Assignment First

论文代写:利率风险的来源有哪些

IRR是在不利时期对金融机构的风险敞口。金融机构已经发现,将这种风险作为利率的正常组成部分。接受风险是银行程序的正常部分,被认为是股东的重要贡献来源。过高的利率风险会对金融机构的可持续性构成重大威胁。利率的变化应该会影响银行的盈利和银行的净利息收入。基于此,有效的风险管理过程是必要的,以保持实际水平的IRR。必须考虑风险的来源。

论文代写:利率风险的来源有哪些

机构面临的第一个风险是重新定价风险。IRR根据固定汇率和浮动汇率变化(Sharifi, Saeidi和Saeidi, 2014)。固定利率是不同到期日的时差。浮动利率取决于机构资产和表外(OBS)头寸。银行重新定价中的问题可能导致价格不匹配。它们将银行的收入和潜在的经济价值暴露在利率的意外波动之下。

第二个风险是收益率曲线风险。当存在重新定价不匹配的情况时,就会出现这种情况,这会导致银行变得更加脆弱。收益率曲线形状的变化会影响机构的绩效。例如,如果10年期政府债券的基础价值与5年期短期国债进行对冲,收益率曲线将大幅下降。它被发现是陡峭的,并导致位置本身是对冲与平行移动的收益率曲线。

论文代写:利率风险的来源有哪些

IRR is the amount of exposure to a financial institution in adverse times. The institutions have found to accept this risk as a normal part of their interest rates. The acceptance of the risk is a normal part of the banking process and is considered to be an important contributing source for the shareholder. Excessive interest rate risk can pose significant threat to the sustainability of the institutions. The changes in the interest rates are supposed to impact the earning of the bank and the net interest income of the banks. Based on this, effective risk management process is necessary to maintain the IRR at pragmatic levels. It is imperative to consider the sources of the risks.

论文代写:利率风险的来源有哪些

The first risk that institutions face is the repricing risk. IRR is found to vary based on the fixed rate and the floating rate (Sharifi, Saeidi and Saeidi, 2014). The fixed rate is the time difference that stems from the different maturity dates. The floating rate depends on the institutions assets and the off-balance-sheet (OBS) position. The issues in the repricing of the banks can cause price mismatches. They expose the income of the bank and the underlying economic value to the unanticipated fluctuations of the interest rate.
The second risk is the yield curve risk. This arises when there are repricing mismatches that would lead to a bank to more vulnerability. The changes in the shape of the yield curve can impact the performance of the institution. For example, if the underlying value of the 10-year government bond is hedged with a short tem 5- year government, there will be a sharp decline of the yield curve. It is found to be steep and causes the position in itself to be hedged with the parallel movement of the yield curve.