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Financial stress index

2019-01-17 来源: 51due教员组 类别: Paper范文

下面为大家整理一篇优秀的paper代写范文- Financial stress index,供大家参考学习,这篇论文讨论了金融压力指数。有数据表明,如今发达国家的金融压力指数要高于金砖国家。这说明发达国家在享受高度的自由化、专业化的金融发展为经济社会发展带来的动力时,也同样面临着比其他国家更高的金融压力。另一方面,发达国家金融压力指数的波动幅度要大于金砖国家,这表明,发达国家成熟的金融体制机制在抵御金融风险时间带来的经济波动时更为有效,于此同时,金砖国家作为新兴的经济体,在越来越广泛的参与全球经济进程时,要更加注重金融机制体制的建设。

Financial stress index,金融压力指数,essay代写,paper代写,作业代写

Financial stress is some external shocks in the fragile, produced by transfer of financial structure is the financial system in the process of running a characteristic of systemic risk and external shocks, the pressure will affect the structure and stability of the financial system, further through the channel such as cash flow across the financial system will affect the normal operation of the financial system. When financial pressure reaches a certain breadth and depth, it will inevitably impact the development of the real economy.

Here, it is believed that financial pressure is the pressure exerted on economic entities for changes or uncertainties of expected losses of financial markets and financial institutions. When this pressure accumulates to a certain extent, a financial crisis will occur.

The difference between interest on loans and deposits. The spread of bank's deposit and loan is mainly affected by the bank's own operating efficiency, asset size, customer's capital demand control, risk characteristics, the country's overall monetary policy and the degree of financial liberalization and other factors. Therefore, the higher the degree of financial marketization in a country, the greater the monopoly power of the bank, the more urgent the customer's demand for funds, and the higher the customer's operational risk, will lead to the larger the spread between bank deposits and loans.

Money market interest rate reflects the supply and demand of funds, and is the cost of using funds, which is closely related to the liquidity level of investors and their expectation of future risks. On the one hand, interest rate is an endogenous variable of the economic system and is influenced by various other economic factors, such as inflation, liquidity level and economic cycle. And the trend of interest rates can effectively reflect the problems in the economic operation. On the other hand, interest rate, as the carrier of monetary policy, affects the market investment cost and money demand through its transmission mechanism, and finally affects the investment and consumption of the whole country.

Treasury maturity spread refers to the difference between a country's long-term Treasury bond interest rate and short-term Treasury bond interest rate. Treasury maturity spreads reflect people's expectations of future short-term interest rates and liquidity, and when short-term interest rates are expected to rise, maturity spreads will rise. Treasury maturity spreads also reflect investors' preference for bonds with different maturities.

An exchange rate is the ratio of one currency to another. Changes in exchange rates have an impact on the economy. First, changes in exchange rates affect the relative production costs and interest rates of foreign investment and enterprises, thus affecting investment. Second, exchange rate movements affect consumption by causing changes in asset and commodity prices. Finally, exchange rate fluctuations significantly affect a country's import and export trade.

Foreign exchange reserves refer to those held by a country's authorities, which are mainly used for adjusting international payments, intervening in foreign exchange market, supporting the development of national currency and maintaining exchange rate stability. Foreign exchange reserves are of great significance to a country's financial stability.

The stock price index is known as the "barometer of the national economy". On the one hand, the change of the stock price in the short term precedes the change of the economic situation; on the other hand, in the long term, the stock trend is based on the economic operation. Stock index changes reflect the economic situation of a country.

Comprehensive described above, this article finally selected sample countries as the United States, Britain, France, Germany, Italy, Australia, Canada, Japan, China, Russia, India, South Africa and Brazil, select the margin rate X X, money market rates change rate, rate of national debt term spreads, rate of exchange rate changes X X X, fluctuation of foreign exchange reserve rate, the stock index volatility X, a total of six indicators, time limit for January 1990 to June 2015, build financial pressure exponent equation is as follows:

Where is the financial stress index of the ith country in the TTH month, and is the value of the KTH indicator in the TTH month of the ith country. In order to keep the comparability of financial stress index, the adjustment coefficient is set, because the data of some countries are missing in some months.

Figure 1 shows the financial stress index of developed countries and brics countries from January 1997 to June 2015. As can be seen from the figure, the financial stress index constructed in this paper is basically consistent with the financial stress status of the sample countries in the actual sample period. Between 1997 and 2001, the financial stress index fluctuated greatly. During this period, the "Internet bubble" broke out worldwide. On July 2, 1997, the Asian financial crisis swept over Thailand and then spread to Japan, South Korea and other Asian countries. During the period from 2007 to 2010, the financial pressure indicators of various countries fluctuated violently. The subprime crisis originated in the United States swept the whole world and brought severe impact and huge impact to all major economies in the world.

By comparing the financial stress index of developed countries and brics countries, it can be found that the financial stress index of developed countries is higher than that of brics countries. This shows that developed countries are also facing higher financial pressure than other countries when they enjoy the power of highly liberalized and specialized financial development for economic and social development. Can be seen from the diagram, on the other hand, developed countries financial pressure index volatility than the bric nations, this shows that the developed country mature financial system mechanism against financial risk time of economic fluctuations is more effective, at the same time, the brics as emerging economies, in more and more widely in the global economy process, must pay more attention to the construction of financial mechanism system.

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