMED FOR THE CURRENT RECESSION

Interventionist thinkers are now claiming intellectual victory, blaming the free‐market system and its ideology for the current economic collapse. We find this thesis untenable, drawing on the Austrian Business Cycle Theory. Instead, we argue that the roots of our present downturn lie in the monetary system, whose institutional structure is far from any free‐market ideal. Moreover, several government policies have contributed to the problems.     

县级农村信用合作联社改革成效及其影响探讨--基于泌阳县农村信用社2012年达标升级工作的案例分析

我国农村信用社改革的方向历经多年探索，在近年才逐渐得以明晰。基于对泌阳县农村信用社2012年达标升级工作的案例分析，对县级农村信用合作联社改革的经验进行归纳总结。在政府统一协调制订方案并强化落实的基础上，做好不良贷款清收、资产置换、增资扩股、财政扶持、固定资产确权等各项工作，能够使农村信用社有效推进达标升级，进而在特色信贷产品推广、扶植小微企业发展、拓展金融服务、履行社会责任等方面发挥积极作用。案例揭示的经验，对各地区进一步深化农村信用社改革有着积极的借鉴意义。     

后金融危机时期中国扩大就业的财政政策选择

金融危机呼啸而来,无情地冲击着本就困难的就业市场,2010年就业状况更为严峻。通过考察发达国家在促进就业方面的成功经验,结合经济全球化背景下金融危机所致的日趋严峻的中国就业形势,后金融危机时代下我国运用积极财政政策来扩大就业应当出台更加有力的扩大国内需求措施,促进经济平稳较快增长和扩大就业;进一步优化财政投资结构,正确运用财政政策引导产业升级;应结合国情状况合理选择运用政府财政支出政策和减税政策。     

金融危机背景下安徽省保投资适度增长问题研究

国际金融危机的冲击导致我国经济增长方式转型加速,经济结构调整形势严峻。安徽经济增长态势风险加剧,投资驱动型经济主导性再次凸显。在客观阐述国际金融危机对安徽省投资增长影响的前提下,深入分析了安徽省保投资增长的一系列政策措施及其社会效应。依据投资增长理论和经济增长均衡理论对进一步推进安徽省保投资适度增长提出了五点对策建议。     

全球金融危机成因的综合反思

2007年金融危机起源于金融、经济、制度高度发达的中心国家，是由世界经济体系的薄弱环节断裂导致的，是对制度模式、经济失衡和国际货币体系的一种调整。金融层面的原因在于次贷危机．金融创新过度，金融衍生产品泛滥，美国金融体系存在诸多不完善之处．金融监管不力、缺失。从经济层面分析，美国国内经济失衡是危机爆发的基础原因．全球经济失衡是金融危机爆发的深层原因，金融危机是市场经济周期运行的必然结果。制度层面的原因主要包括过度干预经济，美国模式的技术缺陷和不合理的国际货币体系。     

基于信用配置的中国基金公司选股策略优化研究——来自层次分析法的理论与实证

传统的选股策略忽视信用配置原则,导致基金公司风险与收益之间无法有效匹配,不利于证券市场的稳定发展.对此,基于信用配置原则,运用层次分析法设计了基金公司选股策略的评价指标体系,构建了基金公司选股策略的评价模型,并以此为基础,选取相关样本股票,对基金公司选股策略进行了实证分析.研究发现,基于信用配置的股票组合资产,其收益明显高于大盘指数,足以说明该选股策略具有显著的优化效应.