With the rapid development of the social economy,the role of green finance in promoting the high-quality development of regional economies is increasing day by day.The advancement of green finance not only aids in fos...With the rapid development of the social economy,the role of green finance in promoting the high-quality development of regional economies is increasing day by day.The advancement of green finance not only aids in fostering the green transformation and upgrading of regional economies but also helps mitigate the risks of environmental damage stemming from traditional economic activities.In this new era,it is imperative to embrace the concept of green finance development and innovate green finance practices to further drive high-quality regional economic development.This paper will analyze the significance of green finance in regional economic development,assess the current state of green finance development,and propose optimization strategies for green finance to facilitate high-quality economic development.展开更多
Digital finance and green technology innovation(GTI)serve as powerful engines for promoting energy efficiency(EE)and economic development.This paper explores the mechanism by which digital finance impacts EE based on ...Digital finance and green technology innovation(GTI)serve as powerful engines for promoting energy efficiency(EE)and economic development.This paper explores the mechanism by which digital finance impacts EE based on panel data from 30 provinces in China spanning from 2011 to 2019.The results demonstrate that digital finance can significantly enhance EE,with a particularly pronounced effect in the eastern region.Through mechanistic analysis,it is evident that GTI serves as the transmission pathway through which digital finance influences EE,accounting for 45.3%of the effect.The policy implication of this study suggests that China should expedite the digitization of financial markets to further harness the development of digital finance,particularly in pursuit of its technological innovation and green,lowcarbon environmental protection effects.展开更多
Given the global focus on green and low-carbon development and the increasing prominence of digital finance,it is particularly important to explore how to leverage digital finance to achieve these environmental goals....Given the global focus on green and low-carbon development and the increasing prominence of digital finance,it is particularly important to explore how to leverage digital finance to achieve these environmental goals.This study,through mechanism analysis,deeply examines how China’s digital finance promotes green and low-carbon development and elucidates the positive interaction between digital finance and the green industry.The study found that digital finance,through more flexible and efficient financial functions,alters the cost structure of carbon emissions,and reduces the risks and costs of green investments,thereby creating a cooperative green mechanism benefiting all parties,and guiding social groups toward a green and low-carbon transformation.Additionally,the rapid development of digital finance has strengthened the implementation of environmental protection policies,effectively promoted the expansion of the environmental protection industry,and established the green ethos as a mainstream concept in financial development.This study aims to provide reference perspectives and suggestions,assist policymakers in promoting the green and lowcarbon development of digital finance,and offer insights into the integrated development of digital finance and the green environmental protection industry.展开更多
Background The China Finance Review International is a flagship academic journal broadly covering the Chinese and international financial markets.The journal is founded by Antai College of Economics and Management at ...Background The China Finance Review International is a flagship academic journal broadly covering the Chinese and international financial markets.The journal is founded by Antai College of Economics and Management at Shanghai Jiao Tong University,one of the top universities in Asia.The China Finance Review International aims to publish quality empirical and theoretical works on important financial and economic issues in the profession.We encourage ground-breaking research related to new and niche areas in finance,such as Fintech and cryptos,ESG,climate finance,and socially responsible investments.We welcome critiques of existing literature and comparative analysis between emerging markets and developed economies.展开更多
Decentralized finance(DeFi)is a general term for a series of financial products and services.It is based on blockchain technology and has attracted people’s attention because of its open,transparent,and intermediary ...Decentralized finance(DeFi)is a general term for a series of financial products and services.It is based on blockchain technology and has attracted people’s attention because of its open,transparent,and intermediary free.Among them,the DeFi ecosystem based on Ethereum-based blockchains attracts the most attention.However,the current decentralized financial system built on the Ethereum architecture has been exposed to many smart contract vulnerabilities during the last few years.Herein,we believe it is time to improve the understanding of the prevailing Ethereum-based DeFi ecosystem security issues.To that end,we investigate the Ethereum-based DeFi security issues:1)inherited from the real-world financial system,which can be solved by macro-control;2)induced by the problems of blockchain architecture,which require a better blockchain platform;3)caused by DeFi invented applications,which should be focused on during the project development.Based on that,we further discuss the current solutions and potential directions ofDeFi security.According to our research,we could provide a comprehensive vision to the research community for the improvement of Ethereum-basedDeFi ecosystem security.展开更多
Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideratio...Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideration for creditors when making investments.This study explores the relationship between carbon disclosure and debt financing costs using data on listed companies from 2008 to 2019.The results show that carbon disclosure can reduce the debt financing costs of enterprises,and that this influence is more significant for private companies than for state-owned enterprises.Instrumental variables and Propensity Score Matching(PSM)were used to evaluate the robustness of negative relationships.Furthermore,carbon disclosure has a more significant impact on debt costs with less environmental supervision pressure,weak residents’environmental awareness,and weak product market competition.These findings provide guidance for companies’carbon information disclosure and support the establishment of official carbon disclosure standards.展开更多
Objectives Understanding past trends and forecasting future changes in health spending is vital for planning and reducing reliance on out-of-pocket(OOP)expenses.The current study analyzed health expenditure patterns i...Objectives Understanding past trends and forecasting future changes in health spending is vital for planning and reducing reliance on out-of-pocket(OOP)expenses.The current study analyzed health expenditure patterns in India and forecasted future trends and patterns until 2035.Methods Data on health expenditure in India from 2000 to 2019 was collected from the Organisation for Economic Co-operation and Development(OECD)iLibrary and National Health Accounts 2019 databases.Gross domestic product(GDP)data from the World Bank was also utilized.Descriptive statistics analyzed the composition and pattern,while the exponential smoothing model forecasted future health expenditures.Results The findings revealed that expenditure made by OOP is the primary health financing source,followed by government and pre-paid private spending.The percentage of GDP allocated to total health expenditure remains stable,while the per capita health expenditure fluctuates.Variations in expenditure among states are observed,with Karnataka relying heavily on pre-paid private coverage.Future projections suggest a decline in per capita and total health expenditure as a share of GDP,with a slight increase in the government’s share.Pre-paid private expenditure per capita and OOP health expenditure as a share of the total is projected to remain relatively constant but still high in absolute terms.Conclusion The study highlights variations in health spending in India,characterized by high OOP spending,limited public coverage,and a need for investments,and reforms to improve healthcare access and equity.展开更多
This paper developed a comprehensive evaluation system that was able to quantify the levels of high-quality development across the cities within the Chengdu-Chongqing economic circle,and investigate the impact that di...This paper developed a comprehensive evaluation system that was able to quantify the levels of high-quality development across the cities within the Chengdu-Chongqing economic circle,and investigate the impact that digital finance had on the cities’high-quality development and the underlying mechanisms through which it achieved this.This comprehensive evaluation system was constructed using statistical data from these cities for the period 2014 to 2020 while also taking China’s high-quality development philosophy into account.The key findings revealed that:(a)Digital finance was able to significantly promote high-quality development in the Chengdu-Chongqing economic circle;(b)Digital finance had a significant positive effect in promoting innovative,coordinated,green,open,and shared development;(c)Digital finance was able to stimulate the high-quality development in the Chengdu-Chongqing economic circle by boosting entrepreneurial dynamism;(d)Digital finance had a significant impact on the high-quality development of the axis areas,while its impact was less discernible in non-axis areas.The insights from this research offer a deeper understanding of the factors that drive high-quality development,the role digital finance plays,and the mechanisms through which digital finance is able to propel high-quality development at the city cluster scale.展开更多
This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study ...This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing.This conclusion remains valid after a series of endogeneity and robustness tests.Further analysis of the mechanism reveals that state-owned capital participation improves the debt financing of private enterprises through multiple channels:Enhancing their social reputation,mitigating the“statistical bias”they face,optimizing their information quality,and reducing the“shareholder-creditor”agency problems.This paper conceptualizes these benefits as the“complementary advantages of heterogeneous shareholders”.This not only constructs a theoretical framework for“reverse mixed-ownership reform”but also better narrates the Chinese story of“mixed-ownership reform”by adopting a more universally applicable theory of equity structure.Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government’s positive role at the micro-level.展开更多
Financial time series prediction,whether for classification or regression,has been a heated research topic over the last decade.While traditional machine learning algorithms have experienced mediocre results,deep lear...Financial time series prediction,whether for classification or regression,has been a heated research topic over the last decade.While traditional machine learning algorithms have experienced mediocre results,deep learning has largely contributed to the elevation of the prediction performance.Currently,the most up-to-date review of advanced machine learning techniques for financial time series prediction is still lacking,making it challenging for finance domain experts and relevant practitioners to determine which model potentially performs better,what techniques and components are involved,and how themodel can be designed and implemented.This review article provides an overview of techniques,components and frameworks for financial time series prediction,with an emphasis on state-of-the-art deep learning models in the literature from2015 to 2023,including standalonemodels like convolutional neural networks(CNN)that are capable of extracting spatial dependencies within data,and long short-term memory(LSTM)that is designed for handling temporal dependencies;and hybrid models integrating CNN,LSTM,attention mechanism(AM)and other techniques.For illustration and comparison purposes,models proposed in recent studies are mapped to relevant elements of a generalized framework comprised of input,output,feature extraction,prediction,and related processes.Among the state-of-the-artmodels,hybrid models like CNNLSTMand CNN-LSTM-AM in general have been reported superior in performance to stand-alone models like the CNN-only model.Some remaining challenges have been discussed,including non-friendliness for finance domain experts,delayed prediction,domain knowledge negligence,lack of standards,and inability of real-time and highfrequency predictions.The principal contributions of this paper are to provide a one-stop guide for both academia and industry to review,compare and summarize technologies and recent advances in this area,to facilitate smooth and informed implementation,and to highlight future research directions.展开更多
In this paper, the Automated Actuarial Loss Reserving Model is developed and extended using machine learning. The traditional actuarial reserving techniques are no longer compatible with the increase in technological ...In this paper, the Automated Actuarial Loss Reserving Model is developed and extended using machine learning. The traditional actuarial reserving techniques are no longer compatible with the increase in technological advancement currently at hand. As a result, the development of the alternative Artificial Intelligence Based Automated Actuarial Loss Reserving Methodology which captures diverse risk profiles for various policyholders through augmenting the Micro Finance services, Auto Insurance Services and Both Services lines of business on the same platform through the computation of the Comprehensive Automated Actuarial Loss Reserves (CAALR) has been implemented in this paper. The introduction of the four further types of actuarial loss reserves to those existing in the actuarial literature seems to significantly reduce lapse rates, reduce the reinsurance costs as well as expenses and outgo. As a matter of consequence, this helps to bring together a combination of new and existing policyholders in the insurance company. The frequency severity models have been extended in this paper using ten machine learning algorithms which ultimately leads to the derivation of the proposed machine learning-based actuarial loss reserving model which remarkably performed well when compared to the traditional chain ladder actuarial reserving method using simulated data.展开更多
There is a broad connection between finance and human rights,with finance having both positive and negative impacts on human rights.Everyone has a need for access to financial services.Documents in both the internatio...There is a broad connection between finance and human rights,with finance having both positive and negative impacts on human rights.Everyone has a need for access to financial services.Documents in both the international human rights and international finance fields address the relationship between financial services and human rights.Among financial services,microcredit and inclusive finance have the closest connection to human rights and potentially the greatest impact on human rights.Access to financial services promotes economic,social,and cultural rights as well as the rights of specific groups.The conditions for access to financial services to promote human rights require the state to assume obligations to recognize,respect,protect,and fulfill the need for individuals to access financial services,and to ensure the availability,accessibility,acceptability,and adaptability of basic financial services.Access to financial services has played a significant role in China’s comprehensive victory in the battle of poverty alleviation,providing valuable experience for the international community in poverty eradication,achieving sustainable development goals,and protecting and promoting human rights.展开更多
With the continuous evolution and expanding applications of Large Language Models (LLMs), there has been a noticeable surge in the size of the emerging models. It is not solely the growth in model size, primarily meas...With the continuous evolution and expanding applications of Large Language Models (LLMs), there has been a noticeable surge in the size of the emerging models. It is not solely the growth in model size, primarily measured by the number of parameters, but also the subsequent escalation in computational demands, hardware and software prerequisites for training, all culminating in a substantial financial investment as well. In this paper, we present novel techniques like supervision, parallelization, and scoring functions to get better results out of chains of smaller language models, rather than relying solely on scaling up model size. Firstly, we propose an approach to quantify the performance of a Smaller Language Models (SLM) by introducing a corresponding supervisor model that incrementally corrects the encountered errors. Secondly, we propose an approach to utilize two smaller language models (in a network) performing the same task and retrieving the best relevant output from the two, ensuring peak performance for a specific task. Experimental evaluations establish the quantitative accuracy improvements on financial reasoning and arithmetic calculation tasks from utilizing techniques like supervisor models (in a network of model scenario), threshold scoring and parallel processing over a baseline study.展开更多
This paper investigates the macroeconomic impacts of Internet finance,highlighting its advantages and challenges.Internet finance,a fusion of Internet technology with traditional financial practices,introduces innovat...This paper investigates the macroeconomic impacts of Internet finance,highlighting its advantages and challenges.Internet finance,a fusion of Internet technology with traditional financial practices,introduces innovative models for global asset management,capital financing,payments,investments,and intermediary services.While it enhances the accessibility and efficiency of financial services,it also introduces new risks,such as higher credit default rates.This study explores how Internet finance contributes to financial inclusivity and macroeconomic growth yet poses potential threats to traditional financial stability.The dual aspects of Internet finance are analyzed:its application in existing processes and its capacity to generate novel business models.Furthermore,the paper proposes strategic responses to mitigate the negative impacts of Internet finance,mainly focusing on risk management and regulatory improvements to safeguard economic stability.展开更多
文摘With the rapid development of the social economy,the role of green finance in promoting the high-quality development of regional economies is increasing day by day.The advancement of green finance not only aids in fostering the green transformation and upgrading of regional economies but also helps mitigate the risks of environmental damage stemming from traditional economic activities.In this new era,it is imperative to embrace the concept of green finance development and innovate green finance practices to further drive high-quality regional economic development.This paper will analyze the significance of green finance in regional economic development,assess the current state of green finance development,and propose optimization strategies for green finance to facilitate high-quality economic development.
文摘Digital finance and green technology innovation(GTI)serve as powerful engines for promoting energy efficiency(EE)and economic development.This paper explores the mechanism by which digital finance impacts EE based on panel data from 30 provinces in China spanning from 2011 to 2019.The results demonstrate that digital finance can significantly enhance EE,with a particularly pronounced effect in the eastern region.Through mechanistic analysis,it is evident that GTI serves as the transmission pathway through which digital finance influences EE,accounting for 45.3%of the effect.The policy implication of this study suggests that China should expedite the digitization of financial markets to further harness the development of digital finance,particularly in pursuit of its technological innovation and green,lowcarbon environmental protection effects.
文摘Given the global focus on green and low-carbon development and the increasing prominence of digital finance,it is particularly important to explore how to leverage digital finance to achieve these environmental goals.This study,through mechanism analysis,deeply examines how China’s digital finance promotes green and low-carbon development and elucidates the positive interaction between digital finance and the green industry.The study found that digital finance,through more flexible and efficient financial functions,alters the cost structure of carbon emissions,and reduces the risks and costs of green investments,thereby creating a cooperative green mechanism benefiting all parties,and guiding social groups toward a green and low-carbon transformation.Additionally,the rapid development of digital finance has strengthened the implementation of environmental protection policies,effectively promoted the expansion of the environmental protection industry,and established the green ethos as a mainstream concept in financial development.This study aims to provide reference perspectives and suggestions,assist policymakers in promoting the green and lowcarbon development of digital finance,and offer insights into the integrated development of digital finance and the green environmental protection industry.
文摘Background The China Finance Review International is a flagship academic journal broadly covering the Chinese and international financial markets.The journal is founded by Antai College of Economics and Management at Shanghai Jiao Tong University,one of the top universities in Asia.The China Finance Review International aims to publish quality empirical and theoretical works on important financial and economic issues in the profession.We encourage ground-breaking research related to new and niche areas in finance,such as Fintech and cryptos,ESG,climate finance,and socially responsible investments.We welcome critiques of existing literature and comparative analysis between emerging markets and developed economies.
基金supported by the Key-Area Research and Development Program of Guangdong Province 2020B0101090003CCF-NSFOCUS Kunpeng Scientific Research Fund (CCFNSFOCUS 2021010)+4 种基金Innovation Fund Program of the Engineering Research Center for Integration and Application of Digital Learning Technology of Ministry of Education under Grant No.1221027National Natural Science Foundation of China (Grant Nos.61902083,62172115,61976064)Guangdong Higher Education Innovation Group 2020KCXTD007 and Guangzhou Higher Education Innovation Group (No.202032854)Guangzhou Fundamental Research Plan of“Municipal-School”Jointly Funded Projects (No.202102010445)Guangdong Province Science and Technology Planning Project (No.2020A1414010370).
文摘Decentralized finance(DeFi)is a general term for a series of financial products and services.It is based on blockchain technology and has attracted people’s attention because of its open,transparent,and intermediary free.Among them,the DeFi ecosystem based on Ethereum-based blockchains attracts the most attention.However,the current decentralized financial system built on the Ethereum architecture has been exposed to many smart contract vulnerabilities during the last few years.Herein,we believe it is time to improve the understanding of the prevailing Ethereum-based DeFi ecosystem security issues.To that end,we investigate the Ethereum-based DeFi security issues:1)inherited from the real-world financial system,which can be solved by macro-control;2)induced by the problems of blockchain architecture,which require a better blockchain platform;3)caused by DeFi invented applications,which should be focused on during the project development.Based on that,we further discuss the current solutions and potential directions ofDeFi security.According to our research,we could provide a comprehensive vision to the research community for the improvement of Ethereum-basedDeFi ecosystem security.
文摘Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideration for creditors when making investments.This study explores the relationship between carbon disclosure and debt financing costs using data on listed companies from 2008 to 2019.The results show that carbon disclosure can reduce the debt financing costs of enterprises,and that this influence is more significant for private companies than for state-owned enterprises.Instrumental variables and Propensity Score Matching(PSM)were used to evaluate the robustness of negative relationships.Furthermore,carbon disclosure has a more significant impact on debt costs with less environmental supervision pressure,weak residents’environmental awareness,and weak product market competition.These findings provide guidance for companies’carbon information disclosure and support the establishment of official carbon disclosure standards.
文摘Objectives Understanding past trends and forecasting future changes in health spending is vital for planning and reducing reliance on out-of-pocket(OOP)expenses.The current study analyzed health expenditure patterns in India and forecasted future trends and patterns until 2035.Methods Data on health expenditure in India from 2000 to 2019 was collected from the Organisation for Economic Co-operation and Development(OECD)iLibrary and National Health Accounts 2019 databases.Gross domestic product(GDP)data from the World Bank was also utilized.Descriptive statistics analyzed the composition and pattern,while the exponential smoothing model forecasted future health expenditures.Results The findings revealed that expenditure made by OOP is the primary health financing source,followed by government and pre-paid private spending.The percentage of GDP allocated to total health expenditure remains stable,while the per capita health expenditure fluctuates.Variations in expenditure among states are observed,with Karnataka relying heavily on pre-paid private coverage.Future projections suggest a decline in per capita and total health expenditure as a share of GDP,with a slight increase in the government’s share.Pre-paid private expenditure per capita and OOP health expenditure as a share of the total is projected to remain relatively constant but still high in absolute terms.Conclusion The study highlights variations in health spending in India,characterized by high OOP spending,limited public coverage,and a need for investments,and reforms to improve healthcare access and equity.
文摘This paper developed a comprehensive evaluation system that was able to quantify the levels of high-quality development across the cities within the Chengdu-Chongqing economic circle,and investigate the impact that digital finance had on the cities’high-quality development and the underlying mechanisms through which it achieved this.This comprehensive evaluation system was constructed using statistical data from these cities for the period 2014 to 2020 while also taking China’s high-quality development philosophy into account.The key findings revealed that:(a)Digital finance was able to significantly promote high-quality development in the Chengdu-Chongqing economic circle;(b)Digital finance had a significant positive effect in promoting innovative,coordinated,green,open,and shared development;(c)Digital finance was able to stimulate the high-quality development in the Chengdu-Chongqing economic circle by boosting entrepreneurial dynamism;(d)Digital finance had a significant impact on the high-quality development of the axis areas,while its impact was less discernible in non-axis areas.The insights from this research offer a deeper understanding of the factors that drive high-quality development,the role digital finance plays,and the mechanisms through which digital finance is able to propel high-quality development at the city cluster scale.
基金supported by the National Natural Science Foundation of China,“State-owned Capital Participation and Financial Behavior of Private Enterprises:A Study from the Perspective of‘Balance’and‘Complementarity’of Multiple Major Shareholders”(Grant No.72202230).
文摘This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing.This conclusion remains valid after a series of endogeneity and robustness tests.Further analysis of the mechanism reveals that state-owned capital participation improves the debt financing of private enterprises through multiple channels:Enhancing their social reputation,mitigating the“statistical bias”they face,optimizing their information quality,and reducing the“shareholder-creditor”agency problems.This paper conceptualizes these benefits as the“complementary advantages of heterogeneous shareholders”.This not only constructs a theoretical framework for“reverse mixed-ownership reform”but also better narrates the Chinese story of“mixed-ownership reform”by adopting a more universally applicable theory of equity structure.Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government’s positive role at the micro-level.
基金funded by the Natural Science Foundation of Fujian Province,China (Grant No.2022J05291)Xiamen Scientific Research Funding for Overseas Chinese Scholars.
文摘Financial time series prediction,whether for classification or regression,has been a heated research topic over the last decade.While traditional machine learning algorithms have experienced mediocre results,deep learning has largely contributed to the elevation of the prediction performance.Currently,the most up-to-date review of advanced machine learning techniques for financial time series prediction is still lacking,making it challenging for finance domain experts and relevant practitioners to determine which model potentially performs better,what techniques and components are involved,and how themodel can be designed and implemented.This review article provides an overview of techniques,components and frameworks for financial time series prediction,with an emphasis on state-of-the-art deep learning models in the literature from2015 to 2023,including standalonemodels like convolutional neural networks(CNN)that are capable of extracting spatial dependencies within data,and long short-term memory(LSTM)that is designed for handling temporal dependencies;and hybrid models integrating CNN,LSTM,attention mechanism(AM)and other techniques.For illustration and comparison purposes,models proposed in recent studies are mapped to relevant elements of a generalized framework comprised of input,output,feature extraction,prediction,and related processes.Among the state-of-the-artmodels,hybrid models like CNNLSTMand CNN-LSTM-AM in general have been reported superior in performance to stand-alone models like the CNN-only model.Some remaining challenges have been discussed,including non-friendliness for finance domain experts,delayed prediction,domain knowledge negligence,lack of standards,and inability of real-time and highfrequency predictions.The principal contributions of this paper are to provide a one-stop guide for both academia and industry to review,compare and summarize technologies and recent advances in this area,to facilitate smooth and informed implementation,and to highlight future research directions.
文摘In this paper, the Automated Actuarial Loss Reserving Model is developed and extended using machine learning. The traditional actuarial reserving techniques are no longer compatible with the increase in technological advancement currently at hand. As a result, the development of the alternative Artificial Intelligence Based Automated Actuarial Loss Reserving Methodology which captures diverse risk profiles for various policyholders through augmenting the Micro Finance services, Auto Insurance Services and Both Services lines of business on the same platform through the computation of the Comprehensive Automated Actuarial Loss Reserves (CAALR) has been implemented in this paper. The introduction of the four further types of actuarial loss reserves to those existing in the actuarial literature seems to significantly reduce lapse rates, reduce the reinsurance costs as well as expenses and outgo. As a matter of consequence, this helps to bring together a combination of new and existing policyholders in the insurance company. The frequency severity models have been extended in this paper using ten machine learning algorithms which ultimately leads to the derivation of the proposed machine learning-based actuarial loss reserving model which remarkably performed well when compared to the traditional chain ladder actuarial reserving method using simulated data.
文摘There is a broad connection between finance and human rights,with finance having both positive and negative impacts on human rights.Everyone has a need for access to financial services.Documents in both the international human rights and international finance fields address the relationship between financial services and human rights.Among financial services,microcredit and inclusive finance have the closest connection to human rights and potentially the greatest impact on human rights.Access to financial services promotes economic,social,and cultural rights as well as the rights of specific groups.The conditions for access to financial services to promote human rights require the state to assume obligations to recognize,respect,protect,and fulfill the need for individuals to access financial services,and to ensure the availability,accessibility,acceptability,and adaptability of basic financial services.Access to financial services has played a significant role in China’s comprehensive victory in the battle of poverty alleviation,providing valuable experience for the international community in poverty eradication,achieving sustainable development goals,and protecting and promoting human rights.
文摘With the continuous evolution and expanding applications of Large Language Models (LLMs), there has been a noticeable surge in the size of the emerging models. It is not solely the growth in model size, primarily measured by the number of parameters, but also the subsequent escalation in computational demands, hardware and software prerequisites for training, all culminating in a substantial financial investment as well. In this paper, we present novel techniques like supervision, parallelization, and scoring functions to get better results out of chains of smaller language models, rather than relying solely on scaling up model size. Firstly, we propose an approach to quantify the performance of a Smaller Language Models (SLM) by introducing a corresponding supervisor model that incrementally corrects the encountered errors. Secondly, we propose an approach to utilize two smaller language models (in a network) performing the same task and retrieving the best relevant output from the two, ensuring peak performance for a specific task. Experimental evaluations establish the quantitative accuracy improvements on financial reasoning and arithmetic calculation tasks from utilizing techniques like supervisor models (in a network of model scenario), threshold scoring and parallel processing over a baseline study.
文摘This paper investigates the macroeconomic impacts of Internet finance,highlighting its advantages and challenges.Internet finance,a fusion of Internet technology with traditional financial practices,introduces innovative models for global asset management,capital financing,payments,investments,and intermediary services.While it enhances the accessibility and efficiency of financial services,it also introduces new risks,such as higher credit default rates.This study explores how Internet finance contributes to financial inclusivity and macroeconomic growth yet poses potential threats to traditional financial stability.The dual aspects of Internet finance are analyzed:its application in existing processes and its capacity to generate novel business models.Furthermore,the paper proposes strategic responses to mitigate the negative impacts of Internet finance,mainly focusing on risk management and regulatory improvements to safeguard economic stability.