The truth about China’s financial industry—and the growing bubble that’s guaranteed to blow it apart... In recent years, the Chinese economy has been fueled by the implicit guarantee of major banks and local governments by the nation’s central government. The resultant bubble has led to the emergence of a large shadow banking industry that poses major risks to China’s real estate market, speculative stock investments, state-owned enterprises, and more. It’s not a matter of if China’s bubble will burst. It’s a matter of when. This eye-opening book from renowned financial scholar Ning Zhu provides a provocative in-depth analysis of China’s current economic practices—and the profound dangers they pose—as well as a powerful wake-up call to investors, regulators, and the entire financial industry. Zhu’s book is packed with startling revelations, including: * The enormous impact of China’s implicit guarantees on economic growth—and what will happen when those guarantees are gone * The ever-increasing size of China’s shadow banking industry—and how it’s just the tip of the iceberg * The once-reliable strength of China’s real estate and stock markets—and how they’re threatened by government distortion * The latest financial innovations and channels—and how they are circumventing regulations and triggering unprecedented risks Filled with fascinating case studies, worst case scenarios, and a well-argued case for much-needed reforms, Zhu’s enlightening book is a must-read for anyone with interests or investments in China’s rapidly changing economy. You’ll find intriguing new perspectives on traditional growth models, innovative solutions for overcapacity problems, and revealing new stats on so-called Voodoo Statistics. You’ll get a glimpse behind the curtain of the “unknown unknowns” of China’s implicit guarantees—and learn just how misleading these government policies can be. Most importantly, Zhu’s book provides solid recommendations for diffusing the time bomb these guarantees can and will set off. Brilliant, incisive, and ultimately optimistic, China’s Guaranteed Bubble will incite a much-needed call for change and set us on a new path of prosperity and growth—for China, the economy, and the world.
This book sheds insight into financial decision making and lays down the major biases in human behavioral decision making, such as over-confidence, naïve extrapolation, attention, risk aversion, and how they lead investors and corporations to make considerable mistakes in investment. This book focuses China’s financial reforms and economic transition and uses many cases and results on China to highlight the importance of behavioral finance and investor education. It provides the much needed in-depth understanding of the Chinese capital market.
We study, both empirically and quantitatively, the role of savings and the labor supply in self-insurance channels over the life cycle when one faces not only idiosyncratic income risks, but also changes in longevity risk and pension benefits. We pick China as a case study since China has undergone a dramatic process of rapid aging and a tremendous reduction in social security benefits for the period 1995-2009. We find that both savings and the labor supply are quantitatively important self-insurance channels in responding to changes in longevity risk and pension benefits, and the responses via adjustment to savings and labor supply have significant macroeconomic implications. Applying the model to China, we find that the pension reform and rapid aging together contribute 55 percent of the increase in the household saving rate from 1995 to 2009, and they jointly capture about 64 percent of the drastic increase in the labor supply for the same period.
A unique effort in the CHINESE LEARNING SERIES is the strong push on developing student's reading comprehension in Chinese, although high quality education on other skills are also provided in high standard, e.g. verbal communication and writing. Reading comprehension is known as one of the most challenging bottlenecks in Chinese education as a second language. The best practices to be incorporated in our program are based on 1) modern second language education theories; 2) maximum language input; and 3) student centric curriculum, instruction and assessment. CHINESE LEARNING SERIES adopts a “maximum acquisition” methodology, which is designed based on Stephen Krashen's “Input Hypothesis”, pedagogy and educational psychology. Basically, CHINESE LEARNING SERIES students acquire Chinese in a natural order by receiving comprehensible and constructional verse input from classical poems. Multimedia tools are incorporated in CHINESE LEARNING SERIES, e.g. pictures, animation, software and character cards that help students memorize and reflect the Chinese characters that they learnt. Students maximize their language input utilizing poems, animation, games and other effective and interactive means in classroom and at home. Students learn while “playing”. CHINESE LEARNING SERIES teaching and practice materials are easy to follow and fun to use. It has been proven highly effective to have young children reading and reciting famous poems during the past two years. It helps to develop and establish student's Chinese language sense. "Recitation" not only overcomes the learner's anxiety of "foreign language", but also turns tacit knowledge into explicit language. The repetition rate in CHINESE LEARNING SERIES is determined based on the laws of forgetting rate in human, e.g. the contents need to be repeated 6 times at different time points to ensure the students memorizing what they learned. Exercises and reviews after school are weighed equally important as what they learned in class. The CHINESE LEARNING SERIES development team has put in substantial efforts in designing student homework exercise materials, which include the use of multimedia CD with sound, animation, games and other interactive exercises, the word cards and reading exercises on paper. In general, all contents will be reviewed 6 times in different ways in six months so that the students can achieve a permanent memory. We also ask students to listen stories we provide to them at least twice a week. Listening is an important component in building language senses. During the entire six-year CHINESE LEARNING SERIES instruction, the development of reading comprehension progresses following the order of "listening to read", "semi-independent reading" and "independent reading".More detail series and course information, go to http://gwcs-md.orgPlease e-mail your "order confirmation" to gwcsmd@gmail to get DVD1 shipment.
Over the last 15 years, the application of innovative steel concepts in the automotive industry has increased steadily. Numerical simulation technology of hot forming of high-strength steel allows engineers to modify the formability of hot forming steel metals and to optimize die design schemes. Theories, Methods and Numerical Technology of Sheet Metal Cold and Hot Forming focuses on hot and cold forming theories, numerical methods, relative simulation and experiment techniques for high-strength steel forming and die design in the automobile industry. Theories, Methods and Numerical Technology of Sheet Metal Cold and Hot Forming introduces the general theories of cold forming, then expands upon advanced hot forming theories and simulation methods, including: the forming process, constitutive equations, hot boundary constraint treatment, and hot forming equipment and experiments. Various calculation methods of cold and hot forming, based on the authors’ experience in commercial CAE software for sheet metal forming, are provided, as well as a discussion of key issues, such as hot formability with quenching process, die design and cooling channel design in die, and formability experiments. Theories, Methods and Numerical Technology of Sheet Metal Cold and Hot Forming will enable readers to develop an advanced knowledge of hot forming, as well as to apply hot forming theories, calculation methods and key techniques to direct their die design. It is therefore a useful reference for students and researchers, as well as automotive engineers.
This book systematically studies the stochastic non-cooperative differential game theory of generalized linear Markov jump systems and its application in the field of finance and insurance. The book is an in-depth research book of the continuous time and discrete time linear quadratic stochastic differential game, in order to establish a relatively complete framework of dynamic non-cooperative differential game theory. It uses the method of dynamic programming principle and Riccati equation, and derives it into all kinds of existence conditions and calculating method of the equilibrium strategies of dynamic non-cooperative differential game. Based on the game theory method, this book studies the corresponding robust control problem, especially the existence condition and design method of the optimal robust control strategy. The book discusses the theoretical results and its applications in the risk control, option pricing, and the optimal investment problem in the field of finance and insurance, enriching the achievements of differential game research. This book can be used as a reference book for non-cooperative differential game study, for graduate students majored in economic management, science and engineering of institutions of higher learning.
after an rushuang became a nation she died in endless torment when she woke up she was twelve years old but every night she became a white horse for the general he was a general in battle and she was one of his ladies she tried to turn the tide for the rest of her life and he tried to turn the tide meeting every day but not every day butterfly dream manor's zhou or zhuang zhou's dreamy butterfly in order to protect her family she handed over a petition and was willing to marry the son of the margravine never would he have thought that he was the dream girl their only wish in this life was to be a couple for life and eternity
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