当前流动性过剩的特点及其治理对策

当前流动性过剩的特点外贸顺差持续扩大,国际收支失衡加剧,流动性过剩的根源尚未消除。海关公布的最新外贸数据显示,我国1O月份贸易顺差为270.5亿美元,继今年6月份顺差新高之后,再次创历史新高。按照1:7.5的人民币兑美元汇率粗略计算,     

流动性过剩的破解对策

解决流动性过剩问题,既是一项十分紧迫的现实任务,又要有长期作战的思想准备,需要坚持“市场为主、各方联动、化多为少、化少为多、标本兼治、综合解决“的思路。“市场为主“是指解决流动性过剩问     

流动性、流动性过剩与货币政策

一、流动性过剩的经济表现尽管从理论模型上,我们可以设定具体的函数形式,计算出一种均衡的资产配置结构,并以此判断是否出现了过剩的流动性。但要将它运用到政策实践中还存在相当的困难,这是因为,从理论模型上来判断是否出现了过剩的流动性,要取决于诸多的假定条件和函数的具体形式。     

中国流动性过剩的经济学分析

中国经济在扩张性运行中已经出现了较为严重的流动性过剩,其特殊的形成机理既有全球的背景,也是中国特有的金融环境的产物.过剩的流动性可以加剧宏观经济的不稳定性,形成对经济结构升级的新约束,恶化金融机构的信贷风险,驱动资产价格的盲目上扬.面对这一全新挑战,我们要超越货币调节工具的巢臼,并力争通过制度与市场创新从而寻找出更多的突破口.     

流动性过剩背景下存款准备金率政策分析

由于国际收支双顺差持续多年、居民储蓄率一直居高不下、国际"热钱"不断涌入等原因,我国形成了流动性过剩状况.流动性过剩的持续存在,将形成通货膨胀,甚至引发金融危机.为此,中央银行采取了一系列宏观调控措施,频繁提高存款准备金率就是其中之一.从存款准备金率政策对广义货币供应量、信贷、同业拆借利率、债券市场及股票市场的影响分析来看,一段时期以来的存款准备金率政策对货币供应量的调控还是有一定效果的,对市场利率水平也有一定的影响,但对信贷和资产价格作用极弱,流动性过剩状况依然堪忧.当前,存款准备金率政策并不明显优于其他货币政策,央行应权衡各项政策工具的效果,结合金融市场状况择机出台相应政策.     

汇率超调、流动性过剩与收益、资本结构优化

中国宏观经济环境似乎从流动性过剩已经转向流动性短缺,但是其中隐含有一些共同的问题需要深入研究,实质是社会收入分配以及资本结构存在缺陷,这一问题能否解决关系到中国经济是否能够持续健康稳定增长.流动性过剩问题的出现可以归结为全球经济失衡、人民币汇率超调以及国内收入分配结构扭曲等原因.根据"三元悖论",央行的货币政策显然陷入了一种两难境地,各层次金融与财政调节是化解沈动性过剩问题的治本之策.     

流动性过剩负向影响与化解

一般来说,流动性过剩只是一个中性的概念,是指流入金融市场的资金超过了通过股票发行或债券发行融资的资金,并由此导致证券资产或实物资产价格快速飚升,形成泡沫也就不可避免。     

流动性过剩是机遇不是祸水

凯恩斯主义的管理思维究竟该如何全面看待流动性过剩对经济带来的影响呢?目前国内的主流看法是,流动性过剩就意味着风险,其中最大的风险是泡沫经济。因此,要采取“反周期“的凯恩斯主义政策,经济热了一定要降温,经济冷了一定要烧火。     

流动性过剩与凯恩斯陷阱

在市场经济条件下,人们一般是从利率下调刺激经济增长的效果来认识“流动性陷阱“的。按照货币──经济增长(包括负增长)原理,一个国家的中央银行可以通过增加货币供应量来改变利率。当货币供应量增加时(假定货币需求不变),资金的价格即利率就必然会下降,而利率下降可以刺激出口、     

后金融危机时期中国如何管理流动性

后金融危机时期,为了刺激经济复苏,避免欧洲主权债务危机导致世界经济二次探底,发达国家持续维持宽松货币政策,加剧了跨境国际资本流动。国际大宗商品价格上涨,金融市场波动性扩大,给中国的通货膨胀控制、经济结构优化调整以及社会稳定带来了新的挑战。综合运用货币政策、财政政策、产业政策,加强金融市场建设,是中国政府稳中求进、实现流动性管理目标的有效路径。     

我国外汇储备增长的影响因素与实证检验

近年来,我国外汇储备呈现快速增长态势。本文从分析我国外汇储备快速增长的原因出发,利用协整分析方法对影响我国外汇储备的因素进行实证研究。结果表明,影响我国外汇储备的因素主要包括汇率、国内生产总值、外贸开放度等,而外资开放度和外债余额对外汇储备的影响不显著。     

China and Europe: engagement,multipolarity and strategy

Abstract

Ever closer relations between China and Europe over the last decade have sparked speculation about an emerging axis or balance of power vis-à-vis the United States. China, the European Union and its key member states have expressed a preference for a more balanced international order based on multilateral institutions. Despite a rapid and extensive expansion in economic and political relations between China and the European Union, there is no evidence for balancing against the United States in strategic areas. Rather, the variations in the positions of China, the European Union and the United States can more accurately be seen as policy or interest bargaining. Because the European Union does not share US security interests in the Asia-Pacific region, the European Union and its key member states can seem at variance with the US position on China. Bargaining over the failed attempt to lift the European Union's arms embargo against China shows that the European Union and the United States are not so far apart on strategic issues in the Asia-Pacific.     

Foreign ownership of land in Phuket,Thailand

Thai Land Law does not allow outright ownership of land by foreign nationals. Phuket, a well-known Thailand tourist destination, is facing a problem of acquiring land by foreigners. The objective of this study was to compile data on ownership of land by foreigners in Phuket areas and explore the types of ownership through which the land had been acquired. The purpose of this study was also to assess the nature of the problems of foreigners owning immovable properties in Phuket, and the impacts could further make appropriate recommendations. There were two types of foreign ownership of land in Phuket. The first type was legal ownership of immovable properties by foreigners, and the second were the cases that foreigners took advantage of the loopholes of the law to acquire but in fact owned and utilized land mostly in scenic beaches by using Thais as nominees. These nominees could either be their spouse, or employees of corporate bodies or legal entities. In some cases, nominees were actually employees of law firms which assisted foreigners to register as a Thai corporate body. However, the impact of foreigners owning immobile properties in Phuket can be both positive and negative. On the positive side, the local economies actually benefited foreigners owning immobile properties as this led to increasing economic growth and land utilization. The negative impacts on the other hand were mainly the loss of revenue of local governments from local taxes and duties, including land price distortion. Another negative dimension was the difficulties of the public sector to control the negative environmental impacts. From the economic perspective, the feasibility of declaring areas where there is a high concentration of foreigners owning immobile properties as special area should be explored. Finally, the establishment of a ＂governing council＂ to control and develop conditions to protect the environment and reduce the impact to communities as part of the package of investment promotion should also be considered.     

社会交换论视角下的腐败成因解析

社会交换论对描述和解释中国社会转型期腐败发生的原因、过程和对策提供了分析框架。腐败是在交换结构制约下的理性选择行为,交换结构存在的弊端提供了腐败发生的外在机会,刺激并诱发个体的腐败动机,两者结合促成了现实腐败行为的发生,即通过形形色色的资源交换实现了腐败收益,构成了交换动机——交换结构——交换资源三位一体的腐败发生发展的过程链条,从动态角度揭示了腐败的形成原因。各种腐败现象的本质是资源的非正当转移,这种转移的后果是个人和特定集团获益,而公共利益受损。为此,要控制腐败,就要控制腐败交换的动机和交换结构,斩断腐败交换的利益链条,这就需要构建并实施教育、制度、监督并重的惩治和预防腐败的体系。     

“外资有限并购论”与民族经济的保护

在跨国并购大潮下,民族经济面临生存危机,保护民族经济问题日显突出。本在重新界定“民族经济”概念和分析我国民族经济面临风险的基础上,着重提出“外资有限并购论”以及切实可行的保护措施。     

在华跨国公司管理本土化及其影响分析

在人员配备方面,跨国公司海外经营的扩张主要依赖于母国外派人员,他们在跨国公司国外子公司中占据着重要管理岗位.随着跨国公司全球经营的成熟以及外部环境的变化,跨国公司管理本土化的趋势日益明显.伴随跨国公司在华直接投资的发展,这些跨国公司在华的管理本土化进程也日益加快,表现为在关键管理岗位上,愈来愈重视培训和开发中国本土管理人员并使之逐步替代母国外派管理人员.跨国公司的管理人员本土化对我国的人力资源开发、配置与人才竞争都带来了重要的影响.本文在分析跨国公司管理本土化的全球趋势与特征的基础上,重点考察在华跨国公司管理本土化的发展过程及其背后的推动因素,分析在华跨国公司管理本土化对我国的影响.     

Currency devaluations and consolidating democracy: the example of the South African rand

Abstract

In 2001 the South African rand depreciated suddenly and steeply against the dollar and euro. This triggered inflation as the prices of imported products gapped upward. To offset the imminent inflationary effects and attract foreign exchange, the Reserve Bank raised interest rates, resulting in slower domestic growth. The critical question was the cause of the currency depreciation. We argue here that the rand's decline was the result of a concatenation of internal and external factors, specifically the way the operations of the global financial markets magnified and exacerbated the effects of internal financial policy decisions. The article illustrates the heightening connectivity between domestic policy decisions aimed at regulating the national economy and the globalizing financial markets that operate on an altogether different logic. The Reserve Bank's attempt to regulate the local foreign exchange regime in concert with the corporate use of financial instruments to circumvent these exchange controls led to a relatively illiquid currency market that was easily susceptible to attack by speculative capital. The end result was a crippling devaluation that especially hurt the impoverished black South African majority in the process of getting on its feet economically, thereby adding a further constraint on the consolidation of post-apartheid democracy.     

我国亟待出台防止利益冲突法

利益冲突是市场经济国家滋生腐败的主要根源。防止利益冲突法是国家为了避免公职人员公权私用、以权谋私,从而厘清公权与私利的界限,保证公职人员廉洁从政的法律规范;它是防微杜渐、防患于未然,从源头上预防腐败的基础性法律制度。我国出台防止利益冲突法是解决现行防腐败制度不尽人意问题的必然选择,是遏制当前腐败易发多发势头的必要举措,是巩固党的执政地位的迫切需要。它有利于促进社会公平,有利于恢复我国的国际形象,也是我国政府的国际义务。     

公开与保密的平衡:美国政务公开立法及其对我国的启示

本文以信息公开立法相对完善的美国为研究对象,回顾了美国政务公开立法的历程,探讨了政治因素、社会需求对公开与保密之平衡的影响,从实体和程序两个层面梳理了美国法律关于行政信息公开与保密平衡的制度设计,最终探究制度设计背后的宪政基础,从中获致对我国政务信息公开立法的若干启示.     

中西方不同文化下的面子理论研究

随着经济一体化的形成,中国与西方的经济往来越来越频繁。由于文化背景不同,言语交际中存在着多种多样的困难与障碍。其中,"面子"理论的不同就是一个主要问题。探讨了在中西方不同文化下"面子"理论的不同以及分析了造成理论不同的原因,从而避免跨文化交际失败。