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REAL ASSETS Assets used to produce goods and services. FINANCIAL ASSETS Claims to the income generated by real assets. Also called securities. FINANCIAL MARKETS Markets in which financial assets are traded. CAPITAL BUDGETING DECISION Decision as to which real assets the firm should acquire. FINANCING DECISION Decision as to how to raise the money t…
 
A4V 前美联储主席 PAUL VOLCKER 简介 03 FORMER FED CHAIRMAN //: 前两期直接频道内搜索关键词 A4T, A4U即可. A4T 前美联储主席 PAUL VOLCKER 简介 01 FORMER FED CHAIRMAN A4U 前美联储主席 PAUL VOLCKER 简介 02 FORMER FED CHAIRMAN :// CAREER PEAK: FED CHAIRMAN FOR 2 CONSECUTIVE TERMS ---------- TIME FRAME: Paul Volcker, a Democrat, was appointed chairman of FED in August 1979 by President Jimmy Car…
 
英文原文请参考 www.checonomics.com 谁造就了石油危机?石油危机的鸡生蛋与蛋生鸡的问题. 石油危机到底是供需端的剧烈波动所引起的,还是另有原因呢?听完就知道了。 http://inflationdata.com/inflation/inflation_rate/Historical_Oil_Prices_Chart.asp http://inflationdata.com/inflation/inflation_rate/Historical_Oil_Prices_Table.asp Annual Average Domestic Crude Oil Prices (in $/Barrel) Inflation Adjusted to November 2014 1946-…
 
Title: A4L 美元泥沼 国际货币基金组织如何通过纾困计划来帮助银行家讨债 Abstract: 介绍国际货币基金组织(IMF)如何利用结构性改革计划(SAPs,纾困计划)来帮助银行家拿回自己的投资回报. Keywords: SAPs - 结构性改革计划,纾困计划, Structural Adjustment Programs IMF - International Monetary Fund Text: Difficulties soon did arise, with the developing country debt crisis of the 1980s. More than forty countries, mainly in Latin America and Afric…
 
www.checonomics.com 英文原文关键字检索 checonomics 微信公共帐号对照近期英文原文 Title: A4K 美元泥沼 损公肥私的道德风险 存款保险制度 资产证券化 OTD IMF Intro: 关于Privatise Profits and Socialise Risks, 即, 损公肥私, 公饱私囊 Scope: FDIC, Securitization, OTD, IMF, 存款保险制度,资产证券化,贷款转售,国际货币基金组织 Text: One of the basic pragmatic principles that emerged in the 1980s, for example, was that state power should protec…
 
简介: OTD优点总结以及FDIC,OTD,Ownership Structure的三重道德风险叠加 Review: First, loan sales allow banks to free up capital that could then be deployed in more profitable activities. It also allows them to increase their fee-based loan origination activity, in which they have a comparative advantage over nonbank financial institutions. This has a positive impact o…
 
Second, the loan sales market provides an effective mechanism for risk diversification for banks, especially in light of the classic “credit paradox”. 信用悖论(Paradox of Credit): 即由于对客户信用状况的了解主要来源于长期的业务关系, 因此银行常常倾向于将贷款投向并集中于有限的老客户。由checonomics
 
www.checonomics.com 英文原文关键字检索 checonomics 微信公共帐号对照近期英文原文 Banks could sell loans in the secondary market for one of two sets of motives – for capital relief and risk-management reasons, or due to negative private information about the borrower. There are several legitimate reasons for loan sales. While this model initially enhanced the flow of liqui…
 
Pros of OTD This approach has had considerable benefits, including increased access of small and medium-sized borrowers to the broader capital markets, but pitfalls in its implementation are now evident. In principle, the originate-to-distribute model spreads risk and reduces financing costs while affording borrowers greater access to capital. BEN …
 
Public Speech Abstract Chairman Ben Bernanky April 10, 2008 This is an Edited version Part 1 Diagnosis Although many factors played a role, to a considerable extent the current problems arose in the implementation of the so-called originate-to-distribute approach to credit extension. The originate-to-distribute model breaks down the process of cred…
 
Public Speech Abstract Chairman Ben Bernanky April 10, 2008 This is an Edited version Part 1 Diagnosis Although many factors played a role, to a considerable extent the current problems arose in the implementation of the so-called originate-to-distribute approach to credit extension. The originate-to-distribute model breaks down the process of cred…
 
CONCLUSION The key to the subprime solution to preventing future crises like the current one as well as mitigating its aftereffects is DEMOCRATIZING finance, extending the application of sound financial principles to a larger and larger segment of society, and using all the modern technology at our disposal to achieve that goal. Institutional refor…
 
CAUSES OF THE BUBBLE The U.S. Federal Reserve cut its key rate, the federal funds rate, to 1% in mid- 2003 and held it there until mid-2004, roughly the period of most rapid home-price increase. Moreover, the real inflation-corrected federal funds rate was negative for thirty-one months, from October 2002 to April 2005, an interval again centered o…
 
THE FAILURE OF THE LEADERSHIP During this housing boom, most of our authorities simply denied there was a problem. Alan Greenspan, in his 2007 book The Age of Turbulence, recalled what he used to say about the housing boom: "I would tell audiences that we were facing not a bubble but a froth, lots of small local bubbles that never grew to a scale t…
 
2008 SUBPRIME CRISIS By now the whole world has heard the story of the problems in the subprime mortgage market, which began to show up in the United States in 2007 and then spread around the world. Home prices and Home ownership had been booming since the late 1990s, and investing in a house had seemed a sure route to financial security and even w…
 
OTD - Originate To Distribute - extra reading 2 Opinions on Originate to distribute model 名人观点 Part 1 - Who is Turner? //: 英国金融服务管理局(FSA)前主席阿代尔•特纳勋爵(Lord Adair Turner) Keyward: INET, Adair Lord Turner :// Adair Lord Turner has combined careers in business, public policy and academia. He became Chairman of the United Kingdom Financial Services Autho…
 
www.checonomics.com 英文原文关键字检索 checonomics 微信公共帐号对照近期英文原文 Extra Reading 补充阅读: We just discussed the risks of using originate to distribute model to make subprime mortgage loans, and here we can still see recent news talking about the subprime crisis impact 6 years later, so, it's quite clear how much the impact the subprime crisis had brought to the…
 
www.checonomics.com 英文原文关键字检索 checonomics 微信公共帐号对照近期英文原文 Title A3T 美元泥沼 23N Dodd Frank法案前传4 Originate To Distribute 2 OTD的先天不足 (荔枝FM46060) A3T 次贷危机 Originate To Distribute OTD的先天不足 (百度乐播) Abstract 介绍次贷发放模式 Originate-to-distribute 的缺陷。 --------- 0. 本节结构 Part 01. 银行挤兑与模糊理论 Bank Runs vs. Fuzzy Logic (Done) Part 02. Diamond Dybvig 银行挤兑模型 vs. Nash Equil…
 
www.checonomics.com 英文原文关键字检索 checonomics 微信公共帐号对照近期英文原文 Title A3S 美元泥沼 23M Dodd Frank法案前传3 Originate-to-distribute 1 OTH放贷销售OTD Abstract Subprime Mortgage, 即所谓的次贷,它本身其实没啥好争议的,穷人一样可以有贷款的权利,只要他能负担的起。2008年金融危机关键的原因在于这些次贷的发生模式的变化,本节我们就来开始介绍美国最具争议的Originate to Distribute这种放贷模式。 --------- 0. 本节结构 Part 01. 银行挤兑与模糊理论 Bank Runs vs. Fuzzy Logic (Done) Part …
 
www.checonomics.com 英文原文关键字检索 checonomics 微信公共帐号对照近期英文原文 Title A3R 美元泥沼 23L Dodd Frank法案前传2 - 到底啥叫次贷 Subprime Mortgage Abstract Subprime Mortgage, 即所谓的次贷,缘何在2008年在美国掀起一场金融风暴,这一节我们就开始介绍次贷的概念。 --------- 0. 本节结构 Part 01. 银行挤兑与模糊理论 Bank Runs vs. Fuzzy Logic (Done) Part 02. Diamond Dybvig 银行挤兑模型 vs. Nash Equilibrium (Done) Part 03 存款保险制度的基本概念 (Done) Par…
 
www.checonomics.com 英文原文关键字检索 checonomics 微信公共帐号对照近期英文原文 Title A3Q 美元泥沼 23K Dodd Frank法案前传 - FICO - 美国通用的信用评分系统 Abstract 不知道美国的信用评分系统,就无法理解美国的次贷危机,进而就不可能理解Dodd Frank 法案的由来。本节,介绍2个斯坦福天才构建的信用评分系统。 --------- 0. 本节结构 Part 01. 银行挤兑与模糊理论 Bank Runs vs. Fuzzy Logic (Done) Part 02. Diamond Dybvig 银行挤兑模型 vs. Nash Equilibrium (Done) Part 03 存款保险制度的基本概念 (Done)…
 
www.checonomics.com 英文原文关键字检索 checonomics 微信公共帐号对照近期英文原文 Title A3P 美元泥沼 23J 后次贷危机时代 CFPB消费者金融保护局相关介绍 Abstract 本节正式介绍消费者金融保护局CFPB. --------- 0. 本节结构 Part 01. 银行挤兑与模糊理论 Bank Runs vs. Fuzzy Logic (Done) Part 02. Diamond Dybvig 银行挤兑模型 vs. Nash Equilibrium (Done) Part 03 存款保险制度的基本概念 (Done) Part 04 存款保险制度中的道德风险的基本概念 (Done) Part 05. 存款保险制度的道德风险防范 Part 01 …
 
www.checonomics.com 英文原文关键字检索 checonomics 微信公共帐号对照近期英文原文 Title A3O 美元泥沼 23I 后次贷危机时代 CFPB消费者金融保护局成立的背景 Abstract 由上一节的一个在HELOC上针对JP Morgan Chase的集团诉讼案件引出了 本节CFPB成立的历史背景和背后逻辑。 --------- 0. 本节结构 Part 01. 银行挤兑与模糊理论 Bank Runs vs. Fuzzy Logic (Done) Part 02. Diamond Dybvig 银行挤兑模型 vs. Nash Equilibrium (Done) Part 03 存款保险制度的基本概念 (Done) Part 04 存款保险制度中的道德风险的…
 
www.checonomics.com 英文原文关键字检索 checonomics 微信公共帐号对照近期英文原文 Title A3N 美元泥沼 23H CFPB前传 HELOC 房屋净值信用 Home Equity Line Of Credit Abstract 为了能在下一节顺利开始介绍CFPB,本节先来前传部分,介绍一下要了结CFPB必须先了解的HELOC以及一个针对JP Morgan Chase的在HELOC上的集团诉讼案件。了结了这些,下一节就可以开始说说CFPB正传了。 --------- 0. 本节结构 Part 01. 银行挤兑与模糊理论 Bank Runs vs. Fuzzy Logic (Done) Part 02. Diamond Dybvig 银行挤兑模型 vs. Na…
 
www.checonomics.com 英文原文关键字检索 checonomics 微信公共帐号对照近期英文原文 Title A3M 美元泥沼 23G Financial Stability Oversight Council FSOC 金融稳定监管委员会 Abstract 在美国2008年次贷危机之后,美国金融监管当局反思2008年金融危机的成因,吸取教训,通过了多德—弗兰克法案并成立了FSOC美国的金融稳定监管委员和CFPB消费者金融保护局,这就是本节我们打算介绍的内容。 --------- 0. 本节结构 part 01. 银行挤兑与模糊理论 Bank Runs vs. Fuzzy Logic (Done) part 02. Diamond dybvig 银行挤兑模型 vs. Nash…
 
www.checonomics.com 英文原文关键字检索 checonomics 微信公共帐号对照近期英文原文 Title A3L 美元泥沼 23F 金融监管结构 立法与修正案 vs. 组织构建与组织进化 Abstract 上一节我们介绍了监管存在的普遍理由和监管在银行业生态圈中的重要作用,本节我们来介绍一下美国金融监管方面的立法和其派生的组织机构。 ---------------- 0. 本节结构 Part 1. 银行挤兑与模糊理论 Bank Runs vs. Fuzzy Logic (Done) Part 2. Diamond dybvig 银行挤兑模型 vs. Nash Equilibrium (Done) Part 3 存款保险制度的基本概念 (Done) Part 4 存款保险制…
 
www.checonomics.com 英文原文关键字检索 checonomics 微信公共帐号对照近期英文原文 Title A3K 美元泥沼 23E 为啥要监管-监管是不完美的现实环境下的必然产物 Abstract 上一节我们介绍了存款保险制度中道德风险防范的4个方面,即准入许可、管理授权、信息系统、流程设计,本节,我们来追本溯源,说说监管存在的普遍理由和监管在银行业生态圈中的重要作用。 ---------------- 0. 本节结构 Part 1. 银行挤兑与模糊理论 Bank Runs vs. Fuzzy Logic (Done) Part 2. Diamond dybvig 银行挤兑模型 vs. Nash Equilibrium (Done) Part 3 存款保险制度的基本概念 …
 
www.checonomics.com 英文原文关键字检索 checonomics 微信公共帐号对照近期英文原文 Title A3J 美元泥沼 23D 存款保险制度的道德风险防范 Regulation Supervision 监管 Abstract 上一节我们介绍了存款保险制度和其道德风险的防范的第一部分,本节我们来继续介绍第二部分,即银行监管的问题。 ---------------- 0. 本节结构 Part 1. 银行挤兑与模糊理论 Bank Runs vs. Fuzzy Logic Part 2. Diamond dybvig 银行挤兑模型 vs. Nash Equilibrium Part 3 存款保险制度的基本概念 (Done) Part 4 存款保险制度中的道德风险的基本概念 (…
 
www.checonomics.com 英文原文关键字检索 checonomics 微信公共帐号对照近期英文原文 Title A3I 美元泥沼 23C 存款保险制度的道德风险防范 1 覆盖范围 共同保险 联合保险 Coinsurance Abstract 前两节我们介绍了存款保险制度与其道德风险的基本概念,本节我们就开始介绍如何来防范这种道德风险。 ---------------- 0. 本节结构 Part 1. 银行挤兑与模糊理论 Bank Runs vs. Fuzzy Logic (Done) Part 2. Diamond dybvig 银行挤兑模型 vs. Nash Equilibrium (Done) Part 3 存款保险制度的基本概念 (Done) Part 4 存款保险制度中…
 
* checonomics 微信公共帐号对照近期英文原文 * checonomics.com可全文检索定位 Title A3H 美元泥沼 23B 银行存款保险制度里道德风险的基本概念 Moral Hazard Abstract 上一节我们介绍了存款保险制度的基本概念, 本节我们来说说其道德风险的基本概念,之后我们就开始介绍道德风险防范的问题。 ---------------- 0. 本节结构 Part 1. 银行挤兑与模糊理论 Bank Runs vs. Fuzzy Logic (Done) Part 2. Diamond dybvig 银行挤兑模型 vs. Nash Equilibrium (Done) Part 3 存款保险制度的基本概念 (Done) Part 4 存款保险制度中的道德…
 
www.checonomics.com 对照英文原文 checonomics 微信公共帐号对照英文原文 Title A3G 美元泥沼 23A FDIC 存款保险制度的基本概念 Deposit Insurance Abstract 上一节我们介绍了Diamond–Dybvig模型以及其对应的二重纳什均衡,本届我们就开始介绍存款保险制度和其道德风险的防范。由于内容较多,我们还是分开来介绍,本节先介绍其第一部分,即,存款保险制度的基本概念。 ---------------- 0. 本节结构 Part 1. 银行挤兑与模糊理论 Bank Runs vs. Fuzzy Logic Part 2. Diamond dybvig 银行挤兑模型 vs. Nash Equilibrium Part 3 存款保…
 
www.checonomics.com 对照英文原文 checonomics 微信公共帐号对照英文原文 Title A3F 美元泥沼 22T Diamond Dybvig 银行挤兑模型 vs. Nash Equilibrium Abstract 上一节我们介绍了银行挤兑的边界值, 这一节,我们就来说说这个和银行挤兑密切相关的Diamond–Dybvig 模型,同时看看根据这个模型,为什么说现代社会有必要建立健全有效的银行存款保险制度。 ---------------- 0. 本节结构 Part 1. 银行挤兑与模糊理论 Bank Runs vs. Fuzzy Logic Part 2. Diamond Dybvig 银行挤兑模型 vs. Nash Equilibrium (On Air) P…
 
www.checonomics.com 对照英文原文 checonomics 微信公共帐号对照英文原文 Title A3E 美元泥沼 22S 银行挤兑边界值 模糊理论 Bank Runs vs. Fuzzy Logic Abstract 上一节我们介绍了金本位中的纳什均衡,提到根据Diamond–Dybvig模型,金本位有着类似于现代社会在没有存款保险制度保障的部分存款准备金银行体系所特有的非唯一的纳什均衡,即,有信心无挤兑是一种纳什均衡,而无信心有挤兑又是另一种纳什均衡,那么,这一节,我们就先来说说银行挤兑边界值与模糊理论。 ---------------- 结构: A3E Part 1. 银行挤兑边界值与模糊理论 Bank Runs vs. Fuzzy Logic A3F Part 2.…
 
www.checonomics.com 对照英文原文 checonomics 微信公共帐号对照英文原文 Title: A3D 美元泥沼 22R 两个纳什均衡 部分存款准备金制度 Nash Equilibrium Abstract: 上一节,我们介绍了大萧条中央行面对的两难困局,即当央行同时面对汇兑危机和银行危机的时候央行在宽松的和紧缩的货币政策决策中,往往处于两难境地。那么,本节,我们来继续介绍银行危机中的非唯一纳什平衡,此处更多的是2个纳什平衡。下面,我们先来说说简单的纳什平衡的经济学定义。由checonomics
 
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