越南外汇市场研究

在开放经济体中，汇率是影响一国宏观经济、通货膨胀率、国际竞争力、进出口情况、金融稳定性的显著变量。对于越南盾等非国际主要储备货币，其汇率主要形成于其国内外汇市场。本文对越南盾外汇市场的历史和发展现状进行研究。     

中日外汇储备成因实证分析

新世纪以来,全球外汇储备空前增加,而日本和中国的外汇储备增加尤为引人注目,但两国外汇储备增加的成因却有本质上的不同。中国为经常项目和资本项目下的双顺差,日本为经常项目顺差、资本项目逆差下的外汇储备的持续增加。虽然一国外汇储备总量在一定程度上表明了其经济实力,增强了各自对外的贸易支付能力和还债能力,有助于防范新的金融危机,但过高的外汇储备及不合理的来源结构也伴随着新的金融风险。以国际收支理论为基础,通过实证分析方法,深入研究中国和日本外汇储备增长的原因,比较中日外汇储备来源特征,可以为解析中国外汇储备问题提供一定的理论依据。     

东南亚国家外汇期货的推出对即期汇率波动的冲击效应——基于韩国外汇市场的实证分析

一、引言 汇率作为一种基础性的经济资源和金融资产价格,已成为广泛影响世界经济和金融发展的重要因子.由其波动所带来的风险备受关注.金融衍生品的发展彻底改变了传统的金融市场,对世界经济的发展产生了深远影响.外汇期货作为第一种被推出的金融期货,会对现货市场风险产生怎样的影响,是加剧还是减少现货市场价格的波动,是理论与实务界共同关注的问题.     

Explaining Styles of Financial Market Opening in Chile, Mexico, South Korea, and Turkey

This study examines financial opening in middle-income countries and identifies the variables that shape its basic features. We find that the widely noted increase in international capital mobility has not constrained financial policy-making equally across states. A country's economic conditions and need for external funds determine its government's bargaining power vis-à-vis international actors and domestic groups with respect to financial policy. Governments with low bargaining power, because domestic economic conditions are poor or need for external funds is high, must open financial markets completely to attract or retain capital. Conversely, governments with high bargaining power may be able to retain some controls on capital flows or deny foreign banks access to domestic markets and still have access to capital.
To explore these issues, this article looks at opening in Chile, Mexico, South Korea, and Turkey. These countries opened their financial systems in very different ways. Turkey and Mexico liberalized their markets almost completely, whereas Korea (1980–98) kept barriers to capital entry and Chile (1991–98) retained barriers to capital exit. Although economic conditions explain the basic style of financial opening, they cannot account for the residual barriers that persist in mostly open markets or the pace and timing of reforms. Domestic political factors, particularly, the interests of leaders and key social groups as well as their relative bargaining power, help to explain these variables. The paper develops a typology of styles of financial opening to encourage systematic thinking about the origins and consequences of differences in style.     

中国外汇储备多元化管理探析

继2006年2月，我国外汇储备总额首次超过日本成为全球外汇储备第一大国之后，2006年8月突破万亿大关。如此势不可挡的增长趋势使得巨额外汇储备的管理问题成为我国经济界不断探讨的焦点。与此同时，外汇储备管理机制的改革与发展亦成为我国经济改革中的重要组成部分，而改革的关键在于如何使用超额外汇储备，使其为我国的经济发展作出贡献。     

近期美元汇率走势及其对东亚经济的影响

随着国际金融危机的持续深化,近期国际市场上不管是美元汇率,还是原油、黄金和有色金属等大宗商品期货价格,都在频繁波动,这种金融市场的剧烈震荡,意味着美元本位的国际货币体系正在经受严峻的考验,世界经济形势不容乐观。     

俄罗斯外汇储备的理论与实证分析

随着世界经济恢复和国内经济形势好转,俄罗斯外汇储备规模逐渐扩大。在俄外汇储备中,美元和欧元是最重要的储备币种,但目前俄罗斯外汇储备正处于相对过剩的状态。影响俄罗斯外汇储备的主要原因有对外贸易顺差上升、FDI流入扩大,以及世界石油价格攀升。为解决俄罗斯外汇储备的现实问题,应加强经济结构调整、实施积极的外汇储备政策、完善外汇市场机制、积极参与区域经济合作等方面的对策研究。     

China＇s Foreign Strategy： Constantly Deepening and Broadening

China has been constantly deepening and broadening foreign strategy in accordance with the changes of the world situation. With the Fourth Plenary Session of the Seventeenth CPC Central Committee, the Eleventh Diplomatic Envoy Conference and the Central Economic Working Conference as opportunities, the CPC Central Committee has made a series of new explanations and judgements on China＇s foreign strategy in the new era. China＇s external work has also entered a new period of great development. China has made substantial progress in countering the international financial crisis, promoting global issues such as climate change, maintaining the steady development of relations with major global powers and solidifying its strategy of reliance on surrounding countries. China＇s international status and influence has scaled new heights.     

基于金融危机视角的东南亚外贸经济发展研究

一、引言 2008年9月15日,美国第四大投资银行"雷曼兄弟"申请破产保护,引发股市暴跌并波及全球.随后,由次贷危机所引发的美国金融危机开始向全球扩散,引起全球金融动荡乃至全面的经济衰退.     

国际货币体系改革与全球金融安全机制构建:关联与问题JP〗*

国际货币体系是全球金融安全机制构建的制度基础,从国际货币体系改革分析其与全球金融安全机制构建之间的关联性具有重要的政策含义。国际货币体系改革与全球金融安全网构建具有内在的逻辑关联。国际货币体系风险处置和危机应对功能使得全球金融稳定和安全具有了基础保障;国际货币体系对于流动性管理的重视和全球流动性管理机制建设有利于保持全球流动性的稳定;国际汇率协调有利于国际收支失衡改善和汇率基本稳定;国际货币体系改革还争取通过机制安排来弱化货币中心国的政策外溢效应;国际货币体系的治理结构改革是全球金融安全体系的基础保障之一。但是,国际货币体系改革与全球金融安全机制构建面临着诸如国际货币体系安全的内生矛盾、全球金融安全体系短板、全球与区域金融安全网络的迭代以及改革泛政治化等问题。基于国际货币体系与全球金融安全的内在关联,应在促进布雷顿森林机构的改革、构建全球金融安全网、建立流动性管理机制、推进超主权货币建设、深化区域货币合作五个方面,推进全球金融安全体系的建设,保障全球金融稳定。     

战后国民政府的外汇政策与侨汇

战后,国民政府为吸收侨汇曾几度调整外汇政策,然而,由于恶性通货膨胀加剧,财政经济濒临崩溃,国民政府无法维持一个稳定、合理的外汇汇率,对汇率的调整往往只有暂时的效果,当官价汇率与市场汇率接近时,侨汇数量就增加,反之则减少。战后侨汇呈逐年递减之势,由于官价汇率与市场汇率往往背离,因而无法阻止侨汇大量流入黑市。     

Reform of International Monetary System and Construction of Global Monetary Security Mechanism: Connections and Problems

The international monetary system is the basis to establishing a comprehensive global financial safety mechanism. To understand the internal connections between the reform of the international monetary system and the global safety mechanism has important policy implications. The reform of the international monetary system and the construction of the global safety network are inherently related to each other. Risk management and crisis response are the functions of the international monetary system and serve to ensure the safety of the global fi nancial system; liquidity management and international exchange rate coordination are conducive to the maintenance of the stability of the global financial system. International exchange rate coordination, the control of spillover effect of US monetary policies and the reform of governance structures of the international monetary system contribute to global fi nancial safety. However, the reform of the international monetary system and the establishment of the global fi nancial safety mechanism are faced with problems such as Triffin Dilemma, the technical shortcomings of global financial system, the ill coordination of global and regional fi nancial security network and the growing number of political issues involved. In order to build a sound global fi nancial safety system, cooperation should be enhanced in the following fi ve aspects: to promote the reform of the Bretton Woods institutions; to build the global financial safety network; to establish the liquidity management system; to facilitate the construction of the super sovereign currency; and to deepen regional monetary cooperation.     

浅析印度基金市场的发展及前景

基金市场是印度金融市场和资本市场发展最快的部门之一。其发展经历了初创、公募基金进入、私募基金涌现和巩固发展四个阶段，逐渐形成了独特的基金托管人制度、基金主体以固定收益类基金为主、投资收益率以股票型基金为最高、所有权结构以私募基金和合资基金为主及产业基金异军突起的特点，其快速发展的原因主要表现在经济高速稳定增长、股票市场牛气冲天、外国基金公司有力推动和中产阶级及新责阶层消费倾向改变等方面。尽管印度基金市场获得了高速发展，但与其他西方成熟的基金市场相比仍处于起步阶段，发展空间很大。     

Targeted Sanctions in a World of Global Finance

This is the golden age of economic statecraft—and the study of economic statecraft. This is in large part due to the evolution of economic coercion from trade embargoes to targeted financial sanctions. Targeted financial sanctions are attractive because they can generate economic costs similar to those of more comprehensive sanctions, with fewer negative externalities. Over time, however, the intersection of economic sanctions with globalized capital markets will provoke three interesting research questions. First, do financial sanctions spare a target country’s population from negative humanitarian and human rights outcomes? Second, to what extent are financial sanctions an exercise in learning by both targets and senders? Third, will the United States’ use of financial sanctions trigger blowback against US primacy in the international financial system? These last two questions offer the prospect to linking research on economic statecraft with larger questions of international security and global political economy.     

以区域合作应对东亚金融风险

金融危机暴露出亚洲金融脆弱性：经济基本面未脱钩、私人资本主体区外流动、外汇储备管理陷入困境、汇率制度选择依赖美元、区域货币基金缺乏、金融市场欠发达。为应对上述金融风险,东亚国家需要加强区域金融合作。     

东盟国家外资投资的发展特点与趋势

本文选择了泰国、马来西亚、印度尼西亚、菲律宾等四个东盟国家,分析它们在进口替代工业化、面向出口工业化、面向出口工业化与第二代进口替代工业化并行发展、金融危机后的两次经济衰退与两次复苏等阶段外资发展特点的变化,并分析导致这些变化的国内与国际经济背景。     

试论越南民族文化的发展和对外交流

越南文化具有鲜明的本民族文化特色，同时又深受外来文化，尤其是中国儒家文化的影响。在全球化大背景下，外来文化从陆路、海上和媒体信息等各种渠道进入越南。越南仍能保持其文化的民族特色并使其不断发展。本文阐述了中国南方邻近越南地区及中越边境民族地区历史上与越南的文化交流。     

New Trends in China's Foreign Investment Strategy

China now holds the world's largest foreign exchange reserves mainly thanks to dynamic export activities. In order to invest and manage these foreign exchange reserves, the Chinese government recently announced the constitution of a new State Foreign Exchange Investment Company (SFEIC) aimed at improving the yield on them. This new investment vehicle will face multiple challenges ranging from showing solid financial gains to establishing effective rules for corporate governance that guarantee transparency in company management. In addition to the legal aspects, numerous economic and political implications will arise from this new government-controlled tool.     

国际金融危机下印度外国直接投资政策的调整

随着百年不遇的金融危机不断蔓延,新兴经济实体印度正遭受越来越强烈的冲击。面对资金严重短缺、外资大量流失和社会不稳定等不利的投资环境,印度政府积极调整外资政策,以应对国际金融危机的冲击。实践证明,印度谨慎的引资政策在应对金融危机中凸显出较强的优势并取得显著绩效,值得与之国情相似的中国思考。