阿里嘎多~
1. Risk-Based Capital Standards and the Riskiness of Bank Portfolios: Credit and Factor Risks [] Steven R. Grenadier & Brian J. Hall1995 Downloadable (with restrictions)! Bank risk-based capital (RBC) standards require banks to hold differing amounts of capital for different classes of assets, based almost entirely on a credit risk criterion. The paper provides both a theoretical and empirical framework for evaluating such standards. A model outlining a pricing methodology for loans subject to default risk is presented. The model shows that the returns on such loans are affected by the complicated interaction of the likelihood of default, the consequences of default, term structure variables, and the pricing of factor risks in the economy. When we examine whether the risk weights accurately reflect bank asset risk, we find that the weights fail even in their limited goal of correctly quantifying credit risk. For example, our findings indicate that the RBC weights overpenalize home mortgages, which have an average credit loss of 13 basis points, relative to commercial and consumer loans. The RBC rules also contain a significant bias agains 2. Pricing Derivatives on Financial Securities Subject to Credit Risk [] Jarrow, Robert A & Turnbull, Stuart MDownloadable (with restrictions)! Author(s): Jarrow, Robert A & Turnbull, Stuart M. 1995 Abstract: This article provides a new methodology for pricing and hedging derivative securities involving credit risk. Two types of credit risks are considered. The first is where the asset underlying the derivative security may default. The second is where the writer of the derivative security may default. The authors apply the foreign currency analogy of R. Jarrow and S. Turnbull (1991) to decompose the dollar payoff from a risky security into a certain payoff and a 'spot exchange rate.' Arbitrage-free valuation techniques are then employed. This methodology can be applied to corporate debt and over the counter derivatives, such as swaps and caps. Copyright 1995 by American Finance Association. 3. The nature of credit risk in project finance [] Marco SorgeDownloadable ! Author(s): Marco Sorge. 2004 Abstract: In project finance, credit risk tends to be relatively high at project inception and to diminish over the life of the project. Hence, longer-maturity loans would be cheaper than shorter-term credits. 4. Valuation of Credit Risk in Agricultural Mortgages [] Sherrick, Bruce J & Barry, Peter J & Ellinger, Paul N2000 Downloadable (with restrictions)! A credit-risk valuation model is developed and empirically implemented to estimate the cost of loss distributions across a broad set of loan-level and pool-level characteristics is used to assess insuring against credit risks in pools of agricultural mortgage loans. Probabilistic information about insurance valuation and solvency likelihood. The effects on the value of credit-risk insurance of pool size, deductibles, timing alterations, premium loadings, adverse loan selection, and changing underwriting standards are also estimated. Results indicate that actuarial insurance costs are initially highly sensitive and then become relatively insensitive as pool size increases. Copyright 2000 by American Agricultural Economics Association 5. Could Regional and Cantonal Banks Reduce Credit Risk through National Diversification? [] Bertrand Rime2007 Downloadable! This paper evaluates the reduction of credit risk that can be achieved in Switzerland by a national diversification of bank lending. Using a credit risk model based on corporate default rates, I find that the risk of a nationally diversified loan portfolio is up to 20% smaller than the sum of the risks of regional portfolios. From a financial stability perspective, this substantial risk diversification potential should motivate particular scrutiny on the more than hundred Swiss banks staying on the regional business model. 6. The Credit Risk Transfer Market and Stability Implications for . Financial Institutions [] Li L. Ong & Jorge A. Chan-LauDownloadable ! Author(s): Li L. Ong & Jorge A. Chan-Lau. 2006 Abstract: The increasing ability to trade credit risk in financial markets has facilitated its dispersion across the financial and other sectors. However, specific risks attached to credit risk transfer (CRT) instruments in a market with still-limited liquidity means that its rapid expansion may actually pose problems for financial sector stability in the event of a major negative shock to credit markets. This paper attempts to quantify the exposure of major . financial groups to credit derivatives, by applying a vector autoregression (VAR) model to publicly available market prices. Our results indicate that use of credit derivatives does not pose a substantial threat to financial sector stability in the United Kingdom. Exposures across major financial institutions appear sufficiently diversified to limit the impact of any shock to the market, while major insurance companies are largely exposed to the 7. Ratings versus equity-based credit risk modelling: an empirical analysis [] Pamela Nickell & William Perraudin & Simone VarottoDownloadable ! Author(s): Pamela Nickell & William Perraudin & Simone Varotto. Abstract: Banks have recently developed new techniques for gauging the credit risk associated with portfolios of illiquid, defaultable instruments. These techniques could revolutionise banks' management of credit risk and could in the longer term serve as a more risk-sensitive basis for calculating regulatory capital on banks' loan books than the current 8% capital charge. In this paper, examples are implemented of the two main types of credit risk model developed so far: ratings-based and equity-based approaches. Using price data on large eurobond portfolios, the paper assesses, on an out-of-sample basis, how well these models track the risks they claim to measure. 8. Comparing mortgage credit risk policies : an options-based approach [] Buckley, Robert & Karaguishiyeva, Gulmira & Van Order, Robert & Vecvagare, LauraDownloadable ! Author(s): Buckley, Robert & Karaguishiyeva, Gulmira & Van Order, Robert & Vecvagare, Laura. 2003 Abstract: Buckley, Karaguishiyeva,Van Order, and Vecvagare analyze the structure of approaches to mortgage credit risk that are now being used in a number of OECD and transition economies. The authors'basic approach is to show how option pricing models can help measure and evaluate the risks of various schemes. They find that mortgage default insurance can be a cost-effective tool for both improving housing affordability and efficiently addressing some of the rationing that characterizes this market. When correctly structured, as it is in a number of transition and market countries, this kind of program can be expected to reduce nonprice rationing at an actuarially fair price. At the same time, considerable care must be exercised in the development of such instruments. Geographical risk diversification, particularly across borders, can play a major role in the success of these programs. 9. Quadratic Portfolio Credit Risk models with Shot-noise Effects [] Gaspar, Raquel M. & Schmidt, Thorsten2005 Downloadable!
We propose a reduced form model for default that allows us to derive closed-form solutions to all the key ingredients in credit risk modeling: risk-free bond prices, defaultable bond prices (with and without stochastic recovery) and probabilities of survival. We show that all these quantities can be represented in general exponential quadratic forms, despite the fact that the intensity is allowed to jump producing shot-noise effects. In addition, we show how to price defaultable digital puts, CDSs and options on defaultable bonds. Further on, we study a model for portfolio credit risk where we consider both firm specific and systematic risks. The model generalizes the attempt from Duffie and Garleanu (2001). We find that the model produces realistic default correlation and clustering of defaults. Then, we show how to price first-to-default swaps, CDOs, and draw the link to currently proposed credit indices. 10. Macro stress testing with a macroeconomic credit risk model for Finland [] Virolainen , KimmoDownloadable ! Author(s): Virolainen , Kimmo. 2004 Abstract: In the discussion paper, we employ data on industry-specific corporate sector bankruptcies over the time period from 1986 to 2003 and estimate a macroeconomic credit risk model for the Finnish corporate sector. The sample period includes a severe recession with significantly higher-than-average default rates in the early 1990s. The results suggest a significant relationship between corporate sector default rates and key macroeconomic factors including GDP, interest rates and corporate indebtedness. The estimated model is employed to analyse corporate credit risks conditional on current macroeconomic conditions. Furthermore, the paper presents some examples of applying the model to macro stress testing, ie analysing the effects of various adverse macroeconomic events on the banks’ credit risks stemming from the corporate sector. The results of the stress tests suggest that Finnish corporate sector credit risks are fairly limited in the current macr
我是怖怖
International private enterprises external constraints and the Government Service InnovationAbstract: In the opening to the outside world situation growing, private enterprises can not be separated from the internationalization of the rational power of the Government. This paper analyzes the internationalization of private enterprises of the external constraints, a private enterprise internationalization of innovation need to government : private enterprises of the external factors of international service innovationWith the world economy, increasing globalization, China has become the world's fourth-largest economy, including private enterprises in economic development by increasing the role. Private enterprises are faced with not only the competitiveness of domestic firms and foreign multinational companies are faced with challenges. Therefore, expanding the opening up of the situation, the private enterprises to develop and grow, not only to make use of domestic markets and resources, but also going out to implement the strategy and the internationalization of private enterprises, in a broader competitive environment to meet the challenge. Towards world-class enterprise can not be separated from the support of the Government, the Government should be private enterprise to provide a good environment, strengthening innovation private enterprises external constraintsAt present, the development of private enterprises in China has made great achievements, but our small and medium-sized private enterprises still dominated the majority of private enterprises through the first start of the primitive accumulation period, being the second business, the implementation of international strategy, international operations, enterprises must create a certain degree of accumulation and the capacity and conditions. However, the internationalization of private enterprises of the potential hindering the external environment, so that many companies fall into the plight of the development.(A) financial bottlenecks encounteredAt present, private enterprises, especially those in the survival of small and medium-sized financial institutions from the public it is difficult to obtain adequate financing for development. These enterprises can apply for loans to small, low visibility due to take the way of external financing is very difficult. Most of them only through self-financing and non-formal channels of access to capital financing. High-risk and cost of financing and financial situation of the shortage of channels for private enterprises has seriously hampered the pace of foreign trade, and even lead to business in the international competition of mortality. Small and medium-sized private financing has been difficult for many entrepreneurs and scholars is the focus of attention.(B) a means of macroeconomic management and weak controlWorld experience shows that early investments in overseas enterprises often rely on the Government to promote the policy of a powerful force for success. Although China's government issued a series to promote the internationalization of enterprises to develop business-friendly policies and measures, but because of China's foreign investment is still at the initial stage, matching the policy support system is not yet complementary, business in the overseas investment in all aspects of the lack of government support is often difficult to deal with strong pressure from overseas competitors. In addition, trade management, due to export credit, export tax rebate policy areas such as discrimination, the private enterprises to develop foreign trade have been hampered enthusiasm objectively the impact of the development of its foreign trade. In addition, the external examination and approval system in China remains low efficiency, high-threshold, approval of part of a very complicated, resulting in the loss of overseas investment enterprises a good opportunity, but also caused a great deal of foreign direct investment is not officially sanctioned by the addition, a considerable number of private enterprises drifted away from the government service, science and technology management departments at all levels of government does not control the basic means, can only cope in a passive way, on the one hand, private enterprise policies and the urgent need to understand industry trends, and the other aspects of management of private enterprises to master the basic situation is not, as well as private enterprises and government services, international difficult to form a virtuous circle, hindering the development of private enterprises.(C) The narrow access to informationLarge enterprises or enterprise groups operating on the general risks and traps the international market through various channels and timely access to information, and can effectively resolve and circumvent. However, for SMEs, because of its strength is limited, through the establishment of offices or other non-governmental channels to collect a lot of the limitations of information, leading to corporate ownership information is not adequate, the narrow access to information, to a large extent an increase of private enterprises "going out" of blindness. Moreover, outside of private enterprises to expand means less risk-averse, often become the victims of the international market transactions. Government of Romania, such as by modifying the "entry and residence of foreign residents Ordinance" to stay and lead to a sharp deterioration in business environment, the vast majority of Chinese under attack, and even forced to leave. Another example in Russia, Spain, clothing, many small and medium-sized products that were destroyed or seized, resulting in substantial economic losses.(D) not yet employed a sound social security systemA comprehensive and systematic solution to the social security system are employees of private enterprises to worry about a big problem. The current work in this area is still weak, many private enterprises to social insurance policy a lack of understanding, enterprise operators the corresponding legal obligations is not clear, the agencies do not participate in the social insurance of the owners there is no uniform means of coercive measures and to be constrained thereby increasing the number of people lucky enough to escape the psychological security of the history of coverage refusal. Therefore, only employees of private enterprises to improve the social security system, private enterprise can come into the staff, retain, Well done, in order to stimulate more scientific and technical personnel engaged in private enterprises. Management of private enterprises to international competition faced, but the final analysis, the biggest competition is the "talent" competition. China's private enterprises employed a lower overall level of education, lack of follow-up driving force for development. I investigated some of private enterprises in Zhejiang Province, found that the current management of private enterprises, not only in the lack of high-level operators, in scientific research and quality control team is also a lack of post high professional titles of the implementation of those products and services in production the lack of high-quality first-line for the skilled workers, the all-round, three-dimensional talent gap will be the development of private enterprises to a very adverse impact must be services, innovationDevelopment of foreign trade should not only focus on the promotion of exports of large enterprise groups, more attention should be paid to small and medium-sized private enterprises to improve international competitiveness. For the internationalization of private enterprises, the Government must change its functions, the private enterprises "going out" strategy, the innovative service concepts, and to enhance international cooperation, to build a unified, consistent with the laws of the market enterprises "going out" policy to support, for private enterprises development of fair competition order.(A) private enterprises to create a positive international environment for the development of good1. Multi-channel solution to the problem of insufficient funds. The implementation of tax incentives, to provide for the overseas investment of private enterprises can enjoy income tax relief, and its processing products have been imported outside the country, can enjoy certain amount of customs duties, value-added tax concessions to foreign machinery and equipment used in the majority of raw materials duty-free, giving priority to export quotas; the establishment of a policy of internationalization of corporate finance guarantee funds to start such as the export tax rebate loans, accounts receivable, such as export credit loans of the innovative ways; the establishment and improvement of export credit system, foreign trade development fund to adjust the use of the direction of the establishment of exports and credit growth in the size of the synchronization mechanisms for small and medium-sized private enterprises to expand export production to provide the necessary financial support; the expansion of export credit insurance and the size of the field for private enterprises to provide a full range of business investment and trade policy; multi-funding the establishment of private enterprises venture capital fund or loan guarantee fund; concentration of private enterprises in the region, approved the establishment of private enterprises can be mutual funds; to allow private enterprises, subject to conditions, such as financing through the issuance of bonds for multi-channel solution to private enterprises create the conditions for funding . To strengthen macro-management overhead. Accelerate the improvement of foreign investment legislation, the reform of foreign trade administration system, in accordance with the requirements of open markets, strengthen the guidance of foreign trade and economic planning, policy guidance, administrative services and supervision of the work, the focus from the work of the Government for approval and management of specific shift for the development of foreign trade and economic development planning and policy, administrative regulations and standardize the operation of up to private enterprises "going out" system to create a good condition. Goods such as real-time tracking system to speed up the building, vigorously push forward the "electronic port" network engineering, enterprise internationalization provide convenient customs clearance service and and private enterprises to enhance communication, strengthen the protection of private property, and in the foreign exchange management, active in the implementation of private enterprises "going out" strategy to provide quality services and policy support, to create a relaxed, uniform rules, policy transparency, consistent with the requirements of the market economy open, fair and just environment. In the capital market access to the private enterprises to "national treatment", the same industry in different ownership enterprises should enjoy the same administration is the regulation and control means necessary for the development of private enterprises and private enterprises can not develop without the statutory and, if necessary, the standardization of management and innovative services with the times. Such as support from the Guangdong Provincial Government established the National Private Enterprise Center, the first complaint the majority of private entrepreneurs has been the sincere welcome.(B) build a positive foreign trade information service system1. The information services provided by the Government as an important component of quality service. To foreign enterprises, projects, capital and the basic situation of a national database as the main contents of which the corresponding private enterprises "going out" system management services; perfect "going out" operational statistical system for foreign investment and cooperation projects and related data for dynamic analysis, which promptly adjust the national macro-management policies; play I embassies and consulates in the first-line role in the collection of multi-country laws, regulations and specific business information for the vast number of private enterprises to enter international market opportunities .2. Start Internet works export enterprises. Actively support and guide the private export enterprises access international e-commerce, encourage enterprises to take the path information. Help enterprises to develop and adopt a unified information technology solutions to open up international markets to expand the online transactions. Between domestic and foreign enterprises to speed up large-scale construction of e-commerce trading platform to help enterprises to establish a relatively reliable and stable supply chain trade, enhance access to business . To develop a standardized and effective early warning and emergency disposal mechanism. Small and medium-sized private enterprises in China as a result of access to information often narrow and in foreign countries "against" the actual situation, the Government's protective measures in addition to early warning and timely information, should also help small and medium-sized multi-channel selection of a suitable investment, while for in a certain country or region to invest in the operation of small and medium-sized, but also through our embassies and consulates to provide real-time early warning operational risk information, operational risks in time to resolve.(C) employees of private enterprises and improve the social security systemFor private enterprises "going out", the Government's service innovation is also reflected in the Government should take active measures to update the concept of strengthening the awareness of the small and medium enterprises establish and improve the social security of employees working mechanism to encourage SMEs to strengthen multi-level, multi-form the research cooperation and promote the internationalization of private enterprises to develop in . Employees of private enterprises to improve the social security system, to promote the flow of talent. To change the social security system of "differential treatment" for "social treatment", to establish equality of rights and obligations for all the idea of shared, standardized social security system, establish and improve the characteristics of Chinese social security system of laws and regulations. To pay special attention to small and medium-sized private enterprises, "insurance" problem of the "escape security" and "history of coverage refusal" of the business owners must take punitive measures. The social security system to increase the publicity, education and guide the whole society every citizen awareness of social security. Social insurance for long in the work of leadership should be the rights of some departments to a relatively concentrated sector, the relevant departments under the coordination of arrangements, from the financial, audit, health, and civil affairs departments to . To enhance the flow of talent-oriented news. Through newspapers, magazines, radio, television and other multi-media coverage of some of the development of private enterprises, give full play to the role of public opinion, promote the flow of talent. The development of social intermediary organizations, recommended by professionals for private enterprises, the introduction of talent. Government functions and departments should actively create conditions for them, and guide private enterprises to establish direct and Universities network employing the "train orders" mode and explore the potential of schools for business services professionals to create a good cycle of renewal of . To encourage private enterprises and institutions of higher learning, scientific research institutes to establish a stable relationship between the scientific and technological cooperation, the joint establishment of various types of scientific research institutions, to conduct joint scientific and technological research of public relations. To encourage and support private enterprises to establish the conditions of high-tech research and development centers, engineering research centers, technology center. Encourage qualified enterprises to set up private technology companies post-doctoral workstations, experimental base doctorate or master's degree. Private S & T to encourage qualified enterprises to actively declare all kinds of national and provincial scientific research and development projects。【希望可以帮助你哦】
UPSILON宇普西龙
感觉相关的就行吧,这是我今天刚交老师的Solidarity tradeThe current fair trade movement was shaped in Europe in the 1960s. Fair trade during that period was often seen as a political gesture against neo-imperialism: radical student movements began targeting multinational corporations and concerns that traditional business models were fundamentally flawed started to emerge. The slogan at the time, “Trade not Aid”, gained international recognition in 1968 when it was adopted by the UNCTAD (United Nations Conference on Trade and Development) to put the emphasis on the establishment of fair trade relations with the developing world. The year 1965 saw the creation of the first Alternative Trading Organization (ATO): that year, British NGO Oxfam launched "Helping-by-Selling", a program which sold imported handicrafts in Oxfam stores in the UK and from mail-order catalogues. In 1969, the first Worldshop opened its doors in the Netherlands. The initiative aimed at bringing the principles of fair trade to the retail sector by selling almost exclusively goods produced under fair trade terms in “underdeveloped regions”. The first shop was run by volunteers and was so successful that dozens of similar shops soon went into business in the Benelux countries, Germany, and in other Western European the 1960s and 1970s, important segments of the fair trade movement worked to find markets for products from countries that were excluded from the mainstream trading channels for political reasons. Thousands of volunteers sold coffee from Angola and Nicaragua in Worldshops, in the back of churches, from their homes, and from stands in public places, using the products as a vehicle to deliver their message: give disadvantaged producers in developing countries a fair chance on the world’s market, and support their self-determined sustainable development. The alternative trade movement blossomed, if not in sales, then at least in terms of dozens of ATOs being established on both sides of the Atlantic, of scores of Worldshops being set up, and of well-organized actions and campaigns attacking exploitation and foreign domination, and promoting the ideals of Nelson Mandela, Julius Nyerere, and the Nicaraguan Sandinistas: the right to independence and self-determination, to equitable access to the world’s markets and consumers. 团结贸易现今公平贸易运动形塑于1960年代的欧洲,公平贸易于这时期通常被视为一种反抗新帝国主义的政治姿态,基进的学生运动开始关注跨国公司,并出现了一种认为传统商业模式基本上是有缺陷的共识,那时的口号“贸易,而非援助”(Trade not Aid),被1968年所召开的联合国贸易及发展会议(United Nations Conference on Trade and Development,简称UNCTAD)所采用,并得到国际认同,会议中强调与发展中世界建立公平的贸易关系。1965年诞生了第一个另类贸易组织(Alternative Trading Organization,简称ATD):那年,英国的非政府组织乐施会(Oxfam)发起了”以销售来帮忙”(Helping-by-Selling)的活动,一个以邮购及在乐施会商店销售进口手工艺品的计划。1969年,第一个“世界商店”在荷兰开张,这个开创性的构想,是以销售符合公平贸易规则的“发展中区域”的产品,将公平贸易的法则带入零售部门,第一个商店由志工营运,非常成功,之后数十个类似的商店开始在比利时、荷兰、卢森堡及德国等其他西欧国家开始营业。在1960和1970年代,公平贸易运动里很重要的部份是,为那些因为政治因素而被排斥于主流贸易管道的国家,协助他们的产品寻找市场。数千名志工在教会后面和世界商店销售来自安哥拉及尼加拉瓜的咖啡豆,以这些产品从家里和公共场所的摊位传达一个讯息:给那些来自发展中国家的弱势生产者一个公平的机会,就是支持他们自主的永续发展。另类贸易活动的盛行,若不从贸易量来说,至少以在数量上,有数十个另类贸易组织(ATO)在大西洋两岸成立,同时随着世界商店的扩张,有许多计划性的行动与专案,抨击国际间的剥削与支配的现象,宣扬著曼德拉、朱利叶斯•尼雷尔及尼加拉瓜桑定政权的理念:自主及独立的权利,与接触全球市场及消费者的公平管道。
开题报告的格式(通用)由于开题报告是用文字体现的论文总构想,因而篇幅不必过大,但要把计划研究的课题、如何研究、理论适用等主要问题说清楚,应包含两个部分:总述、提
随着经济全球化进程的加快,各国企业为了寻求新的资源和发展空间,适应日益激烈的国际竞争,纷纷走向国际化道路,并积极开展跨国投资。自20世纪50、60年代走向国际市
1. Risk-Based Capital Standards and the Riskiness of Bank Portfolios: Credit and
1. 中国-东盟自由贸易区的效应、障碍及前景分析 2. WTO争端解决机制的缺陷及其完善分析 3. 我国国际货运代理业存在的问题与对策分析 4. 中小企业
The challenge developing countries facing in economic gloabalization process 1.