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This innovative book analyses the role played by real estate
markets in global financial stability and examines the fragile link
between the two.Through what transmission channels do housing
market cycles influence broader economic systems? How has the
Global Financial Crisis shifted our view and understanding of these
linkages? This detailed book answers these questions in an
international comparative perspective. Specific topics covered
include macroeconomic transmission channels of the housing cycle,
the role of housing in the finance system, construction financing
as a cycle amplifier, and various related public policy issues such
as the policy remedies needed to deal with housing and
mortgage-driven crises. Eminent scholars in the field provide
insightful and original contributions, which will appeal to
academics in the areas of macroeconomics, policy analysis and
financial regulation. Practitioners involved in real estate and the
mortgage market will also find it to be of interest. Contributors:
C.-O. Chang, M.-C. Chen, M. Cho, G. Dell'Ariccia, H.-J. Dubel, M.
Hwang, M. Iacoviello, D. Igan, K. Kim, K.-H. Kim, Y.I. Kim, C.-M.
Lee, Y.-M. Lee, J.-y. Son, I. Song, S.H. Suh, M.J. Tcha, S.
Wachter, T.T. Yang, J.Y. Zhang
This book is about retirement income security. This income security
is provided by national public pensions, corporate pensions, and
individual and reverse mortgages. However, these systems vary
greatly from country to country and, in many countries, do not
provide sufficient coverage. Ensuring income security in old age is
an important issue that must be resolved in the rapidly aging
environment of the world. From the perspective of financial
consumers, this book cross-sectionally surveys public pensions,
corporate pensions, individual pensions and reverse mortgages and
compares them among many important nations. This gives many
implications from the perspective of designing an overall income
security for each individual. In addition, it presents many of the
issues needed for these sustainable and comprehensive income
security.
Finding low-rank solutions of semidefinite programs is important in
many applications. For example, semidefinite programs that arise as
relaxations of polynomial optimization problems are exact
relaxations when the semidefinite program has a rank-1 solution.
Unfortunately, computing a minimum-rank solution of a semidefinite
program is an NP-hard problem. This monograph reviews the theory of
low-rank semidefinite programming, presenting theorems that
guarantee the existence of a low-rank solution, heuristics for
computing low-rank solutions, and algorithms for finding low-rank
approximate solutions. It then presents applications of the theory
to trust-region problems and signal processing.
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