Population ageing and high financial leverage are two common problems .faced by the worM＇s major economies. The recent financial crisis proved that the two issues could lead to systemic risk if not handled properly. ...Population ageing and high financial leverage are two common problems .faced by the worM＇s major economies. The recent financial crisis proved that the two issues could lead to systemic risk if not handled properly. Based on dynamic panel data from 1980 to 2012 in 119 countries, this paper examines the impact of population ageing on financial leverage J？om an empirical point of view and finds that there is a signOqcant inverted U-shape relationship between the two. In addition, empirical studies show that after passing the ＂turning point＂ of ageing, there will be a marked increase in the probability of financial crisis during the ＂deleveraging＂ process. It can be projected from the empirical conclusions of this paper that China will likely enter the range of a turning point between 2019 and 2028. After that, population ageing, deleveraging and asset price collapse may have a ＂resonance＂ effect to severely impact the stability of the financial system. Therefore, China should shift to more proactive macro financial regulations as quickly as possible, as dynamic and robust management of financial leverage and forward-looking control of bubbles could ensure that the financial system remain flexible enough to avoid systemic risk to the greatest extent.展开更多
The U.S.suffers The United States is a nation famous for its power of innovation,universal- ly acknowledged as the major factor that makes the U.S.the worlds' economic and political superpower.Without it,the U.S. ...The U.S.suffers The United States is a nation famous for its power of innovation,universal- ly acknowledged as the major factor that makes the U.S.the worlds' economic and political superpower.Without it,the U.S. would not have reached the level of prosper- ity it has in the world.But today,things展开更多
International experiences show that when make full use of the regulation and service functions of financial mechanism, such as the establishment of greenhouse gas emissions trade market, further strengthening investig...International experiences show that when make full use of the regulation and service functions of financial mechanism, such as the establishment of greenhouse gas emissions trade market, further strengthening investigation in environmental risk of the financing projects according to equator principles, more fiscal and taxation policies that to encourage financial institutions to innovate green financial products, participation of supporting the international financial organizations in energy-saving and environmental protection （hereafter referred to as ESEP） projects, people can significantly improve the quality of the environment, and effectively control pollution emissions in a low cost. In order to improve the efficiency of Shanghai ESEP work, the local government should learn from the international advanced experiences to accelerate the establishment of green financial service system of ESEP, so that to better use finance leverage to build a resource conserving and environment-fxiendly society.展开更多
This paper uses empirical data to examine the issue of fairness of higher education student financial aid in China, noting different levels of regional economic development as the reason to explain the wide differ...This paper uses empirical data to examine the issue of fairness of higher education student financial aid in China, noting different levels of regional economic development as the reason to explain the wide differences in available financial resources for student aid. Government efforts aimed at reducing the gap in recent years is discussed.展开更多
After the 2008 financial crisis, reality prompts people to reflect on the traditional theoretical frameworks of economics and the practical experiences based on macro-control and "demand management." The new...After the 2008 financial crisis, reality prompts people to reflect on the traditional theoretical frameworks of economics and the practical experiences based on macro-control and "demand management." The new reality also stimulates innovative efforts to "connect theory with practice" and leads academia and decision-makers to pay unprecedented attention to "supply management" regulation and structural supply-side reforms. Based on the theoretical innovation of the "new supply-side economics," this paper systematically discusses China's supply-side reform and its related issues from four levels—the innovation of closely connecting theory with practice, the problem-oriented innovation of re-making the momentum system under the new normal, the innovation for overall and long-term goals based on comprehensive planning and systematic engineering, and the innovation of institutional supply centered on reforms and modernization.展开更多
基金sponsored by the National Social Science Foundation of China(Grant No.12&ZD089)the National Natural Science Foundation of China(Grant No.71403277)
文摘Population ageing and high financial leverage are two common problems .faced by the worM＇s major economies. The recent financial crisis proved that the two issues could lead to systemic risk if not handled properly. Based on dynamic panel data from 1980 to 2012 in 119 countries, this paper examines the impact of population ageing on financial leverage J？om an empirical point of view and finds that there is a signOqcant inverted U-shape relationship between the two. In addition, empirical studies show that after passing the ＂turning point＂ of ageing, there will be a marked increase in the probability of financial crisis during the ＂deleveraging＂ process. It can be projected from the empirical conclusions of this paper that China will likely enter the range of a turning point between 2019 and 2028. After that, population ageing, deleveraging and asset price collapse may have a ＂resonance＂ effect to severely impact the stability of the financial system. Therefore, China should shift to more proactive macro financial regulations as quickly as possible, as dynamic and robust management of financial leverage and forward-looking control of bubbles could ensure that the financial system remain flexible enough to avoid systemic risk to the greatest extent.
文摘The U.S.suffers The United States is a nation famous for its power of innovation,universal- ly acknowledged as the major factor that makes the U.S.the worlds' economic and political superpower.Without it,the U.S. would not have reached the level of prosper- ity it has in the world.But today,things
基金This research work was financially supported by the Shanghai Board of Education （2012-SHNGE-06ZD）, China Postdoctoral Science Foundation funded project （2013M531157）, and The Ministry of Education of Youth Fund Project of Humanities and Social Sciences Research（14YJC790152）.
文摘International experiences show that when make full use of the regulation and service functions of financial mechanism, such as the establishment of greenhouse gas emissions trade market, further strengthening investigation in environmental risk of the financing projects according to equator principles, more fiscal and taxation policies that to encourage financial institutions to innovate green financial products, participation of supporting the international financial organizations in energy-saving and environmental protection （hereafter referred to as ESEP） projects, people can significantly improve the quality of the environment, and effectively control pollution emissions in a low cost. In order to improve the efficiency of Shanghai ESEP work, the local government should learn from the international advanced experiences to accelerate the establishment of green financial service system of ESEP, so that to better use finance leverage to build a resource conserving and environment-fxiendly society.
文摘This paper uses empirical data to examine the issue of fairness of higher education student financial aid in China, noting different levels of regional economic development as the reason to explain the wide differences in available financial resources for student aid. Government efforts aimed at reducing the gap in recent years is discussed.
文摘After the 2008 financial crisis, reality prompts people to reflect on the traditional theoretical frameworks of economics and the practical experiences based on macro-control and "demand management." The new reality also stimulates innovative efforts to "connect theory with practice" and leads academia and decision-makers to pay unprecedented attention to "supply management" regulation and structural supply-side reforms. Based on the theoretical innovation of the "new supply-side economics," this paper systematically discusses China's supply-side reform and its related issues from four levels—the innovation of closely connecting theory with practice, the problem-oriented innovation of re-making the momentum system under the new normal, the innovation for overall and long-term goals based on comprehensive planning and systematic engineering, and the innovation of institutional supply centered on reforms and modernization.
