Impact of US Financial Sanctions on the Dollar's International Status

In 2022,the United States stepped up its sanctions on Russia.Most notably,it restricted the flow of the Russian Central Bank's foreign exchange(forex)assets,using financial administrative power as a source of strategic leverage.This move should have reduced the appeal of US dollar assets but in reality has not accelerated as expected the decline of the greenback as a store of value.The US dollar's share of global forex reserves increased instead of decreased during 2022 and 2023.Despite the rise of economic costs caused by tightened US financial sanctions,countries that recognize the geopolitical role of the United States have further accepted the dollar's international status;their continued willingness to live with the dollar's“security premium”has given a fillip to the US dollar in the short term,boosting its appeal as a reserve currency.Meanwhile,de-dollarization of forex reserves has yet to reach a sufficient scale,thus falling short of significantly challenging the dollar's reign.From a longer-term perspective,as economic and security conditions shift,countries that accept the dollar's international role or seek de-dollarization may change their choices.As a result,four possible scenarios may arise:(i)the preeminence of the US dollar remains unthreatened;(ii)the international monetary system splits into blocs;(iii)the international monetary system fragments;and(iv)the dollar loses its throne.The author believes that the last scenario is the most likely outcome.

The Essence of Non-Traditional Security Issues and Their Solutions

Non-traditional security issues have arisen since the 1960s,especially after the end of the Cold War,and are becoming a major issue in world security and politics.This reflects tremendous changes in the world situation.With diverse causes and plural referent objects,non-traditional security issues cover nearly all the problems in the world today and make development difficult to sustain.This raises the question of whether human society and the earth can survive.Power politics one-sidedly stresses the role of power,endangering the harmonious development of nations and the whole of human society.It is not at all conducive to the solution of non-traditional security issues.The solution of non-traditional security issues demands cooperation from all actors in the international community.Multiple means are needed to solve these issues.Equal dialogue between all the actors,which can easily be attained,will play an effective role,as long as all actors respect each other's differences.

China's Labor and Social Security Protection under the Globle Financial Crisis

Against the background of economic globalization, the economy of many countries has been inevitably affected by the globle financial crisis. But the impact varies. China, as one of the leading countries in globalization, the direct or indirect impact it suffered can be imagined. The Chinese government adopted a series of measures to deal with the financial crisis.

Challenges Confronting China's Financial Security from the Perspective of a Holistic Approach to National Security

Finance is the lifeblood of a modern economy.The 2008 international financial crisis,which changed the course of history,has highlighted the decisive role of financial security in the sustainable development of the contemporary world—all sovereign states included.Implementing the national rejuvenation strategy within a wider context of the once-in-a-century changes taking place in the world,the Communist Party of China(CPC)has constantly deepened its understanding of financial security,making it an important component of a holistic approach to national security and Xi Jinping's economic thought.In the wake of the Russia-Ukraine crisis,the US and Europe launched a"financial nuclear strike"against Russia.The comprehensive war centered on financial sanctions they have waged in response to Russia's military operations not only represents a shift in the form of future warfare,but also offers a preview of the major-country strategic competition in the future,which will inevitably grow in scope and intensity.This thesis intends to discuss the current changes in and challenges to China's financial security from the perspective of a holistic approach to national security and provide opinions based on domestic and international changes.

Multi-Factor Authentication for Secured Financial Transactions in Cloud Environment

The rise of the digital economy and the comfort of accessing by way of user mobile devices expedite human endeavors in financial transactions over the Virtual Private Network(VPN)backbone.This prominent application of VPN evades the hurdles involved in physical money exchange.The VPN acts as a gateway for the authorized user in accessing the banking server to provide mutual authentication between the user and the server.The security in the cloud authentication server remains vulnerable to the results of threat in JP Morgan Data breach in 2014,Capital One Data Breach in 2019,and manymore cloud server attacks over and over again.These attacks necessitate the demand for a strong framework for authentication to secure from any class of threat.This research paper,propose a framework with a base of EllipticalCurve Cryptography(ECC)to performsecure financial transactions throughVirtual PrivateNetwork(VPN)by implementing strongMulti-Factor Authentication(MFA)using authentication credentials and biometric identity.The research results prove that the proposed model is to be an ideal scheme for real-time implementation.The security analysis reports that the proposed model exhibits high level of security with a minimal response time of 12 s on an average of 1000 users.

Existing Problems and Countermeasures in Financial Securities Market Regulation

At the present stage,with the continuous development of social economy and science and technology,China's financial and securities industry has gradually developed.As an important part of China's socialist economic market,including the financial and securities industry,therefore,to a certain extent,the development of the financial securities industry has promoted the prosperity and development of China's economy.In other words,strengthening the management of financial securities market regulation can promote the sustainable development of the securities industry,thereby promoting the rapid development of China's economy.This paper mainly discusses and expounds some problems existing in the current process of financial securities market regulation,and proposes solutions to it,hoping to be helpful to the financial securities industry.

China＇ s Security Measures for 2010 Shanghai World Expo： A Retrospect

The security threats to Shanghai World Expo were multi-faceted, ranging from terrorist threat to ethnic separatist threat, from foreign diplomatic and political disputes to domestic mass disturbances as well as serious social crimes The first was from terrorist threat, and the global Jihad network in Eurasia was looming in the early 21st century, which was guided by radical ideologies; the second threat was from ethnic separatist groups; the third threat was related with foreign personnel and diplomats＇ security; the fourth threat was from mass disturbances, and the fifth was from serious social crimes. China＇s measures to these potential multi-faceted challenges were serious and various, including preventing terrorist attacks through international cooperation, lessening ethnic separatists＇ dissatisfaction and avoiding possible mass demonstration, reducing the chance of domestic mass disturbances, guaranteeing public transportation and aerospace security, making extensive use of advanced technologies and referring to other countries＇ expertise in security check, seeking help from other provinces bordering Shanghai, and strengthening control over explosive materials, etc.. Nevertheless, the efficacy of the above-mentioned countermeasures was problematic, for they were more defensive than offensive, more passive than proactive, and more tactical than strategic.

China publishes guidelines on financial standardization

The Development Plan for Financial Standardization during the 14th Five-Year Plan Period(2021-2025) has been jointly published by the People’s Bank of China, State Administration for Market Regulation, China Banking and Insurance Regulator Commission and China Securities Regulatory Commission recently.The Plan is designed to regulate a sound standards system for the high-quality development of the financial industry.

The Value Choice for Legal Regulation of Financial Risks in Shadow Banking

It is of vital importance for shadow banking supervision to have correct targets for the curtailment of financial risks.In fact,the process of selecting legal regulation targets for shadow banking financial risks is equivalent to a process of achieving specific goals or objectives by means of legal regulation.The establishment of a regulatory system for shadow banking should consider the objective and practical needs of the sector,prioritize security as the desired value,and reasonably establish a value system for risk control.

Agricultural development and food security： The way out of crisis

The purpose of this study is to elicit how investments in agricultural development and food security would safeguard the Virgin Islands （BVI） and the Caribbean, by extension, from future global crisis. History shows that agriculture played a significant role in the rise of civilization globally and was the main contributor to the Caribbean economy before the 1950＇s. Overall, it was determined that the BVI population, in general, is desirous of more investment opportunities within the agricultural sector, to assist with the alleviation of poverty at the national level, to advance economic development and trade across the region and to make sustainable development more attainable for the Caribbean, as a whole. To do this, agricultural development and food security must become the focal point of the BVI and other Caribbean economies. Accordingly, the paper recommends that investment within the agricultural sector be undertaken more aggressively across the region. The mixed research approach method was used to validate these claims.

EXISTENCE OF STOCHASTIC EQUILIBRIUM WITH INCOMPLETE FINANCIAL MARKETS

This paper analyzes the aritrage free security markets and the general equilibrium existence problem for a stochastic economy with incomplete financial markets. Information structure is given by an event tree. This paper restricts attention to purely financial securities. It is assume that trading takes place in the sequence of spot markets and futures markets for securities payable in units of account. Unlimited short selling in securities is allowed. Financial markets may be incomplete: some consumption streams may be impossible to obtain by any trading strategy. Securities may be individually precluded from trade at arbitrary states and dates. The security price process is arbitrage free the dividend process if and only if there exists a stochstic state price (present value) process: the present value of the security prices at every vertex is the present value of their dividend and capital values over the set of immediate successors; the current value of each security at every vertex is the present value of its future dividend stream over all succeeding vertices. The existence of such an equilibrium is proved under the following condition: continuous, weakly convex, strictly monotone and complete preferences, strictly positive endowments and dividends processes.

国家金融安全视域下金融科技的风险应对与法治保障

在数字化时代,科技深度赋能金融服务的同时,也易引发国家金融安全风险,包括与传统金融活动结合、构建新型金融网络系统及新兴科技直接应用等场景。金融科技引发国家安全风险的生成机理在于,随着金融体系的中介类型增多、金融风险传导渠道增加,新金融网络体系会产生基于“关联”的风险。金融科技“破坏性创新”的特征,会从金融监管立法与实施两个方面冲击传统金融监管框架,从而加剧监管失灵。国家金融安全的法治保障亟须理论层面的反思与重构,进而形成金融科技的“动态协同”治理模式,从外层金融网络与基础设施安全、中层金融科技创新活动和内层金融服务行为三个层面,构建多层次的金融科技法治保障体系。

我国统筹金融发展和安全的路径、特征与逻辑

我国的金融发展探索与实践,依托人民政权、运用市场规律和通过主动改革,形成统筹金融发展和安全的路径轨迹,走出了不同于西方国家的独特路径,支撑了经济发展并提升了国家竞争力。在统筹金融发展和安全的实践中,形成坚持党的领导,保障金融服务的公益性,重视国外的经验但不盲从,通过服务发展保障金融安全和坚持改革创新与有序渐进等鲜明特征。在理念进步和实践积累的基础上,形成了坚持人民性的宗旨、独立性的原则、畅通性的目的和系统性的策略的发展逻辑依循。要推动金融高质量发展并更好地服务现代化建设,既要总结历史经验形成科学的认识,又要结合发展的需要解放思想推动实践创新,才能取得更好的成效。

金融支持产业链韧性提升:内在逻辑、现实需求与推进方略

着力提升产业链韧性与安全水平并实现“科技—产业—金融”的高效循环离不开金融支持。作为增强产业链韧性与产业链安全可控的“源头活水”,金融市场具备信贷支持、融资保障、资源配置和风险管理等效能。金融体制改革深化的新要求与不断涌现的新业态,为货币资金支持、资本市场支持、保险市场支持、金融科技支持产业链韧性提升的机制形成与场景开发启迪了新思路。全球竞争格局重塑带来的不确定性冲击、产业链区域间优化布局、产业链关键环节的技术创新、企业的高质量发展催生了产业链韧性对金融市场的冲击响应、金融发展的普惠覆盖、金融服务的精准对接、金融资源供给的高度适配的新要求。可从拓展金融服务范围、优化金融产品结构、强化金融监管力度、加大金融科技投入、整合政策工具等方面强化金融对产业链韧性提升的支持作用。

证券仲裁的禀赋特性与制度创新:自愿性与强制性的冲突与调和

随着证券市场纵深发展和2019年《证券法》确立特别代表人诉讼,我国证券纠纷数量急剧增长。为保障证券纠纷高效处理和投资者合法权益,证监会、司法部于2021年制定了《关于依法开展证券期货行业仲裁试点的意见》。然而,我国对证券仲裁的规制尚不完善,而美国FINRA规则和联邦最高法院Concepcion案判决具有重要启示意义。本文梳理了我国和美国证券仲裁制度的历史发展和现行规则,比较分析了证券仲裁的自愿性和强制性规制模式。鉴于证券仲裁的禀赋特性,我国应从利益平衡角度规制证券仲裁,不能完全照搬美国证券强制性仲裁格式条款规制模式,但可借鉴其在证券.仲裁中增加强制性的经验,在允许当事人自愿选择仲裁的基础上,采用默认选择仲裁的规定。在尊重当事人意思自治的前提下,我国应对证券强制仲裁的格式条款具有更大的包容度,以实现快速解决证券纠纷和妥善保护投资者的多重政策目标。我国法律应循序渐进地建立集团仲裁制度,借鉴代表人诉讼的实践经验,先发展普通代表人仲裁的模式,然后探索特别代表人仲裁制度。

网络安全态势感知标准在金融行业云场景下的应用实践

围绕金融行业云的网络安全运营需求,基于GB/T 42453—2023《信息安全技术网络安全态势感知通用技术要求》,在银联云上设计和构建了具有安全数据湖、流量解析、多源事件实时关联分析、智能AI安全分析等核心功能的网络安全态势感知平台。该平台能够对运营侧与租户侧面临的安全威胁进行持续监测预警和态势展示,有效满足了云上环境的资产发现、未知威胁检测、全量安全日志统一管理、安全事件处置、安全态势可视化等中小金融机构的安全需求,大幅提升其安全运营效果和效率。

新时代中国高水平金融安全保障体系构建

金融是现代经济的核心,金融安全是国家安全的重要组成部分。在全面建设社会主义现代化国家新征程上,维护金融安全,是关乎我国经济社会发展全局的一件带有战略性、根本性的大事。新时代中国高水平金融安全,是能有效防范化解系统性金融风险,更好服务于我国经济高质量发展的金融安全,是状态与能力相统一的安全,具有动态性、开放性、防控结合和竞争性等特征。要坚持金融工作的政治性、人民性,坚守为实体经济服务的天职,增强金融监管的有效性,以高水平金融安全为全面建设社会主义现代化国家提供坚实的金融支撑。

社保缴费负担对企业金融化的影响

社会保险费是企业重要的劳动力成本,切实减轻企业的社保缴费负担是促进实体经济发展的重要举措。本文以2007—2020年A股非金融类上市公司为研究样本,考察了社保缴费负担对企业金融化的影响及其作用机理。研究发现,社保缴费负担显著促进了企业金融化。作用机理检验结果表明,社保缴费负担降低了经营收益、提高了金融与经营收益差、增强了融资约束,迫使企业通过金融化应对社保缴费负担导致的利润下滑和流动性风险。异质性检验发现,社保缴费负担对不同类型金融资产投资的影响不同;对于劳动密集度高、金融错配程度高或市场竞争压力大的企业,社保缴费负担与企业金融化的正相关关系更为显著。