Le développement du crédit hypothécaire en Chine

Cet article compare le marché hypothécaire chinois actuel avec les marchés de plusieurs économies développées qui ont été fortement touchées par la crise financière mondiale de 2008, en examinant les capacités et les difficultés du développement du marché hypothécaire secondaire en Chine. Il montre tout d’abord que si le recours excessif à la titrisation des prêts hypothécaires aux États-Unis est en grande partie responsable de la contraction du marché immobilier et des difficultés économiques qui s’en sont suivies, le repli du marché immobilier chinois résulte en grande partie du caractère sous-développé du secteur du financement du logement. Deuxièmement, en l’absence d’un système juridique performant et d’un marché hypothécaire primaire mature, la Chine doit s’efforcer d’améliorer la diversité de son marché primaire avant de mettre en place un marché secondaire. Troisièmement, dans le contexte de transition de la Chine vers une économie de marché, la nature du marché du logement ne peut être considérée ni comme un moteur économique — comme c’est le cas actuellement en Chine, ni comme un produit financier dérivé, comme ça l’est aux États-Unis

The Development of Mortgage Finance in China

This paper compares the current Chinese mortgage market with the markets in several advanced economies that suffered most in the 2008 Global Financial Crisis, exploring the potential and rigidities of development of the secondary mortgage market in China. It finds that, first of all, while the over-securitisation of mortgages in the United States accounted for most for its housing decline and subsequent economic stress, the housing downturn in China is largely the result of the underdeveloped housing finance sector. Second, in the absence of a well-functioning legal system and mature primary mortgage market, China needs to make more effort to improve the diversity of the primary market before establishing a secondary market. Third, in China’s market transition, the nature of housing should be seen as neither an economic engine, as now in China, nor as a financial derivative, as in the United States

A novel method for computing the Hilbert transform with Haar multiresolution approximation

AbstractIn this paper, an algorithm for computing the Hilbert transform based on the Haar multiresolution approximation is proposed and the L2-error is estimated. Experimental results show that it outperforms the library function ‘hilbert’ in Matlab (The MathWorks, Inc. 1994–2007). Finally it is applied to compute the instantaneous phase of signals approximately and is compared with three existing methods

A KINETIC STUDY ON THE MOVEMENT OF YEMAFENZONG IN TAIJIQUAN

INTRODUCTION: Taijiquan actions are required to be steady, smooth and continuous. A detailed kinetic analysis was chosen in order to provide clarification of these features. For this study, the movement of Yemafenzong was analyzed and some significant results were obtained

Field emission from in situ-grown vertically aligned SnO2 nanowire arrays

Vertically aligned SnO2 nanowire arrays have been in situ fabricated on a silicon substrate via thermal evaporation method in the presence of a Pt catalyst. The field emission properties of the SnO2 nanowire arrays have been investigated. Low turn-on fields of 1.6 to 2.8 V/μm were obtained at anode-cathode separations of 100 to 200 μm. The current density fluctuation was lower than 5% during a 120-min stability test measured at a fixed applied electric field of 5 V/μm. The favorable field-emission performance indicates that the fabricated SnO2 nanowire arrays are promising candidates as field emitters