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      頁(yè)數(shù): 66
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    • 簡(jiǎn)介:復(fù)旦大學(xué)碩士學(xué)位論文日經(jīng)225指數(shù)聯(lián)動(dòng)型歐洲日元債券研究姓名郭海燕申請(qǐng)學(xué)位級(jí)別碩士專(zhuān)業(yè)數(shù)量經(jīng)濟(jì)學(xué)指導(dǎo)教師唐國(guó)興200151糍曼史謦碩士論文日經(jīng)225指數(shù)聯(lián)動(dòng)型歐洲日元債券研究RESEARCH0NTHENIKKEI..1INKEDEURO..YENBONDABSTRACTINTHISTHESIS.WETAKETHENIKKEILINKEDEUROYENBONDOLOBATBUCHASTHESTUDYOBJECTTODISCUSSTHEPRICINGMECHANISMFORTHISKINDOFBONDSANDTHEMETHODSTODEAL、VITHTHEPROBLEMINTHEIRDESIGNINGANDDEVELOPMENTINTHEFIRSTCHAPTER,THEWRITERINTRODUCESTHECONCEPT,HISTORYANDCHARACTERISTICSOFNIKKEILINKEDEUROYENBONDTHESECONDCHAPTERCONCENTRATESONDISCUSSINGTHETHEORIESANDMETHODSWECARLUSETOFIGUREOUTTHETHEORETICVALUEOFTHISKINDOFBOND.THESEMETHODSINCLUDEBUILDINGANDSEPARATINGTACTIC,DCFANDSYNTHETICBONDANALOGYMETHODFORCOMMONBOUNDPRICING,BLACKSCHOLESMODELFOROPTIONPRICING,MONTECARLOSIMULATIONANDBROADSENSECLOSEDFORMVARFORFUTUREINDEXPRICEFORECASTING.THEWRITERDESIGNSASYSTEMATICALMETHODANDPROGRAMTOREALIZETHETHEORETICPRICINGFORTHISKINDOFBOND.INTHETHIRDCHAPTER,INTRODUCINGTHECONCEPTSOFDOWNANDINOPTIONANDDOWNANDOUTOPTION,THEWRITERSEPARATESGLOBALTOUCHWITHTWODIFFERENTMETHODSANDSUCCESSFULLYCALCULATESITSTHEORETICALVALUETHEWRITERALSOCLARIFIESTHEPROBLEMSANDTHEDETATLEDMETHODSTHATWECANTAKEWHENWEUSETHEMETHODSYSTEMINTRODUCEDINTHESECONDCHAPTERINTOASPECIALFINANCIALPRODUCT.INTHEFORTHCHAPTER,BASINGONTHEREALSITUATIONOFTHEFINANCIALMARKETANDTHEISSUINGBACKGROUNDFORGLOBALTOUCH,THEWRITERDISCUSSHOWTODECIDETHEOPTIMALISSUINGTIMEOFTHISKINDOFBONDS.USINGTHEMETHODSOFCASHFLOWANALYSISANDPROGRAMMINGSOLVER,THEWRITERBRINGOUTANEWWAYTOCALCULATETHEOPTIMALISSUEPRICEANDTHEREDEMPTIONTOMINIMIZETHEOVERALLFUNDRAISINGCOSTFORTHEISSUER.INTHELASTCAPTURE,THEWRITEROPENSTHEMINDTODISCUSSTHEFACTIONSMARKETADJUSTINGANDFUNDABSORBINGOFTHISKINDOFSEASONALBONDSFORTHEWHOLEFINANCIALMARKETANDTHEPOSSIBILITYOFISSUINGINDEXLINKEDBONDSINCHINESEFINANCIALMARKETACCORDINGTOITSREALSITUATIONANDLEGISLATIONSYSTEM.KEYWORDSNIKKEILINKEDEUROYENBOND,DOWNANDINOPTION,DOWN.AND.OUTOPTION.MONTECARLOSIMULATION,BLACKSCHOLESOPTIONPRICINGMODEL
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    • 簡(jiǎn)介:復(fù)旦大學(xué)碩士學(xué)位論文北歐國(guó)家與歐洲聯(lián)盟的相互關(guān)系姓名盛夏申請(qǐng)學(xué)位級(jí)別碩士專(zhuān)業(yè)世界經(jīng)濟(jì)指導(dǎo)教師周建平200155●●●.些政策正是雙方差異較大的部分,這就決定了北歐國(guó)家參與歐洲一體化的難處。這部分是本文的重點(diǎn),比較詳細(xì)地分析了在社會(huì)政策上,北歐國(guó)家面臨的挑戰(zhàn)及歐盟政策的變化,指出雙方有接近的趨勢(shì);在漁業(yè)政策上,北歐國(guó)家的特點(diǎn)及歐盟共同漁業(yè)政策的缺陷,指出漁業(yè)問(wèn)題是妨礙挪威、冰島加入歐盟的重要因素;在共同外交和安全政策上,論述了瑞典、芬蘭、丹麥修正其國(guó)內(nèi)政策以適應(yīng)歐盟要求的過(guò)程并指出安全閶題可能是促使挪威、冰島加入歐盟的潛在因素。V作為總結(jié),L本文在結(jié)論部分對(duì)全文作了簡(jiǎn)單歸納,提出北歐國(guó)家加入歐盟從長(zhǎng)期來(lái)看無(wú)論是對(duì)北歐國(guó)家本身還是對(duì)歐盟都是有利的,但就短期而言,這種利益并未充分體現(xiàn)。未來(lái)北歐國(guó)家與歐盟相互作用的大小還要取決于北歐合作的進(jìn)展程度挪威、冰島作為歐盟“準(zhǔn)成員國(guó)”發(fā)揮的作用;瑞典、芬蘭、丹麥國(guó)內(nèi)對(duì)歐盟抵觸情緒的變化以及瑞典、芬蘭經(jīng)濟(jì)發(fā)展造成的示范效應(yīng)。、{分類(lèi)號(hào)FIL4.4L關(guān)鍵詞北歐,瑚詡}(cāng)白蒯,歐共體,歐洲一體化
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    • 簡(jiǎn)介:浙江大學(xué)碩士學(xué)位論文歐洲金融市場(chǎng)的整合與發(fā)展問(wèn)題研究姓名江浩申請(qǐng)學(xué)位級(jí)別碩士專(zhuān)業(yè)國(guó)際貿(mào)易學(xué)指導(dǎo)教師宋玉華20011101浙江大學(xué)學(xué)位論文歐洲金融市場(chǎng)的整合與發(fā)展問(wèn)題研究ABST陀CTTHEPAPERANAJYZESTHESTRUCTURALCHANGESTHATHAPPENEDINEUROPE’SFINANCIAIMARKETSSINCETHENTRODUCTJON0FEUR0INSOMEFINANCIAIMARKETSEGMENTS。REDUCTIONOFBARRIERSTOCROSSBORDERTRANSACTIONSPROMOTESTHEDEEPENINGPROCESSPANEUROPEANINTE卜BANKMONEYMARKETSANDCORPORATEBONDMARKETSTHATFACMTATEDISTRIBUTIONOFIIQUⅪITYINSIDEANDOUTSIDEEUROAREAANDCORPORATEFINANCINGPROCESSHAVEEMERGEDT0MAKEUSEOFOPPORTUNITIESFORBETLERTRADEO仟BETWEENRISKANDBENE稍T,ASSETMANAGERSHAVEIRNPIEMENTEDPANEUROPEANPORTFO0STRATEGIESTHEENTERPRISESINEUROPEAISOFINANCEINBONDMARKETSANDEQUITYMARKETSATANUNPRECEDENTEDRATEWHICHSHOWSLHATTHESIGNIFLCANCEOFBANKLOANSASTHEMAJORNNANCINGAPPROACHINEUROPEISDECNINGHOWEVER,INDIFREN≥NTFINANCIALMARKETSEGMENIS,THEPROGRESSOFINTEGRATIONANDDEVELOPMENTVARIESSIGNI行CANTLYTHEFINANCIAIMARKETSEGMENTSWTTLMOREFLEX‘BLEORHARMONIZEDINFRASTRUCTUREDEVELOPQUICKIYANDEXPANDINTOTHEWHOIEEUROAREA,WITHGAINSINIIQUIDITYANDDEPTHTHEFINANCIAIMARKETSW骱STRONGNATIONAIIDIOSYNCRASIESHAVENOTUNDERGONESUCHIRANSFORMATIONTHEDEVEIOPMENTOFPANEUROPEANSECUREDMONEYMARKEISISFRUSTRATEDBYHETEROGENEOUSMARKETPFAC蛀CESGFOWNOUTOFD硪EFENTHISTORY,IAWANDFISCALFRAMEWORKTHEINERTIAOFIOCAIPRACTICESANDRUIESANDHETEROGENETYOFREGUIA舡ONSYSTEMSINVARIOUSCOU九TRIESARETHEMAJORFORCEDELAYINGTHEEMERGENCE0FPANEUROPEANTRADINGPIATFORMTECHNICAIBARRIERSREIATEDT0INF舊STNJCTUREAREEASYT0OVERCOMEANDSOIVEBUTCIEARINGOFINSTITUTIONAIBARRERSISAMORECOMPCATEDANDHARDPROCESSKEYWORDSEUROPE’SFINANCIAIMARKETS,MONEYMARKETS,BONDMARKEFS,EQUJIYMARKETS,INTEGRATIONANDDEVEIOPMENT,EMU,EURO2
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    • 簡(jiǎn)介:Y8527.Q8對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)碩士學(xué)位論文論文題目歐洲貨幣聯(lián)盟可持續(xù)發(fā)展的研究主題詞歐洲貨幣聯(lián)盟統(tǒng)一貨幣政策財(cái)政紀(jì)律可持續(xù)發(fā)展專(zhuān)業(yè)研究方向研究生姓名學(xué)號(hào)導(dǎo)師姓名寫(xiě)作時(shí)間德語(yǔ)語(yǔ)言文學(xué)經(jīng)貿(mào)德語(yǔ)劉志蘭20041810607陳健平教授2005年LO月一2006年3月非議。但是正如前面所述,作為嶄新的機(jī)構(gòu),歐洲中央銀行面臨著在成立之后用最短的時(shí)間樹(shù)立起威信的難題,因此只能在法定的框架內(nèi)做到最好。同時(shí)也應(yīng)該看到,提供穩(wěn)定的貨幣環(huán)境的確是歐洲央行對(duì)歐洲貨幣聯(lián)盟的就業(yè)和增長(zhǎng)最好的貢獻(xiàn)。歐洲貨幣聯(lián)盟下的財(cái)政體制是一個(gè)有管理的、分散化的結(jié)構(gòu)。它的財(cái)政紀(jì)律對(duì)各國(guó)經(jīng)濟(jì)增長(zhǎng)及財(cái)政預(yù)算“自動(dòng)穩(wěn)定器”作用的發(fā)揮不會(huì)帶來(lái)負(fù)面影響,相反其長(zhǎng)遠(yuǎn)效用很大。即使沒(méi)有參加貨幣聯(lián)盟,旨在強(qiáng)化財(cái)政預(yù)算的可持續(xù)性的財(cái)政紀(jì)律對(duì)各國(guó)也是有益的。同時(shí),共同的財(cái)政紀(jì)律適應(yīng)歐洲央行功能獨(dú)立性的需要,有利于更好地協(xié)助貨幣政策創(chuàng)造出穩(wěn)定的貨幣環(huán)境從而保證貨幣聯(lián)盟的可持續(xù)性。由于財(cái)政紀(jì)律執(zhí)行的難度德法等大國(guó)連年赤字超標(biāo)等,歐洲經(jīng)濟(jì)財(cái)政部長(zhǎng)理事會(huì)對(duì)被視為歐洲貨幣聯(lián)盟基石的旨在約束成員國(guó)政府財(cái)政行為的穩(wěn)定與增長(zhǎng)公約進(jìn)行了修改。盡管如此,公約本身仍存在一些制度缺陷。因此,“可轉(zhuǎn)讓的赤字許可證”制度就是一種值得考慮的改進(jìn)建議。即把成員國(guó)的超額財(cái)政赤字當(dāng)作某種形式的“污染”,建立起類(lèi)似于環(huán)保市場(chǎng)的污染許可證制度,使得財(cái)政紀(jì)律執(zhí)行過(guò)程中賞罰分明,而成員國(guó)也能根據(jù)各自的需要做出相應(yīng)的決策。這就保證了紀(jì)律執(zhí)行的高效性。雖然其本身有些細(xì)節(jié)問(wèn)題仍需探討,但不失為一種可行的改進(jìn)方案。通過(guò)從理論和政策實(shí)踐兩方面進(jìn)行分析,本文得出如下結(jié)論歐洲貨幣聯(lián)盟的建設(shè)是一個(gè)曠F|持久的過(guò)程,此中必定會(huì)出現(xiàn)各種懷疑、異議甚至挫折。雖然歐洲貨幣聯(lián)盟的啟動(dòng)具備了各種廣泛的基礎(chǔ),但目前仍處在經(jīng)受考驗(yàn)的階段,只有歐洲各層面的活動(dòng)家們?yōu)榱素泿怕?lián)盟堅(jiān)持不懈地共同努力以及積極推進(jìn)政治聯(lián)盟的建設(shè)才能保障它的可持續(xù)發(fā)展。主題詞歐洲貨幣聯(lián)盟統(tǒng)一貨幣政策財(cái)政紀(jì)律可持續(xù)發(fā)展
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    • 簡(jiǎn)介:西南財(cái)經(jīng)大學(xué)碩士學(xué)位論文歐洲貨幣一體化與匯率安排姓名蘇萍申請(qǐng)學(xué)位級(jí)別碩士專(zhuān)業(yè)金融學(xué)指導(dǎo)教師倪克勤20000501了基礎(chǔ)。二是歐洲貨幣體系EMS的建立。這是歐洲貨幣一體化最重要的階段,它創(chuàng)立了歐洲貨幣單位ECU和歐洲匯率機(jī)制ERM,使歐洲貨幣一體化逐漸走向成熟。三是馬斯特里赫特條約的產(chǎn)生。該條約勾畫(huà)了歐洲貨幣聯(lián)盟的藍(lán)圖,制定了歐洲貨幣聯(lián)盟分三步走的具體步驟,并規(guī)定了加入歐洲貨幣聯(lián)盟的經(jīng)濟(jì)趨同標(biāo)準(zhǔn)。它標(biāo)志著歐洲貨幣一體化的基本實(shí)現(xiàn)。第二章主要闡述歐洲貨幣一體化第一階段與布雷頓森林體系下的匯率安排??偟膩?lái)說(shuō),布雷頓森林體系為歐洲貨幣一體化第一階段提供了穩(wěn)定的匯率框架。但是,從20世紀(jì)60年代開(kāi)始,美元危機(jī)頻頻爆發(fā),給共同體各國(guó)帶來(lái)巨大的匯率風(fēng)險(xiǎn)。在第一階段,為了維持匯率的穩(wěn)定,歐共體采取了共同的措施,匯率變化過(guò)程經(jīng)歷了三個(gè)過(guò)程一是縮小匯率波動(dòng)幅度。主要是將布雷頓森林體系下匯率波動(dòng)幅度1縮小為O.75。二是創(chuàng)立“蛇洞制”。它的創(chuàng)立是共同體對(duì)全球固定匯率體制所面臨的困難的第一個(gè)反應(yīng)?!吧摺笔侵腹餐w成員國(guó)承諾將本國(guó)貨幣與美元的平價(jià)限定在±1.12505的波動(dòng)范圍,“洞”是指與美元匯率的波幅±2.25。三是創(chuàng)立聯(lián)合浮動(dòng)制。這是歐共體在新一輪的美元危機(jī)和布雷頓森林體系徹底崩潰以后所采取的臨時(shí)性的匯率安排,為建立歐洲貨幣體系提供了必要的經(jīng)驗(yàn)。在歐洲貨幣一體化的第一階段,歐共體所取得的成績(jī)主要表現(xiàn)在歐共體內(nèi)經(jīng)濟(jì)融合度不斷提高和加強(qiáng)了在經(jīng)濟(jì)貨幣政策方面的協(xié)調(diào)。存在的問(wèn)題主要是這一時(shí)斯歐洲各國(guó)貨幣缺乏獨(dú)立性,嚴(yán)重依賴于美元的穩(wěn)定。但隨著布臀頓森稀體系的崩潰,歐共體已開(kāi)始逐漸擺脫對(duì)美元的依賴。第三章主要闡述歐洲貨幣一體化第二階段與EMS下的匯率安排。歐洲貨幣體系實(shí)行的是對(duì)內(nèi)的可調(diào)釘住先是釘住歐洲貨幣單位TCU,然后是德國(guó)馬克,對(duì)外與美元的自由浮動(dòng)的匯率制度。歐洲貨幣體系成立是由內(nèi)外因素共同作用的結(jié)果。外部因素是ET于美元危機(jī)越來(lái)越嚴(yán)重的影響歐洲貨幣的穩(wěn)定性。內(nèi)部因素是由于共同體內(nèi)部經(jīng)濟(jì)融合度提高,內(nèi)部貿(mào)易越來(lái)越大,以及共同體國(guó)家經(jīng)濟(jì)情況逐漸有了好
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    • 簡(jiǎn)介:復(fù)旦大學(xué)碩士學(xué)位論文多標(biāo)的可交換歐洲日元債券分析姓名王小罡申請(qǐng)學(xué)位級(jí)別碩士專(zhuān)業(yè)政治經(jīng)濟(jì)學(xué)指導(dǎo)教師徐為民2002518墨堡墮旦鑾墊墼型旦耍笪鲞坌塹一ABSTRACTSINCE1980S,F(xiàn)INANCIALDERIVATIVESANDEXOTICOPTIONSHAVESHOWNGREATERIMPORTANCEINTHEMARKETSTHANEVELCHINESECAPITALMARKETISARELATIVELYSMALLONE,WHILEITISBURGEONINGWITHAFANTASTICSPEED,ESPECIALLYAFTERTHEFOUNDATIONOFTWOSECURITIESEXCHANGESPACKAGESDESIGNEDBYFINANCIALINSTITUTESANDOTHERCONTINGENTCLAIMSDEPENDINGONTHESTOCKINDICESOROTHERUNDERLYINGVARIABLESAREABSTRACTINGINVESTORS’ARENTIONSSINCETHEREISORAYEQUITYMARKETFORTHECOLNITLONCHINESEINVESTORS,THEREAREFEWTOOLSFORTHEMTOHEDGETHEHIGHRISKSTHUSDEVELOPINGTHEDERIVATIVESMARKETISBECOMINGAKEYFACTORTOCONSUMMATETHECHINESECAPITALMARKETINTHISDISSERTATION,THEAUTHORINTRODUCESTHEDERIVATIYESBASEDONSEVERALRISKYASSETSANDDEMONSTRATESHOWTOANALYZEATRADEDCONTINGENTCLAIMSGLOBALEBEXPRESSWHICHISACONTINGENTEUROYENEXCHANGEABLEBONDTHENTHEAUTHORDEDUCESITSPRICINGSOLUTIONINTHESHAPEOFBLACKSCHOLESFORMULAANDCOMPARESTHERESULT、磯THTHESOLUTIONOFTHEMONTECARLOSIMUIATIONTILISDISSERTATIONALSOILLUSTRATESTHEPROCEDUREFORTHEPRICINGUNDERFEWERASSUMPTIONSFINALLYTHEAUTHORSIMULATESTHETECHNIQUESTOHEDGETHETRADEDGLOBALEBEXPRESSTHECONTRIBUTIONSOFTHISDISSERTATIONAREASFOLLOWSPRESENTINGTWOSIMPLE,INTUITIVEAPPROACHESTOWRITEDOWNTHESOLUTIONFORTHEDERIVATIVESONTHEMAXIMUMORTHEMINIMUMOFSEVERALRISKYASSETS;INTRODUCINGTHEENGINEERINGMETHODEMALGORITHMICANDOAUSSIANMIXTUREMODELINTOTHEFINANCIALPRICINGTOAMELIORATETHEMONTECARLOSIMULATIONN’SALSOTHEINNOVATIONANDESSENCEINTHEDISSERTATIONUSINGTHESYSTEMATICAPPROACHESFROMTHEFMANCIALENGINEERINGTOTRACKTHEDESIGNER’SIDEASANDMEASURESFORCONSTRUCTIONANDHEDGINGOFTHEPRODUCTKEYWORDSGLOBALEBEXPRESS,BLACKSCHOLESFORMULAMONTECARLOSIMULATION,GAUSSIANMIXTUREMODEL,GARCHMODEL4
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