随卖(Tap Lssue,简称7AP)发行方式主要应用于美国、英国及北欧的政府或政策性机构债券的发行。本文试图从介绍TAP的概念人手,以美国联邦住房信贷银行体系(Federat Home Loan Bank System,以下简称FHLBanks)的随卖发行流程为例,全面介绍...随卖(Tap Lssue,简称7AP)发行方式主要应用于美国、英国及北欧的政府或政策性机构债券的发行。本文试图从介绍TAP的概念人手,以美国联邦住房信贷银行体系(Federat Home Loan Bank System,以下简称FHLBanks)的随卖发行流程为例,全面介绍TAP的产生与发展,以及随卖TAP给发行人、投资人和二级市场所带来的影响,进而分析TAP对中国债券市场的意义。展开更多
During 2003-2016, China experienced an unprecedented housing market imbalance. The present paper applies the user cost approach to conduct a systematic analysis of this important phenomenon, examines the policy factor...During 2003-2016, China experienced an unprecedented housing market imbalance. The present paper applies the user cost approach to conduct a systematic analysis of this important phenomenon, examines the policy factors behind the persistent housing market imbalance, and explores policy options to correct the housing market imbalance. We found that during most of 2003-2016, the user cost was significantly lower than 2 percent, caused by high income growth, rapid credit expansion and low interest rates, which led to the persistent housing market imbalance. Therefore, the government should control bank credit and introduce property taxes during the possession of houses.展开更多
文摘随卖(Tap Lssue,简称7AP)发行方式主要应用于美国、英国及北欧的政府或政策性机构债券的发行。本文试图从介绍TAP的概念人手,以美国联邦住房信贷银行体系(Federat Home Loan Bank System,以下简称FHLBanks)的随卖发行流程为例,全面介绍TAP的产生与发展,以及随卖TAP给发行人、投资人和二级市场所带来的影响,进而分析TAP对中国债券市场的意义。
文摘During 2003-2016, China experienced an unprecedented housing market imbalance. The present paper applies the user cost approach to conduct a systematic analysis of this important phenomenon, examines the policy factors behind the persistent housing market imbalance, and explores policy options to correct the housing market imbalance. We found that during most of 2003-2016, the user cost was significantly lower than 2 percent, caused by high income growth, rapid credit expansion and low interest rates, which led to the persistent housing market imbalance. Therefore, the government should control bank credit and introduce property taxes during the possession of houses.
