基于供需匹配视角的外汇衍生品市场分析——以大连市为例

从供需匹配的角度对大连市外汇衍生品市场的运行现状进行分析,指出大连衍生品市场在交易品种、交易主体、交易币种和交易期限方面存在供需不匹配现象,认为实需原则、人民币汇率单边上涨、银行等金融机构服务能力欠缺是导致这一现象的原因。在此基础上,提出促进外汇衍生品市场发展的建议。     

汉语词汇的理据性新探

瑞士著名语言学家索绪尔曾经指出,汉语中无理据的词占绝对的优势.这种说法并不符合汉语的实际.首先汉语中尤其是现代汉语中存在着大量的合成词,合成词的理据是显而易见的.其次,汉语单纯词中有大量的派生词,派生词的音义来源于它的源词,因而也是有理据的.而作为派生词的源词的原生词则是我们的祖先通过用发音器官摹拟事物的声音、外部形状、动作行为等方式创造出来的,也是有理据的.     

增量防范:处置商业银行不良资产的新路径

过度强调形成不良资产的非市场因素容易导致商业银行的道德风险,增量防范才是解决不良资产问题的关键。在体制完善的同时,根据工程化思路,设计合理的增量防范激励机制,将有助于解决不良资产问题。     

用偏导数法求解一类二元函数方程

给出了形如f（w（xy））=R（f（x）f（y））的二元函数方程可微解的偏导数求法，将此类二元函数方程的求解归结为一阶常微分方程的求解问题     

中国推出股指期货的可行性分析

中国股票市场推出股指期货可以完善证券市场的功能体系,有利于培育投资者的成熟度,提高股市与经济运行的关联程度,发挥股市的经济"晴雨表"的功能.中国已有17年股票市场和商品期货市场的管理经验,具备了发展股指期货的条件.只要能充分控制其潜在风险,推出股指期货对整个股票市场而言,都是利好消息.     

香港外汇与衍生工具市场成交额的国际权威调查阐释及分析

2005年3月国际清算银行正式发布了《三年一度的外汇与衍生工具市场成交额调查报告2004年》。报告对全球52个国家和地区(包括中国香港地区)2004年4月的外汇及衍生工具的交易量进行了调查。长期以来,香港一直是环球外汇交易市场链亚太环节上的一个重要市场。’97回归以后,香港又是中国唯一与全球外汇及衍生工具交易全面接轨的交易市场。根据国际清算银行的报告从不同货币种类、不同机构、不同工具交易量等几个方面对香港外汇及衍生工具市场交易情况进行分析是非常有意义的。     

场外金融衍生交易监管之新动向

从一些金融衍生交易较发达的国家的场外金融衍生品监管理论和实践来看,对于场外衍生品的监管,呈现以场外衍生品监管方式场内化为主,并伴随着场外与场内监管方式融合为辅的发展趋势。场外金融衍生品监管场内化趋势又以场内化的中央对手方结算为主,兼采提高场外衍生品合约的标准化和交易的透明度来降低场外衍生品交易风险的监管目的。     

香港场外衍生产品市场监管制度改革

香港针对原有对场外衍生产品缺乏有力监管、金管局与证监会的监管重叠与空白、缺少有效争议解决与危机处理机制等问题,对场外衍生产品市场监管制度进行改革,明确客体和主体适用范围,加强金管局与证监会间的紧密合作,提高信息披露要求,建立集中结算制度,规范金融中介及系统重要性市场参与者。此次改革体现全球场外衍生产品市场监管制度改革的共同发展趋势,重视各监管机构间协作,强调动态实时监控,但也存在一些问题尚未解决。     

Single-index modelling of conditional probabilities in two-way contingency tables

When analysing a contingency table, it is often worth relating the probabilities that a given individual falls into different cells from a set of predictors. These conditional probabilities are usually estimated using appropriate regression techniques. In particular, in this paper, a semiparametric model is developed. Essentially, it is only assumed that the effect of the vector of covariates on the probabilities can entirely be captured by a single index, which is a linear combination of the initial covariates. The estimation is then twofold: the coefficients of the linear combination and the functions linking this index to the related conditional probabilities have to be estimated. Inspired by the estimation procedures already proposed in the literature for single-index regression models, four estimators of the index coefficients are proposed and compared, from a theoretical point-of-view, but also practically, with the aid of simulations. Estimation of the link functions is also addressed.     

A simple approach to an integrated single-vendor single-buyer inventory system with shortage

In this article, a simple approach with two basic inequalities (Cauchy–Schwarz inequality and arithmetic–geometric mean inequality) is used to solve the integrated single-vendor single-buyer inventory problem developed by Wu and Ouyang (Wu, K.-S. and Ouyang, L.-Y., 2003. An integrated single-vendor single-buyer inventory system with shortage derived algebraically. Production Planning & Control, 14 (6), 555–561). Without the method of completing perfect square, the proposed approach yields the global minimum of the integrated total cost per year more easily than the algebraic approach used by Wu and Ouyang (2003 Wu, K-S and Ouyang, L-Y. 2003. An integrated single-vendor single-buyer inventory system with shortage derived algebraically. Production Planning & Control, 14(6): 555–561. [Taylor & Francis Online], [Web of Science ®] , [Google Scholar]). In addition, for people without the background of calculus, it is more useful to determine the buyer's economic order quantity and the vendor's optimal number of deliveries.