The inter-bank market network models are constructed based on the inter-bank credit lending relationships, and the network efficiency characters of the Chinese inter-bank market are studied. Since it is impossible to ...The inter-bank market network models are constructed based on the inter-bank credit lending relationships, and the network efficiency characters of the Chinese inter-bank market are studied. Since it is impossible to obtain the specific credit data among banks, this paper estimates the inter-bank lending matrix based on the partial information of banks. Thus, directed network models of the Chinese inter-bank market are constructed by using the threshold method. The network efficiency measures and the effects of random attacks and selective attacks on the global efficiency of the inter-bank network are analyzed based on the network models of the inter-bank market. Empirical results suggest that the efficiency measures are sensitive to the threshold, and that the global efficiency is little affected by random attacks, while it is highly sensitive to selective attacks. Properties such as inter-bank market network efficiency would be useful for risk management and stability of the inter-bank market.展开更多
The surge in China＇s local government debt has made various sectors of society pay closer attention to the situation. First of all, four types of debt relations must be clarified： the relationship between asset and ...The surge in China＇s local government debt has made various sectors of society pay closer attention to the situation. First of all, four types of debt relations must be clarified： the relationship between asset and non-asset debt, the difference between long- term and short-term debt, the difference between debt in the form of bonds and debt in the form of bank loans, and the difference between debt listed in government budgets and other government debt. The development of long-term bonds is a fairly good choice for China to upgrade its consumption structure, accelerate urbanization, transform its economic development patterns, and meanwhile, to alleviate the mismatch between the financial powers of local governments and their administrative responsibilities.展开更多
In order to verify that the open bond market is the most direct choice to promote the internationalization of RMB,the empirical analysis method is used to analyze the impact of bond liberalization on the international...In order to verify that the open bond market is the most direct choice to promote the internationalization of RMB,the empirical analysis method is used to analyze the impact of bond liberalization on the internationalization of RMB foreign exchange rate.Firstly,the data source processing method of empirical analysis is introduced.Then the dynamic panel data regression model and panel threshold model are built to verify the influence factors of RMB internationalization foreign exchange rate and the influence of debt market opening on RMB foreign exchange rate,respectively.The results show that the opening of the creditor's rights market has a significant positive promoting effect on the internationalization of RMB foreign exchange rate,and the development of the domestic creditor's rights market has a significant promoting effect on the internationalization of RMB foreign exchange rate.The study has a certain role in promoting the status of China's currency in the international community.展开更多
This paper studies the opening-up of domestic bond market in the support of China’s supply-side reform by examining the five core elements about the reform,namely overcapacity trimming,inventory de-stocking,financial...This paper studies the opening-up of domestic bond market in the support of China’s supply-side reform by examining the five core elements about the reform,namely overcapacity trimming,inventory de-stocking,financial deleveraging,cost reduction,and improvement of weak links in the economy.By examining the relationship between bond market opening-up and each element of the reform,the paper comes to the conclusion that the opening-up of domestic bond market is supportive to China’s supply-side reform.展开更多
基金The National Natural Science Foundation of China (No.70671025)the Scientific Research Foundation of Graduate School of Southeast University (No.YBJJ1014)
文摘The inter-bank market network models are constructed based on the inter-bank credit lending relationships, and the network efficiency characters of the Chinese inter-bank market are studied. Since it is impossible to obtain the specific credit data among banks, this paper estimates the inter-bank lending matrix based on the partial information of banks. Thus, directed network models of the Chinese inter-bank market are constructed by using the threshold method. The network efficiency measures and the effects of random attacks and selective attacks on the global efficiency of the inter-bank network are analyzed based on the network models of the inter-bank market. Empirical results suggest that the efficiency measures are sensitive to the threshold, and that the global efficiency is little affected by random attacks, while it is highly sensitive to selective attacks. Properties such as inter-bank market network efficiency would be useful for risk management and stability of the inter-bank market.
文摘The surge in China＇s local government debt has made various sectors of society pay closer attention to the situation. First of all, four types of debt relations must be clarified： the relationship between asset and non-asset debt, the difference between long- term and short-term debt, the difference between debt in the form of bonds and debt in the form of bank loans, and the difference between debt listed in government budgets and other government debt. The development of long-term bonds is a fairly good choice for China to upgrade its consumption structure, accelerate urbanization, transform its economic development patterns, and meanwhile, to alleviate the mismatch between the financial powers of local governments and their administrative responsibilities.
文摘In order to verify that the open bond market is the most direct choice to promote the internationalization of RMB,the empirical analysis method is used to analyze the impact of bond liberalization on the internationalization of RMB foreign exchange rate.Firstly,the data source processing method of empirical analysis is introduced.Then the dynamic panel data regression model and panel threshold model are built to verify the influence factors of RMB internationalization foreign exchange rate and the influence of debt market opening on RMB foreign exchange rate,respectively.The results show that the opening of the creditor's rights market has a significant positive promoting effect on the internationalization of RMB foreign exchange rate,and the development of the domestic creditor's rights market has a significant promoting effect on the internationalization of RMB foreign exchange rate.The study has a certain role in promoting the status of China's currency in the international community.
文摘This paper studies the opening-up of domestic bond market in the support of China’s supply-side reform by examining the five core elements about the reform,namely overcapacity trimming,inventory de-stocking,financial deleveraging,cost reduction,and improvement of weak links in the economy.By examining the relationship between bond market opening-up and each element of the reform,the paper comes to the conclusion that the opening-up of domestic bond market is supportive to China’s supply-side reform.
