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加中金融


                                                加中金融



                                  CCFA JOURNAL OF FINANCE




    Table of Contents 目录

    编辑寄语 Editor’s Message .............................................................................................................................................................................................. 3
    Global Macro Outlook: A Not-So Fine Balance

    全球宏观经济展望: 不那么完美的平衡 ..................................................................................................................................  Richard Kelly etc. 4
    Outlook 2023: A Cyclical Recovery

    展望 2023:或跃在渊 ...................................................................................................................................................................... Hao Hong, 洪灏 7
                        .
    加中金融协会卓越演讲者系列:中国经济近中期展望
    CCFA Distinguished Speaker Series  A Short to Medium-Term Outlook on China’s Economy ............................................................................. 22

    Risk Management in Asset Management
                          .
    资产管理中的风险管理 ......................................................................................................................................... Milos Vukovic, Jeremie Zhou 24
    Stress Testing and Credit Provisioning for Canadian Banks
    加拿大银行的压力测试和信贷拨备 .................................................................................................................................Jeff Huang, Xin Liang 32
    Structured Credit Risk Modeling: Merton and Beyond

    结构化信用风险建模:Merton 模型的衍生与应用 ................................................................... Eugene Yuqing Wang, Huaxiong Huang 36
                                                  .
    CCFA 2022 Annual Gala

    2022 加中金融圣诞晚宴|万物向新 聚势而生 ..................................................................................................................................................... 42














     Editorial Board                                             Article Requirements

     编辑委员会                                                           1.  All manuscripts must be original or have written
                                                                         authorization from the original author

     Daju Gu 顾大局                                                     2.  Author's name, institute or company name
     Ti Wang 王体                                                      3.  Contributions are at your own risk. This journal has

     Emily Gu 顾怡                                                         the right to edit any article(s) submitted. If you prefer

     Yicent Chen 陈益龙                                                     the article to be in its original form, please declare it
     Yanan Wu 吴雅楠                                                        during the initial submission.

     Michael Lu 鲁晓轶                                                  4.  This journal is not for profit. All submissions are
       Eugene Wang 王宇青(本期轮值总编)                                           considered as donation to CCFA


     Jeff Huang 黄信辛
                                                                 投稿须知
     Advisory Committee
                                                                     1.  所有来稿必须是原作或得到原作者的书面授权许可
     顾问委员会                                                           2.  作者真实姓名,机构或供职的公司全名
                                                                     3.  来稿文责自负。本刊对采用的稿件有删改权,不同意
     Kang Jia 贾康, 华夏新供给经济学研究院院长                                          删改者,请在来稿中申明

     Bruce McGuire, Co-CEO, Greenwich Business Institute             4.  本刊为非卖品。所有来稿均为对本会的无稿酬的支持
     Greenwich Economic Forum

     David X. Li 李祥林,上海交通大学上海高级金融学院中国金融
       研究院副院长



                                          CCFA JOURNAL OF FINANCE   December 2022
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