对中国证券业加入WTO面临问题的思考

中国加入 WT O后 ,证券业的开放是一种必然的趋势。面对这种状况 ,我国证券业应当采取的措施是 :加快金融改革 ,提高金融运行的市场化程度 ;逐步推进金融业的混业经营 ,提高经济证券化程度 ;大力培育较大规模证券经营机构 ;改革和完善证券市场的创新机制 ;建立有效的市场监管体系     

金融业是“社会经济”发展的“主导力量”

我国参加“WTO”以后 ,对我国冲击最大的应是金融业。我国金融业市场化程度最低 ,但它又在经济社会发展中作用最大。金融业有自身发展的规律 ,它应突破“存、贷、汇”的限制 ,走上以资本经营为主体的更大市场。金融市场的发展在客观上给社会更多的选择余地 ,分散了金融风险。金融风险是市场风险的一种 ,风险并不等于是危机。金融危机大体上有三种类型 :一是支付危机 ,二是股市危机 ,三是汇市危机。只要经济平稳发展 ,政策对头 ,危机一般都可避免。资本市场不宜过早开放 ,应以监管能力的配套为前提     

Financial Health in Australian Local Government: The Application of a Funding Assessment Model to Brisbane and Sydney City Councils

Local government financial viability measurement in an accrual budgeting environment poses complex challenges. Financial measures frequently generate conflicting results. A rating scale to assess financial management, constructed originally for South African municipalities (Dollery & Graves, 2009), represents a useful tool to analyze financial health trends. Applying a “Likert-like” scale to financial performance measures to assess “funding compliance”, the model in this article assists municipalities to avoid financial difficulties. To demonstrate the applicability of this model, we apply the model to the Brisbane City Council and the Sydney City Councils. Results show that the model represents a valuable aid to financial management decision-making.     

Do Accrual Numbers Really Affect the Financial Market? An Empirical Analysis of ESA Accounts Across the EU

The adoption of a full accrual framework in the public sector is differentiated country by country both for budgeting and for reporting phases. The purpose of this article is to address the following broader research question: How do accrual numbers affect the financial markets? The 10-year average interest rate on sovereign bonds across the European Union is used as a dependent variable. The results of the research show an unclear relation among the variables investigated. Given this evidence, an alignment between micro- and macroaccounting rules could be pursued. We argue the suitability of the Australian experience in this sense.     

Public-Sector Consolidated Financial Statements: An Analysis of the Comment Letters on IPSASB’s Exposure Draft No. 49

Public sector consolidated financial statements can be drafted according to different approaches, especially the “control approach” or “budgetary perspective.” Considering the growing importance of the International Public Sector Accounting Standards (IPSAS) in the international scenario, the aim of the article is to investigate these approaches through an analysis of the comment letters submitted to the Exposure Draft no. 49, which will replace the current IPSAS 6. The main finding concerns the acceptance of the key role played by the control approach, even though it needs to be better specified, in order to take into account the public sector characteristics.     

从《反洗钱法》看我国洗钱罪立法的演进及完善

当前,洗钱犯罪已经成为各国普遍面临的难题,它不但给犯罪所得的黑钱披上了合法的外衣,为国家追查相关上游犯罪设置了障碍,而且为犯罪分子继续甚至扩大犯罪提供了条件与机会。如何对之进行有效打击,是各国都在努力探究的问题。本文从我国洗钱罪的立法历程入手,通过中外立法例的比较,指出我国洗钱罪立法上的不足,并提出今后应当完善的方向。     

地方政府债务风险的宪法学释析

地方政府债务风险的处理应当遵循宪法逻辑,即政府与公民是一种信托关系,只要公民权利的需求仍在,政府就没有破产的理由。因此,地方政府破产只是财政破产但行政不破产。在地方政府破产重整程序中,地方政府提供的保障民生的基本公共服务优先于地方债的债权,因为前者保护的是大多数人的基本生存权。诉诸民主体制才能从源头上控制政府的发债权进...     

“上海合作组织”框架下的中国与中亚国家金融合作目标及途径

金融合作是“上海合作组织”各国经济合作的重要领域,也是实现区域经济一体化的前提条件。在金融合作尚处于初级阶段的情况下,确定合理科学的金融合作目标,探索切实可行的金融合作途径,对于推动“上海合作组织”的金融合作进程具有十分重要的意义。根据《上海合作组织成员国多边经贸合作纲要》的原则,“上海合作组织”框架下的金融合作应分阶段进行,目标规划也应该划分为近期、中期和远期三个阶段。当前的工作重点是,积极推动成员国之间双边或多边的功能性金融合作。合作的具体进程要采取“双轮驱动”策略:既要开展以银行业务和功能完善为特征的金融合作;又要开展以金融组织和机制创新为特征的金融合作。     

横向财政转移支付法律制度研究

基于横向财政平衡的需要和地区合作博弈的结果,产生了横向财政转移支付的概念。我国历史上并不存在横向转移的实践,但在我国缩小地区差距、构建和谐社会的过程中,需要建立横向财政转移支付法律制度,当前的财政改革和立法背景也提供了建立这一制度的现实契机。在我们正在修改的《预算法》和将要制定的《转移支付法》中,应该对横向财政转移支付制度予以规定,相关的配套改革也有待继续推进。     

Crises and unpredictability in developing countries

Developing countries have suffered most of the financial crises in the context of the process of economic and financial globalisation. Both current and previous crises have revealed that unpredictability is a feature common to all the episodes which occurred during the process of globalisation. Although certain alarms went off, any of those external financial crises were actually predicted by the advanced methods in use for prediction and country risk analysis. Taking into consideration the information above, the aim of this paper is to check the ability to foresee external financial crises in developing countries of both the country risk index published by Euromoney and the Credit Ratings variable included therein. We have focused on the external financial crises that took place between 1992 and 2011, that is, in a full globalisation era. The results are negative. It appears that neither the index nor the sovereign ratings are able to reflect early enough the vulnerabilities that arise previously to the setting off the crisis episodes. This leads us to conclude that the existing models of country risk have limits. Thus, it would necessary to develop new instruments to measure this risk, considering uncertainty as an essential feature of the current economic and financial environment.