新金融 新治理——《互联网金融风险防控研究》评介

互联网金融拓展了交易边界,解决了投融资双方信息不对称问题,提高了资源配置效率,降低了中小微企业的融资成本,促进了普惠金融的发展,推动了社会经济的进步。但由于监管体系不完善、法律法规不健全、行业风控水平低等原因,其在快速发展过程中导致的非法集资、庞氏骗局、网络洗钱等金融乱象时有发生。互联网金融参与人数众多,业态多元多变,其风险具有严峻性、复杂性和长期性。     

后金融危机时期欧美经济复苏差异比较——以金融结构为视角

本文以金融危机前欧美经济增长趋同性为切入点,在实证分析欧美后金融危机时期经济复苏表现差异化的同时,通过对欧美金融结构差异的数据对比,解释了德国经济表现的例外性;同时分析了美国市场化融资模式对于美国经济复苏的促进作用,指出欧洲缺乏现代市场化融资机制,而以银行为主的融资模式,使其在债务危机发生时对经济体产生了负面影响,并可能使央行的货币政策失灵。文章认为,富有弹性、多层次、市场化的融资模式对于一个经济体的稳定与经济增长十分重要,而欧洲金融模式结构缺陷将使欧洲经济复苏缓慢而痛苦。     

金融安全视角下的欧盟数字资产监管策略

数字资产创新为欧盟金融业发展带来希望,也给其金融安全带来挑战。从最初的虚拟货币(加密货币)到虚拟资产(加密资产),再到全球稳定币;欧盟面临的金融安全风险也从洗钱/恐怖主义融资对区域安全的危害,演变到对金融体系稳定运行的不利影响,再到对货币主权、支付主权构成的挑战。欧盟在数字资产监管过程中充分权衡创新收益与安全风险,在金融体系安全维度循序渐进地加强监管措施,在金融主权安全维度加紧建立数字稳定币监管法规并推动自身数字货币解决方案,在与金融手段相关的其他安全维度果断立法打击利用数字资产开展的恐怖主义融资活动。     

日本金融商品推介销售行为的法律规制--兼述金融商品交易的忠实义务与善管义务

随着金融市场的专业化、复杂化程度日益提高,在信息、能力、财力等方面处于弱势的金融消费者与金融业者的交易不对等地位凸显。文章主要以日本金融业者的金融商品推介销售行为规制为研究对象,结合日本金融商品交易法的共通行为规范及忠实和善管注意义务进行了分析,认为基于金融消费者的特殊性、金融商品的特殊性以及金融商品交易双方地位的不对等性,应立足于实质的公平和正义的价值取向,在传统民商法的基础上通过矫正交易双方的权利义务配置,通过监管保护、行为规制、权利救济等层面的制度完善和有效运作,以期今后为中国相关立法提供参考。     

日本金融改革原因探析

我国原有的以间接融资为主的金融体制向多种金融形式并存的金融体制转变的过程,相较于日本由政府高度保护的以间接融资为主的“护航舰队”式的金融体制向自由的资本主义金融体制转变,虽然它们是以完全不同的经济制度和各异的改革背景为基础的,但是在政府与金融的关系、经济与金融的关系及其他方面具有很强的相似性,从根本上讲两国都是由高度集中的金融体制向以市场为指导的金融体制方向改革,所以分析日本的金融改革的过程及其经验与教训对于我国的社会主义金融体制改革是有很强的借鉴和现实意义的。一、战后日本金融体制的特点和弊端日本在…     

中美金融关系的动态演进

随着中美两国贸易与投资关系的发展,双边的金融关系日益紧密.导致中美金融关系演进的成因主要在于中美两国在国际分工格局与国际货币体系中的地位不同以及两国金融实力的差异.在这样的关系中,中美两国所获得的经济利益是不对称的,即美国获得了更多的利益,而中国则承担了各种福利损失并面临诸多政策困境.     

美国金融消费者保护机制的改革及经验

次贷危机后美国不仅建立了专门的联邦金融消费者保护机构,而且通过完善信息披露、严格抵押贷款条件等具体制度加强对金融消费者的保护。美国的经验表明,消费者保护职能与审慎监管职能由同一个机构行使时,应确保消费者保护部门的独立性,以协调审慎监管目标与消费者保护目标之间的潜在冲突;以分业监管为基础设立的消费者保护部门之间应建立有效的协调机制以确保一致监管、避免重复监管和监管漏洞。监管方法的选择方面,规则监管的基础上适当采纳原则监管,可以有效应对金融创新对消费者保护和金融稳定的负面影响。鉴于信息披露在金融消费者保护方面的重要性,应通过合理设计信息披露的内容、简化信息披露的方式、加强金融教育等手段提高信息披露的有效性。     

银行资产规模与中小企业信贷——大银行和小银行比较优势研究

本文通过对影响中小企业贷款因素的动态分析,考察了在银行资产规模扩大过程中中小企业贷款的变化,弥补了小银行在中小企业信贷中存在组织优势这一观点的不足.笔者在考虑信贷市场结构、贷款技术和金融基础设施的基础上,构建了一个解释银行对中小企业贷款不同模式的理论框架.笔者认为,银行规模扩大本身并不必然导致中小企业的融资困境,中小企业关系型贷款和交易型贷款之间存在着互补关系,而不完全是替代关系,多样化的融资方式有利于改善中小企业的融资环境.     

日本银企关系的特征与经济效用

现代日本银企关系是在主银行模式下建立起来的,银行与企业之间通过独特的产权结构,表现出协同治理、信息内部化管理以及风险分享等特征,这些独特性在日本的银企治理、银企之间信息沟通以及资金的配置效率等方面发挥过较大的经济效用.但随着金融环境的变化,日本主银行模式逐渐使银企的治理功能弱化、产权交织不清,导致经济效用的衰退.     

创新金融服务,支持文化创意产业发展

文化创意产业由于其产业的特殊性,受到传统金融服务体系的严重制约,具体表现在：创意价值的实现需要较长认识过程,与传统金融服务风险收益偏好不匹配;创意产品的市场需求具有不确定性,与传统金融服务风险控制体系不匹配;创意产品的创意具有易复制性,与传统金融服务物权质押要求不匹配。因而,当前我国的文化产业发展面临着金融创新的巨大需...     

Circumventing Sovereignty: Extraterritorial Sanctions Leveraging the Technologies of the Financial System

US extraterritorial sanctions are implemented with comprehensive global reach, despite allies and adversaries opposing and rejecting them as violations of international law. I argue that this staggering reach rests on more than just the central position of the US in the global financial system, as existing accounts indicate; it builds fundamentally on the financial system’s operational autonomy. Enabled by technologies such as the ‘risk‐based approach’ and automated screening procedures, this globalized network of private actors observes its regulatory environment through its own logic. It translates sanctions into risks susceptible to mitigation beyond the political system’s territorial borders, as the cases of Switzerland and the European Union show. These jurisdictions took futile measures to defend against foreign encroachment of their authority. Unless the financial system’s increased autonomy from the state system is recognized conceptually, analyses of international sanctions will remain deficient and attempts to counter their extraterritorial reach ineffective.     

简论美国实力地位的变化

金融危机对美国实力造成重创,美国的经济实力、国际地位都有一定程度的下降,陷入暂时的衰退。但美国的实力地位不会就此衰落,它的一系列国家机制能够保障美国最终摆脱衰退,重新焕发活力。金融危机对美国的影响也是有限的,美国的全球主导地位并没有发生根本动摇,而且还将维持相当长的一段时期。     

Divergent paths,divergent outcomes: linking differences in economic reform to levels of US foreign direct investment and business in Kazakhstan and Uzbekistan

This article compares two transition economies that have diverged in their progress on important economic reform areas and then seeks to link these differences to their resulting levels of investment and business. For this study, interviews were conducted with firm representatives that had invested or conducted business in Kazakhstan and Uzbekistan in order to determine the areas of reform that were the most important for their investment and business decisions. The analysis indicates a relationship between Kazakhstan's advanced economic reforms in such areas as foreign investment legislation, tax legislation, banking system reform, and higher levels of investment and business. Uzbekistan's lack of progress in these reform areas has affected the level of investment in the country, but not the number of firms conducting business. This was primarily because firms could secure financing for the business through the US Export–Import Bank.     

The Impact of the USSR on Lithuania's Domestic Policy and Its International Orientation in the Third Decade of the Twentieth Century

This article investigates links between domestic and foreign policy, topics which are usually discussed rather than analyzed in any detail. The case of the USSR and Lithuania is taken as an historical example of the impact of the external factor on domestic policy, and an attempt is made to elucidate how the Soviets tried to influence and correct Lithuania's policy in the inter-war period by providing financial assistance to parties and their press. In this way they sought to set Lithuania against Poland and fuel the conflict between them, so that they would not become reconciled, would not create the so-called Baltic Union with Latvia, Estonia and Finland and would not orient themselves to the West. Using financial and other levers of secret policy, the Soviets contributed significantly to pushing the pro-Western Christian Democratic Party away from power in Lithuania so that the Nationalists, who sought to establish closer relations with the USSR, came to be established. The overseas financing of parties which remained unknown to the public distorted the political process of Lithuania and hindered the maturing of social awareness.     

Can Lebanon's Economy Be Saved? A Plan for Revival

The recent financial and economic meltdown in Lebanon is the result of 30 years of social, economic, financial, and fiscal mismanagement, amplified by the Covid-19 pandemic and further exacerbated by the Beirut port explosion. Lebanese citizens’ trust, as well as the international community's trust in the government, have unfortunately been destroyed. Consequently, Lebanon's sole option is to rebuild confidence in the government and public institutions by implementing economic reforms and to seek an IMF program to pave the way for additional financing from other international sources. The most important confidence-building step is a clear financial and economic plan that has the support of all key stakeholders. This article presents a road map for a reforms-driven, export-led growth strategy for Lebanon. Ultimately, the goal is to jump-start the economy and put it on a path of sustainable, inclusive, and equitable economic growth. Such growth should be grounded in a small, open-economy model and driven by low tariffs, a flexible exchange rate regime, and a dynamic export sector built on competitive and comparative advantages. This plan partially builds on proposals and recommendations provided by previous economic plans and policy notes.     

制度距离、文化差异与中美贸易摩擦中的权力因素——基于1980~2018年美国对外贸易争端数据的定量研究

中美贸易摩擦是体系压力和美国国内因素共同作用的结果。基于1980~2018年美国对外贸易争端数据的定量研究,文章采用面板负二项模型对中美两国间的制度距离、文化差异和相对实力差距的缩小等结构性变量,以及美国国内政治等单元层次的中介变量、贸易和投资等渠道变量,对中美贸易摩擦的影响进行了实证考察。研究认为,中美间军事、经济和科技实力差距的缩小即相对实力分布的变化会显著强化美国作为守成大国对中国作为崛起大国发起贸易摩擦的可能性;中美两国间的政治、经济制度距离和文化差异或价值观的不同也会显著影响中美两国间发生贸易摩擦的可能性,同时,与美国政治关系良好、在制度和文化上与其接近的国家并不必然意味着与美国贸易摩擦的减少;美国国内不同政治行为体、社会行为体的利益诉求、政策偏好,与贸易的交互效应一起,会进一步增加中美两国因实力差距的缩小、制度和文化(观念)差异等体系因素或结构性变量所引发的贸易摩擦发生的概率;经济因素依然是决定中美贸易摩擦的基础性因素,中美贸易失衡、中国对美直接投资的迅速增加以及中国对美国市场渗透率的提升、美国国内经济绩效的波动、美国国内收入不平等程度的加剧,与贸易的收入分配效应一起,也会显著提升两国间发生贸易摩擦的可能性。     

美国“重返亚洲”后的马美、马中关系探析

2009年美国"重返亚洲"后,马美两国政治关系有所加强;中马两国政治关系非常密切,合作不断扩大,相互投资和互认学位等问题得到解决,金融合作走在东盟国家前列。马美关系发展对中马关系发展暂时影响不大,中马关系发展乐观,但面对的问题也不少,应给予关注并及早制定对策。     

Japan's Economy and the Global Financial Crisis

After the prolonged stagnation that followed the post-Bubble economic collapse at the end of the 1980s, from 2002 onwards the Japanese economy exhibited its longest period of economic expansion (albeit gradual) since World War Two. As this expansion came to an end and the economy was on the verge of the downward curve of the economic cycle, it was confronted with the current financial and economic crises, which originated in the USA. Nevertheless, Japanese financial institutions had invested little in sub-prime-related financial products, and with the lessons learned from the issue of bad loans in the 1990s, Japan's financial system enjoyed greater stability than that of any other major nation. However, in the period from the end of 2008 to early 2009, Japan experienced the sharpest economic decline of any major nation.

Yet, with the worst period having ended in the spring of 2009, the International Monetary Fund (IMF) has predicted in its October 2009 forecasts that Japan will experience real economic growth of 1.7% in 2010—a higher rate than the USA (with 1.5%) or the Euro Zone (with 0.3%). Despite forecasts of a protraction of excessive US imports as a direct result of excessive US consumption, Japan is being forced to reduce its degree of reliance on exports to the USA and to make major adjustments to its export structure—both in terms of the regions to which it exports and the products that it exports. Japan also faces the task of setting itself on the path to economic growth, using the twin drivers of foreign demand and domestic demand, and this will necessitate the cultivation of domestic demand. Now, the long-term strategy for Japan is to promote the expansion of regional demand in Asia, to couple this regional demand with domestic demand, and to latch on to Asia's economic dynamism.     

Differing Effects of the Global Financial Crisis: Why Mexico Has Been Harder Hit than Other Large Latin American Countries

In this article, we argue that the economic and financial crisis that began in Mexico in 2008 has not been primarily caused by the US crisis that began in 2007, as many have argued. As we will show, years of misguided economic policies at the national level have been at the heart of the Mexican crisis. On the one hand, the dominance of foreign banks in the country's financial system and the minimal presence of the public banks have greatly limited the range of counter‐cyclical policy options available to authorities. On the other hand, in the face of the crisis, Mexico has continuously applied deflationary Washington Consensus policies that have deepened the economic contraction. This article will focus on Mexico's individual problems, which offer important lessons for other Latin American countries with a shared recent history of Washington Consensus policies.