金融是市场经济的核心,银行是金融市场的细胞,金融一着棋活,全盘皆活。银行是英文 Bank 的意译。是经营存款、放款、汇兑等业务,充当信用中介和支付中介的金融机构。金融市场作为一种有形的资金交易场所,从1631年设立荷兰阿姆斯特丹证...金融是市场经济的核心,银行是金融市场的细胞,金融一着棋活,全盘皆活。银行是英文 Bank 的意译。是经营存款、放款、汇兑等业务,充当信用中介和支付中介的金融机构。金融市场作为一种有形的资金交易场所,从1631年设立荷兰阿姆斯特丹证券交易所算起,已有350多年的历史,特别是1946年创建关贸总协定后。展开更多
The threats concerning financial stability seriously affect the overall functioning of the economy at a local, regional, national, and continental level instead of a global level, and therefore, the emphasis is laid o...The threats concerning financial stability seriously affect the overall functioning of the economy at a local, regional, national, and continental level instead of a global level, and therefore, the emphasis is laid on analyzing the causes and effects of such threats. Financial crises in the current decade, as well as those in the past have shown that a major cause of instability in the global market is the so-called financial contagion. This leads to a natural question： whether similar authorities could specify and mitigate these shocks through efficient calculation followed by stability measures taken by banking networks. To answer this question, an empirical research was conducted by analyzing the degree of contagion induced by markets in Central and Eastern Europe, based on an econometric model, involving over 17 European countries, from January 2006 to January 2013.展开更多
Demonstrating theoretically the possibility that the financial market, albeit incomplete, has equilibrium and that this equilibrium is efficient and has been an important topic at the frontier of the research on gener...Demonstrating theoretically the possibility that the financial market, albeit incomplete, has equilibrium and that this equilibrium is efficient and has been an important topic at the frontier of the research on general equilibrium for financial markets. The paper examines the asymptotic properties of incomplete financial markets taking into accounting the asset structure. The paper deals with a case in which a structure of securities relates to the asymptotic inefficiency.展开更多
The use of credit default swaps （CDSs） has become increasingly popular over time. Between 2002 and 2007, gross notional amounts outstanding grew from below S2 trillion to nearly S60 trillion. The recent crisis has r...The use of credit default swaps （CDSs） has become increasingly popular over time. Between 2002 and 2007, gross notional amounts outstanding grew from below S2 trillion to nearly S60 trillion. The recent crisis has revealed several shortcomings in CDS market practices and structure. In addition, management of counterparty risk has proved insufficient, as has in some instances the settlement of contracts following a credit event. However, past problems should not distract from the potential benefits of these instruments. In particular, CDSs help complete markets, as they provide an effective means to hedge and trade credit risk. CDSs allow financial institutions to better manage their exposures, and investors benefit from an enhanced investment universe. The purpose of this paper is to present a complete and practical exposition of the CDS market and to explore how the development of the CDS market has played an important role in the credit risk markets. Currently, the CDS market is transforming into a more stable system. Various measures are being put in place to help enhance market transparency and mitigate operational and systemic risk. In particular, central counterparties have started to operate, which will eventually lead to an improved management of individual as well as system-wide risks.展开更多
To be a real financial center, you must become a magnet for global financial activity. If the Shanghai stock market aims to become China＇s financial center, the Hong Kong Stock Exchange should strive to become East A...To be a real financial center, you must become a magnet for global financial activity. If the Shanghai stock market aims to become China＇s financial center, the Hong Kong Stock Exchange should strive to become East Asia＇s financial center. It should be actively pursuing the world＇s biggest companies, not scrabbling about for the limited number of red chips.展开更多
文摘金融是市场经济的核心,银行是金融市场的细胞,金融一着棋活,全盘皆活。银行是英文 Bank 的意译。是经营存款、放款、汇兑等业务,充当信用中介和支付中介的金融机构。金融市场作为一种有形的资金交易场所,从1631年设立荷兰阿姆斯特丹证券交易所算起,已有350多年的历史,特别是1946年创建关贸总协定后。
文摘The threats concerning financial stability seriously affect the overall functioning of the economy at a local, regional, national, and continental level instead of a global level, and therefore, the emphasis is laid on analyzing the causes and effects of such threats. Financial crises in the current decade, as well as those in the past have shown that a major cause of instability in the global market is the so-called financial contagion. This leads to a natural question： whether similar authorities could specify and mitigate these shocks through efficient calculation followed by stability measures taken by banking networks. To answer this question, an empirical research was conducted by analyzing the degree of contagion induced by markets in Central and Eastern Europe, based on an econometric model, involving over 17 European countries, from January 2006 to January 2013.
文摘Demonstrating theoretically the possibility that the financial market, albeit incomplete, has equilibrium and that this equilibrium is efficient and has been an important topic at the frontier of the research on general equilibrium for financial markets. The paper examines the asymptotic properties of incomplete financial markets taking into accounting the asset structure. The paper deals with a case in which a structure of securities relates to the asymptotic inefficiency.
文摘The use of credit default swaps （CDSs） has become increasingly popular over time. Between 2002 and 2007, gross notional amounts outstanding grew from below S2 trillion to nearly S60 trillion. The recent crisis has revealed several shortcomings in CDS market practices and structure. In addition, management of counterparty risk has proved insufficient, as has in some instances the settlement of contracts following a credit event. However, past problems should not distract from the potential benefits of these instruments. In particular, CDSs help complete markets, as they provide an effective means to hedge and trade credit risk. CDSs allow financial institutions to better manage their exposures, and investors benefit from an enhanced investment universe. The purpose of this paper is to present a complete and practical exposition of the CDS market and to explore how the development of the CDS market has played an important role in the credit risk markets. Currently, the CDS market is transforming into a more stable system. Various measures are being put in place to help enhance market transparency and mitigate operational and systemic risk. In particular, central counterparties have started to operate, which will eventually lead to an improved management of individual as well as system-wide risks.
文摘To be a real financial center, you must become a magnet for global financial activity. If the Shanghai stock market aims to become China＇s financial center, the Hong Kong Stock Exchange should strive to become East Asia＇s financial center. It should be actively pursuing the world＇s biggest companies, not scrabbling about for the limited number of red chips.
