絎竴绔?緇忔祹瀛﹀崄澶у師鐞?br />
絎簩绔?鍍忕粡嫻庡瀹朵竴鏍鋒濊?br />鐢熶駭鍙兘鎬ц竟鐣?production possibilites frontier)閫氬父鏄嚬鍚戝師鐐圭殑褰㈢姸銆?br />瀹炶瘉琛ㄨ堪(positive statements)錛氫紒鍥炬弿榪頒笘鐣屾槸浠涔堢殑瑙傜偣銆傜粡嫻庡鐨勮澶氬唴瀹規(guī)槸瀹炶瘉鐨勩?br />瑙勮寖琛ㄨ堪(normative statements)錛氫紒鍥炬弿榪頒笘鐣屽簲璇ユ槸浠涔堢殑瑙傜偣銆?br />
絎笁绔?鐩鎬簰渚濊禆鎬т笌璐告槗鐨勫ソ澶?br />鏈轟細(xì)鎴愭湰涓庢瘮杈冧紭鍔?br />
絎洓绔?渚涚粰涓庨渶姹傜殑甯?jìng)鍦哄姏閲?br />
絎簲绔?寮規(guī)у強(qiáng)鍏跺簲鐢?br />闇姹備環(huán)鏍煎脊鎬?= 闇姹傞噺鍙樺姩鐧懼垎姣?/ 浠鋒牸鍙樺姩鐧懼垎姣?br />渚涚粰浠鋒牸寮規(guī)?= 渚涚粰鍙樺姩鐧懼垎姣?/ 浠鋒牸鍙樺姩鐧懼垎姣?br />渚嬶細(xì)鐢變簬姣掑搧鐨勯渶姹傜己涔忓脊鎬э紝紱佹瘨寮曡搗鐨勬瘨鍝佷環(huán)鏍兼彁楂樼殑姣斾緥澶т簬姣掑搧浣跨敤鍑忓皯鐨勬瘮渚嬶紝鍥犳紱佹瘨浼?xì)澧炲姞涓庢瘨鍝佺浉鍏崇殑鐘|傦紙鐭湡錛?br />
絎叚绔?渚涚粰銆侀渶姹備笌鏀垮簻鏀跨瓥
闄愬埗鎬т環(huán)鏍間笂闄愬鑷寸煭緙猴紝闄愬埗鎬т環(huán)鏍間笅闄愬鑷磋繃鍓┿?br />渚嬶細(xì)鏈浣庡伐璧勬硶瀵艱嚧澶變笟銆?br />涓鏃﹀競(jìng)鍦鴻揪鍒版柊鍧囪 錛屾棤璁哄悜璋佸緛紼庯紝閮芥槸涔拌呬笌鍗栬呭垎鎽婄◣鏀惰礋鎷呫?br />渚嬶細(xì)鐢變簬鍔沖姩鐨勪緵緇欒繙姣斿姵鍔ㄧ殑闇姹傜己涔忓脊鎬э紝鏄伐浜鴻屼笉鏄紒涓氭壙鎷呬簡(jiǎn)澶ч儴鍒嗗伐钖◣鐨勮礋鎷呫?br />
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鍙戜俊绔? BBS 鏈悕絀洪棿绔?(Fri Mar 21 01:24:10 2008)
銆?浠ヤ笅鏂囧瓧杞澆鑷?ChinaNews 璁ㄨ鍖?銆?br /> 鍙戜俊浜? chaoz (楗眬灞闀?, 淇″尯: ChinaNews
鏍? 棰? 緹庡浗嬈¤捶鍗辨満涔嬮氫織婕斾箟 zz
鍙戜俊绔? BBS 鏈悕絀洪棿绔?(Thu Mar 20 23:49:57 2008)
鍦ㄧ編鍥斤紝璐鋒鏄潪甯告櫘閬嶇殑鐜拌薄錛屼粠鎴垮瓙鍒版苯杞︼紝浠庝俊鐢ㄥ崱鍒扮數(shù)璇濊處鍗曪紝璐鋒鏃犲涓嶅湪銆傚綋鍦頒漢寰堝皯鍏ㄦ涔版埧錛岄氬父閮芥槸闀挎椂闂磋捶嬈俱傚彲鏄垜浠篃鐭ラ亾錛屽湪榪欓噷澶變笟 鍜屽啀灝變笟鏄緢甯歌鐨勭幇璞°傝繖浜涙敹鍏ュ茍涓嶇ǔ瀹氱敋鑷蟲(chóng)牴鏈病鏈夋敹鍏ョ殑浜猴紝浠栦滑鎬庝箞涔版埧鍛紵鍥犱負(fù)淇＄敤絳夌駭杈句笉鍒版爣鍑嗭紝浠栦滑灝辮瀹氫箟涓烘綰ц捶嬈捐呫?br />
澶х害浠?0騫村墠寮濮嬶紝閭ｄ釜鏃跺欒捶嬈懼叕鍙告極澶╃殑騫垮憡灝卞嚭鐜板湪鐢?shù)瑙嗕笂銆佹姤綰鎬笂銆佽澶達(dá)紝鎶戞垨鍦ㄤ綘鐨勪俊綆遍噷濉炴弧璇變漢鐨勪紶鍗曪細(xì)
鈥滀綘鎯寵繃涓駭闃剁駭鐨勭敓媧誨悧錛熶拱鎴垮惂錛佲?br />
鈥滅Н钃勪笉澶熷悧錛熻捶嬈懼惂錛佲?br />
鈥滄病鏈夋敹鍏ュ悧錛熸壘闃跨墰璐鋒鍏徃鍚э紒鈥?br />
鈥滈浠樹(shù)篃浠樹(shù)笉璧鳳紵鎴戜滑鎻愪緵闆墮浠橈紒鈥?br />
鈥滄媴蹇?jī)鍒╂伅澶珮锛熷ご涓をq存垜浠彁渚?錛呯殑浼樻儬鍒╃巼錛佲?br />
鈥滄瘡涓湀榪樻槸浠樹(shù)笉璧鳳紵娌″叧緋伙紝澶?4涓湀浣犲彧闇瑕佹敮浠樺埄鎭紝璐鋒鐨勬湰閲戝彲浠ヤ袱騫村悗鍐嶄粯錛佹兂鎯崇湅錛屼袱騫村悗浣犺偗瀹氬凡緇忔壘鍒板伐浣滄垨鑰呰鎻愬崌涓虹粡鐞嗕簡(jiǎn)錛屽埌鏃跺欒繕鎬曚粯?shù)笉钃v錛佲?br />
鈥滄媴蹇?jī)涓をq村悗榪樻槸榪樹(shù)笉璧鳳紵鍝庡憖錛屼綘涔熺湡鏄お灝忓績(jī)浜?jiǎn)锛岀湅鐪嬬幇鍦ㄧ殑鎴垮瓙姣斾袱骞村墠娑ㄤ簡(jiǎn)澶殲畱锛屽埌鏃跺欎綘杞墜鍗栫粰鍒漢鍟婏紝涓嶄粎鐧戒綇涓ゅ勾錛岃繕鍙兘璧氫竴絎斿憿錛佸啀璇翠簡(jiǎn)錛屽張涓嶇敤浣犲嚭閽憋紝鎴戦兘鐩鎬俊浣犱竴瀹氳鐨勶紝闅鵑亾鎴戞暍璐鳳紝浣犺繕?shù)笉鏁㈠燂紵鈥?br />
鍦ㄨ繖鏍風(fēng)殑璇辨儜涓嬶紝鏃犳暟緹庡浗甯?jìng)姘戞涓嶇姽桴U鍦伴夋嫨浜?jiǎn)璐穻凭涔版堁潃傦紙浣犳浛浠栦滑鎷呭績(jī)涓ゅ勾鍚庣殑鍊哄姟錛熷悜鏉ヨ嚜鎴戞劅瑙夎壇濂界殑緹庡浗甯?jìng)姘戜細(xì)鍛婅瘔浣犲Q屾紨鐢?shù)濯?jiǎng)鐨勯兘鑳藉綋涓婂窞闀匡紝涓ゅ勾鍚庤涓嶅畾鎴戣繕鑳界珵閫夋葷粺鍛€傦級(jí)
闃跨墰璐鋒鍏徃鐭煭鍑犱釜鏈堝氨鍙栧緱浜?jiǎn)鎯婁汉鐨勪笟鐕W錛屽彲鏄挶閮借捶鍑哄幓浜?jiǎn)锛岃兘涓嶈兘鏀跺洖鏉ュ憿锛熷叕鍙哥殑钁ｄ簨闀库斺旈樋鐗涘厛鐢燂紝閭ｄ篃鏄啛璇葷編鍥界粡嫻庡彶鐨勪漢鐗╋紝涓嶅彲鑳戒笉鐭ラ亾鎴? 鍦頒駭甯?jìng)鍦轰篃鏄湁椋庨櫓鐨勫Q屾墍浠ヨ繖絎旀敹鐩婄湅鏉ヤ笉鑳界嫭鍚烇紝瑕佹壘涓悎浼欎漢鍒嗘媴椋庨櫓鎵嶈銆備簬鏄樋鐗涙壘鍒扮編鍥界粡嫻庣晫鐨勫甫澶村ぇ鍝モ斺旀姇琛屻傝繖浜涘浼欏彲閮芥槸鍚嶅瓧鍝嶅綋褰撶殑涓? 鍎匡紙緹庢灄銆侀珮鐩涖佹懇鏍癸級(jí)錛屼粬浠瘡澶╁仛浠涔堝憿錛熷氨鏄悆楗變簡(jiǎn)闂茬潃涔熸槸闂茬潃錛屼簬鏄壘鏉ヨ璐濆皵緇忔祹瀛﹀錛屾壘鏉ュ搱浣?jīng)鏁欐巿锛岀敤涓婃渶鏂扮殑緇忔祹鏁版嵁妯″瀷錛屼竴鐣紦鎹ｄ箣鍚庯紝寮? 鍑哄嚑浠藉垎鏋愭姤鍛婏紝浠庤岃瘎浠蜂竴涓嬫煇鏌愯偂紲ㄦ槸鍚﹀煎緱涔拌繘錛屾煇鏌愬浗瀹剁殑鑲″競(jìng)宸茬粡鏈夋場(chǎng)娌簡(jiǎn)錛屼竴緹ゅ湪椋庨櫓璇勪及甯?jìng)鍦洪噷闈㈤獥鍚冮獥鍠濈殑涓诲効锛屼綘璇翠粬浠湅鍒皹q欓噷闈㈡湁椋庨櫓娌★紵 鐢ㄨ剼閮界湅寰楀埌錛佸彲鏄湁鍒╂鼎鍟婏紝閭ｈ繕鐘硅鮑浠涔堬紝鎺ユ墜鎼炲惂錛佷簬鏄粡嫻庡瀹躲佸ぇ瀛︽暀鎺堜互鏁版嵁妯″瀷銆佽佷笁鏍瘋瘎浼頒箣鍚庯紝閲嶆柊鍖呰涓涓嬶紝灝卞紕鍑轟簡(jiǎn)鏂頒駭鍝佲斺擟DO 錛堟敞錛?Collateralized Debt Obligation錛屽哄姟鎶墊娂鍊哄埜錛夛紝璇寸┛浜?jiǎn)灏辨槸鍊哄埜錛岄氳繃鍙戣鍜岄攢鍞繖涓狢DO鍊哄埜錛岃鍊哄埜鐨勬寔鏈変漢鏉ュ垎鎷呮埧灞嬭捶嬈劇殑椋庨櫓銆?br />
鍏夎繖鏍峰崠錛岄闄╁お楂樿繕鏄病浜轟拱鍟婏紝鍋囪鍘熸潵鐨勫哄埜椋庨櫓絳夌駭鏄?錛屽睘浜庝腑絳夊亸楂樸備簬鏄姇琛屾妸瀹冨垎鎴愰珮綰у拰鏅欳DO涓や釜閮ㄥ垎錛屽彂鐢熷哄姟鍗辨満鏃訛紝楂樼駭CDO浜? 鏈変紭鍏堣禂浠樼殑鏉冨埄銆傝繖鏍蜂袱閮ㄥ垎鐨勯闄╃瓑綰у垎鍒彉鎴愪簡(jiǎn)4鍜?錛屾婚闄╀笉鍙橈紝浣嗘槸鍓嶈呭氨灞炰簬涓綆椋庨櫓鍊哄埜浜?jiǎn)锛屽嚟鎶曡涓夊笉鐑傗滈噾鈥濊垖錛屽綋鐒跺崠浜?jiǎn)涓弧鍫傚僵锛佸彲鏄? 鍓╀笅鐨勯闄╃瓑綰?鐨勯珮椋庨櫓鍊哄埜鎬庝箞鍔炲憿錛?br />
浜庢槸鎶曡鎵懼埌浜?jiǎn)瀵瑰啿鍩洪噾锛屽鍐插熀閲戝張鏄粈涔堜漢錛岄偅鍙槸鍦ㄥ叏涓栫晫閲戣瀺鐣屼拱絀哄崠澶氥佸懠椋庡敜闆ㄧ殑瑙掕壊錛岃繃鐨勫氨鏄垁鍙ｈ垟琛鐨勬棩瀛愶紝榪欑偣椋庨櫓灝忔剰鎬濓紒浜庢槸鍑熺潃鑰佸叧 緋伙紝鍦ㄤ笘鐣岃寖鍥村唴鎵懼埄鐜囨渶浣庣殑閾惰鍊熸潵閽憋紝鐒跺悗澶т婦涔板叆榪欓儴鍒嗘櫘閫欳DO鍊哄埜錛?006騫翠互鍓嶏紝鏃ユ湰澶璐鋒鍒╃巼浠呬負(fù)1錛?錛咃紱鏅欳DO鍒╃巼鍙兘杈懼埌 12錛咃紝鎵浠ュ厜闈犲埄鎭樊瀵瑰啿鍩洪噾灝辮禋寰楃泦婊￠挼婊′簡(jiǎn)銆?br />
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