灾后日元升值初探

短期来看,日元汇率没有因经济受到巨大损失而贬值却转向迅速升值在于投资者形成"保险机构或企业资金的资金回流"的预期,投机力量就借助这个题材不断的推升日元。长期来看,这一轮日元升值并不是因贸易摩擦、美国压迫日本的结果,而是与金融危机过程中动荡的国际货币体系有关。日元在国际货币体系内主要执行价值贮藏的功能,而其贸易结算功能相对较弱。日元快速升值的根本原因是日元在估值上存在升值压力,以及日元发挥避险货币和套利交易的作用。中日两国都面临着美元贬值的巨大风险,可采取相互增持对方货币资产的方法,逐渐减少降低外汇储备中美元的比例,建立区域汇率稳定性机制。     

浅析我国期货市场存在的问题和基本对策

我国期货市场在理论与实践的发展中取得了很大的成就，但不可避免地存在着一些问题，诸如投机色彩过浓、品种开发不够、套期保值不平衡以及期货交易所自身不规范等。在进入ＷＴＯ的新形势下，按科学规律办事，加强法制，规范市场，对我国期货市场的健康发展有着重要意义。     

劳动争议仲裁时效性质研究

关于劳动争议仲裁时效的性质,理论界主要有三种观点:一种认为其在法律性质上属于除斥期间;一种认为属于诉讼时效;还有一种认为是法律上的期限。劳动争议仲裁时效的性质决定仲裁的效力,因此不论从实践上还是从理论上均有必要对其性质问题进行探索,以促进《劳动法》的正确适用,公正地解决各类劳动争议纠纷,维护劳动关系的和谐与发展。     

Risk illusion and organized irresponsibility in contemporary finance: rethinking class and risk society

Abstract

This paper analyzes the lead-up to and aftermath of the 2008 financial crisis to show how processes associated with risk society – the social production and distribution of systemic financial risk in a context of organized irresponsibility – are contributing to the intensification of contemporary class-based inequalities. Utilizing a framework based in Bourdieusian class resources, the analysis moves beyond Beck's rejection of the relevance of class relations to systemic risk, and his critics’ denial that risk transforms existing logics of distribution, to identify key shifts in the relation between contemporary financial risk, power and inequality. The conclusions of this study, showing how systemic financial risk in contexts of organized irresponsibility contributes to differential ‘risk-classes’, suggest that risk is a key source of contemporary inequality and that reconstructing the theory of risk society can illuminate these changes.     

The problem of regulatory arbitrage: A transaction cost economics perspective

Regulatory arbitrage, or the ability of financial firms to circumvent or neutralize rules, is a classic problem of financial regulation. This article draws on transaction cost economics (TCE) to reformulate this old problem, thus defining regulatory arbitrage as a contracting hazard arising from interactions between the regulator and regulated firms, given bounded rationality and opportunism. Following standard TCE, the article first characterizes the implicit regulatory contract in finance, focusing in particular on the mobile and elastic nature of regulated actors and financial assets as well as the contested utility of financial innovation. It is then argued that this incomplete and hazard-prone regulatory bargain must be matched with a governance structure that both adapts to unforeseen circumstances and avoidance strategies and copes with radical uncertainty about the welfare consequences of financial innovation. To that end, the article discusses how a governance structure here termed “relational regulation” might facilitate such ex post governance under uncertainty.     

中国股市国际板推出面临的难题及应对措施

本文介绍了推出国际板的背景意义,重点分析了国际板推出后可能带来的外资“圈钱”、人民币大量流出、冲击中小企业融资以及法律依据等问题,并试着探讨了国际板用美元来计价,直接将B股纳入国际板,开通“港股直通车”和强化汇出资金监管等措施。     

Between arbitrage and speculation: an economy of belief and doubt

Abstract

The recent debate concerning the 'sociology of arbitrage' has firmly established arbitrage as a category of theoretical significance in the social studies of finance. In this article, I seek to complicate this debate by drawing attention to a particular kind of ambiguity inherent in the category of arbitrage, as it is put to use in financial markets. I present certain Japanese arbitrageurs' reflections on the difference between arbitrage and speculation and examine the interplay of belief and doubt underlying arbitrage operations. I argue that the resulting ambivalence towards the category of arbitrage is a marker of arbitrageurs' particular epistemological stance, identity and ethical commitment. Finally, I consider the implications of arbitrage's ambiguity for the dominant trope of speculation in the critical study of financial markets more broadly.     

The Facing Problems and Solutions of International Board launched

本文介绍了推出国际板的背景意义,重点分析了国际板推出后可能带来的外资“圈钱”、人民币大量流出、冲击中小企业融资以及法律依据等问题,并试着探讨了国际板用美元来计价,直接将B股纳入国际板,开通“港股直通车”和强化汇出资金监管等措施。