Since 1979, China has been undergoing price reforms. Up to 1987, the price reforms can be divided into two periods: The first period, 1979-84, concentrated on price adjustments, and the second period, 1984-87, dealt with price development or the enlargement of the price differential. These...

The central counterparties dominating the market for the clearing of over-the-counter interest rate and credit derivatives are globally systemic. Employing methodologies similar to the calculation of banks’ capital requirements against trading book exposures, this paper assesses the...

This paper assesses the sensitivity of the risk buffers, or capital requirements, of central counterparties clearing over-the-counter derivatives trades to a range of model inputs. It finds capital requirements to be highly sensitive to whether key model parameters are calibrated on a...

This paper assesses the role that monetary policy plays in the decision to default using a General Equilibrium model with collateralized loans, trade in fiat money and production. Long-term nominal loans are backed by collateral, the value of which depends on monetary policy. The decision to...

Differences in personal well-being and family quality of life in Chinese adolescents with and without economic disadvantage as well as the related developmental trends were examined in a longitudinal study. Over three consecutive years, Chinese junior secondary school students responded to...

We study the optimal loan-to-value (LTV) ratio in a monetary general equilibrium model with heterogeneous agents, collateral default, production and a banking sector. We find that the welfare of the debtor is not monotonically increasing in the LTV ratio, i.e. tighter financing constraints can...

There are two kinds of passenger checkpoint screening lanes in a typical US airport: a Normal Lane and a Selectee Lane that has enhanced scrutiny. The Selectee Lane is not effectively utilized in some airports due to the small amount of passengers selected to go through it. In this paper, we...

Rapid product design and development are crucial factors to maintaining a competitive advantage in today's intense market. Time-consuming iterative design cycles cause critical delays within the design development process. One widely applied method to identify such iterations is the design...

We present a self-consistent model for explosive financial bubbles, which combines a mean-reverting volatility process and a stochastic conditional return which reflects nonlinear positive feedbacks and continuous updates of the investors’ beliefs and sentiments. The conditional expected...

Rapid product design and development are crucial factors to maintaining a competitive advantage in today's intense market. Time-consuming iterative design cycles cause critical delays within the design development process. One widely applied method to identify such iterations is the design...