名词

“安智贸”合作；中欧联合海关合作委员会     

春节期间海关热词及热点问题

为做好新型冠状病毒感染的肺炎疫情的防控工作,全力保障进口药品、消毒物品、防护用品、救治器械等防控物资快速通关,海关总署2020年1月25日发布了海关总署公告2020年第17号(关于用于新型冠状病毒感染的肺炎疫情进口捐赠物资办理通关手续的公告),公告中要求:“一、全力保障进口药品、消毒物品、防护用品、救治器械等防控物资快速通关,各直属海关相关通关现场设立进口捐赠物资快速通关专门受理窗口和绿色通道,实施快速验放。     

F1的后方战事

镜头一 深夜11点。巨大的国字形建筑在夜幕中隐去了身躯．嘉定海关三楼会议室仍灯火通明．从窗口望去，大家在热烈地讨论什么，衬衫上金色的关微在灯光下熠熠生辉。     

黄金快道

长江,绵延6300公里,一路潺滠,一路奔腾. 长江,流域面积180万平方公里,约占我国总面积的1/5;年入海水量约1万亿立方米,占全国河流总入海量的1/3以上. 长江,多湖泊,多支流,江阔水深,水流平稳,是我国最重要的内河航道和横贯东西的交通大动脉,被誉为"黄金水道".     

下定决心 坚定信心 全力以赴打赢疫情防控阻击战:访武汉海关关长杨杰

问:自疫情发生以来,武汉海关采取了哪些措施,确保进口捐献防疫物资快速通关?杨杰:2019年1月23日着手研究进口捐献物资通关事宜。1月25日凌晨,武汉海关在全国率先发布了《武汉海关关于用于新型冠状病毒肺炎疫情防控和治疗的进口捐赠物资办理通关手续的公告》,明确建立健全快速通关保障工作机制,通过设立专门窗口,开辟绿色通道,优化制度简化流程等措施,确保实现快速验放、即到即提。     

一封来自太平洋彼岸的感谢信

疫情发生后,海关工作人员在现场、在路上、在家里,加班加.点,沟通处理物资捐赠快速通关事宜,受到一众好评。此为众多感谢信中的一篇。有海关关员说:“海关不需要感谢,这是我们的职责;我们不求感谢,我们都是事中人。”但本刊看到的是大家对海关工作、对海关人的理解、感动和暖暖的爱。     

跟进“第三利润源泉”

近十年来,为了在日益加剧的国际竞争中获得竞争优势,各国企业展开了一系列令人眼花缭乱的竞争策略,在产业组织上实施大规模的跨国兼并,进一步提高产业的集中度和市场份额;在企业管理上实施企业流程再造,重组企业组织结构,回归人本管理;在经营方式上实施网络开发、大规模定制、全球采购、即时供货和零库存策略,新的商业模式不断涌现,游戏规则不断创新…….     

小心通关环节壁垒

中国商品在挺进国际市场的过程中频繁遭遇各种形式的贸易壁垒，一些国家的海关当局专门针对中国商品设置各种通关障碍．从而使得通关环节也成为一种贸易壁垒。     

红绿通道选择困境

世界海关组织在1999年6月修订的《关于简化和协调海关制度的国际公约》中建议：各国可在进境旅客携带应税商品进行海关申报方面使用红绿通道制度。根据该制度,进境旅客必须在红绿通道中选择一个,若携带应税商品,则应选择须完全申报并纳税的红色通道;若未携带应申报商品,则可选择绿色通道。     

名词

《京都公约》，Cairns Group凯恩斯集团。     

名词

The Megaport Initiative特大型港口计划，Container Security Initiative集装箱安全倡议     

名词

Customs-Trade Partnership Against Terrorism海关-商界反恐伙伴计划 筒称C-TPAT,是美国在“9·11”后采取的反恐措施之一,2001年11月由美国海关推出,翌年4月16日正式启动,旨在加强美国海关与商界的安全合作,防止恐怖分子利用货运渠道将大规模杀伤性武器带入美国,以保证其国内和输美货物供应链的安全。     

BILINEAR TERM STRUCTURE MODEL

The Gaussian Affine Term Structure Model (ATSM) introduced by Duffie and Kan is often used in finance to price derivatives written on interest rates or to compute the reserve to hedge a portfolio of credits (CreditVaR), and in macroeconomic applications to study the links between real activity and financial variables. However, a standard three‐factor ATSM, for instance, implies a deterministic affine relationship between any set of four rates, with different times‐to‐maturity, and these relationships are not observed in practice. In this paper, we introduce a new class of affine term structure models, called Bilinear Term Structure Model (BTSM). This extension breaks down the deterministic relationships between rates in structural factor models by introducing lagged factor values, and the linear dependence by considering quadratic effects of the factors.     

SOLVABLE AFFINE TERM STRUCTURE MODELS

An Affine Term Structure Model (ATSM) is said to be solvable if the pricing problem has an explicit solution, i.e., the corresponding Riccati ordinary differential equations have a regular globally integrable flow. We identify the parametric restrictions which are necessary and sufficient for an ATSM with continuous paths, to be solvable in a state space     , where     , the domain of positive factors, has the geometry of a symmetric cone. This class of state spaces includes as special cases those introduced by Duffie and Kan (1996) , and Wishart term structure processes discussed by Gourieroux and Sufana (2003) . For all solvable models we provide the procedure to find the explicit solution of the Riccati ODE.     

DYNAMIC CDO TERM STRUCTURE MODELING

This paper provides a unifying approach for valuing contingent claims on a portfolio of credits, such as collateralized debt obligations (CDOs). We introduce the defaultable (T, x) ‐bonds, which pay one if the aggregated loss process in the underlying pool of the CDO has not exceeded x at maturity T, and zero else. Necessary and sufficient conditions on the stochastic term structure movements for the absence of arbitrage are given. Background market risk as well as feedback contagion effects of the loss process are taken into account. Moreover, we show that any exogenous specification of the volatility and contagion parameters actually yields a unique consistent loss process and thus an arbitrage‐free family of (T, x) ‐bond prices. For the sake of analytical and computational efficiency we then develop a tractable class of doubly stochastic affine term structure models.     

向“337条款”说不

自己精心发明了专利产品并申请了专利，却仍然遭遇进入壁垒甚至被侵权起诉。 应诉，将面临上百万美元的诉讼费用；不应诉，则是海外市场的永久性禁入的风险，燕加隆木地板应该何去何从？     

PSEUDODIFFUSIONS AND QUADRATIC TERM STRUCTURE MODELS

The non-Gaussianity of processes observed in financial markets and the relatively good performance of Gaussian models can be reconciled by replacing the Brownian motion with Lévy processes whose Lévy densities decay as  exp(−λ| x |)  or faster, where  λ > 0  is large. This leads to asymptotic pricing models. The leading term, P ₀, is the price in the Gaussian model with the same instantaneous drift and variance. The first correction term depends on the instantaneous moments of order up to 3, that is, the skewness is taken into account, the next term depends on moments of order 4 (kurtosis) as well, etc. In empirical studies, the asymptotic formula can be applied without explicit specification of the underlying process: it suffices to assume that the instantaneous moments of order greater than 2 are small w.r.t. moments of order 1 and 2, and use empirical data on moments of order up to 3 or 4. As an application, the bond-pricing problem in the non-Gaussian quadratic term structure model is solved. For pricing of options near expiry, a different set of asymptotic formulas is developed; they require more detailed specification of the process, especially of its jump part. The leading terms of these formulas depend on the jump part of the process only, so that they can be used in empirical studies to identify the jump characteristics of the process.     

FAST SWAPTION PRICING IN GAUSSIAN TERM STRUCTURE MODELS

We propose a fast and accurate numerical method for pricing European swaptions in multifactor Gaussian term structure models. Our method can be used to accelerate the calibration of such models to the volatility surface. The pricing of an interest rate option in such a model involves evaluating a multidimensional integral of the payoff of the claim on a domain where the payoff is positive. In our method, we approximate the exercise boundary of the state space by a hyperplane tangent to the maximum probability point on the boundary and simplify the multidimensional integration into an analytical form. The maximum probability point can be determined using the gradient descent method. We demonstrate that our method is superior to previous methods by comparing the results to the price obtained by numerical integration.     

LIFTING QUADRATIC TERM STRUCTURE MODELS TO INFINITE DIMENSION

We introduce an infinite dimensional generalization of quadratic term structure models of interest rates, aiming that the lift will give us a deeper understanding of the classical models. We show that it preserves some of the favorable properties of the classical quadratic models.