Since the first open-end fund issue, there are 5th redemption, which also reveals more profound form of market phenomena causing open-end fund liquidity risk. In 2002, the open-end fund market was just established, in order to expand the size, many funds only attract institutional investors, and do not distinguish between investor by their liquidity preference. Under such single structure, institutional investors large size redemption will cause fund scale reduced significantly, which suffered huge losses. In 2003, as the Funds growth, more and more retail investors join in fund market and occupy a dominant position. Due to the lack of awareness of the fund market, they all use the concept of stock investment.

自開放式基金成立以來黄片三日视频A，中國歷史上的5次贖回也更深刻的揭示了構成開放式基金流動性風險的市場現(xiàn)象。2002年為開放式基金成立初期欧美久久精品呦呦视频，很多基金為了吸納資本国产影院在线网站，擴大規(guī)模精品A级毛片免费，只面向機構投資者融資欧美日韩一区二区三区综合在线，并且不區(qū)分投資者的流動性偏好，在這種單一的結構下亚洲毛片无码专区亚洲乱，機構投資者的大額贖回就導致基金規(guī)模的銳減,人人综合操，從而遭受巨大損失。2003年午夜一级一级www.，隨著基金的發(fā)展亚洲一级毛片无码久久精品，越來越多的散戶介入其中并占據主導地位，由于缺乏對基金市場的認識国产女人高潮免费视频，按照原有投資股票的理念投資基金欧美国产日韩水多，所以在低迷的股市稍有起色，基金稍有贏利時男女羞羞视频，就開始贖回欧美极品网站在线观看免费高清，造成了多只基金凈值的損失。2005年男女网址，保險行業(yè)可以直接入市国产在线观看精品影院AV，再加之逐漸回升的行情和基金公司高額的手續(xù)費，很多保險公司開始贖回持有的基金轉而直接入市亚洲一区二区三区偷拍。

The answer is that you need to add "liquidity preference", the supply and demand for money.

答案是熟女屁眼，你需要加入"流動性偏好"理論，以及那些供給和需求錢午夜在线观看国产剧情电影网。

Keynes proposed the theory of liquidity preference to explain determinants of the interest rate.

總結 Summary 凱恩斯提出了流動性偏好理論以解釋利率的決定因素欧美黄色网站A。

The extent of crowding out will depend on the shape of the liquidity preference curve and the investment demand curve.

3程度的擠出效應，將在很大程度上依賴于形狀的流動性偏好曲線和投資需求曲線国产视屏大全。

In China,Dual economic structure results in Capital Liquidity Preference which accelerates the rural fund outflow.

在中國开心色亚洲，"二元經濟結構"導致資本發(fā)生流動偏好，資本流動偏好又加快農村資金外流的規(guī)模與速度。

According to the theory of liquidity preference, the interest rate adjusts to balance the supply and demand for money.

根據流動偏好理論外国a色网站，利率調整使貨幣供給和貨幣需求均衡三级欧美日韩第一页。

To correct Keynes's mistake, the paper develops a new model of determination of interest rate on the basis of the liquidity preference analysis centered on finance motive.

為了修正凱恩斯的錯誤，本文在基于融資動機的流動性偏好分析的基礎上建立起一個新的利率決定模型国产精品91一区二区三区。

So obviously holding liquidity provides an option for the shareholders of the bank,and such option is valuable.But its value was not referred in Keynes\'s Liquidity Preference Theory.(2) When the bank holds liquidity assets,it can catch the opportunity in the future to earn more yields.

顯然国产狼友91精品一区二区三区，商業(yè)銀行的流動性給予股東一種選擇權，并且這種選擇權是有價值的久久精品免费图片欣赏大全AV，但這種價值在凱恩斯的流動性偏好理論中沒有提及人人澡人人插人人射；另一方面，持有流動性可以讓商業(yè)銀行在未來抓住投資機會日本乱人伦A片免费高清，這是投機動機帶來的收益久久福利精品国产极品刺激。

Secondly, fund companies have to do the internal control for liquidity risk and establish a sound internal control system. On the other hand, fund managers should also improve the distribution of the assets, customer management, and ongoing customer marketing, such as the development of different products, rates and the redemption period to meet their different liquidity preference.

另一方面，基金經理還應完善資產配置思思99精品视频，進行客戶管理性交a级视频免费看，并對客戶進行持續(xù)的營銷，為他們開發(fā)不同的產品影音先锋全部AV资源，費率及贖回期限可以免费在线观看的黄色网站，滿足他們不同的流動性偏好。

In one hand, the liquidity preference of those nations without international currency issuance rights has reversed by the rise of their economic strength; on the other hand, the nations with international currency issuance rights have the rigid needs to release extra liquidity due to the upgraded competition for international seignorage.

一方面日韩人妻无码系列专区，不具備國際貨幣發(fā)行權的國家因無法獲得外部融資而導致的強烈的流動性偏好已經因自身經濟實力的積累發(fā)生了逆轉干欧美女人视屏，另一方面，掌握國際貨幣發(fā)行權的國家卻因國際鑄幣稅爭奪的升級有著多釋放流動性的剛性需要一区二区毛片视频在线。