Research and Development of Cutting-edge Global Financial Techonology

全球前沿金融科技研发

• 批准号: 11430025
• 负责人: ITOH Fumio
• 金额: $ 8.51万
• 依托单位: AOYAMA GAKUIN UNIVERSITY
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (B)
• 财政年份: 1999
• 资助国家: 日本
• 起止时间: 1999 至 2001
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/en/grant/KAKENHI-PROJECT-11430025/
• 关键词: Finance; Liberalization and internationalization of Financial, and capital markets; Derivative Instruments; Experimental Finance; Financial Technology; Catastrophe Risk; Market Micro Structure; Insurance Security; 金融マイクロストラクチャー

This research project was dedicated to basic research and theoretical understanding of finance, as well as the exploration of experimental approaches and the international deployment of "Experimental Finance." The project was initially designed in response to recent changes in the field of finance : the rapid liberalization and globalization of financial capital markets, the introduction of new derivative instruments, the growth of trading volume, the proliferation of information technology, and the consequent sophistication of financial theories and knowledge.Given that financial technologies were ineffective in accounting for the uncertainties of financial asset prices, interest rates, and foreign exchange, we, in 1999, initiated an investigation into cutting-edge financial technologies of insurance risk security and derivatives. We also collected data on the securitization of insurance risk, in particular, catastrophe risk and insurance derivatives. Moreover, we conducted field rese … More arch on domestic and foreign markets, analyzed regulations affecting transactions within the stock markets in Tokyo, Shanghai, New York, and Singapore. This was done from a micro perspective. From there we started to construct a cyberspace simulation in which transactions can be performed on PCs.The year 2000 was dedicated to the international development of Experimental Finance. We invited Professor Yuji Ijiri (Carnegie Mellon University), Professor John O'Brien (Carnegie Mellon University), Professor Lim Kian-Guan (The National University of Singapore), Professor Sang-koo Nam (Korea University), Professor Wang Wei (Fudan University, China) and Professor Yu Shi Xintian(Northeastern University, China) to a workshop. As a result of their participation, Aoyama Gakuin University created an international depository of finance-related information. This depository was expected to generate a Virtual Asian Financial Market and form an international network where finance-related information and other intellectual assets can be shared by its participants.In 2001 we held a workshop with Professor Lim, Professor Nam, Professor Ijiri, and Professor Takahito Hiraki (International University, Japan) to work on an analysis of the liberalization and internationalization of Asian financial and capital markets. Also, we conducted a multi-national trading simulation in a virtual financial market using the Financial Analysis and Security Trading (FAST) program, and explored various experimental approaches. Carnegie Mellon University, Fudan University, Korea University, and the National University of Singapore participated in the simulation.Through these research activities we constructed an international network where different universities can share finance-related knowledge and an international information center for the Virtual Asian Financial Market. Less

本研究项目致力于金融的基础研究和理论认识，以及实验方法的探索和“实验金融”的国际部署。该项目的最初设计是为了应对金融领域最近的变化：金融资本市场的迅速自由化和全球化，新的衍生工具的引入，交易量的增长，信息技术的扩散，以及随之而来的金融理论和知识的复杂化。鉴于金融技术在考虑金融资产价格、利率和外汇的不确定性方面是无效的，我们在1999年发起了一项关于保险风险保障和衍生品的前沿金融技术的调查。我们还收集了有关保险风险证券化的数据，特别是巨灾风险和保险衍生品。此外，还对国内外市场进行了实地调查，分析了影响东京、上海、纽约、新加坡等地证券市场交易的规定。这是从微观角度出发的。从那时起，我们开始构建一个网络空间模拟，其中交易可以在个人电脑上执行。2000年是实验金融国际化发展的一年。我们邀请了Yuji Ijiri教授（卡内基梅隆大学）、John O'Brien教授（卡内基梅隆大学）、Lim Kian-Guan教授（新加坡国立大学）、Sang-koo Nam教授（高丽大学）、Wang Wei教授（中国复旦大学）和Yu Shi Xintian教授（中国东北大学）参加研讨会。由于他们的参与，青山学院大学创建了一个国际金融相关信息储存库。这个存管机构预期将产生一个虚拟亚洲金融市场，并形成一个国际网络，让参与者可以分享与金融有关的信息和其他知识资产。2001年，我们与林教授、南教授、Ijiri教授和平木高仁教授（日本国际大学）举办了一个研讨会，就亚洲金融和资本市场的自由化和国际化进行分析。此外，我们使用财务分析和安全交易（FAST）程序在虚拟金融市场进行了多国交易模拟，并探索了各种实验方法。卡内基梅隆大学、复旦大学、高丽大学和新加坡国立大学参与了模拟。通过这些研究活动，我们为不同的大学构建了一个金融相关知识共享的国际网络，并为虚拟亚洲金融市场构建了一个国际信息中心。少