＂Consumption Degrading＂ Era,Really Coming？

Global financial crisis sourced in subloan crisis in USA leads to the downturn in world economy, and also has a deep impact on people＇s hie and consumption, no matter where they are. There is no doubt that the crisis is changing people＇s idea and attitude of consuming. This article will have an insight in the change of consuming behaviors and how the companies should respond to the changes.     

Financial Innovation;A Double-Edged Sword？——Lessons from the Subprime Mortgage Crisis

The U.S.suffers The United States is a nation famous for its power of innovation,universally acknowledged as the major factor that makes the U.S.the worlds＇ economic and political superpower.Without it,the U.S. would not have reached the level of prosperity it has in the world.But today,things are far from the optimistic picture than we once anticipated. Innovation sometimes turns into a monster, one which has struck again with the recent financial turmoil set off by the subprime mortgage crisis.     

Auto：Crisis or Opportunity？

Director Xu Changming：Upgrading China＇s own brand is the only way out. At present,the impact of the American financial crisis is spreading to its entity economy, and unfortunately,the automorive industry is once again the first victim to feel the aftershock.China＇s automotive industry is also facing unprecedented challenges and opportunities,     

Proactive Continue,More Weight on Tax Reduction

In battling against the current global economic crisis, fiscal and taxation policies, as the most important means to intervene the economy, has been the major approach for the governments throughout the wodd to offset impact of the crisis, China, as the economy with the fastest growth, has received much attention, and China＇s fiscal and taxation policies which contributed much to the strong economic recovery, in partieular, is the very concern of the public.     

China＇s Investment in Africa＇s Banking Sector

1 Introduction
The global financial crisis, whose effects have been most severe on the world＇s largest banks, has created a vacuum in banking sector in Africa by stalling investment from the traditional investor. The world＇s largest banks, brought to their knees by the crisis, and having had to be bailed out, are in no position to continue investing in the banking sector in Africa. China, less severely affected by the crisis, with a burgeoning economy, and with banks that are awash with cash, is, in contrast,     

State-owned Banks Reform：A Three-Step Success

When taking each step, the country had to with- stand various difficulties and risks but received re- markable improvements and progresses. State-owned commercial banks are the major part of China's banking industry.Their growth and devel- opment is in direct relation to the overall economy and financial growth in the country.After the Asian financial crisis at the end of last century,the Chinese government has taken a string of financial measures.To some extent,the financial results have been improved in state-owned     

GLOBAI CURRENCY WAB？

Economic theory has it that, in a fragile economy, every country wants to expand its exports,and low currency values can help make products cheaper to international buyers. A country＇s trade balance is simply an accounting identity that by definition matches the flow of goods and capital. As the world leading economies trying to recover from the financial crisis, some signs of conflict began to surface.     

Canada Finance Minster： Welcome China＇s Investment in Canada

To forward the relationship between China and Canada in financial and trade sectors and strengthen the cooperation in avoiding the worse impact of international financial crisis, Canadian financial high-level leaders involving Bank of Canada Governor Mark Carney, Canada＇s Minister of Finance Jim Flaherty, Federal Superintendent of Financial Institutions Julie Dickson, as well as five major banks and the two biggest insurance companies in Canada, who are looking to strengthen and expand business ties with China, visited China from August 8 to August 14, 2009. Also they send warm invitations to China enterprises to invest and to be listed in Canada. This visit is a preparation for Canadian Prime Minister Stephen Harper＇s coming visit to China in November.     

REFORM in Progress

The World Bank （1997） once claimed that China＇s financial sector was the soft-belly in the economy. Financial sector reform has long been argued as neces- sary to raise efficiency in the use of the capital and in rebalancing the economy toward consumption-based growth, with- out which the country＇s growth sustain- ability is in jeopardy （see Lardy （1998）; Prasad （2007））. Indeed, not too long ago, China＇s state banks were deemed “techni-cally insolvent” and their survival hinged solely on the nation＇s abundant liquidity. However, after the launching of banking reform, strong profitability has returned to state commercial banks recently. The aim of this paper is not to evaluate the effect of banking reform on bank performance, which is better tackled after the completion of a full credit cycle. Rather, our aim is to take stock on the progress in reforming China＇s state banks by reviewing the banking reform strategy and analyzing their recent strong post-reform financial performance which, however, cannot be entirely separated from reform efforts undertaken thus far.     

Control Inflation while Maintain Growth

Dragged by the U.S. subprime crisis and the soaring oil price, the global economy is slowing down, causing problems to China, the country which has continuously achieved miraculous economic growth. Apart from the accumulation of high inflation and risks of overheated economy, China is attacked by serious natural disasters ever since the beginning of 2008, including the snow disaster, the earthquake and the flood. It is obviously that China＇s priority now is to bring inflation under control so as to maintain the stable growth of economy.     

我国商业银行个人住房抵押贷款风险分析——美国次贷危机对我国的启示

当中国的个人贷款发展如火如荼的时候,美国的次级债市场却危机四伏,并蔓延开来。观察美国次级贷款危机,对比一下中国的住房抵押贷款市场,有很多值得吸取的教训和值得借鉴的经验,加强对个人住房抵押贷款风险的防范十分必要。当前的主要任务是积累和完善数据资源,建立和提高个人住房抵押贷款风险管理的定量化分析技术水平,以便定量评估具有中国持征的个人住房抵押贷款的风险度。此外,还要强化对个人住房抵押贷款风险管理的政策支持,并将住房从完全市场化回归民生本质。     

次贷危机对我国金融创新监管的启示

通过对次贷危机传导机制的分析我们可以看到,对金融创新监管的滞后、不到位是导致危机迅速扩大蔓延的重要原因,这暴露出美国金融监管体制在金融创新监管方面存在的缺陷,而我国在金融创新监管方面与美国存在一些共性的问题,我们要正确处理金融创新与金融监管关系,完善监管体系结构,较变"机构监管"为"功能监管",创新监管方式。     

基于Copula理论的金融资产传染效应研究

某一突发性金融事件可能使整个金融市场间的联动程度显著增强,并对一定区域乃至世界范围的经济体系产生传染效应。对此,采用Copula函数方法,通过t-GARCH(1,1)模型对资产收益时序进行过滤,运用非参数估计,分析多变量之间相关结构及尾部相关性的变化进而考察变量间的传染效应。通过对美国次贷危机前后多国证券市场的实证分析,结果表明次贷危机后,美国标准普尔指数与代表性的亚洲证券市场间的联动性显著加强,次贷危机对亚洲股市存在传染效应。     

美国次贷危机深层研究以及对我国的启示

目前世界经济正从次贷危机中复苏,但各国还未能完全摆脱金融危机的阴影,经济危机的影响在未来的一段时间里还将继续.表面上看,本次经济危机是由于金融监管不力导致的金融问题,但实际上,分配制度的缺陷,贫富差距的扩大才是根本原因.     

也谈次贷危机对国际经济的影响

次贷危机(subprime lendingcrisis)又称次级房贷危机,源于美国,是一场由次级抵押贷款机构破产,引发投资基金关闭、股市振荡,继而演变成为全球金融危机风暴,2006年春季开始逐步显现,今天随着贝尔斯登破产、雷曼兄弟倒闭、美林证券被吞并,危机从最初的次贷领域,向整个金融市场和美国经济基本面蔓延。2007年8月席卷美国、欧盟和日本等世界主要金融市场,次贷的蝴蝶效应波及全球。     

我国资产证券化发展的现状与风险防范分析

证券化已成了世界现代经济生活中的普遍现象,对现代经济产生了巨大影响。我国从2005年12月起对银行业信贷资产进行证券化试点,正经受着"美国次贷危机"经验教训的洗礼。本文介绍了我国大陆在资产证券化领域近12年的摸索、讨论和试点情况,并在分析了资产证券化对我国金融体制建设的现实意义之后,提出了我国目前信贷资产证券化及资产支持证券风险防范的6个主要方面。     

中俄能源合作前景分析

能源合作是中俄战略协作伙伴关系和两国经贸合作的重要内容。中俄两国在能源合作方面虽然潜力巨大,但始终没有得到很好的开发。由美国次贷危机引发的金融危机爆发后,中俄两国经济均受到不同程度的影响,但却为中俄能源合作带来了契机。利用这一难得机遇,深化中俄能源合作是中俄两国亟待解决的问题。     

美国次贷危机对我国房地产证券法律监管的启示

房地产抵押贷款证券化是20世纪以来最重要的金融创新,主要是指把流动性差的个人房屋抵押贷款通过信用增级转换成可以在二级市场自由流动的证券的过程.2007年美国次贷危机爆发并迅速波及全球,使得世界各国的金融机构遭到重创,房地产次级抵押贷款危机形成.我国从房地产抵押贷款证券化试点到现在,经过几年的发展取得了一些成就,但就目前而言,我国相关的法律监管体制不足以保证我国房地产抵押贷款证券化安全高效进行,基于美国次贷危机的启示,我国房地产抵押贷款证券化的法律监管还有待进一步完善.     

次贷危机之于中国:成因、影响及启示

种种迹象表明,美国次贷危机引发的全球金融危机远未结束,国际金融动荡将继续波动不稳.尽管我国金融市场相对封闭,开放程度不是很高,但是,此次美国次贷危机对我国金融市场产生的影响也不容小觑.我国政府应强化金融风险意识,在经济增长过程中必须控制风险;加强对房贷业务的管理,稳健发展房贷市场;积极稳妥地推进金融创新,加强对金融衍生产品的风险管理,在推进金融创新中提升风险管理能力;建立完善的信息披露机制,规范贷款业务,提高我国监管部门的风险判断能力和监管能力.     

次贷危机背景下我国商业银行对个人住房信贷风险的防范

美国次贷危机已演变成为了全球性的金融危机。我国商业银行的个人住房信贷扩张累积了较大风险与个贷危机,次贷危机的冲击将使个人住房贷款者信用风险的集中爆发,也会使房地产市场发展的不确定性风险加大等问题完全暴露。我国商业银行必须采取措施,提前防范其对银行体系内个人住房信贷所产生的不良影响,严格控制个人住房贷款者的信用级别,完善并严厉执行银行体系的内部控制,增强银行自身的流动性,加强金融创新监管,以全面保证商业银行信贷资产运作的安全性。