The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how t...The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how technology and financial innovation transformed the mortgage loan from a local security into a premier global security traded worldwide. It examines the fundamental flaws of this process and why it does not work in regards to mortgage lending and the re-securitization products that were created through financial innovation. The findings show that regulation was unable to keep pace with financial innovation, which created an environment where actors in the financial service sector were able to behave geographically irresponsibly by using information asymmetries to their advantage by par- ticipating in moral hazard activities and engaging in other immoral and unethical business practices that were centered around localized geography, which ultimately contributed to the global financial crisis. It also examines the roll of financial innovation in regard to the Lehman Brothers Mini-Bond in Hung and its role as a driving force behind China＇s newly emerging shadow banking sector. It concludes with a policy recommendation and its implication for China＇s continued economic development.展开更多
Multicast capability, including multicast address and multicast rout- ing mechanisms, at the network layer is necessary in order to reduce the band- width requirements of multiparty, multicast applications. Based on h...Multicast capability, including multicast address and multicast rout- ing mechanisms, at the network layer is necessary in order to reduce the band- width requirements of multiparty, multicast applications. Based on hierarchical au- tonomous structure in accordance with the self-organization topologies of Internet, the paper puts forward a multicast address management scheme that is shown to be robust and scalable. Connection control hierarchy (CCH) based on master/slave re- lationship and a simple efficient building algorithm of multi-point connection is also built. The paper also describes the normal operations of multicast address manage- ment and multi-point connection controller. Through simulation experiment, HAM, CM and DDM of Multicast Address Allocation are compared. HAM integrates the merits of CM and DDM, which is efficient as a whole, robust and scalable. CCH raises the efficiency of connection control, and is highly robust, flexible and scalable.展开更多
基金Under the auspices of International Centre for China Development Studies,the University of Hong Kong
文摘The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how technology and financial innovation transformed the mortgage loan from a local security into a premier global security traded worldwide. It examines the fundamental flaws of this process and why it does not work in regards to mortgage lending and the re-securitization products that were created through financial innovation. The findings show that regulation was unable to keep pace with financial innovation, which created an environment where actors in the financial service sector were able to behave geographically irresponsibly by using information asymmetries to their advantage by par- ticipating in moral hazard activities and engaging in other immoral and unethical business practices that were centered around localized geography, which ultimately contributed to the global financial crisis. It also examines the roll of financial innovation in regard to the Lehman Brothers Mini-Bond in Hung and its role as a driving force behind China＇s newly emerging shadow banking sector. It concludes with a policy recommendation and its implication for China＇s continued economic development.
文摘Multicast capability, including multicast address and multicast rout- ing mechanisms, at the network layer is necessary in order to reduce the band- width requirements of multiparty, multicast applications. Based on hierarchical au- tonomous structure in accordance with the self-organization topologies of Internet, the paper puts forward a multicast address management scheme that is shown to be robust and scalable. Connection control hierarchy (CCH) based on master/slave re- lationship and a simple efficient building algorithm of multi-point connection is also built. The paper also describes the normal operations of multicast address manage- ment and multi-point connection controller. Through simulation experiment, HAM, CM and DDM of Multicast Address Allocation are compared. HAM integrates the merits of CM and DDM, which is efficient as a whole, robust and scalable. CCH raises the efficiency of connection control, and is highly robust, flexible and scalable.
