全球金融动荡背景下中国证券行业发展趋势

美国"次贷危机"以惊人的速度愈演愈烈,震惊了全球金融行业。在短短几个月的时间内,华尔街排名前五名的投行依次倒下,或倒闭,或被收购,甚至收归国有。此次发生在大洋彼岸的金融危机对我国证券行业具有重要的参考意义。本文从本次危机成因分析出发,结合国内证券行业的历史及现状,展望今后我国证券行业的发展趋势。     

Financial industry mobilisation and securities markets regulation in Europe

The 2007–2009 financial crisis has led to considerable debate about the role of financial industry actors in global regulatory processes. This article seeks to contribute to this debate by assessing when and why financial industry actors mobilise in order to influence securities markets regulations. Do these mobilisation patterns suggest undue influence by a small set of powerful industry actors, or do they reflect the engagement of a more diverse set of actors representing broader public interests? It is argued that variation in mobilisation patterns is a function of: (1) institutional opportunity (the openness and accessibility of regulatory politics); and (2) demonstration effects (how crises increase the salience of regulatory issues). Empirical analyses suggest that the financial crisis diminished the diversity of mobilising actors. This trend, however, is reversed when the news media disseminate information about the costs of weak financial regulation and thereby increase the salience of regulatory issues.     

The Credit Rating Agencies and Their Contribution to the Financial Crisis

The credit rating agencies that dominated the ratings of mortgage‐backed securities were Moody's and Standard & Poor's. The two agencies rated some 4.3 trillion dollars of bonds as triple AAA, yet within a period of 18 months these same rating agencies downgraded these bonds to below investment grade. This paper seeks to show that the ratings agencies business model, the issuer pays approach, led to major conflicts of interest with both the ratings agencies unable to walk away from a rating. The evidence given by analysts to Congressional Inquiries confirms a cultural revolution within the rating agencies, with analysts feeling unable to question the quality of a rating. Analysts who were described as being awkward by issuers were removed from the rating process. In the meantime, the income for the rating agencies increased from 3 billion dollars to 6 billion dollars, with the CEOs of the rating agencies receiving incomes comparable to the incomes to the CEOs of investment banks.     

The world after financial crisis

The economic crisis is not short, especially in the western countries. It is growing up little by little. To digest the estate and property, bubble lasted in Japan for 15 years, and it has not still totally survived. The world is not the same as before the crisis. We must evaluate our values again and estimate our relationship to the greediness of the capitalism. In western world, we must revaluate the significance of the family. The demography development is directing the economy： The Asian countries are growing when the amount of middle class people is growing. The consumption markets are growing in dynamic way. In western world, the structure is changing towards health care, social services and wellbeing business. The western world is in the phase of wealthy （Batra, 1988a）. Globalization is diminishing the differences between different regions, but at the same time the differences in earnings are growing between people. The change of the economic structure is causing that the production of the industrial phase is moving to Asian countries, where the industrial phase is going on. The western countries are putting their effort on wellbeing, finance, experience, culture, services, etc.     

Evidence and Actions on Mortgage Market Disparities: Research,Fair Lending Enforcement,and Consumer Protection

ABSTRACT

In this article, we present an overview of the research on discrimination in mortgage underwriting and pricing, the experiences of minority borrowers both prior to and during the financial crisis, and federal efforts to mitigate foreclosures during the crisis. We next discuss the history of legal cases alleging disparate treatment of minority borrowers, and recent cases alleging disparate impact in the wake of the Supreme Court’s Inclusive Communities decision. Using these discussions as a background, we examine and discuss mortgage regulations issued by the Consumer Finance Protection Bureau following the financial crisis, describe recent developments in the FinTech industry and explore the implications for fair lending policy and minority borrowers more generally. Finally, we draw conclusions and make recommendations for improving the mortgage market outcomes of minority borrowers and increasing minority borrowers’ access to credit.     

浅析全球金融危机下的中国经济机会

全球金融危机背景下,中国不可避免地受到了一定影响,但整体上仍保持着经济高增长的潜力。本文探讨了金融危机给中国经济在出口产业结构调整、能源价格机制改革、企业和金融机构海外市场的拓展,以及整个国家在世界经济中地位的提升所带来的机会。     

Where do electronic markets come from? Regulation and the transformation of financial exchanges

Abstract

The practices of high-frequency trading (HFT) are dependent on automated financial markets, especially those produced by securities exchanges electronically interconnected with competing exchanges. How did this infrastructural and organizational state of affairs come to be? Employing the conceptual distinction between fixed-role and switch-role markets, we analyse the discourse surrounding the design and eventual approval of the Securities and Exchange Commission’s Regulation of Exchanges and Alternative Trading Systems (Reg ATS). We find that the disruption of the exchange industry at the hands of automated markets was produced through an interweaving of both technological and political change. This processual redefinition of the ‘exchange’, in addition, may provide a suggestive precedent for understanding contemporary regulatory crises generated by other digital marketplace platforms.     

How do fiscally decentralized federations fare in times of crisis? Insights from Switzerland

This article examines federal dynamics during times of crisis in fiscally decentralized federations using Switzerland as an example. Based on qualitative research, we analyse how the relationship between the federal government and the cantons evolved during the recent ‘Great Recession’ and ensuing financial crisis. We contend that fiscally decentralized structures, as well as the consensus-oriented institutions of the political system, protect the federal balance of power. Our results show that Switzerland indeed adapted well to the crisis of the 2009 economic recession. However, the deficit crisis has revealed challenging coordination problems, notably in the areas of fiscal equalization and corporate taxation, which have the potential to put federal stability under stress. So far, the system has adapted well and safeguarded the federal order. Due to its combination of fiscally decentralized institutions and a strong consensus culture, Switzerland has proven to be a particularly robust federation.     

金融危机中的佛教担当

在金融危机愈演愈烈之时,2009年春节佛教寺院相对于往年香火更旺。经济危机下的中国人也需要宗教的抚慰。佛教可以从教义、修持、仪轨和慈善活动等方面发挥作用,帮助人们化解因金融危机而造成的精神压力和心理问题,促进社会的稳定与和谐发展。     

新自由主义与阿根廷金融危机

本文重点分析了新自由主义的实质以及它对阿根廷经济所造成的危害,提出了必须从本国国情出发合理利用国家的经济职能,而不能完全听任市场和外资去主宰本国经济的中肯建议.     

Policy Inertia and the Persistence of Systemic Fragility

Many observers have diagnosed a fundamental shift in financial regulation since the 2008 crisis. In contrast, this article argues that changes have mostly been superficial. The ideas underpinning regulation have been adapted rather than overturned. Our financial system remains highly fragile, even if exceptionally loose monetary policy obscures such fragility temporarily. Governments show little appetite to correct the lopsided relationship between the financial sector and the real economy and turn the sector into a reliable engine of prosperity and stability rather than a continued source of systemic risk.     

Risk and Financial Armageddon in Ireland: The Politics of the Galway Tent

This article examines Ireland's financial crisis. Thus far explanation has focused on individual or collective administrative failure: the office(r) of financial regulation singularly failed to scrutinise the banks sufficiently: it was a matter of poor risk management. While this article would agree that the (mis)management of risk was important to how the crisis unfolded, I argue that an explanation of why the crisis emerged demands an altogether different focus. Put simply, after financial regulatory reform, a reconfiguration of risk in politics took place as the locus of decision‐making about financial risk shifted from the realm of the political/legal (Cabinet/Central Bank/Department of Finance) to the economic/legal (retail banks, shareholders/consumers). It was a critical development, one that mirrored events taking place in the UK, upon which Ireland drew experience, for now assessments about risk undertaken by the banks demanded that intervention could be justified only on an ascertainable risk, not a theoretical uncertainty (or spurious fear). The evidentiary bar for intervention was therefore raised, removing the precautionary instinct implicit in the prudential governance of Central Banks.