Institutional design and the closure of public facilities in transition economies

As part of the reforms of their systems for financing and delivering health care, many transition economies, particularly in central and eastern Europe, have adopted national insurance funds that are institutionally separate from ministries of health. Most of these countries have also grappled with the problem of restructuring the delivery system, especially the need to reduce hospital capacity. Although improving the performance of medical care providers through a shift from passive budgeting to explicitly incentive mechanisms is important, why this change in financial relations between the government and providers could not be implemented simply by reforming the role of health ministries is not obvious. This paper presents an explicit rationale for the separation of powers between the regulator (the ministry of health) and the financing body (the insurance fund), based on the inability of a single agency to commit to closing hospitals. JEL classification: L51, P20, P35, I18.     

Sources of Bank Interest Rate Risk

We investigate bank stocks'sensitivity to changes in interest rates and the factors affecting this sensitivity. We focus on whether the exposure of commercial banks to interest rate risk is conditioned on certain balance sheet and income statement ratios. We find a significantly negative relation between bank stock returns and changes in interest rates over the period 1991–1996. We also find that bank characteristics measured from basic financial statement information explain bank stocks'sensitivity to interest rate changes. These results suggest that bank managers, analysts, and regulators can use this information to assess the relative risk exposure of banks.     

China''''s Cooperative Exploration of Oil and Gas and Its Taxation System

China' s foreign-oriented oil taxation system has, from the beginning, been based upon the positive experiences of other oil-producing countries and has incorporated common international practices. The system has been perfected over decades. It of fers more incentives than other oil-producing countries in the following four aspects: (1) Income tax has a "wide tax base and low tax rate"; (2) VAT levies a low tax rate on ma-     

股市波动、金融政策和宏观经济关系研究——基于因子VAR模型

通过因子分析从诸宏观经济变量中提取了金融政策因子和宏观经济状态因子,建立了基于VAR的股价波动、金融政策和宏观经济三变量回归模型。研究表明：金融政策影响股价的表现,而宏观经济状态对股价、股价对金融政策和宏观经济状态的影响均不显著;基于标准差的VAR（5）模型相对于基于收益率的VAR（3）模型能更好地刻画股市波动与金融政策、宏观经济三者之间的关系。     

武汉金融安全区模式设计与研究

金融安全与稳定直接关系到一个国家或地区的经济安全与社会稳定。一个地区 ,在突出的支付风险得以逐一化解之后 ,适时启动创建金融安全区工程 ,并以此全面提高金融监管水平 ,实现区域金融业持续稳健发展已经成为当前我们面临的重要课题。本文在论证武汉市开展创建金融安全区的必要性和可行性的基础上 ,提出了构建以武汉金安指数为核心的指标监测体系、具体创建规划以及相应运行规程。     

资金约束下供应商的融资模式及风险防范

当前,商品市场的竞争越来越明显地体现在商品供应链上面,而矛盾的焦点在于很多供应商受资金短缺的约束,已与上下游企业之间产生严重的不协调现象,进而影响到下游制造商或零售商的利润,最终导致整体上供应链利润减少。面对资金约束问题,供应商应积极动员上下游企业尽可能地采取经济援助策略,增强融资的风险防范能力。其基本模式主要有：企业预付款融资模式、企业直接投资融资模式、企业担保下的银行融资模式。并通过采用价格折扣、收益共享、供应链保险等方法规避风险,达到供应链条及供应链上各企业可持续发展的目的。     

绿色中药产业初见成效 发展任重道远——对汉中市部分中药产业重点发展县的调查

近年来,汉中市实施＂发展绿色产业,建设绿色汉中＂的战略,中药产业逐渐成为汉中经济发展新的增长极。为了解汉中中药产业的发展情况以及银行业机构金融服务支持情况,笔者先后深入勉县、留坝、佛坪等中药材生产形成一定规模的县域,采取与当地政府部门、银行业机构座谈,深入农户中药材种植基地和实地察看加工企业等方式进行了专题调研,分析了其中问题并提出相关建议。     

政府采购制度:强化财政支出管理的必由之路

长期以来,我国财政资金使用效益不高,开支浪费大,监督机制不健全,并由此产生腐败现象,阻碍了经济的发展。建立政府采购制度是解决上述问题的重要途径,也是强化我国财政支出管理的必由之路     

The accountable governance of provincial governments of a Pacific island country

ABSTRACT

Using the theory of indigenous alternatives and a benchmark of indigenous financial reporting expectations, this paper examines the challenges to accountable governance of the nine provincial governments of the Solomon Islands for the years 1998 to 2017. Every provincial government consistently received disclaimed or qualified opinions from the state auditor. The author explains why the regional development of all provinces of the Solomon Islands could be improved if rudimentary forms of financial reporting were to be addressed.