These five recommendations cover the most critical aspects of infrastructure development:an attractive pipeline of projects,diversity of financial instruments and a conducive regulatory environment,the role of multila...These five recommendations cover the most critical aspects of infrastructure development:an attractive pipeline of projects,diversity of financial instruments and a conducive regulatory environment,the role of multilateral development institutions,as well as the management of project life-cycle pro-展开更多
Since the founding of the Import and Export Bank of China, one of the few policy banks in China and the first of its kind to support the import and export trade, on July 1, 1994, it has aroused great attention in fina...Since the founding of the Import and Export Bank of China, one of the few policy banks in China and the first of its kind to support the import and export trade, on July 1, 1994, it has aroused great attention in financial, economic and trade fields at home and abroad. The bank was co-established by the Bank of China, the Ministry of Foreign Trade展开更多
1994 was of special significance to the reform of China’s economic system. The new reform measures for taxation, finance, foreign trade, investment, and the price and enterprise system were smoothly implemented in th...1994 was of special significance to the reform of China’s economic system. The new reform measures for taxation, finance, foreign trade, investment, and the price and enterprise system were smoothly implemented in the past year. In the reform of the taxation system, the taxation quota assigned by central government for the enterprises in the provinces and municipalities, regardless of their actual profits and losses, was replaced by a system in which tax was levied in proportion to the business turnover and profit. A turnover tax system with added-value tax as its core展开更多
The Beijing Garment Import and Export Corporation, Ltd., was setupjointly by the Beijing Baifu Industrial Corporation, Beijing Trust and Consultancy Corporation under the Bank of China, the Beijing Building Industrial...The Beijing Garment Import and Export Corporation, Ltd., was setupjointly by the Beijing Baifu Industrial Corporation, Beijing Trust and Consultancy Corporation under the Bank of China, the Beijing Building Industrial Group Corporation, the Stone Group Corporation and Beiiing Suburb展开更多
The China National Industrial Machinery Import & Export Company, a wholly-owned subsidiary of the China National Machinery Import & Export Corporation, has established longterm cooperative relations with busin...The China National Industrial Machinery Import & Export Company, a wholly-owned subsidiary of the China National Machinery Import & Export Corporation, has established longterm cooperative relations with business people in dozens of countries and regions around the world. Between 1988 and 1994, the imports and exports handled by the company totalled US$2.5 billion. Since the 1950s, the company has imported quantities of machine tools and processing equipment for the China No. 1 Automobile Plant, the China No.2 Automobile Plant, various heavy-duty machinery plants, machine-tool factories and textile mills in China. The company’s traditional imports are展开更多
The systemic importance of a bank is usually measured by its effect on the banking system,conditional on the insolvency of the bank and solvency of other banks.However,banks encounter different kinds of shocks simulta...The systemic importance of a bank is usually measured by its effect on the banking system,conditional on the insolvency of the bank and solvency of other banks.However,banks encounter different kinds of shocks simultaneously in reality.So that,the conditional re-sults give biased estimates of banks'systemic importance when potential risks are ignored.Researchers like Tarashev et al.proposed the Shapley value method to deal with risk in-teractions,but it suffers heavy computational costs.This paper proposes an ANOVA-like decomposition method to measure the systemic importance of banks in more compli-cated and realistic environments,which considers both interactions and individual effects of multiple shocks and provides a more exact estimation of systemic importance.It is found that the method proposed in this paper fits well in the network models.And meanwhile,a discussion between the method proposed in this paper and the Shapley value method is made based on the numerical example,which aims to demonstrate it's the advantages.The Shapley value method requires 2n subsystems,while the ANOVA-like decomposition method requires only n+1 model runs.In the application part,the pro-posed method is adopted to measure the systemic importance of 16 Chinese listed banks.With low computational costs,the model outputs the individual effect,interaction,and total effect of each bank.The results confirm that interactions of different shocks play a significant role in the systemic importance of a bank;thus,the total effect considering interactions should be adopted.展开更多
文摘These five recommendations cover the most critical aspects of infrastructure development:an attractive pipeline of projects,diversity of financial instruments and a conducive regulatory environment,the role of multilateral development institutions,as well as the management of project life-cycle pro-
文摘Since the founding of the Import and Export Bank of China, one of the few policy banks in China and the first of its kind to support the import and export trade, on July 1, 1994, it has aroused great attention in financial, economic and trade fields at home and abroad. The bank was co-established by the Bank of China, the Ministry of Foreign Trade
文摘1994 was of special significance to the reform of China’s economic system. The new reform measures for taxation, finance, foreign trade, investment, and the price and enterprise system were smoothly implemented in the past year. In the reform of the taxation system, the taxation quota assigned by central government for the enterprises in the provinces and municipalities, regardless of their actual profits and losses, was replaced by a system in which tax was levied in proportion to the business turnover and profit. A turnover tax system with added-value tax as its core
文摘The Beijing Garment Import and Export Corporation, Ltd., was setupjointly by the Beijing Baifu Industrial Corporation, Beijing Trust and Consultancy Corporation under the Bank of China, the Beijing Building Industrial Group Corporation, the Stone Group Corporation and Beiiing Suburb
文摘The China National Industrial Machinery Import & Export Company, a wholly-owned subsidiary of the China National Machinery Import & Export Corporation, has established longterm cooperative relations with business people in dozens of countries and regions around the world. Between 1988 and 1994, the imports and exports handled by the company totalled US$2.5 billion. Since the 1950s, the company has imported quantities of machine tools and processing equipment for the China No. 1 Automobile Plant, the China No.2 Automobile Plant, various heavy-duty machinery plants, machine-tool factories and textile mills in China. The company’s traditional imports are
基金This research was supported by the National Natural Science Foundation of China under Grants 71425002,71571179
文摘The systemic importance of a bank is usually measured by its effect on the banking system,conditional on the insolvency of the bank and solvency of other banks.However,banks encounter different kinds of shocks simultaneously in reality.So that,the conditional re-sults give biased estimates of banks'systemic importance when potential risks are ignored.Researchers like Tarashev et al.proposed the Shapley value method to deal with risk in-teractions,but it suffers heavy computational costs.This paper proposes an ANOVA-like decomposition method to measure the systemic importance of banks in more compli-cated and realistic environments,which considers both interactions and individual effects of multiple shocks and provides a more exact estimation of systemic importance.It is found that the method proposed in this paper fits well in the network models.And meanwhile,a discussion between the method proposed in this paper and the Shapley value method is made based on the numerical example,which aims to demonstrate it's the advantages.The Shapley value method requires 2n subsystems,while the ANOVA-like decomposition method requires only n+1 model runs.In the application part,the pro-posed method is adopted to measure the systemic importance of 16 Chinese listed banks.With low computational costs,the model outputs the individual effect,interaction,and total effect of each bank.The results confirm that interactions of different shocks play a significant role in the systemic importance of a bank;thus,the total effect considering interactions should be adopted.
