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
This paper compares the differences of information presentation in the straight news reports about international air disasters in ChD （China Daily） and NYT （The New York Times）. The type of straight news report is...This paper compares the differences of information presentation in the straight news reports about international air disasters in ChD （China Daily） and NYT （The New York Times）. The type of straight news report is regarded as the most objective news report in the journalistic field. The purpose of this research is to find out the different journalistic cultures or orientations between Chinese and American newspapers when they report the same world event. This paper finds that ChD prefers to provide more information for the consequences of the event and reactions to it usually by making general and static statements. NYT attaches more importance to background introduction and is more liable to use detailed and dynamic description展开更多
In Bangladesh, more than a dozen of private TV channels are operating and about 10 new channels are waiting with green signal for transmission. Bangladesh Television （BTV）, the only government owned and administered...In Bangladesh, more than a dozen of private TV channels are operating and about 10 new channels are waiting with green signal for transmission. Bangladesh Television （BTV）, the only government owned and administered, and known as structurally a biased institution serves the audience the public service information most. At the same time it serves purposes of incumbent government. Public information （PI） broadcast means broadcasting towards public welfare which may bring about change in the betterment of life and work of people. Its main focus would be on information, education, and motivation values rather than entertainment. In case of information, dissemination, and documentation, all private TV channels in Bangladesh serve more entertainment and less public service information, whereas, BTV＇s focus is evident on more PI. The owners and operators of private channels think first of their business profit as well as pressure from government and political parties. During formulating planning and strategies or building program content, they become cautious as they fear that the government become angry and shut down the channel.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This paper compares the differences of information presentation in the straight news reports about international air disasters in ChD （China Daily） and NYT （The New York Times）. The type of straight news report is regarded as the most objective news report in the journalistic field. The purpose of this research is to find out the different journalistic cultures or orientations between Chinese and American newspapers when they report the same world event. This paper finds that ChD prefers to provide more information for the consequences of the event and reactions to it usually by making general and static statements. NYT attaches more importance to background introduction and is more liable to use detailed and dynamic description
文摘In Bangladesh, more than a dozen of private TV channels are operating and about 10 new channels are waiting with green signal for transmission. Bangladesh Television （BTV）, the only government owned and administered, and known as structurally a biased institution serves the audience the public service information most. At the same time it serves purposes of incumbent government. Public information （PI） broadcast means broadcasting towards public welfare which may bring about change in the betterment of life and work of people. Its main focus would be on information, education, and motivation values rather than entertainment. In case of information, dissemination, and documentation, all private TV channels in Bangladesh serve more entertainment and less public service information, whereas, BTV＇s focus is evident on more PI. The owners and operators of private channels think first of their business profit as well as pressure from government and political parties. During formulating planning and strategies or building program content, they become cautious as they fear that the government become angry and shut down the channel.
