This paper summarizes the risk management strategy of the current payment systems. By constructing an independent payment services agency, the paper discusses the cost of default that the payment services agency may bear when supplying credit facilities. By simulating and calculating the unit...

The interbank fund transfer systems are not only one of the effective measures for Central Bank to perform payment service functions, but also an infrastructure for central bank to carry out monetary policy. This paper makes the empirical analysis for the payment data of the 15 banks in the...

The paper explores the relationship between interbank payment flows in Chinese payment systems and the interbank offered rates in Chinese interbank markets. The empirical analysis shows that the changes of interbank payment flows have significant influences on both conditional means and...

This paper measures the performance level of liquidity management of the participating banks in RTGS system in China. Compared with the commercial banks in developed countries, this paper finds that the commercial banks are too conservative in liquidity management, and analyzes some main reasons...

This study examines the role of cultural values and political ideologies in the development of materialism, and the impact of materialism on subjective well-being, in the Chinese context. A survey was conducted of 487 persons in two cities in China and the results analyzed using structural...

We propose an interaction tree (IT) procedure to optimize the subgroup analysis in comparative studies that involve censored survival times. The proposed method recursively partitions the data into two subsets that show the greatest interaction with the treatment, which results in a number of...

For robust parametric estimation Beran (1982) derived local minimum distance functionals and constructed one-step estimators for them that are asymptotically minimax robust. For some distances the efficiency of Beran's estimators may not be very high. There are also some difficulties in directly...