准备金付息制度的货币政策工具性质研究

本文基于相关文献的综述,分析了准备金付息制度的货币政策操作工具属性,并主要从准备金付息制度的扭曲效应、对商业银行经营绩效的影响及对货币政策的有效性等三个方面,具体分析我国准备金制度对经济运行的影响.研究发现:对准备金付息及付息利率的确定和调整是存款准备金制度的主要内容之一,它赋予存款准备金制度以新的内涵和工具功能.存款准备金制度是我国转型期有效的货币政策操作工具,而且可以将准备金付息制度打造成更为有效的货币政策操作工具.     

论货币政策的程序法规制

基于对货币财产权的保护以及实体法对货币政策规制存在固有缺陷,对货币政策进行程序法规制,是金融调控法治化的重点所在.货币政策的实施要以民主性和透明度为原则,同时货币政策目标制定、货币政策决策以及货币政策执行应该依据相应的法律程序.     

货币政策的资本市场传导机制

随着资本市场的迅速发展,传统的货币政策传导渠道有所削弱,资本市场在货币政策的传导过程中发挥着越来越重要的作用.货币政策的资本市场传导机制主要体现在托宾的q效应、非对称信息效应、流动性效应、财富效应和资源配置效应等,应该对经典的IS-LM模型进行修正,从而准确反映资本市场传导机制在均衡产出水平决定过程中的作用.从目前中国的现实来看,货币政策的资本市场传导机制还存在着不少问题,严重影响了货币政策的实际效果,应该采取积极措施,逐步完善我国资本市场的货币政策传导功能,以提高货币政策的有效性.     

转型期的中国货币政策规则：基于拟合效果的选择

从拟合效果的角度来分析通货膨胀目标制和泰勒规则这两大最流行的货币政策规则在中国的选择问题,研究结果表明,从对中国利率走势的预测能力来看,通货膨胀目标制远远优于泰勒规则.因此,中国人民银行要想提高对宏观经济的把握能力,及时准确地获取宏观经济信息,应该选择通货膨胀目标制并积极创造实行通胀目标制的各种条件.     

Criminal Justice Reform,Monetary Incentives,and Policy Evaluation*

Innovation in criminal justice frequently fails, or is perceived as having failed. In this paper we look at a highly imaginative, quintessential 1980's innovation–the use of financial incentives to encourage prosecutors to process more quickly their oldest cases and their cases involving defendants incarcerated pre-trial. Measured by conventional “bottom line” criteria the incentive scheme can be labeled a failure. But measured both by the limited actual success at least one office achieved, and by the general effectiveness of the incentives as motivators for three out of the four offices studied, a somewhat more positive assessment of the efficacy of incentives can be fashioned.     

收入分配改革中的金融政策工具及其法律配置

利率、汇率、信贷、资本市场定价机制等金融政策工具具有强大的收入分配功能,但金融法的价值取向与思维模式遮蔽了人们对这一功能的认识。纠偏金融政策工具收入分配功能在我国的异化,需要对信贷权、融资权和财产权进行权利配置,对不同效力的法律规范进行组合配置,并需要在具体制度设计方面取消存款利率管制、将央行的居民储蓄管理功能与货币政策实施功能分离、拓展小额信贷与微型金融的融资渠道、打造公开透明和市场化的资本市场定价机制。     

China in Russia's Foreign Policy Strategy

China has traditionally occupied as important a place in Russia's foreign policy strategy as Russia has in China's foreign policy strategy. The bitter polemics over Russia's national-state interests and, accordingly, various statements by Russian leaders and political figures make studies in this area especially timely today. Some speak of a strategic or pragmatic partnership with the West, others mention simultaneously having a constructive partnership with China or even one opposed to the West.     

货币政策效应的区域差异:基于SVAR的分析

现有文献对货币政策的讨论,大多集中于其整体实施效果研究而忽略了它可能带来的区域差异分析.通过利用结构向量自回归模型(SVAR)以及脉冲响应函数等方法,实证分析我国不同区域对统一货币政策产生的差异性效果,可以发现,无论是在影响时间还是在影响程度上,货币冲击对经济的影响存在显著的区域差异.鉴此,我国货币政策的制定必须坚持总量调整与结构优化、统一性与差异性相结合的原则.当前,充分考虑不同区域的货币需求,优化货币政策的区域结构,对于缩小区域差异并维持货币政策的统一,有着十分重要的意义.     

宽严相济刑事政策应回归为司法政策

宽严相济刑事政策在最初提出时具有明显的司法性特征,但随着实践中从司法理解向立法思路的拓展,该政策完成了向"基本刑事政策"的转变。然而,这种扩张解释没有经过系统论证,也不具有全面充分的理由。宽严相济可以在古代的"宽猛相济"中追溯渊源,其中的"宽"就是以对猛政纠偏的面目出现的。当代宽严相济刑事政策的提出,既是对中国法制传统的弘扬,更是对以前过度强调"严打"的纠正。立法的特点及基本品质表明,宽严相济刑事政策不可能直接表现为立法政策;认为该政策涵括了立法政策,会导致以下逻辑困境:无法正确处理和惩办与宽大相结合政策之间的关系;可能导致重复评价或政策的虚无化;立法有自身的品质要求,其缘由是复杂的,并非宽严相济所能涵盖;如果旧的法律规范已经被新法修改,势必不存在所谓"相济"问题。宽严相济刑事政策应回归为司法政策。     

Public Policy and the Development of a UK National Geographic Information Strategy

In March 2005 the Government published a report² assessing theprogress that had been made since 1999 in embracing digitaltechnology in the UK. It declared that there had been a transformationin its use within the UK economy and civil society and thatBritain had moved dramatically up international league tablesin the take-up of IT and in its engagement in the e-economy.Since the Millennium, the Government has been busy re-organisingits procurement and service arrangements and information channels.It has encouraged departments and agencies to embrace digitaltechnology and to capture the efficiency gains that this canoffer. New offices have been established within the reportingstructures of the Cabinet Office and HM Treasury to drive theseinitiatives forward. They are the e-Government Unit, the Officeof Government Commerce and the Office of Public Sector Information.The Office of the Deputy Prime Minister is also active in themanagement of geographic information. A key driver for theseOffices is engaging with digital technology in a form that willboth advance the UK economy and improve business and consumeraccess to information and services. This paper explores theseissues in the context of one specific area of policy viz., thecreation, development and exploitation of geographic informationwithin a spatial data infrastructure. The latter raises, inmicrocosm, many of the issues that the Government must tackleas it develops its digital and eGovernment transformation agendas.This paper will assess to what extent the Government can besaid to have clear objectives as to how it plans to developa geographic information strategy for the UK. It also considerswhat needs to be done to enable the diverse range of organisations,both within the public and private sectors, to move forwardin the promotion of geographic information services as a supportingmechanism to the delivery of eGovernment policies.     

结构性货币政策工具与商业银行流动性水平研究

运用中国43家上市商业银行2013年第2季度至2018年第4季度的数据,实证分析了结构性货币政策工具常备借贷便利(SLF)、中期借贷便利(MLF)和传统货币政策工具(OMO)对商业银行流动性水平的影响。研究结果表明,SLF、MLF及OMO对商业银行流动性水平有显著负向影响,这一影响在大、中、小型银行间存在显著差异,结构性货币政策工具对流动性的调控作用强于传统货币政策工具。     

Economic Policy Coordination as a Game Involving Economic Stability and National Sovereignty

The economic crisis has paved the way for reconsideration of the Eurozone's constitutional design. This paper shows that what may seem as a massive empowerment of European institutions at the cost of national economic sovereignty in actual constitutional practice has left economic policy coordination largely unchanged. By means of conceptualising its previous and current patterns as a game between supranational and national institutions, it is shown that the scale of change has been widely exaggerated. The new Eurozone design has mitigated in practice the extent to which national economic sovereignty has been undermined, but only at the cost of shifting to the European Central Bank the burden of shoring up the stability of the common currency; such burden the ECB is bound to prove unable to sustain in the long run.