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 intends to expound the application of information and communication technology （ICT） in art education, making a case of study of Hubei Institute of Fine Arts （HIFA）. Despite financial pressure, HIFA has...This paper intends to expound the application of information and communication technology （ICT） in art education, making a case of study of Hubei Institute of Fine Arts （HIFA）. Despite financial pressure, HIFA has invested heavily in the infi＇aslructure. The classrooms at HIFA can be roughly divided into three kinds： studios, multimedia classrooms and computer labs with reference to ICT. There are three general approaches to the instructional use of the technology at HIFA, namely： learning about computers and the Intemet; learning with computers and the Intemet and learning through computers and the Internet. The utilization oflCT has shaped the art education model of HIFA considerably and has brought about a lot of changes and benefits to the faculty and students. However, its disadvantage may overweigh the advantage unless it is properly harnessed.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 intends to expound the application of information and communication technology （ICT） in art education, making a case of study of Hubei Institute of Fine Arts （HIFA）. Despite financial pressure, HIFA has invested heavily in the infi＇aslructure. The classrooms at HIFA can be roughly divided into three kinds： studios, multimedia classrooms and computer labs with reference to ICT. There are three general approaches to the instructional use of the technology at HIFA, namely： learning about computers and the Intemet; learning with computers and the Intemet and learning through computers and the Internet. The utilization oflCT has shaped the art education model of HIFA considerably and has brought about a lot of changes and benefits to the faculty and students. However, its disadvantage may overweigh the advantage unless it is properly harnessed.
