Monthly Archives: September 2011

99% literacy rate in Japan – thanks, mom! – Garr’s posterous

Mother, daughter, and son all enjoy reading on the train. When I saw the scene in front of me it reminded me that the USA, in adopting the “No Child Left Behind” policy (i.e. standardized testing) took the absolute worst … Continue reading

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Help Wanted in South Korea – Busybodies with Cameras –

Known here sarcastically as paparazzi, people like Mr. Im stalk their prey and capture them on film. But it is not celebrities, politicians or even hardened criminals they pursue. Rather, they roam cities secretly videotaping fellow citizens breaking the law, … Continue reading

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Corporate culture: The view from the top, and bottom | The Economist

AS WALMART grew into the world’s largest retailer, its staff were subjected to a long list of dos and don’ts covering every aspect of their work. Now the firm has decided that its rules-based culture is too inflexible to cope … Continue reading

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Retailers Aim to Woo Tablet Users, Who Spend More Online –

Retailers have found an interesting characteristic of consumers who browse their websites using tablets: Theyre much more likely to pull the trigger on purchases than other online shoppers. Tablets still account for only a small percentage of overall e-commerce, but … Continue reading

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毕马威:中国银行业净息差之谜 – 金融 – 21世纪网

毕马威(KPMG)9月27日发布的《2011年中国大陆银行业调查报告》(下称报告)指出,按照中国内地银行目前的发展状况,市场的存款和贷款利率均受管制,变动有限。然而,中国内地银行的平均净息差与利率不受管制的海外同业相差并不大。 毕马威的数据显示,本年度内地有21家银行公布净息资料,2010年的平均净息差为2.51%,这个数字与海外银行业相近。这21家银行占到银行业资产总值的70%。 在信贷收紧,银行议价空间较大的情况下,国内主要银行的净息差却没有明显上升,原因有多方面。 首先,监管机构在银行业经营环境中不断采用多种货币调控工具。这些政策可能对银行的资产负债表构成压力,使净息差下降。 在过去5年中,监管当局规定的存款准备金率由低位的7%逐步上升至21.5%。与其他生息资产相比,存放于央行的准备金利率要更低。报告举例称,与证券投资约3%的年收益相比,银行在央行存放的准备金的年收益率较低,约为1.6%。 报告认为,虽然其他国家也有类似的流动资金储备要求,但中国当局规定的存款准备金率相对较高,因此可能对中国银行业的净息差有较大影响。 其次,收益率曲线和利率的变动也是影响银行净息差的重要因素。这是由于银行的负债一般与短期利率(会由于利率环境变化而迅速改变)有密切联系,而银行的贷款则与长期利率的关系较为密切。因此,在美国等部分国家,受美联储采取的货币政策的影响,收益率曲线较为陡峭,使得银行享有较高的净息差。 “另一个原因是,银行是否能在各种带有信用风险的资产中提供多样化的借贷品种。”报告分析认为,美国银行业净息差高于其他发达国家的主要原因之一在于美国消费者信用卡使用量居全球前列,同时经常使用借记卡透支现金,这些信用工具的风险高于其他客户贷款相关的信贷产品,由于产品的利率随着风险增加也会调高,净息差因而较高。此外,美国银行业在生息资产方面一般较多元化。 与之相比,中国银行业生息资产则较为单一。报告数据显示,2010年中国大型银行平均生息资产中,公司类贷款利息收入占比达50.86%,而美国同期的这一数据仅为17.23%。 此外,由于活期利率较低,中国内地银行的客户更倾向于选择定期存款。报告数据显示,根据2010年的平均结余,中国45%的银行客户选择定期存款,而美国的这一数据为17%。“这导致中国内地银行的存款成本增加,进一步压低利息差。” via 毕马威:中国银行业净息差之谜 – 金融 – 21世纪网. Good analysis of why net interest rate difference is not so high in China

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Economics focus: Agents of change | The Economist

One of the most promising options was the topic of a workshop in Virginia at the end of June. The workshop was funded by America’s National Science Foundation and attended by a diverse bunch that included economists from the Fed … Continue reading

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Dan Ariely: How to Pay People – BusinessWeek

Most of the time, when you hire people you don’t want to specify exactly what they are to do and how much they would get paid—you don’t want to say if you do X you will get this much, and … Continue reading

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