This paper proposes the way of setting the dynamic impawn rate by dividing the impawn periods into different risk windows. In an efficient financial market, the return is hypothetically independent, while in a pledged inventory market where spot transactions predominate, the return is...

The general goal of the next stage of Chinese economic development is to go forward toward a mature industrialized society, a process that may continue well into the middle of the next century. To reach this goal, we must choose a correct development strategy, and, to do so, there must be...

This paper presents a framework of setting the impawn rate dynamically by dividing the impawn period into different risk windows. Besides, it proposes that compared with pledging loan of bonds and stocks, the essence of inventory financing is to forecast the long-term risk from short-term data,...