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
In this paper, the operating performances of the main commercial banks＇ information security management system applications are empirically researched using the DEA method of operating efficiency＇s multi-stage super...In this paper, the operating performances of the main commercial banks＇ information security management system applications are empirically researched using the DEA method of operating efficiency＇s multi-stage super efficiency. The DEA model of multi-stage super efficiency is established for the commercial bank information security system applications of China＇s banks using data envelopment analysis （DEA）, and then output efficiency, taxation efficiency, and comprehensive efficiency are analyzed by choosing eight banks such as Industrial and Commercial bank of China as sample data, and finally the operating performance of Chinese commercial banks＇ information security management system is concluded.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In this paper, the operating performances of the main commercial banks＇ information security management system applications are empirically researched using the DEA method of operating efficiency＇s multi-stage super efficiency. The DEA model of multi-stage super efficiency is established for the commercial bank information security system applications of China＇s banks using data envelopment analysis （DEA）, and then output efficiency, taxation efficiency, and comprehensive efficiency are analyzed by choosing eight banks such as Industrial and Commercial bank of China as sample data, and finally the operating performance of Chinese commercial banks＇ information security management system is concluded.
