Over the past 70 years since the founding of the People’s Republic of China,great changes have been seen in the financial industry in terms of its nature,function,scale,structure and other features.It has experienced...Over the past 70 years since the founding of the People’s Republic of China,great changes have been seen in the financial industry in terms of its nature,function,scale,structure and other features.It has experienced six stages of development,namely,inception and consolidation,arduous growth,exploration and restructuring,segmentation,fictitious economy orientation,and real economy promotion and risk prevention.The tremendous success and useful experience made during this period have largely bolstered the prosperity and stability of the Chinese economy,improved Chinese people’s living standards,and exerted a profound impact on China’s economy and society.Based on its development pattern,the Chinese financial sector will expect further openingup at home and abroad and a growing capacity in serving the real economy,while new business forms and models will emerge rapidly and stronger preventive measures against financial risks will be needed.In response to the financial development in the new era,proactive and pragmatic measures need to be in place to safeguard the stable and sound development of the financial industry.展开更多
The establishment of individual accounts is the landmark events for China officially shift from pay-as-you-go pension system to partly funded system. But the process of running personal accounts at the same time also ...The establishment of individual accounts is the landmark events for China officially shift from pay-as-you-go pension system to partly funded system. But the process of running personal accounts at the same time also exposed various drawbacks. On the macro level, there is a growing gap between the nominal amount of personal account and the actual accumulated amount, which means the personal account is empty, the personal accounts are being questioned, and the scholars began to seek other solutions. NDC scheme came into being. specific empirical work has been done by using the actuarial model of pension income and expenditure to predict whether NDC is superior to FDC in financial cost by comparing the institutional cost of FDC and NDC from 2015 to 2050. Finally, this paper draws a conclusion that the nominal account system can be used as a choice route for the basic pension system for urban workers in the next 30 years with the assist of relevant supporting measures.展开更多
宏观审慎监管需要识别出系统重要性机构(SIFIs),目前已有相关研究,但还没有就如何有效识别达成共识。首先阐述MES法、SRISK法和Co Va R法三个主流的市场识别法原理与计算,在统一的DCC-GARCH模型相关性分析框架中,对它们做了理论比较...宏观审慎监管需要识别出系统重要性机构(SIFIs),目前已有相关研究,但还没有就如何有效识别达成共识。首先阐述MES法、SRISK法和Co Va R法三个主流的市场识别法原理与计算,在统一的DCC-GARCH模型相关性分析框架中,对它们做了理论比较。然后,以中国上市银行为样本,收集市场交易数据,用DCC-GARCH模型拟合相关结构,分别进行了中国SIFIs识别,根据各指标的理论特征分析了各系统重要性排序结果的有效性及其经济意义。展开更多
文摘Over the past 70 years since the founding of the People’s Republic of China,great changes have been seen in the financial industry in terms of its nature,function,scale,structure and other features.It has experienced six stages of development,namely,inception and consolidation,arduous growth,exploration and restructuring,segmentation,fictitious economy orientation,and real economy promotion and risk prevention.The tremendous success and useful experience made during this period have largely bolstered the prosperity and stability of the Chinese economy,improved Chinese people’s living standards,and exerted a profound impact on China’s economy and society.Based on its development pattern,the Chinese financial sector will expect further openingup at home and abroad and a growing capacity in serving the real economy,while new business forms and models will emerge rapidly and stronger preventive measures against financial risks will be needed.In response to the financial development in the new era,proactive and pragmatic measures need to be in place to safeguard the stable and sound development of the financial industry.
文摘The establishment of individual accounts is the landmark events for China officially shift from pay-as-you-go pension system to partly funded system. But the process of running personal accounts at the same time also exposed various drawbacks. On the macro level, there is a growing gap between the nominal amount of personal account and the actual accumulated amount, which means the personal account is empty, the personal accounts are being questioned, and the scholars began to seek other solutions. NDC scheme came into being. specific empirical work has been done by using the actuarial model of pension income and expenditure to predict whether NDC is superior to FDC in financial cost by comparing the institutional cost of FDC and NDC from 2015 to 2050. Finally, this paper draws a conclusion that the nominal account system can be used as a choice route for the basic pension system for urban workers in the next 30 years with the assist of relevant supporting measures.
文摘宏观审慎监管需要识别出系统重要性机构(SIFIs),目前已有相关研究,但还没有就如何有效识别达成共识。首先阐述MES法、SRISK法和Co Va R法三个主流的市场识别法原理与计算,在统一的DCC-GARCH模型相关性分析框架中,对它们做了理论比较。然后,以中国上市银行为样本,收集市场交易数据,用DCC-GARCH模型拟合相关结构,分别进行了中国SIFIs识别,根据各指标的理论特征分析了各系统重要性排序结果的有效性及其经济意义。
