金融发展理论与我国金融体系改革

金融抑制及其局限性、金融深化及其内在缺陷性、金融约束及其政策取向 ,决定我国金融体系改革应确定以金融深化为改革的终极目标 ,以金融约束为必要手段 ,协调货币金融与经济发展之间的关系     

Household stress and adolescent behaviours in urban families: the mediating roles of parent mental health and social supports

Using exploratory data analysis techniques, we propose a model of parent psychosocial well‐being that links financial strains and household stressors to adolescents' pro‐social behaviours and vulnerability through parent mental health and social supports. Parents of urban youth (n = 781) who planned to attend a summer camp for at‐risk youth responded to questions surveying household, parent and child factors related to early adolescent development. We expected that the relationship of household stressors – including financial strain and household difficulties – with adolescent behaviours would be mediated by parent depression and anxiety. We also anticipated that parent social supports would have both direct and indirect effects (via parent mental health) on adolescents' pro‐social behaviours. Study findings are consistent with our hypotheses and the model performed similarly for both adolescent males and females. Implications for practice and policy in the context of programmes for urban youth are discussed.     

Youth Allowances: Incentive & Reform

Australia's income support arrangements have come under increasing scrutiny lately reflecting a growing concern about high levels of youth unemployment and about low levels of full-time education participation. This paper aims to explore the relationship between education participation and financial incentives and to assess as a possible direction for future reform, the concept of a single and universal youth allowance. The paper begins by outlining the major forms of income support available to young people and illustrates some of the complexities in the youth income support structure. The evidence on the importance of financial factors conflicts, particularly between economists and non-economists. This is in part explained by the different conceptual frameworks used. Other possible reasons are canvassed as to why studies have so far not thrown much light on the role of financial factors in the education participation decision. The paper also outlines specific directions of distortion contained in current payment relativities. Several difficulties with the proposal for a single youth allowance as a means of increasing education participation are discussed and alternatives briefly outlined. The concluding section of the paper summarises the issues relevant to the future debate on youth income support and identifies areas for further research.     

开拓中间业务与我国银行业的创新发展

在竞争日趋激烈的金融环境中,发达国家银行业的中间业务发展迅速、品种多样,满足了客户对金融服务的需求,成为银行收入的主要来源之一。我国银行业在对外开放加大、经济快速发展的形势下,必须大力开拓中间业务。     

金融危机影响中国外贸出口的传导机制及政策建议

从金融危机的发展态势来看,金融危机的影响日益从虚体经济迅速扩散到实体经济,从发达国家扩散到发展中国家。对于中国来说,外需减弱导致出口急剧下降,工业经济受到了十分严重的影响。金融危机影响中国出口的传导机制主要有6个方面：需求传导机制、汇率传导机制、贸易政策传导机制、价格传导机制、贸易融资传导机制和贸易链传导机制。为了应对外需减弱对我国出口的影响,我国政府应该继续实施市场多元化战略,大力开拓新的国际市场;重视人民币汇率问题,呼吁建立新型国际储备货币;高度重视贸易摩擦问题,构建良好的国际经济环境;加大对企业的融资力度,帮助出口企业转型;大力发展内需,加快经济发展模式转变。     

区域金融成长差异的现状及改善对策

在我国区域经济发展不平衡的背后,与之相伴而生的是区域金融发展的不平衡。区域金融发展差距的扩大和非均衡问题已成为影响我国经济社会和谐发展的重要因素。区域金融成长差异是综合性的不平衡,区域银行业、证券业和保险业均呈现空间发展的不平衡。因此,要基于系统的区域思考,通过培育区域金融生态环境、加快区域金融机构重构、发展良性区际金融关系和深化区域金融体制改革,从而达到整体改善区域金融成长差异的目的。     

Liberalization,crisis and growth in MENA region: Do institutions matter?

The main purpose of this study is to investigate the interaction between financial liberalization, banking crisis and economic growth by taking into consideration the role of institutions. Our sample covers 15 Middle East and North African observed during the period 2000–2013. Using a dynamic panel data framework, our findings reveal that financial liberalization contributed to improve economic growth in MENA countries while banking crisis had harmful effects on MENA economies. The quality of institutions did not have a clear impact except for rule and order and democratic institution. These results have important policy implications. To grow output and avoid the occurrence of banking crisis, MENA countries should reinforce their institutions quality by adopting good practice of governance and regulation.     

On the Edge: the Financial Situation of Older Renters in the Private Rental Market in Sydney

In this study, based mainly on 17 in‐depth interviews, I explore the financial implications of being an older private renter in Sydney. I illustrate that there are three key factors which determine their degree of financial stress – the actual rent being paid; the degree of support from family members and whether the older renter is living in a single or couple household. It is shown that several of the older renters interviewed found it hard to maintain their physical and mental health. The purchasing of basic items such as nutritious food and clothes was difficult. Having to devote such a substantial part of their income to cover the rent and never knowing when there would be another rent increase had a serious impact on the psychological health of some interviewees. The lack of finances encouraged isolation as interviewees found it financially difficult to participate in social activities.     

Financial access and household’s borrowing: Policy perspectives of an emerging economy

This paper analyzes access to finance based on the usage of financial services by Indian households. Based on two rounds of nationally representative All India Debt and Investment Survey (AIDIS) for 2002 and 2012, we examine how access to credit is associated with a household's socioeconomic and demographic characteristics using Heckman’s two-step approach procedure. Our results show that belonging to higher asset quintile groups has a statistically significant positive effect on the household's decision to take loans only from the formal sector in both rounds and significant negative effects on taking a loan only from the informal sector. Similarly, social and religious groups play a significant role in the decision of the household to take a loan. Households with more educated adults are more likely to take a loan. Households involved in regular wage-earning occupations in urban areas are more likely to take a loan from formal sources. Thus, the importance of policy placing greater emphasis on demand-side barriers rather than on improving the physical availability of formal financial services to promote financial inclusion in India.     

中国印度金融发展和经济增长比较研究

本文将中印两国实体经济部门与金融业的相关变量融入经济增长进程中进行比较分析,找出相互之间存在的内在联系。从中得出的结论是,不同的金融变量在两国的经济增长进程中所发挥的作用也各不相同。其中,固定资本构成率在中国发挥的作用比印度要大,且中国的经济增长领先于金融发展;而印度的金融发展却对经济增长起到了更加积极的促进作用,并在金融体系的有效性上优于中国。     

Microfinance Participation and Women's Decision-Making Power in the Household in Bangladesh

ABSTRACT

This study draws from bargaining theory to examine whether microfinance, a range of financial instruments such as micro-loans to support micro-enterprises, affects women's participation in household decision-making operationalized by whether women play a role in household decisions about large purchases, small purchases, going out to meet friends and family, and health care among a nationally representative sample of 6,150 women between the ages of 15 and 49 years in Bangladesh. Bargaining theory suggests that decision-making in households is conflictual but conflict can be mitigated through bargaining. Central to bargaining power of women is control over resources, assuming that household decision-making involves making economic decisions. Logistic regression analysis was used to test the interaction effect of microfinance and control over resources on decision-making power in the household utilizing the nationally representative Bangladesh Demographic and Health Survey 2011. Results revealed that microfinance participants with control over resources reported higher odds of decision-making power (OR = 4.3, p < 0.05) when compared to microfinance participants without control over resources (OR = 1.22, p < 0.05) but less than women who did not participate in microfinance but had control over resources (OR = 5.2; p < 0.05). In conclusion, control over resources play an important role in bargaining that increases odds of having decision-making power in the household, even for women who do not participate in microfinance. The study findings contribute to both social work practice and research on low-income populations as it allows an understanding of the importance financial access and financial know-how while it sheds light on how precarious women's lives can be as they navigate income-generating financial systems that interfere with gender norms, which may have negative consequences. These findings are particularly important for practitioners working in the area of women's empowerment who would do well to emphasize the need for building financial capability so that women are able to garner control over their own and familial resources, whether or not they participate in empowerment programs like microfinance, which in turn gives women voice and agency. Meanwhile, future researchers are well positioned to examine the kinds of specific skills that best predict increases in women's decision-making power in the household as well how gender dynamics play into the decision-making process.     

Do couples share income? Variation in the organisation of income in dual‐earner households

This paper examines the organisation of income of cohabiting and married dual‐income couples. This topic has gained significance as women increase their participation in the labour force, and increasingly bring additional money into the household. Given the increase in cohabitation, researchers have proposed that financial arrangements may differ according to relationship type. We model the effect of relationship type and previous relationship experience using data from a nationally‐representative survey from Australia. The effect of other factors related to the individual and household, such as length of relationship, educational background, home ownership and presence of children, is also explored. We find income organisation varies by whether the person is legally married or cohabiting, which we attribute to the institution of marriage.     

Remittance volatility and financial sector development in sub-Saharan African countries

In this study we examine the relationship between remittances, remittance volatility and financial sector development in sub-Saharan Africa using a two-step system GMM estimator over the period 2002–2014. Separately focussing on banking sector- and stock market development, our study distinguishes between the effect of remittances and remittance volatility on financial sector depth and financial sector efficiency. The results indicate remittances act as a substitute for the formal banking system in sub-Saharan African countries. We further provide evidence that remittance volatility is detrimental to both banking sector depth and efficiency. No evidence is found that remittance volatility is related to stock market development. A policy implication from our study is that sub-Saharan African countries should have measures in place to monitor the predictability of remittances while the cost of remittance transfer needs to be investigated.     

Food stamps,food costs,nuctrient availbility,and nutrient intake

The Food Stamp Program (FSP) is designed to increase the food expenditures and the diet status of low income households. However, suprisingly little is known about the relationships among income, FSP bonus, FSP participation, availability of nutrients in household food supplies and individual nutrients intakes. Data from the special Low Income Component of the 1977–1978 Nationwide Food Consumption Survey were utilized to estimate effects of FSP participation on food expenditures, nutrient availability, and nutrient intake. The estimation procedure utilized a principal components index for characterizing availability and intake of the included nutrients. Results showed that FSP participation and the bonus increased food expenditures and improved the nutritional status of diets of low income household members. Nutrient availability and intake levels for FSP participants were increased by as much as 10–15% per week for selected nutrients.     

金融危机对亚洲金融合作的推动效应探析

随着全球经济一体化的发展,东亚区域经济一体化已成为必然趋势。为了保证经济稳定,维护金融安全,使东亚各经济体在国际金融体系中获得更大的发言权和发展空间,东亚区域金融合作势在必行。在此背景下,金融危机对亚洲金融合作产生了强有力的推动作用。分析金融危机产生推动效应的原因,总结在金融危机推动下亚洲金融合作的发展特点,并展望亚洲金融改革的前景。     

Impact of finance on growth: Does it vary with development levels or cyclical conditions?

Financial systems are complex and may support economic growth differently at various stages of economic development. This study of 90 countries extends the financial development-economic growth literature by using four proxies of financial development (banking, stock market, bond market and insurance), and considering a country’s level of economic development, on both a full and pre-global crisis sample. As expected financial markets have different effects on growth where the level of economic development vary. Policy makers should find that the insurance sector offers the most benefit for economic growth at all levels of development. Stock markets promote growth for middle income countries. Similarly bond markets promote growth with middle and high income countries. Some bond market and stock market results differed in the pre-crisis sample. Policies which promote trade but limit other areas such as inflation, government consumption and crises, should also support growth.     

中国—东盟区域银行业金融机构合作分析

中国和东盟开展银行业金融机构合作不仅是中国国家整体外交的需要,也是中国金融业可持续发展、金融业发展壮大的必然要求。目前,中国与东盟银行业金融机构合作主要表现为银行边贸结算和互设金融机构。中国应抓住中国—东盟自由贸易区建成等机遇,完善合作机制,分三个层次展开与东盟国家的银行业金融机构合作。     

金融全球化与中国金融的应对策略

金融全球化作为人类经济发展的客观趋势 ,对发展中国经济具有二重效应。处于转型期的中国必须谨慎应对 ,解决潜在的金融问题 ,打造新的金融体制 ,这样才能充分利用金融全球化的积极因素 ,限制其消极因素 ,确保自身的金融安全 ,实现利益最大化。     

Savings for Survivors: An Individual Development Account Program for Survivors of Intimate-Partner Violence

ABSTRACT

Survivors of domestic violence often remain in abusive relationships due to limited economic resources, economic dependence on an abusive partner, and economic abuse. Viewing women who have experienced domestic violence as “survivors” suggests that when provided access to appropriate resources, they will seek help and utilize such resources allowing them to increase their stability and potentially escape an abusive partner. Assets have been shown to have a variety of positive associations with a wide range of economic, social, and psychological outcomes. Economic initiatives, such as financial education and individual development accounts (IDAs), aimed toward survivors of domestic violence are on the rise. However, to date, there are few studies. Data on IDA activity, including savings rates, withdrawals, and asset purchases, for 125 women who participated in an IDA matched-savings program for survivors of intimate-partner violence were examined. Approximately 2/3 of women reached their savings goal and 76% made at least 1 matched-savings withdrawal and asset purchase. Results suggest survivors can be successful savers and purchase assets that may contribute to their economic stability. Implications are discussed, including the need for long-term studies to examine how participation in a matched-savings program affects women's well-being, safety, and future experiences of intimate-partner violence.     

Second Thoughts: Who Almost Participates in an IDA Program?

ABSTRACT

Using data reported on applications to a large individual development account (IDA) program (N = 758), the purpose of this study is to examine the self-selection process. Persons who applied to the program but did not enroll had second thoughts about the IDA. Multivariate logistic regression showed that children in the household and negative net worth along with vehicle nonownership were positively related to second thoughts. Education-savers were more likely than home-savers and business-savers to have second thoughts. This information can be used to target individuals at risk of not enrolling in IDAs, ultimately expanding access to underserved, low-income households. Future research is needed to understand how IDA recruitment strategies and institutional characteristics affect program participation and second thoughts.