China's agricultural commodity prices are expected to remain stable

Influenced by the worst US drought in 50 years,corn and soybean prices surged to record highs on Julv 19.Wheat prices are not yet at record levels but have rallied more than 50 percent in five weeks,reported by Financial Times on July 19.     

Valuing stock options when prices are subject to a lower boundary

This study examines the implications for stock option pricing when the domain of the stock price is constrained by a lower boundary. The valuation strategy starts from the familiar geometric Brownian motion framework of Black & Scholes (1973). However, an instantaneously reflecting lower boundary will be superimposed such that a reflected geometric Brownian motion arises. The particular nature of reflection in this approach precludes arbitrage opportunities such that risk‐neutral option valuation techniques can straightforwardly be applied. It will be shown that ignoring lower boundaries can lead to a substantial undervaluation of option prices. © 2008 Wiley Periodicals, Inc. Jrl Fut Mark 28:231–247, 2008     

Endogenous exchange rate pass-through when nominal prices are set in advance

This paper develops a model of endogenous exchange rate pass-through within an open economy macroeconomic framework, where both pass-through and the exchange rate are simultaneously determined, and interact with one another. Pass-through is endogenous because firms choose the currency in which they set their export prices. There is a unique equilibrium rate of pass-through under the condition that exchange rate volatility rises as the degree of pass-through falls. We show that the relationship between exchange rate volatility and economic structure may be substantially affected by the presence of endogenous pass-through. Our key results show that pass-through is related to the relative stability of monetary policy. Countries with relatively low volatility of money growth will have relatively low rates of exchange rate pass-through, while countries with relatively high volatility of money growth will have relatively high pass-through rates.     

期货投资基金与我国期货市场发展

期货投资基金 (FuturesFund)是一种专家理财的期货投资方式。它不但可使投资者享受到专业化管理和规模经营的好处 ,而且可以有效防止期市风险波及到社会 ,有利于期市稳定和社会安定。随着我国期货市场的发展 ,我国已实现了发展期货投资基金所需的市场容量条件、规范性条件和人才准备。后发优势、民间资金充足和投资者入市动机为现阶段发展我国期货投资基金创造了一个良好的有利条件。发展我国期货投资基金对我国证券与期货市场的发展与完善有着突出的现实意义