让百姓用到“放心钱”

如果从别人手中接过一张大面额现钞,你的第一个动作是什么？相信大多数人会＂一看、二摸、三听、四测＂。这正是中国人民银行帮助普通消费者鉴别假币的有效办法。     

挣多少钱才够用

60岁至80岁这20年里,如果以每月400元的生活水准计算的话,至少需要9.6万元的养老金。据《国际金融报》报道,每个人的一生都是在赚钱与花钱中度过的,人从独立生活起,就面临着理财的挑战。随着社会保障体系的健全,每个人部正在从单位人向社会人过渡,每个人必须为自己的一生进行财务上的预算与策划。如何科学地规划你的理财生涯呢?     

你每分钟挣多少钱

白辣辣的阳光如蒸笼般烤着大地,当我们驱车进入南多开拉州的荒原时,正午时分的地表温度已经接近沸点。那是1958年的暑假,我和两位同学相伴去西部旅行。参观了沃尔药店公司和拉莫尔山（总统山）后,在距离考斯特州立公园约17公里的地方,我们看到了一座山峰,随后听到了一位雕刻家的故事。     

多点儿效率,少点儿流动

最近一个月来的重要财经信息颇多，其中很多看似独立的消息背后往往隐含着深刻的关联关系值得掌控财权的CFO们特别要注意分析和研究。国家统计局、国家发改委、国家能源领导小组办公室8月1日下午联合发布了今年上半年全国单位GDP能耗公报。统计显示，上半年全国单位GDP能耗同比     

什么样的条件挣什么样的钱

去年冬天，我一个大学同学从美国回来，让我给他帮忙出版一本关于如何在美国投资的专著。我这位同学可非同一般，出国前就是金融投资圈里有名的人物，在美国读了几年的学位，又曾任职于高盛和美林，是华尔街级别的投资理财专家，现在自己开设一家公司，从事代客理财业务——为全球的富翁打理其在美国的投资与资产。     

60年百姓钱事

从一穷二白,到丰衣足食;从百废待举,到百业俱兴;从墨守成规,到万家争鸣.60年,共和国涂写了一部浓墨重彩的编年体画卷;60年,共和国钱翼渐丰、活力进发. 大河涨水小河满,百姓投资理财生活的变迁令人拍案称奇.曾经,按"票"索物,有钱没地方花,除了存银行就没有别的投资渠道;看如今,理财产品琳琅满目,直教人眼花缭乱.一个个精彩的瞬间,书写了这部新中国百姓理财简史.     

炒股：你挣了谁的钱

你买了股票，挣了钱，闲暇时你或许会想：我挣了谁的钱？ 简单而言，股市是一个贝于富流动的场所，参与的要素有以下几个：     

市场震荡整固,首推货币基金

党的十九大于10月24日顺利闭幕,此后A股市场震荡上行,权益类基金整体表现较好,多数绩优基金跑赢股指.固定收益类基金中,债券基金出现大批清盘现象,清盘基金多为前期委外产品,投资债券基金需谨慎关注其持有人结构,以防踩雷.鉴于债券市场近期不确定因素较多,建议投资者稳健投资,可重点关注货币基金.     

让基金收益钱追钱

关于投资,很多投资者进入市场时首先想的是赚钱,而国际投资大师的忠告却是保本。     

“百姓钱”革命流动生财

你的客户是否经常出现为应付不时之需而提前支取定期存款?他们是否经常抱怨定期变活期的收益损失?对此，你通常会对他们作何建议。     

Volatility in the federal funds market and money market spreads during the financial crisis

We analyze the role of federal funds rate volatility in affecting risk premium as measured by various money market spreads during the 2007–2009 financial crisis. We find that volatility in the federal funds market contributed to elevated Overnight Index Swap (OIS) spreads of unsecured bank funding rates during the crisis. Using OIS as a proxy for market expectations, we also decompose London Inter-Bank Offered Rate (Libor) into its permanent and transitory components in a dynamic factor framework and show that increased volatility in the federal funds market contributed to substantial transitory movements of Libor away from its long-run trend during the financial crisis.     

Assessing the credit risk of money market funds during the eurozone crisis

This paper measures credit risk in prime money market funds (MMFs) and studies how such credit risk evolved during the eurozone crisis of 2011–2012. To accomplish this, we estimate the annualized expected loss on each fund's portfolio. We also calculate by Monte Carlo the cost of insuring a fund against losses amounting to over 50 basis points. We find that credit risk of prime MMFs, though small, doubled from 12 basis points in June 2011 to 23 basis points in December 2011 before receding in 2012. Contrary to common perceptions, this did not primarily reflect funds’ credit exposure to eurozone banks because funds took measures to reduce this exposure. Instead, credit risk in prime MMFs rose because of the deteriorating credit outlook of banks in the Asia/Pacific region. We conclude that the increase in the credit risk of prime MMFs in the second half of 2011 reflected contagion in the worldwide banking system coupled with slowing global economic growth, not actions taken by MMFs.     

Cost of monitoring and risk taking in the money market funds industry

Increasing the cost associated with gathering information can hamper the monitoring activity of the market even when information remains public. Using the 2015 US money market funds (MMFs) reform as a quasi-natural experiment, I find a positive effect of removing information requirements over credit ratings on the allocation by MMFs toward securities rated as second tier. The effect is driven by monitored MMFs catering to retail investors and by monitored MMFs that do not voluntarily report credit ratings after the reform. The verfied increase in the relative demand by MMFs for second tier securities is associated with a decrease in the spread paid at issuance by second tier commercial paper.     

The dynamic relationship among the money market mutual funds,the commercial paper market,and the repo market

In this paper, we present the short-run and the long-run relationships among the financial assets of the money market funds, the commercial paper market, and the repurchase agreement market by undertaking a cointegration analysis of quarterly data over the 1985–2017 period. This was based on the empirical observation that the commercial paper and repo markets account for 50 percent of the assets of money market funds. The evidence suggests that there exists a common long-term cointegrating trend among these three components of the shadow banking system. Any disequilibrium in this long-run relationship among these variables is corrected by movement in the financial assets of money market funds. The Beveridge-Nelson decomposition from the estimated cointegrating relationship shows that the cyclical component of money market funds is large and captures huge swings in these markets during the financial crisis. We also find evidence of change in these dynamic relationships in the post-crisis period, where in addition to the money market funds, the commercial paper market also exhibits a tendency to correct for the disequilbrium.     

The price of liquidity: CD rates charged by money market funds

We examine the cost of liquidity in rates on CDs purchased by money market funds (MMFs). We find no evidence that rates vary directly with the size of CDs. However, we do find that large MMFs receive higher rates on large CDs than small MMFs. This suggests banks pay for (potential) liquidity.     

神雾集团如何做大赚钱的学问

在坐落于北京中关村科技园区昌平园的神雾集团大楼内,《国际融资》记者独家专访了北京神雾环境能源科技集团股份有限公司(简称:神雾集团)董事长兼总经理吴道洪博士。吴博士独特的创业经历与睿智的战略手笔,让我们看到了一家中国民营企业18年来是怎样从一家小微公司,发展成集"节能技术的研发-制造-设备配套-咨询与设计-工程总承包"全产业链布局,拥有石油化工甲级设计、咨询和工程总承包资质,冶金甲级设计、咨询和工程总承包资质,北京市唯一炉窑工程专业承包一级资质等工程资质,节能核心设备制造基地,全球最大的节能与低碳技术联合实验室等七家全资或控股子公司的股份制集团公司;又是怎样从最初销售工业炉喷嘴节能技术产品,创新研发出适用中国劣质黑色金属矿、劣质有色金属矿和冶金固废处理的高效清洁冶炼新技术和新工艺,并使多项核心技术走在了世界前列     

贺燕萍:做一家为百姓挣钱的基金

与成熟的市场相比,中国的公募基金还"在路上" 记者:您如何看待公募基金的发展和变化? 贺燕萍:中国公募基金自诞生之日起,至今已经有18年的历史,并已逐渐走出草莽阶段,进入专业化时代.随着基金法规的完善、监管职责的明晰,基金行业的基础制度搭建也在快速进行.     

Settlement delays in the money market

We track 38,000 money market trades from execution to delivery and return, and provide a first empirical analysis of settlement delays in financial markets. In accord with the predictions of recent models of strategic settlement of financial claims, we document a tendency by lenders to delay delivery of loaned funds until the afternoon hours. We find banks to follow a simple strategy to manage the risk of account overdrafts, by delaying settlement of large payments relative to that of small payments. More sophisticated strategies such as increasing delays when own liquid balances are low and when dealing with small trading partners play a marginal role. We find evidence of strategic delay also when returning borrowed funds, although we can explain a smaller fraction of the dispersion in delays in the return than in delivery leg of money market lending.     

Measuring the market impact of hedge funds

Hedge funds often employ opportunistic trading strategies on a leveraged basis. It is natural to find their footprints in most major market events. A “small bet” by large hedge funds can be a sizeable transaction that can impact a market. This study estimates hedge fund exposures during a number of major market events. In some episodes, hedge funds had significant exposures and were in a position to exert substantial market impact. In other episodes, hedge fund exposures were insignificant, either in absolute terms or relative to other market participants. In all cases, we found no evidence of hedge funds using positive feedback trading strategies. There was also little evidence that hedge funds systematically caused market prices to deviate from economic fundamentals.