美国经常账户融资机制“抵押”观点的实证检验及其启示

基于相关国家数据样本的协整检验表明:虽然Dooley等学者的美国经常账户融资机制"抵押"观点对于亚洲国家总体具有显著的合理性,但中国的数据对此并不支持。"抵押"关系的存在性使当前的全球经济不平衡具备了一定的现实合理性,并有助于为实现全球经济失衡的平稳调节赢得时间。而中国样本的独特性则意味着:中国经济目前所面临的困境,难以用传统的国际经济学理论解释,也无法简单归结为内部问题,而是由现行国际货币体系的本质特征所决定的但却带有偶然性的外部冲击所致。因此,要解决我国的流动性严重过剩问题以摆脱眼前的经济困境,除进行传统的货币政策操作之外,必须采取针对性更强的联合措施。

市场经济下抵押权与租赁关系的矛盾及解决

近现代民法逐步确立的"买卖不破租赁"原则及其衍生的"抵押不破租赁"原则在司法实践中的适用在一定程度上调合了抵押权与租赁关系的矛盾。但在抵押人抵押财产后将租赁物出租的情况下,它的制度设计未将租赁关系对抵押权的不同影响考虑在内。

mortgage和hypothecate二法律术语的汉译

mortgage和hypothecate是民法中两个有着很大区别的概念 ,然而 ,我国的一些英汉词典及法律词典似乎将其等同化了 ,结果导致汉译不准确 ,出现法律翻译中“专门术语不一致”现象。本文旨在分析这两个词的内涵 ,探讨其中文译法 。

Baseband Design for 5G UDN Base Stations:Methods and Implementation

Baseband design and implementation for micro/pico base stations （mBS） in 5G ultra-dense network （UDN） is studied. Low cost is an essential requirement for mBS baseband in UDN. Digital baseband cost of ASIC/ASIP （Application Specific Integrated Circuit / Instruction-set processor） is of the most uncertainty in roBS system. However. the actual costs and hardware feasibility of the baseband are yet unknown to network deployers and researchers. In this paper, we studied the baseband hardware system design and implementation for low-cost roBS. We analyzed popular baseband algorithms and architectures for both full-digital and hybrid beamforming （BF） for UDN. We then proposed feasible chip-level solutions for the baseband with up to 128-antenna BS system, and estimated their implementation cost. Results show that among lull-digital BF algorithms, zero-forcing is a choice of high performance and low cost; for hybrid BF, 4×32 architecture （32 RF chains） provides good reduction in baseband cost with acceptable performance loss, thus it can be a preferable solution under low cost consider- ation. The proposed system planning method can also be used for the design of other related systems.

Fair Valuation Issues and the Subprime Mortgage Debacle： Could Generally Accepted Accounting Principles Underlying the Historical Cost Method Have Prevented the Crisis？

There are three primary methodologies employed to determine real estate value in the appraisal industry： the cost approach, the sales approach and the income approach. The definition of market value is defined as： ＂a type of value, stated as an opinion that includes a set of assumptions concerning the market＂. Unfortunately, untrained and unlicensed appraisers provided opinions using primarily the sales approach or market data approach and virtually ignored the other two methodologies. The ensuing game of ＂Can You Top This＂ resulted in creating an out-of-control real estate market driven by unregulated fiduciaries as appraisers.

Financial Innovation;A Double-Edged Sword?——Lessons from the Subprime Mortgage Crisis

The U.S.suffers The United States is a nation famous for its power of innovation,universal- ly acknowledged as the major factor that makes the U.S.the worlds' economic and political superpower.Without it,the U.S. would not have reached the level of prosper- ity it has in the world.But today,things

Modelling time series properties of Australian lending interest rates

The purpose of this paper is to examine the time series properties of Australian residential mortgage interest rates, and in doing so, establish whether or not selected home loan rates （product-level monthly home loan interest rates for CBA） exhibit the expected cyclical and seasonal variations and whether seasonality, if present, is stochastic or deterministic. In particular, due to a well established presence of cyclicality in financial markets＇ interest rates and strong correlation between financial markets＇ interest rates and home loan interest rates, the paper presumes that cyclicality is also to be found in home loan interest rates. Furthermore, the paper tests the hypothesis that home loan interest rates, for selected products, exhibit the three identified （＂Spring＂, ＂Autumn＂ and ＂The end of the Financial Year＂） season-related interest rate reductions. The paper uses a structural time series modelling approach and product-level home loan interest rates data from one of the biggest banks in Australia, Commonwealth Bank of Australia （CBA）. As expected, the results overall confirm the existence of cyclicality in home loan interest rates. With respect to the seasonality of home loan interest rate, although most of the analysed variables show the presence of statistically significant seasonal factors, the majority of the statistically significant seasonal factors observed cannot be attributed to any of the three considered seasonal effects.

he U.S. Mortgage Crisis

The financial crisis of 2008 left the U.S. economy in a state of severe recession, which is still being felt all over. This has also left the government in a frantic condition to rebuild the financial markets from the bottom up. What started out with excessive bank lending on mortgages lead to the mortgage crisis and a ripple effect on the economy. The cancer has spread globally, affecting every major marketplace and all the major states in the U.S.. Our economy is still very fragile because of this crisis, but eventually we will recover in a few years time to achieve robust economic growth. Long standing cultural pressures in the United States maintained that home ownership was necessary to be a part of the American Dream, and this cultural stance was reinforced by Clinton in 1994, when he enacted a program to raise home ownership to more than two-thirds of all adults. With the tacit blessing of the Federal Government, many mortgage companies sprung up, that catered to those in lower income brackets, offering them the mortgages that many did not have the financial sophistication to understand and deliver. Coupled with the skyrocketing costs of property taxes, insurance, and maintenance costs, many homeowners found themselves unable to pay their mortgages. The whole industry tanked, causing displacement of people and increased unemployment. The lenders of these mortgages sold the notes to investment bankers, and they were sold as high-quality investment grade securities. The major rating agencies were complacent in this tactic, causing rapid default rates on these mortgages; many commercial and investment banks got caught in this crisis. The prices of homes continue to decline, and many homeowners find themselves under water on their mortgages. It was found that in 2010, the U.S. government was responsible for nine out of every ten mortgages issued, which caused further problems with Fanny Mae and Freddie Mac. The crisis is still continuing, with no end in sight. The analysis was based on the data analysis and readings from the journal, as well as various Wall Street commentaries.

Shadow Banking Credit Intermediation： Determinants of Default Risks in Securitization and Collateralization

The growth in shadow banking system over the past few years is acknowledged as the key risk to Malaysia＇s financial stability. This is because that it is associated with growth in the household debts extended by the shadow banks. In line with initiatives by the Bank Negara Malaysia （the Central Bank of Malaysia） to enhance surveillance on the activities of the shadow banks in Malaysia, this study attempts to examine the determinants of default risks of shadow banks restricting to focus on their two main activities： securitization and collateralization. The results provide empirical evidence that future methodology to examine the systemic risks in the shadow banking system may need to account for additional explanatory variables that measure collateralized assets that are being intermediated.

The Impact of the GST on Mortgage Yield Spreads of Australian Building Societies

Australia has experienced significant rises in mortgage costs and sharp declines in housing affordability in the last few decades, particularly since it implemented a new tax system of Goods and Services Tax （GST） in July 2000. Prior research has attempted to examine the influence of the GST on general price levels, but little research effort has been directed to investigate the impact of the GST on mortgage costs. Using proprietary data of major building societies in Australia for 36 months, this paper examines the changes of mortgage yield spreads in the pre-and post-GST periods for building societies. Results suggest that the lenders significantly increased their mortgage charges in the post-GST periods, For example, the increase is found to be, on average, 59.0 basis points which are much higher than that of banks.

Redlining in Residential Mortgages in Johannesburg, South Africa

The aim of the research in the paper was to study redlining practice within the greater Johannesburg area. The aim can be summarised by the following objectives： firstly, to investigate the evidence of redlining in the Greater Johannesburg area and to test its existence; secondly, to investigate the reasons why the areas were redlined; thirdly, to understand what the South Africa government and society did to combat the redlining practice. The research methodology was based on a questionnaire and interviews. A pool of respondents from the Greater Johannesburg suburbs that had interest or were affected by the practice of redlining was sought and interviewed. Analysis of the responses was made and conclusions were drawn from the responses. Secondary data was also sought from publications on the redlining practice to support the primary interviews data. From the interview responses and the secondary data, it was established that redlining existed in Greater Johannesburg and that the areas where redlining was practised could be marked on a map.

Berkeley Apartheid： Unfair Housing in a University Town

This essay suggests that in 1962-1963, before Birmingham and the March on Washington, a coalition of Black and White civil rights activists, labor, and religious leaders were in the vanguard of the struggle both on the Pacific Slope and in the nation. Berkeley＇s battle for fair housing represented an important phase of the civil rights struggle on the west coast and in cities where racial segregation was not based on law, but part of a conspiracy, silent but quite effective, among realtors, mortgage lenders, and renters, against Blacks and other minorities. Encouraged by state antidiscrimination legislation, Berkeley activists embarked upon a fair housing campaign based on surveys of the problem, efforts to enact legislation, and direct action. The irrationality of racists who defended their right to discriminate was one of the most singular aspects of the fair housing struggle. Though they lost at the local level, the coalition of new political forces succeeded a few months later at the state level and represented an effective force in liberal politics in the city for years to come. Because of the stiff opposition and the limits of reformers＇ liberal fair housing regulations, however, working class and poor African Americans still faced severe housing problems.

Measuring Bubble Levels in China＇s Urban Housing Market

In this paper we demonstrate that price-to-income ratio （PIR） is the most precise indicator of measuring bubble levels in China＇s urban hoasing market under current conditions. We have built a model to measure the reasonable PIR ceiling. Based on current mortgage rates, loan terms and down payment ratios, we conclude that the reasonable PIR for China ＇s urban residents should lie between 4.38-6.78 and should not exceed 7. 7hen, using statistical data, we calculate current PIR in China ＇s major cities. With reference to proper PIR, we conclude the existence of bubbles in China ＇s urban housing market; in particular, bubbles hace grown enormously large in some first-tier cities, which pose a huge financial risk. Based on the above analysis, we propose some policy suggestions to carefully deflate the bubbles in these housing markets.

Determinants of Private Sector Indebtedness in Greece： The Role of Deregulation

In this paper we examine private debt developments in Greece from 1970 onwards. We find private debt nearly stationary for about 20 years （starting from extremely low values） and expanding thereafter in nearly explosive terms. By disaggregating the time series of private debt, we pinpoint household debt （consumer, credit cards and mortgages） as the reason for this exponential increase. When considering demand and supply curves for household debt, shifts of the curves are to be interpreted： explanations from the demand side include, among others, expectations of future incomes. Regarding the supply side, the availability of loans （partly attributable to increased bank competition） and overall bank deregulation are proposed. Financial deregulation permitted banks to move promptly and offer to ambitious （but not necessarily solvent） customers a wide spectrum of choices： mortgages, credit cards, consumer loans and so on. Every single step in the process of financial deregulation was accompanied by a higher level of household indebtedness. Moving up from the household level to the macroeconomic level, increased debt had been also a solution to stalling effective demand, possibly due to the redistribution of income. Empirical analysis and causality tests are conducted along these lines and we find a two way causal relationship between GDP growth and private debt.

温州开展“抵押权转让”担保业务情况调查

本文主要介绍温州创新的担保业务品种——“抵押权转让”担保业务的运作方式、利弊，认为通过担保功能与信用中介的有机结合，使公众的担保能力价值化，有助于担保业的发展，但其中也存在运作方式的不规范、信息不透明、监管存在真空等问题，本文提出相应的政策建议。

从“按揭”说到“揭”与“借”

粤语'按揭',义为'抵押贷款'。该词如何说解?李荣先生《说'按揭'》一文(载《方言》1999年1期)讨论了两种观点,其中姚德怀先生的说法,李荣先生表示同意。姚氏认为:'很多人觉得‘按’字容易明白,因为粤语单用一个‘按’字即有‘抵押’的意思,而‘揭’字则颇费解……《汉语大词典》卷六‘揭’字第9义为‘借债’,引姚雪垠《长夜》二八自注:‘揭高利贷叫做揭债、揭借,简称'揭'。’同卷也有‘揭借’条,意为‘借贷’。这样看来,‘按揭’意为‘抵押’也不难理解了。'这基本上把'按揭'一词解说清楚了。这里想指出的是,《汉语大词典》

The Legal Dilemma of the Financialization of Agricultural Land and a Way Forward

The strict limits on the financialization of agricultural land in the current legal system impede the development of rural finance. Objective needs have driven local governments＇ exploration of different modes of financialization, providing samples we can analyze in connection with the next steps in institutional development. The financialization of agricultural land arises naturally from its nature as an asset. Whether one acknowledges the land＇s social security function does not affect its financialization. In institutional rebuilding, the particular character of mortgages on agricultural land should be considered. The mortgage-holder must be a financial organization, not a natural person or an ordinary finn. The person mortgaging the right to operate the land under the contract responsibility system need not have a stable non-agricultural occupation or stable source of income, or the consent of the party issuing the contract. Registration constitutes public notification of the setting up of a mortgage and is also the condition whereby it comes into effect. The mortgage cannot be realized by means of discounting, but compulsory management can be used to subcontractor let the relevant agricultural land. The debt can then be liquidated from this income and the land returned to the mortgagor.