Was the expansion of housing credit in Japan good or bad?

This paper shows, using data from the Family Income and Expenditure Survey, that housing credit has become increasingly available over time in Japan, especially since 2000, and that this has made it easier for Japanese households to purchase housing and enabled them to do so at an earlier age. However, it also shows that the greater availability of housing credit has increased households’ housing loan repayment burden, which has resulted in their cutting back on their other consumption expenditures and created the potential for retirement insecurity. Another concern is that the increasing availability of housing credit has been accompanied by a pronounced shift from fixed-rate to variable-rate housing loans. This is cause for concern given the low level of financial literacy that prevails among the Japanese population and the likelihood that interest rates on variable-rate housing loans will be raised sooner or later as monetary policy is tightened.     

信用风险测量指标体系研究

在现代商业银行经营中,信用风险是影响其安全高效运营的主要原因。信用风险管理中最重要的就是信用风险测量。自从20世纪80年代末期以来,人工智能技术如神经网络、专家系统也被应用于商业银行信用风险测量中。但预测指标的研究则相对滞后,成为研究的一个难点。     

第四方物流运作主体的信用机制构建研究

信用关系的建立和维护已经成为经济生活中非常重要的一部分,作为这几年新兴的市场交易形式--第四方物流,在目前这样一个尚不成熟的阶段更需要对建立和维护各个主体之间信用关系的机制构建进行研究。第四方物流运作中各主体之间信用机制的构建对于实现信息资源共享,有效降低交易成本,建立相对稳定的第四方物流市场有着十分重要的作用。本文运用博弈论的方法提出基于合同预付或抵押的信用保障机制,并给出相应行为的奖惩措施,以宁波在第四方物流市场上信用信息平台的建设为例,得出要建立和维护主体之间良好的信任关系应该注意的几个重要因素和相应的解决措施。     

Secured Loans and Risky Assets in a Monetary Economy

We study the implication of secured credit with a default option for monetary equilibrium. The intermediary structure has the feature of costly state verification, with the monitoring cost interpreted as the cost of foreclosing assets once a default occurs. Without monitoring costs, uncertainty in asset payoffs does not matter for allocation. The asset price can exhibit a liquidity premium because more assets as collateral raises the borrower's credit limit. When there are monitoring costs, the asset's liquidity premium is strictly positive because pledging more assets reduces the default probability and thus the chance to incur monitoring costs. Under some circumstances, increased risk to dividends of the pledged asset may decrease the marginal borrowing cost to such an extent that bank lending rises, and higher default rates are accompanied by larger aggregate liquidity.     

政府信用建设的基本架构与设想

“通过制定、发布和实施标准，达到统一”是标准化的实质，“获得最佳秩序和社会效益”则是标准化的目的。制定行业标准是为了规范行业内企业行为。并方便社会公众对业内行为规范的识别和监督。     

面向学生群体的高校诚信教育影响因素研究及对策

针对目前高校学生群体存在的信用缺失现象、高校诚信教育体系尚待完善等问题,探索了面向学生群体的高校信用教育体系构建对策。研究了高校学生群体信用缺失的一些新的表象及其影响因素,利用DEMATEL量化分析工具,研究了诸多因素之间的复杂关系,提出了高校诚信教育体系的建设策略。     

企业信息披露、外部市场环境与商业信用

现有企业信息披露研究侧重于其对股东决策的影响,然而供应商作为重要的利益相关者,也会依赖于企业信息披露而调整商业信用策略。利用深交所的信息披露考核来表征公司信息披露质量,实证考察了企业不同信息披露质量对商业信用的影响,以及外部市场环境对两者关系的进一步作用。研究发现,企业的信息披露质量越高,获取的商业信用越多,说明公司信息披露可以降低违约风险和信用风险;进一步研究发现,在竞争更为激烈的行业、市场化程度高的地区,信息披露质量对商业信用的影响更为显著,说明企业信息披露质量对商业信用正面作用的发挥依赖于市场因素。     

从传统文化看我国信用体系的构建

本文通过对中国传统信用文化特色的分析,指出我国信用体系的构建需要利用我国的传统文化资源。     

有限期内考虑货币时间价值的两级信用期易逝品库存模型

在有限期内考虑货币时间价值的情况下,研究了需求依赖于库存、且供应商与零售商之间、零售商与顾客之间存在两级信用期的易变质产品的库存策略,并建立了相应的库存模型,证明模型存在最优解,并给出了该模型的数值算例.