Hedging and pricing early-exercise options with complex fourier series expansion

We introduce a new numerical method called the complex Fourier series (CFS) method proposed by Chan (2017) to price options with an early-exercise feature—American, Bermudan and discretely monitored barrier options—under exponential Lévy asset dynamics. This new method allows us to quickly and accurately compute the values of early-exercise options and their Greeks. We also provide an error analysis to demonstrate that, in many cases, we can achieve an exponential convergence rate in the pricing method as long as we choose the correct truncated computational interval. Our numerical analysis indicates that the CFS method is computationally more comparable or favourable than the methods currently available. Finally, the superiority of the CFS method is illustrated with real financial data by considering Standard & Poor’s depositary receipts (SPDR) exchange-traded fund (ETF) on the S&P 500® index options, which are American options traded from November 2017 to February 2018 and from 30 January 2019 to 21 June 2019.     

Water in the desert? The influence of Wilhelm Röpke on Ludwig Erhard and the social market economy

It is commonly believed that Wilhelm Röpke heavily influenced Ludwig Erhard and, through him, West Germany’s social market economy. This article demonstrates that Röpke’s influence on Erhard was limited. Although the two men shared many common ideals, they also differed on many fundamental issues. Moreover, Erhard developed his ideas before he read Röpke’s wartime trilogy.     

西部地区生态经济失衡的生态经济根源及其对策

西部地区生态环境的化不仅阻碍了本地区的发展,也制约了其它地区的发展。本文分析了西部地区生态恶化的生态经济根源,提出了相应的对策,以加强该地区的生态环境保护,促进生态经济协调发展。     

The Trading Friction between America and Japan

With finance upheaval endlessly and global economic environment become more complex, the trading disputes among the western developed countries is more, and this kind of tendency is dangerous to the prospect of the world economic growth. This paper tries to analyze the major reasons of the intense trading friction between America and Japan and the countermeasures two sides took. Since the trading friction between America and Japan began from the middle of the 1950s, it never be disconnected, and escalate constantly.     

我国东西部地区技术相似度测度与差异分析

采用标准的技术相似度测量方法,定量测度了我国东西部各省份间的技术相似度,发现西部与东部省份之间存在技术结构差异,与北京和上海的差距尤其显著。分别以与北京、上海的技术相似度为基准,对东西部省份进行排序,证实了我国各省份之间的技术结构和地理分布、经济水平类似,东西部也是具有明显差异的。并通过分析东部省份之间、西部省份之间以及东西部省份之间的技术相似度水平,以找出西部各省潜在的技术转移来源地。     

Schools Out: Adam Smith and Pre-disciplinary International Political Economy

In this article, I argue that invocations of Adam Smith in international political economy (IPE) often reveal the influence therein of a disciplinary ontological disaggregation of economic and non-economic rationality, which I claim is obscured by the tendency to map its complex intellectual contours in terms of competing schools. I trace the origins of the disciplinary characterisation of Smith as the founder of IPE's liberal tradition to invocations of his thought by centrally important figures in the perceived Austrian, Chicago and German historical schools of economics, and reflect upon the significance to IPE of the reiteration of this portrayal by apparent members of its so-called American and British schools. I additionally contrast these interpretations to those put forward by scholars who seek to interpret IPE and Smith's contribution to it in pre-disciplinary terms, which I claim reflects a distinct ontology to that attributed to the British school of IPE with which their work is often associated. I therefore contend that reflection upon invocations of Smith's thought in IPE problematises the longstanding tendency to map its intellectual terrain in terms of competing schools, reveals that the disciplinary ontological consensus that informs this tendency impacts upon articulations of its core concerns and suggests that a pre-disciplinary approach offers an alternative lens through which such concerns might be more effectively framed.     

The Discovery of the Third World

Corporatism in the academy continues to invite controversy just as it did nearly a century ago. Thorstein Veblen articulated many of the early concerns in Higher Learning in America ([1918] 1965). Many current commentaries on the subject echo Veblen's sentiments but appear to be oblivious of his tremendous intellectual legacy. This sad state of affairs may be a product of the severe reaction of early critics to Higher Learning followed by years of scholarly indifference. Nevertheless, the modern critiques of corporatism in the academy attest to the remarkable prescience of Veblen and his unique evolutionary perspective. Furthermore, critical opinion to the contrary, Higher Learning lacks neither logical consistency nor methodological integrity. Instead, Veblen's thoughts on the limits of pragmatic utilitarianism offer valuable insight into the ongoing controversy surrounding corporatism and higher learning.     

西部大开发税收优惠政策实施效果评估

本文通过对西部开发税收优惠政策与地区经济增长、企业生产经营行为以及地方财政收入关系的评估分析,认为西部开发税收优惠政策对经济增长具有明显促进作用,对企业资产利润率提高也具有显著正效应.但从2002年到2004年西部开发税收政策对西部经济增长促进效应不断降低.最主要的原因是政策涉及的垄断企业多,市场化企业少;能源开发、环境污染严重企业享受多,实现地方可持续发展企业享受少;优惠税额主要促进了中央大型能源开采垄断企业,大多数有利于西部地区经济可持续发展的支柱产业得不到有效支持.所以提出:西部开发税收优惠政策在覆盖面上应做有增有减,并做出延长政策时效等调整.     

长沙大河西战略的正效应研究

为探索＂两型社会＂发展的新路子,2007年底长沙市委研究决定扩大岳麓区的版图,并将它打造成一个先导区,由点到面带动整个城市群的发展,这个战略被命名为＂大河西战略＂。大河西战略实施至今,对长株潭地区的经济增长产生了明显的正效应,也给湖南的区域经济发展注入了有力的支持。     

Budgetary Accounting in National Governments: Anglo versus American Accounting

Abstract: This paper offers an understanding of the US federal budgeting and accounting system, in context. The system is unique among the major Anglophone countries, in being both cash‐based and obligation‐based, thereby providing what can be termed a polar opposite case to an accrual‐based system, the technicalities of which the paper explains. The paper uses, as a comparator, the UK government's cash‐based and accrual‐based system, also in context. This shows that the US system is primarily a system of control by the legislature, whereas the UK's is primarily one of control by the executive. The paper analyses the long history of institutions of the US federal government defending the obligation basis in the face of accrual‐based assaults; the obligation basis has remained resilient.