中国金融学术研究网
CHINA FINANCIAL RESEARCH NETWORK

银行和金融机构--金融与宏观经济
已发表论文
2009-04-27 第2卷 第1期

编: 麻省理工学院斯隆管理学院金融学讲席教授,清华大学经管学院特聘教授。

执行主编: 杨之曙清华大学经济管理学院金融学副教授。


本期目录

群体路径、自生能力演化与路径创造——宁波传统产业与苏州IT产业集群比较研究

杨锐 复旦大学产业经济学

流动性、通胀目标制与货币政策变革

庞晓波 吉林大学商学院
黄卫挺 吉林大学商学院

中国金融市场不同层次下的联动效应 -----基于小波解构的实证分析

王吉培 西南财经大学统计学院
高小琴 西南财经大学统计学院

Gradualism and the Evolution of the Financial Structure in China

Lino Sau University of TurinDepartment of Economics S. Cognetti de Martiis

The Financial System Capacities of India and China

Franklin Allen University of PennsylvaniaFinance Department, The Wharton School
Rajesh Chakrabarti Indian School of BusinessFinance Area
Sankar De Indian School of BusinessFinance Area
Jun Qian Boston CollegeFinance Department
Meijun Qian National University of SingaporeFinance Department, NUS Business School


论文摘要

群体路径、自生能力演化与路径创造——宁波传统产业与苏州IT产业集群比较研究

杨锐复旦大学产业经济学

本文在相似要素禀赋结构条件下,分析自生能力演化与路径创造的互动关系.通过苏州IT产业集群与宁波传统产业集群的比较研究,分析结果验证了本文提出的假设在"大事件"或外部条件的冲击下,主体聚集所形成的群体路径是否有助于主体( 包括企业、区域或国家)完备自生能力的形成,严重依赖于王体自生能力演化性状和群体网络结构最入方式.两个不同集群路径创造最显著的区别在于技术吸收能力和全球联结能力演化过程的差异性.最后本文推测产业发展路径创造的机告跟自生能力演化的阶段性特征有很强的内在关系.

流动性、通胀目标制与货币政策变革

庞晓波 吉林大学商学院
黄卫挺 吉林大学商学院

本文从流动性概念和流动性管道入手,对经济体系内的流动性流向进行了分析。由于金融中介机构对流动性投放存在两者选择:实体经济部门和虚拟经济部门,当存在信息不对称与金融制度缺陷时,非理性配置的流动性就会大量堆积到金融市场,从而推高资产价格并引发金融风险。当前的货币政策工具对此没有实质反应,即使中央银行意识到这一点,也没有合适的政策工具对资产价格泡沫覆灭前后的流动性问题进行有效治理。因此,本文建议对当前的货币政策体系进行变革,采取以流动性为核心的货币政策框架。

中国金融市场不同层次下的联动效应 -----基于小波解构的实证分析

王吉培 西南财经大学统计学院
高小琴 西南财经大学统计学院

本文利用小波分析在时频分析的特点和多分辨的特性,对表征我国货币市场、资本市场、外汇市场以及宏观经济运行的利率、汇率,股价、CPI和房地产投资指数等金融变量在db4小波函数下进行解构,重点分析了第3、4、5层高频序列之间的关联关系,分别对其进行了Granger因果关系分析和相关性检验,从短、中、长期波动三个尺度对金融市场间的分割和联动关系做了有益探讨,发现我国金融市场的联动的长短期效应存在非一致性,表现为短期关联不强,中长期联动效应则极为显著。并揭示了我国金融市场的一体化进程在提高资金运用效率的同时也蕴含着引发金融危机的风险。

Gradualism and the Evolution of the Financial Structure in China

Lino Sau University of TurinDepartment of Economics S. Cognetti de Martiis

In this paper we set out to show that China has certain significant specificities in terms of the gradual (i.e. "step by step") approach it has followed in implementing reforms affecting its financial system. This is in contrast with the traditional shock or "big bang" therapy adopted by other emerging or transition countries, on the basis of what is known as the Washington Consensus, which notoriously prescribes the immediate, wholesale introduction of market-oriented systems through large-scale liberalisations and privatizations. Nevertheless, as we will endeavour to demonstrate the process of reform of China's financial system has not prevented problems of financial fragility from arising in the banking sector, and of corporate governance for firms, such as to threaten the very sustainability of growth in the future.

The Financial System Capacities of India and China

Franklin Allen University of PennsylvaniaFinance Department, The Wharton School
Rajesh Chakrabarti Indian School of BusinessFinance Area
Sankar De Indian School of BusinessFinance Area
Jun Qian Boston CollegeFinance Department
Meijun Qian National University of SingaporeFinance Department, NUS Business School

The extraordinary performance of China and India's economies raises questions about the traditional measures of the size and depth of financial systems. While banks and markets have played a limited role in providing funds for corporate sectors and supporting economic growth in these two countries, non-state, non-listed firms, relying mostly on internal and alternative financing channels, have been growing faster than the state and listed sectors and contributing much of the growth. The alternative financing channels, excluded in the traditional measures of financial systems, operate outside legal institutions and are backed by alternative mechanisms such as reputation, relationships, and trust. We define the capacity of a financial system to be the total funding available for all corporate sectors in an economy. Our findings from China and India demonstrate that alternative finance can significantly expand the financial system capacity and promote growth at the firm level and economy wide.


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