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Can Traditional IS-LM Model Explain the European Debt Crisis? 传统的IS-LM模型能解释欧债危机吗?
Journal of Stock & Forex Trading Pub Date : 2012-07-30 DOI: 10.4172/2168-9458.1000E108
Ying Kong
{"title":"Can Traditional IS-LM Model Explain the European Debt Crisis?","authors":"Ying Kong","doi":"10.4172/2168-9458.1000E108","DOIUrl":"https://doi.org/10.4172/2168-9458.1000E108","url":null,"abstract":"Copyright: © 2012 Kong Y. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Since from December 2009, when big three rating agencies started to downgrade Greek sovereign debt, the European debt crisis has lasted for over two years. Mass reports are given from the perspectives of fiscal deficit, default of sovereign debt, financial aid from European Central Bank (ECB) and International Monetary Fund (IMF) and public protest, but reports related to the comprehensive analysis of root of the European debt crisis are quite few. Actually, the nature of the European debt problems and Euro-Zone countries jointly-aid measures provided for countries in crisis can be easily analyzed and evaluated using traditional IS-LM model and its observation data from the economics perspective.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129579240","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Behavioral Heuristics and Financial Modelling 行为启发式和财务建模
Journal of Stock & Forex Trading Pub Date : 2012-07-28 DOI: 10.4172/2168-9458.1000E110
A. Semenov
{"title":"Behavioral Heuristics and Financial Modelling","authors":"A. Semenov","doi":"10.4172/2168-9458.1000E110","DOIUrl":"https://doi.org/10.4172/2168-9458.1000E110","url":null,"abstract":"Copyright: © 2012 Semenov A. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. All financial models are based on some simplifying assumptions about the behavior of market participants. One of such underlying behavioral assumptions is that the investors make decisions about buying or selling securities on the basis of their expectations about the future. An important element of forming these expectations is the agents’ beliefs about the likelihood of particular events or, stated formally, the subjective probabilities that the investors assign to different possible states of the world. It is observed that, when determining the subjective probabilities, people often make systematic mental mistakes by adopting some intuitive simplifying rules of thumb, or heuristics, for information processing rather than strict logic. As a result, the subjective probabilities may deviate substantially from the objective probabilities that are based on formal rules or analysis. This deviation in probabilities can lead to biased expectations that, in turn, can cause irrational investment decisions. Gilovich et al. [1] provide an excellent overview of the behavioral heuristics.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"164 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116294672","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Behavioural Finance and Financial Economics with Heterogeneous Beliefs 行为金融学与异质信念的金融经济学
Journal of Stock & Forex Trading Pub Date : 2012-07-28 DOI: 10.4172/2168-9458.1000E111
Weihong Huang, Wai-mun Chia
{"title":"Behavioural Finance and Financial Economics with Heterogeneous Beliefs","authors":"Weihong Huang, Wai-mun Chia","doi":"10.4172/2168-9458.1000E111","DOIUrl":"https://doi.org/10.4172/2168-9458.1000E111","url":null,"abstract":"The literature about the dynamics of prices in speculative markets, based on the interaction of boundedly rational heterogeneous agents has become well developed in recent decades. Hommes CH [1] provides an excellent survey work on Heterogeneous Agent Models (HAMs) in economics and finance. In this strand of literature, one is able to generate sophisticated structures that capture some of the dynamics and stylized facts documented in financial time series at the macro level by aggregating the simple interactions of boundedly rational agents using various trading rules at the micro level. Such stylized facts include excess volatility, high trading volume, temporary bubbles and trend following, sudden crashes and mean reversion, clustered volatility and fat tails in the returns distribution. These models generally include nonlinear elements which may come from agents’ or demand functions, evolutionary switching between available strategies, and contagion and consequent transition of speculators among optimistic and pessimistic groups.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"433 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114579611","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
What lies Behind âInflation-Phobiaâ and European âCorset Policyâ? <s:1>通货膨胀恐惧症<e:1>和欧洲的<s:2>紧身衣政策<e:1>背后的原因是什么?
Journal of Stock & Forex Trading Pub Date : 2012-07-13 DOI: 10.4172/2168-9458.1000E106
G. Zarotiadis
{"title":"What lies Behind âInflation-Phobiaâ and European âCorset Policyâ?","authors":"G. Zarotiadis","doi":"10.4172/2168-9458.1000E106","DOIUrl":"https://doi.org/10.4172/2168-9458.1000E106","url":null,"abstract":"Copyright: © 2012 Zarotiadis G. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. The present situation in the European Union (EU) provides an advantageous field for cutting edge research, basically due to the following reasons: first, given the systemic global crisis and the appearing structural weaknesses of European integration, policy meets (again) economics, in terms of the problematic that dominates the public debate, but also of the recognized necessity for going into the essential “second step” of political integration, next to the creation of €-zone. Second, the European area offers a historical experiment for the prospects and the wider effects of regional trade agreements and custom unions, as well as the expectations with respect to the process of economic internationalization. Hence, I strongly believe that scholars should invest effort and time in a thorough analysis of the recent developments in the EU, which, by the way, relates strongly to the very purpose of the Journal of Stock & Forex Trading. This leads to the main aspiration of the present editorial: to summarize personal views that may provide motivation for relevant contributions [1].","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130259277","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The European Policy Model Revision and the Challenge of Democracy 欧洲政策模式的修正与民主的挑战
Journal of Stock & Forex Trading Pub Date : 2012-07-13 DOI: 10.4172/2168-9458.1000E107
R. R. Canale
{"title":"The European Policy Model Revision and the Challenge of Democracy","authors":"R. R. Canale","doi":"10.4172/2168-9458.1000E107","DOIUrl":"https://doi.org/10.4172/2168-9458.1000E107","url":null,"abstract":"The theoretical underpinnings of the European Policy model are 1) the deterministic nature of the economic system; 2) the ability of financial markets to anticipate the future trend of the economy. The crisis denied the goodness of these two assumptions and revealed that the policy structure is unable to counter the crisis. PIIGS countries do not have short run tools to fill the gap with virtuous countries and national priorities appear to be overcome by European claims for budgetary discipline. The existence of a two speeds Europe seriously threaten the future existence of the currency union. In search for solutions national economists and politicians should consider a “new trilemma”: the impossibility to have at the same time globalization, democracy and autonomous policy management. The challenge Europe as a whole faces is to build up a political project capable of managing globalization through policy action and at the same time preserve democracy.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"102 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134033884","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Risk and Return to Investment in Five Emerging Nations: A Mathematica Simulation 五个新兴国家的投资风险与回报:数学模拟
Journal of Stock & Forex Trading Pub Date : 2012-07-01 DOI: 10.4172/2168-9458.1000102
Mohammad R. Safarzadeh, F. Nazarian
{"title":"Risk and Return to Investment in Five Emerging Nations: A Mathematica Simulation","authors":"Mohammad R. Safarzadeh, F. Nazarian","doi":"10.4172/2168-9458.1000102","DOIUrl":"https://doi.org/10.4172/2168-9458.1000102","url":null,"abstract":"This paper compares the Mathematica simulations of optimum allocation ratios derived from the application of Modern Portfolio Theory to historical data of five emerging nations with the actual allocations as presented in MSCI BRIC Index Fund (BKE) and Emerging Markets Index Fund (EEM). The paper finds that the BKE and EEM allocations of funds are not consistent with the optimum allocations of funds derived from the Mathematica simulation whether the risk of exchange rate volatility is factored in or not.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"98 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115231227","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Observations on Budgeting and Planning Under an Efficient Controlling System on a Corporate Level 企业有效控制体系下的预算与计划观察
Journal of Stock & Forex Trading Pub Date : 2012-05-31 DOI: 10.4172/2168-9458.1000101
V. Grosu, M. Tulvinschi
{"title":"Observations on Budgeting and Planning Under an Efficient Controlling System on a Corporate Level","authors":"V. Grosu, M. Tulvinschi","doi":"10.4172/2168-9458.1000101","DOIUrl":"https://doi.org/10.4172/2168-9458.1000101","url":null,"abstract":"There is currently no economic entity that is free from distress, risks and difficulties of various kinds that eventually lead to rather negative effects on the business plans, on the strategies and the set objectives of the company and invariably affecting the corporate image and the relationships with business partners or other categories of stakeholders. Thus, regardless of their size, corporations now have to adjust, monitor and co validate the control activities and procedures in compliance with the effective regulations and, at the same time, react promptly and enforce corrective and continuous control measures in order to ensure of the efficiency of these actions and observe the active legal provisions. The objective of this paper focuses on this specific context, emphasizing and analyzing the manner in which the issues and the risks encountered by a business entity can be avoided or overcome through the implementation of the fundamental controlling principles that are defined by the significant controlling methods and instruments that are essential for the planning and budgeting of the economic and financial indicators.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124983870","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How to Make Informed Decisions in Forex Trading 如何在外汇交易中做出明智的决定
Journal of Stock & Forex Trading Pub Date : 2012-04-11 DOI: 10.4172/2168-9458.1000E105
Chunming Yuan
{"title":"How to Make Informed Decisions in Forex Trading","authors":"Chunming Yuan","doi":"10.4172/2168-9458.1000E105","DOIUrl":"https://doi.org/10.4172/2168-9458.1000E105","url":null,"abstract":"","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"61 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131894737","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The Stock Market Crash of the Great Recession: Who's To Blame? 大衰退中的股市崩盘:谁的错?
Journal of Stock & Forex Trading Pub Date : 2012-03-02 DOI: 10.4172/2168-9458.1000E103
Eric W. Hayden
{"title":"The Stock Market Crash of the Great Recession: Who's To Blame?","authors":"Eric W. Hayden","doi":"10.4172/2168-9458.1000E103","DOIUrl":"https://doi.org/10.4172/2168-9458.1000E103","url":null,"abstract":"","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"94 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131982543","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
âÂÂManagingâ Greek Debts: Catastrophe Masquerading asâÂÂRescueâ âÂÂManagingâÂÂ希腊债务:伪装的灾难asâÂÂRescueâÂÂ
Journal of Stock & Forex Trading Pub Date : 2011-12-27 DOI: 10.4172/2168-9458.1000e104
K. Raffer
{"title":"âÂÂManagingâ Greek Debts: Catastrophe Masquerading asâÂÂRescueâÂÂ","authors":"K. Raffer","doi":"10.4172/2168-9458.1000e104","DOIUrl":"https://doi.org/10.4172/2168-9458.1000e104","url":null,"abstract":"out first, they paid dearly for this in the end. Adding insult to injury the forced haircut is officially “voluntary” even though CACs were imposed and official money aggravating the crisis is now preferred. This is all the more unjust as regulators and governments pushed private investors into euro-member-country bonds. To use Soros’ words in the FT, banks “obliged to hold riskless assets to meet their liquidity requirements were induced to load up on the sovereign debt of the weaker countries to earn a few extra basis points”. A capital weight of zero pursuant to Basle I for “OECD-countries”, modified to countries with ratings from AAA to AAby Basel IIthe chairman of the : IASB is said to have gone so far as to call this the “biggest accounting scam in history” or the EU-exemption from the large exposure regime for highly rated sovereigns from the 25% of equity limit have all induced bona fide private creditors to invest in now dubious bonds of euromembers. Now they are told by the very same regulators that these zero risk investments were high risk exposure after all. Minds more critical than I might think of a con trick. Raffer, J Stock Forex Trad 2012, 1:1 http://dx.doi.org/10.4172/2168-9458.1000e104 Stock & Forex Trading","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"139 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130833365","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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