Shadow Insurance

Life insurers use reinsurance to move liabilities from regulated and rated companies that sell policies to shadow reinsurers, which are less regulated and unrated off‐balance‐sheet entities within the same insurance group. U.S. life insurance and annuity liabilities ceded to shadow reinsurers grew from $11 billion in 2002 to $364 billion in 2012. Life insurers using shadow insurance, which capture half of the market share, ceded 25 cents of every dollar insured to shadow reinsurers in 2012, up from 2 cents in 2002. By relaxing capital requirements, shadow insurance could reduce the marginal cost of issuing policies and thereby improve retail market efficiency. However, shadow insurance could also reduce risk‐based capital and increase expected loss for the industry. We model and quantify these effects based on publicly available data and plausible assumptions.     

中国及TTIP国家贸易便利化水平测评

准确测度中国与TTIP主要成员国之间的贸易便利化差异,便于深刻把握TIP催生的国际贸易便利化新趋势,应对全球贸易规则变迁的挑战.文章首先构建了贸易便利化测评指标体系,采用《全球竞争力报告》《腐败指数》以及《世界竞争力年鉴》的相关数据,对2008-2014年TTIP主要成员国及中国的贸易便利化水平进行了对比测评.研究发现,虽然中国的贸易便利化水平整体上升了,但与TTIP发达成员国的差距依然较大,在口岸效率、海关环境、规制环境和电子商务方面均低于其平均水平.为此,中国应进一步简化海关程序和手续,改善海关环境,提升政策制定的透明度,加大对电子商务中的新信息技术的应用力度,防范TTIP区域内贸易转移效应对我国的影响.     

Comparing Expressed and Revealed Preferences for Risk Reduction: Different Hazards and Question Frames

Studies often note the wide differences that exist in costs per death avoided across U.S. federal programs and regulatory contexts. This paper explores two new, related explanations for these differences. First, it argues that the patterns of revealed preferences (public allocations) may be related to public values, which are measured here through subjects' expressed preference responses to a contingent valuation survey regarding risk reduction. Subjects' expressed values are compared to actual (and proposed) costs of safety regulations for a similar set of hazards. We discover strong congruence in the ranking of expressed values and actual values. Second, the paper presents the results of a subsequent survey that investigates why the patterns observed in the first survey might occur. It suggests that one reason for the observed similarities between revealed and expressed preferences may be in how choices are framed. The paper hypothesizes that both subjects and decision makers may frame valuation decisions in the same way: as percentage changes from the reference point provided by the base rate of deaths for that hazard.     

金融监管体制有效性分析及其发展趋势

通过对经营者行为模式、金融监管体制和国际金融监管的比较,指出有效防范危机与激励公平竞争的金融监管体制是实现金融发展与金融监管的"匹配"。并在透视中国现实的基础上,论证了中国当前"分业监管"的必要性,明确提出通过确立中国金融监管目标安全与效率并重的定位,奠定基础逐步实现中国一体化金融监管体制,实现对金融监管信息的共享平台,在金融全球化中加强金融监管国际合作来保证中国金融监管调整的前瞻性,监管功能有效性和向统一监管过渡的方向性。     

Who Reaps the Benefits,Who Bears the Risks? Comparative Optimism,Comparative Utility,and Regulatory Preferences for Mobile Phone Technology

Although the issue of risk target (e.g., self, others, children) is widely acknowledged in risk perception research, its importance appears underappreciated. To date, most research has been satisfied with demonstrating comparative optimism, i.e., lower perceived risk for the self than others, and exploring its moderators, such as perceived controllability and personal exposure. Much less research has investigated how the issue of target may affect benefit perceptions or key outcomes such as stated preferences for hazard regulation. The current research investigated these issues using data from a public survey of attitudes toward mobile phone technology (N= 1,320). First, results demonstrated comparative optimism for this hazard, and also found moderating effects of both controllability and personal exposure. Second, there was evidence of comparative utility, i.e., users believed that the benefits from mobile phone technology are greater for the self than others. Third, and most important for policy, preferences for handset regulation were best predicted by perceptions of the risks to others but perceived benefits for the self. Results suggest a closer awareness of target can improve prediction of stated preferences for hazard regulation and that it would be profitable for future research to pay more attention to the issue of target for both risk and benefit perceptions.     

证券市场不同发展模式的政府证券监管

因经济、政治背景不同和证券市场发展路径的差异,导致发达国家和新兴市场国家政府证券监管权的发展呈现出不尽相同的特征,但两种类型国家的历史仍然有共同的规律性,这对我国政府证券监管权的制度设计有着重要的启示作用。     

Impact of Hazardous Substances Regulations on Small Firms in Delaware and New Jersey

Regulations under the 1990 Amendments to the Clean Air Act impose significant requirements on firms handling hazardous chemicals. The nature of the regulations would suggest that small firms, because of limited resources and other structural limitations, would experience more difficulty complying with the regulations than large firms. To understand the difficulties imposed by the regulations on small firms, we interviewed ten small firms in Delaware and New Jersey, states with existing hazardous regulations similar to those being considered by the U.S. Environmental Protection Agency, and evaluated their responses to state regulations. The impacts of the environmental regulations on the firms and on the risk levels of their businesses are discussed. Propositions for research into small firms compliance are developed. Possible means for reducing the regulatory burden on small firms while enhancing regulatory effectiveness are suggested.     

有效资产管制条件下电网企业资产更换决策方法分析

在有效资产管制的条件下,电网企业为规避管制风险.必然采用适当的方法对其资产更换需求做出预测与决策,并使其资产更换数量尽可能与管制机构的评估数量相一致.针对现行的资产更换方法未能充分反映电网有效资产管制以及可靠性与经济性的特点,本文综合考虑上述三个要素,在分析现有电网资产更换的理论与方法的基础上.提出和分析了电网企业资产更换决策的评分法.本文认为,这种方法能够更加准确地分析和诊断资产健康状况,特别适用于电网企业资产的短中期更换数量的预测与决策,对电网企业大修、技术改造项目的合理安排也具有一定的借鉴价值.     

毕仲游生平述论

毕仲游生活于北宋中后期,历仕神宗、哲宗、徽宗三朝。他精明强干,为官颇有政绩,受到当时士大夫的称赞,然而由于他在政治上属于反变法派,使得他陷入党争的漩涡,对他的仕途带来了不利的影响,最终也未能位居显要。在复杂的朝廷政治斗争中,他同当时大多数的士大夫一样,最终无法掌握自己的命运。     

上海自贸区外商投资“负面清单”的挑战与应对

上海自贸区外商投资“负面清单”管理模式的提出,有利于我国外商投资规则逐步与国际通行规则接轨,也将开启我国改革开放新的篇章。本文从宏观监管措施和产业开放两个层面,分析了“负面清单”面临的主要挑战和应对措施。初步结论为:宏观监管层面,政府应该逐步让位于市场,减少政府的审批事项,加快落实从事前监管向事中、事后监管的转变;另外,消除隐形壁垒,自贸区内给予外商企业真正的“准入前国民待遇”。产业开放层面,上海自贸区的产业开放应以金融业的开放先试先行;其次,联合天津和广东等新批准设立的自贸区,在各自成熟且有优势的行业破冰改革,为我国下一步的改革开放提供更为完备的可复制、可推广的经验。