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.     

Spectacles of intimacy? Mapping the moral landscape of teenage social media

This paper explores young people's expressed concerns about privacy in the context of a highly mediated cultural environment, mapping social media practices against axes of visibility and participation. Drawing on interdisciplinary conceptual resources from both the humanities and social sciences, we use ‘spectacles of intimacy’ to conceptualise breaches of privacy, mapping an emergent moral landscape for young people that moves beyond concerns with e-safety to engage with the production and circulation of audiences and value. The paper draws on data from a methodological innovation project using multi-media and mixed methods to capture lived temporalities for children and young people. We present a model that captures a moral landscape shaped by emotional concerns about social media, the affordances of those media and affective discourses emerging from young people's use of the media.     

A new financial stress index model based on support vector regression and control chart

Financial stress index (FSI) is considered to be an important risk management tool to quantify financial vulnerabilities. This paper proposes a new framework based on a hybrid classifier model that integrates rough set theory (RST), FSI, support vector regression (SVR) and a control chart to identify stressed periods. First, the RST method is applied to select variables. The outputs are used as input data for FSI–SVR computation. Empirical analysis is conducted based on monthly FSI of the Federal Reserve Bank of Saint Louis from January 1992 to June 2011. A comparison study is performed between FSI based on the principal component analysis and FSI–SVR. A control chart based on FSI–SVR and extreme value theory is proposed to identify the extremely stressed periods. Our approach identified different stressed periods including internet bubble, subprime crisis and actual financial stress episodes, along with the calmest periods, agreeing with those given by Federal Reserve System reports.     

Age limits for participation in child protection court proceedings in Sweden

According to the UN Convention on the Rights of the Child and Swedish legislation, children have the right to participate in child protection proceedings. The aim of this paper is to describe and analyse the notion of age and maturity in child protection proceedings in order to elucidate how these aspects could influence children's rights to participate. We focus on the view of three groups of actors involved in child protection proceedings in Sweden—social workers, lawyers, and laypersons in social welfare boards and administrative courts—and on how children's age and maturity should be taken into consideration in decisions on their participation in court. The analysis is based on survey data. The study found that social workers, laypersons, and lawyers have different views on when children are old enough to have the right to litigate in court. Additionally, there is no consensus on how the maturity of the child can be assessed to inform the decision about participation. More discussion is needed about what competences a child needs to participate in court and to what extent this right should be limited by their age. Importantly, courts and decision‐making proceedings can be made more child friendly.     

Impact of older adults' mobility and social participation on life satisfaction in South Korea

South Korea has been experiencing rapid population aging. In an aging society, the need for healthy lives is greater. Two of the fundamental factors to enable independent and active life for the elderly are mobility and social participation. The purpose of this study was to examine the relationship between older adults’ mobility, social participation, and quality of life in South Korea. We used data from the 2017 National Survey of Older Koreans conducted by the Ministry of Health and Welfare and the Korea Institute for Health and Social Affairs and applied hierarchical regression. The major finding was that older adults’ mobility had a positive impact on their life satisfaction. After controlling for older adults’ mobility, social participation was positively associated with life satisfaction regardless of the place of residence. The findings of this study not only make a valuable contribution to further research on mobility and social participation but also provide new insight into improving older adults’ quality of life.     

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.     

城市综合体建设面临的一系列问题探讨--以南通市为例

随着房地产调控和城市化进程的加快，商业地产越来越受到开发商的青睐。城市综合体作为商业地产的典型代表以其多结构多层级的功能组合迅速提升区域价值而拥有了“城中之城”的美誉，在东部地区二三线城市大量涌现。但城市综合体带动城市发展的同时，也引发了一系列风险亟待关注。     

谈新教师的角色投入

新教师要树立正确的角色意识 ,培养深厚的角色情感 ,锻炼角色耐受挫折的能力 ,养成角色的文明行为习惯 ,加强角色的反思和更新 ,以促进角色的成熟和发展     

关于规范地方财政投融资体系的若干思考

地方财政投融资是以地方政府信用为基础 ,为实现政府基本目标 ,采取有偿融资和投资方式所进行的经济活动及所形成的制度体系。改革开放以来 ,投融资业务对地方经济发展起到了积极作用 ,但由于理论研究的严重滞后 ,以及政策措施不配套 ,地方财政投融资尚处于初步发展阶段 ,我们有必要总结其在发展中面临的问题 ,促进地方财政投融资体系的进一步完善     

论韩国金融部门改革

韩国金融危机是由于东亚金融危机的连带影响和国内经济结构造成的,为此韩国政府对财政、商业、劳动和政府 四个特殊部门进行了改革。在财政改革方面,成立了新的财政监管机构,在政府领导下关闭处理由问题的金融部门,增强金 融企业的竞争力。四年的改革使韩国迅速恢复了主要经济指标和存款利率,财政行业全面复苏。