Table of Content

15 January 2013, Volume 0 Issue 01

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Speeches of Experts at China’s Economists Forum 2012

2013, 0(01):  1615. 

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On the Market Failures during the Development of Low-Carbon Economy

LU Xian-xiang

2013, 0(01):  1616. 

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Greenhouse gas emissions and the development of low-carbon economy are the biggest market failures, which are mainly manifested in such problems as the low-carbon economy being the world’s largest externality, the low-carbon economy being the global public goods, and the free-rider along the development of low-carbon economy. The major reason for the market failures during the development of low-carbon economy is lacking of secured property ownership as well as the greenhouse effect. Thus, in order to establish secured property rights through institutional innovation, it is necessary not only to reduce the exploitation of fossil fuels from the source, but also to allocate the emission rights fairly. To develop the low-carbon economy is faced with market failures, but we can not therefore deny the basic roles of the market mechanism in the development of low-carbon economy, rather to correct and adjust the market through institutional innovations, so as to facilitate the establishment and operation of the low-carbon economy. For the sake of the sustainable development of human society, we have to adjust or change the rules of the resource allocation in the market economy, embedding such factors as emission reduction, low-carbon, environmental protection, etc. into the institutional framework of the market via rules, systems and policies.

Imbalance of International Payments, Economic Fluctuations and Quality of China’s Economic Growth

LI Juan-wei

2013, 0(01):  1617. 

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This paper discusses the relationships between the imbalance of international payments and the quality of economic growth in theory. By adopting the methods of 3SLS and System-GMM, it conducts an empirical test with China’s annual data from 1982 to 2011. The regression results show that the imbalance of international payments influences the changing quality of economic growth through the macroeconomic stability, that the imbalance of payments is negatively related to the quality of economic growth, among which the imbalance of current accounts has increased the volatility of economic growth, and that the imbalance of capital account is an important factor affecting the inflation volatility. Meanwhile, the economic growth volatility has also intensified the inflation volatility. Therefore, to adjust the imbalance of international payments is helpful in promoting macroeconomic stability and improving the quality of economic growth in China.

Striving to Build A Financial Culture of Harmonious Society

WU Jun-pei

2013, 0(01):  1618. 

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In the context of promoting greatly the development and prosperity of socialist culture, to construct a financial culture for the harmonious society can be of very important significance. At present, there exist a variety of problems in China’s financial culture construction, which should be resolved by combing the characteristics of financial work and meeting the requirements of the new situation on financial work, infusing all aspects of financial development with financial culture construction, focusing on long-term, and advancing the integrated efforts, so as to make the financial work and financial culture bring out the best in each other.

On the Debt Repayment Problem of China’s Local Governments in the “Post-Land Finance” Era

ZHANG Ping

2013, 0(01):  1619. 

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From the perspectives of local financing gap, income from land-transferring fee, and analysis of investment project benefits of local debt, this paper conducts an analyses of the debt paying ability of the local governments during the period of the “post-land finance”. The results indicate that due to the influence of the local officials’ promotion mechanism, the vulnerable position of central government in the tripartite game with the local governments and financial institutions, and the lagging behind of the related systems, the local governments are reluctant to pay their debts. During the “post-land finance” era, the trend is most likely that the debt risks of the local governments will be further passed on to the central finance. Therefore, we must strengthen the local financing ability and make up for the lack of related systems, so as to prevent the debt risks of local governments from transferring to the central finance during the “post-land finance” era.

On the Governance Structure and Financial Investment in the Public Hospitals with Special Medical Services

WANG Gen-xian

2013, 0(01):  1620. 

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It is suggested that to change the institutional status of the public hospitals into the corporate governance structure with independent economic interests, to change the role of the finance to public hospitals from supply complement to demand complement, to encourage public hospitals to join the market competition, and to purchase the services of public hospitals by the government on behalf of the patients; such a reform idea is not likely to be successful. The fundamental reason is that the serious market failures caused by the specificity of medical services are unable to be eliminated. The consequence of the market competition between the public hospitals will be higher and higher medical (drug) charges. The sign of success of the reform of public hospitals is whether the “public welfare” is truly realized. The key link in the realization of “public welfare” in public hospitals is public oversight. Therefore, public hospitals run by national finance under public supervision should be the inevitable choice.

On the Development of the Government Bond Market in China

ZHOU Ying-gang

2013, 0(01):  1621. 

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The development of the government bond market in China has been closely related with the reform and development of China’s economy since the beginning and has become an important link in the economic reform and development. When the 2008 financial crisis was sweeping across the globe, the bond markets in some developed countries became a “hedging” paradise. This offers a very important reference to the proposed development strategy of the government bond market in China. The development strategy of China’s government bond market includes the issuance of special treasury bonds to implement the third debt reorganization of the national economy, giving the government bond market a further role in the process of interest rate liberalization, continuing to develop the bond market to form a unified market system, and learning from the development experience of the Eurodollar market to develop the national debt offshore market based on RMB internationalization.

Bank Heterogeneity, Credit Decisions and Monetary Policy Transmission: An Empirical Study Based on Urban Commercial Banks

LIU Yin

2013, 0(01):  1622. 

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By constructing a dynamic panel data model, this paper conducts an empirical analysis of the relationship between heterogeneity, credit decision and monetary policy transmission of 28 major urban commercial banks in China over the period from 2004 to 2010 with the System-Generalized Method of Moments. The results show that profitability, capital level and deposit can play a significant supporting role in bank lending; however, a strong inertial expansion can be seen in their credit lending, at the same time the risks are not efficiently under control and the management capabilities on liquidity are obviously insufficient. Those of them with advantages on profitability, deposit scale and risk control can better adjust their bank lending and reduce the negative shocks from monetary policy.