实际利率

Based on the theoretical model,we design a Vector Autoregression Model and conduct empirical analysis to understand the relationship of real exchange rate, economic growth and interest rate.

根据理论模型的动态特点，设计了一个向量自回归模型，用来实证分析实际汇率、经济增长率和利率的关系，回答了当前条件下人民币实际汇率是否高估的问题，提出了实际汇率调整的三种途径及其政策涵义。

With this higher price level constant, real negative interest rates so that some knowledge of economics knowledge will be such a low interest rate through a large number of loans to make up their own price increases in the monetary loss, which is this year's residents to purchase Housing loans increased sharply the main driving forces.

这一较高的价格水平不变，实际负利率使一些知识经济学知识将成为这样的低利率通过大量贷款来弥补自己的价格上涨在金钱上的损失，这是今年的居民购买住房贷款大幅增加的主要推动力。

Among them, the long term interest rate is chosen as the intermediary target by Keynes school, and money supply chosen by Monetarism, the interest rate chosen by horizontalism with consideration that the interest rate elasticity of the monetary demand is very high, and William Poole thinks that the choice of intermediary s targets must depend on two factors: First is which is more unstable between the actual economy and money. Second is the slope of IS and LM curve.

现将每章的主要内容分述如下：论文第一章对货币政策中介目标国内外的理论作了一个研究综述，提出理论界在选择货币政策中介目标方面的不同观点，其中国外有：凯恩斯主义认为应将长期利率作为中介目标，货币学派认为应将货币供应量作为货币政策的中介目标，普尔认为中介目标的选择必须取决于两个因素：一是实际领域和货币领域哪个部门更不稳定，二是IS和LM曲线的斜率；水平主义理论主张，在货币需求的利率弹性很高的前提下，利率也就成为货币政策的中介目标。

This research used option-based structural model: Merton Model and the Implied Volatility Model which visualized an option on the firm's equity that expired before the debt mature was a compound option and was proposed by Hull, Nelken and White in 2004. Then compare the fitting and ranking ability in the model implied credit spread of the two structural model to the observed bond credit spread between corporate bond yield and bond yield in Taiwan's listed companies.

本研究运用选择权基础的信用风险模型：Merton(1974)模型与Hull， Nelken and White(2004)提出将个股选择权视为复合选择权的Implied Volatility模型，比较这两个结构式信用风险模型所计算出的隐含信用利差对台湾上市、柜公司之公司债殖利率与公债殖利率间实际的信用利差之配适能力与排序能力。

This paper makes empirical researchs on the monetary policy effectiveness in China through statistical method, and proves that there is some correlation and Grange causality between money supply and output. Meanwhile money supply makes great influence on price, so it is necessary to control money supply to valorize. The interest rate makes poor influence on the output and price, and cannot become intermediate objective now.

四是从统计学角度实证研究我国货币政策实际效应，研究结果证明我国货币供应量与产出存在相关性，存在格兰杰因果关系，同时无论是长期还是短期，货币供应量对物价影响较大，我国仍需控制货币供应量以稳定物价水平；而利率对投资和消费影响不显著，在未实现市场化之前，利率尚不具备作为中介目标的条件。

For repayment before maturity date, the interest shall be calculated according to the originally set interest rate and the actual number of days of borrowing.

借款期限不足6个月的按6个月贷款利率确定，提前还贷按原定利率和实际借款天数计算。

The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: defaults on or non-renewal of leases by tenants or renewal at lower-than-expected rent or failure to lease at all or on favorable terms, decreases in real estate values and impairment losses, increased interest rates and operating costs or greater-than-expected capital expenditures, our failure to obtain, renew or extend necessary financing, re-financing risks, risks related to our obligations in the event of certain defaults under co-investment ventures and other debt, risks related to debt and equity security financings, difficulties in identifying properties to acquire and in effecting acquisitions, our failure to successfully integrate acquired properties and operations, our failure to divest properties we have contracted to sell or to timely reinvest proceeds from any divestitures, our failure to contribute properties to our co-investment ventures, risks and uncertainties affecting property development, value-added conversions, redevelopment and construction (including construction delays, cost overruns, our inability to obtain necessary permits and public opposition to these activities), our failure to qualify and maintain our status as a real estate investment trust, risks related to our tax structuring, failure to maintain our current credit agency ratings or to comply with our debt covenants, environmental uncertainties, risks related to natural disasters, financial market fluctuations, changes in general economic conditions, global trade or in the real estate sector, inflation risks, changes in real estate and zoning laws, a continued or prolonged downturn in the U.S., California or global economy, risks related to doing business internationally and global expansion, risks of opening offices globally, risks of changing personnel and roles, losses in excess of our insurance coverage, unknown liabilities acquired in connection with acquired properties or otherwise and increases in real property tax rates.

以下因素可能会导致实际结果和未来事件与前瞻性陈述产生重大出入：承租人拖欠租金或者不续租；利率以及经营成本的提高；我们未能获得必要的外部融资；再融资的风险；与合资项目和其它债务发生特定违约时我方承担的义务有关的风险；与债务和股权融资有关的风险；确定拟收购的物业以及完成收购过程中遇到的困难；我们未能成功整合收购的物业和业务；我们未能剥离已经签约出售的物业或未能及时将剥离带来的收益再投资；影响物业开发和建设的风险和不确定性（包括建设延期、费用超支、我们无法获得项目建设所需的必要批准以及公众对项目开发建设的反对等）；我们无法获得或者维持作为房地产投资信托公司的资质；与我们的税收策划有关的风险；无法保持我们目前的信用评级；环保方面的不确定性；与自然灾害有关的风险；金融市场的波动；整体经济状况或者房地产业的变化；房地产和城市规划法律的调整；美国、加利福尼亚州或者全球经济的衰退；与开展国际业务和全球扩张有关的风险；保险范围之外的损失；与被收购的物业有关的或者其它未知责任以及房地产税率的提高等。我们的成功还依赖于总体经济走向，包括利率、所得税法、政府监管、立法、人口总数变化以及我们在10-K表中作的截至2009年12月31日的季度报告中&风险因素&和其它标题项下阐述的其它问题。

In the framework of gradual reform, this paper describes the introduction and arrangement of low-leveled interest rate regime.

本文正是基于渐进改革的历史背景，描述了低利率管制制度的实际引入与现实安排，考察了这一制度的收益与成本及其消长变化，揭示了利率制度从被引入到被替代整个过程的基本逻辑。

Because the change of interest rate will affect net interest income of the commercial bank and market value of owners equity.

利率的变化将会影响到其净利息收入，同时还会影响到其净资产市场价值，而目前我国商业银行利率风险管理工作尚处于起步阶段，在实际工作中尚存在着不少的问题。

Because the change of interest rate will affect net interest income of the commercial bank and market value of owner's equity.

利率的变化将会影响到其净利息收入，同时还会影响到其净资产市场价值，而目前我国商业银行利率风险管理工作尚处于起步阶段，在实际工作中尚存在着不少的问题。

Singer Leona Lewis and former Led Zeppelin guitarist Jimmy Page emerged as the bus transformed into a grass-covered carnival float, and the pair combined for a rendition of "Whole Lotta Love".

歌手leona刘易斯和前率领的飞艇的吉他手吉米页出现巴士转化为基层所涵盖的嘉年华花车，和一双合并为一移交&整个lotta爱&。

This is Kate, and that's Erin.

这是凯特，那个是爱朗。