The Emergence of 'Regular and Predictable' as a Treasury Debt Management Strategy
The Emergence of 'Regular and Predictable' as a Treasury Debt Management Strategy
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“定期且可预测”的国库债务管理策略的出现
DOI：
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发表时间：
2007
期刊：
影响因子：
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通讯作者：
K. Garbade
中科院分区：
文献类型：
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作者：
K. Garbade
纽约联邦储备银行发布了一份报告-《了解系统性风险的新方向》，其中介绍了2006年5月与国家科学院数学科学及其应用委员会共同主办的跨学科会议的主要结论。过去十年金融创新的步伐增加了金融体系的复杂性和相互关联性。这一发展对联邦等央行很重要，因为它们在应对金融体系系统性风险方面的传统角色。为鼓励对系统性问题进行创新思维，纽约联储与美国国家科学院合作，召集了来自22个国家的100多名系统性风险专家，比较监测、应对和预防这类风险的跨学科观点。这份报告是世界银行经济政策评论系列的一部分，概述了各学科（包括经济研究、生态学、物理学和工程学）提出的有关系统性风险的一些要点，并介绍了金融危机的市场导向模型，以及支付系统和银行间资金市场的系统性风险。报告最后提出了从会议上收集的意见，并讨论了政策的潜在应用。在本次会议上提出的三篇论文强调了在市场中产生类似行为的正反馈效应，随后的讨论部分集中在鼓励异质投资策略以对抗这种行为的方法上。与会者还讨论了用于研究系统性风险的模型类型，并评论了研究人员在开发模型时面临的挑战和权衡。
The Federal Reserve Bank of New York released a report -- New Directions for Understanding Systemic Risk -- that presents key findings from a cross-disciplinary conference that it cosponsored in May 2006 with the National Academy of Sciences' Board on Mathematical Sciences and Their Applications. ; The pace of financial innovation over the past decade has increased the complexity and interconnectedness of the financial system. This development is important to central banks, such as the Federal Reserve, because of their traditional role in addressing systemic risks to the financial system. ; To encourage innovative thinking about systemic issues, the New York Fed partnered with the National Academy of Sciences to bring together more than 100 experts on systemic risk from 22 countries to compare cross-disciplinary perspectives on monitoring, addressing and preventing this type of risk. ; This report, released as part of the Bank's Economic Policy Review series, outlines some of the key points concerning systemic risk made by the various disciplines represented - including economic research, ecology, physics and engineering - as well as presentations on market-oriented models of financial crises, and systemic risk in the payments system and the interbank funds market. The report concludes with observations gathered from the sessions and a discussion of potential applications to policy. ; The three papers presented in this conference session highlighted the positive feedback effects that produce herdlike behavior in markets, and the subsequent discussion focused in part on means of encouraging heterogeneous investment strategies to counter such behavior. Participants in the session also discussed the types of models used to study systemic risk and commented on the challenges and trade-offs researchers face in developing their models.