The main subject of this paper is the theory of financial statement valuations observed in its historical development. More notably, regarding the subject, the research is concerned with some theoretical concepts deve...The main subject of this paper is the theory of financial statement valuations observed in its historical development. More notably, regarding the subject, the research is concerned with some theoretical concepts developed by the Italian doctrine in a very specific age, namely, between the 19th and the 20th century, which in fact, devoid of any accounting regulation. This paper analyzes in particular the shift from the exchange value rule to the historical cost method and tries to explain the reasons of such a development. In the second half of the 19th century, some of the best Italian scholars, who were faced with the need to properly develop the problem of accounting valuations, thought that it was appropriate to rely on concepts that belonged to similar sciences, such as economics and real estate appraisal, by blindly borrowing the theory of value from the former and the theory of valuations from the latter. During that age, everything hinged around the concept of exchange value. At the dawn of the 20th century, the Italian accounting doctrine began to wonder about a subject that was crucial to the financial statement theory： the informative purposes underlying the financial statements. At the same time, the first principle took shape, which might be called as the ＂finalistic principle of value＂. It is still the basis of the theory of financial accounting measurements, for which different evaluative criteria must be applied to different informative purposes. Thus, an alternative criterion to that of the exchange value makes its appearance on the scene of the accounting valuations, notably the historical cost. The introduction of the historical cost criteria and above all the relinquishment of the combination of the ＂economic cost＂ in favor of that of the ＂manufacturing cost＂ allow the Italian accounting to get rid of the theories of economics and real estate appraisal, thus, becoming independent regarding the financial statement valuations.展开更多
China and other emerging market economies hoM large amounts of US dollar （USD）-denominated assets while their enterprises mainly raise funds from domestic banks. These economies＇currencies are under a constant pres...China and other emerging market economies hoM large amounts of US dollar （USD）-denominated assets while their enterprises mainly raise funds from domestic banks. These economies＇currencies are under a constant pressure to appreciate. The authors of this paper apply the model used in Bernanke et al. （1999） to small open economies in order to find out the optimal exchange rate regime for the emerging market economies. Findings indicate that a country＇s choice of exchange rate regime is directly associated with its percentage of USD-denominated assets and the strength of the financial accelerator effect. A managedfloating rate regime is more desirable than afreefloating regime because of its ability to better avoid liquidity traps given appreciation pressure. A managed floating rate regime also outperforms a fixed exchange rate regime because the former tends to cause less welfare loss. These factors make a managed floating rate regime the optimal choice for emerging market economies. Lastly, the authors propose policy steps and suggestions based specifically on China＇s current situation.展开更多
Since issued new accounting standards for enterprises in our country, our country the non-monetary assets transaction is using fair value measurement. In the fair value measurement has advantages and disadvantages. Su...Since issued new accounting standards for enterprises in our country, our country the non-monetary assets transaction is using fair value measurement. In the fair value measurement has advantages and disadvantages. Such as can response the present value of enterprise assets, improve the relevance of accounting information. But it also has some problems. Based on the application of fair value in the non-monetary assets exchange, analysis on the problems existing in the practical application, and proposes the corresponding countermeasures and Suggestions.展开更多
Beijing Capital Agribusiness Group(hereinafter referred to as CAG),previously known as Beijing Municipal State Farm Administration,is an industry leader of strong brand competitiveness with 133 thousand hectares of st...Beijing Capital Agribusiness Group(hereinafter referred to as CAG),previously known as Beijing Municipal State Farm Administration,is an industry leader of strong brand competitiveness with 133 thousand hectares of state-owned land,40000 employees and a total asset of 50展开更多
This paper examines the existence of general equilibrium in a discrete time economy with the infinite horizon incomplete markets.There is a single good at each node in the event tree.The existence of general equilibri...This paper examines the existence of general equilibrium in a discrete time economy with the infinite horizon incomplete markets.There is a single good at each node in the event tree.The existence of general equilibrium for the infinite horizon economy is proved by taking limit of equilibria in truncated economies in which trade stops at a sequence of dates.展开更多
区块链是近年来炙手可热的技术话题之一,与其相关的研究理论正在不断丰富。然而,距离区块链技术落地仍面临着吞吐量小、处理效率低的关键问题。针对该问题,跨链技术作为一种有潜力,同时具备扩大吞吐量处理能力、提升处理效率的区块链技...区块链是近年来炙手可热的技术话题之一,与其相关的研究理论正在不断丰富。然而,距离区块链技术落地仍面临着吞吐量小、处理效率低的关键问题。针对该问题,跨链技术作为一种有潜力,同时具备扩大吞吐量处理能力、提升处理效率的区块链技术而被广泛关注。文中给出了一种基于改进哈希时间锁的跨链资产交互协议(A Novel Hash-Time-Lock-Contract Based Cross-Chain Token Swap Mechanism,NCASP),创造性地为Fabric区块链引入账户体系,融合智能合约技术实现了在以太坊和Fabric联盟链网络之间的安全无缝资产交换。NCASP协议在每笔HTLC(Hash Time Lock Contract)转账中设置了不同的中间账户进行资产托管和转移,并在交易完成后及时销毁,使得在原有跨链交易速率不变的同时,保证了交易的安全性。通过对协议进行仿真模拟表明,该协议适用于以Fabric为代表的联盟链与比特币以及以以太坊为代表的公链,无需第三方区块链介入,即可实现高效安全的跨链资产交换,且在交易效率上比BSN(Blockchain Service Network)的跨链方案节省了约26.8%。改进的协议扩展了传统HTLC跨链资产方案的使用场景,使不同用户间的资产交换兼顾原子性、公平性以及透明性的特点。展开更多
在Rudebusch and Svensson(1999)模型中引入了房地产价格、股票价格和汇率因素,以此为基础推导出最优货币政策反应函数。该反应函数显示,中央银行既要应对产出和通货膨胀变化,还应该考虑资产价格和汇率波动。基于GMM方法的实证分析表明...在Rudebusch and Svensson(1999)模型中引入了房地产价格、股票价格和汇率因素,以此为基础推导出最优货币政策反应函数。该反应函数显示,中央银行既要应对产出和通货膨胀变化,还应该考虑资产价格和汇率波动。基于GMM方法的实证分析表明,该反应函数能够较好刻画过去10多年间中国中央银行的货币政策。总体而言,该反应函数可以作为中国货币政策制定和执行的参考框架,货币政策应该对资产价格和汇率波动给予一定程度的关注。展开更多
文摘The main subject of this paper is the theory of financial statement valuations observed in its historical development. More notably, regarding the subject, the research is concerned with some theoretical concepts developed by the Italian doctrine in a very specific age, namely, between the 19th and the 20th century, which in fact, devoid of any accounting regulation. This paper analyzes in particular the shift from the exchange value rule to the historical cost method and tries to explain the reasons of such a development. In the second half of the 19th century, some of the best Italian scholars, who were faced with the need to properly develop the problem of accounting valuations, thought that it was appropriate to rely on concepts that belonged to similar sciences, such as economics and real estate appraisal, by blindly borrowing the theory of value from the former and the theory of valuations from the latter. During that age, everything hinged around the concept of exchange value. At the dawn of the 20th century, the Italian accounting doctrine began to wonder about a subject that was crucial to the financial statement theory： the informative purposes underlying the financial statements. At the same time, the first principle took shape, which might be called as the ＂finalistic principle of value＂. It is still the basis of the theory of financial accounting measurements, for which different evaluative criteria must be applied to different informative purposes. Thus, an alternative criterion to that of the exchange value makes its appearance on the scene of the accounting valuations, notably the historical cost. The introduction of the historical cost criteria and above all the relinquishment of the combination of the ＂economic cost＂ in favor of that of the ＂manufacturing cost＂ allow the Italian accounting to get rid of the theories of economics and real estate appraisal, thus, becoming independent regarding the financial statement valuations.
文摘China and other emerging market economies hoM large amounts of US dollar （USD）-denominated assets while their enterprises mainly raise funds from domestic banks. These economies＇currencies are under a constant pressure to appreciate. The authors of this paper apply the model used in Bernanke et al. （1999） to small open economies in order to find out the optimal exchange rate regime for the emerging market economies. Findings indicate that a country＇s choice of exchange rate regime is directly associated with its percentage of USD-denominated assets and the strength of the financial accelerator effect. A managedfloating rate regime is more desirable than afreefloating regime because of its ability to better avoid liquidity traps given appreciation pressure. A managed floating rate regime also outperforms a fixed exchange rate regime because the former tends to cause less welfare loss. These factors make a managed floating rate regime the optimal choice for emerging market economies. Lastly, the authors propose policy steps and suggestions based specifically on China＇s current situation.
文摘Since issued new accounting standards for enterprises in our country, our country the non-monetary assets transaction is using fair value measurement. In the fair value measurement has advantages and disadvantages. Such as can response the present value of enterprise assets, improve the relevance of accounting information. But it also has some problems. Based on the application of fair value in the non-monetary assets exchange, analysis on the problems existing in the practical application, and proposes the corresponding countermeasures and Suggestions.
文摘Beijing Capital Agribusiness Group(hereinafter referred to as CAG),previously known as Beijing Municipal State Farm Administration,is an industry leader of strong brand competitiveness with 133 thousand hectares of state-owned land,40000 employees and a total asset of 50
基金This research was supported by a project of Financial MathematicsFinancial Engineering and Finan-cial Managementwhich is o
文摘This paper examines the existence of general equilibrium in a discrete time economy with the infinite horizon incomplete markets.There is a single good at each node in the event tree.The existence of general equilibrium for the infinite horizon economy is proved by taking limit of equilibria in truncated economies in which trade stops at a sequence of dates.
文摘区块链是近年来炙手可热的技术话题之一,与其相关的研究理论正在不断丰富。然而,距离区块链技术落地仍面临着吞吐量小、处理效率低的关键问题。针对该问题,跨链技术作为一种有潜力,同时具备扩大吞吐量处理能力、提升处理效率的区块链技术而被广泛关注。文中给出了一种基于改进哈希时间锁的跨链资产交互协议(A Novel Hash-Time-Lock-Contract Based Cross-Chain Token Swap Mechanism,NCASP),创造性地为Fabric区块链引入账户体系,融合智能合约技术实现了在以太坊和Fabric联盟链网络之间的安全无缝资产交换。NCASP协议在每笔HTLC(Hash Time Lock Contract)转账中设置了不同的中间账户进行资产托管和转移,并在交易完成后及时销毁,使得在原有跨链交易速率不变的同时,保证了交易的安全性。通过对协议进行仿真模拟表明,该协议适用于以Fabric为代表的联盟链与比特币以及以以太坊为代表的公链,无需第三方区块链介入,即可实现高效安全的跨链资产交换,且在交易效率上比BSN(Blockchain Service Network)的跨链方案节省了约26.8%。改进的协议扩展了传统HTLC跨链资产方案的使用场景,使不同用户间的资产交换兼顾原子性、公平性以及透明性的特点。
文摘在Rudebusch and Svensson(1999)模型中引入了房地产价格、股票价格和汇率因素,以此为基础推导出最优货币政策反应函数。该反应函数显示,中央银行既要应对产出和通货膨胀变化,还应该考虑资产价格和汇率波动。基于GMM方法的实证分析表明,该反应函数能够较好刻画过去10多年间中国中央银行的货币政策。总体而言,该反应函数可以作为中国货币政策制定和执行的参考框架,货币政策应该对资产价格和汇率波动给予一定程度的关注。
