A maxmin policy for bond management

Article Abstract:

The dynamic programming method identified that the immunization policy of the optimal control law has a maxmin optimal control problem. The control problem implies the worst possible yield curve, pure discount bonds will be at the minimum and the maturity of irredeemable bonds would not go over the threshold. Favorable changes in the yield curves could be identified with the optimal control law but could not be derived in any duration-based immunization policy.

Security brokers and dealers, Securities Brokerage, Bond Brokerage, Methods, Models, Credit market, Credit markets, Dynamic programming, Bond brokers

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Vietnam faces tough policy test

Article Abstract:

The Asia Development Bank warned Vietnam's economic growth of 8.8% will be insufficient if the country cannot sustain growth in 1998 and 1999. Vietnam embarked on economic reforms in 1987 but economists believe new measures to attract foreign investment and fewer obstacles in business are necessary. The country's main problem is that the money lies outside the banking system.

Economic development, Vietnam, Growth

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