金融创新产品风险的适应性监管机制探索——以MBS、CDO、CDS为例

金融创新产品风险的监管不到位是2007年美国次贷危机及2008年全球金融危机爆发的主要原因之一。在对MBS、CDO与CDS等创新产品风险及监管进行分析基础上创建的金融创新产品风险适应性监管机制框架包括风险的识别、风险的层级报告、风险的预警、风险的监管介入、风险的处理和金融危机与经济危机的预防六个部分。     

“一保一控”政策背景下的房地产业发展研究

在未来一段时期,我国经济要实现“一保一控”的宏观调控目标,扩大内需是关键。国际经验表明,每一次的房价大幅度下降,都可能伴随着消费的停滞和经济的衰退。政府的宏观调控,既要有利于避免房价大幅上涨带来泡沫,也要防止房地产市场的过度波动对宏观经济稳定的冲击。因此,防止我国房地产业出现“大落”,应包含在“一保一控”宏调政策的内容之中。     

论我国农村金融监管制度的改革与完善

对我国农村金融监管制度的完善应紧密结合我国农村金融自身所具有的鲜明特性。金融监管应追求安全与效率的和谐统一。金融监管的方式应从单纯的合规性监管、统一监管更新为以风险性监管和分类监管、差别监管为主。在健全农村金融监管法规的基础上应有针对性地对民间金融合法化。多元化的监管体系和足够的监管资源、均衡投入的监管力量也是成熟的农村金融监管制度必不可少的。     

我国房地产泡沫与银行信贷规模的相关性研究

本文首先从理论上深刻剖析了房地产泡沫与银行信贷规模相互之间的作用与传导机制,在此基础上选取2006年—2018年相关指标的年度数据,对房地产泡沫与银行信贷规模进行了图形拟合与周期性波动规律分析,分析发现二者存在极高的契合度.建立房地产泡沫的函数,构建协整方程实证发现银行信贷规模对房地产泡沫的长期弹性系数为0.51,从长...     

Pricing vulnerable options with correlated jump-diffusion processes depending on various states of the economy

In this paper, we use a Markov-modulated regime switching approach to model various states of the economy, and study the pricing of vulnerable European options when the dynamics of the underlying asset value and the asset value of the counterparty follow two correlated jump-diffusion processes under regime switching. The correlation is modelled by both the diffusion parts and the pure jump parts which describe the uncertainty of the value of the risky assets. We develop a method to determine an equivalent martingale measure and a parsimonious representation of the risk-neutral density is provided. Based on this, we derive an analytical pricing formula for vulnerable options via two-dimensional Laplace transforms, and implement the formula through numerical Laplace inversion.     

Does transparency of central banks communication affect credit market? Empirical evidence for advanced and emerging markets

This study examines the effect of the transparency of central banks communication on credit market. In particular, this study investigates how central banks’ effort to provide more detailed information about their objectives regarding the price stability (monetary policy transparency) and financial stability (financial stability transparency) policies are able to mitigate information asymmetry on credit market, through the net interest margin charged by the banks to engage in financial intermediation (credit spread). The findings denote central bank transparency is able to reduce the credit spread. Additionally, the evidence suggests the effect of central bank transparency on the credit spread is greater in emerging markets, where there is less information available on credit market. In brief, transparency in central banks communication is an important tool to mitigate the information asymmetry in the credit market.     

Financial Deregulation and the Role of Statecraft: Lessons from Britain’s 1971 Competition and Credit Control Measures

Within the financialisation literature, a number of approaches identify the coexistence of financial expansion and productive stagnation. Yet there is no consensus on which direction causality operates between these two phenomena. This impasse has been widened by the lack of attention paid to the role of statecraft strategies in mediating possible causal mechanisms. This article contributes to rectifying this shortcoming by focusing on the governance advantages granted to states through financial deregulation. By presenting archival evidence on Britain’s 1971 Competition and Credit Control deregulation, this article lends support to financialisation accounts that argue that weaknesses in the productive economy spurred financial expansion, yet it also indicates that the state’s desire for depoliticised forms of governance played a crucial role in mediating this relationship. This further suggests that International Political Economy should focus on the strategic manner in which states relate to markets.     

中药治疗股骨头坏死的作用机制研究进展

股骨头坏死是骨科难治疾病之一,其具有较高的致残率,严重影响患者身体健康和生命质量,给患者带来极大的心理压力.目前,中药治疗股骨头坏死颇有特色,逐渐被人们认可,故从近年来中药单体、中药经方、自拟方剂3个方面对治疗股骨头坏死的作用机制进行综述,期望为未来中药更加合理有效治疗股骨头坏死提供一定的理论支持.