# 金融代写| EFIM20032 Accounting and Finance

1. 灵活的职业道路

2. 高收入潜力

3. 每个行业都需要会计师

4. 研究生计划和培训

5. 可转移的技能

• 沟通
• 时间管理和组织
• 商业组织的知识和意识
• 辩论和谈判的能力

## 金融代写案例：Finance代写，金融数学代写

Maturity transformation is one of the key functions of a modern banking system. Consider the following
model (from the lecture):

• A competitive bank with access to a long term technology yielding R > 1 per unit of investment at the final stage t = 2 and 𝜆 per unit of investment at the interim stage t = 1.
• In addition, there are 𝑀 depositors with one unit of endowment each.
• At t = 0, borrowers and bank know that the borrower has a consumption need 𝑐! at t = 1 with probability 𝜋 and a consumption need 𝑐” at t = 1 with probability 1 − 𝜋.
• Borrowers are risk neutral so that their utility function from the perspective of t = 0 is 𝑈 = 𝜋 𝑐! + (1 − 𝜋) 𝑐”.
• At t = 0, borrowers deposit their endowment at the bank against the bank’s promise of receiving 𝑐!
when withdrawing at t = 1 and 𝑐” when withdrawing at t = 2.
• At the same time, t = 0, the bank invests I of borrowers’ deposits into the long term technology and saves 𝑀 − 𝐼.

##### Questions:

1. Compare the optimal deposit schedule (from the lecture), (𝑐, 𝑐), to the deposit schedule obtained under autarky, (𝑐\$ = 1 − 𝐼\$ + 𝜆𝐼\$, 𝑐\$ = 1 − 𝐼\$ + 𝑅𝐼\$). To simplify calculations, assume that 𝐼% = (1 −𝜋)𝑀. Recall that in autarky, each depositor can at most invest her own dollar, i.e. 1 ≥ 𝐼\$ ≥ 0. Provide an intuition for the difference.

2.The model for maturity transformation for depositors can be reinterpreted in terms of the interbank market. Describe (i) how the interbank market is similar to the model of maturity transformation of depositors, and (ii) under which circumstances there is a run in the interbank market.

3.Read the excerpt of the following opinion piece from the Financial Times from January 8th 2018: “Of course, the very fact that these institutions came through the 2008 crisis almost unscathed is a reassurance in itself. A CCP is a particular kind of entity and has many more sources of financial security beyond equity capital to protect it from failure. A “waterfall” of safeguards exists in the event a counterparty gets into trouble: a client must post “margin” in the form of collateral equivalent to a percentage value of the contract; that margin can be increased if signs of trouble emerge; CCPs operate default funds which can be tapped if a client defaults…” Explain under which circumstances an interbank market organized on a Central Counterparty (CCP) might become a place of risk hoarding. Discuss potential measures to make the CCP resilient against risk hoarding and collapse.

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