Reverse mortgages(RM)are an attractive tool to increase retirement incomes and to face the needs of health care for elderly people.The investor in the RM market faces several risks:longevity risk,as retirees’life exp...Reverse mortgages(RM)are an attractive tool to increase retirement incomes and to face the needs of health care for elderly people.The investor in the RM market faces several risks:longevity risk,as retirees’life expectancy increases,interest rate risk,especially in the low-rate post-crisis period,property market risk,in the last stage of the current business cycle.In our pricing model we incorporate the overall risk of the RM,focusing on the feature of the developing Chinese market.展开更多
The aim of the research in the paper was to study redlining practice within the greater Johannesburg area. The aim can be summarised by the following objectives： firstly, to investigate the evidence of redlining in t...The aim of the research in the paper was to study redlining practice within the greater Johannesburg area. The aim can be summarised by the following objectives： firstly, to investigate the evidence of redlining in the Greater Johannesburg area and to test its existence; secondly, to investigate the reasons why the areas were redlined; thirdly, to understand what the South Africa government and society did to combat the redlining practice. The research methodology was based on a questionnaire and interviews. A pool of respondents from the Greater Johannesburg suburbs that had interest or were affected by the practice of redlining was sought and interviewed. Analysis of the responses was made and conclusions were drawn from the responses. Secondary data was also sought from publications on the redlining practice to support the primary interviews data. From the interview responses and the secondary data, it was established that redlining existed in Greater Johannesburg and that the areas where redlining was practised could be marked on a map.展开更多
The Shenzhen Branch of the People’sConstruction Bank of China has adoptedHongKong’s mortgage banking system asa way to privatize housing.Shenzhen,which was the country’s first special eco-nomic zone,is accepting ap...The Shenzhen Branch of the People’sConstruction Bank of China has adoptedHongKong’s mortgage banking system asa way to privatize housing.Shenzhen,which was the country’s first special eco-nomic zone,is accepting applications forloans up to 70 per cent of the value of thehouse being purchased.The mortgage loansystem is also expected to be adopted展开更多
The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how t...The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how technology and financial innovation transformed the mortgage loan from a local security into a premier global security traded worldwide. It examines the fundamental flaws of this process and why it does not work in regards to mortgage lending and the re-securitization products that were created through financial innovation. The findings show that regulation was unable to keep pace with financial innovation, which created an environment where actors in the financial service sector were able to behave geographically irresponsibly by using information asymmetries to their advantage by par- ticipating in moral hazard activities and engaging in other immoral and unethical business practices that were centered around localized geography, which ultimately contributed to the global financial crisis. It also examines the roll of financial innovation in regard to the Lehman Brothers Mini-Bond in Hung and its role as a driving force behind China＇s newly emerging shadow banking sector. It concludes with a policy recommendation and its implication for China＇s continued economic development.展开更多
The mortgage of land contract management rights has launched a pilot project in Ningxia,Hubei,Henan,Guizhou,Chongqing and other provinces,municipalities and autonomous regions,which provides a good solution to the pro...The mortgage of land contract management rights has launched a pilot project in Ningxia,Hubei,Henan,Guizhou,Chongqing and other provinces,municipalities and autonomous regions,which provides a good solution to the problem of funds for rural development and plays a huge role in promoting local rural economic development.In the mortgage financing of land contract management rights implemented in various regions,how to determine a scientific,accurate and reasonable mortgage rate of land contract management rights becomes a difficulty troubling the mortgage financing of land.On the basis of unified annual output value of land,this article uses survey method,income capitalization method,and comparison method to analyze the value of land contract management rights,and finally determine the mortgage rates of land contract management rights.展开更多
Studying petty loan forestry property mortgage mode has significant practical meaning in fund-raising and income-increasing in the forest- agriculture industry,restructuring and expanding the industry as well as setti...Studying petty loan forestry property mortgage mode has significant practical meaning in fund-raising and income-increasing in the forest- agriculture industry,restructuring and expanding the industry as well as setting up scientific industrial public policies. On the basis of literature analysis and field research data,this paper will classify and analyze research papers studying in forestry,property mortgage,and therefore draws conclusions on relevant concepts of petty loan forestry property mortgage,economics and property rights theory as well. At present,the studies of petty loan forestry property mortgage are more practical that are lack of an overall theoretical framework. Considering China's real situation of petty loan forestry property mortgage mode,we have investigated some foreign cases in operating forestry property mortgage systemically and some challenges and difficulties confronted by stakeholders in real cases. Therefore,we put forward that in the current period the fund-raising in forestry industry should focus on establishing and improving an overall rural petty loan forestry property mortgage mode.展开更多
Financing difficulties have always been one of the bottlenecks restricting the development of"three rural".The core to solve the difficulties is to seek financing collaterals that in line with the law and wi...Financing difficulties have always been one of the bottlenecks restricting the development of"three rural".The core to solve the difficulties is to seek financing collaterals that in line with the law and with the value able to be effectively evaluated.Besides,the law confirmation of the mortgage financing's form for Rural Land ManagementRight(RLMR)is the primary prerequisite for rural land financing.With the continuous advancement of rural revitalization strategy,the rural land reform with the main content of"three powers separation"has paid more attention to the functions of RLMR financing.Due to the lack of supply of existing laws,there are still certain legal risks in the financing of RLMR.Based on rural revitalization strategy,this paper made an in-depth analysis of the causes of financing risk of RLMR.Furthermore,we put forward some possible paths to legalize this right.展开更多
Through using game theory,a game model of lendingand borrowing money between banks and individuals isestablished to explain how the risks come into being and are transferred in the dynamic point of view.Some sug-gesti...Through using game theory,a game model of lendingand borrowing money between banks and individuals isestablished to explain how the risks come into being and are transferred in the dynamic point of view.Some sug-gestions about how to avoid the risks are proposed.展开更多
The US sub-prime mortgage crisis has put a sharp brake on the robust growth of the world economy.As the Wall Street financial storm has quickly escalated into a global financial crisis,the whole world has sunk into pa...The US sub-prime mortgage crisis has put a sharp brake on the robust growth of the world economy.As the Wall Street financial storm has quickly escalated into a global financial crisis,the whole world has sunk into panic.The full-scale recession in the developed world has dragged the emerging markets into economic downturn as well.Governments have been caught off guard by the sudden slump in both international trade and investment,and the rapid deterioration of the global development environment.The pernicious feedback loop between the financial sector and the real economy has propelled the financial crisis into an unfathomable abyss,and plunged the world into the worst recession since World WarⅡ.The world economy is expected to start recovering only in 2010.展开更多
In recent years, a series of pilot projects in mortgage of farmland contractual management right have been carried out in some regions. However, there is considerable dispute over whether the farmland contractual mana...In recent years, a series of pilot projects in mortgage of farmland contractual management right have been carried out in some regions. However, there is considerable dispute over whether the farmland contractual management right can be mortgaged in the practice of China's legislation on land circulation. We firstly introduced current situations of mortgage of farmland contractual management right in China. Then, we analyzed existing problems in mortgage of farmland contractual management right. Finally, we put forward corresponding countermeasures and recommendations, to bring into full play land use efficiency, more rationally distribute land resource, and further promote development of rural economy.展开更多
This article proposes to assess the impact of the subprime mortgage crisis on the exchange rate channel in 6 countries of the Euro-Med zone. To do this, our analysis is based on three evaluation methods that allow us ...This article proposes to assess the impact of the subprime mortgage crisis on the exchange rate channel in 6 countries of the Euro-Med zone. To do this, our analysis is based on three evaluation methods that allow us to conclude that the exchange rate channel is better evaluated by the non-linear approach of the countries studied. Thus, the depreciation of the exchange rate adopted by the countries of the Med zone did worse macroeconomic stability and economic convergence.展开更多
The financial crisis of 2008 left the U.S. economy in a state of severe recession, which is still being felt all over. This has also left the government in a frantic condition to rebuild the financial markets from the...The financial crisis of 2008 left the U.S. economy in a state of severe recession, which is still being felt all over. This has also left the government in a frantic condition to rebuild the financial markets from the bottom up. What started out with excessive bank lending on mortgages lead to the mortgage crisis and a ripple effect on the economy. The cancer has spread globally, affecting every major marketplace and all the major states in the U.S.. Our economy is still very fragile because of this crisis, but eventually we will recover in a few years time to achieve robust economic growth. Long standing cultural pressures in the United States maintained that home ownership was necessary to be a part of the American Dream, and this cultural stance was reinforced by Clinton in 1994, when he enacted a program to raise home ownership to more than two-thirds of all adults. With the tacit blessing of the Federal Government, many mortgage companies sprung up, that catered to those in lower income brackets, offering them the mortgages that many did not have the financial sophistication to understand and deliver. Coupled with the skyrocketing costs of property taxes, insurance, and maintenance costs, many homeowners found themselves unable to pay their mortgages. The whole industry tanked, causing displacement of people and increased unemployment. The lenders of these mortgages sold the notes to investment bankers, and they were sold as high-quality investment grade securities. The major rating agencies were complacent in this tactic, causing rapid default rates on these mortgages; many commercial and investment banks got caught in this crisis. The prices of homes continue to decline, and many homeowners find themselves under water on their mortgages. It was found that in 2010, the U.S. government was responsible for nine out of every ten mortgages issued, which caused further problems with Fanny Mae and Freddie Mac. The crisis is still continuing, with no end in sight. The analysis was based on the data analysis and readings from the journal, as well as various Wall Street commentaries.展开更多
Rural households field questionnaire survey found that current promotion pilot of agricultural property mortgage loan policy suffered the "cold shoulder" experience, and the analysis on the survey found that...Rural households field questionnaire survey found that current promotion pilot of agricultural property mortgage loan policy suffered the "cold shoulder" experience, and the analysis on the survey found that agricultural property mortgage loan pilot policy had significant effect on the economy in Jiangxi, which still had improvement space. Loan institutions obviously lack enough trust on the policy, leading in general reluctance to lending, and farmers suffered "loan embarrassing", trust loss, more loan difficulty and loan disdain. Therefore, it suggested that the mortgage policy for rural land property rights should be implemented according to different local conditions, so as to enhance the useful decisions of CPC Central Committee on financial benefits of farmland consolidation results.展开更多
文摘Reverse mortgages(RM)are an attractive tool to increase retirement incomes and to face the needs of health care for elderly people.The investor in the RM market faces several risks:longevity risk,as retirees’life expectancy increases,interest rate risk,especially in the low-rate post-crisis period,property market risk,in the last stage of the current business cycle.In our pricing model we incorporate the overall risk of the RM,focusing on the feature of the developing Chinese market.
文摘The aim of the research in the paper was to study redlining practice within the greater Johannesburg area. The aim can be summarised by the following objectives： firstly, to investigate the evidence of redlining in the Greater Johannesburg area and to test its existence; secondly, to investigate the reasons why the areas were redlined; thirdly, to understand what the South Africa government and society did to combat the redlining practice. The research methodology was based on a questionnaire and interviews. A pool of respondents from the Greater Johannesburg suburbs that had interest or were affected by the practice of redlining was sought and interviewed. Analysis of the responses was made and conclusions were drawn from the responses. Secondary data was also sought from publications on the redlining practice to support the primary interviews data. From the interview responses and the secondary data, it was established that redlining existed in Greater Johannesburg and that the areas where redlining was practised could be marked on a map.
文摘The Shenzhen Branch of the People’sConstruction Bank of China has adoptedHongKong’s mortgage banking system asa way to privatize housing.Shenzhen,which was the country’s first special eco-nomic zone,is accepting applications forloans up to 70 per cent of the value of thehouse being purchased.The mortgage loansystem is also expected to be adopted
基金Under the auspices of International Centre for China Development Studies,the University of Hong Kong
文摘The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how technology and financial innovation transformed the mortgage loan from a local security into a premier global security traded worldwide. It examines the fundamental flaws of this process and why it does not work in regards to mortgage lending and the re-securitization products that were created through financial innovation. The findings show that regulation was unable to keep pace with financial innovation, which created an environment where actors in the financial service sector were able to behave geographically irresponsibly by using information asymmetries to their advantage by par- ticipating in moral hazard activities and engaging in other immoral and unethical business practices that were centered around localized geography, which ultimately contributed to the global financial crisis. It also examines the roll of financial innovation in regard to the Lehman Brothers Mini-Bond in Hung and its role as a driving force behind China＇s newly emerging shadow banking sector. It concludes with a policy recommendation and its implication for China＇s continued economic development.
基金Supported by Guangxi Philosophy and Social Science Project in 2011(11CJY001)Research Project of Guangxi Department of Education(201106LX628)
文摘The mortgage of land contract management rights has launched a pilot project in Ningxia,Hubei,Henan,Guizhou,Chongqing and other provinces,municipalities and autonomous regions,which provides a good solution to the problem of funds for rural development and plays a huge role in promoting local rural economic development.In the mortgage financing of land contract management rights implemented in various regions,how to determine a scientific,accurate and reasonable mortgage rate of land contract management rights becomes a difficulty troubling the mortgage financing of land.On the basis of unified annual output value of land,this article uses survey method,income capitalization method,and comparison method to analyze the value of land contract management rights,and finally determine the mortgage rates of land contract management rights.
基金Supported by Studies of Rural Policy-favored Petty Loan Forest Property Mortgage Mode,the Youth Fund of MOE(Ministry of Education in China)Project on Humanities and Social Sciences(11YJCZH258)the Fundamental Research Funds for the Central Universities(RW2011-36)
文摘Studying petty loan forestry property mortgage mode has significant practical meaning in fund-raising and income-increasing in the forest- agriculture industry,restructuring and expanding the industry as well as setting up scientific industrial public policies. On the basis of literature analysis and field research data,this paper will classify and analyze research papers studying in forestry,property mortgage,and therefore draws conclusions on relevant concepts of petty loan forestry property mortgage,economics and property rights theory as well. At present,the studies of petty loan forestry property mortgage are more practical that are lack of an overall theoretical framework. Considering China's real situation of petty loan forestry property mortgage mode,we have investigated some foreign cases in operating forestry property mortgage systemically and some challenges and difficulties confronted by stakeholders in real cases. Therefore,we put forward that in the current period the fund-raising in forestry industry should focus on establishing and improving an overall rural petty loan forestry property mortgage mode.
基金A phasic achievement of the Ministry of Education Youth Fund Project named “Law Research on Online Transaction of Rural Land Management Right under the Background of Rural Revitalization Strategy”(Project No.18yjc820001)funded by the China Scholarship Council(Project No.201907845009)
文摘Financing difficulties have always been one of the bottlenecks restricting the development of"three rural".The core to solve the difficulties is to seek financing collaterals that in line with the law and with the value able to be effectively evaluated.Besides,the law confirmation of the mortgage financing's form for Rural Land ManagementRight(RLMR)is the primary prerequisite for rural land financing.With the continuous advancement of rural revitalization strategy,the rural land reform with the main content of"three powers separation"has paid more attention to the functions of RLMR financing.Due to the lack of supply of existing laws,there are still certain legal risks in the financing of RLMR.Based on rural revitalization strategy,this paper made an in-depth analysis of the causes of financing risk of RLMR.Furthermore,we put forward some possible paths to legalize this right.
文摘Through using game theory,a game model of lendingand borrowing money between banks and individuals isestablished to explain how the risks come into being and are transferred in the dynamic point of view.Some sug-gestions about how to avoid the risks are proposed.
文摘The US sub-prime mortgage crisis has put a sharp brake on the robust growth of the world economy.As the Wall Street financial storm has quickly escalated into a global financial crisis,the whole world has sunk into panic.The full-scale recession in the developed world has dragged the emerging markets into economic downturn as well.Governments have been caught off guard by the sudden slump in both international trade and investment,and the rapid deterioration of the global development environment.The pernicious feedback loop between the financial sector and the real economy has propelled the financial crisis into an unfathomable abyss,and plunged the world into the worst recession since World WarⅡ.The world economy is expected to start recovering only in 2010.
基金Supported by Project of National Social Science Foundation(09CJY054 and 11BJY050)
文摘In recent years, a series of pilot projects in mortgage of farmland contractual management right have been carried out in some regions. However, there is considerable dispute over whether the farmland contractual management right can be mortgaged in the practice of China's legislation on land circulation. We firstly introduced current situations of mortgage of farmland contractual management right in China. Then, we analyzed existing problems in mortgage of farmland contractual management right. Finally, we put forward corresponding countermeasures and recommendations, to bring into full play land use efficiency, more rationally distribute land resource, and further promote development of rural economy.
文摘This article proposes to assess the impact of the subprime mortgage crisis on the exchange rate channel in 6 countries of the Euro-Med zone. To do this, our analysis is based on three evaluation methods that allow us to conclude that the exchange rate channel is better evaluated by the non-linear approach of the countries studied. Thus, the depreciation of the exchange rate adopted by the countries of the Med zone did worse macroeconomic stability and economic convergence.
文摘The financial crisis of 2008 left the U.S. economy in a state of severe recession, which is still being felt all over. This has also left the government in a frantic condition to rebuild the financial markets from the bottom up. What started out with excessive bank lending on mortgages lead to the mortgage crisis and a ripple effect on the economy. The cancer has spread globally, affecting every major marketplace and all the major states in the U.S.. Our economy is still very fragile because of this crisis, but eventually we will recover in a few years time to achieve robust economic growth. Long standing cultural pressures in the United States maintained that home ownership was necessary to be a part of the American Dream, and this cultural stance was reinforced by Clinton in 1994, when he enacted a program to raise home ownership to more than two-thirds of all adults. With the tacit blessing of the Federal Government, many mortgage companies sprung up, that catered to those in lower income brackets, offering them the mortgages that many did not have the financial sophistication to understand and deliver. Coupled with the skyrocketing costs of property taxes, insurance, and maintenance costs, many homeowners found themselves unable to pay their mortgages. The whole industry tanked, causing displacement of people and increased unemployment. The lenders of these mortgages sold the notes to investment bankers, and they were sold as high-quality investment grade securities. The major rating agencies were complacent in this tactic, causing rapid default rates on these mortgages; many commercial and investment banks got caught in this crisis. The prices of homes continue to decline, and many homeowners find themselves under water on their mortgages. It was found that in 2010, the U.S. government was responsible for nine out of every ten mortgages issued, which caused further problems with Fanny Mae and Freddie Mac. The crisis is still continuing, with no end in sight. The analysis was based on the data analysis and readings from the journal, as well as various Wall Street commentaries.
基金Supported by the Scientific Research Foundation for Doctors of Jiangxi University of Technology
文摘Rural households field questionnaire survey found that current promotion pilot of agricultural property mortgage loan policy suffered the "cold shoulder" experience, and the analysis on the survey found that agricultural property mortgage loan pilot policy had significant effect on the economy in Jiangxi, which still had improvement space. Loan institutions obviously lack enough trust on the policy, leading in general reluctance to lending, and farmers suffered "loan embarrassing", trust loss, more loan difficulty and loan disdain. Therefore, it suggested that the mortgage policy for rural land property rights should be implemented according to different local conditions, so as to enhance the useful decisions of CPC Central Committee on financial benefits of farmland consolidation results.
