Coordinating contracts for a financially constrained supply chain

We consider a financially constrained supply chain in which a supplier (leader) sells products to a retailer (follower) who has no access to bank financing due to her low credit rating. However, the supplier can borrow from a bank and offer trade credit to the retailer to alleviate her financial constraint. Failure to pay off a bank loan or trade credit incurs a variable default cost. We analyze the centralized version of the supply chain to obtain new coordination requirements. We then examine whether revenue-sharing, buyback, and all-unit quantity discount contracts can coordinate our supply chain. We show that the all-unit quantity discount contract fails to coordinate. However, the revenue-sharing and buyback contracts can coordinate the supply chain, but only when the supply chain has a sufficient total working capital. Moreover, they cannot allocate profit flexibly unless the supplier has a large enough working capital. Finally, we design a generalized revenue-sharing contract that coordinates the supply chain with flexible profit allocation, and also show by numerical examples its superiority over the revenue-sharing and buyback contracts.     

Markets or networks: Households’ choice of financial intermediary in Western China

We argue that households’ choice of financial intermediary is conditioned by households’ social network structures and socioeconomic status. Analyses show that households’ social network size and network composition affect their choices by limiting the quality and quantity of information, resources, and social influence one can access through social ties. Moreover, we find that high-SES families favor formal intermediaries due not only to their richer financial knowledge, higher affordability, and greater capacity to repay loans, but also to their high demands and special types of financial needs that can hardly be satisfied by embedded resources.     

从第三方支付发展看上海国际金融中心建设

互联网时代第三方支付的发展,揭示了企业"控制用户信息流以控制支付流,控制支付流以控制资金流;获得用户网络接入权胜过获得资本所有权,获得数据投入量胜过获得资金投入量"的新规则。大平台日益成为金融机构控制用户信息流、获得用户网络接入权的重要载体,在平台组合上加载信用有关数据流日益成为形成金融机构风险管理能力的重要生产资料。在互联网时代推进上海国际金融中心建设,既要继续重视金融机构集聚,更要注重鼓励企业赢得全国性用户网络接入权,加强平台组合,增强信用数据流。上海应依托自贸试验区推进互联网金融监管创新;牵头建立长三角征信联盟集团公司;搭建本地金融机构网聚平台。     

“走廊”与“通道”:中国西南区域研究的人类学再构思

中国西南的人类学研究有着深厚的区域研究传统。改革开放之后,西南研究陆续出现了＂区域模式＂、＂族群模式＂和＂跨境模式＂三种研究范式。其中＂区域模式＂更贴近于社会历史现实,具有强烈的学科问题意识。至二十一世纪,基于历史上民族的源流考察与走势判断,兴起了诸如西南丝绸之路、茶马古道、滇黔驿道、进藏公路等＂通道＂研究。这种基于＂走廊＂学说和＂通道＂研究而展开的＂区域模式＂,将交互性和流动性作为研究之重点,来深入地阐释形塑西南中国社会人文特质的关系结构,将有利于中国人类学获得更符合中国历史文化经验的世界图式,也有助于具体研究者获得真正的文化自觉和认知主体性。人类学的中国西南研究只有基于＂区域性＂的大视野来展开,在一种关系格局中来寻找西南研究的问题意识,才能摆脱＂民族性＂的现代叙事,并对＂民族认同＂这样的问题有所超越,最终回归到当地的社会历史现实和人文形态特质来深化对中国西南的认识把握,从而在学理上展开一些更为深入的对话。     

金融发展与经济波动的联系:一个文献综述

从金融发展视角研究经济波动属于一个前沿主题。本文归纳了金融发展与经济波动发生联系的理论机制,并对国内外经验文献进行了梳理。总的来看,理论研究与经验研究都未形成一致的结论,因此有关金融发展与经济波动联系的研究仍然是一个有待进一步探索的开放领域。     

Dynamics of the term structure of interest rates and monetary policy: is monetary policy effective during zero interest rate policy?

The monetary policy targets the short rates; however, during zero interest rate policy (ZIRP), the short end of the yield curve cannot serve as a policy instrument. Relying on the joint yields-macro latent factors model, this study empirically examines the effect of monetary policy stances on term structure and the possible feedback effect on the real sector using the Japanese experience of ZIRP. The analysis indicates that it is the entire term structure that transmits the policy shocks to the real economy rather than the yield spread only. The monetary policy signals pass through the yield curve level and slope factors to stimulate the economic activity. The curvature factor, besides reflecting the cyclical fluctuations of the economy, acts as a leading indicator for future inflation. In addition, policy influence tends to be low as the short end becomes segmented toward medium/long-term of the yield curve. Furthermore, volatility in bond markets is found to be asymmetrically affected by positive and negative shocks and long end tends to be less sensitive to stochastic shocks than the short maturities. The expectation hypothesis of the term structure does not hold during the ZIRP period.     

欠发达地区农村金融支付服务建设研究——以广西百色市为例

对百色市的调查表明，当前，农村金融支付服务供给明显改善，但也存在一些制约支付服务的因素。应充分发挥地方政府作用，助推农村金融发展，大力完善农村金融组织体系，提高支付清算效率，方便农村支付结算业务办理，努力降低支付服务体系，从而推动农村金融支付服务建设迅速发展。     

从美联储看金融的本质——读《金融的本质——伯南克四讲美联储》

原美联储主席伯南克的《金融的本质——伯南克四讲美联储》揭示了美联储运作背后的金融的本质。从金融稳定、通胀和泡沫、监管缺失、后遗症显现等角度看金融本质,对我国金融业的发展有重要的启发意义。要深刻理解央行监管职责的重大意义,考虑金融监管的逆周期性,应对某些经济泡沫化问题,加快推进金融的市场化改革进程。     

新疆30年财政收支运行的轨迹

改革开放30年来，尤其是实施分税制以来，新疆地方财政收支的缺口越来越大，究其原因，主要是分税制财政体制使新疆上划中央税收加速增长、地方经济结构调整缓慢和资源优势尚未实现转化。因此，在未来财政收支运行中，应充分预计财政体制变革、新农村建设和新型工业化建设的需求，以及各种减收因素对财政收支的影响，促进产业结构调整是地方财政应当考虑的重要问题。