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1.
伍兴龙 《时代金融》2013,(11):19-20,22
金融衍生市场的迅速发展已经成为国际金融市场发展的重要特征。同时,国际金融衍生市场引发了一系列重大影响事件,如英国巴林银行破产、美国次贷危机等,为各国加强金融衍生市场监管提供了重要的经验教训启示。本文在对先行的美国金融衍生市场监管做法从制度层面分析的基础上,提出要从市场监管主体、交易主体和交易行为三方面构建和与完善我国金融衍生品交易监管法律制度的若干建议。  相似文献   

2.
近年来,全球金融衍生品交易的快速发展及美国次贷危机的爆发暴露出金融衍生品市场监管的缺陷和风险管理的不足。我国金融衍生品市场尚处于发展初期,如何构建有效的监管体系,确保市场健康发展成为我国金融市场建设中面临的重要问题。本文立足于当今国际金融衍生品市场的监管实践,以次贷危机为视角分析国际金融衍生品市场监管体系的不足及未来的监管动向.在此基础上提出了完善我国金融衍生品市场监管相应的对策建议。  相似文献   

3.
近一个时期以来,国际金融危机是全世界目光的聚焦点。这场由美国次贷危机引发的金融海啸席卷全球,在给国际金融市场带来剧烈震荡的同时,也对实体经济形成了严重冲击。时至今日,这场危机仍在蔓延,我们尚未看到风暴过后的曙光。  相似文献   

4.
次贷危机对中国银行业的影响远大于97金融风暴,但相对全球银行业受到的冲击和中国银行业自身实力而言,次贷危机给中国银行业带来了更多的发展机遇。通过及时调整业务结构、有针对性地拓展海外市场、吸引国际高端金融人才等手段,不仅能更好地应对次贷危机带来的冲击,而且有利于加快自身发展,在未来的国际金融格局中占据有利地位,实现在国际银行业中的崛起。  相似文献   

5.
由美国次贷危机引发的国际金融危机使场外衍生品备受争议,场外衍生品市场监管的缺失被指责是导致本次危机的主要原因,加强场外衍生品市场监管因此成为后危机时代全球金融改革的重点.本文从场外衍生品市场的风险特征出发,通过分析金融危机以来发达国家和地区场外衍生品市场的监管改革措施,提出完善我国场外衍生品市场监管的相关建议.  相似文献   

6.
随着金融全球化的发展,现代国际金融市场发展变化十分迅速,不断出现新的特征,特别是以匿方货币体系为主要的国际货币市场显著的变化是,西方货币体系进一步调整和重组;美元在国际货币市场中的地位下降,而欧洲货币地位正进一步加强;国际借贷多元化发展加快;以及国际金融市场的繁荣与活跃。这充分反映了国际金融市场金融全球化发展的趋势,国际金融活动多元化趋势已不可逆转,但也反映了由于西方国家凭借着经济上的优势始终在国际金融领域占据主导地位。与此同时,金融全球化的发展也带来了诸多的金融安全问题。  相似文献   

7.
本文从次贷危机的原因进行分析,提出我国应在今后的经济金融运行中加强宏观审慎监管,重构国内金融监管体系;完善法律制度,增强政府应对危机的能力;加强国际金融改革,增加中国的话语权.并进一步提出金融海啸之下所隐藏的历史机遇--逐步实现人民币国际化,由此引领改革潮流并逐步在未来全球经济金融竞争中赢得先机.  相似文献   

8.
我国银行业流动性管理与监管   总被引:2,自引:0,他引:2  
由美国次贷风波引发的这场国际金融危机,深刻改变了传统金融格局,严重打击了实体经济,欧美等国家经济普遍陷入衰退周期.危机爆发以来,各界对危机成因的研究和评论见仁见智,但一般主流观点认为金融危机的根源是流动性问题,正如美联储主席伯南克所言:"脆弱的流动性风险控制是许多机构所面临问题的一个共同原因."  相似文献   

9.
在市场不成熟的经济体制下,中国金融的主要矛盾是金融开放与金融安全、金融发展与金融分业经营之间的矛盾和冲突.虽然次贷危机使得金融创新和混业经营存在诸多非议,但是并不影响其发展潮流,而已经开始融入国际金融体系的中国自然必须正确面对这一趋势.  相似文献   

10.
美国次贷危机和由次贷危机所引起的全球金融危机,使人们对金融衍生品有了新的认识,企业合理运用衍生品交易,可以有效对冲风险、避免损失,但如果把握不好,也可能深受其害。因此,金融衍生品是一把双刃剑。随着国际金融危机的蔓延,我国部分企业陆续曝出因参与金融衍生品交易产生巨亏的消息,但我们不能以此否定衍生品的积极所用。金融机构需要加强创新研发;政府相关部门需要给企业创造一个有法律保障油制度规范的金融衍生品交易的良好环境。  相似文献   

11.
I.F. Clarke 《Futures》1985,17(2):170-184
With this survey of developments in the futures field since 1945, I.F. Clarke completes his present series for Futures. He makes two major points: that forecasting techniques have become essential tools in the management of change; and that nuclear weapons and ecological problems have added a moral dimension to the study of the future. In the next issue of Futures he will start a new series on the range of future-thinking in the USA, from the expectations of the first settlers to the Star Wars programme.  相似文献   

12.
在中国,所有制形式的调整、改革与完善,先进生产力的发展,党的执政能力建设,是社会主义建设过程中密切结合在一起的三个不同层面的发展关系.应在相互促进和共同提高中促进社会的和谐发展,保证社会主义现代化建设战略目标的顺利实现.  相似文献   

13.
融资融券业务正式运营已经开展,为证券市场带来了革命性的改革,作为证券市场的一大主体,基金公司面对融资融券也迎来了新的发展方向和挑战,本文从融资融券业务的运行机制入手,分析了基金公司融资融券的新契机,并对其即将面临的问题进行审视和剖析,进而提出策略建议.  相似文献   

14.
银监会分设后,人民银行将专司货币政策、金融稳定、金融服务三大职能。作为人民银行的分支机构,基层人民银行的工作重心也将从金融监管调整到这三大职能上来。人民银行的科技部门,就要积极运用科技手段,为人民银行履行新的职能发挥“服务、支持、促进、发展”的作用。一、围绕三大职能搭建五大平台经过“六五打基础、七五作准备、八五大发展”几个阶段后,人民银行相继实现了核算电算化、清算网络化和办公信息化。特别是近一两年来,陆续开通了大额支付系统、信贷登记咨询系统、会计四集中系统、金融信息服务网站等系统,人民银行信息化水平又…  相似文献   

15.
Empirical studies suggest that time-series regression estimates of the degrees of operating and financial leverage have a tendency to produce measures less than one. According to ex ante theory, these measures should be greater than one for firms operating above the breakeven point. There have also been suggestions that the biases in these estimates may be attributable to an underlying increase in unit sales. This work presents evidence that these counter-intuitive measures are produced by changes in the firm's operating parameters (unit price, variable cost, fixed cost and interest payments). It further suggests that attempts to control for the underlying change in unit sales substantially increase the volatility of predicted estimates.  相似文献   

16.
彭虹 《海南金融》2006,(5):41-44
金融纠纷案件是当事人以存单或进账单、对账单、存款合同、保险单、票据、证券等凭证为主要证据向人民法院提出诉讼的案件,对于不同种类金融纠纷的当事人的举证责任,我国现行的金融法律、法规及司法解释有不同的规定。由于金融机构的特殊法律地位,发生金融纠纷时存在有关当事人将最后偿付风险转移给金融机构承担的主观故意,在客观上会使金融机构难以提供相应的证据来对抗不法债权人的诉讼请求,而导致金融机构败诉。为此,对金融诉讼案件中金融机构的举证责任加以研究具有重要的实践意义。  相似文献   

17.
Abstract

The Society of Actuaries undertook a three-phase research project on mortality improvement in the three NAFTA countries: Canada, Mexico, and the U.S. Phase 1 consisted of a literature review of papers on projecting mortality levels in the future and a study of the trend in mortality improvement during this century. Phase 2 consisted of a discussion of different facets of modeling mortality rates at a seminar attended by 79 experts (actuaries, demographers, economists, and medical researchers) representing different countries. The last session of the seminar consisted of the completion of a survey by the attendees to obtain input for Phase 3, which would analyze the impact of mortality improvement on the social security system of each country. This paper summarizes the results of the survey.

The survey results illustrate the difficulty in forecasting mortality levels, because the effects of many factors that could have significant impact on mortality rates are unknown. This suggests the need for dynamic forecasting, which allows for the possibility of random shocks. A majority of the survey respondents believe that stochastic forecasting models, despite their complexity, have significant potential to add value. Respondents also believe that both historical data and cause-specific mortality forecasts are useful as input and also in validating forecasts of the aggregate levels of mortality. The challenge is to develop more sophisticated forecasting models to produce results that are relatively easy to interpret and to communicate these results to the desired audiences, including the public and policymakers.

The survey results suggest that the aggregate effect of lifestyle changes, medical advances, diseases, catastrophe, and physical environmental changes is an increase in life span. However, there is much uncertainty about the future. Respondents expect that beyond the year 2020 the mean annual rate of reduction in mortality for males age 65 and over will average about 0.58% for Canada, 0.76% for Mexico, and 0.67% for the U.S. The results for the female age 65 and over population are 0.64%, 0.83%, and 0.70%, respectively. The age 65 and over population is expected to see larger percentage reductions in mortality than the 0–14 and 15–64 populations. The reductions in male and female mortality will be ultimately the same, and the mortality levels in the three countries will ultimately converge, although differences may persist for decades.  相似文献   

18.
Abstract:  Prior research has shown the prevalence of measurement error in models used to estimate aggregate discretionary accruals. In these models, the incremental information content of the various components of accruals is ignored. Limited prior research and data gathered from firms under Securities and Exchange Commission (SEC) litigation indicate that managers use either one or more than one component of accruals simultaneously, in a consistent way to manipulate bottom-line earnings in a given direction. I propose two measures that capture the consistency between the discretionary components of accruals and test their significance in earnings management (EM) detection in firms that have artificially added accrual manipulation and firms that were targeted by the SEC for accrual manipulation. There is evidence that this information is incrementally useful in detecting EM. This finding paves the way for improvements in the discretionary accruals measure by including consistency information from the components of aggregate accruals.  相似文献   

19.
20.
一、引言随着国民经济的不断发展,银行业务与外部企业的联系越来越密切。银行正逐步成为现代经济活动的中心,作为数据处理核心的银行业务应用也越来越大型化、越来越复杂化,因此许多银行也把软件项目逐步由原来的自主开发转变为与公司合作的方式,或直接外包开发的方式,银行本身的技术人员也逐步由开发转向项目管理。二、项目外包的分类银行项目的外包有以下几种情况:①部分子系统外包,有时由于银行的软件项目太大,单靠银行自身的开发力量基本无法在预定的时间内完成项目,只好把相对独立的部分外包;②直接购买软件公司的成熟产品,有些金融软…  相似文献   

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