货币政策反应函数渠道对金融周期影响时变机制的实证研究

在关于货币政策影响经济主体风险承担水平,进而影响金融周期波动机制的研究中,基于风险承担渠道的相关研究较为成熟.区别于以往相关研究多关注货币政策实际采取的立场,文章基于货币政策反应函数渠道探讨了数量型与价格型货币政策反应函数对金融周期波动影响的时变机制.滚动回归的实证结果显示:无论数量型货币政策规则还是价格型货币政策规则,货币政策对信贷波动反应的敏感性主要影响金融周期的波动,但在价格型货币政策规则下,基于信贷视角观察金融周期波动时,货币政策信贷敏感性与货币政策资产价格敏感性对金融周期影响差异较小;较之于价格型货币政策规则,货币政策对信贷波动反应的敏感性在数量型货币政策规则下,对金融周期波动的影响更显著,并在一定程度上表现出随时间扩大的趋势.文章的创新之处在于:强调了货币政策通过政策反应函数渠道而非以往研究中较多关注的狭义风险承担渠道影响金融周期波动的事实,并构建计量模型对货币政策反应函数渠道影响金融周期波动的时变机制进行了详细刻画.     

Developing a Rubric for Supervision of Students Counseling LGBTQ Clients

More than 100 pieces of anti-lesbian, gay, bisexual, transgender (LGBT) legislation are active in 2018. In this current political climate of “conscience clause” legislation, counselor educators and supervisors are poised to adopt more holistic practices in assessing and evaluating student and supervisee readiness to work with LGBT queer (Q) clients. The purpose of this article is to present a dispositional framework for assessment and evaluation and introduce the flexibility, integrity, awareness, stability, compassion, and openness (FIASCO) rubric of professional counseling dispositions. Two court cases, Keeton v. Anderson-Wiley and Ward v. Wilbanks, are used as case examples for applying the FIASCO rubric to situations involving LGBTQ clients.     

影子银行、地方政府债务及金融发展动态关系研究——基于省级面板VAR模型

基于2004—2017年中国省级面板数据,运用面板向量自回归(PVAR)模型,使用系统GMM估计、脉冲响应函数、方差分解以及格兰杰因果关系检验等方法分析了影子银行、地方政府债务及金融发展之间的动态关系.结果表明:影子银行、地方政府债务与金融发展水平三者之间存在动态耦合关系.在地方政府融资能力受到约束的情况下,影子银行为地方政府提供了多元的融资方式,在增加政府融资能力的同时提升了政府债务水平;而地方政府债务需求显著推动了影子银行规模的快速发展.同时,影子银行过度扩张危害了金融市场的健康发展,降低金融发展水平,继而使地方政府的融资渠道受到约束.但金融发展并不能有效约束影子银行规模,原因在于,政府融资需求是影子银行的主要动力,若不能控制地方政府的借贷行为则无法从源头解决问题.监管机构在去杠杆的过程中,应该综合考虑影子银行与地方政府债务、金融发展之间的动态关系,如此才能够实现预期的政策效果.     

论宪法中的行政诉权

中国宪法第41条中的“控告权”不等同于、但包含了“行政诉权”的内涵。宪法中的行政诉权具有两种属性:一是作为公权利的“监督权”，二是作为私权利的侵权后的“救济权”。前者是政治性权利，也是实体性权利，后者是非政治性权利，是典型的程序性权利。这意味着人们长期把行政诉权仅仅作为一种救济权或程序性权利有失偏颇。为了规范行政诉权行使的秩序，行政诉讼法对宪法中的行政诉权在内容上进行了缩限，并在权利的外在形式上体现出程序性特征，但这不意味着行政诉讼法中的行政诉权所继受的权力属性有所改变。     

Giving (Money) Back To Parents: Racial/Ethnic and Immigrant–Native Variation in Monetary Exchanges During the Transition to Adulthood

Scholars consistently find that parents provide economic support to their young adult children through the transition to adulthood. However, scholars rarely examine whether young adults contribute monetary resources to their parents. To test this proposition, I use the National Longitudinal Study of Adolescent to Adult Health, and the case of “money for living expenses.” Overall, monetary independence is the modal category for all groups. However, when I compare across groups, I find that White young adults with native-born parentage are more likely to report monetary independence, African Americans are more likely to report monetary interdependence and Asian and Latino children of immigrants are more likely to report child-to-parent assistance compared to each other, with SES explaining most, but not all, of these differences. I argue that young adult offspring in non-White families are more likely to provide monetary support to their parents during the transition to adulthood. These transfers may deplete resources for non-White young adults and may exacerbate racial/ethnic inequality during the transition to adulthood.     

Employee financial wellness programs: Opportunities to promote financial inclusion?

ABSTRACT

Employee financial wellness programs (EFWPs) are a new practice that may promote financial inclusion by making it easier for workers with low- and moderate-incomes (LMI) to access financial services. We examine the strengths and limitations of workplace financial counseling, credit-building services, and small-dollar loans, and describe community collaboration to promote employee financial wellness. Findings suggest that these services are reaching a population that experiences financial exclusion, though evidence is mixed concerning how these services help workers with LMI resolve key financial challenges. Community collaboration focused on employee financial wellness presents opportunities to advocate for higher wages and better benefits.     

Towards standardization of field work practicum: experiential reflections from Delhi,India

ABSTRACT

Field work is the signature pedagogy of social work. As a central form of instruction, it enables the course of learning by enabling the students to perform the role of practitioner. Field work contains pedagogical norms with which students learn to connect and integrate theory and practice. The current paper delineates the pedagogy of field work practicum in the Indian context and attempts to explore the challenges in transaction of field work curriculum with respect to placement agencies, at the levels of supervisor and supervisee and the ever evolving and dynamic relationship between the two. Based on authors’ experiential accounts, the paper recommends few strategies for enhancing the scope of professional growth and learning within the broad realms of field work placement.     

外汇储备与金融脆弱性关系研究--基于金砖五国的实证分析

外汇储备通过传导机制对国内金融部门产生影响,研究外汇储备变化对金融稳定的影响是国家金融安全的重要内容。本文选取中国、巴西、俄罗斯、印度和南非五个"金砖国家"作为新兴市场国家的典型代表,采用Johansen协整检验和Bayesian向量自回归建模方法,实证研究外汇储备变化与金融脆弱性的关系。研究表明,不管从长期还是短期来看,外汇储备变化量增加会提高金融脆弱性指数,帮助国家应对短期经济波动,因此,增加外汇储备有助于国内金融部门稳定,抵御经济危机。     

金融知识差异与我国家庭财富积累

通过应用中国城市家庭消费金融调研数据,本文系统的实证检验了改进后的金融知识指标、经济学专业、金融学专业以及家庭理财规划等因素对家庭各项财富积累的影响,并通过使用合适的工具变量进行两阶段估计,验证了这种正向影响的稳健性。此外,实证结果中家庭理财规划以及理财规划时间跨度的正向边际效应表明,理财规划可能是金融知识差异影响家庭财富积累的重要机制。研究结论有利于更准确地理解居民金融知识差异对于家庭福利,特别是退休福利的影响。     

Based on a literature review of rural finance development

A normal and healthy rural financial system for the rural economy sustained and rapid development has an important role in safeguarding . Despite years of reform of rural finance system has made signif...