The small- and medium-sized enterprises （SMEs） play a vital role in the development of the Malaysian economy through its contribution of 32% of the country＇s growth domestic product （GDP）. However, the recent glo...The small- and medium-sized enterprises （SMEs） play a vital role in the development of the Malaysian economy through its contribution of 32% of the country＇s growth domestic product （GDP）. However, the recent global financial crisis has exposed these enterprises to plausible risks that have resulted in some businesses being shuttered. Such predicament shows how crucial it is for SMEs to be prepared with some form of protection or Takaful to mitigate impending risks. The purpose of this study is to examine the extent to which micro enterprises are aware of Takaful and the benefits of its products. The study was conducted on respondents who fall into micro enterprise category located in Johor, Malaysia, and the research process involves a case study method which is in-depth interviews. The results of the current study provide an insight into how Takaful is regarded among SMEs and the need for these enterprises to be protected.展开更多
Pension as a part of＂Healthy China＂ has been elevated to the national strategic level. Our country has entered the aging period of rapid development. China is ＂running＂ into an aging society, aging population grow...Pension as a part of＂Healthy China＂ has been elevated to the national strategic level. Our country has entered the aging period of rapid development. China is ＂running＂ into an aging society, aging population growth to enhance the pension demand, China＇s current pension model development difficult, difficult to cope with the rapidly growing demand for retirement. Therefore, the establishment of a comprehensive, multi-functional new facility after all, a community of embedded retirement pension to meet the requirements of sustainable development options. The Japanese government＇s main push small-scale multi-function Pension House is a good example of pension services, its mode of operation consistent with China＇s National Day. Thus, summarizing and analyzing the experience of Japan, while the status quo of the development of social pension, to explore a Chinese-style pension service model of innovation. To resolve some of the difficulties of the current development of China＇s current pension model, led by China＇s pension services out of the woods.展开更多
This paper considers the problem of minimizing the VaR and CTE of an insurer＇s retained risk by controlling the combinational quota-share and stop-loss reinsurance strategy. With a constrained reinsurance premium, th...This paper considers the problem of minimizing the VaR and CTE of an insurer＇s retained risk by controlling the combinational quota-share and stop-loss reinsurance strategy. With a constrained reinsurance premium, the authors give the explicit reinsurance forms and the minimal VaR and CTE of retained risk in the case of quota-share after stop-loss reinsurance and the case of stop-loss afterquota-share reinsurance respectively. Finally, the authors conclude that the quota-share after stop-loss is a better reinsurance strategy than stop-loss after quota-share to minimize the VaR and CTE with a same constrained reinsurance premium. And the pure stop-loss reinsurance is preferred for an insurer with a high level regulatory requirement.展开更多
Joint loan guarantee contracts and mutual guarantee contracts among SMEs form the basis of SME guarantee networks. The expansion of these networks increases the fragility of a financial system as a result of the regio...Joint loan guarantee contracts and mutual guarantee contracts among SMEs form the basis of SME guarantee networks. The expansion of these networks increases the fragility of a financial system as a result of the regional and industrial risk contagion embedded within them. By providing a theoretical framework of a loan guarantee network, a method is proposed for calculating the amount of risk spillover caused by loan guarantees taking the perspective of the entire network. In addition,the route of risk contagion in guarantee networks is analyzed, revealing that when default risk shocks occur, risk contagion travels along the nodes not once but for several rounds and that the risk control of one firm cannot prevent these systemic risks. Therefore, a risk control scheme is designed based on the location and importance of firms in the network. Using data from a real guarantee network,we demonstrate that identifying the node locations of firms' in the guarantee network(including the coritivity and closeness of the firm) can help in understanding risk contagion mechanisms and preventing systemic credit risk before a crisis occurs.展开更多
文摘The small- and medium-sized enterprises （SMEs） play a vital role in the development of the Malaysian economy through its contribution of 32% of the country＇s growth domestic product （GDP）. However, the recent global financial crisis has exposed these enterprises to plausible risks that have resulted in some businesses being shuttered. Such predicament shows how crucial it is for SMEs to be prepared with some form of protection or Takaful to mitigate impending risks. The purpose of this study is to examine the extent to which micro enterprises are aware of Takaful and the benefits of its products. The study was conducted on respondents who fall into micro enterprise category located in Johor, Malaysia, and the research process involves a case study method which is in-depth interviews. The results of the current study provide an insight into how Takaful is regarded among SMEs and the need for these enterprises to be protected.
文摘Pension as a part of＂Healthy China＂ has been elevated to the national strategic level. Our country has entered the aging period of rapid development. China is ＂running＂ into an aging society, aging population growth to enhance the pension demand, China＇s current pension model development difficult, difficult to cope with the rapidly growing demand for retirement. Therefore, the establishment of a comprehensive, multi-functional new facility after all, a community of embedded retirement pension to meet the requirements of sustainable development options. The Japanese government＇s main push small-scale multi-function Pension House is a good example of pension services, its mode of operation consistent with China＇s National Day. Thus, summarizing and analyzing the experience of Japan, while the status quo of the development of social pension, to explore a Chinese-style pension service model of innovation. To resolve some of the difficulties of the current development of China＇s current pension model, led by China＇s pension services out of the woods.
基金This research is supported by Supported by the Natural Science Foundation of China under Grant Nos. 10701082 and 70801068, the major program of Key Research Institute of Humanities and Social Sciences at Universities （08JJD790145）, and a grant from the ＂project 211 （Phase III）＂.
文摘This paper considers the problem of minimizing the VaR and CTE of an insurer＇s retained risk by controlling the combinational quota-share and stop-loss reinsurance strategy. With a constrained reinsurance premium, the authors give the explicit reinsurance forms and the minimal VaR and CTE of retained risk in the case of quota-share after stop-loss reinsurance and the case of stop-loss afterquota-share reinsurance respectively. Finally, the authors conclude that the quota-share after stop-loss is a better reinsurance strategy than stop-loss after quota-share to minimize the VaR and CTE with a same constrained reinsurance premium. And the pure stop-loss reinsurance is preferred for an insurer with a high level regulatory requirement.
基金supported by the National Nature Science Foundation of China under Grant Nos.71172186,71472148,71572144 and 71502138
文摘Joint loan guarantee contracts and mutual guarantee contracts among SMEs form the basis of SME guarantee networks. The expansion of these networks increases the fragility of a financial system as a result of the regional and industrial risk contagion embedded within them. By providing a theoretical framework of a loan guarantee network, a method is proposed for calculating the amount of risk spillover caused by loan guarantees taking the perspective of the entire network. In addition,the route of risk contagion in guarantee networks is analyzed, revealing that when default risk shocks occur, risk contagion travels along the nodes not once but for several rounds and that the risk control of one firm cannot prevent these systemic risks. Therefore, a risk control scheme is designed based on the location and importance of firms in the network. Using data from a real guarantee network,we demonstrate that identifying the node locations of firms' in the guarantee network(including the coritivity and closeness of the firm) can help in understanding risk contagion mechanisms and preventing systemic credit risk before a crisis occurs.
