The Perceived Advantages,Disadvantages and Strategic Responses of International Stockbroking Firms in ASEAN Countries

This paper presents the findings of a questiorznaire survey ofstockbroking firnu in five countries in the Association of SouthEast Asian Nations (ASEAN): Singapore, Malaysia, Thailand,Philippines and Indonesia. The main focus of the study istwofold: first, to investigate the advantages and disadvantages ofthe presence of international stockbroking firms in ASEAN, asperceived by local stockbroking firms; and second, to survey thestrategies of these firms in response to the competition posed byinternational broking firms. We find that local firms believe thatthere are benefits arising front the entry of foreign firms in theregion. Among the more important benefits cited are higherquality research, increase in trading volume and marketliquidity. The most intportarnt strategies of local firms are toimprove their research capability and to provide better stafftraining. This augurs well for the stockbroking industry in theASEAN region.     

经济不确定性指数与中国货币政策调控有效性

本文利用主流财经报纸上与经济不确定性相关的文章报道频度,同时对《中国货币政策执行报告》进行文本分析和关键词搜索,分别构建经济不确定性指数用于度量中国经济运行中的风险或不确定性.基于经济不确定性指数的实证研究结果表明,经济不确定性会显著降低中国货币政策调控的有效性,尤其在高经济不确定性状态下,数量型和价格型货币政策工具对于经济产出和价格水平的调控有效性都会明显下降.     

经济不确定性指数与中国货币政策调控有效性

本文利用主流财经报纸上与经济不确定性相关的文章报道频度,同时对《中国货币政策执行报告》进行文本分析和关键词搜索,分别构建经济不确定性指数用于度量中国经济运行中的风险或不确定性.基于经济不确定性指数的实证研究结果表明,经济不确定性会显著降低中国货币政策调控的有效性,尤其在高经济不确定性状态下,数量型和价格型货币政策工具对于经济产出和价格水平的调控有效性都会明显下降.