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The Gulf Crisis, Nations of World Take A Stand
黄安年 2019-3-9 09:51
The Gulf Crisis , Nations of World Take A Stand 【U.S. Information Agency 编 《 海湾危机,世界各国采取的立场 》 , 1990 年 版 】 【黄安年个人藏书书目(美国问题英文部分编号 390 】 黄安年辑 黄安年的博客 /2019 年 3 月 09 日 发布(第 21150 号) 自2019年起,笔者将通过博客陆续发布个人收藏的全部图书书目,目前先发布美国问题英文书目,已经超过389单独编号,不分出版时间先后与图书类别。 这里发布的是 U.S. Information Agency 编 The Gulf Crisis , Nations of World Take A Stand ( 《 海湾危机,世界各国采取的立场 》) , 1990 年 版,48页。 照片3张拍自该书 1 , 2 , 3 ,
个人分类: 个人藏书书目|1201 次阅读|0 个评论
[转载]China faces its worst economic crisis: water
jiasf 2013-8-31 22:44
China faces its worst economic crisis: water (July 31, 2013) Water woes ranging from polluted drinking water to contaminated groundwater reserves and toxic rivers, to crossborder water disputes with neighbours over transboundary river flows, are moving China towards a catastrophe with “profound implications.” In testimony to the U.S. Senate last week, the Council on Foreign Relations’ Asia director Elizabeth Economy names industry as the key culprit. The Wall Street Journal’s MarketWatch.com reports. By Michael Kitchen for The Tell, MarketWatch.com , published on July 31, 2013 China has a serious problem, bigger than the slowdown in manufacturing growth or the housing-price bubble. It's water, and it's a catastrophe that could affect the rest of Asia and the larger world. In testimony to the U.S. Senate last week, the Council on Foreign Relations’ Asia director Elizabeth Economy said China is facing a water crisis with “profound implications” if the government doesn’t get a grip on it over the next few years. According to China's own water resources officials, more than 400 Chinese cities lacked enough water last year, with 110 of those facing serious scarcity. The key culprit is industry, which Economy said uses 4 to 10 times more water per unit of GDP than similar economies and is polluting the nation's existing water resources at an alarming rate. She cited a February 2013 report by the Geological Survey of China saying a full 90% of the country's groundwater was polluted, while the Ministry of Environmental Protection said the water from about 25% of China's major river systems was so filthy that it couldn't be even used for industry or agriculture. Read the full article on the publisher’s website here .
个人分类: 水是杂谈|1774 次阅读|0 个评论
[转载]The wolf is here, finally…
热度 1 zuojun 2011-3-29 15:08
Toxic plutonium seeping from Japan's nuclear plant
个人分类: News|1329 次阅读|1 个评论
[转载]Tokyo: Tap water not safe for infants
zuojun 2011-3-23 15:21
Is this the beginning or the end of Japan's nuclear crisis? Read "Tokyo: Tap water not safe for infants"
个人分类: Thoughts of Mine|1589 次阅读|0 个评论
续2:读UN E-government Survey 2010
huguangwei 2010-10-10 17:12
整理中
个人分类: 时间漫谈|2857 次阅读|0 个评论
绿色办公室(Green Office)
junqing 2010-9-21 09:45
Backgrounds 经济的快速发展和人口的迅速膨胀,使得世界能源变得日益紧张,这种状况已经在中国表现得尤为突出。中国政府承诺减少炭排放量,提倡发展绿色经济,已经采取各种措施来限制能源消耗,例如,拉闸限电。有关报道表明,政府部门以及各企业和公司的办公室消耗能源所占的比例超过家庭的能源消耗的比例;另一方面,办公室易于部署先进的控制设备和计算机设备(例如, plug computer ),以便自动管理办公室和调节能源消耗,达到建立一个真正的绿色办公室的目标;而且该想法易于得到中国政府以及各企业、公司的支持,政治意义深远,市场经济前景广阔。
个人分类: 未分类|3033 次阅读|0 个评论
[转载]下一次粮食危机离我们远吗?
bestener 2010-8-11 20:46
Is another food crisiscoming? Posted by Michael Schuman Wednesday, August 11, 2010 at 12:04 am 1 Comment Once again, jitters are spreading through the world of food. Wheat prices have surged a terrifying 50% since early June, the biggest jump in 30 years, according to HSBC. Droughts in Russia, Ukraine and Kazakhstan, which together account for 26% of world wheat exports, are leading to fears of tight supply and super-charging prices. Russia's government made matters worse by slapping a ban on wheat exports from mid-August. The sudden price spike has a scary dj-vu feeling, that the world will return to the nosebleed agricultural prices and food riots witnessed during 2007-08. That would not only punish the poor, but also drag on the already uninspiring recovery from the Great Recession. The fact is, though, that the food crisis never really went away. Though prices for agricultural foodstuffs have decreased from the lofty heights of two years ago, they're still at higher levels than before that big price spike, even after the damage caused to economic growth, incomes and trade by the Great Recession. Today's wheat scare is the just latest sign of what could be one of the biggest challenges facing the global economy over the next 20 years the fight to feed the world. We're suffering from three decades of neglect of agriculture, a period when the sector was starved of the resources and technology it needs to keep up with rising world demand. And though there is a growing global consensus about the need for a second Green Revolution , we're really only at the beginning of a long, expensive process of repairing the world's farms. That means we're likely to see higher food prices overall over the next decade, and the continued risk of dangerous price fluctuations like the one we're experiencing now with wheat. But first things first. Do soaring what prices mean we're headed for a repeat of the 2007-08 food crisis? Commodities analysts are so far saying probably not. Stocks of wheat are at sufficiently high levels (especially compared to the 2007-08 period), and the coming harvest in other big producers like the U.S. is expected to be strong. So unlike in 2007-08, the supply situation isn't all that bad, meaning prices for wheat should eventually see reality. But food isn't like other products traded on world markets. There's a lot more emotion surrounding it. No country wants to run out of food or watch sky-high prices dump people into poverty and malnourishment. That can lead to riots and topple governments. So both grain exporters and importers can do extreme things if they think a shortage is coming or prices will keep rising -- hoarding, panic-driven purchases and export restrictions. In other words, the reaction of market players can create a crisis when none should exist based on the pure numbers. Here's HSBC on the matter: Even if Russia's wheat crisis, as well as other local disruptions, may not be in themselves sufficient to lead to significant global food price inflation, an adverse policy response can still drive costs up quite significantly It is essential to monitor policy responses over the coming weeks of the world's major wheat traders, especially exporters, but also importers that may be pushed into aggressive purchases to secure supplies. But whatever happens to wheat over the next few weeks, food is still expensive by the standards of recent history, and is likely to stay that way. The Organization for Economic Cooperation and Development and the Food Agriculture Organization spelled that out in a June report . Their outlook sees average wheat and coarse grain prices between 15% and 40% higher in real terms (adjusted for inflation) over the next 10 years than their average levels during the period between 1997 and 2006. Real prices for vegetable oils are projected to be more than 40% higher, while dairy prices are forecast to be on average between 16% and 45% percent higher. Though at those prices, we're not at the incredibly high levels seen during the 2007-08 price boom, food markets are nonetheless still going to be vulnerable to unpredictable and damaging price fluctuations. Here's more from the OECD/FAO report: The surge in crop prices to near record highs in 2007/08 was due to the contemporaneous occurrence of a panoply of contributing factors, which are not likely to be repeated in the near term. However, if history is any guide, further episodes of strong price fluctuations in agricultural product prices cannot be ruled out nor can future short-lived crises. So why will prices stay high and volatile? There are a ton of structural problems in the world of agriculture that have made the balance between supply and demand much more precarious than it has been since the 1970s. On the production side, we just haven't seen the cash going into rural infrastructure or technological research that we need to keep yields growing. On the consumption side, all those newly wealthy Chinese, Indians and Brazilians can now buy more food than they used to, and different types of food more meat, for example, which means more grain gets turned into livestock feed instead of people-feed. Add in the new demand for biofuels, and what you get are high prices for food. More from HSBC: World agricultural markets have become so finely balanced between supply and demand that local disruptions can have a major impact on the global prices of the affected commodities and then reverberate throughout the entire food chain. As a result, prices for staples such as wheat, rice, soybeans, and pork, have risen on a trend basis since around 2004 and, more importantly, have become extremely volatile over the years. This reflects structural factors, such as prolonged underinvestment in agricultural technology, rampant demand growth in emerging markets, environmental degradation, the growing reliance on bio-fuels, and, possibly, the rising influence of financial markets, including exchange rate movements. How can we fix this problem? With mega-bucks, over a very long period of time. Many countries from India to Senegal have woken to this fact and are devoting more resources to agriculture. But more investment is needed. The OECD/FAO report makes that clear: World population is expected to grow by 2.3 billion people between 2009 and 2050 with nearly all this growth from developing countriesIt is estimated that feeding a population of 9 billion would require a 70% increase in global food production between 2005-07 and 2050. Production in the developing countries would need to almost doubleTo support the necessary expansion in output in developing countries, FAO estimates the required average annual investment in primary agriculture and necessary downstream services (e.g. storage, processing) at USD209 billion in 2009 prices (or USD83 billion net of depreciation), much of which would come from private sources. Still, this amount represents a 50% increase from current levels and does not include the public investments required in such areas as roads, irrigation, electricity and education. So even if we may not be looking into the mouth of a food crisis at this moment, if we don't do more to support food production, we will run the risk of facing one in the future. And along the way, the chances of damaging price spikes will always be lurking. Enjoy your lunch! While you can afford it. Read more: http://curiouscapitalist.blogs.time.com/2010/08/11/is-another-food-crisis-coming/#ixzz0wIhaKEhY
个人分类: 未分类|2413 次阅读|0 个评论
[转载] 今日科学家 The Scientist The stem cell banking crisis 2010年4月9日 00:20 (星期五)
xupeiyang 2010-4-9 07:30
April 08, 2010 The stem cell banking crisis Human embryonic stem cell research is being hampered by difficulties in distributing federally approved lines By Jef Akst Announcing The Scientist's Labbies Send us your lab's coolest videos, blogs, and other techy creations for a chance to win one of our 2010 multimedia awards By Jef Akst Hot paper in cancer biology The viral skinny By Edyta Zielinska NIH grants in danger? Obama's requested FY2011 NIH budget increase may not go far enough By The Scientist Community Energy-saving molecules A molecular lever switches the rotation of ATPase, giving cells control over whether they use energy, or produce it. Saita et al. 2010 J Biol Chem . Evaluated by N Nelson Plant knockouts get easier RNA gives plant scientists control over non-nuclear genomes: for the first time a synthetic riboswitch induces gene expression in chloroplasts. Verhounig et al. 2010 Proc Natl Acad Sci U S A . Evaluated by L Merendino J Joyard Gut bacteria are what we eat Intestinal microbes pick up genes from food-borne bacteria, possibly changing what our microbiota digests By Jef Akst Sizing up nanoparticles How to put nanoparticles to work in drug development By Kelly Rae Chi Down with reviews Review articles simply don't deserve all the citations they receive By Steven Wiley Wildlife manager or exterminator? Alaskan wildlife biologists are questioning the qualifications and management strategies of the new head of the Alaska Division of Wildlife Conservation By Lauren Urban Skates on thin ice A species of highly endangered fish is actually composed of two separate species, each in greater danger of extinction By Bob Grant Hot paper in genetics The closer By Edyta Zielinska News in a nutshell New science lab is launched; journal editor faces axe; women salaries fall short By Jef Akst Ancient aminos Was tubulin present in the primordial soup? By Alla Katsnelson Darwin to Joseph Hooker, 1844 Darwin describes his theory of natural selection in a letter to Hooker, comparing the experience to confessing a murder By Katherine Bagley
个人分类: 热点前沿|1693 次阅读|0 个评论
次貸危機亦是現代風險管理技術發展的危機ZZ
hnhuizi 2008-12-24 10:15
本期做客嘉賓:人民大學財政金融學院應用金融系副主任? 陳忠陽   陳忠陽? 金融學博士。現任中國人民大學財政金融學院應用金融系副教授、系副主任,金融風險管理工作室主任,美國芝加哥伊利諾大學商學院金融系兼職教授。主講金融機構風險管理、風險監管等課程。2002~2003年度入選美國國務院富布萊特駐校學者。研究成果包括《金融機構現代風險管理基本框架》等六部著作和30餘篇論文。主持國家教育部「十五」計劃課題「中國金融機構風險管理研究」。   國際金融市場的風雲變幻特別是次貸危機,使我們不得不思考這樣一些問題:在現代風險管理的強國和技術發源地的美國,為什麼會栽次貸危機這麼大一個跟頭?幾十年來作為華爾街驕子,聚集了全球人才精英中的精英的著名投行為什麼會轟然倒下?儘管新巴塞爾資本協議充滿爭議、耗資巨大,但各國銀行在實施準備和投入方面仍然不遺餘力?我們的銀行如何實現和保持不良資產雙降?證券機構如何應對股票市場的大幅波動?我們與國際金融機構開展競爭而立於不敗之地的根本何在?金融衍生產品在我國是否應該得到發展以及如何發展今天,中國人民大學財政金融學院應用金融系副主任、美國芝加哥伊利諾大學商學院金融系兼職教授陳忠陽博士應邀做客「首席觀點」欄目。陳忠陽強調,從金融機構的角度看,上述問題的答案都在於風險管理,在於風險管理的重要性和挑戰性。   ○ 次貸危機講述的是一個競爭與風險的故事   記者:市場經濟兩個相互聯繫的重要基本特徵:一是市場經濟活力的基本體現競爭;二是所有市場參與者都面臨的基本市場特徵風險。美國次貸危機演 有降低風險管理的挑戰性。相反,不僅這些風險技術和產品還沒有經歷一個完整的經濟週期的考驗,而且資產證券化所帶來的風險轉移及其對系統性風險的影響更是新的挑戰。例如,在針對次貸危機的討論和反思中,人們普遍關注的問題是對次貸證券化產品的風險衡量問題,尤其是信用評級機構對於結構性產品的評級等級問題,還有信用風險轉移所形成的所謂貸款「發放和分銷」的新金融模式,可能導致放款銀行對借款者審核標準的下降和貸後監督的放鬆。   顯然,是樂觀的宏觀經濟形勢和對現代風險管理發展的樂觀認識,讓人們忽略了風險管理本質上的挑戰性和風險管理技術本身的局限性。持續多年次貸規模的膨脹和資本市場上對次貸相關證券化產品的投資熱情充分說明了這一點,而且這同時也說明了這些年來在樂觀的宏觀經濟背景下,一些西方金融機構淡忘了風險管理最基本的原則審慎管理,其中包括對風險的審慎承擔和對風險管理技術,尤其是   新技術的審慎應用。因此,我們可以說此次次貸危機是現代風險管理技術發展的危機,它體現了風險管理本質上的挑戰性,也暴露了現代風險管理技術本身的局限性。   ○ 現代風險管理的發展和局限性   記者:現代風險管理技術的迅猛發展應該是90年代中期以來金融體系中風險管理和金融工程技術發展最引人注目的成就,它徹底改變了傳統信用風險管理的面貌。請你介紹一些現代風險管理技術中的一些經典技術,同時,通過此次次貸危機,暴露出哪些現代風險管理技術的弱點?   陳忠陽:蒙特卡羅模擬和現代計算技術的應用使得數據稀少的信用風險可以一定程度被量化,資產證券化使得流動性不好的信貸產品也可以被打包用於市場化的交易,進而傳統上難以動態定價的信貸產品也終於可以按照市場或模型定價,資產證券化過程中使用的結構化技術使得信用風險可以分層投資和控制,VaR等市場風險衡量技術和組合管理等交易類產品的風險管理技術也開始被用於信用產品的風險衡量和管理,同時以往只能針對市場風險的衍生產品構造技術也被用於開發CDS等信用衍生產品,而CDS不僅使得信用風險保護突破了傳統貸款擔保產品流動性差、市場狹小和難以動態調整的局限,為信用提升提供了新一代的工具,而且CDS具有衍生產品分離信用風險的強大功能,既可以構建合成CDO以滿足市場投資和管理的需要,也可以被銀行內部用於信用組合管理,與銀行內部資金轉移定價技術相結合,將銀行各分支機構和業務線路的分散的信用風險通過FTP和CDS內部交易集中到總部機構,對全行信用風險實施類似於利率風險的資產負債統一集中管理,並在全行範圍內施行統一的經濟資本配置和風險的動態調整,從而大大提高銀行風險管理的效率。   顯然,次貸危機將這些現代風險管理技術的弱點暴露出來。實際上所有這些現代信用風險管理發展目前所取得的還只不過是探索性的成果,遠稱不上成熟和完善。儘管資產證券化和債券市場以及CDS市場的發展一定程度上增加了信貸產品的流動性和信息來源,但相對於有效量化和定價模型的要求,信用風險數據稀少的狀況並沒有發生根本變化,蒙特卡羅模擬可以為信用分析增添數據,卻不能增加信息。違約損失率和違約相關性的衡量不僅面臨更加嚴重的數據稀缺問題,而且其技術體系更加不成熟。同時,幾乎任何信用風險計量模型都充滿了各種與現實相去甚遠的前提假設,其在實踐中的有效性還很難得到驗證,而且有些技術由業界專家基於經驗和直覺提出,仍然缺乏穩固的理論支持,甚至整個風險管理的理論基礎與其他金融分支學科相比仍然顯得非常薄弱,就連VaR、經濟資本配置和RAROC等業界廣為使用的風險衡量和管理方法還沒有獲得主流學術界的廣泛認可。   ○ 關於操作風險和戰略風險   記者:聽說現代風險管理領域一直流傳著這樣一句話:「不能量化的風險就不能管理,不能管理的風險就不能去承擔」。這是否也是導致金融機構過於激進的次貸產品投資戰略和政策,以使其面臨過多的信用和市場風險的重要原因?   陳忠陽:是的。這句話充分反映了風險量化在現代風險管理發展中的重要性。顯然,在現代信用風險計量取得明顯進步之後,人們容易看到一個邏輯上否定之否定的版本:能夠量化的風險就能夠管理,而能夠管理的風險就可以去承擔。因此,對信用風險管理發展的樂觀認識促成了人們對於風險承擔和管理能力的過高估計,這一方面會導致不成熟的信用風險管理技術被不審慎地應用於投資和風險管理的實踐,金融機構因而面臨更多的信用產品模型風險和定價風險;另一方面也會導致金融機構過於激進的次貸產品投資戰略和政策,面臨過多的信用和市場風險。   次貸危機暴露出金融機構操作風險管理失敗的另外一個突出表現是金融機構對衍生產品的濫用。西方任何一部經典的金融教科書都明確指出,衍生產品的經濟功能在於對沖風險,即降低風險。然而,自上世紀七八十年代市場化交易的衍生產品迅猛發展以來,大量的金融機構巨虧和破產案例表明,實踐中的衍生產品交易往往被金融機構反向應用,即用於投機和承擔風險,成為直接獲取盈利的投資工具,尤其是其天生的高槓桿性使得它更容易獲得資本有限的投機者青睞。美國次貸危機再次以慘痛的教訓印證了這種衍生產品發展和使用的巨大操作風險。美國投資銀行的全面落敗,反映出對衍生產品不當使用的操作風險成為投資銀行業務模式結構缺陷的突出表現之一。這一方面是因為投資銀行不能夠像商業銀行一樣吸收存款而缺乏穩固的資金來源,這使得他們在擴張業務規模和追逐高收益的活動中更加有動機去利用衍生產品來提高其風險承擔的槓桿比率;另一方面,美國投資銀行不受美聯儲資本充足要求的監管,這使得這種危險的高槓桿遊戲長期得不到有效的外部制約。這兩方面的因素加上經濟繁榮階段信用產品良好的市場表現,誘使美國投資銀行業大量創設和使用信用衍生產品,向客戶也向自己大量提供高槓桿交易,雷?   在次貸危機中,除了投資銀行以外還有很多金融機構遭受的損失規模也是空前的,這是他們長期大規模介入次貸相關產品投資的結果,這也表明這些金融機構多年來在次貸投資方面發生了戰略性失誤。因此,他們面臨的不僅僅是信用、市場和操作風險,而且還有戰略風險。近些年來,人們習慣於談論新巴塞爾資本協議的三大風險,而對戰略風險有所忽視。其實,新巴塞爾資本協議在1999年的第一稿中將操作風險定義為「除了信用風險和市場風險以外的其他風險」,這一定義是包含戰略風險的。從上述次貸危機的分析可以看出,由於人們對信用風險管理技術發展的樂觀認識導致了金融機構在戰略上對信用風險管理能力產生了過高的估計,進而對於信用風險承擔的戰略擴展失去了有效的制約機制和控制能力。顯然,人們對於現代風險管理技術應用的操作風險管理的失敗導致了金融機構發展戰略的失誤和信用風險胃口的過度膨脹。因此,保持對於市場、產品和技術發展的清醒認識是管理戰略風險的重要原則。同時,在認識到風險環境、技術的不成熟和管理能力缺陷的情況下,保持審慎的態度是避免戰略失誤的重要方法。   ○? 現代風險管理的發展方向   記者:從你以上的分析可以看出,次貸危機是對現代風險管理技術發展的一次沉重打擊,但它不會改變現代風險管理發展的基本趨勢,更不會阻礙現代風險管理的繼續發展。次貸危機讓人們回到對風險管理發展正確認識和審慎應用的軌道,從而更加穩健地增加經濟體系整體的風險承擔能力和系統的穩定性。那麼,對於正在逐步融入國際體系的中國而言,「次貸」告訴我們最多的是什麼?   陳忠陽:我們要認識到,風險市場化、風險管理交易化、風險量化和越來越多的風險在越來越大的市場範圍裡交易、轉讓、分散和配置,這是市場經濟不斷向前發展的必然趨勢,也是西方發達國家主導的金融市場發展的基本遊戲規則。而我們要繼續改革開放,融入國際體系,就必然面臨這樣的客觀國際金融環境。在充滿競爭的國際金融市場上,優勝劣敗、適者生存是基本的規律。因此,對現代風險管理理念、制度和技術的發展我們必須要學習、要適應,還要創新和領先,方能從根本上立於不敗之地。巴塞爾資本協議和美國次貸危機為我們提供了良好的學習機會。前者從正面總結了國際銀行業在風險管理方面的最佳做法,後者則從反面為我們提供了發展和應用現代風險管理技術的失敗案例。顯然,無論是對次貸危機還是對新巴塞爾資本協議的討論,都必須深入到風險管理發展的技術層面方可使我們吸取到真正有意義的經驗教訓和啟示。 http://news.cnyes.com/stock/dspnewsS.asp?fi=\NEWSBASE\20081013\WEB1006vi=33506date=20081013time=11:53:37pagetype=index15subtype=homecls=index15_cjin
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