Evolutionary dynamics on infinite strategy spaces

Summary. The study of evolutionary dynamics was so far mainly restricted to finite strategy spaces. In this paper we show that this unsatisfying restriction is unnecessary. We specify a simple condition under which the continuous time replicator dynamics are well defined for the case of infinite strategy spaces. Furthermore, we provide new conditions for the stability of rest points and show that even strict equilibria may be unstable. Finally, we apply this general theory to a number of applications like the Nash demand game, the War of Attrition, linear-quadratic games, the harvest preemption game, and games with mixed strategies. Received: June 25, 1999; revised version: January 31, 2000     

区间时变时滞线性系统稳定性准则的改进

研究了区间时变时滞线性系统的稳定性问题,基于Lyapunov泛函方法,使用新的处理技术估计Lyapunov泛函导数的上界,以线性矩阵不等式形式给出了系统稳定性准则的改进结果。所给稳定性准则比已有结果具有更低的保守性,数值实例表明了结果的有效性。     

我国信用风险缓释市场发展与创新

随着我国融资市场快速发展,信用风险管理面临严峻挑战,信用风险缓释市场亟待发展创新.然而,受金融危机影响,我国金融从业人员在观念、认识和态度上对信用风险缓释工具(CRM)存在诸多不明.本文通过解析CRM市场结构、CDS定价机制,以及中国CRM市场发展对策,帮助金融从业人员正确认识CRM市场功能,提升CRM市场参与能力,为...     

Austrian Business Cycle Theory, Keynes’s General Theory, Soaring Wheat Prices, and Subprime Mortgage Write-Downs

Keynes’s presentation of own rates of interest on wheat and housing is set within Austrian business cycle theory, to show that soaring wheat prices and subprime mortgage writedowns are expected, when a monetary authority holds interest rates too low for too long. From that basis, further interest rate cuts are an unlikely remedy for a recession whose roots lie in a proliferation of credit.     

轴向短路电动力和低压绕组辐向稳定性校核

本文阐述了设计线圈安匝平衡、计算电动力对变压器可靠性及对运行中损坏的变压器进行核算,并对牵引变进行绕组轴向稳定性校核进行分析、计算。     

我国产学研合作应加强政府信用监管

产学研合作，是促进科技与经济结合，提高企业的科技创新能力，加快科技成果转化的重要方式，也是建设创新型国家和创新型城市的重要内容。产学研合作离不开信用制度的支撑。信用不仅是现代市场经济发展的基础，也是产学研合作有序发展的不可或缺的基本要素。如何加强政府对产学研合作信用的有效监管，并通过有效的制度安排，形成产学研合作的信用制度规范，就成为当前亟待解决的一个重要问题。     

比较视野下论我国征信体系的发展与完善问题

征信在国外已有100多年的发展历史，已形成较为完善的征信体系和完整的征信产业链。通过对信用发达国家征信体系的比较，系统分析当前我国征信体系存在的供求不足和制度短缺等问题，并借鉴国外先进经验和教训，提出发展和完善我国征信体系的思路和措施。     

Correlation smile matching for collateralized debt obligation tranches with α-stable distributions and fitted Archimedean copula models

As an extension of the standard Gaussian copula model to price collateralized debt obligation (CDO) tranche swaps we present a generalization of a one-factor copula model based on stable distributions. For special parameter values these distributions coincide with Gaussian or Cauchy distributions, but changing the parameters allows a continuous deformation away from the Gaussian copula. All these factor copulas are embedded in a framework of stochastic correlations. We furthermore generalize the linear dependence in the usual factor approach to a more general Archimedean copula dependence between the individual trigger variable and the common latent factor. Our analysis is carried out on a non-homogeneous correlation structure of the underlying portfolio. CDO tranche market premia, even throughout the correlation crisis in May 2005, can be reproduced by certain models. From a numerical perspective, all these models are simple, since calculations can be reduced to one-dimensional numerical integrals.     

Sovereign bond markets and financial stability in an emerging economy: an application of directed acyclic graphs and SVAR models

During the last two decades, domestic government bond markets have developed significantly in emerging economies. Although the financial sector has benefited accordingly, volatility in this market also has posed potential risks in terms of financial stability. This paper uses directed acyclic graphs and structural vector-autoregressive models to evaluate the impact of different shocks on both the public debt market and financial stability. Results suggest that inflation, the policy interest rate and indicators of risk perception are the variables that most affect the slope of the yield curve. In turn, when the slope increases, there is a positive contemporary effect on bank risk indicators.     

金融稳定视角下金融支持实体经济能力的实证研究——以新疆为例

在当前国际金融危机深层次影响不断显现、国内宏观经济下行压力加大、区域经济加快发展的背景下,如何进一步优化配置金融资源,提升金融对实体经济的支持力度和支持效率就显得尤为迫切。本文从金融稳定的角度出发,首先从总量、结构、效率、可持续性等几个维度对当前新疆金融服务实体经济能力进行现状判断,并从宏观角度对金融发展与实体经济发展不相适应方面进行分析。其次,基于金融效率,运用统计方法对新疆金融支持实体经济发展能力进行实证检验,得出新疆金融业自身发展对支持实体经济发展的影响作用明显的结论。最后,就如何进一步提高金融支持实体经济的能力提出相关建议。